# Xtrackers II AUSTRALIA GOVERNMENT BONDS UCITS ETF (DR) Capitalisation 1C (XCS2)

**Page:** https://fundology.uk/fund/xcs2 · ISIN LU0494592974

## 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, XCS2 (Xtrackers II AUSTRALIA GOVERNMENT BONDS UCITS ETF (DR) Capitalisation 1C, ISIN LU0494592974) closed at £124.69 on the London Stock Exchange. Its ongoing charge is 0.25% a year (about £25 on £10,000). Over the five years to 13/11/2026 its total return was −8.8%, or −28.8% after UK CPIH inflation.

## Summary

Xtrackers II AUSTRALIA GOVERNMENT BONDS UCITS ETF (DR) Capitalisation 1C is an exchange-traded fund (ETF) from Xtrackers, launched in 2010. It tracks the FTSE Australian Government Bond Index - AUD. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.25% a year — about £25 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.

Latest close: **£124.69** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | XCS2 |
| ISIN | LU0494592974 |
| Category | Government bonds |
| Type | ETF |
| Provider | Xtrackers |
| Tracks | FTSE Australian Government Bond Index - AUD |
| Income | Accumulating |
| Ongoing charge | 0.25% a year (£25 per £10,000) |
| Fund size | £41.7m |
| Launched | 2010 |
| Domicile | Luxembourg |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 19/05/2010 |

## 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 | +4.13% | +0.45% | income reinvested |
| 3 years | +10.34% | -0.31% | income reinvested |
| 5 years | -8.83% | -28.83% | income reinvested |

Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of Xtrackers II AUSTRALIA GOVERNMENT BONDS UCITS ETF (DR) Capitalisation 1C in pounds (price, with income reinvested in the fund): 2022 −8.5%, 2023 −1.3%, 2024 −5.0%, 2025 +1.0%; 2026 to 13/11/2026 +5.3%. Returns of Xtrackers II AUSTRALIA GOVERNMENT BONDS UCITS ETF (DR) Capitalisation 1C in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +4.8%; to 30/09/2025: −2.6%; to 30/09/2024: +4.9%; to 30/09/2023: −8.9%; to 30/09/2022: −6.9%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -8.5% | -16.3% | Price |
| 2023 | -1.3% | -5.2% | Price |
| 2024 | -5.0% | -8.2% | Price |
| 2025 | +1.0% | -2.4% | Price |
| 2026 to 13/11/2026 | +5.3% | +2.0% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 6.69% | -4.88% |
| 3 years | 6.97% | -8.37% |
| 5 years | 8.31% | -18.35% |

## Largest fall

Volatility of Xtrackers II AUSTRALIA GOVERNMENT BONDS UCITS ETF (DR) Capitalisation 1C in pounds, annualised from weekly returns to 13/11/2026: 6.7% over 1 year, 7.0% over 3 years, 8.3% over 5 years. Largest fall in the price of Xtrackers II AUSTRALIA GOVERNMENT BONDS UCITS ETF (DR) Capitalisation 1C since November 2021, in pounds: −18.3% from 17/12/2021 to 18/08/2023. The lowest 12-month return of Xtrackers II AUSTRALIA GOVERNMENT BONDS UCITS ETF (DR) Capitalisation 1C in pounds (price, with income reinvested in the fund) since January 2021 was −15.0% (12 months to 18/08/2023); the highest was +11.9% (12 months to 29/05/2026). On 13/11/2026 the price of Xtrackers II AUSTRALIA GOVERNMENT BONDS UCITS ETF (DR) Capitalisation 1C was 9.6% below its highest weekly close since November 2021 (17/12/2021), in pounds.

## Charges compared with similar funds

Ongoing charge of Xtrackers II AUSTRALIA GOVERNMENT BONDS UCITS ETF (DR) Capitalisation 1C 0.25% a year. Compared on 14/11/2026, 30 of the 311 other government bond funds charge more, 16 the same and 265 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.25%** 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, XCS2 holds 29 positions, according to its published holdings. The largest is Australia (Commonwealth Of) (AU0000101792) at 5.01% of the fund; the ten largest make up 45.2%.

### Top holdings

Largest positions (as of 15/11/2026), as a percentage of the whole fund:

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | Australia (Commonwealth Of) (AU0000101792) | — | 5.01% |
| 2 | Australia (Commonwealth Of) (AU0000075681) | — | 4.78% |
| 3 | Australia (Commonwealth Of) (AU0000047003) | — | 4.66% |
| 4 | Australia (Commonwealth Of) (AU0000013740) | — | 4.55% |
| 5 | Australia (Commonwealth Of) (AU3TB0000150) | — | 4.55% |
| 6 | Australia (Commonwealth Of) (AU000XCLWAX7) | — | 4.46% |
| 7 | Australia (Commonwealth Of) (AU000XCLWAG2) | — | 4.38% |
| 8 | Australia (Commonwealth Of) (AU0000381832) | — | 4.31% |
| 9 | Australia (Commonwealth Of) (AU0000143901) | — | 4.29% |
| 10 | Australia (Commonwealth Of) (AU000XCLWAM0) | — | 4.24% |

All 29 holdings: https://fundology.uk/fund/xcs2/holdings

## Questions people ask

**What is the ongoing charge of XCS2?**

The ongoing charge of XCS2 is 0.25% a year — about £25 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 AUSTRALIA GOVERNMENT BONDS UCITS ETF (DR) Capitalisation 1C 0.25% a year. Compared on 14/11/2026, 30 of the 311 other government bond funds charge more, 16 the same and 265 less (share classes counted once).

**What does XCS2 track?**

XCS2 tracks the FTSE Australian Government Bond Index - AUD.

**Is XCS2 accumulating or distributing?**

XCS2 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 XCS2?**

The ISIN of XCS2 is LU0494592974. An ISIN identifies one exact share class of a fund; XCS2 is its ticker on the London Stock Exchange.

**What does XCS2 hold?**

As of 15/11/2026, XCS2 holds 29 positions, according to its published holdings. The largest is Australia (Commonwealth Of) (AU0000101792) at 5.01% of the fund; the ten largest make up 45.2%. Its ten largest holdings are Australia (Commonwealth Of) (AU0000101792) (5.01%), Australia (Commonwealth Of) (AU0000075681) (4.78%), Australia (Commonwealth Of) (AU0000047003) (4.66%), Australia (Commonwealth Of) (AU0000013740) (4.55%), Australia (Commonwealth Of) (AU3TB0000150) (4.55%), Australia (Commonwealth Of) (AU000XCLWAX7) (4.46%), Australia (Commonwealth Of) (AU000XCLWAG2) (4.38%), Australia (Commonwealth Of) (AU0000381832) (4.31%), Australia (Commonwealth Of) (AU0000143901) (4.29%) and Australia (Commonwealth Of) (AU000XCLWAM0) (4.24%).

**What were XCS2’s returns in each of the last five years?**

Calendar-year returns of XCS2 in pounds (price, with income reinvested in the fund): 2022 −8.5%, 2023 −1.3%, 2024 −5.0%, 2025 +1.0%; 2026 to 13/11/2026 +5.3%. Past performance is not a guide to future returns.

**How has XCS2 done after inflation?**

Over the five years to 13/11/2026 XCS2’s total return was −8.8%, or −28.8% 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/LU0494592974-australia-government-bond-ucits-etf-1c/)
- Links checked 12/10/2026.

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Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.