# iShares France Govt Bond UCITS ETF Hedged GBP (FRGP)

**Page:** https://fundology.uk/fund/frgp · ISIN IE00014E9P24

## 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, FRGP (iShares France Govt Bond UCITS ETF Hedged GBP, ISIN IE00014E9P24) closed at £4.70 on the London Stock Exchange. Its ongoing charge is 0.22% a year (about £22 on £10,000). Over the three years to 13/11/2026 its total return was −0.6%, or −10.2% after UK CPIH inflation.

## Summary

iShares France Govt Bond UCITS ETF Hedged GBP is an exchange-traded fund (ETF) from iShares, launched in 2022. It tracks the Bloomberg France Treasury Bond. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.22% a year — about £22 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. It is currency-hedged: it aims to remove most of the effect of exchange-rate moves against the pound.

Latest close: **£4.70** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | FRGP |
| ISIN | IE00014E9P24 |
| Category | Government bonds |
| Type | ETF |
| Provider | iShares |
| Tracks | Bloomberg France Treasury Bond |
| Income | Distributing |
| Ongoing charge | 0.22% a year (£22 per £10,000) |
| Fund size | £983k |
| Launched | 2022 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 07/10/2022 |

## 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 | -3.05% | -6.48% | income reinvested |
| 3 years | -0.62% | -10.21% | income reinvested |

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

## Calendar-year returns

Calendar-year returns of iShares France Govt Bond UCITS ETF Hedged GBP in pounds (price only, income paid out not included): 2023 +5.6%, 2024 −2.9%, 2025 −0.2%; 2026 to 13/11/2026 −4.5%. Returns of iShares France Govt Bond UCITS ETF Hedged GBP in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −5.8%; to 30/09/2025: −1.3%; to 30/09/2024: +6.0%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2023 | +5.6% | +1.4% | Price |
| 2024 | -2.9% | -6.2% | Price |
| 2025 | -0.2% | -3.7% | Price |
| 2026 to 13/11/2026 | -4.5% | -7.5% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 5.12% | -8.10% |
| 3 years | 5.10% | -8.80% |

## Largest fall

Volatility of iShares France Govt Bond UCITS ETF Hedged GBP in pounds, annualised from weekly returns to 13/11/2026: 5.1% over 1 year, 5.1% over 3 years. Largest fall in the price of iShares France Govt Bond UCITS ETF Hedged GBP since October 2022, in pounds: −8.8% from 06/12/2024 to 23/10/2026. The lowest 12-month return of iShares France Govt Bond UCITS ETF Hedged GBP in pounds (price only, income paid out not included) since October 2022 was −7.0% (12 months to 23/10/2026); the highest was +6.7% (12 months to 18/10/2024). On 13/11/2026 the price of iShares France Govt Bond UCITS ETF Hedged GBP was 8.1% below its highest weekly close since October 2022 (06/12/2024), in pounds.

## Charges compared with similar funds

Ongoing charge of iShares France Govt Bond UCITS ETF Hedged GBP 0.22% a year. Compared on 14/11/2026, 52 of the 311 other government bond funds charge more, 7 the same and 252 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.22%** 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, FRGP holds 52 positions, according to its published holdings. The largest is FRANCE (REPUBLIC OF) RegS 1.50% 25/05/2031 at 3.69% of the fund; the ten largest make up 34.5%.

### Top holdings

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

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | FRANCE (REPUBLIC OF) RegS 1.50% 25/05/2031 | — | 3.69% |
| 2 | FRANCE (REPUBLIC OF) RegS 2.75% 25/02/2029 | — | 3.65% |
| 3 | France (Republic Of) 2.70% 25/02/2031 | — | 3.61% |
| 4 | FRANCE (REPUBLIC OF) RegS 2.50% 25/05/2030 | — | 3.59% |
| 5 | FRANCE (REPUBLIC OF) RegS 0.75% 25/05/2028 | — | 3.58% |
| 6 | FRANCE (REPUBLIC OF) RegS 3.50% 25/11/2033 | — | 3.46% |
| 7 | France (Republic Of) 2.00% 25/11/2032 | — | 3.27% |
| 8 | FRANCE (REPUBLIC OF) RegS 2.75% 25/02/2030 | — | 3.27% |
| 9 | France (Republic Of) 3.50% 25/11/2035 | — | 3.21% |
| 10 | FRANCE (REPUBLIC OF) RegS 0.75% 25/11/2028 | — | 3.16% |

## 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 |
|---|---|
| Treasury | 100.0% |
| Cash and derivatives | 0.1% |

### By type of asset

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

| Type of asset | Weight |
|---|---|
| Bonds | 98.0% |
| Cash and money market | 2.0% |

All 53 holdings: https://fundology.uk/fund/frgp/holdings

## Questions people ask

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

The ongoing charge of FRGP is 0.22% a year — about £22 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 France Govt Bond UCITS ETF Hedged GBP 0.22% a year. Compared on 14/11/2026, 52 of the 311 other government bond funds charge more, 7 the same and 252 less (share classes counted once).

**What does FRGP track?**

FRGP tracks the Bloomberg France Treasury Bond.

**Is FRGP accumulating or distributing?**

FRGP 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 FRGP?**

The ISIN of FRGP is IE00014E9P24. An ISIN identifies one exact share class of a fund; FRGP is its ticker on the London Stock Exchange.

**What does FRGP hold?**

As of 06/11/2026, FRGP holds 52 positions, according to its published holdings. The largest is FRANCE (REPUBLIC OF) RegS 1.50% 25/05/2031 at 3.69% of the fund; the ten largest make up 34.5%. Its ten largest holdings are FRANCE (REPUBLIC OF) RegS 1.50% 25/05/2031 (3.69%), FRANCE (REPUBLIC OF) RegS 2.75% 25/02/2029 (3.65%), France (Republic Of) 2.70% 25/02/2031 (3.61%), FRANCE (REPUBLIC OF) RegS 2.50% 25/05/2030 (3.59%), FRANCE (REPUBLIC OF) RegS 0.75% 25/05/2028 (3.58%), FRANCE (REPUBLIC OF) RegS 3.50% 25/11/2033 (3.46%), France (Republic Of) 2.00% 25/11/2032 (3.27%), FRANCE (REPUBLIC OF) RegS 2.75% 25/02/2030 (3.27%), France (Republic Of) 3.50% 25/11/2035 (3.21%) and FRANCE (REPUBLIC OF) RegS 0.75% 25/11/2028 (3.16%).

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

Calendar-year returns of FRGP in pounds (price only, income paid out not included): 2023 +5.6%, 2024 −2.9%, 2025 −0.2%; 2026 to 13/11/2026 −4.5%. Past performance is not a guide to future returns.

**How has FRGP done after inflation?**

Over the three years to 13/11/2026 FRGP’s total return was −0.6%, or −10.2% 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/329890/ishares-france-govt-bond-ucits-etf)
- [Key investor information document (KIID)](https://www.ishares.com/gls-download/literature/kiid/ucits_kiid-ishares-france-govt-bond-ucits-etf-gbp-hedged-dist-gb-ie00014e9p24-en.pdf)
- [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/frgp-ishares-france-govt-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.