# iShares GBP Ultrashort Bond UCITS ETF (ERNS)

**Page:** https://fundology.uk/fund/erns · ISIN IE00BCRY6441

## 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, ERNS (iShares GBP Ultrashort Bond UCITS ETF, ISIN IE00BCRY6441) closed at £101.16 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 price changed by +0.8% (income paid out is not included), or −21.3% after UK CPIH inflation.

## Summary

iShares GBP Ultrashort Bond UCITS ETF is an exchange-traded fund (ETF) from iShares, launched in 2013. It tracks the Markit iBoxx GBP Liquid Investment Grade Ultrashort Index - GBP. 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: **£101.16** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | ERNS |
| ISIN | IE00BCRY6441 |
| Category | Cash-like & short-term |
| Type | ETF |
| Provider | iShares |
| Tracks | Markit iBoxx GBP Liquid Investment Grade Ultrashort Index - GBP |
| Income | Distributing |
| Ongoing charge | 0.09% a year (£9 per £10,000) |
| Fund size | £2.0bn |
| 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 | +4.05% | +0.37% | income reinvested |
| 3 years | +15.24% | +4.12% | income reinvested |
| 5 years | +0.78% | -21.34% | price only |

Returns: as reported (delayed data) and worked out from recorded daily closes. Inflation: UK CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of iShares GBP Ultrashort Bond UCITS ETF in pounds (price only, income paid out not included): 2022 +0.4%, 2023 +0.1%, 2024 0.0%, 2025 0.0%; 2026 to 13/11/2026 +0.3%. Returns of iShares GBP Ultrashort Bond UCITS ETF in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −1.3%; to 30/09/2025: −0.1%; to 30/09/2024: +0.2%; to 30/09/2023: +1.5%; to 30/09/2022: −0.1%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | +0.4% | -8.1% | Price |
| 2023 | +0.1% | -3.9% | Price |
| 2024 | +0.0% | -3.4% | Price |
| 2025 | +0.0% | -3.4% | Price |
| 2026 to 13/11/2026 | +0.3% | -2.9% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 2.81% | -2.34% |
| 3 years | 3.26% | -2.73% |
| 5 years | 2.72% | -2.73% |

## Largest fall

Volatility of iShares GBP Ultrashort Bond UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 2.8% over 1 year, 3.3% over 3 years, 2.7% over 5 years. Largest fall in the price of iShares GBP Ultrashort Bond UCITS ETF since November 2021, in pounds: −2.7% from 31/05/2024 to 20/03/2026. The lowest 12-month return of iShares GBP Ultrashort Bond UCITS ETF in pounds (price only, income paid out not included) since January 2021 was −1.5% (12 months to 15/05/2026); the highest was +1.9% (12 months to 09/06/2023). On 13/11/2026 the price of iShares GBP Ultrashort Bond UCITS ETF was 2.0% below its highest weekly close since November 2021 (31/05/2024), in pounds.

## Charges compared with similar funds

Ongoing charge of iShares GBP 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).

## Funds tracking the same index

2 funds track Markit iBoxx GBP Liquid Investment Grade Ultrashort Index - GBP, this one included and share classes counted once; their ongoing charges range from 0.09% to 0.09% a year (13/11/2026).

| Fund | Ongoing charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| iShares GBP Ultrashort Bond UCITS ETF (this fund) | 0.09% | +4.1% | +15.2% | — |
| iShares GBP Ultrashort Bond UCITS ETF AccumGBP | 0.09% | — | — | — |

Returns are as reported, in pounds, income reinvested unless marked "(price)".

## 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, ERNS holds 192 positions, according to its published holdings. The largest is KFW MTN RegS 0.13% 30/12/2026 at 1.68% of the fund; the ten largest make up 13.4%.

### Top holdings

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

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | KFW MTN RegS 0.13% 30/12/2026 | — | 1.68% |
| 2 | International Bank for Reconstruct 0.75% 15/12/2026 | — | 1.49% |
| 3 | ONTARIO (PROVINCE OF) RegS 0.25% 15/12/2026 | — | 1.48% |
| 4 | KFW MTN RegS 3.75% 30/07/2027 | — | 1.34% |
| 5 | BANK OF NOVA SCOTIA RegS 4.28% 15/09/2028 | — | 1.33% |
| 6 | LLOYDS BANK PLC RegS 4.16% 18/03/2029 | — | 1.31% |
| 7 | Asian Development Bank Mtn 4.74% 05/10/2029 | — | 1.21% |
| 8 | SANTANDER UK PLC RegS 4.39% 12/01/2028 | — | 1.21% |
| 9 | CANADIAN IMPERIAL BANK OF COMMERCE RegS 4.50% 12/09/2028 | — | 1.18% |
| 10 | WESTPAC BANKING CORP RegS 4.34% 03/07/2028 | — | 1.18% |

## 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 |
|---|---|
| Covered Other | 33.9% |
| Supranational | 16.5% |
| Mortgage Collateralized | 9.9% |
| Government Guaranteed | 8.6% |
| Banking | 6.9% |
| Consumer Cyclical | 4.9% |
| Owned No Guarantee | 4.7% |
| Insurance | 2.7% |
| Other sectors | 11.8% |

### By type of asset

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

| Type of asset | Weight |
|---|---|
| Bonds | 99.9% |
| Cash and money market | 0.1% |

All 194 holdings: https://fundology.uk/fund/erns/holdings

## Questions people ask

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

The ongoing charge of ERNS 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 GBP 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 ERNS track?**

ERNS tracks the Markit iBoxx GBP Liquid Investment Grade Ultrashort Index - GBP.

**Is ERNS accumulating or distributing?**

ERNS is distributing: income is paid out to holders as cash, usually a few times a year. It pays out semi-annual.

**What is the ISIN of ERNS?**

The ISIN of ERNS is IE00BCRY6441. An ISIN identifies one exact share class of a fund; ERNS is its ticker on the London Stock Exchange.

**What does ERNS hold?**

As of 06/11/2026, ERNS holds 192 positions, according to its published holdings. The largest is KFW MTN RegS 0.13% 30/12/2026 at 1.68% of the fund; the ten largest make up 13.4%. Its ten largest holdings are KFW MTN RegS 0.13% 30/12/2026 (1.68%), International Bank for Reconstruct 0.75% 15/12/2026 (1.49%), ONTARIO (PROVINCE OF) RegS 0.25% 15/12/2026 (1.48%), KFW MTN RegS 3.75% 30/07/2027 (1.34%), BANK OF NOVA SCOTIA RegS 4.28% 15/09/2028 (1.33%), LLOYDS BANK PLC RegS 4.16% 18/03/2029 (1.31%), Asian Development Bank Mtn 4.74% 05/10/2029 (1.21%), SANTANDER UK PLC RegS 4.39% 12/01/2028 (1.21%), CANADIAN IMPERIAL BANK OF COMMERCE RegS 4.50% 12/09/2028 (1.18%) and WESTPAC BANKING CORP RegS 4.34% 03/07/2028 (1.18%).

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

Calendar-year returns of ERNS in pounds (price only, income paid out not included): 2022 +0.4%, 2023 +0.1%, 2024 0.0%, 2025 0.0%; 2026 to 13/11/2026 +0.3%. Past performance is not a guide to future returns.

**How has ERNS done after inflation?**

Over the five years to 13/11/2026 ERNS’s price changed by +0.8% (income paid out is not included), or −21.3% 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/258120/ishares-ultrashort-bond-ucits-etf)
- [Key investor information document (KIID)](https://www.ishares.com/gls-download/literature/kiid/ucits_kiid-ishares-ultrashort-bond-ucits-etf-gbp-dist-gb-ie00bcry6441-en.pdf)
- [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/erns-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.