# iShares Global AAA-AA Govt Bond UCITS ETF (SAAA) **Page:** https://fundology.uk/fund/saaa · ISIN IE00B87G8S03 ## 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, SAAA (iShares Global AAA-AA Govt Bond UCITS ETF, ISIN IE00B87G8S03) closed at £57.14 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 −13.6%, or −32.6% after UK CPIH inflation. ## Summary iShares Global AAA-AA Govt Bond UCITS ETF is an exchange-traded fund (ETF) from iShares, launched in 2012. It tracks the Bloomberg Global Government AAA-AA Capped Bond Index - USD - Benchmark TR Net. 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: **£57.14** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | SAAA | | ISIN | IE00B87G8S03 | | Also listed as | IAAA (London Stock Exchange, US dollars), IS0Z (Xetra, euros) | | Category | Government bonds | | Type | ETF | | Provider | iShares | | Tracks | Bloomberg Global Government AAA-AA Capped Bond Index - USD - Benchmark TR Net | | Income | Distributing | | Ongoing charge | 0.20% a year (£20 per £10,000) | | Fund size | £147m | | Launched | 2012 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 03/10/2012 | ## 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 | -3.53% | -6.95% | income reinvested | | 3 years | +2.96% | -6.98% | income reinvested | | 5 years | -13.62% | -32.57% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of iShares Global AAA-AA Govt Bond UCITS ETF in pounds (price only, income paid out not included): 2022 −12.1%, 2023 +0.7%, 2024 −5.9%, 2025 +0.1%; 2026 to 13/11/2026 −4.3%. Returns of iShares Global AAA-AA Govt Bond UCITS ETF in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −4.9%; to 30/09/2025: −0.8%; to 30/09/2024: +1.6%; to 30/09/2023: −7.6%; to 30/09/2022: −10.0%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2022 | -12.1% | -19.5% | Price | | 2023 | +0.7% | -3.3% | Price | | 2024 | -5.9% | -9.1% | Price | | 2025 | +0.1% | -3.3% | Price | | 2026 to 13/11/2026 | -4.3% | -7.4% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 4.40% | -7.70% | | 3 years | 5.26% | -10.00% | | 5 years | 6.30% | -22.48% | ## Largest fall Volatility of iShares Global AAA-AA Govt Bond UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 4.4% over 1 year, 5.3% over 3 years, 6.3% over 5 years. Largest fall in the price of iShares Global AAA-AA Govt Bond UCITS ETF since November 2021, in pounds: −22.5% from 10/12/2021 to 16/10/2026. The lowest 12-month return of iShares Global AAA-AA Govt Bond UCITS ETF in pounds (price only, income paid out not included) since January 2021 was −13.6% (12 months to 09/12/2022); the highest was +3.9% (12 months to 16/08/2024). On 13/11/2026 the price of iShares Global AAA-AA Govt Bond UCITS ETF was 22.4% below its highest weekly close since November 2021 (10/12/2021), in pounds. ## Charges compared with similar funds Ongoing charge of iShares Global AAA-AA 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 2 funds track Bloomberg Global Government AAA-AA Capped Bond Index - USD - Benchmark TR Net, this one included and share classes counted once; their ongoing charges range from 0.20% to 0.20% a year (13/11/2026). | Fund | Ongoing charge | 1 year | 3 years | 5 years | |---|---|---|---|---| | iShares Global AAA-AA Govt Bond UCITS ETF (this fund) | 0.20% | -3.5% | +3.0% | -13.6% | | iShares Global AAA-AA Govt Bond UCITS ETF Acc | 0.20% | -3.0% | +3.0% | -13.4% | Returns are as reported, in pounds, income reinvested unless marked "(price)". ## Charges & eligibility - Ongoing charges figure (OCF): **0.20%** 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, SAAA holds 708 positions, according to its published holdings. The largest is Canada (Government Of) 2.75% 01/03/2031 at 0.73% of the fund; the ten largest make up 6.5%. ### Top holdings Largest positions (as of 06/11/2026), as a percentage of the whole fund: | # | Holding | Ticker | Weight | |---|---|---|---| | 1 | Canada (Government Of) 2.75% 01/03/2031 | — | 0.73% | | 2 | AUSTRALIA (COMMONWEALTH OF) RegS 2.75% 21/11/2028 | — | 0.70% | | 3 | AUSTRALIA (COMMONWEALTH OF) RegS 2.50% 21/05/2030 | — | 0.68% | | 4 | AUSTRALIA (COMMONWEALTH OF) RegS 2.75% 21/11/2029 | — | 0.66% | | 5 | Canada (Government Of) 0.50% 01/12/2030 | — | 0.65% | | 6 | Canada (Government Of) 1.25% 01/06/2030 | — | 0.63% | | 7 | Canada (Government Of) 3.25% 01/12/2035 | — | 0.63% | | 8 | AUSTRALIA (COMMONWEALTH OF) RegS 1.00% 21/11/2031 | — | 0.62% | | 9 | GERMANY (FEDERAL REPUBLIC OF) RegS 2.30% 15/02/2033 | — | 0.61% | | 10 | Canada (Government Of) 3.25% 01/06/2036 | — | 0.60% | ## 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 | 99.5% | | Cash and derivatives | 0.5% | ### By country As published for the fund, as of 06/11/2026. | Country | Weight | |---|---| | Germany | 20.1% | | Canada | 15.7% | | Australia | 11.3% | | United States | 10.0% | | United Kingdom | 9.9% | | Netherlands | 7.9% | | Austria | 6.8% | | Finland | 3.4% | | Other countries | 14.8% | ### By type of asset Added up from the fund’s published holdings, as of 06/11/2026. | Type of asset | Weight | |---|---| | Bonds | 99.5% | | Cash and money market | 0.5% | The 702 holdings on record (of 708 reported): https://fundology.uk/fund/saaa/holdings ## Questions people ask **What is the ongoing charge of SAAA?** The ongoing charge of SAAA 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 Global AAA-AA 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 SAAA track?** SAAA tracks the Bloomberg Global Government AAA-AA Capped Bond Index - USD - Benchmark TR Net. **Is SAAA accumulating or distributing?** SAAA 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 SAAA?** The ISIN of SAAA is IE00B87G8S03. An ISIN identifies one exact share class of a fund; SAAA is its ticker on the London Stock Exchange. The same share class is also listed as IAAA (London Stock Exchange, US dollars) and IS0Z (Xetra, euros). **What does SAAA hold?** As of 06/11/2026, SAAA holds 708 positions, according to its published holdings. The largest is Canada (Government Of) 2.75% 01/03/2031 at 0.73% of the fund; the ten largest make up 6.5%. Its ten largest holdings are Canada (Government Of) 2.75% 01/03/2031 (0.73%), AUSTRALIA (COMMONWEALTH OF) RegS 2.75% 21/11/2028 (0.70%), AUSTRALIA (COMMONWEALTH OF) RegS 2.50% 21/05/2030 (0.68%), AUSTRALIA (COMMONWEALTH OF) RegS 2.75% 21/11/2029 (0.66%), Canada (Government Of) 0.50% 01/12/2030 (0.65%), Canada (Government Of) 1.25% 01/06/2030 (0.63%), Canada (Government Of) 3.25% 01/12/2035 (0.63%), AUSTRALIA (COMMONWEALTH OF) RegS 1.00% 21/11/2031 (0.62%), GERMANY (FEDERAL REPUBLIC OF) RegS 2.30% 15/02/2033 (0.61%) and Canada (Government Of) 3.25% 01/06/2036 (0.60%). **What were SAAA’s returns in each of the last five years?** Calendar-year returns of SAAA in pounds (price only, income paid out not included): 2022 −12.1%, 2023 +0.7%, 2024 −5.9%, 2025 +0.1%; 2026 to 13/11/2026 −4.3%. Past performance is not a guide to future returns. **How has SAAA done after inflation?** Over the five years to 13/11/2026 SAAA’s total return was −13.6%, or −32.6% 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/251404/ishares-global-aaaaa-government-bond-ucits-etf) - [Key investor information document (KIID)](https://www.ishares.com/gls-download/literature/kiid/ucits_kiid-ishares-global-aaa-aa-govt-bond-ucits-etf-usd-dist-gb-ie00b87g8s03-en.pdf) - [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/saaa-ishares-global-aaa-aa-govt-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.