# iShares Germany Govt Bond UCITS ETF (SDEU)

**Page:** https://fundology.uk/fund/sdeu · ISIN IE00B5V94313

## 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, SDEU (iShares Germany Govt Bond UCITS ETF, ISIN IE00B5V94313) closed at £97.23 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 −17.9%, or −35.9% after UK CPIH inflation.

## Summary

iShares Germany Govt Bond UCITS ETF is an exchange-traded fund (ETF) from iShares, launched in 2012. It tracks the Bloomberg Germany Treasury Bond Index - EUR. 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: **£97.23** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | SDEU |
| ISIN | IE00B5V94313 |
| Also listed as | IS0L (Xetra, euros) |
| Category | Government bonds |
| Type | ETF |
| Provider | iShares |
| Tracks | Bloomberg Germany Treasury Bond Index - EUR |
| Income | Distributing |
| Ongoing charge | 0.20% a year (£20 per £10,000) |
| Fund size | £177m |
| 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 | -6.68% | -9.99% | income reinvested |
| 3 years | -0.79% | -10.36% | income reinvested |
| 5 years | -17.92% | -35.93% | income reinvested |

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

## Calendar-year returns

Calendar-year returns of iShares Germany Govt Bond UCITS ETF in pounds (price only, income paid out not included): 2022 −13.2%, 2023 +2.9%, 2024 −6.8%, 2025 +1.3%; 2026 to 13/11/2026 −5.4%. Returns of iShares Germany Govt Bond UCITS ETF in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −6.8%; to 30/09/2025: +0.8%; to 30/09/2024: +1.9%; to 30/09/2023: −5.3%; to 30/09/2022: −13.0%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -13.2% | -20.5% | Price |
| 2023 | +2.9% | -1.2% | Price |
| 2024 | -6.8% | -10.0% | Price |
| 2025 | +1.3% | -2.2% | Price |
| 2026 to 13/11/2026 | -5.4% | -8.4% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 4.40% | -8.82% |
| 3 years | 5.53% | -10.92% |
| 5 years | 6.64% | -23.14% |

## Largest fall

Volatility of iShares Germany Govt Bond UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 4.4% over 1 year, 5.5% over 3 years, 6.6% over 5 years. Largest fall in the price of iShares Germany Govt Bond UCITS ETF since November 2021, in pounds: −23.1% from 03/12/2021 to 30/10/2026. The lowest 12-month return of iShares Germany Govt Bond UCITS ETF in pounds (price only, income paid out not included) since January 2021 was −15.4% (12 months to 04/11/2022); the highest was +3.6% (12 months to 07/11/2025). On 13/11/2026 the price of iShares Germany Govt Bond UCITS ETF was 23.0% below its highest weekly close since November 2021 (03/12/2021), in pounds.

## Charges compared with similar funds

Ongoing charge of iShares Germany 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).

## 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, SDEU holds 67 positions, according to its published holdings. The largest is GERMANY (FEDERAL REPUBLIC OF) RegS 2.30% 15/02/2033 at 3.51% of the fund; the ten largest make up 25.2%.

### Top holdings

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

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | GERMANY (FEDERAL REPUBLIC OF) RegS 2.30% 15/02/2033 | — | 3.51% |
| 2 | GERMANY (FEDERAL REPUBLIC OF) RegS 0.00% 15/08/2030 | — | 2.79% |
| 3 | GERMANY (FEDERAL REPUBLIC OF) RegS 2.90% 15/02/2036 | — | 2.73% |
| 4 | GERMANY (FEDERAL REPUBLIC OF) RegS 1.80% 15/08/2053 | — | 2.52% |
| 5 | GERMANY (FEDERAL REPUBLIC OF) RegS 2.60% 15/08/2034 | — | 2.41% |
| 6 | GERMANY (FEDERAL REPUBLIC OF) RegS 2.50% 16/04/2031 | — | 2.37% |
| 7 | GERMANY (FEDERAL REPUBLIC OF) RegS 2.60% 15/08/2035 | — | 2.35% |
| 8 | GERMANY (FEDERAL REPUBLIC OF) RegS 2.50% 15/08/2046 | — | 2.19% |
| 9 | Germany (Federal Republic Of) 2.20% 10/10/2030 | — | 2.15% |
| 10 | GERMANY (FEDERAL REPUBLIC OF) RegS 0.00% 15/08/2031 | — | 2.14% |

## 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% |

The 60 holdings on record (of 67 reported): https://fundology.uk/fund/sdeu/holdings

## Questions people ask

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

The ongoing charge of SDEU 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 Germany 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 SDEU track?**

SDEU tracks the Bloomberg Germany Treasury Bond Index - EUR.

**Is SDEU accumulating or distributing?**

SDEU 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 SDEU?**

The ISIN of SDEU is IE00B5V94313. An ISIN identifies one exact share class of a fund; SDEU is its ticker on the London Stock Exchange. The same share class is also listed as IS0L (Xetra, euros).

**What does SDEU hold?**

As of 06/11/2026, SDEU holds 67 positions, according to its published holdings. The largest is GERMANY (FEDERAL REPUBLIC OF) RegS 2.30% 15/02/2033 at 3.51% of the fund; the ten largest make up 25.2%. Its ten largest holdings are GERMANY (FEDERAL REPUBLIC OF) RegS 2.30% 15/02/2033 (3.51%), GERMANY (FEDERAL REPUBLIC OF) RegS 0.00% 15/08/2030 (2.79%), GERMANY (FEDERAL REPUBLIC OF) RegS 2.90% 15/02/2036 (2.73%), GERMANY (FEDERAL REPUBLIC OF) RegS 1.80% 15/08/2053 (2.52%), GERMANY (FEDERAL REPUBLIC OF) RegS 2.60% 15/08/2034 (2.41%), GERMANY (FEDERAL REPUBLIC OF) RegS 2.50% 16/04/2031 (2.37%), GERMANY (FEDERAL REPUBLIC OF) RegS 2.60% 15/08/2035 (2.35%), GERMANY (FEDERAL REPUBLIC OF) RegS 2.50% 15/08/2046 (2.19%), Germany (Federal Republic Of) 2.20% 10/10/2030 (2.15%) and GERMANY (FEDERAL REPUBLIC OF) RegS 0.00% 15/08/2031 (2.14%).

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

Calendar-year returns of SDEU in pounds (price only, income paid out not included): 2022 −13.2%, 2023 +2.9%, 2024 −6.8%, 2025 +1.3%; 2026 to 13/11/2026 −5.4%. Past performance is not a guide to future returns.

**How has SDEU done after inflation?**

Over the five years to 13/11/2026 SDEU’s total return was −17.9%, or −35.9% 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/251744/ishares-germany-government-bond-ucits-etf)
- [Key investor information document (KIID)](https://www.ishares.com/gls-download/literature/kiid/ucits_kiid-ishares-germany-govt-bond-ucits-etf-eur-dist-gb-ie00b5v94313-en.pdf)
- [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/sdeu-ishares-germany-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.