# iShares USD Treasury Bond UCITS ETF GBP (GOVP)

**Page:** https://fundology.uk/fund/govp · ISIN IE00BKTN1T54

## 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, GOVP (iShares USD Treasury Bond UCITS ETF GBP, ISIN IE00BKTN1T54) closed at £4.03 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 −20.6%, or −38.0% after UK CPIH inflation.

## Summary

iShares USD Treasury Bond UCITS ETF GBP is an exchange-traded fund (ETF) from iShares, launched in 2019. It tracks the ICE U.S. Treasury Core Bond Index. 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. It is currency-hedged: it aims to remove most of the effect of exchange-rate moves against the pound.

Latest close: **£4.03** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | GOVP |
| ISIN | IE00BKTN1T54 |
| Category | Government bonds |
| Type | ETF |
| Provider | iShares |
| Tracks | ICE U.S. Treasury Core Bond Index |
| Income | Distributing |
| Ongoing charge | 0.10% a year (£10 per £10,000) |
| Fund size | £14.4m |
| Launched | 2019 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 17/09/2019 |

## 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 | -4.53% | -7.91% | income reinvested |
| 3 years | -1.61% | -11.11% | income reinvested |
| 5 years | -20.60% | -38.03% | income reinvested |

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

## Calendar-year returns

Calendar-year returns of iShares USD Treasury Bond UCITS ETF GBP in pounds (price only, income paid out not included): 2022 −14.4%, 2023 −0.2%, 2024 −3.4%, 2025 +1.7%; 2026 to 13/11/2026 −5.3%. Returns of iShares USD Treasury Bond UCITS ETF GBP in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −6.1%; to 30/09/2025: −2.1%; to 30/09/2024: +5.2%; to 30/09/2023: −5.2%; to 30/09/2022: −14.5%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -14.4% | -21.7% | Price |
| 2023 | -0.2% | -4.2% | Price |
| 2024 | -3.4% | -6.7% | Price |
| 2025 | +1.7% | -1.8% | Price |
| 2026 to 13/11/2026 | -5.3% | -8.3% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 6.21% | -8.00% |
| 3 years | 6.23% | -9.91% |
| 5 years | 6.33% | -22.07% |

## Largest fall

Volatility of iShares USD Treasury Bond UCITS ETF GBP in pounds, annualised from weekly returns to 13/11/2026: 6.2% over 1 year, 6.2% over 3 years, 6.3% over 5 years. Largest fall in the price of iShares USD Treasury Bond UCITS ETF GBP since November 2021, in pounds: −22.1% from 03/12/2021 to 02/10/2026. The lowest 12-month return of iShares USD Treasury Bond UCITS ETF GBP in pounds (price only, income paid out not included) since January 2021 was −16.9% (12 months to 04/11/2022); the highest was +5.2% (12 months to 27/09/2024). On 13/11/2026 the price of iShares USD Treasury Bond UCITS ETF GBP was 21.2% below its highest weekly close since November 2021 (03/12/2021), in pounds.

## Charges compared with similar funds

Ongoing charge of iShares USD Treasury Bond UCITS ETF GBP 0.10% a year. Compared on 14/11/2026, 184 of the 311 other government bond funds charge more, 39 the same and 88 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.10%** 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, GOVP holds 295 positions, according to its published holdings. The largest is Treasury Note (Otr) 4.63% 15/08/2036 at 0.82% of the fund; the ten largest make up 7.9%.

### Top holdings

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

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | Treasury Note (Otr) 4.63% 15/08/2036 | — | 0.82% |
| 2 | Treasury Note 4.25% 15/11/2034 | — | 0.82% |
| 3 | Treasury Note 3.88% 15/08/2034 | — | 0.80% |
| 4 | Treasury Note 4.00% 15/11/2035 | — | 0.80% |
| 5 | Treasury Note 4.25% 15/08/2035 | — | 0.80% |
| 6 | Treasury Note 4.63% 15/02/2035 | — | 0.80% |
| 7 | Treasury Note (Old) 4.38% 15/05/2036 | — | 0.79% |
| 8 | Treasury Note 4.38% 15/05/2034 | — | 0.79% |
| 9 | Treasury Note (2OLD) 4.13% 15/02/2036 | — | 0.77% |
| 10 | Treasury Note 4.50% 15/11/2033 | — | 0.75% |

## 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 | 99.9% |
| 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 | 99.9% |
| Cash and money market | 0.1% |

All 296 holdings: https://fundology.uk/fund/govp/holdings

## Questions people ask

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

The ongoing charge of GOVP 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 Treasury Bond UCITS ETF GBP 0.10% a year. Compared on 14/11/2026, 184 of the 311 other government bond funds charge more, 39 the same and 88 less (share classes counted once).

**What does GOVP track?**

GOVP tracks the ICE U.S. Treasury Core Bond Index.

**Is GOVP accumulating or distributing?**

GOVP 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 GOVP?**

The ISIN of GOVP is IE00BKTN1T54. An ISIN identifies one exact share class of a fund; GOVP is its ticker on the London Stock Exchange.

**What does GOVP hold?**

As of 06/11/2026, GOVP holds 295 positions, according to its published holdings. The largest is Treasury Note (Otr) 4.63% 15/08/2036 at 0.82% of the fund; the ten largest make up 7.9%. Its ten largest holdings are Treasury Note (Otr) 4.63% 15/08/2036 (0.82%), Treasury Note 4.25% 15/11/2034 (0.82%), Treasury Note 3.88% 15/08/2034 (0.80%), Treasury Note 4.00% 15/11/2035 (0.80%), Treasury Note 4.25% 15/08/2035 (0.80%), Treasury Note 4.63% 15/02/2035 (0.80%), Treasury Note (Old) 4.38% 15/05/2036 (0.79%), Treasury Note 4.38% 15/05/2034 (0.79%), Treasury Note (2OLD) 4.13% 15/02/2036 (0.77%) and Treasury Note 4.50% 15/11/2033 (0.75%).

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

Calendar-year returns of GOVP in pounds (price only, income paid out not included): 2022 −14.4%, 2023 −0.2%, 2024 −3.4%, 2025 +1.7%; 2026 to 13/11/2026 −5.3%. Past performance is not a guide to future returns.

**How has GOVP done after inflation?**

Over the five years to 13/11/2026 GOVP’s total return was −20.6%, or −38.0% 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/310134/ishares-treasury-bond-ucits-etf)
- [Key investor information document (KIID)](https://www.ishares.com/gls-download/literature/kiid/ucits_kiid-ishares-treasury-bond-ucits-etf-gbp-hedged-dist-gb-ie00bktn1t54-en.pdf)
- [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/govp-ishares-treasury-bond-ucits-etf-fund-fact-sheet-en-gb.pdf)
- Links checked 12/10/2026.

---

We show information. We are not financial advisers, not authorised by the FCA, and never recommend specific investments.

Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.