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iShares $ TIPS UCITS ETF GBP HedgedIndex, costs, backtest, listings and taxation

ISIN: IE00BDZVH859Ticker: OM3A (Xetra) · ITPG (London SE) · ITPG (Euronext AMS)Issuer: iShares
Issuer-declared data
TER
0.12%
Transaction costs
0.00% (issuer estimate, from the KID)
Management
Passive (index-tracking)
Replication
Physical (optimised) (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
4.7 GBP (1 September 2026)
Domicile
Ireland
Inception date
5 March 2018
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 $ TIPS UCITS ETF tracks the issuer-declared index: BBG US Government Inflation-Linked Bond Index (USD). 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 0.12%, plus 0.00% in transaction costs estimated by the issuer in the KID. Income is distributed to investors. The fund has assets of about 1.4 billion euro, was launched on 5 March 2018 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 Barclays US Government Inflation-Linked Bond Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Sterling on your returns. The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in fixed income (FI) securities (such as bonds) that make up the Index, combined with foreign currency contracts for currency hedging. The Index measures the performance of the United States Treasury Inflation Protected Bond market (US TIPS). It comprises inflation-linked bonds issued by the US Treasury. Inflation-linked bonds have a principal value that is protected against inflation. The bonds will be denominated in US Dollars and pay coupon (i.e. interest) and principal in US Dollars. The bonds will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness) so long as the United States maintains its investment grade credit rating. The Index only includes capital indexed bonds with a remaining maturity (i.e. the period until repayment) of one year or more and a minimum amount outstanding of US$500 million. 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 (including FX forward contracts) 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. Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index.

Keep reading the KID section ▾

Your shares will be distributing shares (i.e. income will be paid on the shares quarterly). The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Sterling. The performance of your shares may be affected by this currency difference. Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. FDIs, including FX forward contracts, will be used for currency hedging purposes. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares. The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded. Indicative net asset value is published on relevant stock exchanges websites.

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

  • TER 0.12%: below the median of bond ETFs we track (0.15%).
  • Assets larger than 88% of bond ETFs we track.
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 versionFactsheetPDF 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 Mar 2018 to Aug 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+18.6%
Annualised
+2.0%
Volatility (ann.)
5.9%
Max drawdown
-16.83%
-5%+3%+11%+19%+28%Mar 2018May 2020Jun 2022Jul 2024Aug 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+19%Mar 2018Aug 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%-5%-10%-15%-20%20182020202220242026−16.83% · 06 Oct 2023
Max drawdown
-16.83%
peak → trough
Trough
06 Oct 2023
from the 09 Nov 2021 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
1,756 days
decline + recovery: peak to break-even · ≈ 4 years and 10 months · (ongoing)

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
09 Nov 202106 Oct 2023-16.83%ongoing1,756
06 Mar 202018 Mar 2020-10.39%29 Jun 2020115
06 Jul 201802 Nov 2018-3.89%25 Mar 2019262
28 Jan 202125 Feb 2021-3.18%05 May 202197
29 Aug 201913 Sept 2019-2.57%29 Jan 2020153

Calendar-year returns

2018
-1.1%
2019
6.8%
2020
10.4%
2021
5.6%
2022
-13.7%
2023
2.9%
2024
1.4%
2025
6.6%
2026
0.4%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.31.4-1.41.10.3-0.5-0.80.10.4
20251.32.20.50.0-0.60.90.11.40.50.40.1-0.46.6
20240.1-1.10.8-1.81.80.71.80.81.5-1.90.5-1.71.4
20231.8-1.52.80.0-1.3-0.40.0-1.0-2.0-0.92.72.72.9
2022-2.20.8-2.0-2.2-1.2-3.54.5-2.9-7.11.21.7-1.2-13.7
20210.2-1.8-0.31.51.20.72.8-0.2-0.81.11.00.25.6
20202.21.4-2.12.80.21.12.41.0-0.4-0.71.11.010.4
20191.2-0.21.80.11.70.60.22.4-1.60.10.10.16.8
20180.60.30.3-0.70.6-1.2-1.70.40.3-1.1
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 — issuer-declared

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)
-0.55% /anno
Declared TER
0.12%
YearFundIndexDifference
2025+6.57%+6.88%-0.30%
2024+1.36%+1.76%-0.40%
2023+2.90%+3.84%-0.94%
2022-13.66%-12.60%-1.06%
2021+5.63%+6.00%-0.36%
2020+10.39%+11.54%-1.15%
2019+6.76%+8.75%-1.99%
2018+0.00%+0.00%+0.00%
2017+0.00%+0.00%+0.00%
2016+0.00%+0.00%+0.00%
Figures declared by the issuer on the fund page (net fund and index returns per calendar year, as of 31 December 2025), not computed by us. Partial years excluded. What is tracking difference? →

Risk indicators· EUR

Last yearLast 3 yearsLast 5 yearsFull history
Volatility (ann.)5.29%6.72%8.66%8.88%
Max drawdown-3.96%-8.60%-22.02%-22.02%
Sharpe-0.77-0.55-0.65-0.15
Sortino-0.96-0.72-0.87-0.21
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 — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Duration and maturities

Duration · effective duration
6.54years

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

Maturity breakdown (% of fund)
1–2 years
14.06%
2–3 years
14.07%
3–5 years
23.89%
5–7 years
12.14%
7–10 years
17.95%
10–15 years
3.14%
15–20 years
6.71%
20+ years
7.82%
Cash and derivatives
0.22%

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)
AA
99.78%
Cash and derivatives
0.22%

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
48
53 total lines: 5 cash & derivatives
Top-10 weight
31.9%

Top 10 holdings

TREASURY (CPI) NOTE · TIPS
3.48%
TREASURY (CPI) NOTE · TIPS
3.42%
TREASURY (CPI) NOTE · TIPS
3.39%
TREASURY (CPI) NOTE · TIPS
3.22%
TREASURY (CPI) NOTE · TIPS
3.17%
TREASURY (CPI) NOTE · TIPS
3.07%
TREASURY (CPI) NOTE · TIPS
3.07%
TREASURY (CPI) NOTE · TIPS
3.06%
TREASURY (CPI) NOTE · TIPS
3.01%
TREASURY (CPI) NOTE · TIPS
2.99%

Sectors

Treasury
99.9%
Cash and/or Derivatives
0.1%

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 GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth 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: 99.2%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States99.2%
United Kingdom0.8%
⬇ Download the full portfolio — Excel, 53 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
0.06 GBP
ex 20 Aug 2026 · paid 31 Aug 2026
Dividends, last 12 months
0.22 GBP
Dividend yield
4.68%
12-month sum over the NAV as of 2 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year0.22 GBP4.53 %
20250.22 GBP4.62 %
20240.23 GBP4.68 %
20230.08 GBP1.65 %
20220.06 GBP1.06 %
20210.06 GBP1.10 %

Dividend contribution to total return

-20%-10%0%10%+1.24 %1 year+6.30 %2025+1.63 %2024+2.89 %2023−13.56 %2022+5.51 %2021
dividendsprice changeprice decline

Calendar per share (GBP)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20260.050.050.06
20250.050.050.060.06
20240.060.050.060.06
20230.010.030.020.02
20220.010.010.020.02
20210.020.020.010.01
20200.030.030.020.02
20190.040.030.040.03
20180.020.030.04

Latest dividends

Per shareEx-dividend dateRecord datePayment
0.06 GBP20 Aug 202621 Aug 202631 Aug 2026
0.05 GBP21 May 202622 May 202629 May 2026
0.05 GBP19 Feb 202620 Feb 202627 Feb 2026
0.06 GBP13 Nov 202514 Nov 202526 Nov 2025
0.06 GBP14 Aug 202515 Aug 202527 Aug 2025
0.05 GBP15 May 202516 May 202529 May 2025
0.05 GBP13 Feb 202514 Feb 202526 Feb 2025
0.06 GBP14 Nov 202415 Nov 202427 Nov 2024
Per-share dividends as declared by the issuer, in GBP, since the first payment (17 May 2018). Past dividends are not indicative of future ones.

Share classes of the same fund

This page covers ISIN IE00BDZVH859 (share class Hedged). The other classes belong to the same fund but may differ in currency, income policy or currency hedging.
Share classISINTickerIncomeCurrency
GBP Hedged (Acc)IE000B3NURO6ITPAAccumulatingGBP
USD (Dist)IE000F6XDNZ5ITPDDistributingUSD
USD (Acc)IE00B1FZSC47ITPSAccumulatingUSD
GBP Hedged (Dist) · this pageIE00BDZVH859ITPGDistributingGBP
EUR Hedged (Acc)IE00BDZVH966ITPEAccumulatingEUR
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.

Index tracked

BBG US Government Inflation-Linked Bond Index (USD)
This fund belongs to the government bonds family: compare all census ETFs in this family →

Italian taxation

Effective rate on capital gains
13.22%
White-list share
94.68%
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:

IE00B1FZSC47ITPS(class: USD (Acc))
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
IE00BDZVH966IBC5(class: EUR Hedged (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
Börse DüsseldorfOM3A20 May 2025
Börse HamburgOM3A15 Feb 2021
Börse HannoverOM3A16 Jan 2026
Börse München / gettexOM3A29 May 2018
Tradegate ExchangeOM3A27 Nov 2024
+ 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 $ TIPS UCITS ETF track?
The issuer iShares declares the benchmark: BBG US Government Inflation-Linked Bond Index (USD).
How much does ITPG cost?
The issuer-declared TER is 0.12% per year; the transaction costs estimated in the KID are 0.00%.
How is ITPG taxed in Italy?
On sale, the capital gain is taxed at an effective 13.22% rate (white-list share 94.68%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of ITPG?
The fund size declared by iShares is about 1.4 billion euro.
When was ITPG launched?
The fund was launched on 5 March 2018: it has 8 years of history.
How does ITPG replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (optimised) (declared in the KID objectives).
Does ITPG pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distributing”).
Where does ITPG trade?
Per the official ESMA register it trades on 5 main exchanges, including Börse Düsseldorf (OM3A), Börse Hamburg (OM3A), Börse Hannover (OM3A), Börse München / gettex (OM3A), Tradegate Exchange (OM3A).
What was ITPG's worst fall?
Over the available history (since 2018), the maximum drawdown was -18.85%, reached in October 2023. Past performance is not indicative of future results.
How many securities does ITPG hold?
The declared portfolio holds 48 securities (plus 5 cash & derivative lines); the top 10 positions weigh 31.9%.
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.