# Amundi US TIPS -Dist- Distribution GBP Hedged (TIPH)

**Page:** https://fundology.uk/fund/tiph · ISIN LU1452600601

## 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, TIPH (Amundi US TIPS -Dist- Distribution GBP Hedged, ISIN LU1452600601) closed at £107.69 on the London Stock Exchange. Its ongoing charge is 0.12% a year (about £12 on £10,000). Over the five years to 13/11/2026 its total return was −6.6%, or −27.1% after UK CPIH inflation.

## Summary

Multi Units Luxembourg SICAV - Amundi US TIPS -Dist- Distribution GBP Hedged 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: **£107.69** (13/11/2026).

## 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 | £406m |
| Launched | 2017 |
| Domicile | Luxembourg |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 03/02/2017 |

## 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 | -1.91% | -5.38% | income reinvested |
| 3 years | +9.72% | -0.87% | income reinvested |
| 5 years | -6.56% | -27.06% | income reinvested |

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

## Calendar-year returns

Calendar-year returns of Multi Units Luxembourg SICAV - Amundi US TIPS -Dist- Distribution GBP Hedged in pounds (price only, income paid out not included): 2022 −14.8%, 2023 +1.8%, 2024 +0.6%, 2025 +5.3%; 2026 to 13/11/2026 −1.5%. Returns of Multi Units Luxembourg SICAV - Amundi US TIPS -Dist- Distribution GBP Hedged in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −3.6%; to 30/09/2025: +2.5%; 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 | +0.6% | -2.8% | Price |
| 2025 | +5.3% | +1.7% | Price |
| 2026 to 13/11/2026 | -1.5% | -4.6% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 3.89% | -3.93% |
| 3 years | 4.75% | -4.35% |
| 5 years | 6.01% | -17.55% |

## Largest fall

Volatility of Multi Units Luxembourg SICAV - Amundi US TIPS -Dist- Distribution GBP Hedged in pounds, annualised from weekly returns to 13/11/2026: 3.9% over 1 year, 4.7% over 3 years, 6.0% over 5 years. Largest fall in the price of Multi Units Luxembourg SICAV - Amundi US TIPS -Dist- Distribution GBP Hedged since November 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 GBP Hedged 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 13/11/2026 the price of Multi Units Luxembourg SICAV - Amundi US TIPS -Dist- Distribution GBP Hedged was 9.7% below its highest weekly close since November 2021 (19/11/2021), in pounds.

## Charges compared with similar funds

Ongoing charge of Multi Units Luxembourg SICAV - Amundi US TIPS -Dist- Distribution GBP Hedged 0.12% a year. Compared on 14/11/2026, 159 of the 311 other government bond funds charge more, 20 the same and 132 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.12%** 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 11/11/2026, TIPH holds 49 positions, according to its published holdings. The largest is UNITED ST TSY 1.875% 15Jul35 at 3.45% of the fund; the ten largest make up 31.7%.

### Top holdings

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

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | UNITED ST TSY 1.875% 15Jul35 | — | 3.45% |
| 2 | UNITED ST TSY 1.875% 15Jan36 | — | 3.39% |
| 3 | UNITED ST TSY 2.125% 15Jan35 | — | 3.38% |
| 4 | UNITED ST TSY 1.25% 15Apr31 | — | 3.18% |
| 5 | UNITED ST TSY 1.875% 15Jul34 | — | 3.18% |
| 6 | UNITED ST TSY 0.125% 15Jan32 | — | 3.08% |
| 7 | UNITED ST TSY 1.125% 15Oct30 | — | 3.06% |
| 8 | UNITED ST TSY 1.75% 15Jan34 | — | 3.03% |
| 9 | UNITED ST TSY 1.625% 15Apr30 | — | 3.02% |
| 10 | UNITED ST TSY 0.125% 15Jul31 | — | 2.97% |

The 48 holdings on record (of 49 reported): https://fundology.uk/fund/tiph/holdings

## Questions people ask

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

The ongoing charge of TIPH 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. Platform and dealing fees are charged separately. Ongoing charge of Multi Units Luxembourg SICAV - Amundi US TIPS -Dist- Distribution GBP Hedged 0.12% a year. Compared on 14/11/2026, 159 of the 311 other government bond funds charge more, 20 the same and 132 less (share classes counted once).

**What does TIPH track?**

TIPH tracks the Bloomberg U.S. Government Inflation-Linked Bond Index - GBP - Benchmark TR Gross Hedged.

**Is TIPH accumulating or distributing?**

TIPH is distributing: income is paid out to holders as cash, usually a few times a year. It pays out annual.

**What is the ISIN of TIPH?**

The ISIN of TIPH is LU1452600601. An ISIN identifies one exact share class of a fund; TIPH is its ticker on the London Stock Exchange.

**What does TIPH hold?**

As of 11/11/2026, TIPH holds 49 positions, according to its published holdings. The largest is UNITED ST TSY 1.875% 15Jul35 at 3.45% of the fund; the ten largest make up 31.7%. Its ten largest holdings are UNITED ST TSY 1.875% 15Jul35 (3.45%), UNITED ST TSY 1.875% 15Jan36 (3.39%), UNITED ST TSY 2.125% 15Jan35 (3.38%), UNITED ST TSY 1.25% 15Apr31 (3.18%), UNITED ST TSY 1.875% 15Jul34 (3.18%), UNITED ST TSY 0.125% 15Jan32 (3.08%), UNITED ST TSY 1.125% 15Oct30 (3.06%), UNITED ST TSY 1.75% 15Jan34 (3.03%), UNITED ST TSY 1.625% 15Apr30 (3.02%) and UNITED ST TSY 0.125% 15Jul31 (2.97%).

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

Calendar-year returns of TIPH in pounds (price only, income paid out not included): 2022 −14.8%, 2023 +1.8%, 2024 +0.6%, 2025 +5.3%; 2026 to 13/11/2026 −1.5%. Past performance is not a guide to future returns.

**How has TIPH done after inflation?**

Over the five years to 13/11/2026 TIPH’s total return was −6.6%, or −27.1% 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-tips-ucits-etf-gbp-hedged-dist/lu1452600601)
- 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.