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iShares S&P 500 GBP Hedged UCITS ETF (Acc)Index, costs, backtest, listings and taxation

ISIN: IE00B3Y8X563Ticker: 2B71 (Xetra) · IGUS (London SE) · IGUS (Euronext AMS)Issuer: iSharesCurrency hedging: GBP-hedged share class
Issuer-declared data
TER
0.20%
Transaction costs
0.01% (issuer estimate, from the KID)
Management
Passive (index-tracking)
Replication
Physical (from the KID)
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
1.4 bn EUR
NAV
176.15 GBP (31 August 2026)
Domicile
Ireland
Inception date
30 September 2010
Data as declared by iShares in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

iShares S&P 500 GBP Hedged UCITS ETF (Acc) tracks the issuer-declared index: S&P 500 Index, 100% GBP Hedged Net Return. Mind the share class: this is the version hedged to GBP — returns reflect the index plus the effect (and cost) of hedging into that currency. The declared annual cost (TER) is 0.20%, plus 0.01% in transaction costs estimated by the issuer in the KID. Income is accumulated and reinvested in the fund. The fund has assets of about 1.4 billion euro, was launched on 30 September 2010 and is domiciled in Ireland.

The fund’s objective — in the issuer’s words

The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of S&P 500 GBP, the Fund’s benchmark index (Index). The Index provides a return on the S&P 500 which measures the performance of the large-cap sector (i.e. leading companies with large market capitalisations) of the United States market. Market capitalisation is the share price multiplied by the number of shares issued. Companies are included in the Index based on a free float market capitalisation weighted basis. Free float means that only shares available to international investors, rather than all of a company’s issued shares, are used to calculate the Index. Free float market capitalisation is the share price of a company multiplied by the number of shares available to international Investors. The Index also uses one month foreign exchange (FX) forward contracts to hedge each non-Sterling currency in the Index back to Sterling in accordance with the S&P Hedged Indices methodology. Hedging reduces the effect of fluctuations in the exchange rates between the currencies of the equity securities (e.g. shares) that make up the Index and Sterling, the base currency of the Fund. The Fund is passively managed and aims to invest in equity securities (e.g. shares) that, so far as possible and practicable, make up the S&P 500, as well as FX forward contracts that, so far as possible and practicable, track the hedging methodology of the Index. The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it. The Investment Manager may use financial derivative instruments (“FDIs“) for direct investment purposes to produce a similar return to its Index. The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund. The price of equity securities fluctuates daily and may be influenced by factors affecting the performance of the individual companies issuing the equities, as well as by daily stock market movements, and broader economic and political developments which in turn may affect the value of your investment. The relationship between the return on your investment, how it is impacted and the period for which you hold your investment is considered below (see “How long should I hold it and can I take my money out early?”).

Keep reading the KID section ▾

The depositary of the Fund is State Street Custodial Services (Ireland) Limited. Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the iShares V plc. These documents are available free of charge in English and certain other languages. These can be found, along with other (practical) information, including prices of units, on the iShares website at: www.ishares.com or by calling +49 89427295800 or from your broker or financial adviser.

Your shares will be accumulating shares (i.e. income will be included in their value). The Fund’s base currency is Sterling. The shares are listed and traded on various stock exchanges. In normal circumstances, only authorised participants may buy and sell shares directly with the Fund. Investors who are not authorised participants (e.g. select financial institutions) can generally only buy or sell the shares on the secondary market (e.g. via a broker on a stock exchange) at the then prevailing market price. The value of the shares are related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below). The prevailing market price at which the shares trade on the secondary market may deviate from the value of the Shares. Indicative net asset value is published on relevant stock exchanges websites.

Intended retail investor:The Fund is intended for retail investors with the ability to bear losses up to the amount invested in the Fund (see “How long should I hold it and can I take my money out early?”).

Insurance benefits:The Fund does not offer any insurance benefits.

From the KID’s “Objectives” section · 7 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • Assets larger than 79% of equity ETFs we track.
  • Average tracking difference over the last 3 years: +0.02% p.a., against a declared TER of 0.20%.
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · GBP · from Sept 2010 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+605.6%
Annualised
+13.0%
Volatility (ann.)
17.3%
Max drawdown
-36.73%
-6%+155%+316%+477%+638%Sept 2010Sept 2014Aug 2018Aug 2022Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+606%Sept 2010Sept 2026
Note — currency risk: the fund is denominated (or hedged) in GBP and the chart is in GBP. For a euro investor, returns also depend on the EUR/GBP exchange rate, up or down.
Currency-hedged share class: our figures are computed on the issuer’s NAV, where the hedge is applied at the daily fixing. Comparison sites using the exchange price may show returns and volatility that differ by 1–2 points: on hedged classes the price-vs-NAV gap is structurally wider and grows with the length of the window. Not a data error — a measurement convention. Details in the methodology.
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-10%-20%-30%-40%-50%201020132016201920222025−36.73% · 23 Mar 2020
Max drawdown
-36.73%
peak → trough
Trough
23 Mar 2020
from the 19 Feb 2020 peak
Recovery time
154 days
recovery only: trough to break-even · ≈ 5 months
Underwater
187 days
decline + recovery: peak to break-even · ≈ 6 months · → recovered on 24 Aug 2020

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
19 Feb 202023 Mar 2020-36.73%24 Aug 2020187
04 Jan 202212 Oct 2022-25.97%23 Jan 2024749
20 Sept 201824 Dec 2018-20.04%01 Jul 2019284
29 Apr 201103 Oct 2011-19.15%16 Feb 2012293
19 Feb 202508 Apr 2025-18.77%26 Jun 2025127

Calendar-year returns

2016
10.0%
2017
19.7%
2018
-6.7%
2019
27.7%
2020
15.0%
2021
27.7%
2022
-20.3%
2023
23.7%
2024
24.0%
2025
17.6%
2026
12.1%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20261.4-0.8-5.110.15.3-1.0-0.12.7-0.112.1
20252.8-1.3-5.5-0.76.25.02.31.93.62.40.20.017.6
20241.65.33.2-4.24.83.61.22.32.0-1.05.9-2.424.0
20236.0-2.63.51.40.46.43.1-1.7-5.0-2.28.74.423.7
2022-5.3-3.03.7-9.20.1-8.79.1-4.3-9.77.85.3-5.9-20.3
2021-1.12.74.45.30.72.42.33.0-4.86.9-0.84.327.7
2020-0.1-8.7-12.912.54.81.95.17.0-4.0-2.710.63.715.0
20197.53.01.83.9-6.86.81.3-1.81.71.93.52.827.7
20185.3-3.9-2.60.32.20.43.63.10.4-7.21.8-9.3-6.7
20171.73.9-0.00.91.30.51.90.11.92.22.81.019.7
2016-5.3-0.26.50.31.70.13.70.0-0.1-2.03.51.810.0
2015-3.15.5-1.70.91.2-1.92.1-6.2-2.68.20.2-1.70.1
2014-3.54.40.80.72.32.0-1.44.0-1.52.52.7-0.313.1
20135.21.43.71.82.4-1.45.0-2.93.04.62.92.431.8
20124.44.23.3-0.7-6.44.01.42.12.5-1.90.50.814.5
20112.33.30.02.8-1.2-1.8-2.0-5.5-7.410.5-0.31.00.6
20103.7-0.06.610.5
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Source: iShares. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Tracking difference — fund vs index

How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 7 of the last 10 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
+0.02% /anno
Declared TER
0.20%
YearFundIndexDifference
2025+17.56%+17.56%+-0.00%
2024+24.05%+24.04%+0.00%
2023+23.73%+23.66%+0.07%
2022-20.30%-20.34%+0.04%
2021+27.70%+27.65%+0.05%
2020+15.00%+14.87%+0.13%
2019+27.75%+27.61%+0.14%
2018-6.73%-6.84%+0.11%
2017+19.66%+19.56%+0.10%
2016+10.01%+10.14%-0.13%
Total-return figures from issuer-declared series (primary source); complete calendar years. TD is not comparable across sites using different methodologies or index variants. Past performance is not indicative of future results. What is tracking difference? →

Risk indicators· EUR

Last yearLast 3 yearsLast 5 yearsLast 10 yearsFull history
Volatility (ann.)13.58%15.55%18.04%19.89%19.03%
Max drawdown-9.36%-21.43%-29.74%-43.42%-43.42%
Sharpe1.231.050.540.650.68
Sortino1.761.500.760.910.95
Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.21%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Portfolio holdings

Securities in portfolio
504
515 total lines: 11 cash & derivatives
Top-10 weight
37.6%

Top 10 holdings

NVIDIA · NVDA
8.03%
APPLE · AAPL
6.99%
MICROSOFT · MSFT
5.66%
AMAZON.COM INC · AMZN
3.82%
ALPHABET CLASS A · GOOGL
2.99%
BROADCOM INC · AVGO
2.63%
ALPHABET CLASS C · GOOG
2.38%
META PLATFORMS CLASS A · META
1.89%
MICRON TECHNOLOGY · MU
1.62%
TESLA INC · TSLA
1.56%

Sectors

Information Technology
37.6%
Financials
12.2%
Communication
9.5%
Health Care
9.3%
Consumer Discretionary
9.1%
Industrials
8.3%
Consumer Staples
4.5%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIreland: 1.5%IranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 97.8%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States97.8%
Ireland1.5%
United Kingdom0.7%
Download the full portfolio — Excel, 515 rows
Full portfolio declared by iShares, as of 31 August 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Index tracked

S&P 500 Index, 100% GBP Hedged Net Return
This fund belongs to the S&P 500 family: compare all census ETFs in this family →

Italian taxation

Effective rate on capital gains
26.00%
White-list share
0.01%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →

Where it shows up commission-free in Italy

According to the official lists published by the brokers (downloaded and cross-checked by us), these share classes of the fund appear tradable with zero fees:

IE00B3Y8X5632B71
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
Full terms, traps and method in the observatory: Free savings plans and zero-commission ETFs: the broker survey

Official lists verified on 3 September 2026. We record published terms — this is neither an invitation to open accounts nor a recommendation: lists change, the broker’s documents prevail. Trade Republic, Scalable Capital and Trading 212 publish no per-ISIN lists and don’t appear here.

Stock exchange listings

ExchangeTickerTrading since
Börse München / gettex2B719 Mar 2015
+ 6 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does iShares S&P 500 GBP Hedged UCITS ETF (Acc) track?
The issuer iShares declares the benchmark: S&P 500 Index, 100% GBP Hedged Net Return.
How much does IGUS cost?
The issuer-declared TER is 0.20% per year; the transaction costs estimated in the KID are 0.01%.
How is IGUS taxed in Italy?
On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.01%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of IGUS?
The fund size declared by iShares is about 1.4 billion euro.
When was IGUS launched?
The fund was launched on 30 September 2010: it has 15 years of history.
How does IGUS replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (declared in the KID objectives).
Does IGUS pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
What was IGUS's worst fall?
Over the available history (since 2010), the maximum drawdown was -36.73%, reached in March 2020. Past performance is not indicative of future results.
What is IGUS's tracking difference?
Over the last 3 complete calendar years the fund returned on average +0.02% per year versus its index (from issuer-declared series).
How many securities does IGUS hold?
The declared portfolio holds 504 securities (plus 11 cash & derivative lines); the top 10 positions weigh 37.6%.
Transparency note
The data in this sheet is declared by iShares in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.