ETF · iShares
ICOV iShares EUR Covered Bond UCITS ETF
ISIN IE00B3B8Q275London Stock Exchange: ICOVBlackRock, Inc.
- Corporate & other bonds
- ETF
- ISA
- SIPP
- Distributing
Latest close
LSE€138.78
on
- Ongoing charge
- 0.20% a year
- Fund size
- £1.4bn
As of , at least 15 min delayed
At a glance
As of 13/11/2026, ICOV (iShares EUR Covered Bond UCITS ETF, ISIN IE00B3B8Q275) closed at €138.78 on the London Stock Exchange. Its ongoing charge is 0.20% a year (about £20 on £10,000). Over the five years to 13/11/2026 its total return was −6.9%, or −27.3% after UK CPIH inflation.
Past returns
- 1 year to 13/11/2026
- −5.9%
- −9.2% after inflation (UK CPIH)
- 3 years to 13/11/2026
- +4.1%
- −5.9% after inflation (UK CPIH)
- 5 years to 13/11/2026
- −6.9%
- −27.3% after inflation (UK CPIH)
£1,000 put in five years ago would have been worth about £931 on 13/11/2026 — about £727 in today’s spending power, once price rises are taken out. Past performance is not a guide to future returns.
Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.
How we work it out:ReturnsReturns after inflationTotal returnReal returnCPIH
Calendar-year and 12-month returns
Calendar-year returns of iShares EUR Covered Bond UCITS ETF in pounds (price only, income paid out not included): 2022 −8.9%, 2023 +2.7%, 2024 −3.3%, 2025 +5.0%; 2026 to 13/11/2026 −6.7%. Returns of iShares EUR Covered Bond UCITS ETF in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −5.5%; to 30/09/2025: +5.1%; to 30/09/2024: +2.0%; to 30/09/2023: −3.0%; to 30/09/2022: −11.0%.
| Year | Return | After inflation | Return shown as a bar |
|---|---|---|---|
| to | −6.7% | −9.7% | |
| to | +5.0% | +1.4% | |
| to | −3.3% | −6.6% | |
| +2.7% | −1.4% | ||
| −8.9% | −16.6% |
| 12 months to | Return | After inflation |
|---|---|---|
| from | −5.5% | −8.9% |
| from | +5.1% | +1.0% |
| from | +2.0% | −0.6% |
| from | −3.0% | −8.8% |
| from | −11.0% | −18.2% |
As of , inflation: UK CPIH
How we work it out:Calendar-year returnsWhat a calendar-year return isAccumulating and distributing
Risk: volatility and largest fall
Volatility (annualised)
5.3%over 5 years
| 1 year | 4.0% |
|---|---|
| 3 years | 4.6% |
| 5 years | 5.3% |
Annualised from weekly returns. Higher means bumpier.
- Largest fall since November 2021
- −14.6%
- From to
- Lowest 12-month return
- −11.9%
- 12 months to
- Highest 12-month return
- +6.4%
- 12 months to
- Below its highest weekly close since November 2021
- 13.6%
- High of , latest
In words: Volatility of iShares EUR Covered Bond UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 4.0% over 1 year, 4.6% over 3 years, 5.3% over 5 years. Largest fall in the price of iShares EUR Covered Bond UCITS ETF since November 2021, in pounds: −14.6% from 10/12/2021 to 07/07/2023. The lowest 12-month return of iShares EUR Covered Bond UCITS ETF in pounds (price only, income paid out not included) since January 2021 was −11.9% (12 months to 26/08/2022); the highest was +6.4% (12 months to 07/11/2025). On 13/11/2026 the price of iShares EUR Covered Bond UCITS ETF was 13.6% below its highest weekly close since November 2021 (10/12/2021), in pounds.
As of , price only — income paid out is not included
How we work it out:Risk figuresFallsVolatilityLargest fall
Charges compared with similar funds
- Ongoing charge
- 0.20%
- a year
- On £10,000
- £20
- a year, roughly
- Over five years
- £100
- of £10,000, before growth
- 167 charge less
- 35 the same
- 225 charge more
Ongoing charge of iShares EUR Covered Bond UCITS ETF 0.20% a year. Compared on 14/11/2026, 225 of the 427 other corporate and other bond funds charge more, 35 the same and 167 less (share classes counted once).
As of
A lower charge is not a promise of a higher return: what the fund holds matters more.
As of
Read more:Ongoing charge (OCF)OCF and TERFee dragHow charges add up
In plain English
iShares EUR Covered Bond UCITS ETF is an exchange-traded fund (ETF) from iShares, launched in 2008.
It tracks the iBoxx Euro Covered.
You buy and sell it through a share-dealing account or platform during stock-market hours, like a share.
Its ongoing charge is 0.2% a year — about £20 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.
Corporate & other bonds: Loans to companies and other borrowers, which usually pay more interest than government bonds in exchange for more risk.
Terms:ETFIndex fundUCITSAccumulating or incomeShare classISIN
Key facts
- Ticker
- ICOV
- ISIN
- IE00B3B8Q275
- Also listed as
- IUS6 (Xetra, euros)
- Provider
- iShares
- Tracks
- iBoxx Euro Covered
- Structure
- ETF
- An exchange-traded fund: bought and sold on the stock exchange through the day, like a share.
- Income
- Distributing, paid semi-annual
- Income is paid out to holders as cash, usually a few times a year.
- Ongoing charge
- 0.20% a year · about £20 on £10,000
- Fund size
- £1.4bn
- Launched
- Domicile
- Ireland
- UK reporting fund status
- Yes — on HMRC’s list of reporting funds (list of )
- Reporting fund since . What reporting fund status means
- Can usually be held in
- ISA and SIPP
- Check with your platform: each decides which funds it offers.
- Currency hedged
- No
- Price currency
- EUR
- Category
- Corporate & other bonds
Price chart
Over the last year, the closing price went from €142.84 on 14/11/2025 to €138.78 on 13/11/2026 (−2.8%). The lowest close shown was €137.87 on 16/09/2026 and the highest €143.16 on 28/11/2025.
One close a week. Before 04/09/2026 the closes are from the weekly price history for this listing; from then on, the closing prices we have recorded. Price only — income paid out is not included, so the line can end below the total return above.
As of , at least 15 min delayed
Five years of prices, and after inflation
261 weekly closes, from 12/11/2021 to 13/11/2026. The same history in November 2026 pounds, adjusted with CPIH inflation.
Create a free account to see the 5-year price chart and the after-inflation chart
Sign-up takes an email address. There is no card to enter and nothing to pay.
How we work it out:Prices and returnsNAV and price
What it holds
- Holdings
- 1,160
- on record
- Ten largest
- 2.7%
- of the whole fund
- Effective number of holdings
- 943
- As concentrated as this many equal-sized holdings (how it is worked out)
- Largest holding
- 0.4%
- Programa Cedulas Tda Fondo de Titu 4.25% 10/04/2031
Top 10 holdings
| Rank# | Holding | Weight as a percentage of the fund |
|---|---|---|
| 1 | Programa Cedulas Tda Fondo de Titu 4.25% 10/04/2031Covered | 0.44% |
| 2 | Blk Leaf Fund Agency Acc T0Cash and derivatives | 0.35% |
| 3 | TORONTO-DOMINION BANK/THE MTN RegS 3.19% 16/02/2029Covered | 0.28% |
| 4 | ROYAL BANK OF CANADA RegS 3.38% 15/09/2031Covered | 0.25% |
| 5 | BANK OF NOVA SCOTIA RegS 3.25% 18/01/2028Covered | 0.24% |
| 6 | Bankia Sau 4.13% 24/03/2036Covered | 0.24% |
| 7 | DBS BANK LTD RegS 3.24% 26/08/2030Covered | 0.22% |
| 8 | ING BANK NV RegS 2.75% 25/11/2032Covered | 0.22% |
| 9 | ABN AMRO BANK NV MTN RegS 1.00% 13/04/2031Covered | 0.21% |
| 10 | COOPERATIEVE RABOBANK UA RegS 0.88% 01/02/2029Covered | 0.21% |
As of , holdings as published
Where it invests
The portfolio by sector, country and type of asset, as a share of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed.
By sector
- Covered99.7%
- Cash and derivatives0.3%
By country
- France25.3%
- Germany19.4%
- Netherlands8.3%
- Canada6.0%
- Austria5.2%
- Norway4.9%
- Spain4.4%
- Italy4.2%
- Other countries22.4%
By type of asset
- Bonds99.7%
- Cash and money market0.3%
See the full portfolio
Every holding with search and filters, the whole breakdown by sector, country and type of asset, a map of the 100 largest and what changed since .
More of the portfolio
The fund publishes 1,159 holdings; the ten largest make up 2.7% of it. The fund's portfolio is also split by currency, maturity and credit quality.
Create a free account to see the full holdings list and the currency, maturity and credit-quality breakdowns
Sign-up takes an email address. There is no card to enter and nothing to pay.
Holdings:Compare what it holds with another fundHoldings overlapHow overlap is measured
Risk and return in depth
Sharpe, Sortino and Calmar ratios
Sharpe, Sortino and Calmar ratios over 1, 3 and 5 years, from weekly returns in pounds.
With a free accountRolling returns
The full range of 253 rolling 12-month returns since January 2021, and of 149 rolling three-year returns, in pounds, with how often they were above zero.
With a free accountLargest falls and recoveries
The largest fall since November 2021, in pounds, with how many weeks it took to reach its low and to recover.
With a free account
Create a free account to see the risk ratios, every rolling return and each large fall and its recovery
Sign-up takes an email address. There is no card to enter and nothing to pay.
Moves compared with a similar fund
Correlation and beta of weekly returns in pounds against iShares Core UK Gilts UCITS ETF, over the three years to 13/11/2026 (154 weeks).
Pro
Pro — currently by invitation
Pro includes moves against a comparable fund
Pro is open by invitation while it is being built. There is nothing to buy. To ask about access, email [email protected].
Questions people ask
What is the ongoing charge of ICOV?
The ongoing charge of ICOV is 0.20% a year — about £20 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 EUR Covered Bond UCITS ETF 0.20% a year. Compared on 14/11/2026, 225 of the 427 other corporate and other bond funds charge more, 35 the same and 167 less (share classes counted once).
What does ICOV track?
ICOV tracks the iBoxx Euro Covered.
Is ICOV accumulating or distributing?
ICOV 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 ICOV?
The ISIN of ICOV is IE00B3B8Q275. An ISIN identifies one exact share class of a fund; ICOV is its ticker on the London Stock Exchange. The same share class is also listed as IUS6 (Xetra, euros).
What does ICOV hold?
As of 06/11/2026, ICOV holds 1,159 positions, according to its published holdings. The largest is Programa Cedulas Tda Fondo de Titu 4.25% 10/04/2031 at 0.44% of the fund; the ten largest make up 2.7%. Its ten largest holdings are Programa Cedulas Tda Fondo de Titu 4.25% 10/04/2031 (0.44%), Blk Leaf Fund Agency Acc T0 (0.35%), TORONTO-DOMINION BANK/THE MTN RegS 3.19% 16/02/2029 (0.28%), ROYAL BANK OF CANADA RegS 3.38% 15/09/2031 (0.25%), BANK OF NOVA SCOTIA RegS 3.25% 18/01/2028 (0.24%), Bankia Sau 4.13% 24/03/2036 (0.24%), DBS BANK LTD RegS 3.24% 26/08/2030 (0.22%), ING BANK NV RegS 2.75% 25/11/2032 (0.22%), ABN AMRO BANK NV MTN RegS 1.00% 13/04/2031 (0.21%) and COOPERATIEVE RABOBANK UA RegS 0.88% 01/02/2029 (0.21%).
What were ICOV’s returns in each of the last five years?
Calendar-year returns of ICOV in pounds (price only, income paid out not included): 2022 −8.9%, 2023 +2.7%, 2024 −3.3%, 2025 +5.0%; 2026 to 13/11/2026 −6.7%. Past performance is not a guide to future returns.
How has ICOV done after inflation?
Over the five years to 13/11/2026 ICOV’s total return was −6.9%, or −27.3% after UK CPIH inflation. Past performance is not a guide to future returns.
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Fund documents and methods
- Fund documents
- Fund page at iShares · Key investor information document (KIID) · Factsheet (links checked )
Methodology:ReturnsCategoriesAll methods
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