iShares € Overnight Rate Swap UCITS ETF

What this fund is

iShares € Overnight Rate Swap UCITS ETF is an exchange-traded fund (ETF) from iShares, traded under the ticker ONSW (ISIN IE0005RKXDO7). In a single purchase you get a diversified basket of holdings rather than a stake in just one business. In plain terms it is about very short-term, cash-like instruments, aimed at protecting your money and earning a little interest rather than growing it, spread across its target market. Its largest holdings include SOLACTIVE STR +8.5 T+2 SETTLEMENT, GEA GROUP AG and ARCELORMITTAL SA. With about 147 holdings, your money is diversified rather than concentrated in a handful of names.

By geography it is weighted towards ~126.8% Germany, ~28.6% United States and ~15.7% Netherlands. By industry it concentrates most in ~100% Other and ~25.1% Industrials. Funds like this are often used as the steadier, lower-swing part of a portfolio — the ballast that cushions the ups and downs of shares. Its ongoing charge (TER) is 0.1% a year — about €10 a year on a €10,000 holding, taken automatically from the fund. It is an accumulating share class: dividends are rolled straight back in, compounding your returns rather than landing in your account as cash.

It holds the underlying investments directly (physical replication); it is domiciled in Ireland and UCITS-regulated, a European standard built to protect everyday investors and trades in EUR. Its price has swung about 0.8% over the past year — a gauge of how much the value moves, not a judgement of quality. It launched in 2025. Like any investment, it can lose value as well as gain, and what it did before does not predict what it will do next. (Fund data sourced from iShares.)