# iShares USD Ultrashort Bond UCITS ETF (ERNA)

**Source:** https://fundology.uk/fund/erna · ISIN IE00BGCSB447 · Data: TradingView (LSE closes and returns, delayed), issuer documents, ONS CPIH, FCA FIRDS

## 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 30/09/2026, ERNA (iShares USD Ultrashort Bond UCITS ETF, ISIN IE00BGCSB447) closed at $6.44 on the London Stock Exchange. Its ongoing charge is 0.09% a year (about £9 on £10,000). Over the five years to 30/09/2026 its total return was +23.1%, or −3.8% after UK CPIH inflation.

## Summary

iShares USD Ultrashort Bond UCITS ETF is an exchange-traded fund (ETF) from iShares, launched in 2018. It aims to deliver a multiple, or the opposite, of one day’s move in what it tracks. The multiple resets daily, so over longer periods its return can differ a lot from the multiple of the index return. 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 reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.

> **Leveraged & inverse:** Built for short-term trading. Because the multiple resets every day, losses can build up quickly when held for longer, even if the index ends up where it started.

Latest close: **$6.44** (30/09/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | ERNA |
| ISIN | IE00BGCSB447 |
| Category | Leveraged & inverse |
| Type | ETF |
| Provider | iShares |
| Tracks | Markit iBoxx USD Liquid Investment Grade Ultrashort Index |
| Income | Accumulating |
| Ongoing charge | 0.09% a year (£9 per £10,000) |
| Fund size | £1.3bn |
| Launched | 2018 |
| Domicile | Ireland |

## Past returns (periods to 30/09/2026)

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

| Window | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 1 year | +5.06% | +1.76% | income reinvested |
| 3 years | +6.53% | -3.87% | income reinvested |
| 5 years | +23.08% | -3.78% | income reinvested |

Returns: TradingView (delayed data). Inflation: ONS CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of iShares USD Ultrashort Bond UCITS ETF in pounds (price, with income reinvested in the fund): 2022 +13.7%, 2023 −0.2%, 2024 +6.9%, 2025 −2.7%; 2026 to 30/09/2026 +4.5%. Returns of iShares USD Ultrashort Bond UCITS ETF in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +4.4%; to 30/09/2025: +5.1%; to 30/09/2024: −2.9%; to 30/09/2023: −5.4%; to 30/09/2022: +24.0%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | +13.7% | +4.1% | Price |
| 2023 | -0.2% | -4.2% | Price |
| 2024 | +6.9% | +3.3% | Price |
| 2025 | -2.7% | -6.0% | Price |
| 2026 to 30/09/2026 | +4.5% | +1.6% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 5.77% | -4.06% |
| 3 years | 6.18% | -9.31% |
| 5 years | 7.57% | -12.59% |

## Largest fall

Volatility of iShares USD Ultrashort Bond UCITS ETF in pounds, annualised from weekly returns to 30/09/2026: 5.8% over 1 year, 6.2% over 3 years, 7.6% over 5 years. Largest fall in the price of iShares USD Ultrashort Bond UCITS ETF since October 2021, in pounds: −12.6% from 30/09/2022 to 14/07/2023. The lowest 12-month return of iShares USD Ultrashort Bond UCITS ETF in pounds (price, with income reinvested in the fund) since January 2021 was −5.8% (12 months to 14/07/2023); the highest was +24.6% (12 months to 21/10/2022). On 30/09/2026 the price of iShares USD Ultrashort Bond UCITS ETF was 1.6% below its highest weekly close since October 2021 (17/01/2025), in pounds.

## Charges compared with similar funds

Ongoing charge of iShares USD Ultrashort Bond UCITS ETF 0.09% a year, as of 01/10/2026: 227 of the 280 other leveraged and inverse products charge more, 5 the same and 48 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.09%** per year
- ISA eligible: yes
- SIPP eligible: yes

## Top holdings

Largest positions (as of 29/09/2026):

| Holding | Weight |
|---|---|
| Blk Ics USD Leaf Agency Dist | 4.16% |
| Toyota Motor | 1.86% |
| Amazon | 1.33% |
| Toronto-Dominion Bank | 1.23% |
| Ford Motor Credit Company LLC | 1.00% |
| John Deere Capital Corp Mtn | 0.96% |
| General Motors | 0.93% |
| Goldman Sachs Group Inc/The | 0.90% |
| Apple | 0.88% |
| AT&T | 0.80% |

## Where it invests

Shares of the whole fund. Bonds, cash and positions the source does not classify are shown as they come, not guessed.

### By sector

As published by iShares, as of 29/09/2026.

| Sector | Weight |
|---|---|
| Banking | 31.3% |
| Consumer Cyclical | 12.6% |
| Health Care | 7.2% |
| Capital Goods | 6.6% |
| Insurance | 5.1% |
| Consumer Non-Cyclical | 4.5% |
| Communication Services | 4.3% |
| Energy | 4.2% |
| Other sectors | 24.4% |

### By type of asset

Added up from the holdings iShares publishes, as of 29/09/2026.

| Type of asset | Weight |
|---|---|
| Bonds | 96.3% |
| Cash and money market | 4.2% |

All 519 holdings: https://fundology.uk/fund/erna/holdings

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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.