# iShares USD Floating Rate Bond UCITS ETF Unhedged USD (FLO5)

**Page:** https://fundology.uk/fund/flo5 · ISIN IE00BZ048462

## 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, FLO5 (iShares USD Floating Rate Bond UCITS ETF Unhedged USD, ISIN IE00BZ048462) closed at £3.87 on the London Stock Exchange. Its ongoing charge is 0.10% a year (about £10 on £10,000). Over the five years to 13/11/2026 its total return was +27.2%, or −0.7% after UK CPIH inflation.

## Summary

iShares USD Floating Rate Bond UCITS ETF Unhedged USD is an exchange-traded fund (ETF) from iShares, launched in 2017. It tracks the Bloomberg US Floating Rate Notes (<5 Y). You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.1% a year — about £10 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: **£3.87** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | FLO5 |
| ISIN | IE00BZ048462 |
| Also listed as | FLOT (London Stock Exchange, US dollars), QDVY (Xetra, euros) |
| Category | Cash-like & short-term |
| Type | ETF |
| Provider | iShares |
| Tracks | Bloomberg US Floating Rate Notes (<5 Y) |
| Income | Distributing |
| Ongoing charge | 0.10% a year (£10 per £10,000) |
| Fund size | £417m |
| Launched | 2017 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 10/07/2017 |

## 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 | +3.01% | -0.64% | income reinvested |
| 3 years | +7.17% | -3.17% | income reinvested |
| 5 years | +27.18% | -0.73% | income reinvested |

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

## Calendar-year returns

Calendar-year returns of iShares USD Floating Rate Bond UCITS ETF Unhedged USD in pounds (price only, income paid out not included): 2022 +11.9%, 2023 −4.6%, 2024 +3.0%, 2025 −8.2%; 2026 to 13/11/2026 +3.6%. Returns of iShares USD Floating Rate Bond UCITS ETF Unhedged USD in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: +1.1%; to 30/09/2025: −0.8%; to 30/09/2024: −8.6%; to 30/09/2023: −6.2%; to 30/09/2022: +20.7%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | +11.9% | +2.4% | Price |
| 2023 | -4.6% | -8.4% | Price |
| 2024 | +3.0% | -0.5% | Price |
| 2025 | -8.2% | -11.3% | Price |
| 2026 to 13/11/2026 | +3.6% | +0.3% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 6.85% | -5.42% |
| 3 years | 7.56% | -12.78% |
| 5 years | 8.43% | -19.60% |

## Largest fall

Volatility of iShares USD Floating Rate Bond UCITS ETF Unhedged USD in pounds, annualised from weekly returns to 13/11/2026: 6.9% over 1 year, 7.6% over 3 years, 8.4% over 5 years. Largest fall in the price of iShares USD Floating Rate Bond UCITS ETF Unhedged USD since November 2021, in pounds: −19.6% from 23/09/2022 to 27/06/2025. The lowest 12-month return of iShares USD Floating Rate Bond UCITS ETF Unhedged USD in pounds (price only, income paid out not included) since January 2021 was −9.6% (12 months to 30/01/2026); the highest was +24.7% (12 months to 23/09/2022). On 13/11/2026 the price of iShares USD Floating Rate Bond UCITS ETF Unhedged USD was 15.3% below its highest weekly close since November 2021 (23/09/2022), in pounds.

## Charges compared with similar funds

Ongoing charge of iShares USD Floating Rate Bond UCITS ETF Unhedged USD 0.10% a year. Compared on 14/11/2026, 11 of the 43 other cash-like and short-term funds charge more, 14 the same and 18 less (share classes counted once).

## Funds tracking the same index

5 funds track Bloomberg US Floating Rate Notes (<5 Y), this one included and share classes counted once; their ongoing charges range from 0.10% to 0.15% a year (13/11/2026).

| Fund | Ongoing charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| iShares $ Floating Rate Bond UCITS ETF EUR Hedged (Dist) | 0.12% | -2.8% | +6.3% | — |
| iShares $ Floating Rate Bond UCITS ETF GBP Hedged (Dist) | 0.12% | +4.3% | +16.5% | +23.2% |
| iShares USD Floating Rate Bond UCITS ETF Accum Hedged MXN | 0.15% | +5.3% | +18.1% | +83.4% |
| iShares USD Floating Rate Bond UCITS ETF Unhedged USD (this fund) | 0.10% | +3.0% | +7.2% | +27.2% |
| iShares USD Floating Rate Bond UCITS ETF USD | 0.10% | +3.9% | +8.3% | +26.7% |

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

## Charges & eligibility

- Ongoing charges figure (OCF): **0.10%** per year
- 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, FLO5 holds 561 positions, according to its published holdings. The largest is European Bank for Reconstruction A Mtn 4.27% 20/02/2028 at 1.15% of the fund; the ten largest make up 9.0%.

### Top holdings

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

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | European Bank for Reconstruction A Mtn 4.27% 20/02/2028 | — | 1.15% |
| 2 | European Bank for Reconstruction A Mtn 4.15% 16/02/2029 | — | 1.09% |
| 3 | International Bank for Reconstruct Mtn 4.37% 19/08/2027 | — | 1.01% |
| 4 | European Bank for Reconstruction A Mtn 4.34% 22/07/2030 | — | 0.90% |
| 5 | Inter-American Development Bank Mtn 4.15% 15/02/2029 | — | 0.81% |
| 6 | International Finance Corp Mtn 4.19% 28/08/2029 | — | 0.81% |
| 7 | Kommunalbanken As Mtn 144A 4.41% 03/03/2028 | — | 0.81% |
| 8 | International Bank for Reconstruct 4.23% 22/11/2028 | — | 0.80% |
| 9 | International Finance Corp Mtn 4.29% 28/08/2028 | — | 0.80% |
| 10 | Kommunalbanken As Mtn 144A 4.32% 09/04/2029 | — | 0.79% |

## 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 | 47.1% |
| Supranational | 20.2% |
| Consumer Cyclical | 8.4% |
| Owned No Guarantee | 6.2% |
| Insurance | 4.5% |
| Capital Goods | 3.0% |
| Health Care | 2.8% |
| Communication Services | 1.4% |
| Other sectors | 6.5% |

### By country

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

| Country | Weight |
|---|---|
| United States | 35.6% |
| Supranational | 19.6% |
| Australia | 7.7% |
| Canada | 5.7% |
| Japan | 5.5% |
| United Kingdom | 5.0% |
| South Korea | 3.8% |
| Germany | 2.7% |
| Other countries | 14.4% |

### By type of asset

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

| Type of asset | Weight |
|---|---|
| Bonds | 99.4% |
| Cash and money market | 0.6% |

The 560 holdings on record (of 561 reported): https://fundology.uk/fund/flo5/holdings

## Questions people ask

**What is the ongoing charge of FLO5?**

The ongoing charge of FLO5 is 0.10% a year — about £10 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 Floating Rate Bond UCITS ETF Unhedged USD 0.10% a year. Compared on 14/11/2026, 11 of the 43 other cash-like and short-term funds charge more, 14 the same and 18 less (share classes counted once).

**What does FLO5 track?**

FLO5 tracks the Bloomberg US Floating Rate Notes (<5 Y).

**Is FLO5 accumulating or distributing?**

FLO5 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 FLO5?**

The ISIN of FLO5 is IE00BZ048462. An ISIN identifies one exact share class of a fund; FLO5 is its ticker on the London Stock Exchange. The same share class is also listed as FLOT (London Stock Exchange, US dollars) and QDVY (Xetra, euros).

**What does FLO5 hold?**

As of 06/11/2026, FLO5 holds 561 positions, according to its published holdings. The largest is European Bank for Reconstruction A Mtn 4.27% 20/02/2028 at 1.15% of the fund; the ten largest make up 9.0%. Its ten largest holdings are European Bank for Reconstruction A Mtn 4.27% 20/02/2028 (1.15%), European Bank for Reconstruction A Mtn 4.15% 16/02/2029 (1.09%), International Bank for Reconstruct Mtn 4.37% 19/08/2027 (1.01%), European Bank for Reconstruction A Mtn 4.34% 22/07/2030 (0.90%), Inter-American Development Bank Mtn 4.15% 15/02/2029 (0.81%), International Finance Corp Mtn 4.19% 28/08/2029 (0.81%), Kommunalbanken As Mtn 144A 4.41% 03/03/2028 (0.81%), International Bank for Reconstruct 4.23% 22/11/2028 (0.80%), International Finance Corp Mtn 4.29% 28/08/2028 (0.80%) and Kommunalbanken As Mtn 144A 4.32% 09/04/2029 (0.79%).

**What were FLO5’s returns in each of the last five years?**

Calendar-year returns of FLO5 in pounds (price only, income paid out not included): 2022 +11.9%, 2023 −4.6%, 2024 +3.0%, 2025 −8.2%; 2026 to 13/11/2026 +3.6%. Past performance is not a guide to future returns.

**How has FLO5 done after inflation?**

Over the five years to 13/11/2026 FLO5’s total return was +27.2%, or −0.7% 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/288500/ishares-floating-rate-bond-ucits-etf)
- [Key investor information document (KIID)](https://www.ishares.com/gls-download/literature/kiid/ucits_kiid-ishares-floating-rate-bond-ucits-etf-usd-dist-gb-ie00bz048462-en.pdf)
- [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/flot-ishares-floating-rate-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.