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Amundi Fixed Maturity 2028 Euro Government Bond Broad UCITS ETF AccIndex, costs, backtest, listings and taxation

ISIN: LU2780871310Ticker: FM28 (Euronext Paris)Issuer: AmundiClass: UCITS ETF Acc
Issuer-declared data
TER
0.09%
Transaction costs
0.00% (issuer estimate, from the KID)
Management
Passive (index-tracking) (from the KID)
Replication
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
5.7 mln EUR
NAV
10.1 EUR (31 August 2026)
Domicile
Luxembourg
Inception date
28 May 2025
Data as declared by Amundi in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

Amundi Fixed Maturity 2028 Euro Government Bond Broad UCITS ETF Acc tracks the issuer-declared index: FTSE Euro Broad Government 2028 Maturity Index. The declared annual cost (TER) is 0.09%, plus 0.00% in transaction costs estimated by the issuer in the KID. Replication is direct physical replication; income is accumulated and reinvested in the fund. The fund has assets of about 6 million euro, was launched on 28 May 2025 and is domiciled in Luxembourg. In our registry 1 other ETFs declare the same index.

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

This Sub-Fund is passively managed. The objective of this Sub-Fund is to track the performance of FTSE Euro Broad Government 2028 Maturity Index (the "Index"), and to minimize the tracking error between the net asset value of the Sub-Fund and the performance of the Index. The anticipated level of tracking error under normal market conditions is indicated in the Sub-Fund’s prospectus. The Index is a Total Return Index: the coupons paid by the Index constituents are included in the index return. FTSE Euro Broad Government 2028 Maturity Index is a bond index representative of fixed rate, euro-denominated government bonds issued by Eurozone member countries and maturing in 2028. The bonds comprised within the Index will gradually mature through the year 2028 and interest and principal payments received from matured bonds will be reinvested in government securities issued by France and Germany (Treasury bills) with 1 to 6 months remaining time to maturity as of each monthly rebalancing date. It is important for investors to take this into consideration before making any investment in the Sub-Fund in the final year and in the period approaching the final year. The Sub-Fund has a fixed maturity on 31 December 2028. On the maturity date, upon decision of the Board of Directors, the shareholders of shares in the sub-fund may have their shares redeemed without further notice or shareholder approval. The Sub-Fund does not seek to return any predetermined amount at maturity or in periodic distributions. More information about the composition of the Index and its operating rules are available in the prospectus and at: www.ftse.com The Index value is available via Bloomberg (CFIIEB28). The exposure to the Index will be achieved through a direct replication, mainly by making direct investments in transferable securities and/or other eligible assets representing the Index constituents. The sub-fund may implement a sampled replication model in order to track the performance of the Index and it is therefore not expected that the sub-fund will hold each and every underlying component of the Index at all times or hold them in the same proportion as their weightings in the Index. The sub-fund may also hold some securities which are not underlying components of the Index. The Investment Manager will be able to use derivatives in order to deal with inflows and outflows and also if it allows a better exposition to an Index constituent. In order to generate additional income to offset its costs, the Sub-Fund may also enter into securities lending operations.

Keep reading the KID section ▾

Intended Retail Investor:This product is intended for investors, with a basic knowledge of and no or limited experience of investing in funds seeking to increase the value of their investment over the recommended holding period with the ability to bear losses up to the amount invested.

Redemption and Dealing:The Sub-Fund's shares are listed and traded on one or more stock exchanges. In normal circumstances, you may deal in shares during the trading hours of the stock exchanges. Only authorised participants (e.g., selected financial institutions) may deal in shares directly with the Sub-Fund on the primary market. Further details are provided in the Amundi Index Solutions prospectus.

Distribution policy:As this is a non-distributing share class, investment income is reinvested. the accumulation share automatically retains, and reinvests, all attributable income within the Sub-Fund; thereby accumulating value in the price of the accumulation shares.

More Information:You may get further information about the Sub-Fund, including the prospectus, and financial reports which are available at and free of charge on request from: Amundi Luxembourg S.A. at 5, allée Scheffer 2520 Luxembourg, Luxembourg. The Net Asset Value of the Sub-Fund is available on www.amundi.lu. Depositary: CACEIS Bank, Luxembourg Branch.

From the KID’s “Objectives” section · 4 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%).
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 document
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 May 2025 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+0.9%
Annualised
+0.7%
Volatility (ann.)
1.4%
Max drawdown
-1.43%
-3%-1%+1%+3%+5%May 2025Sept 2025Jan 2026May 2026Sept 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%May 2025Sept 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%20252026−1.43% · 26 Mar 2026
Max drawdown
-1.43%
peak → trough
Trough
26 Mar 2026
from the 27 Feb 2026 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
193 days
decline + recovery: peak to break-even · ≈ 6 months · (ongoing)

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
27 Feb 202626 Mar 2026-1.43%ongoing193
22 Jul 202525 Jul 2025-0.37%05 Sept 202545
21 Oct 202508 Dec 2025-0.34%06 Jan 202677
03 Jun 202505 Jun 2025-0.28%26 Jun 202523
04 Jul 202511 Jul 2025-0.27%21 Jul 202517

Calendar-year returns

2025
0.7%
2026
0.2%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.40.4-1.20.30.50.2-0.30.1-0.10.2
2025-0.0-0.00.20.10.40.1-0.00.7
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.
Source: Amundi. 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 yearFull history
Volatility (ann.)1.45%1.43%
Max drawdown-1.43%-1.43%
Sharpe-1.22-1.05
Sortino-1.67-1.42
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. The max drawdown is identical across windows because the deepest fall is recent (peak 27 Feb 2026 → trough 26 Mar 2026): one episode dominates every look-back period. 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 · modified duration
1.80years

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

Maturity breakdown (% of fund)
Short term
18.93%
2 years
78.44%
5 years
2.63%

Source: factsheet Amundi, 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
28.31%
AA
5.94%
A
45.47%
BBB
20.28%

Source: factsheet Amundi, 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
31
Top-10 weight
50.5%

Top 10 holdings

FRANCE OAT 0.75% 25May28 · AP3656380
8.64%
FRENCH REPUBL OAT 0.75% 25Nov28 · AS9078385
8.01%
FRENCH REPUBL OAT 0.75% 25Feb28 · BW5677461
6.83%
FEDERAL REPUB BOBL 2.4% 19Oct28 · ZK8854448
4.22%
FEDERAL REPUB BRD 0.5% 15Feb28 · AQ5846490
3.92%
KINGDOM OF SP 1.4% 30Apr28 · AQ8907513
3.89%
KINGDOM OF SP % 31Jan28 · BO5684341
3.87%
FEDERAL REPUB BRD 0.25% 15Aug28 · AT4286882
3.84%
ITALIAN REPUB BTPS 4.75% 01Sep28 · EJ5142728
3.64%
FEDERAL REPUB BRD % 15Nov28 · BP1531865
3.59%

Sectors

Government
100.0%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustria: 3%AzerbaijanBurundiBelgium: 5.5%BeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermany: 23.7%DjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpain: 14.3%EstoniaEthiopiaFinland: 1.8%FijiFalkland IslandsFrance: 23.5%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIreland: 1.2%IranIraqIcelandIsraelItaly: 20.2%JamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 4.6%NorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugal: 2.2%ParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of AmericaUzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
Germany23.7%
France23.5%
Italy20.2%
Spain14.3%
Belgium5.5%
Netherlands4.6%
Austria3%
⬇ Download the full portfolio — Excel, 33 rows
Full portfolio declared by Amundi, as of 1 September 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 →

Index tracked

FTSE Euro Broad Government 2028 Maturity Index
This fund belongs to the government bonds family: compare all census ETFs in this family →

ETFs declaring the same index

FundTERIncomeFund size
MB28 · Amundi
0.09%Dist.31 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
12.51%
White-list share
99.90%
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 →

Stock exchange listings

ExchangeTickerTrading since
Euronext ParisFM283 Jun 2025
+ 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 Amundi Fixed Maturity 2028 Euro Government Bond Broad UCITS ETF Acc track?
The issuer Amundi declares the benchmark: FTSE Euro Broad Government 2028 Maturity Index.
How much does FM28 cost?
The issuer-declared TER is 0.09% per year; the transaction costs estimated in the KID are 0.00%.
How is FM28 taxed in Italy?
On sale, the capital gain is taxed at an effective 12.51% rate (white-list share 99.90%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of FM28?
The fund size declared by Amundi is about 6 million euro.
When was FM28 launched?
The fund was launched on 28 May 2025: it has 1 year of history.
How does FM28 replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Direct(Physical)”).
Does FM28 pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Capitalisation”).
What was FM28's worst fall?
Over the available history (since 2025), the maximum drawdown was -1.43%, reached in March 2026. Past performance is not indicative of future results.
How many securities does FM28 hold?
The declared portfolio holds 31 securities; the top 10 positions weigh 50.5%.
Transparency note
The data in this sheet is declared by Amundi 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.