# Amundi US Curve steepening 2-10Y ETF -Acc- Capitalisation (STPU) **Page:** https://fundology.uk/fund/stpu · ISIN LU2018762653 ## 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, STPU (Amundi US Curve steepening 2-10Y ETF -Acc- Capitalisation, ISIN LU2018762653) closed at $99.38 on the London Stock Exchange. Its ongoing charge is 0.30% a year (about £30 on £10,000). Over the five years to 13/11/2026 its total return was +1.3%, or −21.0% after UK CPIH inflation. ## Summary Amundi US Curve steepening 2-10Y ETF -Acc- Capitalisation is an exchange-traded fund (ETF) from Amundi, launched in 2019. 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 0.3% a year — about £30 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. Latest close: **$99.38** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | STPU | | ISIN | LU2018762653 | | Category | Corporate & other bonds | | Type | ETF | | Provider | Amundi | | Tracks | Solactive USD Daily (x7) Steepener 2-10 Index | | Income | Accumulating | | Ongoing charge | 0.30% a year (£30 per £10,000) | | Fund size | £14.9m | | Launched | 2019 | | Domicile | Luxembourg | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 18/07/2019 | ## 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 | -0.37% | -3.90% | income reinvested | | 3 years | -2.37% | -11.79% | income reinvested | | 5 years | +1.26% | -20.96% | 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 -Acc- Capitalisation in pounds (price, with income reinvested in the fund): 2022 +7.5%, 2023 −5.7%, 2024 +7.0%, 2025 −5.5%; 2026 to 13/11/2026 +1.1%. Returns of Amundi US Curve steepening 2-10Y ETF -Acc- Capitalisation in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +2.2%; to 30/09/2025: +1.9%; to 30/09/2024: −4.8%; to 30/09/2023: −11.2%; to 30/09/2022: +15.3%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2022 | +7.5% | -1.6% | Price | | 2023 | -5.7% | -9.4% | Price | | 2024 | +7.0% | +3.3% | Price | | 2025 | -5.5% | -8.7% | Price | | 2026 to 13/11/2026 | +1.1% | -2.1% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 6.21% | -4.36% | | 3 years | 6.86% | -9.80% | | 5 years | 8.77% | -19.89% | ## Largest fall Volatility of Amundi US Curve steepening 2-10Y ETF -Acc- Capitalisation in pounds, annualised from weekly returns to 13/11/2026: 6.2% over 1 year, 6.9% over 3 years, 8.8% over 5 years. Largest fall in the price of Amundi US Curve steepening 2-10Y ETF -Acc- Capitalisation since November 2021, in pounds: −19.9% from 21/10/2022 to 14/07/2023. The lowest 12-month return of Amundi US Curve steepening 2-10Y ETF -Acc- Capitalisation in pounds (price, with income reinvested in the fund) since January 2021 was −14.0% (12 months to 14/07/2023); the highest was +18.8% (12 months to 21/10/2022). On 13/11/2026 the price of Amundi US Curve steepening 2-10Y ETF -Acc- Capitalisation was 12.7% below its highest weekly close since November 2021 (21/10/2022), in pounds. ## Charges compared with similar funds Ongoing charge of Amundi US Curve steepening 2-10Y ETF -Acc- Capitalisation 0.30% a year. Compared on 14/11/2026, 140 of the 427 other corporate and other bond funds charge more, 22 the same and 265 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 (this fund) | 0.30% | -0.4% | -2.4% | +1.3% | | Amundi US Curve steepening 2-10Y ETF -Monthly Hedged- Distribution | 0.35% | -0.2% | +1.1% | — | Returns are as reported, in pounds, income reinvested unless marked "(price)". ## Charges & eligibility - Ongoing charges figure (OCF): **0.30%** 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 STPU 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/stpu/holdings ## Questions people ask **What is the ongoing charge of STPU?** The ongoing charge of STPU is 0.30% a year — about £30 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 -Acc- Capitalisation 0.30% a year. Compared on 14/11/2026, 140 of the 427 other corporate and other bond funds charge more, 22 the same and 265 less (share classes counted once). **What does STPU track?** STPU tracks the Solactive USD Daily (x7) Steepener 2-10 Index. **Is STPU accumulating or distributing?** STPU is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. **What is the ISIN of STPU?** The ISIN of STPU is LU2018762653. An ISIN identifies one exact share class of a fund; STPU is its ticker on the London Stock Exchange. **What does STPU hold?** STPU 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 STPU’s returns in each of the last five years?** Calendar-year returns of STPU in pounds (price, with income reinvested in the fund): 2022 +7.5%, 2023 −5.7%, 2024 +7.0%, 2025 −5.5%; 2026 to 13/11/2026 +1.1%. Past performance is not a guide to future returns. **How has STPU done after inflation?** Over the five years to 13/11/2026 STPU’s total return was +1.3%, or −21.0% 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-acc/lu2018762653) - 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.