# iShares Spain Govt Bond UCITS ETF (IESP)

**Page:** https://fundology.uk/fund/iesp · ISIN IE00B428Z604

## 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, IESP (iShares Spain Govt Bond UCITS ETF, ISIN IE00B428Z604) closed at €147.49 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 price changed by −18.7% (income paid out is not included), or −36.5% after UK CPIH inflation.

## Summary

iShares Spain Govt Bond UCITS ETF is an exchange-traded fund (ETF) from iShares, launched in 2012. It tracks the Bloomberg Euro Aggregate Treasury Spain. 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.

Latest close: **€147.49** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | IESP |
| ISIN | IE00B428Z604 |
| Also listed as | IS0P (Xetra, euros) |
| Category | Government bonds |
| Type | ETF |
| Provider | iShares |
| Tracks | Bloomberg Euro Aggregate Treasury Spain |
| Income | Distributing |
| Ongoing charge | 0.20% a year (£20 per £10,000) |
| Fund size | £170m |
| Launched | 2012 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 09/05/2012 |

## 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 | -8.81% | -12.04% | price only |
| 3 years | +5.13% | -5.01% | income reinvested |
| 5 years | -18.66% | -36.51% | price only |

Returns: as reported (delayed data) and worked out from recorded daily closes. Inflation: UK CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of iShares Spain Govt Bond UCITS ETF in pounds (price only, income paid out not included): 2022 −13.6%, 2023 +3.6%, 2024 −4.0%, 2025 +3.9%; 2026 to 13/11/2026 −6.3%. Returns of iShares Spain Govt Bond UCITS ETF in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −6.7%; to 30/09/2025: +3.7%; to 30/09/2024: +4.8%; to 30/09/2023: −5.5%; to 30/09/2022: −14.6%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -13.6% | -21.0% | Price |
| 2023 | +3.6% | -0.5% | Price |
| 2024 | -4.0% | -7.3% | Price |
| 2025 | +3.9% | +0.3% | Price |
| 2026 to 13/11/2026 | -6.3% | -9.3% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 5.39% | -9.66% |
| 3 years | 5.88% | -9.66% |
| 5 years | 6.79% | -19.78% |

## Largest fall

Volatility of iShares Spain Govt Bond UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 5.4% over 1 year, 5.9% over 3 years, 6.8% over 5 years. Largest fall in the price of iShares Spain Govt Bond UCITS ETF since November 2021, in pounds: −19.8% from 10/12/2021 to 06/10/2023. The lowest 12-month return of iShares Spain Govt Bond UCITS ETF in pounds (price only, income paid out not included) since January 2021 was −16.2% (12 months to 14/10/2022); the highest was +6.5% (12 months to 27/02/2026). On 13/11/2026 the price of iShares Spain Govt Bond UCITS ETF was 19.0% below its highest weekly close since November 2021 (10/12/2021), in pounds.

## Charges compared with similar funds

Ongoing charge of iShares Spain Govt Bond UCITS ETF 0.20% a year. Compared on 14/11/2026, 62 of the 311 other government bond funds charge more, 30 the same and 219 less (share classes counted once).

## Funds tracking the same index

3 funds track Bloomberg Euro Aggregate Treasury Spain, this one included and share classes counted once; their ongoing charges range from 0.20% to 0.23% a year (13/11/2026).

| Fund | Ongoing charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| iShares Spain Govt Bond UCITS ETF (this fund) | 0.20% | — | +5.1% | — |
| iShares Spain Govt Bond UCITS ETF -HEDGED- GBP | 0.22% | +0.9% | +4.8% | — |
| iShares Spain Govt Bond UCITS ETF Acc | 0.23% | +0.1% | +7.2% | +0.2% |

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

## Charges & eligibility

- Ongoing charges figure (OCF): **0.20%** 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, IESP holds 52 positions, according to its published holdings. The largest is SPAIN (KINGDOM OF) RegS 3.10% 30/07/2031 at 2.73% of the fund; the ten largest make up 25.8%.

### Top holdings

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

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | SPAIN (KINGDOM OF) RegS 3.10% 30/07/2031 | — | 2.73% |
| 2 | Spain (Kingdom Of) 0.80% 30/07/2029 | — | 2.66% |
| 3 | Spain (Kingdom Of) 3.50% 31/05/2029 | — | 2.66% |
| 4 | Spain (Kingdom Of) 3.55% 31/10/2033 | — | 2.66% |
| 5 | Spain (Kingdom Of) 1.45% 30/04/2029 | — | 2.64% |
| 6 | Spain (Kingdom Of) 5.75% 30/07/2032 | — | 2.58% |
| 7 | Spain (Kingdom Of) 3.25% 30/04/2034 | — | 2.50% |
| 8 | Spain (Kingdom Of) 3.45% 31/10/2034 | — | 2.49% |
| 9 | Spain (Kingdom Of) 0.70% 30/04/2032 | — | 2.47% |
| 10 | Spain (Kingdom Of) 3.15% 30/04/2035 | — | 2.44% |

## Where it invests

Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed.

### By type of asset

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

| Type of asset | Weight |
|---|---|
| Bonds | 100.0% |
| Cash and money market | 0.1% |

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

## Questions people ask

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

The ongoing charge of IESP 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 Spain Govt Bond UCITS ETF 0.20% a year. Compared on 14/11/2026, 62 of the 311 other government bond funds charge more, 30 the same and 219 less (share classes counted once).

**What does IESP track?**

IESP tracks the Bloomberg Euro Aggregate Treasury Spain.

**Is IESP accumulating or distributing?**

IESP 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 IESP?**

The ISIN of IESP is IE00B428Z604. An ISIN identifies one exact share class of a fund; IESP is its ticker on the London Stock Exchange. The same share class is also listed as IS0P (Xetra, euros).

**What does IESP hold?**

As of 06/11/2026, IESP holds 52 positions, according to its published holdings. The largest is SPAIN (KINGDOM OF) RegS 3.10% 30/07/2031 at 2.73% of the fund; the ten largest make up 25.8%. Its ten largest holdings are SPAIN (KINGDOM OF) RegS 3.10% 30/07/2031 (2.73%), Spain (Kingdom Of) 0.80% 30/07/2029 (2.66%), Spain (Kingdom Of) 3.50% 31/05/2029 (2.66%), Spain (Kingdom Of) 3.55% 31/10/2033 (2.66%), Spain (Kingdom Of) 1.45% 30/04/2029 (2.64%), Spain (Kingdom Of) 5.75% 30/07/2032 (2.58%), Spain (Kingdom Of) 3.25% 30/04/2034 (2.50%), Spain (Kingdom Of) 3.45% 31/10/2034 (2.49%), Spain (Kingdom Of) 0.70% 30/04/2032 (2.47%) and Spain (Kingdom Of) 3.15% 30/04/2035 (2.44%).

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

Calendar-year returns of IESP in pounds (price only, income paid out not included): 2022 −13.6%, 2023 +3.6%, 2024 −4.0%, 2025 +3.9%; 2026 to 13/11/2026 −6.3%. Past performance is not a guide to future returns.

**How has IESP done after inflation?**

Over the five years to 13/11/2026 IESP’s price changed by −18.7% (income paid out is not included), or −36.5% 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/251749/ishares-spain-government-bond-ucits-etf)
- [Key investor information document (KIID)](https://www.ishares.com/gls-download/literature/kiid/ucits_kiid-ishares-spain-govt-bond-ucits-etf-eur-dist-gb-ie00b428z604-en.pdf)
- [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/is0p-ishares-spain-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.