# iShares EUR Ultrashort Bond UCITS ETF (ERN1)

**Page:** https://fundology.uk/fund/ern1 · ISIN IE00BCRY6557

## At a glance

> Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.

As of 13/11/2026, ERN1 (iShares EUR Ultrashort Bond UCITS ETF, ISIN IE00BCRY6557) closed at £84.39 on the London Stock Exchange. Its ongoing charge is 0.09% a year (about £9 on £10,000). Over the five years to 13/11/2026 its total return was +9.5%, or −14.5% after UK CPIH inflation.

## Summary

iShares EUR Ultrashort Bond UCITS ETF is an exchange-traded fund (ETF) from iShares, launched in 2013. It tracks the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index - EUR. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.09% a year — about £9 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is paid out to holders as cash, usually a few times a year.

Latest close: **£84.39** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | ERN1 |
| ISIN | IE00BCRY6557 |
| Also listed as | ERNE (London Stock Exchange, euros), IS3M (Xetra, euros) |
| Category | Cash-like & short-term |
| Type | ETF |
| Provider | iShares |
| Tracks | Markit iBoxx EUR Liquid Investment Grade Ultrashort Index - EUR |
| Income | Distributing |
| Ongoing charge | 0.09% a year (£9 per £10,000) |
| Fund size | £2.8bn |
| Launched | 2013 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 17/10/2013 |

## Past returns (periods to 13/11/2026)

After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation.

| Window | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 1 year | -2.99% | -6.42% | income reinvested |
| 3 years | +5.04% | -5.10% | income reinvested |
| 5 years | +9.48% | -14.55% | income reinvested |

Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of iShares EUR Ultrashort Bond UCITS ETF in pounds (price only, income paid out not included): 2022 +5.3%, 2023 −0.8%, 2024 −4.3%, 2025 +4.8%; 2026 to 13/11/2026 −4.0%. Returns of iShares EUR Ultrashort Bond UCITS ETF in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −2.6%; to 30/09/2025: +4.2%; to 30/09/2024: −3.4%; to 30/09/2023: +1.1%; to 30/09/2022: +1.8%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | +5.3% | -3.6% | Price |
| 2023 | -0.8% | -4.7% | Price |
| 2024 | -4.3% | -7.6% | Price |
| 2025 | +4.8% | +1.2% | Price |
| 2026 to 13/11/2026 | -4.0% | -7.0% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 3.22% | -6.38% |
| 3 years | 4.23% | -6.40% |
| 5 years | 5.18% | -6.51% |

## Largest fall

Volatility of iShares EUR Ultrashort Bond UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 3.2% over 1 year, 4.2% over 3 years, 5.2% over 5 years. Largest fall in the price of iShares EUR Ultrashort Bond UCITS ETF since November 2021, in pounds: −6.5% from 03/02/2023 to 20/12/2024. The lowest 12-month return of iShares EUR Ultrashort Bond UCITS ETF in pounds (price only, income paid out not included) since January 2021 was −7.7% (12 months to 07/01/2022); the highest was +7.5% (12 months to 14/04/2023). On 13/11/2026 the price of iShares EUR Ultrashort Bond UCITS ETF was 6.2% below its highest weekly close since November 2021 (14/11/2025), in pounds.

## Charges compared with similar funds

Ongoing charge of iShares EUR Ultrashort Bond UCITS ETF 0.09% a year. Compared on 14/11/2026, 26 of the 43 other cash-like and short-term funds charge more, 5 the same and 12 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.09%** per year (as of 13/11/2026)
- Stocks and shares ISA eligible: usually (check with your platform)
- SIPP eligible: usually (check with your provider)
- ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify.

## What it holds

As of 06/11/2026, ERN1 holds 692 positions, according to its published holdings. The largest is Blk Leaf Fund Agency Acc T0 at 4.91% of the fund; the ten largest make up 8.8%.

### Top holdings

Largest positions (as of 06/11/2026), as a percentage of the whole fund:

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | Blk Leaf Fund Agency Acc T0 | — | 4.91% |
| 2 | DEUTSCHE BANK AG MTN RegS 1.63% 20/01/2027 | — | 0.53% |
| 3 | VOLKSWAGEN INTERNATIONAL FINANCE N RegS 1.88% 30/03/2027 | — | 0.50% |
| 4 | AT&T Inc Mtn 3.06% 16/09/2027 | — | 0.44% |
| 5 | CREDIT AGRICOLE SA RegS 2.63% 17/03/2027 | — | 0.41% |
| 6 | ANHEUSER BUSCH INBEV NV MTN RegS 1.15% 22/01/2027 | — | 0.40% |
| 7 | BANQUE FEDERATIVE DU CREDIT MUTUEL MTN RegS 3.13% 14/09/2027 | — | 0.40% |
| 8 | Morgan Stanley Mtn 1.88% 27/04/2027 | — | 0.40% |
| 9 | WELLS FARGO & COMPANY MTN RegS 1.00% 02/02/2027 | — | 0.40% |
| 10 | CDP FINANCIAL INC MTN RegS 1.13% 06/04/2027 | — | 0.39% |

## Where it invests

Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed.

### By sector

As published for the fund, as of 06/11/2026.

| Sector | Weight |
|---|---|
| Banking | 35.0% |
| Consumer Cyclical | 8.5% |
| Capital Goods | 6.3% |
| Health Care | 5.3% |
| Communication Services | 5.3% |
| Consumer Non-Cyclical | 5.3% |
| Cash and derivatives | 4.7% |
| Owned No Guarantee | 3.8% |
| Other sectors | 25.7% |

### By country

As published for the fund, as of 06/11/2026.

| Country | Weight |
|---|---|
| United States | 17.5% |
| France | 15.4% |
| Germany | 14.1% |
| United Kingdom | 7.1% |
| Spain | 5.0% |
| Cash and derivatives | 4.7% |
| Canada | 4.7% |
| Netherlands | 4.5% |
| Other countries | 27.1% |

### By type of asset

Added up from the fund’s published holdings, as of 06/11/2026.

| Type of asset | Weight |
|---|---|
| Bonds | 95.1% |
| Cash and money market | 4.9% |

The 682 holdings on record (of 692 reported): https://fundology.uk/fund/ern1/holdings

## Questions people ask

**What is the ongoing charge of ERN1?**

The ongoing charge of ERN1 is 0.09% a year — about £9 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of iShares EUR Ultrashort Bond UCITS ETF 0.09% a year. Compared on 14/11/2026, 26 of the 43 other cash-like and short-term funds charge more, 5 the same and 12 less (share classes counted once).

**What does ERN1 track?**

ERN1 tracks the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index - EUR.

**Is ERN1 accumulating or distributing?**

ERN1 is distributing: income is paid out to holders as cash, usually a few times a year. It pays out quarterly.

**What is the ISIN of ERN1?**

The ISIN of ERN1 is IE00BCRY6557. An ISIN identifies one exact share class of a fund; ERN1 is its ticker on the London Stock Exchange. The same share class is also listed as ERNE (London Stock Exchange, euros) and IS3M (Xetra, euros).

**What does ERN1 hold?**

As of 06/11/2026, ERN1 holds 692 positions, according to its published holdings. The largest is Blk Leaf Fund Agency Acc T0 at 4.91% of the fund; the ten largest make up 8.8%. Its ten largest holdings are Blk Leaf Fund Agency Acc T0 (4.91%), DEUTSCHE BANK AG MTN RegS 1.63% 20/01/2027 (0.53%), VOLKSWAGEN INTERNATIONAL FINANCE N RegS 1.88% 30/03/2027 (0.50%), AT&T Inc Mtn 3.06% 16/09/2027 (0.44%), CREDIT AGRICOLE SA RegS 2.63% 17/03/2027 (0.41%), ANHEUSER BUSCH INBEV NV MTN RegS 1.15% 22/01/2027 (0.40%), BANQUE FEDERATIVE DU CREDIT MUTUEL MTN RegS 3.13% 14/09/2027 (0.40%), Morgan Stanley Mtn 1.88% 27/04/2027 (0.40%), WELLS FARGO & COMPANY MTN RegS 1.00% 02/02/2027 (0.40%) and CDP FINANCIAL INC MTN RegS 1.13% 06/04/2027 (0.39%).

**What were ERN1’s returns in each of the last five years?**

Calendar-year returns of ERN1 in pounds (price only, income paid out not included): 2022 +5.3%, 2023 −0.8%, 2024 −4.3%, 2025 +4.8%; 2026 to 13/11/2026 −4.0%. Past performance is not a guide to future returns.

**How has ERN1 done after inflation?**

Over the five years to 13/11/2026 ERN1’s total return was +9.5%, or −14.5% after UK CPIH inflation. Past performance is not a guide to future returns.

## Fund documents

- [Fund page at iShares](https://www.ishares.com/uk/individual/en/products/258114/ishares-euro-ultrashort-bond-ucits-etf)
- [Key investor information document (KIID)](https://www.ishares.com/gls-download/literature/kiid/ucits_kiid-ishares-ultrashort-bond-ucits-etf-eur-dist-gb-ie00bcry6557-en.pdf)
- [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/erne-ishares-ultrashort-bond-ucits-etf-fund-fact-sheet-en-gb.pdf)
- Links checked 12/10/2026.

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Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.