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State Street® SPDR® Bloomberg Global Aggregate Bond EUR Hdg UCITS ETF (Dist)Index, costs, backtest, listings and taxation

ISIN: IE00BF1QPL78Ticker: GLAE (Borsa Italiana) · SPFE (Xetra)Issuer: SPDR
Issuer-declared data
Declared index
Bloomberg Global Aggregate Bond Index (EUR hedged)
TER
0.10%
Transaction costs
0.06% (issuer estimate, from the KID)
Management
Passive (index-tracking) (from the KID)
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics — inferred (issuer documents do not declare art. 8/9) what does it mean?
Fund assets
4.4 bn EUR
NAV
25.21 EUR (30 August 2026)
Domicile
Ireland
Inception date
13 February 2018
Data as declared by SPDR in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

State Street® SPDR® Bloomberg Global Aggregate Bond EUR Hdg UCITS ETF (Dist) tracks the issuer-declared index: Bloomberg Global Aggregate Bond Index (EUR hedged). The declared annual cost (TER) is 0.10%, plus 0.06% in transaction costs estimated by the issuer in the KID. Replication is stratified-sampling physical replication; income is distributed to investors. The fund has assets of about 4.4 billion euro, was launched on 13 February 2018 and is domiciled in Ireland.

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

Investment objective The objective of the Fund is to track the performance of global markets for investment grade (high quality) fixed-rate debt securities. The Fund seeks to track the performance of the Bloomberg Global Aggregate Bond Index (the "Index") as closely as possible. The Fund is an index tracking fund (also known as a passively managed fund). Investment policies The Fund invests primarily in securities included in the Index. These securities are rated investment grade and include bonds issued by governments and corporations and certain types of asset-backed securities (that is, a security whose value and income payments are derived from and backed by a specified pool of underlying assets). As it may be difficult to purchase all securities in the Index efficiently, in seeking to track the performance of the Index the Fund will use a stratified sampling strategy to build a representative portfolio. Consequently, the Fund will typically hold only a subset of the securities included in the Index. This EUR Hedged Class is made available to reduce exchange rate fluctuations between the currency of this Share Class and the currency in which the underlying assets of the Fund are denominated. The Share Class will be hedged back to EUR and consequently should more closely track the corresponding hedged version of the Index (Bloomberg Global Aggregate Bond Index). The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently. Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund. The Fund's maximum exposure to securities lending as a percentage of its Net Asset Value will not exceed 70%. Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days. Any income earned by the Fund will be paid to shareholders in respect of the shares. The Shares of the EUR Class are issued in Euro. Index Source: The Index is the intellectual property of the Index provider. The Fund is not sponsored or endorsed by the Index provider. The Index provider does not provide any warranty or accept any liability in relation to any error relating to the Index, including any error in respect of the quality, accuracy or completeness of Index data, and does not guarantee that the Index will be in line with the described Index methodology. Please see the Prospectus for the full index disclaimer.

Keep reading the KID section ▾

Intended retail investorThis Fund is intended for investors who plan to stay invested for at least 3 years and are prepared to take on a medium-high level of risk of loss to their original capital in order to get a higher potential return. It is designed to form part of a portfolio of investments. Practical information Depositary The Fund depositary is State Street Custodial Services (Ireland) Limited.

From the KID’s “Objectives” section · 5 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.10%: below the median of bond ETFs we track (0.15%).
  • Assets larger than 98% 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 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 Feb 2018 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
-0.8%
Annualised
-0.1%
Volatility (ann.)
3.5%
Max drawdown
-17.30%
-13%-6%0%+6%+12%Feb 2018Apr 2020May 2022Jul 2024Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)-1%Feb 2018Sept 2026
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%20182020202220242026−17.30% · 19 Oct 2023
Max drawdown
-17.30%
peak → trough
Trough
19 Oct 2023
from the 04 Aug 2020 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
2,221 days
decline + recovery: peak to break-even · ≈ 6 years and 1 month · (ongoing)

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
04 Aug 202019 Oct 2023-17.30%ongoing2,221
09 Mar 202019 Mar 2020-5.31%04 Aug 2020148
03 Sept 201911 Nov 2019-2.29%24 Feb 2020174
29 Mar 201810 Oct 2018-2.05%29 Jan 2019306
27 Mar 201917 Apr 2019-0.79%15 May 201949

Calendar-year returns

2018
0.4%
2019
4.4%
2020
3.9%
2021
-2.3%
2022
-13.3%
2023
4.5%
2024
1.4%
2025
2.6%
2026
-1.0%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.11.3-2.00.10.50.3-1.1-0.0-0.1-1.0
20250.31.1-0.60.7-0.50.7-0.30.30.60.60.0-0.42.6
2024-0.3-0.80.8-1.80.70.71.80.91.0-1.61.1-0.91.4
20232.1-1.92.00.3-0.6-0.3-0.1-0.3-1.9-0.83.23.04.5
2022-1.6-1.4-2.2-3.0-0.3-1.82.4-2.8-3.5-0.62.2-1.5-13.3
2021-0.6-1.6-0.50.20.20.41.2-0.3-1.1-0.30.7-0.6-2.3
20201.61.0-1.81.50.20.40.9-0.80.3-0.00.50.13.9
20190.8-0.11.5-0.21.11.10.61.4-0.7-0.4-0.3-0.44.4
20180.6-0.60.2-0.1-0.20.0-0.6-0.50.21.10.4
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: SPDR. 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 8 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.21% /anno
Declared TER
0.10%
YearFundIndexDifference
2025+2.56%+2.68%-0.12%
2024+1.42%+1.68%-0.26%
2023+4.48%+4.73%-0.25%
2022-13.31%-13.27%-0.05%
2021-2.34%-2.23%-0.11%
2020+3.86%+4.24%-0.38%
2019+5.04%+5.10%-0.06%
2018+0.45%+0.57%-0.12%
Figures declared by the issuer on the fund page (net fund and index returns per calendar year, as of 31 July 2026), not computed by us. Partial years excluded. What is tracking difference? →

Risk indicators· EUR

Last yearLast 3 yearsLast 5 yearsFull history
Volatility (ann.)3.43%3.78%4.39%3.79%
Max drawdown-5.07%-6.68%-19.08%-21.42%
Sharpe-1.63-1.04-1.47-0.90
Sortino-1.88-1.29-1.87-1.15
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
6.20years

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

Maturity breakdown (% of fund)
< 1 year
0.33%
1–3 years
24.35%
3–5 years
20.40%
5–7 years
13.72%
7–10 years
21.30%
10–20 years
10.10%
> 20 years
9.81%

Source: factsheet SPDR, data as of 31 July 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
11.77%
Aa
38.61%
A
35.25%
Baa
14.29%
Not rated
0.08%

Source: factsheet SPDR, data as of 31 July 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
10,109
Top-10 weight
2.0%

Top 10 holdings

US TREASURY N/B 4.25 08/15/2035
0.23%
US TREASURY N/B 4 11/15/2035
0.21%
TREASURY BILL 0 09/24/2026
0.21%
US TREASURY N/B 0.625 05/15/2030
0.20%
US TREASURY N/B 4.375 05/15/2034
0.20%
US TREASURY N/B 3.875 06/30/2030
0.20%
US TREASURY N/B 3.75 04/15/2028
0.20%
CHINA GOVERNMENT BOND 1.83 08/25/2035
0.19%
CHINA GOVERNMENT BOND 1.78 11/15/2035
0.19%
CHINA GOVERNMENT BOND 1.79 03/25/2032
0.18%
⬇ Download the full portfolio — Excel, 10,109 rows
Full portfolio declared by SPDR, 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

Frequency
Semi-Annually
Latest dividend
0.4311 EUR
ex 3 Aug 2026 · paid 17 Aug 2026
Dividends, last 12 months
0.85 EUR
Dividend yield
3.38%
12-month sum over the NAV as of 3 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year0.85 EUR3.26 %
20250.81 EUR3.05 %
20240.73 EUR2.74 %
20230.52 EUR2.00 %
20220.40 EUR1.29 %
20210.37 EUR1.16 %

Dividend contribution to total return

-20%-10%0%10%−0.16 %1 year+2.52 %2025+1.41 %2024+4.42 %2023−13.20 %2022−2.32 %2021
dividendsprice changeprice decline

Calendar per share (EUR)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20260.420.43
20250.420.39
20240.360.38
20230.220.30
20220.190.21
20210.180.19
20200.270.20
20190.24
20180.23

Latest dividends

Per shareEx-dividend dateRecord datePayment
0.4311 EUR3 Aug 20264 Aug 202617 Aug 2026
0.4201 EUR2 Feb 20263 Feb 202617 Feb 2026
0.3868 EUR4 Aug 20255 Aug 202518 Aug 2025
0.4198 EUR3 Feb 20254 Feb 202518 Feb 2025
0.3752 EUR2 Aug 20245 Aug 202416 Aug 2024
0.3596 EUR1 Feb 20242 Feb 202415 Feb 2024
0.3007 EUR1 Aug 20232 Aug 202315 Aug 2023
0.2231 EUR1 Feb 20232 Feb 202315 Feb 2023
Per-share dividends as declared by the issuer, in EUR, since the first payment (1 Aug 2018). Past dividends are not indicative of future ones.

Italian taxation

Effective rate on capital gains
18.10%
White-list share
58.50%
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:

IE00BF1QPL78GLAE
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
IE00B43QJJ40GLAG
  • BG Saxozero within the savings plan (buys)
  • 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)GLAE20 Feb 2018
Börse DüsseldorfSPFE8 Aug 2018
Börse FrankfurtSPFE15 Feb 2018
Börse HamburgSPFE11 Feb 2019
Börse HannoverSPFE9 Dec 2024
Börse München / gettexSPFE21 Feb 2019
Börse StuttgartSPFE1 Aug 2018
Tradegate ExchangeSPFE9 Sept 2019
Xetra (Deutsche Börse)SPFE15 Feb 2018
+ 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 State Street® SPDR® Bloomberg Global Aggregate Bond EUR Hdg UCITS ETF (Dist) track?
The issuer SPDR declares the benchmark: Bloomberg Global Aggregate Bond Index (EUR hedged).
How much does GLAE cost?
The issuer-declared TER is 0.10% per year; the transaction costs estimated in the KID are 0.06%.
How is GLAE taxed in Italy?
On sale, the capital gain is taxed at an effective 18.10% rate (white-list share 58.50%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of GLAE?
The fund size declared by SPDR is about 4.4 billion euro.
When was GLAE launched?
The fund was launched on 13 February 2018: it has 8 years of history.
How does GLAE replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (sampled) (issuer wording: “Stratified Sampling”).
Does GLAE pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distribution”).
Where does GLAE trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (GLAE), Börse Düsseldorf (SPFE), Börse Frankfurt (SPFE), Börse Hamburg (SPFE), Börse Hannover (SPFE), Börse München / gettex (SPFE).
What was GLAE's worst fall?
Over the available history (since 2018), the maximum drawdown was -21.42%, reached in October 2023. Past performance is not indicative of future results.
How many securities does GLAE hold?
The declared portfolio holds 10,109 securities; the top 10 positions weigh 2%.
Transparency note
The data in this sheet is declared by SPDR 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.