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ICOV ETF · iShares € Covered Bond UCITS ETF
The ICOV Exchange Traded Fund (ETF) is provided by iShares. It is built to track an index: Markit iBoxx € Covered Index. The ICOV ETF provides physical exposure, so by buying it you actually own parts of all the 1,133 underlying holdings. This share class generates a stream of income by distributing dividends.
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This fund is part ofEUR Corp IG Bonds1M perf.-2.70%
Last price
€141.38
1M perf.
-0.35%
1M flows
-€354M
AuM
€1.52B
E/R
0.2%
Rating
ESG Consensus®
ICOV
€141.38
Performance & flows
Segment for quartile rank
December 10, 2025 → March 10, 2026
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ICOV
€141.76
+0.78%
EUR Corp IG Bonds
+0.01%
Historic performance and flows
| 1M | 3M | 1Y | 3Y | 5Y | MTD | QTD | YTD | ||
|---|---|---|---|---|---|---|---|---|---|
| Perf. | -0.35%  | +0.78% | +2.92%  | +11.27% | -4.70% | -0.88% | +0.55% | +0.55% | |
| Flows |
Key fund info
Segment for quartile rank
Main characteristics
More details
NAV
3/10/2026
€141.81
1D NAV change
+0.22%
Dividend policy
Replication method
Direct (Physical)
Replication model
Optimized sampling
No. of holdings
1133
Inception date
8/1/2008
Jurisdiction
Ireland
Distribution
Slovakia
Hungary
Singapore (Qualified Investor)
Poland
Norway
Legal structure
Open-end Investment Company
Base currency
EUR
Dividend distribution
Trailing 12-month distr. yield
Distribution frequency
Last distribution
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Classification
Investment strategy
The Fund seeks to track the performance of an index composed of Euro denominated investment grade covered bonds.
Tax optimisation
PEA
France
UK Reporting Status
United Kingdom
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Built for professionals: access exclusive fund metrics and selection tools in Trackinsight Enterprise.
Enterprise Fund page features include:
Legal documents
Powerful buy-list integration
Fund data exports
Advanced risk metrics
Advanced replication analysis
Advanced exposure look-through
Upload your own internal metrics
Custom data feature
Enterprise
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Risk profile
Segment for quartile rank
Historical risk/return profile
| 3M | 1Y | 3Y | 5Y | |
|---|---|---|---|---|
| Returns | +0.78%  | +2.92%  | +11.27% | -4.70% |
| Volatility | ||||
| Perf./Volatility | ||||
| Max drawdown |
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Synthetic Risk and Reward Indicator (SRRI)
UCITS
1
2
3
4
5
6
7
PRIIPS
1
2
3
4
5
6
7
Built for professionals: access exclusive risk metrics in Trackinsight Enterprise.
Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
Learn more about Trackinsight EnterpriseExposure
Countries
France
26.19%
Germany
19.94%
Netherlands
7.18%
Austria
5.30%
Canada
5.01%
Spain
4.66%
Italy
4.21%
Norway
3.80%
Unavailable
6.48%
Other
17.24%
Sectors
Banks
68.24%
Other financial institutions
16.39%
Financial markets
1.04%
Unavailable
13.87%
Other
0.45%
Diversification
Total weight of top 15 holdings out of 1133
Top 15 holdings
Data as of January 31, 2026
TdA, 4.25% 10apr2031, EUR (A6)
Toronto-Dominion Bank, 3.191% 16feb2029, EUR (CBL67)
Toronto-Dominion Bank, 0.864% 24mar2028, EUR (CBL35)
Banco Santander, 2.375% 8sep2027, EUR
Bank of Nova Scotia, 3.25% 18jan2028, EUR (CBL51)
Caixabank, 4.125% 24mar2036, EUR
BPCE SFH, 3.25% 12apr2028, EUR (168)
ING Bank, 0.75% 18feb2030, EUR (0182)
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ABN AMRO, 1% 13apr2032, EUR
ABN AMRO, 1.125% 12jan2033, EUR
Rabobank, 0.875% 1feb2030, EUR
Caisse de Refinancement, 2.75% 12apr2029, EUR
Caisse de Refinancement, 2.875% 25mar2031, EUR
Royal Bank of Canada, 0.125% 26apr2028, EUR (CB67)
ABN AMRO, 1.375% 12jan2038, EUR
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Built for professionals: access exclusive exposure metrics in Trackinsight Enterprise.
Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
Learn more about Trackinsight EnterpriseSustainability
Integrates ESG criteria
No
SDG
ESG Consensus® by Conser
Data as of December 31, 2025
MethodologyOur partner Conser gathers the industry's consensus on the business practices of the underlying holdings. We have computed the following metrics about ICOV ETF's sustainability, based on their methodology.
ESG Consensus®
ESG Consensus® is based on the Final Sustainability Grade, which itself consists of 10 grades. Our partner Conser calculates the exact grade, based on market intelligence, using their proprietary ESG Consensus® methodology.
ICOV’s has a Final Sustainability Grade of either A+, A, or A-.
A+
A
A-
B+
B
B-
C+
C
C-
D
This fund’s exact Final Sustainability Grade is available in Trackinsight Enterprise.
Learn more about Trackinsight EnterpriseHoldings review
87.74% of holdings have positive scoring
12.18% of holdings have negative scoring
11.71%
54.29%
21.73%
6.97%
5.22%
Consensus levels
Strong
Medium
Weak
No data on remaining < 1% of holdings
Built for professionals: access exclusive sustainability metrics in Trackinsight Enterprise.
Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
Learn more about Trackinsight EnterpriseReplication
Trackinsight replication rating:
Replication quality
Calculated over 12m, as of February 27, 2026
Tracking error
Tracking difference
Replication information
Index
Markit iBoxx Euro Covered Total Return Index - EUR
Index ticker
IYGB Index
Index dividend policy
GTR
Replication method
Replication model
Built for professionals: access exclusive replication metrics in Trackinsight Enterprise.
Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
Learn more about Trackinsight EnterpriseIssuer
iShares
iShares ID Card
Number of funds
1718
Total AuM
€4.97T
Expense ratio range
0.03% - 1.51%
Average expense ratio
0.285%
Top 5 funds by iShares
| AuM | ||
|---|---|---|
IVV | iShares Core S&P 500 ETF | €631.44B |
IEFA | iShares Core MSCI EAFE ETF | €148.92B |
IEMG | iShares Core MSCI Emerging Markets ETF | €120.87B |
AGG | iShares Core U.S. Aggregate Bond ETF | €120.57B |
CSSPX | iShares Core S&P 500 UCITS ETF | €113.95B |
Frequently asked questions about ICOV
What does iShares € Covered Bond UCITS ETF, ICOV, invest in?
ICOV is a Passive ETF. This ETF provides exposure to Investment Grade Corporate Bonds.
Which benchmark or index does ICOV replicate?
ICOV tracks the Markit iBoxx Euro Covered Total Return Index - EUR, through a optimized sampling replication method.
What is the Total Expense ratio (TER) of ICOV?
ICOV carries a total expense ratio (TER) of 0.2%, indicating the annual cost for holding the fund.
When was ICOV launched?
ICOV was introduced to the market on August 1, 2008. It trades on Slovakia, among other exchanges
Who is the ETF issuer of ICOV?
iShares € Covered Bond UCITS ETF, ICOV, is provided by iShares. Learn more about iShares here.
What is the current assets under management (AUM) of ICOV?
ICOV oversees €1.52B in assets as of March 10, 2026.
How has ICOV performed lately?
Based on data from March 10, 2026, ICOV returned -0.35% over the past month, 0.78% over the last three months and 0.55% year-to-date.
What are the latest inflows or outflows for ICOV?
As of March 10, 2026, ICOV recorded net flows of -€354M over the last month and -€314M year-to-date.
Does ICOV distribute dividends?
ICOV follows a distributing dividend policy, meaning it pays out income to investors. As of March 10, 2026, its 12-month trailing yield was 2.15%.
What are the main country or region exposures of ICOV?
As of January 31, 2026, ICOV has significant geographic allocations in France, Germany and Netherlands.
In which sector or theme does ICOV invest in?
As of January 31, 2026, ICOV focuses largely on Banks, Other financial institutions and Financial markets.
How many securities does ICOV hold and how diversified is it?
As of January 31, 2026, ICOV holds 1133 positions in its portfolio, with 3.73% of assets concentrated in its top 15 holdings.
What are the main positions in ICOV?
As of January 31, 2026, ICOV top three holdings include TdA, 4.25% 10apr2031, EUR (A6), Toronto-Dominion Bank, 3.191% 16feb2029, EUR (CBL67) and Toronto-Dominion Bank, 0.864% 24mar2028, EUR (CBL35).
What is the base currency of ICOV?
The base currency of ICOV is EUR.
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