# Multi Units Luxembourg SICAV - Amundi US TIPS -Dist- Distribution (TIPH) **Source:** https://fundology.uk/fund/tiph · ISIN LU1452600601 · Data: TradingView (LSE closes and returns, delayed), issuer documents, ONS CPIH, FCA FIRDS ## 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 30/09/2026, TIPH (Amundi US TIPS -Dist- Distribution, ISIN LU1452600601) closed at £106.79 on the London Stock Exchange. Its ongoing charge is 0.12% a year (about £12 on £10,000). Over the five years to 30/09/2026 its total return was −4.7%, or −25.5% after UK CPIH inflation. ## Summary Multi Units Luxembourg SICAV - Amundi US TIPS -Dist- Distribution is an exchange-traded fund (ETF) from Amundi, launched in 2017. It tracks the Bloomberg U.S. Government Inflation-Linked Bond Index - GBP - Benchmark TR Gross Hedged. 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: **£106.79** (30/09/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | TIPH | | ISIN | LU1452600601 | | Category | Government bonds | | Type | ETF | | Provider | Amundi | | Tracks | Bloomberg U.S. Government Inflation-Linked Bond Index - GBP - Benchmark TR Gross Hedged | | Income | Distributing | | Ongoing charge | 0.12% a year (£12 per £10,000) | | Fund size | £333m | | Launched | 2017 | | Domicile | Luxembourg | ## Past returns (periods to 30/09/2026) After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after ONS CPIH inflation. | Window | Return | After CPIH inflation | Measured as | |---|---|---|---| | 1 year | -2.34% | -5.41% | income reinvested | | 3 years | +10.11% | -0.64% | income reinvested | | 5 years | -4.68% | -25.49% | income reinvested | Returns: TradingView (delayed data). Inflation: ONS CPIH, latest month published. ## Calendar-year returns Calendar-year returns of Multi Units Luxembourg SICAV - Amundi US TIPS -Dist- Distribution in pounds (price only, income paid out not included): 2022 −14.8%, 2023 +1.8%, 2024 +0.3%, 2025 +5.6%; 2026 to 30/09/2026 −2.3%. Returns of Multi Units Luxembourg SICAV - Amundi US TIPS -Dist- Distribution in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −3.4%; to 30/09/2025: +2.3%; to 30/09/2024: +8.2%; to 30/09/2023: −0.2%; to 30/09/2022: −13.9%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2022 | -14.8% | -22.0% | Price | | 2023 | +1.8% | -2.3% | Price | | 2024 | +0.3% | -3.1% | Price | | 2025 | +5.6% | +2.0% | Price | | 2026 to 30/09/2026 | -2.3% | -5.0% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 3.41% | -4.25% | | 3 years | 4.82% | -4.35% | | 5 years | 5.97% | -17.55% | ## Largest fall Volatility of Multi Units Luxembourg SICAV - Amundi US TIPS -Dist- Distribution in pounds, annualised from weekly returns to 30/09/2026: 3.4% over 1 year, 4.8% over 3 years, 6.0% over 5 years. Largest fall in the price of Multi Units Luxembourg SICAV - Amundi US TIPS -Dist- Distribution since October 2021, in pounds: −17.6% from 19/11/2021 to 06/10/2023. The lowest 12-month return of Multi Units Luxembourg SICAV - Amundi US TIPS -Dist- Distribution in pounds (price only, income paid out not included) since January 2021 was −15.8% (12 months to 04/11/2022); the highest was +9.0% (12 months to 04/10/2024). On 30/09/2026 the price of Multi Units Luxembourg SICAV - Amundi US TIPS -Dist- Distribution was 10.5% below its highest weekly close since October 2021 (19/11/2021), in pounds. ## Charges compared with similar funds Ongoing charge of Multi Units Luxembourg SICAV - Amundi US TIPS -Dist- Distribution 0.12% a year, as of 01/10/2026: 136 of the 274 other government bond funds charge more, 19 the same and 119 less (share classes counted once). ## Charges & eligibility - Ongoing charges figure (OCF): **0.12%** per year - ISA eligible: yes - SIPP eligible: yes ## Top holdings Largest positions (as of 29/09/2026): | Holding | Weight | |---|---| | UNITED ST TSY 1.875% 15Jul35 | 3.50% | | UNITED ST TSY 2.125% 15Jan35 | 3.42% | | UNITED ST TSY 1.875% 15Jan36 | 3.41% | | UNITED ST TSY 1.25% 15Apr31 | 3.25% | | UNITED ST TSY 1.875% 15Jul34 | 3.21% | | UNITED ST TSY 1.125% 15Oct30 | 3.13% | | UNITED ST TSY 0.125% 15Jan32 | 3.12% | | UNITED ST TSY 1.625% 15Apr30 | 3.10% | | UNITED ST TSY 1.75% 15Jan34 | 3.05% | | UNITED ST TSY 0.125% 15Jul31 | 3.01% | All 48 holdings: https://fundology.uk/fund/tiph/holdings --- 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.