ETF · Xtrackers
XBGB Xtrackers II Germany Government Bond UCITS ETF -2D-GBP Hedged- Distribution
ISIN LU2523866296London Stock Exchange: XBGBDeutsche Bank AG
- Government bonds
- ETF
- ISA
- SIPP
- Distributing
- GBP hedged
Latest close
LSE£5.83
on
- Ongoing charge
- 0.20% a year
- Fund size
- £22.9m
As of , at least 15 min delayed
At a glance
As of 13/11/2026, XBGB (Xtrackers II Germany Government Bond UCITS ETF -2D-GBP Hedged- Distribution, ISIN LU2523866296) closed at £5.83 on the London Stock Exchange. Its ongoing charge is 0.20% a year (about £20 on £10,000). Over the three years to 13/11/2026 its total return was +1.3%, or −8.5% after UK CPIH inflation.
Past returns
- 1 year to 13/11/2026
- 0.0%
- −3.5% after inflation (UK CPIH)
- 3 years to 13/11/2026
- +1.3%
- −8.5% after inflation (UK CPIH)
Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.
How we work it out:ReturnsReturns after inflationTotal returnReal returnCPIH
Calendar-year and 12-month returns
Calendar-year returns of Xtrackers II Germany Government Bond UCITS ETF -2D-GBP Hedged- Distribution in pounds (price only, income paid out not included): 2023 +6.0%, 2024 −0.1%, 2025 −0.9%; 2026 to 13/11/2026 −1.0%. Returns of Xtrackers II Germany Government Bond UCITS ETF -2D-GBP Hedged- Distribution in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −3.0%; to 30/09/2025: −1.1%; to 30/09/2024: +7.3%.
| Year | Return | After inflation | Return shown as a bar |
|---|---|---|---|
| to | −1.0% | −4.1% | |
| to | −0.9% | −4.3% | |
| to | −0.1% | −3.5% | |
| +6.0% | +1.7% |
| 12 months to | Return | After inflation |
|---|---|---|
| from | −3.0% | −6.4% |
| from | −1.1% | −4.9% |
| from | +7.3% | +4.6% |
As of , inflation: UK CPIH
How we work it out:Calendar-year returnsWhat a calendar-year return isAccumulating and distributing
Risk: volatility and largest fall
Volatility (annualised)
4.6%over 3 years
| 1 year | 3.7% |
|---|---|
| 3 years | 4.6% |
Annualised from weekly returns. Higher means bumpier.
- Largest fall since October 2022
- −5.9%
- From to
- Lowest 12-month return
- −2.9%
- 12 months to
- Highest 12-month return
- +7.3%
- 12 months to
- Below its highest weekly close since October 2022
- 3.7%
- High of , latest
In words: Volatility of Xtrackers II Germany Government Bond UCITS ETF -2D-GBP Hedged- Distribution in pounds, annualised from weekly returns to 13/11/2026: 3.7% over 1 year, 4.6% over 3 years. Largest fall in the price of Xtrackers II Germany Government Bond UCITS ETF -2D-GBP Hedged- Distribution since October 2022, in pounds: −5.9% from 02/12/2022 to 03/03/2023. The lowest 12-month return of Xtrackers II Germany Government Bond UCITS ETF -2D-GBP Hedged- Distribution in pounds (price only, income paid out not included) since October 2022 was −2.9% (12 months to 27/10/2023); the highest was +7.3% (12 months to 18/10/2024). On 13/11/2026 the price of Xtrackers II Germany Government Bond UCITS ETF -2D-GBP Hedged- Distribution was 3.7% below its highest weekly close since October 2022 (29/11/2024), in pounds.
As of , price only — income paid out is not included
How we work it out:Risk figuresFallsVolatilityLargest fall
Charges compared with similar funds
- Ongoing charge
- 0.20%
- a year
- On £10,000
- £20
- a year, roughly
- Over five years
- £100
- of £10,000, before growth
- 219 charge less
- 30 the same
- 62 charge more
Ongoing charge of Xtrackers II Germany Government Bond UCITS ETF -2D-GBP Hedged- Distribution 0.20% a year. Compared on 14/11/2026, 62 of the 311 other government bond funds charge more, 30 the same and 219 less (share classes counted once).
As of
A lower charge is not a promise of a higher return: what the fund holds matters more.
As of
Read more:Ongoing charge (OCF)OCF and TERFee dragHow charges add up
In plain English
Xtrackers II Germany Government Bond UCITS ETF -2D-GBP Hedged- Distribution is an exchange-traded fund (ETF) from Xtrackers, launched in 2022.
It tracks the iBoxx Euro Germany.
You buy and sell it through a share-dealing account or platform during stock-market hours, like a share.
Its ongoing charge is 0.2% a year — about £20 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.
Government bonds: Loans to governments, such as UK gilts and US Treasuries. They pay interest; their prices move when interest rates change.
Terms:ETFIndex fundUCITSAccumulating or incomeCurrency hedgingShare classISIN
Key facts
- Ticker
- XBGB
- ISIN
- LU2523866296
- Provider
- Xtrackers
- Tracks
- iBoxx Euro Germany
- Structure
- ETF
- An exchange-traded fund: bought and sold on the stock exchange through the day, like a share.
- Income
- Distributing, paid quarterly
- Income is paid out to holders as cash, usually a few times a year.
- Ongoing charge
- 0.20% a year · about £20 on £10,000
- Fund size
- £22.9m
- Launched
- Domicile
- Luxembourg
- UK reporting fund status
- Yes — on HMRC’s list of reporting funds (list of )
- Reporting fund since . What reporting fund status means
- Can usually be held in
- ISA and SIPP
- Check with your platform: each decides which funds it offers.
- Currency hedged
- Yes, to pounds
- Price currency
- Pounds (GBP)
- Category
- Government bonds
Price chart
Over the last year, the closing price went from £5.93 on 14/11/2025 to £5.83 on 13/11/2026 (−1.7%). The lowest close shown was £5.77 on 09/10/2026 and the highest £5.97 on 13/02/2026.
One close a week. Before 03/09/2026 the closes are from the weekly price history for this listing; from then on, the closing prices we have recorded. Price only — income paid out is not included, so the line can end below the total return above.
As of , at least 15 min delayed
Five years of prices, and after inflation
210 weekly closes, from 21/10/2022 to 13/11/2026. The same history in November 2026 pounds, adjusted with CPIH inflation.
Create a free account to see the 5-year price chart and the after-inflation chart
Sign-up takes an email address. There is no card to enter and nothing to pay.
How we work it out:Prices and returnsNAV and price
What it holds
- Holdings
- 67
- 70 reported in all
- Ten largest
- 21.7%
- of the whole fund
- Effective number of holdings
- 60
- As concentrated as this many equal-sized holdings (how it is worked out)
- Largest holding
- 2.6%
- Germany (Federal Republic Of) (DE000BU2Z064)
Top 10 holdings
| Rank# | Holding | Weight as a percentage of the fund |
|---|---|---|
| 1 | Germany (Federal Republic Of) (DE000BU2Z064)Germany | 2.64% |
| 2 | Bundesrepublik Deutschland (DE000BU2Z007)Germany | 2.35% |
| 3 | Germany (Federal Republic Of) (DE000BU25067)Germany | 2.24% |
| 4 | Germany (Federal Republic Of) (DE000BU2Z031)Germany | 2.15% |
| 5 | Germany (Federal Republic Of) (DE000BU2Z049)Germany | 2.13% |
| 6 | Germany (Federal Republic Of) (DE000BU2Z023)Germany | 2.10% |
| 7 | Germany (Federal Republic Of) (DE000BU2D012)Germany | 2.05% |
| 8 | Germany (Federal Republic Of) (DE000BU2Z056)Germany | 2.05% |
| 9 | Germany (Federal Republic Of) (DE0001102341)Germany | 2.01% |
| 10 | Germany (Federal Republic Of) (DE000BU25042)Germany | 2.01% |
As of , holdings as published
See the full portfolio
Every holding with search and filters, the whole breakdown by sector, country and type of asset, a map of the 67 largest and what changed since .
More of the portfolio
The fund publishes 70 holdings; the ten largest make up 21.7% of it. The fund's portfolio is also split by currency.
Create a free account to see the full holdings list and the currency, maturity and credit-quality breakdowns
Sign-up takes an email address. There is no card to enter and nothing to pay.
Holdings:Compare what it holds with another fundHoldings overlapHow overlap is measured
Funds tracking the same index
3 funds track iBoxx Euro Germany, this one included and share classes counted once; their ongoing charges range from 0.15% to 0.20% a year (13/11/2026).
| Fund | Charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| Xtrackers II Germany Government Bond UCITS ETFDistributing · 0.15% a year | 0.15% | −6.7% | −0.6% | −17.6% |
| Xtrackers II Germany Government Bond UCITS ETF -2D-GBP Hedged- DistributionThis fundDistributing · Currency hedged · 0.20% a year | 0.20% | 0.0% | +1.3% | Not reported |
| Xtrackers II Germany Government Bond UCITS ETF 2C-USD Hedged- CapitalisationAccumulating · Currency hedged · 0.20% a year | 0.20% | −0.3% | −6.1% | Not reported |
As of
iBoxx Euro Germany funds compared: charges, sizes and share classes
Read more:Index fundsTracking differenceHow funds are compared
Other versions of this fund
Risk and return in depth
Sharpe, Sortino and Calmar ratios
Sharpe, Sortino and Calmar ratios over 1 and 3 years, from weekly returns in pounds.
With a free accountRolling returns
The full range of 158 rolling 12-month returns since October 2022, in pounds, with how often they were above zero.
With a free accountLargest falls and recoveries
The 3 largest falls since October 2022, in pounds, with how many weeks each took to reach its low and to recover.
With a free account
Create a free account to see the risk ratios, every rolling return and each large fall and its recovery
Sign-up takes an email address. There is no card to enter and nothing to pay.
Moves compared with a similar fund
Correlation and beta of weekly returns in pounds against iShares Core UK Gilts UCITS ETF, over the three years to 13/11/2026 (152 weeks).
Pro
Pro — currently by invitation
Pro includes moves against a comparable fund
Pro is open by invitation while it is being built. There is nothing to buy. To ask about access, email [email protected].
Questions people ask
What is the ongoing charge of XBGB?
The ongoing charge of XBGB is 0.20% a year — about £20 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 Xtrackers II Germany Government Bond UCITS ETF -2D-GBP Hedged- Distribution 0.20% a year. Compared on 14/11/2026, 62 of the 311 other government bond funds charge more, 30 the same and 219 less (share classes counted once).
What does XBGB track?
XBGB tracks the iBoxx Euro Germany.
Is XBGB accumulating or distributing?
XBGB is distributing: income is paid out to holders as cash, usually a few times a year. It pays out quarterly.
What is the ISIN of XBGB?
The ISIN of XBGB is LU2523866296. An ISIN identifies one exact share class of a fund; XBGB is its ticker on the London Stock Exchange.
What does XBGB hold?
As of 15/11/2026, XBGB holds 70 positions, according to its published holdings. The largest is Germany (Federal Republic Of) (DE000BU2Z064) at 2.64% of the fund; the ten largest make up 21.7%. Its ten largest holdings are Germany (Federal Republic Of) (DE000BU2Z064) (2.64%), Bundesrepublik Deutschland (DE000BU2Z007) (2.35%), Germany (Federal Republic Of) (DE000BU25067) (2.24%), Germany (Federal Republic Of) (DE000BU2Z031) (2.15%), Germany (Federal Republic Of) (DE000BU2Z049) (2.13%), Germany (Federal Republic Of) (DE000BU2Z023) (2.10%), Germany (Federal Republic Of) (DE000BU2D012) (2.05%), Germany (Federal Republic Of) (DE000BU2Z056) (2.05%), Germany (Federal Republic Of) (DE0001102341) (2.01%) and Germany (Federal Republic Of) (DE000BU25042) (2.01%).
What were XBGB’s returns in each of the last five years?
Calendar-year returns of XBGB in pounds (price only, income paid out not included): 2023 +6.0%, 2024 −0.1%, 2025 −0.9%; 2026 to 13/11/2026 −1.0%. Past performance is not a guide to future returns.
How has XBGB done after inflation?
Over the three years to 13/11/2026 XBGB’s total return was +1.3%, or −8.5% after UK CPIH inflation. Past performance is not a guide to future returns.
Similar funds
- CU71iShares USD Treasury Bond 3-7yr UCITS ETF0.07% a year · £6.1bn
- IBTAiShares USD Treasury Bond 1-3yr UCITS ETF Acc0.07% a year · £5.8bn
- SEGAiShares Core EUR Govt Bond UCITS ETF0.07% a year · £4.6bn
- SEMLiShares J.P. Morgan EM Local Govt Bond UCITS ETF0.50% a year · £4.1bn
- CBU0iShares USD Treasury Bond 7-10yr UCITS ETF USD (Acc) USD0.07% a year · £3.9bn
- VETAVanguard EUR Eurozone Government Bond UCITS ETF0.07% a year · £3.4bn
- IGLTiShares Core UK Gilts UCITS ETF0.07% a year · £3.4bn
- IBTMiShares USD Treasury Bond 7-10yr UCITS ETF0.07% a year · £3.0bn
Fund documents and methods
- Fund documents
- Fund page at Xtrackers (DWS) (links checked )
Methodology:ReturnsCategoriesAll methods
A machine-readable copy of this page: Markdown.