# Xtrackers II USD Overnight Rate Swap UCITS ETF -1C- Capitalisation (XFFE) **Page:** https://fundology.uk/fund/xffe · ISIN LU0321465469 ## 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, XFFE (Xtrackers II USD Overnight Rate Swap UCITS ETF -1C- Capitalisation, ISIN LU0321465469) closed at $216.75 on the London Stock Exchange. Its ongoing charge is 0.10% a year (about £10 on £10,000). Over the five years to 13/11/2026 its total return was +22.3%, or −4.5% after UK CPIH inflation. ## Summary Xtrackers II USD Overnight Rate Swap UCITS ETF -1C- Capitalisation is an exchange-traded fund (ETF) from Xtrackers, launched in 2007. It tracks the Deutsche Bank FED Funds Effective Rate Index. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.1% a year — about £10 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: **$216.75** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | XFFE | | ISIN | LU0321465469 | | Category | Cash-like & short-term | | Type | ETF | | Provider | Xtrackers | | Tracks | Deutsche Bank FED Funds Effective Rate Index | | Income | Accumulating | | Ongoing charge | 0.10% a year (£10 per £10,000) | | Fund size | £298m | | Launched | 2007 | | Domicile | Luxembourg | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 01/01/2010 | ## 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 | +3.31% | -0.35% | income reinvested | | 3 years | +5.57% | -4.62% | income reinvested | | 5 years | +22.35% | -4.50% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of Xtrackers II USD Overnight Rate Swap UCITS ETF -1C- Capitalisation in pounds (price, with income reinvested in the fund): 2022 +13.8%, 2023 −0.6%, 2024 +8.0%, 2025 −3.8%; 2026 to 13/11/2026 +4.9%. Returns of Xtrackers II USD Overnight Rate Swap UCITS ETF -1C- Capitalisation in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +4.9%; to 30/09/2025: +4.1%; to 30/09/2024: −3.5%; to 30/09/2023: −5.7%; to 30/09/2022: +23.5%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2022 | +13.8% | +4.2% | Price | | 2023 | -0.6% | -4.6% | Price | | 2024 | +8.0% | +4.3% | Price | | 2025 | -3.8% | -7.1% | Price | | 2026 to 13/11/2026 | +4.9% | +1.5% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 5.60% | -4.32% | | 3 years | 6.26% | -9.41% | | 5 years | 7.62% | -12.87% | ## Largest fall Volatility of Xtrackers II USD Overnight Rate Swap UCITS ETF -1C- Capitalisation in pounds, annualised from weekly returns to 13/11/2026: 5.6% over 1 year, 6.3% over 3 years, 7.6% over 5 years. Largest fall in the price of Xtrackers II USD Overnight Rate Swap UCITS ETF -1C- Capitalisation since November 2021, in pounds: −12.9% from 30/09/2022 to 14/07/2023. The lowest 12-month return of Xtrackers II USD Overnight Rate Swap UCITS ETF -1C- Capitalisation in pounds (price, with income reinvested in the fund) since January 2021 was −6.2% (12 months to 14/07/2023); the highest was +25.3% (12 months to 21/10/2022). On 13/11/2026 the price of Xtrackers II USD Overnight Rate Swap UCITS ETF -1C- Capitalisation was 1.0% below its highest weekly close since November 2021 (17/01/2025), in pounds. ## Charges compared with similar funds Ongoing charge of Xtrackers II USD Overnight Rate Swap UCITS ETF -1C- Capitalisation 0.10% a year. Compared on 14/11/2026, 11 of the 43 other cash-like and short-term funds charge more, 14 the same and 18 less (share classes counted once). ## Charges & eligibility - Ongoing charges figure (OCF): **0.10%** 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 XFFE is a swap-based (synthetic) fund: it gets the return of the index it tracks through a swap. Its published holdings, as of 15/11/2026, are the substitute basket of securities the fund holds as collateral, not the companies in that index. ### Top holdings Largest positions (as of 15/11/2026), as a percentage of the whole fund: | # | Holding | Ticker | Weight | |---|---|---|---| | 1 | Germany (Federal Republic Of) | — | 12.34% | | 2 | Treasury Note (US91282CPS43) | — | 10.35% | | 3 | Treasury Bond (US912810TX63) | — | 8.12% | | 4 | Treasury Note (US91282CRM54) | — | 7.87% | | 5 | Treasury Note (US91282CRJ26) | — | 7.55% | | 6 | Treasury Bond (US912810TN81) | — | 7.37% | | 7 | Spain (Kingdom Of) (ES0000012S22) | — | 6.20% | | 8 | France (Republic Of) (FR001400OHF4) | — | 6.19% | | 9 | Treasury Bond (US912810SA79) | — | 4.05% | | 10 | European Union (EU000A3K4DY4) | — | 3.96% | All 36 holdings: https://fundology.uk/fund/xffe/holdings ## Questions people ask **What is the ongoing charge of XFFE?** The ongoing charge of XFFE is 0.10% a year — about £10 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 USD Overnight Rate Swap UCITS ETF -1C- Capitalisation 0.10% a year. Compared on 14/11/2026, 11 of the 43 other cash-like and short-term funds charge more, 14 the same and 18 less (share classes counted once). **What does XFFE track?** XFFE tracks the Deutsche Bank FED Funds Effective Rate Index. **Is XFFE accumulating or distributing?** XFFE 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 XFFE?** The ISIN of XFFE is LU0321465469. An ISIN identifies one exact share class of a fund; XFFE is its ticker on the London Stock Exchange. **What does XFFE hold?** XFFE is a swap-based (synthetic) fund: it gets the return of the index it tracks through a swap. Its published holdings, as of 15/11/2026, are the substitute basket of securities the fund holds as collateral, not the companies in that index. **What were XFFE’s returns in each of the last five years?** Calendar-year returns of XFFE in pounds (price, with income reinvested in the fund): 2022 +13.8%, 2023 −0.6%, 2024 +8.0%, 2025 −3.8%; 2026 to 13/11/2026 +4.9%. Past performance is not a guide to future returns. **How has XFFE done after inflation?** Over the five years to 13/11/2026 XFFE’s total return was +22.3%, or −4.5% 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/LU0321465469-usd-overnight-rate-swap-ucits-etf-1c/) - 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.