# Amundi US Curve steepening 2-10Y ETF -Monthly Hedged- Distribution (STPH) **Page:** https://fundology.uk/fund/stph · ISIN LU2018762901 ## 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, STPH (Amundi US Curve steepening 2-10Y ETF -Monthly Hedged- Distribution, ISIN LU2018762901) closed at £10.54 on the London Stock Exchange. Its ongoing charge is 0.35% a year (about £35 on £10,000). Over the three years to 13/11/2026 its total return was +1.1%, or −8.7% after UK CPIH inflation. ## Summary Amundi US Curve steepening 2-10Y ETF -Monthly Hedged- Distribution is an exchange-traded fund (ETF) from Amundi, launched in 2023. It tracks the Solactive USD Daily (x7) Steepener 2-10 Index. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.35% a year — about £35 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 a currency-hedged share class: it uses currency contracts to reduce the effect of exchange-rate moves. Latest close: **£10.54** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | STPH | | ISIN | LU2018762901 | | Category | Corporate & other bonds | | Type | ETF | | Provider | Amundi | | Tracks | Solactive USD Daily (x7) Steepener 2-10 Index | | Income | Distributing | | Ongoing charge | 0.35% a year (£35 per £10,000) | | Fund size | £3.1m | | Launched | 2023 | | Domicile | Luxembourg | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 01/01/2023 | ## 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 | -0.17% | -3.70% | income reinvested | | 3 years | +1.05% | -8.70% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of Amundi US Curve steepening 2-10Y ETF -Monthly Hedged- Distribution in pounds (price only, income paid out not included): 2024 +4.2%, 2025 +2.1%; 2026 to 13/11/2026 −0.6%. Returns of Amundi US Curve steepening 2-10Y ETF -Monthly Hedged- Distribution in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: +0.6%; to 30/09/2025: +2.3%; to 30/09/2024: +3.8%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2024 | +4.2% | +0.7% | Price | | 2025 | +2.1% | -1.4% | Price | | 2026 to 13/11/2026 | -0.6% | -3.8% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 2.98% | -2.54% | | 3 years | 3.22% | -2.65% | ## Largest fall Volatility of Amundi US Curve steepening 2-10Y ETF -Monthly Hedged- Distribution in pounds, annualised from weekly returns to 13/11/2026: 3.0% over 1 year, 3.2% over 3 years. Largest fall in the price of Amundi US Curve steepening 2-10Y ETF -Monthly Hedged- Distribution since June 2023, in pounds: −2.6% from 11/04/2025 to 19/06/2026. The lowest 12-month return of Amundi US Curve steepening 2-10Y ETF -Monthly Hedged- Distribution in pounds (price only, income paid out not included) since June 2023 was −1.7% (12 months to 26/06/2026); the highest was +6.9% (12 months to 11/04/2025). On 13/11/2026 the price of Amundi US Curve steepening 2-10Y ETF -Monthly Hedged- Distribution was 1.0% below its highest weekly close since June 2023 (11/04/2025), in pounds. ## Charges compared with similar funds Ongoing charge of Amundi US Curve steepening 2-10Y ETF -Monthly Hedged- Distribution 0.35% a year. Compared on 14/11/2026, 116 of the 427 other corporate and other bond funds charge more, 18 the same and 293 less (share classes counted once). ## Funds tracking the same index 2 funds track Solactive USD Daily (x7) Steepener 2-10 Index, this one included and share classes counted once; their ongoing charges range from 0.30% to 0.35% a year (13/11/2026). | Fund | Ongoing charge | 1 year | 3 years | 5 years | |---|---|---|---|---| | Amundi US Curve steepening 2-10Y ETF -Acc- Capitalisation | 0.30% | -0.4% | -2.4% | +1.3% | | Amundi US Curve steepening 2-10Y ETF -Monthly Hedged- Distribution (this fund) | 0.35% | -0.2% | +1.1% | — | Returns are as reported, in pounds, income reinvested unless marked "(price)". ## Charges & eligibility - Ongoing charges figure (OCF): **0.35%** 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 STPH is a swap-based (synthetic) fund: it gets the return of the index it tracks through a swap. Its published holdings, as of 11/11/2026, are the substitute basket of securities the fund holds as collateral, not the companies in that index. ### Top holdings Largest positions (as of 11/11/2026), as a percentage of the whole fund: | # | Holding | Ticker | Weight | |---|---|---|---| | 1 | GERMANY PPAL 0% 04Jan37 | — | 28.79% | | 2 | GERMANY PPAL 0% 04Jul42 | — | 16.03% | | 3 | FRENCH REPUBL OAT 3.25% 25May55 | — | 6.42% | | 4 | BASF SE 3.75% Jun32 EMTN | — | 2.34% | | 5 | ITALIAN REPUB BTPS 5.75% 01Feb33 | — | 2.12% | | 6 | UNICREDIT SPA VAR Sep31 EMTN | — | 2.11% | | 7 | UNIONE DI BAN 1.125% Oct27 | — | 2.02% | | 8 | GRENKE FINANC 7.875% Apr27 EMTN | — | 1.91% | | 9 | NATL AUSTRALI 2.848% Mar33 EMTN | — | 1.91% | | 10 | MEDIOBANCA SP 3.25% Nov28 EMTN | — | 1.89% | The 67 holdings on record (of 81 reported): https://fundology.uk/fund/stph/holdings ## Questions people ask **What is the ongoing charge of STPH?** The ongoing charge of STPH is 0.35% a year — about £35 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 Amundi US Curve steepening 2-10Y ETF -Monthly Hedged- Distribution 0.35% a year. Compared on 14/11/2026, 116 of the 427 other corporate and other bond funds charge more, 18 the same and 293 less (share classes counted once). **What does STPH track?** STPH tracks the Solactive USD Daily (x7) Steepener 2-10 Index. **Is STPH accumulating or distributing?** STPH is distributing: income is paid out to holders as cash, usually a few times a year. It pays out monthly. **What is the ISIN of STPH?** The ISIN of STPH is LU2018762901. An ISIN identifies one exact share class of a fund; STPH is its ticker on the London Stock Exchange. **What does STPH hold?** STPH is a swap-based (synthetic) fund: it gets the return of the index it tracks through a swap. Its published holdings, as of 11/11/2026, are the substitute basket of securities the fund holds as collateral, not the companies in that index. **What were STPH’s returns in each of the last five years?** Calendar-year returns of STPH in pounds (price only, income paid out not included): 2024 +4.2%, 2025 +2.1%; 2026 to 13/11/2026 −0.6%. Past performance is not a guide to future returns. **How has STPH done after inflation?** Over the three years to 13/11/2026 STPH’s total return was +1.1%, or −8.7% after UK CPIH inflation. Past performance is not a guide to future returns. ## Fund documents - [Fund page at Amundi](https://www.amundietf.co.uk/en/professional/products/fixed-income/amundi-us-curve-steepening-210y-ucits-etf-gbp-hedged-dist/lu2018762901) - 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.