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iShares € Ultrashort Bond UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE00BCRY6557Ticker: ERNE (Borsa Italiana) · IS3M (Xetra) · ERNE (London SE) · ERNE (Euronext AMS) · ERNE (SIX)Issuer: iShares
Issuer-declared data
Declared index
iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR)
TER
0.09%
Transaction costs
0.02% (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
3.3 bn EUR
NAV
101.22 EUR (31 August 2026)
Domicile
Ireland
Inception date
16 October 2013
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 € Ultrashort Bond UCITS ETF tracks the issuer-declared index: iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR). The declared annual cost (TER) is 0.09%, plus 0.02% 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 3.3 billion euro, was launched on 16 October 2013 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 iBoxx EUR Liquid Investment Grade Ultrashort 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 these until they cease to form part of the Index and it is practicable to sell the position. The Index measures the performance of Euro denominated investment grade ultrashort FI securities. The FI securities included in the Index are corporate fixed rate FI securities maturing between 0 and 1 year and corporate floating rate FI securities with a time to maturity between 0 and 3 years. The FI securities will, at the time of inclusion in the Index, have an average rating of investment grade (i.e. meet a specified level of creditworthiness) by Fitch, Moody’s and Standard & Poor’s Ratings Services. The Index uses a market-value weighted methodology with a cap on each issuer of 3%. Further details regarding the Index (including the methodology and its constituents) are available on the Index provider’s website at products.markit.com/indices/UCITS/Indices.aspx. 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, including government bonds, which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the process 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 IV 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 quarterly). 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 · 22 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.09%: below the median of bond ETFs we track (0.15%).
  • Assets larger than 96% of bond ETFs we track.
  • Average tracking difference over the last 3 years: +0.03% p.a., against a declared TER of 0.09%.
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 Oct 2013 to Aug 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+12.3%
Annualised
+0.9%
Volatility (ann.)
0.2%
Max drawdown
-1.66%
-4%+1%+6%+11%+16%Oct 2013Dec 2016Mar 2020Jun 2023Aug 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+12%Oct 2013Aug 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%-1%-2%-3%-4%2013201520172019202120232025−1.66% · 26 Mar 2020
Max drawdown
-1.66%
peak → trough
Trough
26 Mar 2020
from the 24 Feb 2017 peak
Recovery time
1,147 days
recovery only: trough to break-even · ≈ 3 years and 2 months
Underwater
2,273 days
decline + recovery: peak to break-even · ≈ 6 years and 3 months · → recovered on 17 May 2023

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
13 Mar 201726 Mar 2020-1.66%17 May 20232,256
18 Sept 201529 Sept 2015-0.15%24 Dec 201597
07 Sept 201630 Sept 2016-0.10%03 Feb 2017149
21 May 201501 Jul 2015-0.07%20 Aug 201591
17 Jun 201627 Jun 2016-0.06%13 Jul 201626

Calendar-year returns

2016
0.2%
2017
-0.0%
2018
-0.5%
2019
0.2%
2020
0.1%
2021
-0.4%
2022
-0.3%
2023
3.5%
2024
4.1%
2025
2.6%
2026
1.5%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.20.20.00.30.20.20.20.21.5
20250.30.20.20.20.20.20.20.20.20.20.20.22.6
20240.40.30.30.30.40.30.40.30.40.40.30.34.1
20230.20.10.20.30.20.30.30.30.30.40.40.43.5
2022-0.0-0.1-0.0-0.1-0.0-0.30.1-0.0-0.30.10.30.2-0.3
2021-0.0-0.0-0.0-0.0-0.0-0.0-0.0-0.0-0.0-0.0-0.0-0.0-0.4
20200.0-0.1-1.20.50.30.20.20.10.00.00.0-0.00.1
20190.10.10.00.0-0.00.00.0-0.0-0.0-0.0-0.00.00.2
20180.0-0.0-0.1-0.0-0.1-0.00.0-0.0-0.0-0.1-0.1-0.0-0.5
20170.00.0-0.00.00.00.00.0-0.00.00.0-0.0-0.0-0.0
20160.00.00.10.10.0-0.00.00.0-0.10.1-0.00.00.2
20150.00.00.00.10.0-0.00.00.0-0.10.00.00.00.1
20140.10.10.00.00.10.10.00.10.00.00.00.00.5
20130.00.00.1
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 4 of the last 10 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
+0.03% /anno
Declared TER
0.09%
YearFundIndexDifference
2025+2.64%+2.62%+0.03%
2024+4.06%+4.05%+0.01%
2023+3.46%+3.39%+0.06%
2022-0.31%-0.28%-0.03%
2021-0.36%-0.28%-0.08%
2020+0.10%+0.14%-0.04%
2019+0.21%+0.24%-0.03%
2018-0.51%-0.44%-0.07%
2017-0.01%+0.01%-0.02%
2016+0.20%+0.18%+0.02%
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.)1.42%2.16%1.70%1.21%1.07%
Max drawdown-1.25%-1.98%-1.98%-1.98%-1.98%
Sharpe-1.58-1.43-1.31-0.95-0.83
Sortino-1.59-1.43-1.31-0.96-0.83
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
0.36years

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

Maturity breakdown (% of fund)
0–1 years
82.98%
1–2 years
14.18%
2–3 years
1.26%
Cash and derivatives
1.59%

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
0.44%
AA
10.92%
A
51.18%
BBB
35.87%
Not rated
0.00%
Cash and derivatives
1.59%

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
682
687 total lines: 5 cash & derivatives
Top-10 weight
4.4%

Top 10 holdings

DEUTSCHE BANK AG MTN RegS · DB
0.55%
VOLKSWAGEN INTERNATIONAL FINANCE N RegS · VW
0.52%
AT&T INC MTN · T
0.46%
WELLS FARGO & COMPANY MTN RegS · WFC
0.42%
WELLS FARGO & COMPANY MTN RegS · WFC
0.42%
CREDIT AGRICOLE SA RegS · ACAFP
0.42%
ANHEUSER BUSCH INBEV NV MTN RegS · ABIBB
0.41%
MORGAN STANLEY MTN · MS
0.41%
BARCLAYS BANK PLC MTN RegS · BACR
0.38%
AMAZON.COM INC FRN · AMZN
0.37%

Sectors

Banking
37.8%
Consumer Non-Cyclical
11.8%
Consumer Cyclical
8.7%
Communications
6.1%
Capital Goods
5.2%
Owned No Guarantee
4.0%
Technology
3.5%

Countries

AfghanistanAngolaAlbaniaUnited Arab Emirates: 0.2%ArgentinaArmeniaFrench Southern and Antarctic LandsAustralia: 2.2%Austria: 1.1%AzerbaijanBurundiBelgium: 1.5%BeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanada: 4.9%Switzerland: 2.5%ChileChina: 0.2%Ivory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech Republic: 0.3%Germany: 12.2%DjiboutiDenmark: 2.3%Dominican RepublicAlgeriaEcuadorEgyptEritreaSpain: 4.7%EstoniaEthiopiaFinland: 2.1%FijiFalkland IslandsFrance: 15.8%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreece: 0.1%GreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndia: 0.1%Ireland: 2.9%IranIraqIcelandIsrael: 0.4%Italy: 4.7%JamaicaJordanJapan: 2.1%KazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuania: 0.1%Luxembourg: 0.9%LatviaMoroccoMoldovaMadagascarMexico: 0.2%MacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 5.8%Norway: 0.8%NepalNew Zealand: 0.4%OmanPakistanPanamaPeruPhilippinesPapua New GuineaPoland: 0.1%Puerto RicoNorth KoreaPortugal: 0.3%ParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSweden: 4.7%SwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 20.3%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States20.3%
France15.8%
Germany12.2%
United Kingdom7.8%
Netherlands5.8%
Canada4.9%
Italy4.7%
⬇ Download the full portfolio — Excel, 687 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
0.57 EUR
ex 18 Jun 2026 · paid 30 Jun 2026
Dividends, last 12 months
2.35 EUR
Dividend yield
2.32%
12-month sum over the NAV as of 3 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year2.35 EUR2.32 %
20252.76 EUR2.73 %
20243.84 EUR3.81 %
20232.19 EUR2.20 %
20220.00 EUR0.00 %
20210.00 EUR0.00 %

Dividend contribution to total return

-10%0%10%+2.27 %1 year+2.62 %2025+4.01 %2024+3.45 %2023−0.31 %2022−0.35 %2021
dividendsprice changeprice decline

Calendar per share (EUR)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20260.560.57
20251.541.22
20241.981.86
20230.431.76
20160.03
20150.100.04
20140.180.18
20130.03

Latest dividends

Per shareEx-dividend dateRecord datePayment
0.57 EUR18 Jun 202619 Jun 202630 Jun 2026
0.56 EUR19 Mar 202620 Mar 202631 Mar 2026
1.22 EUR11 Dec 202512 Dec 202524 Dec 2025
1.54 EUR12 Jun 202513 Jun 202525 Jun 2025
1.86 EUR12 Dec 202413 Dec 202427 Dec 2024
1.98 EUR13 Jun 202414 Jun 202426 Jun 2024
1.76 EUR14 Dec 202315 Dec 202329 Dec 2023
0.43 EUR15 Jun 202316 Jun 202328 Jun 2023
Per-share dividends as declared by the issuer, in EUR, since the first payment (27 Nov 2013). Past dividends are not indicative of future ones.

Share classes of the same fund

This page covers ISIN IE00BCRY6557. The other classes belong to the same fund but may differ in currency, income policy or currency hedging.
Share classISINTickerIncomeCurrency
CHF Hedged (Acc)IE0004WPSAM9ERCHAccumulatingCHF
EUR (Acc)IE000RHYOR04ERNXAccumulatingEUR
EUR (Dist) · this pageIE00BCRY6557ERNEDistributingEUR
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:

IE00BCRY6557ERNE(class: EUR (Dist))
  • BG Saxozero within the savings plan (buys)
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
IE000RHYOR04ERNX(class: EUR (Acc))
  • 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)ERNE9 Jan 2014
Börse DüsseldorfIS3M21 Sept 2015
Börse FrankfurtIS3M21 Sept 2015
Börse HamburgIS3M21 Sept 2015
Börse HannoverIS3M21 Dec 2022
Börse München / gettexIS3M21 Sept 2015
Börse StuttgartIS3M21 Sept 2015
Euronext AmsterdamERNE13 Nov 2013
Tradegate ExchangeIS3M21 Sept 2015
Xetra (Deutsche Börse)IS3M21 Sept 2015
+ 19 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 € Ultrashort Bond UCITS ETF track?
The issuer iShares declares the benchmark: iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR).
How much does ERNE cost?
The issuer-declared TER is 0.09% per year; the transaction costs estimated in the KID are 0.02%.
How is ERNE 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 ERNE?
The fund size declared by iShares is about 3.3 billion euro.
When was ERNE launched?
The fund was launched on 16 October 2013: it has 12 years of history.
How does ERNE replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (optimised) (issuer wording: “Fisica - ottimizzazione (dal KID)”).
Does ERNE pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distributing”).
Where does ERNE trade?
Per the official ESMA register it trades on 10 main exchanges, including Borsa Italiana (ETFplus) (ERNE), Börse Düsseldorf (IS3M), Börse Frankfurt (IS3M), Börse Hamburg (IS3M), Börse Hannover (IS3M), Börse München / gettex (IS3M).
What was ERNE's worst fall?
Over the available history (since 2013), the maximum drawdown was -1.98%, reached in March 2026. Past performance is not indicative of future results.
What is ERNE's tracking difference?
Over the last 3 complete calendar years the fund returned on average +0.03% per year versus its index (from issuer-declared series).
How many securities does ERNE hold?
The declared portfolio holds 682 securities (plus 5 cash & derivative lines); the top 10 positions weigh 4.4%.
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.