# iShares USD Ultrashort Bond UCITS ETF (ERNU)

**Page:** https://fundology.uk/fund/ernu · ISIN IE00BCRY6227

## 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, ERNU (iShares USD Ultrashort Bond UCITS ETF, ISIN IE00BCRY6227) closed at £75.66 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 +24.2%, or −3.1% after UK CPIH inflation.

## Summary

iShares USD Ultrashort Bond UCITS ETF is an exchange-traded fund (ETF) from iShares, launched in 2013. It tracks the iBoxx USD Liquid Investment Grade Ultrashort Index - USD - Benchmark TR Gross. 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: **£75.66** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | ERNU |
| ISIN | IE00BCRY6227 |
| Also listed as | ERND (London Stock Exchange, US dollars), IS3L (Xetra, euros) |
| Category | Cash-like & short-term |
| Type | ETF |
| Provider | iShares |
| Tracks | iBoxx USD Liquid Investment Grade Ultrashort Index - USD - Benchmark TR Gross |
| Income | Distributing |
| Ongoing charge | 0.09% a year (£9 per £10,000) |
| Fund size | £494m |
| 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 | +2.56% | -1.07% | income reinvested |
| 3 years | +5.69% | -4.51% | income reinvested |
| 5 years | +24.17% | -3.08% | income reinvested |

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

## Calendar-year returns

Calendar-year returns of iShares USD Ultrashort Bond UCITS ETF in pounds (price only, income paid out not included): 2022 +11.7%, 2023 −5.1%, 2024 +2.8%, 2025 −8.1%; 2026 to 13/11/2026 +2.2%. Returns of iShares USD Ultrashort Bond UCITS ETF in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −0.1%; to 30/09/2025: −0.8%; to 30/09/2024: −8.6%; to 30/09/2023: −7.4%; to 30/09/2022: +21.0%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | +11.7% | +2.2% | Price |
| 2023 | -5.1% | -8.9% | Price |
| 2024 | +2.8% | -0.7% | Price |
| 2025 | -8.1% | -11.2% | Price |
| 2026 to 13/11/2026 | +2.2% | -1.0% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 6.03% | -5.87% |
| 3 years | 7.11% | -12.65% |
| 5 years | 8.09% | -20.06% |

## Largest fall

Volatility of iShares USD Ultrashort Bond UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 6.0% over 1 year, 7.1% over 3 years, 8.1% over 5 years. Largest fall in the price of iShares USD Ultrashort Bond UCITS ETF since November 2021, in pounds: −20.1% from 23/09/2022 to 27/06/2025. The lowest 12-month return of iShares USD Ultrashort Bond UCITS ETF in pounds (price only, income paid out not included) since January 2021 was −9.6% (12 months to 22/09/2023); the highest was +24.4% (12 months to 23/09/2022). On 13/11/2026 the price of iShares USD Ultrashort Bond UCITS ETF was 16.9% below its highest weekly close since November 2021 (23/09/2022), in pounds.

## Charges compared with similar funds

Ongoing charge of iShares USD 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 iBoxx USD Liquid Investment Grade Ultrashort Index - USD - Benchmark TR Gross, 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 USD Ultrashort Bond UCITS ETF (this fund) | 0.09% | +2.6% | +5.7% | +24.2% |
| iShares USD Ultrashort Bond UCITS ETF Acc | 0.09% | +3.5% | +6.8% | +23.7% |

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

## Charges & eligibility

- Ongoing charges figure (OCF): **0.09%** per year (as of 02/11/2026)
- 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, ERNU holds 885 positions, according to its published holdings. The largest is Blk Ics USD Leaf Agency Dist at 3.18% of the fund; the ten largest make up 6.8%.

### Top holdings

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

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | Blk Ics USD Leaf Agency Dist | — | 3.18% |
| 2 | T-Mobile USA Inc 3.75% 15/04/2027 | — | 0.49% |
| 3 | Microsoft Corporation 3.30% 06/02/2027 | — | 0.48% |
| 4 | Amazon.Com Inc 3.15% 22/08/2027 | — | 0.47% |
| 5 | Abbvie Inc 2.95% 21/11/2026 | — | 0.40% |
| 6 | Citigroup Inc 4.45% 29/09/2027 | — | 0.38% |
| 7 | Meta Platforms Inc Mtn 3.50% 15/08/2027 | — | 0.38% |
| 8 | Wells Fargo & Company Mtn 4.30% 22/07/2027 | — | 0.37% |
| 9 | Apple Inc 3.20% 11/05/2027 | — | 0.35% |
| 10 | Goldman Sachs Group Inc/The 3.85% 26/01/2027 | — | 0.35% |

## 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 | 30.5% |
| Consumer Cyclical | 13.5% |
| Health Care | 7.6% |
| Capital Goods | 6.4% |
| Insurance | 5.4% |
| Electric | 4.4% |
| Consumer Non-Cyclical | 4.4% |
| Energy | 4.2% |
| Other sectors | 23.5% |

### By type of asset

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

| Type of asset | Weight |
|---|---|
| Bonds | 96.8% |
| Cash and money market | 3.2% |

The 882 holdings on record (of 885 reported): https://fundology.uk/fund/ernu/holdings

## Questions people ask

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

The ongoing charge of ERNU 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 USD 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 ERNU track?**

ERNU tracks the iBoxx USD Liquid Investment Grade Ultrashort Index - USD - Benchmark TR Gross.

**Is ERNU accumulating or distributing?**

ERNU 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 ERNU?**

The ISIN of ERNU is IE00BCRY6227. An ISIN identifies one exact share class of a fund; ERNU is its ticker on the London Stock Exchange. The same share class is also listed as ERND (London Stock Exchange, US dollars) and IS3L (Xetra, euros).

**What does ERNU hold?**

As of 06/11/2026, ERNU holds 885 positions, according to its published holdings. The largest is Blk Ics USD Leaf Agency Dist at 3.18% of the fund; the ten largest make up 6.8%. Its ten largest holdings are Blk Ics USD Leaf Agency Dist (3.18%), T-Mobile USA Inc 3.75% 15/04/2027 (0.49%), Microsoft Corporation 3.30% 06/02/2027 (0.48%), Amazon.Com Inc 3.15% 22/08/2027 (0.47%), Abbvie Inc 2.95% 21/11/2026 (0.40%), Citigroup Inc 4.45% 29/09/2027 (0.38%), Meta Platforms Inc Mtn 3.50% 15/08/2027 (0.38%), Wells Fargo & Company Mtn 4.30% 22/07/2027 (0.37%), Apple Inc 3.20% 11/05/2027 (0.35%) and Goldman Sachs Group Inc/The 3.85% 26/01/2027 (0.35%).

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

Calendar-year returns of ERNU in pounds (price only, income paid out not included): 2022 +11.7%, 2023 −5.1%, 2024 +2.8%, 2025 −8.1%; 2026 to 13/11/2026 +2.2%. Past performance is not a guide to future returns.

**How has ERNU done after inflation?**

Over the five years to 13/11/2026 ERNU’s total return was +24.2%, or −3.1% 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/258117/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-usd-dist-gb-ie00bcry6227-en.pdf)
- [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/ernd-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.