iShares Pfandbriefe UCITS ETF (DE) (EXHE)

iShares Pfandbriefe UCITS ETF (DE) is a passively managed exchange-traded fund domiciled in Germany and issued by BlackRock Asset Management Deutschland AG. It seeks to track the performance of the Markit iBoxx Pfandbriefe Index, which measures euro-denominated Pfandbriefe bonds from German issuers with remaining maturities above one year, investment-grade ratings, and minimum outstanding amounts of EUR 500 million. Pfandbriefe, a type of covered bond unique to Germany, are backed by real estate or public sector loans, offering high credit quality under stringent regulatory oversight. The ETF employs physical replication through sampling, holds around 272 bonds with top issuers like DZ HYP AG and Landesbank Baden-Würtemberg, and features an average weighted maturity of 4.35 years and effective duration of 4.06 years. As a distributing UCITS ETF with a low total expense ratio of 0.10% p.a., it pays dividends up to four times annually, providing income from this stable fixed-income segment. With net assets around EUR 414 million and launched in December 2004, it delivers diversified access to the low-risk German covered bond market, appealing for its role in European fixed income portfolios amid equity volatility.