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Actively managed: it does not track an index — the declared benchmark is a yardstick for comparison

🇮🇹 Effective capital-gains rate: 17.22%details →

Franklin Euro Short Maturity UCITS ETF (Dis)Index, costs, backtest, listings and taxation

ISIN: IE00BFWXDY69Ticker: FLESIssuer: Franklin TempletonClass: (Dis)

Issuer-declared data

Declared index

ICE BofA 0-1 Year Euro Broad Market Index

TER

0.15%

Transaction costs

0.03% (issuer estimate, from the KID)

Management

Active management

Replication

Active

Income policy

Distributing (Annually)

SFDR

Article 8 — promotes environmental or social characteristics what does it mean?

Fund assets

597.6 mln EUR

NAV

25.67 EUR (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 Euro Short Maturity UCITS ETF (Dis) is an actively managed ETF: it does not track an index — the declared index (ICE BofA 0-1 Year Euro Broad Market Index) is a comparison yardstick only. The declared annual cost (TER) is 0.15%, plus 0.03% in transaction costs estimated by the issuer in the KID. Income is distributed to investors. The fund has assets of about 598 million euro, was launched on 25 June 2018 and is domiciled in Ireland. In our registry it is the largest by assets among the 2 ETFs declaring the same index.

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

Investment Objective To seek to maximise income and growth of capital (total return) in the Eurodenominated short-term bond market.
Keep reading the KID section ▾
Investment PolicyThe Fund mainly invests in investment grade corporate and government bonds with a short maturity and denominated in EUR. These investments may be from anywhere in the world. To a lesser extent, the Fund may invest in below investment grade bonds, securities that are in default, convertible securities, including contingent convertible bonds, asset- and mortgage-backed securities and perpetual bonds. Derivatives and techniques The Fund may use derivatives for hedging, efficient portfolio management and investment purposes. 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.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed version ProspectusPDF in English, from the issuer’s site — the fund’s full legal document FactsheetPDF 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 Jun 2018 to Sept 2026

Dividends reinvestedAdjusted for inflation

Compare with another ETF

Only funds we hold a history for. Three at a time, at most.

Return

+11.6%

Annualised

+1.3%

Volatility (ann.)

0.6%

Max drawdown

-2.87%

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.

Max drawdown

-2.87%

peak → trough

Trough

23 Mar 2020

from the 18 Sept 2018 peak

Recovery time

561 days

recovery only: trough to break-even · ≈ 1 year and 6 months

Underwater

1,113 days

decline + recovery: peak to break-even · ≈ 3 years and 1 month · → recovered on 05 Oct 2021

The five worst falls in the period

From the peak of	Trough	Depth	Back to break-even	Days underwater
27 Sept 2018	23 Mar 2020	-2.87%	05 Oct 2021	1,104
20 Apr 2022	26 Oct 2022	-0.99%	13 Apr 2023	358
26 Oct 2021	02 Dec 2021	-0.44%	21 Mar 2022	146
01 Aug 2018	15 Aug 2018	-0.40%	17 Sept 2018	47
30 Oct 2025	31 Oct 2025	-0.39%	14 Jan 2026	76

Calendar-year returns

2018

-0.3%

2019

0.4%

2020

-0.0%

2021

0.2%

2022

-0.2%

2023

3.3%

2024

4.2%

2025

2.4%

2026

1.2%

Month-by-month returns

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sept	Oct	Nov	Dec	Year
2026	0.2	0.2	-0.2	0.2	0.2	0.2	0.1	0.1	0.0				1.2
2025	0.2	0.3	0.1	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.2	2.4
2024	0.4	0.3	0.4	0.2	0.3	0.4	0.4	0.4	0.5	0.2	0.4	0.2	4.2
2023	0.2	0.2	0.1	0.2	0.2	0.2	0.4	0.3	0.2	0.4	0.4	0.6	3.3
2022	0.0	-0.0	0.3	-0.0	-0.1	-0.4	0.1	0.1	-0.5	0.0	0.2	0.1	-0.2
2021	-0.1	0.0	0.0	0.1	0.0	-0.0	-0.1	0.1	0.2	0.0	-0.4	0.3	0.2
2020	-0.0	-0.2	-2.0	0.4	0.4	0.3	0.3	0.2	0.0	0.0	0.4	0.0	-0.0
2019	-0.0	0.1	-0.2	0.1	-0.2	0.2	0.2	0.0	0.1	0.1	-0.0	0.1	0.4
2018							0.2	-0.4	0.3	-0.2	-0.3	-0.1	-0.3

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 year	Last 3 years	Last 5 years	Full history
Volatility (ann.)	1.90%	2.32%	1.90%	1.56%
Max drawdown	-1.88%	-2.61%	-2.61%	-2.87%
Sharpe	-1.23	-1.08	-1.05	-0.76
Sortino	-1.24	-1.08	-1.06	-0.78

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, the fund's currency; the table follows the currency selected in the chart.

Duration and maturities

Duration · effective duration

0.92years

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

Top-10 weight

58.6%

Top 10 holdings

FRANCE 0% 27/01/27 · —

11.02%

CASH · —

10.80%

BUNDES 1.3% 15/10/27 · —

10.62%

BUNDES 2.7% 17/09/26 · —

8.62%

AUSTRI 0% 24/09/26 · —

6.18%

EUROP 2.625% 04/07/28 · —

2.58%

DENMAR 2.25% 02/10/26 · —

2.34%

FRANCE 2.4% 24/09/28 · —

2.20%

ROMAN 2.875% 11/03/29 · —

2.14%

CAISSE 3% 25/09/30 · —

2.07%

Countries

up to 1%1–5%5–15%15–30%over 30%

Hover a country for its percentage.

Top 7 countries

France21.1%

Germany13.2%

Austria10.7%

Liquidità7.5%

Denmark4.9%

Netherlands3.3%

Spain3.3%

⬇ Download the full portfolio — Excel, 82 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

0.4906 EUR

ex 11 Jun 2026 · paid 23 Jun 2026

Dividends, last 12 months

0.49 EUR

Dividend yield

1.91%

12-month sum over the NAV as of 8 Sept 2026

Yield by year

Period	Dividends	Dividend yield
1 year	0.49 EUR	1.91 %
2025	0.68 EUR	2.61 %
2024	0.66 EUR	2.59 %
2023	0.31 EUR	1.23 %
2022	0.00 EUR	0.00 %
2021	0.00 EUR	0.00 %

Dividend contribution to total return

dividendsprice changeprice decline

Calendar per share (EUR)

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026						0.49
2025						0.68
2024						0.66
2023						0.31

Latest dividends

Per share	Ex-dividend date	Record date	Payment
0.4906 EUR	11 Jun 2026	12 Jun 2026	23 Jun 2026
0.6778 EUR	11 Jun 2025	12 Jun 2025	23 Jun 2025
0.6609 EUR	12 Jun 2024	13 Jun 2024	24 Jun 2024
0.3068 EUR	12 Jun 2023	13 Jun 2023	22 Jun 2023

Per-share dividends as declared by the issuer, in EUR, since the first payment (12 Jun 2023). Past dividends are not indicative of future ones.

ETFs declaring the same index

Fund	TER	Income	Fund size
Franklin Euro Short Maturity UCITS ETF (Acc)compare ⇄ FLESA · Franklin Templetonactive	0.15%	Acc.	598 mln EUR

2 ETFs in our census declare this index (including this fund). Funds declaring the exact same index, word for word, in official product lists. Differently-worded variants (or other index versions) are not shown: a short list beats a wrong match. Sorted by TER. A dash “—” = not declared by the issuer in the files we read — not a zero.

Italian taxation

Effective rate on capital gains

17.22%

White-list share

65.06%

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:

IE00BFWXDY69

Directazero within the savings plan (buys)
Directazero on single buys from 1,000 €, agreement until 30 June 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

Exchange	Ticker	Trading since
Borsa Italiana (ETFplus)	FLES	14 Sept 2018
Börse Düsseldorf	FVSH	8 Aug 2018
Börse Frankfurt	FVSH	26 Jun 2018
Börse Hamburg	FVSH	14 Feb 2019
Börse Hannover	FVSH	9 Dec 2024
Börse München / gettex	FVSH	18 Feb 2019
Börse Stuttgart	FVSH	2 Jul 2018
Tradegate Exchange	FVSH	28 Feb 2020
Xetra (Deutsche Börse)	FVSH	26 Jun 2018

+ 15 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 Euro Short Maturity UCITS ETF (Dis) track?

The issuer Franklin Templeton declares the benchmark: ICE BofA 0-1 Year Euro Broad Market Index.

How much does FLES cost?

The issuer-declared TER is 0.15% per year; the transaction costs estimated in the KID are 0.03%.

How is FLES taxed in Italy?

On sale, the capital gain is taxed at an effective 17.22% rate (white-list share 65.06%): 12.5% on the government-bond “white list” portion, 26% on the rest.

What is the fund size of FLES?

The fund size declared by Franklin Templeton is about 598 million euro.

When was FLES launched?

The fund was launched on 25 June 2018: it has 8 years of history.

Is FLES actively or passively managed?

It is an ACTIVELY managed ETF: the manager picks the holdings, it does not replicate an index. The declared benchmark (ICE BofA 0-1 Year Euro Broad Market Index) is a yardstick for comparison, not an index being tracked.

Does FLES pay dividends?

Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distributing (Annually)”).

Where does FLES trade?

Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (FLES), Börse Düsseldorf (FVSH), Börse Frankfurt (FVSH), Börse Hamburg (FVSH), Börse Hannover (FVSH), Börse München / gettex (FVSH).

What was FLES's worst fall?

Over the available history (since 2018), the maximum drawdown was -2.87%, reached in March 2020. Past performance is not indicative of future results.

How many securities does FLES hold?

The declared portfolio holds 82 securities; the top 10 positions weigh 58.6%.

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.