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iShares € Corp Bond ex-Financials UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE00B4L5ZG21Ticker: IEXF (Borsa Italiana) · EUNR (Xetra) · EEXF (London SE) · IEXF (SIX)Issuer: iShares
Issuer-declared data
Declared index
Bloomberg Euro Corporate ex-Financials Bond Index (EUR)
TER
0.20%
Transaction costs
0.00% (issuer estimate, from the KID)
Management
Passive (index-tracking)
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
926.1 mln EUR
NAV
106.82 EUR (31 August 2026)
Domicile
Ireland
Inception date
25 September 2009
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 € Corp Bond ex-Financials UCITS ETF tracks the issuer-declared index: Bloomberg Euro Corporate ex-Financials Bond Index (EUR). The declared annual cost (TER) is 0.20%, plus 0.00% in transaction costs estimated by the issuer in the KID. Replication is optimised physical replication (the KID declares optimisation techniques to achieve a return similar to the index); income is distributed to investors. The fund has assets of about 926 million euro, was launched on 25 September 2009 and is domiciled in Ireland.

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

The Share Class is a share class of a Fund which 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 the Bloomberg Euro Corporate ex-Financials Bond Index, the Fund’s benchmark index (Index). The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them. The Index measures the performance of Euro-denominated, investment grade FI securities which pay income according to a fixed rate of interest and are issued by industrial and utility companies but excludes financial issuers. These have at least one year remaining until maturity (i.e. the time until they become due for repayment) at the rebalancing date on which they are included in the Index and a minimum amount outstanding of €300 million. The FI securities will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). The Index is market capitalisation weighted. Market capitalisation is the market value of the outstanding bond issuance. The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. 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.

Keep reading the KID section ▾

The price of fixed income securities may be affected by changing interest rates which in turn may affect the value of your investment. Fixed income securities prices move inversely to interest rates. Therefore, the market value of fixed income securities may decrease as interest rates increase. The credit rating of an issuing entity will generally affect the yield that can be earned on fixed income securities; the better the credit rating the smaller the yield. 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?”).

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 III 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 distributing shares (i.e. income will be paid on the shares semi-annually). Your shares will be denominated in Euro, the Fund's base currency. 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 · 4 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.20%: above the median of bond ETFs we track (0.15%).
  • Assets larger than 83% of bond ETFs we track.
  • Average tracking difference over the last 3 years: -0.10% 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) · EUR · from Sept 2009 to Aug 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+50.1%
Annualised
+2.4%
Volatility (ann.)
3.2%
Max drawdown
-17.63%
-3%+13%+29%+44%+60%Sept 2009Nov 2013Feb 2018May 2022Aug 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+50%Sept 2009Aug 2026
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%-5%-10%-15%-20%200920122015201820212024−17.63% · 21 Oct 2022
Max drawdown
-17.63%
peak → trough
Trough
21 Oct 2022
from the 05 Aug 2021 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
1,852 days
decline + recovery: peak to break-even · ≈ 5 years and 1 month · (ongoing)

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
05 Aug 202121 Oct 2022-17.63%ongoing1,852
28 Aug 201925 Mar 2020-8.26%13 Oct 2020412
17 Apr 201529 Sept 2015-4.44%01 Apr 2016350
17 May 201324 Jun 2013-3.00%13 Jan 2014241
07 Sept 201606 Dec 2016-2.93%27 Oct 2017415

Calendar-year returns

2016
5.3%
2017
1.7%
2018
-1.3%
2019
6.2%
2020
2.9%
2021
-1.4%
2022
-14.0%
2023
7.8%
2024
3.8%
2025
2.6%
2026
-0.1%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.70.6-2.40.91.00.4-1.1-0.2-0.1
20250.40.6-1.11.00.50.20.5-0.00.40.8-0.3-0.22.6
20240.0-1.11.2-1.00.10.71.70.21.2-0.41.6-0.53.8
20232.1-1.71.60.70.1-0.60.70.1-1.10.42.42.87.8
2022-1.4-2.6-1.3-2.8-1.3-3.44.9-4.5-3.30.42.9-2.2-14.0
2021-0.1-1.00.2-0.0-0.20.41.3-0.5-0.8-0.70.2-0.2-1.4
20201.3-0.4-6.83.70.11.21.70.00.41.00.90.12.9
20191.00.61.60.7-0.11.61.50.6-0.9-0.3-0.3-0.16.2
2018-0.30.0-0.0-0.0-0.0-0.10.20.0-0.4-0.2-0.60.2-1.3
2017-0.71.3-0.60.50.2-0.70.70.6-0.21.2-0.3-0.41.7
20160.61.01.60.10.31.51.8-0.00.0-1.0-1.30.65.3
20151.10.4-0.2-0.6-0.6-2.01.3-1.0-1.01.50.6-1.0-1.4
20141.50.50.41.00.90.70.51.20.20.50.60.78.8
2013-1.31.30.81.0-0.1-1.80.8-0.30.61.10.2-0.61.6
20121.71.70.50.30.6-1.12.60.90.01.10.60.710.0
2011-0.80.7-0.50.91.1-0.41.6-0.4-0.11.5-1.71.93.8
20101.20.80.80.7-0.00.70.62.1-0.7-0.3-0.5-0.25.3
20090.51.4-0.21.9
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.
Issuer-declared series with dividends reinvested: the total performance, comparable with accumulating funds. Switch it off to see the price (NAV) alone, which drops at every dividend payment.
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 0 of the last 10 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.10% /anno
Declared TER
0.20%
YearFundIndexDifference
2025+2.63%+2.63%+-0.00%
2024+3.83%+4.00%-0.17%
2023+7.77%+7.89%-0.12%
2022-13.97%-13.86%-0.11%
2021-1.39%-1.22%-0.18%
2020+2.86%+3.04%-0.18%
2019+6.20%+6.31%-0.11%
2018-1.25%-1.10%-0.15%
2017+1.71%+1.84%-0.12%
2016+5.32%+5.41%-0.09%
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.)3.49%3.62%4.53%3.74%3.50%
Max drawdown-3.86%-4.28%-17.67%-18.63%-18.63%
Sharpe-1.29-0.58-1.11-0.61-0.15
Sortino-1.58-0.75-1.49-0.82-0.20
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: 2.20%), 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, the fund's currency; the table follows the currency selected in the chart.

Duration and maturities

Duration · effective duration
4.79years

Price sensitivity to rates: the longer, the more the fund moves. What is duration →

Maturity breakdown (% of fund)
0–1 years
0.92%
1–2 years
13.15%
2–3 years
14.00%
3–5 years
25.90%
5–7 years
19.95%
7–10 years
15.19%
10–15 years
7.42%
15–20 years
2.44%
20+ years
0.93%
Cash and derivatives
0.10%

Source: product page iShares, data as of 20 August 2026. Values as declared by the issuer, not computed by us; updated with the monthly document.

Credit rating

How the portfolio is spread by credit quality: from AAA (strongest) downwards. More weight in the top buckets = lower risk that an issuer fails to pay, usually with lower yields.

Rating breakdown (% of fund)
AAA
0.60%
AA
9.05%
A
33.06%
BBB
57.19%
Not rated
0.01%
Cash and derivatives
0.10%

Source: product page iShares, data as of 20 August 2026. Values as declared by the issuer, not computed by us; updated with the monthly document.

Ratings are those the issuer assigns to portfolio holdings under its own methodology (usually the median of S&P, Moody’s and Fitch); scale and buckets are those of the original document.

Portfolio holdings

Securities in portfolio
2,487
2490 total lines: 3 cash & derivatives
Top-10 weight
1.4%

Top 10 holdings

ANHEUSER-BUSCH INBEV NV MTN RegS · ABIBB
0.17%
AMAZON.COM INC · AMZN
0.15%
BP CAPITAL MARKETS PLC NC9 RegS · BPLN
0.14%
VERIZON COMMUNICATIONS INC · VZ
0.14%
ANHEUSER-BUSCH INBEV NV MTN RegS · ABIBB
0.14%
AMAZON.COM INC · AMZN
0.14%
VERIZON COMMUNICATIONS INC · VZ
0.13%
SANOFI SA MTN RegS · SANFP
0.13%
AMAZON.COM INC · AMZN
0.13%
AMAZON.COM INC · AMZN
0.12%

Sectors

Consumer Non-Cyclical
23.6%
Consumer Cyclical
16.5%
Communications
11.7%
Electric
9.9%
Capital Goods
8.9%
Technology
6.5%
Transportation
6.1%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustralia: 1.6%Austria: 0.5%AzerbaijanBurundiBelgium: 1.9%BeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazil: 0.1%BruneiBhutanBotswanaCentral African RepublicCanada: 0.2%Switzerland: 3.6%ChileChina: 0.3%Ivory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech Republic: 0.3%Germany: 16.1%DjiboutiDenmark: 2.5%Dominican RepublicAlgeriaEcuadorEgyptEritreaSpain: 4.3%EstoniaEthiopiaFinland: 0.7%FijiFalkland IslandsFrance: 16.1%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungary: 0.1%IndonesiaIndiaIreland: 0.7%IranIraqIcelandIsrael: 0.3%Italy: 5.3%JamaicaJordanJapan: 2.1%KazakhstanKenyaKyrgyzstanCambodiaSouth Korea: 0.1%KosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourg: 0.6%LatviaMoroccoMoldovaMadagascarMexico: 0.1%MacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 3%Norway: 0.2%NepalNew Zealand: 0.1%OmanPakistanPanamaPeruPhilippinesPapua New GuineaPoland: 0.1%Puerto RicoNorth KoreaPortugal: 0.5%ParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSweden: 1.5%SwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 26.2%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth Africa: 0.2%ZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States26.2%
France16.1%
Germany16.1%
United Kingdom10.4%
Italy5.3%
Spain4.3%
Switzerland3.6%
⬇ Download the full portfolio — Excel, 2,490 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 →

Dividends

Latest dividend
1.55 EUR
ex 16 Jul 2026 · paid 29 Jul 2026
Dividends, last 12 months
3.15 EUR
Dividend yield
2.95%
12-month sum over the NAV as of 3 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year3.15 EUR2.89 %
20252.91 EUR2.64 %
20242.47 EUR2.27 %
20231.63 EUR1.59 %
20220.93 EUR0.78 %
20210.97 EUR0.79 %

Dividend contribution to total return

-20%-10%0%10%+0.52 %1 year+2.56 %2025+3.74 %2024+7.68 %2023−13.90 %2022−1.39 %2021
dividendsprice changeprice decline

Calendar per share (EUR)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20261.601.55
20251.441.47
20241.191.28
20230.660.97
20220.460.47
20210.520.45
20200.580.50
20190.770.74
20180.790.77
20170.870.81
20161.161.01
20151.17
20141.481.27
20131.481.39
20121.451.53
20111.511.71
20101.202.00
20090.87

Latest dividends

Per shareEx-dividend dateRecord datePayment
1.55 EUR16 Jul 202617 Jul 202629 Jul 2026
1.60 EUR15 Jan 202616 Jan 202628 Jan 2026
1.47 EUR17 Jul 202518 Jul 202530 Jul 2025
1.44 EUR16 Jan 202517 Jan 202529 Jan 2025
1.28 EUR18 Jul 202419 Jul 202431 Jul 2024
1.19 EUR11 Jan 202412 Jan 202424 Jan 2024
0.97 EUR13 Jul 202314 Jul 202326 Jul 2023
0.66 EUR12 Jan 202313 Jan 202325 Jan 2023
Per-share dividends as declared by the issuer, in EUR, since the first payment (30 Dec 2009). Past dividends are not indicative of future ones.

Share classes of the same fund

This page covers ISIN IE00B4L5ZG21. The other classes belong to the same fund but may differ in currency, income policy or currency hedging.
Share classISINTickerIncomeCurrency
EUR (Acc)IE0000BH4WF5IEXAAccumulatingEUR
EUR (Dist) · this pageIE00B4L5ZG21EEXFDistributingEUR
Share classes declared by the issuer in official product lists (same fund = same issuer and same declared name). A dash “—” = not declared — not a zero.

Italian taxation

Effective rate on capital gains
26.00%
White-list share
0.00%
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:

IE00B4L5ZG21IEXF(class: EUR (Dist))
  • Directazero within the savings plan (buys)
  • Directazero on single buys from 2,500 €, agreement until 31 December 2026
  • Moneyfarmzero on single buys from 1,000 €, agreement until 31 March 2027
  • 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
Borsa Italiana (ETFplus)IEXF20 May 2013
Börse DüsseldorfEUNR20 Jun 2016
Börse FrankfurtEUNR20 Jun 2016
Börse HamburgEUNR20 Jun 2016
Börse HannoverEUNR14 Dec 2022
Börse München / gettexEUNR6 Nov 2014
Börse StuttgartEUNR20 Jun 2016
Tradegate ExchangeEUNR20 Jun 2016
Xetra (Deutsche Börse)EUNR20 Jun 2016
+ 16 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 € Corp Bond ex-Financials UCITS ETF track?
The issuer iShares declares the benchmark: Bloomberg Euro Corporate ex-Financials Bond Index (EUR).
How much does EEXF cost?
The issuer-declared TER is 0.20% per year; the transaction costs estimated in the KID are 0.00%.
How is EEXF taxed in Italy?
On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.00%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of EEXF?
The fund size declared by iShares is about 926 million euro.
When was EEXF launched?
The fund was launched on 25 September 2009: it has 16 years of history.
How does EEXF replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (optimised) (issuer wording: “Fisica - ottimizzazione (dal KID)”).
Does EEXF pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distributing”).
Where does EEXF trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (IEXF), Börse Düsseldorf (EUNR), Börse Frankfurt (EUNR), Börse Hamburg (EUNR), Börse Hannover (EUNR), Börse München / gettex (EUNR).
What was EEXF's worst fall?
Over the available history (since 2009), the maximum drawdown was -18.63%, reached in October 2022. Past performance is not indicative of future results.
What is EEXF's tracking difference?
Over the last 3 complete calendar years the fund returned on average -0.10% per year versus its index (from issuer-declared series).
How many securities does EEXF hold?
The declared portfolio holds 2,487 securities (plus 3 cash & derivative lines); the top 10 positions weigh 1.4%.
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.