ETF · Xtrackers
XMN2 Xtrackers MSCI Nordic UCITS ETF GBP Hedged Acc
ISIN IE000MF9SZ46London Stock Exchange: XMN2Deutsche Bank AG
- European shares
- ETF
- ISA
- SIPP
- Accumulating
- GBP hedged
Latest close
LSE£9.06
on
- Ongoing charge
- 0.35% a year
- Fund size
- £42.5m
As of , at least 15 min delayed
At a glance
As of 13/11/2026, XMN2 (Xtrackers MSCI Nordic UCITS ETF GBP Hedged Acc, ISIN IE000MF9SZ46) closed at £9.06 on the London Stock Exchange. Its ongoing charge is 0.35% a year (about £35 on £10,000). Over the year to 13/11/2026 its total return was +15.6%, or +11.5% after UK CPIH inflation.
Past returns
- 1 year to 13/11/2026
- +15.6%
- +11.5% after inflation (UK CPIH)
Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.
How we work it out:ReturnsReturns after inflationTotal returnReal returnCPIH
Calendar-year and 12-month returns
Calendar-year returns of Xtrackers MSCI Nordic UCITS ETF GBP Hedged Acc in pounds (price, with income reinvested in the fund): 2026 to 13/11/2026 +15.5%. Returns of Xtrackers MSCI Nordic UCITS ETF GBP Hedged Acc in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +14.8%.
| Year | Return | After inflation | Return shown as a bar |
|---|---|---|---|
| to | +15.5% | +11.8% |
| 12 months to | Return | After inflation |
|---|---|---|
| from | +14.8% | +10.7% |
As of , inflation: UK CPIH
How we work it out:Calendar-year returnsWhat a calendar-year return isAccumulating and distributing
Risk: volatility and largest fall
Volatility (annualised)
12.6%over 1 year
Annualised from weekly returns. Higher means bumpier.
- Largest fall since February 2025
- −17.9%
- From to
- Below its highest weekly close since February 2025
- 0.0%
- High of , latest
In words: Volatility of Xtrackers MSCI Nordic UCITS ETF GBP Hedged Acc in pounds, annualised from weekly returns to 13/11/2026: 12.6% over 1 year. Largest fall in the price of Xtrackers MSCI Nordic UCITS ETF GBP Hedged Acc since February 2025, in pounds: −17.9% from 28/02/2025 to 11/04/2025. On 13/11/2026 the price of Xtrackers MSCI Nordic UCITS ETF GBP Hedged Acc was at its highest weekly close since February 2025, in pounds.
As of , price, with income reinvested in the fund
How we work it out:Risk figuresFallsVolatilityLargest fall
Charges compared with similar funds
- Ongoing charge
- 0.35%
- a year
- On £10,000
- £35
- a year, roughly
- Over five years
- £174
- of £10,000, before growth
- 189 charge less
- 11 the same
- 42 charge more
Ongoing charge of Xtrackers MSCI Nordic UCITS ETF GBP Hedged Acc 0.35% a year. Compared on 14/11/2026, 42 of the 242 other European share funds charge more, 11 the same and 189 less (share classes counted once).
As of
A lower charge is not a promise of a higher return: what the fund holds matters more.
As of
Read more:Ongoing charge (OCF)OCF and TERFee dragHow charges add up
In plain English
Xtrackers MSCI Nordic UCITS ETF GBP Hedged Acc is an exchange-traded fund (ETF) from Xtrackers, launched in 2025.
It tracks the MSCI Nordic Countries.
You buy and sell it through a share-dealing account or platform during stock-market hours, like a share.
Its ongoing charge is 0.35% a year — about £35 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: it aims to remove most of the effect of exchange-rate moves against the pound.
European shares: Companies across Europe. Some funds include the UK and some leave it out — the fund name says which.
Terms:ETFIndex fundUCITSAccumulating or incomeCurrency hedgingShare classISIN
Key facts
- Ticker
- XMN2
- ISIN
- IE000MF9SZ46
- Provider
- Xtrackers
- Tracks
- MSCI Nordic Countries
- Structure
- ETF
- An exchange-traded fund: bought and sold on the stock exchange through the day, like a share.
- Income
- Accumulating
- Income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.
- Ongoing charge
- 0.35% a year · about £35 on £10,000
- Fund size
- £42.5m
- Launched
- Domicile
- Ireland
- UK reporting fund status
- Yes — on HMRC’s list of reporting funds (list of )
- Reporting fund since . What reporting fund status means
- Can usually be held in
- ISA and SIPP
- Check with your platform: each decides which funds it offers.
- Currency hedged
- Yes, to pounds
- Price currency
- Pounds (GBP)
- Category
- European shares
Price chart
Over the last year, the closing price went from £7.54 on 14/11/2025 to £9.06 on 13/11/2026 (+20.2%). The lowest close shown was £7.35 on 21/11/2025 and the highest £9.06 on 13/11/2026.
One close a week. Before 31/07/2026 the closes are from the weekly price history for this listing; from then on, the closing prices we have recorded.
As of , at least 15 min delayed
Five years of prices, and after inflation
89 weekly closes, from 28/02/2025 to 13/11/2026. The same history in November 2026 pounds, adjusted with CPIH inflation.
Create a free account to see the 5-year price chart and the after-inflation chart
Sign-up takes an email address. There is no card to enter and nothing to pay.
How we work it out:Prices and returnsNAV and price
What it holds
- Holdings
- 81
- 84 reported in all
- Ten largest
- 40.6%
- of the whole fund
- Effective number of holdings
- 37
- As concentrated as this many equal-sized holdings (how it is worked out)
- Largest holding
- 8.7%
- Novo Nordisk · Class B
Top 10 holdings
| Rank# | Holding | Weight as a percentage of the fund |
|---|---|---|
| 1 | Novo Nordisk · Class BNOVO_BHealth CareDenmark | 8.70% |
| 2 | Spotify TechnologySPOTCommunication ServicesLuxembourg | 5.81% |
| 3 | Investor · Class BINVE_AFinancialsSweden | 4.99% |
| 4 | Nordea Bank AbpNDA_FIFinancialsFinland | 3.83% |
| 5 | Volvo · Class BVOLV_AIndustrialsSweden | 3.33% |
| 6 | Atlas Copco · Class AATCO_AIndustrialsSweden | 3.23% |
| 7 | NokiaNOKIAInformation TechnologyFinland | 2.81% |
| 8 | DSVDSVIndustrialsDenmark | 2.78% |
| 9 | Assa Abloy · Class BASSA_BIndustrialsSweden | 2.55% |
| 10 | SandvikSANDIndustrialsSweden | 2.53% |
As of , holdings as published
Where it invests
The portfolio by sector, country and type of asset, as a share of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed.
By sector
- Industrials32.0%
- Financials23.5%
- Health Care13.0%
- Communication Services8.6%
- Information Technology6.2%
- Materials5.3%
- Consumer Staples4.0%
- Energy3.8%
- Other sectors3.2%
- Not classified0.4%
By country
- Sweden44.8%
- Denmark24.1%
- Finland16.0%
- Norway8.8%
- Luxembourg5.8%
- Brazil0.5%
By type of asset
- Equity99.6%
- Cash and money market0.4%
See the full portfolio
Every holding with search and filters, the whole breakdown by sector, country and type of asset, a map of the 81 largest and what changed since .
More of the portfolio
The fund publishes 84 holdings; the ten largest make up 40.6% of it. The fund's portfolio is also split by currency.
Create a free account to see the full holdings list and the currency, maturity and credit-quality breakdowns
Sign-up takes an email address. There is no card to enter and nothing to pay.
Holdings:Compare what it holds with another fundHoldings overlapHow overlap is measured
Funds tracking the same index
2 funds track MSCI Nordic Countries, this one included and share classes counted once; their ongoing charges range from 0.30% to 0.35% a year (13/11/2026).
| Fund | Charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| Xtrackers MSCI Nordic UCITS ETFDistributing · 0.30% a year | 0.30% | +11.7% | +27.3% | +22.4% |
| Xtrackers MSCI Nordic UCITS ETF GBP Hedged AccThis fundAccumulating · Currency hedged · 0.35% a year | 0.35% | +15.6% | Not reported | Not reported |
As of
MSCI Nordic Countries funds compared: charges, sizes and share classes
Read more:Index fundsTracking differenceHow funds are compared
Other versions of this fund
Risk and return in depth
Sharpe, Sortino and Calmar ratios
Sharpe, Sortino and Calmar ratios over 1 year, from weekly returns in pounds.
With a free accountLargest falls and recoveries
The 3 largest falls since February 2025, in pounds, with how many weeks each took to reach its low and to recover.
With a free account
Create a free account to see the risk ratios and each large fall and its recovery
Sign-up takes an email address. There is no card to enter and nothing to pay.
Rank among similar funds
Rank by total return over 1 year among up to 11 European share funds, currency-hedged, highest first.
Pro
Pro — currently by invitation
Pro includes the rank among similar funds
Pro is open by invitation while it is being built. There is nothing to buy. To ask about access, email [email protected].
Questions people ask
What is the ongoing charge of XMN2?
The ongoing charge of XMN2 is 0.35% a year — about £35 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 Nordic UCITS ETF GBP Hedged Acc 0.35% a year. Compared on 14/11/2026, 42 of the 242 other European share funds charge more, 11 the same and 189 less (share classes counted once).
What does XMN2 track?
XMN2 tracks the MSCI Nordic Countries.
Is XMN2 accumulating or distributing?
XMN2 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 XMN2?
The ISIN of XMN2 is IE000MF9SZ46. An ISIN identifies one exact share class of a fund; XMN2 is its ticker on the London Stock Exchange.
What does XMN2 hold?
As of 15/11/2026, XMN2 holds 84 positions, according to its published holdings. The largest is Novo Nordisk · Class B at 8.70% of the fund; the ten largest make up 40.6%. Its ten largest holdings are Novo Nordisk · Class B (8.70%), Spotify Technology (5.81%), Investor · Class B (4.99%), Nordea Bank Abp (3.83%), Volvo · Class B (3.33%), Atlas Copco · Class A (3.23%), Nokia (2.81%), DSV (2.78%), Assa Abloy · Class B (2.55%) and Sandvik (2.53%).
What were XMN2’s returns in each of the last five years?
Calendar-year returns of XMN2 in pounds (price, with income reinvested in the fund): 2026 to 13/11/2026 +15.5%. Past performance is not a guide to future returns.
How has XMN2 done after inflation?
Over the year to 13/11/2026 XMN2’s total return was +15.6%, or +11.5% after UK CPIH inflation. Past performance is not a guide to future returns.
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Fund documents and methods
- Fund documents
- Fund page at Xtrackers (DWS) (links checked )
Methodology:ReturnsCategoriesAll methods
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