ETF taxation · White-list share

UBS J.P. Morgan Global Gov ESG Liquid Bond UCITS ETFTax rate and white-list share

ISIN: LU1974694041Issuer: UBSClass: hUSD acc
Effective rate on capital gains
12.88%
how much tax you pay when you sell at a profit
The share of «white-list» government bonds 97.20% is taxed at 12.5%, the rest at 26% → 12.5% × share + 26% × (1 − share) = 12.88%
White-list share: 97.20%
Validity semester
01 Jul 2026 – 31 Dec 2026
Source
UBS official tax document (Italian Law Decree 138/2011) — issuer page ↗ (reserved for professional investors)
Fund sheet
Declared index (J.P. Morgan Global Government ESG Liquid Bond hedged to USD Index (Total Return)), TER 0.18%, replication, assets and listing venues — from UBS’s official files. Open the sheet →

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. Accumulating or distributing: what changes →

LU1974693662USD accLU1974694041hUSD accLU1974694397hCHF accLU1974694470hEUR disLU1974694553hEUR accLU1974694637hGBP dis

How it works

UBS J.P. Morgan Global Gov ESG Liquid Bond UCITS ETF is invested almost entirely in «white-list» government bonds (97.20% share): nearly all of the capital gain is taxed at the reduced rate, and the 12.88% effective rate is close to the theoretical 12.5% minimum. Typical of government-bond ETFs.

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
€972.00 on the white-list portion (12.5%) → €121.50
€28.00 on the rest (26%) → €7.28
Tax:€128.78without the white-list share it would be €260.00
you save €131.22
You receive €100 in distributions
€97.20 on the white-list portion (12.5%) → €12.15
€2.80 on the rest (26%) → €0.73
Net in your pocket:€87.12without the white-list share it would be €74.00
you save €13.12

Frequently asked questions

What is the tax rate for UBS J.P. Morgan Global Gov ESG Liquid Bond UCITS ETF?

The effective rate on capital gains is 12.88%, computed from the 97.20% 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 UBS 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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