Government bond ETFs: the full comparison
488 UCITS classes on government bonds, €297.9 bn in assets, area by area. For each: TER, maturity bucket, tracking difference and — unique among comparison sites — each fund’s effective Italian tax rate, weighted on the issuer-certified white-list share. No rankings: the numbers, fund by fund.
The real tax rate is not 26% — and it can be computed
For Italian tax residents, the return attributable to «white list» government bonds is taxed at 12.5%, the rest at 26%: each fund’s effective rate is the average weighted on the share the issuer certifies every semester. We compute it from our certificate database — the table shows it fund by fund, and the semester you sell in is what counts. Not tax advice.
Within each area, the Maturity column is the rate-risk lever: 0-1y barely moves, 10y+ amplifies — both ways. Inflation-linked funds have their own section: their mechanism is not like-for-like with nominals.
| Fund | Maturity | TER | IT tax rate | 12-month TD | Assets |
|---|---|---|---|---|---|
| Vanguard EUR Eurozone Government Bond UCITS ETF (EUR) Accumulating VGEA · IE00BH04GL39 | Ampio spettro | 0.07% | 12.56% | -0.05% | 5.4 bn |
| Vanguard EUR Eurozone Government Bond UCITS ETF (EUR) Distributing VETY · IE00BZ163H91 | Ampio spettro | 0.07% | 12.56% | -0.05% | 5.4 bn |
| iShares Core € Govt Bond UCITS ETF SEGA · IE00B4WXJJ64 | Ampio spettro | 0.07% | 12.84% | -0.01% | 5.4 bn |
| Xtrackers Eurozone Government Bond 1 3 UCITS ETF 1c X13E · LU0290356871 | 1-3 anni | 0.10% | 12.82% | -0.06% | 3.7 bn |
| Xtrackers Eurozone Government Bond 1 3 UCITS ETF 1d X03B · LU0614173549 | 1-3 anni | 0.10% | 12.82% | -0.06% | 3.7 bn |
| Xtrackers Eurozone Government Bond 1 3 UCITS ETF 2c Usd Hedged XEI3 · LU3003217554 · hedged USD | 1-3 anni | 0.20% | 12.82% | +1.73% | 3.7 bn |
| Amundi Euro Government Tilted Green Bond UCITS ETF Acc CB3 · LU1681046261 | Ampio spettro | 0.14% | 12.58% | -0.14% | 3.4 bn |
| Xtrackers Eurozone Government Bond UCITS ETF 1c XGLE · LU0290355717 | Ampio spettro | 0.07% | 12.80% | -0.02% | 3 bn |
| Fund | Maturity | TER | IT tax rate | 12-month TD | Assets |
|---|---|---|---|---|---|
| iShares $ Treasury Bond 0-1yr UCITS ETF IB01 · IE00BGSF1X88 | 0-1 anni | 0.07% | 14.35% | +0.00% | 17.1 bn |
| iShares $ Treasury Bond 3-7yr UCITS ETF CBU7 · IE00B3VWN393 | 3-7 anni | 0.07% | 13.02% | +0.02% | 7 bn |
| Vanguard U.S. Treasury 0-1 Year Bond UCITS ETF (USD) Accumulating VDST · IE00BLRPPV00 | 0-1 anni | 0.05% | 12.53% | -0.06% | 6.7 bn |
| iShares $ Treasury Bond 1-3yr UCITS ETF IBTA · IE00BYXPSP02 | 1-3 anni | 0.07% | 13.58% | +0.03% | 6.5 bn |
| iShares $ Treasury Bond 7-10yr UCITS ETF USD (Acc) CBU0 · IE00B3VWN518 | 7-10 anni | 0.07% | 12.99% | +0.05% | 4.3 bn |
| iShares $ Treasury Bond 7-10yr UCITS ETF IBTM · IE00B1FZS798 | 7-10 anni | 0.07% | 13.29% | +0.06% | 3.2 bn |
| BetaBuilders US Treasury Bond 0-1 yr UCITS ETF BBIL · IE00BJK3WF00 | 0-1 anni | 0.07% | 12.81% | — | 3.1 bn |
| iShares $ Treasury Bond 20+yr UCITS ETF DTLA · IE00BFM6TC58 | 20+ anni | 0.07% | 12.99% | +0.08% | 2.6 bn |
| Fund | Maturity | TER | IT tax rate | 12-month TD | Assets |
|---|---|---|---|---|---|
| iShares Core UK Gilts UCITS ETF IGLT · IE00B1FZSB30 | Ampio spettro | 0.07% | 12.73% | +0.01% | 3.8 bn |
| iShares UK Gilts 0-5yr UCITS ETF IGLS · IE00B4WXJK79 | 0-5 anni | 0.07% | 12.62% | +0.00% | 2.5 bn |
| Amundi Core UK Government Bond UCITS ETF Dist GILS · LU1407892592 | Ampio spettro | 0.05% | 12.80% | — | 1.8 bn |
| State Street® SPDR® Bloomberg UK Gilt UCITS ETF (Dist) SYBG · IE00B3W74078 | Ampio spettro | 0.15% | 12.62% | -0.07% | 1.1 bn |
| Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hdg Dist SMM6 · IE00BF2FNB90 · hedged GBP | 7-10 anni | 0.10% | 12.50% | — | 1 bn |
| Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hdg Dist T3GB · IE00BF2FNL98 · hedged GBP | 1-3 anni | 0.10% | 12.50% | — | 968 m |
| iShares UK Gilts 0-5yr UCITS ETF IGL5 · IE000RCMNFR9 | 0-5 anni | 0.07% | 12.62% | +0.00% | 716 m |
| Invesco UK Gilt 15+ Year UCITS ETF Dist GT15 · IE000AES5KQ5 | 15+ anni | 0.06% | 12.50% | -0.01% | 562 m |
| Fund | Maturity | TER | IT tax rate | 12-month TD | Assets |
|---|---|---|---|---|---|
| iShares Broad Global Govt Bond UCITS ETF IGBUX · IE0001JK8FV4 · hedged USD | Ampio spettro | 0.13% | 13.01% | — | 3.5 bn |
| Xtrackers Global Government Bond UCITS ETF 1c Eur Hedged XGSH · LU0378818131 · hedged EUR | Ampio spettro | 0.25% | 12.85% | — | 2.2 bn |
| Xtrackers Global Government Bond UCITS ETF 1d Eur Hedged XGVD · LU0690964092 · hedged EUR | Ampio spettro | 0.25% | 12.85% | — | 2.2 bn |
| Xtrackers Global Government Bond UCITS ETF 5c XG7S · LU0908508731 | Ampio spettro | 0.20% | 12.85% | -0.15% | 2.2 bn |
| Xtrackers Global Government Bond UCITS ETF 4d XGB4 · LU3284391318 | Ampio spettro | 0.20% | 12.85% | — | 2.2 bn |
| Amundi Global Treasury Bond UCITS ETF USD Hedged Acc GTSB · LU2924149862 · hedged USD | Ampio spettro | 0.12% | 13.22% | -0.14% | 2 bn |
| iShares Broad Global Govt Bond UCITS ETF IGBS · IE000S6ZDHA0 · hedged GBP | Ampio spettro | 0.13% | 13.01% | — | 1.6 bn |
| Amundi Core Global Government Bond UCITS ETF EUR Hedged Acc GOVH · LU1708330235 · hedged EUR | Ampio spettro | 0.22% | 12.69% | — | 1.1 bn |
| Fund | Maturity | TER | IT tax rate | 12-month TD | Assets |
|---|---|---|---|---|---|
| iShares $ TIPS UCITS ETF ITPS · IE00B1FZSC47 | Ampio spettro | 0.10% | 13.22% | +0.01% | 3.1 bn |
| iShares EUR Inflation Linked Govt Bond UCITS ETF IBCI · IE00B0M62X26 | Ampio spettro | 0.09% | 12.61% | -0.06% | 2 bn |
| iShares $ TIPS UCITS ETF ITPG · IE00BDZVH859 · hedged GBP | Ampio spettro | 0.12% | 13.22% | — | 1.4 bn |
| Amundi Euro Government Inflation-Linked Bond UCITS ETF Acc EMI · LU1650491282 | Ampio spettro | 0.09% | 12.52% | -0.08% | 1.4 bn |
| iShares $ TIPS 0-5 UCITS ETF TI5G · IE00BDZVHB89 · hedged GBP | 0-5 anni | 0.12% | 13.22% | — | 1.1 bn |
| iShares $ TIPS 0-5 UCITS ETF TI5A · IE000JXFRNI0 | 0-5 anni | 0.10% | 13.22% | +0.07% | 1 bn |
| Xtrackers Global Inflation Linked Bond UCITS ETF 1c Eur Hedged XGIN · LU0290357929 · hedged EUR | Ampio spettro | 0.25% | 12.83% | — | 906 m |
| Xtrackers Global Inflation Linked Bond UCITS ETF 2c Usd Hedged XG7U · LU0641007009 · hedged USD | Ampio spettro | 0.25% | 12.83% | — | 906 m |
| Fund | Maturity | TER | IT tax rate | 12-month TD | Assets |
|---|---|---|---|---|---|
| iShares J.P. Morgan EM Local Govt Bond UCITS ETF SEML · IE00B5M4WH52 | Ampio spettro | 0.52% | 13.57% | -0.29% | 4.3 bn |
| iShares J.P. Morgan $ EM Bond UCITS ETF SEMB · IE00B2NPKV68 | Ampio spettro | 0.45% | 17.44% | -0.37% | 3.7 bn |
| iShares J.P. Morgan $ EM Bond EUR Hedged UCITS ETF (Dist) EMBE · IE00B9M6RS56 · hedged EUR | Ampio spettro | 0.50% | 17.48% | -0.43% | 2.1 bn |
| iShares J.P. Morgan $ EM Bond UCITS ETF JPEA · IE00BYXYYK40 | Ampio spettro | 0.45% | 17.44% | -0.36% | 2 bn |
| State Street® SPDR® Bloomberg Emerging Markets Local Bond UCITS ETF (Dist) EMLD · IE00B4613386 | Ampio spettro | 0.55% | 13.16% | -0.77% | 1.5 bn |
| State Street® SPDR® Bloomberg Emerging Markets Local Bond UCITS ETF (Acc) EMLA · IE00BFWFPY67 | Ampio spettro | 0.55% | 13.16% | -0.74% | 1.5 bn |
| State Street® SPDR® Bloomberg Emerging Markets Local Bond USD Base CCY Hdg to EUR UCITS ETF (Acc) EMDE · IE00BK8JH525 · hedged EUR | Ampio spettro | 0.60% | 13.16% | -0.87% | 1.5 bn |
| iShares Brazil LTN BRL Govt Bond UCITS ETF (DE) BLTN · DE000A2QP4D2 | Ampio spettro | 0.35% | — | — | 1.5 bn |
Looking for a specific maturity or issuer?
The ETF Screener filters every bond fund by maturity bucket, area, duration, rating, currency hedging and white-list share; every row links to the fund page with year-by-year tracking difference. And for single bonds (BTPs, Bunds, gilts…) there is the bond registry.
Open the Screener on bonds →Frequently asked questions
Why isn’t the tax rate 26%?
Because interest and gains attributable to Italian and «white list» government bonds are taxed at 12.5%, not 26%, for Italian tax residents. A government bond ETF holds almost only such bonds: the effective rate is the weighted average — 12.5% on the white-list share certified by the issuer every semester, 26% on the rest. With typical shares of 95-100%, the real rate almost always sits between 12.5% and 13.5%.
Where does each fund’s white-list share come from?
From the semi-annual certificates issuers publish for Italian regulation, collected in our taxation database: the share applies to the semester you sell in, and each fund’s tax page shows the semester-by-semester history.
What does the maturity bucket change?
Rate sensitivity: a 0-1 year fund barely moves when yields change, a 10y+ fund amplifies in both directions. That is «duration»: the longer it is, the more the price swings. Each fund’s declared bucket is in the table; the fund page shows precise duration where the issuer publishes it.
Do US Treasuries carry currency risk?
Yes, for euro investors: they are dollar bonds, and euro returns also depend on EUR/USD. Hedged classes neutralise the currency at the cost of the hedge (visible in tracking difference): they are flagged in the table.
How do inflation-linked bonds work?
Principal and coupons revalue with a price index (European inflation for BTP€i, US inflation for TIPS). They protect purchasing power but remain sensitive to real rates: if those rise, prices fall even with high inflation. They sit in a separate section because the mechanism is not like-for-like with nominals.
Do these rules apply outside Italy?
The weighted rate described here applies to Italian tax residents. Taxed elsewhere? Your country’s rules apply: the white-list distinction is an Italian specificity.
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