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Actively managed: it does not track an index — the declared benchmark is a yardstick for comparison
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Franklin USD Investment Grade Corporate Bond UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE00BFWXDX52Ticker: FLUCIssuer: Franklin TempletonClass: SINGLCLASS
Issuer-declared data
Declared index
Bloomberg US Corporate - Investment Grade Index
TER
0.35%
Transaction costs
0.11% (issuer estimate, from the KID)
Management
Active management
Replication
Active
SFDR
Article 8 — promotes environmental or social characteristics what does it mean?
Fund assets
27.3 mln EUR
NAV
23.44 USD (1 September 2026)
Domicile
Ireland
Inception date
25 June 2018
Data as declared by Franklin Templeton in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

Franklin USD Investment Grade Corporate Bond UCITS ETF is an actively managed ETF: it does not track an index — the declared index (Bloomberg US Corporate - Investment Grade Index) is a comparison yardstick only. The declared annual cost (TER) is 0.35%, plus 0.11% in transaction costs estimated by the issuer in the KID. Income is distributed to investors. The fund has assets of about 27 million euro, was launched on 25 June 2018 and is domiciled in Ireland.

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

Investment Objective To seek to provide income from the USD-denominated bond market, while seeking to maintain some degree of capital preservation.

Keep reading the KID section ▾

Investment PolicyThe Fund mainly invests in fixed and floating rate investment grade corporate debt securities denominated in USD. These investments may be of any duration from anywhere in the world, including (to a lesser extent) emerging markets. These investments may include convertible securities and asset- and mortgage-backed securities. To a lesser extent, the Fund may invest in government debt securities. Derivatives and techniques The Fund may use derivatives for hedging, efficient portfolio management and investment purposes. Strategy In a top-down and bottom-up process, the investment manager combines macroeconomic, market and Fundamental analysis to identify securities that appear to offer high real yields for their risk level. SFDR category Article 8 (promotes environmental and/or social characteristics under EU regulations). The investment manager applies a proprietary rating methodology using various ESG criteria to assess long-term opportunities and risks. The fund excludes issuers lagging in the transition to a low-carbon economy and excludes or restricts investments in certain industries that are harmful to the environment or society, such as exploration and production of fossil fuels, weapons and tobacco.

From the KID’s “Objectives” section · 2 September 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.35%: above the median of bond ETFs we track (0.15%).
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) · USD · from Jun 2018 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+21.9%
Annualised
+2.4%
Volatility (ann.)
6.3%
Max drawdown
-22.27%
-5%+4%+13%+22%+30%Jun 2018Jul 2020Aug 2022Aug 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%)+22%Jun 2018Sept 2026
Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.
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%-25%-30%20182020202220242026−22.27% · 21 Oct 2022
Max drawdown
-22.27%
peak → trough
Trough
21 Oct 2022
from the 31 Dec 2020 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
2,077 days
decline + recovery: peak to break-even · ≈ 5 years and 8 months · (ongoing)

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
01 Jan 202121 Oct 2022-22.27%ongoing2,076
06 Mar 202019 Mar 2020-15.30%16 Jun 2020102
06 Aug 202005 Oct 2020-2.67%27 Nov 2020113
28 Aug 201913 Sept 2019-2.64%26 Nov 201990
20 Aug 201815 Nov 2018-2.47%24 Jan 2019157

Calendar-year returns

2018
0.6%
2019
14.1%
2020
10.2%
2021
-2.2%
2022
-15.8%
2023
7.8%
2024
1.9%
2025
7.3%
2026
-0.7%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.21.3-2.00.50.70.2-1.70.5-0.3-0.7
20250.52.0-0.4-0.10.01.90.10.91.50.30.7-0.37.3
20240.0-1.71.3-2.51.90.62.41.61.7-2.41.2-1.91.9
20234.2-3.12.10.8-1.40.40.3-0.8-2.6-2.06.04.17.8
2022-3.3-1.9-2.4-5.50.8-2.73.2-2.9-5.0-1.04.7-0.5-15.8
2021-1.3-1.8-2.21.10.61.61.4-0.4-1.0-0.20.0-0.1-2.2
20202.31.1-6.75.31.92.03.3-1.80.0-0.42.90.310.2
20192.50.22.40.71.12.60.72.8-0.60.50.30.314.1
20181.00.4-0.2-1.6-0.31.20.6
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: Franklin Templeton. 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.

Risk indicators· EUR

Last yearLast 3 yearsLast 5 yearsFull history
Volatility (ann.)6.74%8.42%9.73%9.24%
Max drawdown-6.18%-14.22%-20.79%-23.12%
Sharpe-0.77-0.56-0.57-0.19
Sortino-1.01-0.73-0.78-0.26
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.

Duration and maturities

Duration · effective duration
6.53years

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

Source: product page Franklin Templeton, data as of 2 September 2026. Values as declared by the issuer, not computed by us; updated with the monthly document.

Portfolio holdings

Securities in portfolio
164
Top-10 weight
14.5%

Top 10 holdings

MORGAN ST VAR 22/07/28 · —
2.18%
Bank of A VAR 09/05/36 · —
1.57%
Citigroup VAR 17/11/33 · —
1.55%
Morgan St VAR 21/04/34 · —
1.48%
Verizon C 2.85% 03/09/41 · —
1.38%
Bank of N VAR 11/02/31 · —
1.35%
CITIGROUP VAR 24/07/28 · —
1.34%
Net Current Assets · —
1.24%
Bank of M 5.717% 25/09/28 · —
1.23%
GOLDMAN S VAR 01/05/29 · —
1.20%

Sectors

Finanza
39.1%
Tecnologia
8.7%
Serv. Pubblici
6.3%
Industriale
5.4%
Food and Beverage
3.6%
Wireless
3.1%
Cablaggio
2.7%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustralia: 0.3%AustriaAzerbaijanBurundiBelgium: 0.6%BeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazil: 0.7%BruneiBhutanBotswanaCentral African RepublicCanada: 4.2%Switzerland: 1.2%ChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmark: 0.7%Dominican RepublicAlgeriaEcuadorEgyptEritreaSpain: 0.4%EstoniaEthiopiaFinlandFijiFalkland IslandsFrance: 0.9%GabonUnited Kingdom: 2.3%GeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIreland: 1.6%IranIraqIcelandIsraelItaly: 0.6%JamaicaJordanJapan: 0.6%KazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 0.7%Norway: 0.5%NepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugal: 0.6%ParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 83.6%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States83.6%
Canada4.2%
United Kingdom2.3%
Ireland1.6%
Switzerland1.2%
France0.9%
Netherlands0.7%
⬇ Download the full portfolio — Excel, 164 rows
Full portfolio declared by Franklin Templeton, as of 26 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
0.5479 USD
ex 11 Jun 2026 · paid 23 Jun 2026
Dividends, last 12 months
1.00 USD
Dividend yield
4.26%
12-month sum over the NAV as of 8 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year1.00 USD4.08 %
20250.98 USD4.16 %
20241.00 USD4.19 %
20230.81 USD3.53 %
20220.64 USD2.27 %
20210.61 USD2.07 %

Dividend contribution to total return

-20%-10%0%10%−0.15 %1 year+7.23 %2025+1.94 %2024+7.65 %2023−15.76 %2022−2.22 %2021
dividendsprice changeprice decline

Calendar per share (USD)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20260.55
20250.520.45
20240.490.52
20230.370.45
20220.310.33
20210.310.29
20200.350.32
20190.480.44
20180.40

Latest dividends

Per shareEx-dividend dateRecord datePayment
0.5479 USD11 Jun 202612 Jun 202623 Jun 2026
0.4508 USD10 Dec 202511 Dec 202522 Dec 2025
0.5246 USD11 Jun 202512 Jun 202523 Jun 2025
0.5169 USD11 Dec 202412 Dec 202423 Dec 2024
0.488 USD12 Jun 202413 Jun 202424 Jun 2024
0.4467 USD12 Dec 202313 Dec 202322 Dec 2023
0.366 USD12 Jun 202313 Jun 202322 Jun 2023
0.3327 USD12 Dec 202213 Dec 202222 Dec 2022
Per-share dividends as declared by the issuer, in USD, since the first payment (13 Dec 2018). Past dividends are not indicative of future ones.

Italian taxation

Effective rate on capital gains
25.84%
White-list share
1.16%
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:

IE00BFWXDX52
  • Directazero within the savings plan (buys)
  • Directazero on single buys from 1,000 €, agreement until 30 June 2027
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)FLUC14 Sept 2018
Börse DüsseldorfFVUI5 Nov 2018
Börse FrankfurtFVUI26 Jun 2018
Börse HamburgFVUI14 Feb 2019
Börse HannoverFVUI9 Dec 2024
Börse München / gettexFVUI18 Feb 2019
Börse StuttgartFVUI2 Jul 2018
Tradegate ExchangeFVUI17 Oct 2019
Xetra (Deutsche Börse)FVUI26 Jun 2018
+ 9 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 Franklin USD Investment Grade Corporate Bond UCITS ETF track?
The issuer Franklin Templeton declares the benchmark: Bloomberg US Corporate - Investment Grade Index.
How much does FLUC cost?
The issuer-declared TER is 0.35% per year; the transaction costs estimated in the KID are 0.11%.
How is FLUC taxed in Italy?
On sale, the capital gain is taxed at an effective 25.84% rate (white-list share 1.16%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of FLUC?
The fund size declared by Franklin Templeton is about 27 million euro.
When was FLUC launched?
The fund was launched on 25 June 2018: it has 8 years of history.
Is FLUC actively or passively managed?
It is an ACTIVELY managed ETF: the manager picks the holdings, it does not replicate an index. The declared benchmark (Bloomberg US Corporate - Investment Grade Index) is a yardstick for comparison, not an index being tracked.
Does FLUC pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distributing (Semiannually)”).
Where does FLUC trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (FLUC), Börse Düsseldorf (FVUI), Börse Frankfurt (FVUI), Börse Hamburg (FVUI), Börse Hannover (FVUI), Börse München / gettex (FVUI).
What was FLUC's worst fall?
Over the available history (since 2018), the maximum drawdown was -25.63%, reached in October 2023. Past performance is not indicative of future results.
How many securities does FLUC hold?
The declared portfolio holds 164 securities; the top 10 positions weigh 14.5%.
Transparency note
The data in this sheet is declared by Franklin Templeton 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.