# Xtrackers MSCI Nordic UCITS ETF GBP Hedged Acc (XMN2) **Page:** https://fundology.uk/fund/xmn2 · ISIN IE000MF9SZ46 ## 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, 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. ## Summary 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. Latest close: **£9.06** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | XMN2 | | ISIN | IE000MF9SZ46 | | Category | European shares | | Type | ETF | | Provider | Xtrackers | | Tracks | MSCI Nordic Countries | | Income | Accumulating | | Ongoing charge | 0.35% a year (£35 per £10,000) | | Fund size | £42.5m | | Launched | 2025 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 01/01/2025 | ## 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 | +15.62% | +11.53% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year 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 CPIH inflation | Measured as | |---|---|---|---| | 2026 to 13/11/2026 | +15.5% | +11.8% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 12.59% | -8.30% | ## Largest fall 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. ## Charges compared with similar funds 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). ## 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 | Ongoing charge | 1 year | 3 years | 5 years | |---|---|---|---|---| | Xtrackers MSCI Nordic UCITS ETF | 0.30% | +11.7% | +27.3% | +22.4% | | Xtrackers MSCI Nordic UCITS ETF GBP Hedged Acc (this fund) | 0.35% | +15.6% | — | — | Returns are as reported, in pounds, income reinvested unless marked "(price)". ## Charges & eligibility - Ongoing charges figure (OCF): **0.35%** 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, 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%. ### Top holdings Largest positions (as of 15/11/2026), as a percentage of the whole fund: | # | Holding | Ticker | Weight | |---|---|---|---| | 1 | Novo Nordisk · Class B | [NOVO_B](https://fundology.uk/stock/NOVO_B) | 8.70% | | 2 | Spotify Technology | [SPOT](https://fundology.uk/stock/SPOT) | 5.81% | | 3 | Investor · Class B | [INVE_A](https://fundology.uk/stock/INVE_A) | 4.99% | | 4 | Nordea Bank Abp | [NDA_FI](https://fundology.uk/stock/NDA_FI) | 3.83% | | 5 | Volvo · Class B | [VOLV_A](https://fundology.uk/stock/VOLV_A) | 3.33% | | 6 | Atlas Copco · Class A | [ATCO_A](https://fundology.uk/stock/ATCO_A) | 3.23% | | 7 | Nokia | [NOKIA](https://fundology.uk/stock/NOKIA) | 2.81% | | 8 | DSV | [DSV](https://fundology.uk/stock/DSV) | 2.78% | | 9 | Assa Abloy · Class B | [ASSA_B](https://fundology.uk/stock/ASSA_B) | 2.55% | | 10 | Sandvik | [SAND](https://fundology.uk/stock/SAND) | 2.53% | ## Where it invests Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed. ### By sector Added up from the fund’s published holdings, as of 15/11/2026. | Sector | Weight | |---|---| | Industrials | 32.0% | | Financials | 23.5% | | Health Care | 13.0% | | Communication Services | 8.6% | | Information Technology | 6.2% | | Materials | 5.3% | | Consumer Staples | 4.0% | | Energy | 3.8% | | Other sectors | 3.2% | | Not classified | 0.4% | ### By country Added up from the fund’s published holdings, as of 15/11/2026. | Country | Weight | |---|---| | Sweden | 44.8% | | Denmark | 24.1% | | Finland | 16.0% | | Norway | 8.8% | | Luxembourg | 5.8% | | Brazil | 0.5% | ### By type of asset Added up from the fund’s published holdings, as of 15/11/2026. | Type of asset | Weight | |---|---| | Equity | 99.6% | | Cash and money market | 0.4% | The 81 holdings on record (of 84 reported): https://fundology.uk/fund/xmn2/holdings ## 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. ## Fund documents - [Fund page at Xtrackers (DWS)](https://etf.dws.com/en-gb/IE000MF9SZ46-msci-nordic-ucits-etf-2c-gbp-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.