# Xtrackers II Germany Government Bond UCITS ETF -2D-GBP Hedged- Distribution (XBGB) **Page:** https://fundology.uk/fund/xbgb · ISIN LU2523866296 ## 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, 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. ## Summary 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. Latest close: **£5.83** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | XBGB | | ISIN | LU2523866296 | | Category | Government bonds | | Type | ETF | | Provider | Xtrackers | | Tracks | iBoxx Euro Germany | | Income | Distributing | | Ongoing charge | 0.20% a year (£20 per £10,000) | | Fund size | £22.9m | | Launched | 2022 | | Domicile | Luxembourg | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 13/10/2022 | ## 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 | +0.05% | -3.50% | income reinvested | | 3 years | +1.28% | -8.50% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year 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 CPIH inflation | Measured as | |---|---|---|---| | 2023 | +6.0% | +1.7% | Price | | 2024 | -0.1% | -3.5% | Price | | 2025 | -0.9% | -4.3% | Price | | 2026 to 13/11/2026 | -1.0% | -4.1% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 3.73% | -3.35% | | 3 years | 4.63% | -4.69% | ## Largest fall 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. ## Charges compared with similar funds 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). ## 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 | Ongoing charge | 1 year | 3 years | 5 years | |---|---|---|---|---| | Xtrackers II Germany Government Bond UCITS ETF | 0.15% | -6.7% | -0.6% | -17.6% | | Xtrackers II Germany Government Bond UCITS ETF -2D-GBP Hedged- Distribution (this fund) | 0.20% | +0.0% | +1.3% | — | | Xtrackers II Germany Government Bond UCITS ETF 2C-USD Hedged- Capitalisation | 0.20% | -0.3% | -6.1% | — | Returns are as reported, in pounds, income reinvested unless marked "(price)". ## Charges & eligibility - Ongoing charges figure (OCF): **0.20%** per year (as of 13/11/2026) - 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 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%. ### Top holdings Largest positions (as of 15/11/2026), as a percentage of the whole fund: | # | Holding | Ticker | Weight | |---|---|---|---| | 1 | Germany (Federal Republic Of) (DE000BU2Z064) | — | 2.64% | | 2 | Bundesrepublik Deutschland (DE000BU2Z007) | — | 2.35% | | 3 | Germany (Federal Republic Of) (DE000BU25067) | — | 2.24% | | 4 | Germany (Federal Republic Of) (DE000BU2Z031) | — | 2.15% | | 5 | Germany (Federal Republic Of) (DE000BU2Z049) | — | 2.13% | | 6 | Germany (Federal Republic Of) (DE000BU2Z023) | — | 2.10% | | 7 | Germany (Federal Republic Of) (DE000BU2D012) | — | 2.05% | | 8 | Germany (Federal Republic Of) (DE000BU2Z056) | — | 2.05% | | 9 | Germany (Federal Republic Of) (DE0001102341) | — | 2.01% | | 10 | Germany (Federal Republic Of) (DE000BU25042) | — | 2.01% | The 67 holdings on record (of 70 reported): https://fundology.uk/fund/xbgb/holdings ## 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. ## Fund documents - [Fund page at Xtrackers (DWS)](https://etf.dws.com/en-gb/LU2523866296-germany-government-bond-ucits-etf-2d-gbp-hedged/) - Links checked 12/10/2026. --- We show information. We are not financial advisers, not authorised by the FCA, and never recommend specific investments. Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.