# Xtrackers II Germany Government Bond UCITS ETF 2C-USD Hedged- Capitalisation (XBUS) **Page:** https://fundology.uk/fund/xbus · ISIN LU2523866379 ## 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, XBUS (Xtrackers II Germany Government Bond UCITS ETF 2C-USD Hedged- Capitalisation, ISIN LU2523866379) closed at $6.96 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 −6.1%, or −15.2% after UK CPIH inflation. ## Summary Xtrackers II Germany Government Bond UCITS ETF 2C-USD Hedged- Capitalisation 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 reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. It is currency-hedged to US dollars, not to the pound: it aims to remove most of the effect of exchange-rate moves against US dollars, so a holder who counts in pounds still has currency risk. Latest close: **$6.96** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | XBUS | | ISIN | LU2523866379 | | Category | Government bonds | | Type | ETF | | Provider | Xtrackers | | Tracks | iBoxx Euro Germany | | Income | Accumulating | | Ongoing charge | 0.20% a year (£20 per £10,000) | | Fund size | £1.9m | | 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 | -0.32% | -3.85% | income reinvested | | 3 years | -6.12% | -15.19% | 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 2C-USD Hedged- Capitalisation in pounds (price, with income reinvested in the fund): 2023 +1.6%, 2024 +3.5%, 2025 −7.1%; 2026 to 13/11/2026 +2.5%. Returns of Xtrackers II Germany Government Bond UCITS ETF 2C-USD Hedged- Capitalisation in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: 0.0%; to 30/09/2025: −0.9%; to 30/09/2024: +0.4%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2023 | +1.6% | -2.4% | Price | | 2024 | +3.5% | -0.0% | Price | | 2025 | -7.1% | -10.3% | Price | | 2026 to 13/11/2026 | +2.5% | -0.8% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 6.90% | -5.02% | | 3 years | 7.80% | -10.08% | ## Largest fall Volatility of Xtrackers II Germany Government Bond UCITS ETF 2C-USD Hedged- Capitalisation in pounds, annualised from weekly returns to 13/11/2026: 6.9% over 1 year, 7.8% over 3 years. Largest fall in the price of Xtrackers II Germany Government Bond UCITS ETF 2C-USD Hedged- Capitalisation since October 2022, in pounds: −13.5% from 21/10/2022 to 14/07/2023. The lowest 12-month return of Xtrackers II Germany Government Bond UCITS ETF 2C-USD Hedged- Capitalisation in pounds (price, with income reinvested in the fund) since October 2022 was −8.4% (12 months to 30/01/2026); the highest was +7.6% (12 months to 22/11/2024). On 13/11/2026 the price of Xtrackers II Germany Government Bond UCITS ETF 2C-USD Hedged- Capitalisation was 7.3% below its highest weekly close since October 2022 (21/10/2022), in pounds. ## Charges compared with similar funds Ongoing charge of Xtrackers II Germany Government Bond UCITS ETF 2C-USD Hedged- Capitalisation 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 | 0.20% | +0.0% | +1.3% | — | | Xtrackers II Germany Government Bond UCITS ETF 2C-USD Hedged- Capitalisation (this fund) | 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, XBUS 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/xbus/holdings ## Questions people ask **What is the ongoing charge of XBUS?** The ongoing charge of XBUS 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 2C-USD Hedged- Capitalisation 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 XBUS track?** XBUS tracks the iBoxx Euro Germany. **Is XBUS accumulating or distributing?** XBUS is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. **What is the ISIN of XBUS?** The ISIN of XBUS is LU2523866379. An ISIN identifies one exact share class of a fund; XBUS is its ticker on the London Stock Exchange. **What does XBUS hold?** As of 15/11/2026, XBUS 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 XBUS’s returns in each of the last five years?** Calendar-year returns of XBUS in pounds (price, with income reinvested in the fund): 2023 +1.6%, 2024 +3.5%, 2025 −7.1%; 2026 to 13/11/2026 +2.5%. Past performance is not a guide to future returns. **How has XBUS done after inflation?** Over the three years to 13/11/2026 XBUS’s total return was −6.1%, or −15.2% 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/LU2523866379-germany-government-bond-ucits-etf-2c-usd-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.