# Xtrackers S&P 500 2X INVERSE DAILY UCITS ETF Capitalisation E1C (XT2D)

**Page:** https://fundology.uk/fund/xt2d · ISIN LU0411078636

## 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, XT2D (Xtrackers S&P 500 2X INVERSE DAILY UCITS ETF Capitalisation E1C, ISIN LU0411078636) closed at $0.1632 on the London Stock Exchange. Its ongoing charge is 0.70% a year (about £70 on £10,000). Over the five years to 13/11/2026 its total return was −60.7%, or −69.4% after UK CPIH inflation.

## Summary

Xtrackers S&P 500 2X INVERSE DAILY UCITS ETF Capitalisation E1C is an exchange-traded fund (ETF) from Xtrackers, launched in 2010. It aims to deliver a multiple, or the opposite, of one day’s move in what it tracks. The multiple resets daily, so over longer periods its return can differ a lot from the multiple of the index return. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.7% a year — about £70 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.

> **Leveraged & inverse:** Built for short-term trading. Because the multiple resets every day, losses can build up quickly when held for longer, even if the index ends up where it started.

Latest close: **$0.1632** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | XT2D |
| ISIN | LU0411078636 |
| Also listed as | DBPK (Xetra, euros) |
| Category | Leveraged & inverse |
| Type | ETF |
| Provider | Xtrackers |
| Tracks | S&P 500 2x Inverse Daily Index |
| Income | Accumulating |
| Ongoing charge | 0.70% a year (£70 per £10,000) |
| Fund size | £37.1m |
| Launched | 2010 |
| 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 | -15.78% | -18.76% | income reinvested |
| 3 years | -63.86% | -67.35% | income reinvested |
| 5 years | -60.75% | -69.36% | income reinvested |

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

## Calendar-year returns

Calendar-year returns of Xtrackers S&P 500 2X INVERSE DAILY UCITS ETF Capitalisation E1C in pounds (price, with income reinvested in the fund): 2022 +48.7%, 2023 −34.8%, 2024 −26.5%, 2025 −30.3%; 2026 to 13/11/2026 −12.8%. Returns of Xtrackers S&P 500 2X INVERSE DAILY UCITS ETF Capitalisation E1C in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: −18.8%; to 30/09/2025: −26.2%; to 30/09/2024: −43.6%; to 30/09/2023: −33.5%; to 30/09/2022: +46.9%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | +48.7% | +36.1% | Price |
| 2023 | -34.8% | -37.4% | Price |
| 2024 | -26.5% | -29.0% | Price |
| 2025 | -30.3% | -32.7% | Price |
| 2026 to 13/11/2026 | -12.8% | -15.6% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 23.28% | -32.26% |
| 3 years | 27.59% | -67.14% |
| 5 years | 33.27% | -78.49% |

## Largest fall

Volatility of Xtrackers S&P 500 2X INVERSE DAILY UCITS ETF Capitalisation E1C in pounds, annualised from weekly returns to 13/11/2026: 23.3% over 1 year, 27.6% over 3 years, 33.3% over 5 years. Largest fall in the price of Xtrackers S&P 500 2X INVERSE DAILY UCITS ETF Capitalisation E1C since November 2021, in pounds: −78.5% from 30/09/2022 to 14/08/2026. The lowest 12-month return of Xtrackers S&P 500 2X INVERSE DAILY UCITS ETF Capitalisation E1C in pounds (price, with income reinvested in the fund) since January 2021 was −48.2% (12 months to 25/10/2024); the highest was +61.5% (12 months to 04/11/2022). On 13/11/2026 the price of Xtrackers S&P 500 2X INVERSE DAILY UCITS ETF Capitalisation E1C was 76.2% below its highest weekly close since November 2021 (30/09/2022), in pounds.

## Charges compared with similar funds

Ongoing charge of Xtrackers S&P 500 2X INVERSE DAILY UCITS ETF Capitalisation E1C 0.70% a year. Compared on 14/11/2026, 169 of the 210 other leveraged and inverse products charge more, 0 the same and 41 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.70%** 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

XT2D 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 | Norfolk Southern | [NSC](https://fundology.uk/stock/NSC) | 8.81% |
| 2 | Vivmark Residential | [VMRK](https://fundology.uk/stock/VMRK) | 8.30% |
| 3 | CMS Energy | [CMS](https://fundology.uk/stock/CMS) | 6.70% |
| 4 | Amphenol · Class A | [APH](https://fundology.uk/stock/APH) | 6.63% |
| 5 | Dell Technologies | [DELL](https://fundology.uk/stock/DELL) | 4.55% |
| 6 | GoDaddy · Class A | [GDDY](https://fundology.uk/stock/GDDY) | 4.04% |
| 7 | Boeing | [BA](https://fundology.uk/stock/BA) | 3.92% |
| 8 | DTE Energy | [DTE](https://fundology.uk/stock/NYSE:DTE) | 3.90% |
| 9 | Altria Group | [MO](https://fundology.uk/stock/MO) | 3.89% |
| 10 | Lockheed Martin | [LMT](https://fundology.uk/stock/LMT) | 3.89% |

The 30 holdings on record (of 31 reported): https://fundology.uk/fund/xt2d/holdings

## Questions people ask

**What is the ongoing charge of XT2D?**

The ongoing charge of XT2D is 0.70% a year — about £70 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 S&P 500 2X INVERSE DAILY UCITS ETF Capitalisation E1C 0.70% a year. Compared on 14/11/2026, 169 of the 210 other leveraged and inverse products charge more, 0 the same and 41 less (share classes counted once).

**What does XT2D track?**

XT2D tracks the S&P 500 2x Inverse Daily Index.

**Is XT2D accumulating or distributing?**

XT2D 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 XT2D?**

The ISIN of XT2D is LU0411078636. An ISIN identifies one exact share class of a fund; XT2D is its ticker on the London Stock Exchange. The same share class is also listed as DBPK (Xetra, euros).

**What does XT2D hold?**

XT2D 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 XT2D’s returns in each of the last five years?**

Calendar-year returns of XT2D in pounds (price, with income reinvested in the fund): 2022 +48.7%, 2023 −34.8%, 2024 −26.5%, 2025 −30.3%; 2026 to 13/11/2026 −12.8%. Past performance is not a guide to future returns.

**How has XT2D done after inflation?**

Over the five years to 13/11/2026 XT2D’s total return was −60.7%, or −69.4% 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/LU0411078636-s-p-500-2x-inverse-daily-swap-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.