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Amundi Global Treasury Bond UCITS ETF USD Hedged AccIndex, costs, backtest, listings and taxation

ISIN: LU2924149862Ticker: GTSB (Xetra)Issuer: AmundiClass: UCITS ETF USD Hedged Acc Currency hedging: USD-hedged share class
Issuer-declared data
TER
0.12%
Transaction costs
0.04% (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
2 bn EUR
NAV
10.27 USD (31 August 2026)
Domicile
Luxembourg
Inception date
4 February 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 Global Treasury Bond UCITS ETF USD Hedged Acc tracks the issuer-declared index: Bloomberg Global Aggregate Treasuries Total Return Index Value Hedged USD. Mind the share class: this is the version hedged to USD — returns reflect the index plus the effect (and cost) of hedging into that currency. The declared annual cost (TER) is 0.12%, plus 0.04% 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 2 billion euro, was launched on 4 February 2025 and is domiciled in Luxembourg.

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 Bloomberg Global Aggregate Treasuries 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 the tracking error, under normal market conditions is indicated in the prospectus of the Sub-Fund. The Index is a Total Return Index : the coupons paid by the Index constituents are included in the index return. The Bloomberg Global Aggregate Treasuries Index is a subset of its parent index, the Bloomberg Global Aggregate Index, (the “Parent Index”), filtering for securities with a sector of treasury only. The parent index is a multi-currency bond index composed of local currency treasury, government-related, corporate and securitized fixed-rate investment grade bonds from both developed and emerging markets issuers. The Index is a multi-currency benchmark which includes fixed-rate treasury bonds with fixed minimum issues sizes set for all eligible currencies. The securities composing the Index are rated Investment Grade (using middle rating of Moodys, S&P and Fitch) and have at least one year until final maturity. More information about the composition of the Index and its operating rules are available in the prospectus and at: www.bloomberg.com The Index value is available via Bloomberg (LGTRTRUU) 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.

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 0.12%: below the median of bond ETFs we track (0.15%).
  • Assets larger than 90% 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) · USD · from Feb 2025 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+2.4%
Annualised
+1.5%
Volatility (ann.)
2.7%
Max drawdown
-2.57%
-3%-1%+2%+5%+8%Feb 2025Jun 2025Nov 2025Apr 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%)+2%Feb 2025Sept 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.
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%-1%-2%-3%-4%20252026−2.57% · 19 May 2026
Max drawdown
-2.57%
peak → trough
Trough
19 May 2026
from the 27 Feb 2026 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
187 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 202619 May 2026-2.57%ongoing187
04 Apr 202521 May 2025-1.53%26 Jun 202583
28 Feb 202512 Mar 2025-1.30%03 Apr 202534
22 Oct 202508 Dec 2025-0.92%12 Feb 2026113
01 Jul 202515 Jul 2025-0.87%04 Aug 202534

Calendar-year returns

2025
3.0%
2026
-0.6%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.11.5-1.90.20.50.4-0.9-0.1-0.3-0.6
2025-0.61.2-0.60.8-0.20.20.60.9-0.0-0.43.0
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.

Tracking difference — fund vs index

We do not publish a tracking difference for this share class — and it is not an oversight.

GTSB is hedged to USD; the index the issuer places next to it in its documents is the unhedged, foreign-currency version. Subtracting one from the other does not measure replication quality: it measures the exchange rate. In a year when the currency moves 5%, “the TD” would come out near 5 points — a plausible-looking number, with decimals, and wrong.

Other sites publish that number. We would rather show one figure less than one figure wrong: the TD will return here the day we have the USD-hedged index series, which the issuer does not publish today.

What tracking difference is and how we compute it →

Risk indicators· EUR

Last yearFull history
Volatility (ann.)5.46%7.05%
Max drawdown-4.31%-11.40%
Sharpe-0.14-1.09
Sortino-0.20-1.34
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. 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 · modified duration
6.56years

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

Maturity breakdown (% of fund)
Short term
8.15%
2 years
24.24%
5 years
21.92%
7 years
13.77%
10 years
10.57%
15 years
6.42%
20 years
7.52%
30 years
7.41%

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
9.76%
AA
44.15%
A
37.52%
BBB
7.90%
Not rated
0.27%
Other
0.39%

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
1,801
Top-10 weight
3.2%

Top 10 holdings

THE PEOPLE S 1.78% 15Nov35 · 250022.IB
0.50%
PEOPLE S REPU 3.27% 19Nov30 · BM4399226
0.34%
THE UNITED ST TSY 4.25% 15May35 · 91282CNC1
0.31%
THE UNITED ST TSY 3.875% 15Aug34 · 91282CLF6
0.30%
THE UNITED ST TSY 4% 15Feb34 · 91282CJZ5
0.30%
THE UNITED ST TSY 3.5% 31Jan28 · 91282CGH8
0.29%
THE UNITED ST TSY 4.375% 15May34 · 91282CKQ3
0.29%
THE UNITED ST TSY 4.25% 15Aug35 · 91282CNT4
0.28%
THE UNITED ST TSY 4.375% 15May36 · 91282CQQ7
0.28%
THE UNITED ST TSY 4.25% 15Nov34 · 91282CLW9
0.28%

Sectors

Government
99.7%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustralia: 1.3%Austria: 0.8%AzerbaijanBurundiBelgium: 1.1%BeninBurkina FasoBangladeshBulgaria: 0.1%The BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanada: 1.8%Switzerland: 0.3%Chile: 0.1%China: 11.8%Ivory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech Republic: 0.3%Germany: 4.4%DjiboutiDenmark: 0.2%Dominican RepublicAlgeriaEcuadorEgyptEritreaSpain: 3.2%EstoniaEthiopiaFinland: 0.4%FijiFalkland IslandsFrance: 5.7%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreece: 0.2%GreenlandGuatemalaFrench GuianaGuyanaHondurasCroatia: 0.1%HaitiHungary: 0.2%Indonesia: 0.7%IndiaIreland: 0.3%IranIraqIcelandIsrael: 0.4%Italy: 5%JamaicaJordanJapan: 13.2%KazakhstanKenyaKyrgyzstanCambodiaSouth Korea: 1.7%KosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuania: 0.1%LuxembourgLatviaMoroccoMoldovaMadagascarMexico: 0.7%MacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysia: 0.8%NamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 0.9%Norway: 0.1%NepalNew Zealand: 0.3%OmanPakistanPanamaPeru: 0.1%PhilippinesPapua New GuineaPoland: 0.6%Puerto RicoNorth KoreaPortugal: 0.4%ParaguayQatarRomania: 0.2%RussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakia: 0.2%Slovenia: 0.1%Sweden: 0.2%SwazilandSyriaChadTogoThailand: 0.7%TajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 35.3%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States35.3%
Japan13.2%
China11.8%
France5.7%
United Kingdom5.6%
Italy5%
Germany4.4%
⬇ Download the full portfolio — Excel, 1,803 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

Bloomberg Global Aggregate Treasuries Total Return Index Value Hedged 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
94.70%
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
Xetra (Deutsche Börse)GTSB20 Feb 2025
+ 7 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 Global Treasury Bond UCITS ETF USD Hedged Acc track?
The issuer Amundi declares the benchmark: Bloomberg Global Aggregate Treasuries Total Return Index Value Hedged USD.
How much does GTSB cost?
The issuer-declared TER is 0.12% per year; the transaction costs estimated in the KID are 0.04%.
How is GTSB taxed in Italy?
On sale, the capital gain is taxed at an effective 13.22% rate (white-list share 94.70%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of GTSB?
The fund size declared by Amundi is about 2 billion euro.
When was GTSB launched?
The fund was launched on 4 February 2025: it has 1 year of history.
How does GTSB replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Direct(Physical)”).
Does GTSB pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Capitalisation”).
What was GTSB's worst fall?
Over the available history (since 2025), the maximum drawdown was -2.57%, reached in May 2026. Past performance is not indicative of future results.
How many securities does GTSB hold?
The declared portfolio holds 1,801 securities; the top 10 positions weigh 3.2%.
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.