# iShares USD TIPS UCITS ETF GBP Hedged Dist (ITPG) **Page:** https://fundology.uk/fund/itpg · ISIN IE00BDZVH859 ## 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, ITPG (iShares USD TIPS UCITS ETF GBP Hedged Dist, ISIN IE00BDZVH859) closed at £4.62 on the London Stock Exchange. Its ongoing charge is 0.12% a year (about £12 on £10,000). Over the five years to 13/11/2026 its total return was −5.6%, or −26.3% after UK CPIH inflation. ## Summary iShares USD TIPS UCITS ETF GBP Hedged Dist is an exchange-traded fund (ETF) from iShares, launched in 2018. It tracks the Bloomberg US Govt Inflation-Linked. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.12% a year — about £12 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: **£4.62** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | ITPG | | ISIN | IE00BDZVH859 | | Category | Government bonds | | Type | ETF | | Provider | iShares | | Tracks | Bloomberg US Govt Inflation-Linked | | Income | Distributing | | Ongoing charge | 0.12% a year (£12 per £10,000) | | Fund size | £1.2bn | | Launched | 2018 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 08/03/2018 | ## 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 | -1.15% | -4.65% | income reinvested | | 3 years | +11.32% | +0.58% | income reinvested | | 5 years | -5.64% | -26.34% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of iShares USD TIPS UCITS ETF GBP Hedged Dist in pounds (price only, income paid out not included): 2022 −14.7%, 2023 +1.1%, 2024 −2.9%, 2025 +1.7%; 2026 to 13/11/2026 −4.6%. Returns of iShares USD TIPS UCITS ETF GBP Hedged Dist in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −6.9%; to 30/09/2025: −1.1%; to 30/09/2024: +5.0%; to 30/09/2023: −1.6%; to 30/09/2022: −13.8%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2022 | -14.7% | -22.0% | Price | | 2023 | +1.1% | -3.0% | Price | | 2024 | -2.9% | -6.2% | Price | | 2025 | +1.7% | -1.8% | Price | | 2026 to 13/11/2026 | -4.6% | -7.7% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 4.46% | -6.73% | | 3 years | 5.47% | -7.81% | | 5 years | 6.38% | -19.77% | ## Largest fall Volatility of iShares USD TIPS UCITS ETF GBP Hedged Dist in pounds, annualised from weekly returns to 13/11/2026: 4.5% over 1 year, 5.5% over 3 years, 6.4% over 5 years. Largest fall in the price of iShares USD TIPS UCITS ETF GBP Hedged Dist since November 2021, in pounds: −19.8% from 19/11/2021 to 02/10/2026. The lowest 12-month return of iShares USD TIPS UCITS ETF GBP Hedged Dist in pounds (price only, income paid out not included) since January 2021 was −15.6% (12 months to 04/11/2022); the highest was +6.9% (12 months to 11/03/2022). On 13/11/2026 the price of iShares USD TIPS UCITS ETF GBP Hedged Dist was 19.1% below its highest weekly close since November 2021 (19/11/2021), in pounds. ## Charges compared with similar funds Ongoing charge of iShares USD TIPS UCITS ETF GBP Hedged Dist 0.12% a year. Compared on 14/11/2026, 159 of the 311 other government bond funds charge more, 20 the same and 132 less (share classes counted once). ## Funds tracking the same index 8 funds track Bloomberg US Govt Inflation-Linked, this one included and share classes counted once; their ongoing charges range from 0.05% to 0.17% a year (13/11/2026). | Fund | Ongoing charge | 1 year | 3 years | 5 years | |---|---|---|---|---| | iShares USD TIPS UCITS ETF | 0.10% | -2.3% | +2.9% | -1.3% | | iShares USD TIPS UCITS ETF Acc | 0.12% | -7.9% | +1.7% | -14.2% | | iShares USD TIPS UCITS ETF Accum- Hedge GBP | 0.12% | -1.1% | — | — | | iShares USD TIPS UCITS ETF GBP Hedged Dist (this fund) | 0.12% | -1.1% | +11.3% | -5.6% | | Multi Units Luxembourg SICAV - Amundi US TIPS -C-USD- Capitalisation | 0.09% | -2.2% | +2.4% | -2.1% | | Multi Units Luxembourg SICAV - Amundi US TIPS -Dist- Distribution | 0.09% | -2.5% | +4.5% | -2.3% | | State Street SPDR Bloomberg U.S. TIPS UCITS ETF Accum USD | 0.05% | — | — | — | | State Street SPDR Bloomberg U.S. TIPS UCITS ETF USD | 0.17% | -2.5% | +4.5% | -2.4% | Returns are as reported, in pounds, income reinvested unless marked "(price)". ## Charges & eligibility - Ongoing charges figure (OCF): **0.12%** 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, ITPG holds 48 positions, according to its published holdings. The largest is Treasury (Cpi) Note 1.88% 15/07/2035 at 3.43% of the fund; the ten largest make up 31.8%. ### Top holdings Largest positions (as of 06/11/2026), as a percentage of the whole fund: | # | Holding | Ticker | Weight | |---|---|---|---| | 1 | Treasury (Cpi) Note 1.88% 15/07/2035 | — | 3.43% | | 2 | Treasury (Cpi) Note 1.88% 15/01/2036 | — | 3.37% | | 3 | Treasury (Cpi) Note 2.13% 15/01/2035 | — | 3.33% | | 4 | Treasury (Cpi) Note 1.25% 15/04/2031 | — | 3.18% | | 5 | Treasury (Cpi) Note 0.13% 15/01/2032 | — | 3.13% | | 6 | Treasury (Cpi) Note 1.75% 15/01/2034 | — | 3.12% | | 7 | Treasury (Cpi) Note 1.88% 15/07/2034 | — | 3.12% | | 8 | Treasury (Cpi) Note 0.50% 15/01/2028 | — | 3.10% | | 9 | Treasury (Cpi) Note 1.13% 15/10/2030 | — | 3.04% | | 10 | Treasury (Cpi) Note 0.13% 15/01/2030 | — | 3.00% | All 50 holdings: https://fundology.uk/fund/itpg/holdings ## Questions people ask **What is the ongoing charge of ITPG?** The ongoing charge of ITPG is 0.12% a year — about £12 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 TIPS UCITS ETF GBP Hedged Dist 0.12% a year. Compared on 14/11/2026, 159 of the 311 other government bond funds charge more, 20 the same and 132 less (share classes counted once). **What does ITPG track?** ITPG tracks the Bloomberg US Govt Inflation-Linked. **Is ITPG accumulating or distributing?** ITPG is distributing: income is paid out to holders as cash, usually a few times a year. It pays out quarterly. **What is the ISIN of ITPG?** The ISIN of ITPG is IE00BDZVH859. An ISIN identifies one exact share class of a fund; ITPG is its ticker on the London Stock Exchange. **What does ITPG hold?** As of 06/11/2026, ITPG holds 48 positions, according to its published holdings. The largest is Treasury (Cpi) Note 1.88% 15/07/2035 at 3.43% of the fund; the ten largest make up 31.8%. Its ten largest holdings are Treasury (Cpi) Note 1.88% 15/07/2035 (3.43%), Treasury (Cpi) Note 1.88% 15/01/2036 (3.37%), Treasury (Cpi) Note 2.13% 15/01/2035 (3.33%), Treasury (Cpi) Note 1.25% 15/04/2031 (3.18%), Treasury (Cpi) Note 0.13% 15/01/2032 (3.13%), Treasury (Cpi) Note 1.75% 15/01/2034 (3.12%), Treasury (Cpi) Note 1.88% 15/07/2034 (3.12%), Treasury (Cpi) Note 0.50% 15/01/2028 (3.10%), Treasury (Cpi) Note 1.13% 15/10/2030 (3.04%) and Treasury (Cpi) Note 0.13% 15/01/2030 (3.00%). **What were ITPG’s returns in each of the last five years?** Calendar-year returns of ITPG in pounds (price only, income paid out not included): 2022 −14.7%, 2023 +1.1%, 2024 −2.9%, 2025 +1.7%; 2026 to 13/11/2026 −4.6%. Past performance is not a guide to future returns. **How has ITPG done after inflation?** Over the five years to 13/11/2026 ITPG’s total return was −5.6%, or −26.3% 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/295697/ishares-tips-ucits-etf) - [Key investor information document (KIID)](https://www.ishares.com/gls-download/literature/kiid/ucits_kiid-ishares-tips-ucits-etf-gbp-hedged-dist-gb-ie00bdzvh859-en.pdf) - [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/itpg-ishares-tips-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.