ETF taxation · White-list share

State Street® SPDR® Bloomberg Global Aggregate Bond UCITS ETFTax rate and white-list share

ISIN: IE00BKC94M46Ticker: SPFV (Xetra) · GLAD (London SE) · GLAD (SIX)Issuer: State Street/SPDR

Effective rate on capital gains

18.10%

how much tax you pay when you sell at a profit

The share of «white-list» government bonds 58.50% is taxed at 12.5%, the rest at 26% → 12.5% × share + 26% × (1 − share) = 18.10%

White-list share: 58.50%

Validity semester

01 Jul 2026 – 31 Dec 2026

Source

State Street/SPDR official tax document (Italian Law Decree 138/2011) — issuer page ↗ (reserved for professional investors)

Share classes of this fund

The white-list share is a property of the fund: it is identical across all its share classes (accumulating, distributing, currency-hedged). You are viewing the highlighted class.

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How it works

State Street® SPDR® Bloomberg Global Aggregate Bond UCITS ETF has a mixed composition: the 58.50% white-list share lowers the effective rate to 18.10%, versus the full 26% of a fund holding no government bonds. This is the typical profile of balanced and multi-asset funds: the larger the government component, the closer the rate gets to 12.5%.

In Italy, ETF capital gains are taxed at 26%. But the portion of the fund invested in Italian and «white-list» government bonds enjoys the reduced 12.5% rate. The effective rate is therefore a weighted average of the two, based on the share of government bonds the fund holds — a share each issuer certifies every semester as the average of the last two reports.

Worked example

Amounts are purely illustrative: the computation applies this fund's effective rate. The same share applies to capital gains and distributions.

You sell with a €1,000 capital gain

€584.99 on the white-list portion (12.5%) → €73.12

€415.01 on the rest (26%) → €107.90

Tax:€181.03without the white-list share it would be €260.00

you save €78.97

You receive €100 in distributions

€58.50 on the white-list portion (12.5%) → €7.31

€41.50 on the rest (26%) → €10.79

Net in your pocket:€81.90without the white-list share it would be €74.00

you save €7.90

Frequently asked questions

What is the tax rate for State Street® SPDR® Bloomberg Global Aggregate Bond UCITS ETF?

The effective rate on capital gains is 18.10%, computed from the 58.50% white-list share (12.5% on government bonds, 26% on the rest).

What is the white-list share?

It is the percentage of the fund invested in Italian and cooperating-country («white-list») government bonds. On that portion the capital gain is taxed at 12.5% instead of 26%. The issuer certifies it every semester.

When does the share count?

The share of the semester in which the SALE happens counts, not the purchase. The broker applies the withholding based on the issuer document valid in that semester.

Transparency noticeData extracted from the official State Street/SPDR tax document (Italian Law Decree 138/2011), 01 Jul 2026 – 31 Dec 2026 semester. Rebalix recomputes the rate for information purposes only: this is not tax advice and ignores stamp duty and personal variables. The share of the semester in which the SALE occurs applies. Before filing, consult your broker, accountant or tax-assistance centre. issuer page ↗ (reserved for professional investors)

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