# Xtrackers MSCI AFRICA TOP 50 INDEX UCITS ETF Capitalisation 1C (XMAF) **Page:** https://fundology.uk/fund/xmaf · ISIN LU0592217524 ## 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, XMAF (Xtrackers MSCI AFRICA TOP 50 INDEX UCITS ETF Capitalisation 1C, ISIN LU0592217524) closed at $9.99 on the London Stock Exchange. Its ongoing charge is 0.65% a year (about £65 on £10,000). Over the five years to 13/11/2026 its total return was +28.7%, or +0.5% after UK CPIH inflation. ## Summary Xtrackers MSCI AFRICA TOP 50 INDEX UCITS ETF Capitalisation 1C is an exchange-traded fund (ETF) from Xtrackers, launched in 2011. It tracks the MSCI EFM Africa Top 50 Capped Index. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.65% a year — about £65 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: **$9.99** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | XMAF | | ISIN | LU0592217524 | | Also listed as | XMKA (Xetra, euros) | | Category | Emerging markets | | Type | ETF | | Provider | Xtrackers | | Tracks | MSCI EFM Africa Top 50 Capped Index | | Income | Accumulating | | Ongoing charge | 0.65% a year (£65 per £10,000) | | Fund size | £65.1m | | Launched | 2011 | | Domicile | Luxembourg | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 01/01/2011 | ## 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 | -0.83% | -4.34% | income reinvested | | 3 years | +49.95% | +35.48% | income reinvested | | 5 years | +28.73% | +0.48% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of Xtrackers MSCI AFRICA TOP 50 INDEX UCITS ETF Capitalisation 1C in pounds (price, with income reinvested in the fund): 2022 −0.2%, 2023 −8.5%, 2024 +11.4%, 2025 +37.8%; 2026 to 13/11/2026 −7.5%. Returns of Xtrackers MSCI AFRICA TOP 50 INDEX UCITS ETF Capitalisation 1C in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +2.2%; to 30/09/2025: +26.6%; to 30/09/2024: +18.8%; to 30/09/2023: −6.3%; to 30/09/2022: −8.7%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2022 | -0.2% | -8.7% | Price | | 2023 | -8.5% | -12.2% | Price | | 2024 | +11.4% | +7.6% | Price | | 2025 | +37.8% | +33.1% | Price | | 2026 to 13/11/2026 | -7.5% | -10.4% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 20.42% | -18.98% | | 3 years | 18.58% | -18.98% | | 5 years | 18.48% | -23.37% | ## Largest fall Volatility of Xtrackers MSCI AFRICA TOP 50 INDEX UCITS ETF Capitalisation 1C in pounds, annualised from weekly returns to 13/11/2026: 20.4% over 1 year, 18.6% over 3 years, 18.5% over 5 years. Largest fall in the price of Xtrackers MSCI AFRICA TOP 50 INDEX UCITS ETF Capitalisation 1C since November 2021, in pounds: −23.4% from 08/04/2022 to 26/05/2023. The lowest 12-month return of Xtrackers MSCI AFRICA TOP 50 INDEX UCITS ETF Capitalisation 1C in pounds (price, with income reinvested in the fund) since January 2021 was −18.9% (12 months to 17/03/2023); the highest was +44.4% (12 months to 23/01/2026). On 13/11/2026 the price of Xtrackers MSCI AFRICA TOP 50 INDEX UCITS ETF Capitalisation 1C was 14.4% below its highest weekly close since November 2021 (27/02/2026), in pounds. ## Charges compared with similar funds Ongoing charge of Xtrackers MSCI AFRICA TOP 50 INDEX UCITS ETF Capitalisation 1C 0.65% a year. Compared on 14/11/2026, 21 of the 151 other emerging-market share funds charge more, 12 the same and 118 less (share classes counted once). ## Charges & eligibility - Ongoing charges figure (OCF): **0.65%** 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 XMAF 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 | Amazon | [AMZN](https://fundology.uk/stock/AMZN) | 7.78% | | 2 | CrowdStrike · Class A | [CRWD](https://fundology.uk/stock/CRWD) | 4.75% | | 3 | Advanced Micro Devices | [AMD](https://fundology.uk/stock/AMD) | 4.68% | | 4 | MetLife | [MET](https://fundology.uk/stock/MET) | 4.42% | | 5 | Airbnb · Class A | [ABNB](https://fundology.uk/stock/ABNB) | 4.40% | | 6 | Blackstone | [BX](https://fundology.uk/stock/BX) | 4.36% | | 7 | Vertex Pharmaceuticals | [VRTX](https://fundology.uk/stock/VRTX) | 3.77% | | 8 | Tesla | [TSLA](https://fundology.uk/stock/TSLA) | 3.69% | | 9 | Fortinet | [FTNT](https://fundology.uk/stock/FTNT) | 3.54% | | 10 | Take-Two Interactive Software | [TTWO](https://fundology.uk/stock/TTWO) | 3.49% | All 65 holdings: https://fundology.uk/fund/xmaf/holdings ## Questions people ask **What is the ongoing charge of XMAF?** The ongoing charge of XMAF is 0.65% a year — about £65 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 MSCI AFRICA TOP 50 INDEX UCITS ETF Capitalisation 1C 0.65% a year. Compared on 14/11/2026, 21 of the 151 other emerging-market share funds charge more, 12 the same and 118 less (share classes counted once). **What does XMAF track?** XMAF tracks the MSCI EFM Africa Top 50 Capped Index. **Is XMAF accumulating or distributing?** XMAF 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 XMAF?** The ISIN of XMAF is LU0592217524. An ISIN identifies one exact share class of a fund; XMAF is its ticker on the London Stock Exchange. The same share class is also listed as XMKA (Xetra, euros). **What does XMAF hold?** XMAF 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 XMAF’s returns in each of the last five years?** Calendar-year returns of XMAF in pounds (price, with income reinvested in the fund): 2022 −0.2%, 2023 −8.5%, 2024 +11.4%, 2025 +37.8%; 2026 to 13/11/2026 −7.5%. Past performance is not a guide to future returns. **How has XMAF done after inflation?** Over the five years to 13/11/2026 XMAF’s total return was +28.7%, or +0.5% 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/LU0592217524-msci-africa-top-50-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.