# Xtrackers MSCI USA Swap UCITS ETF (XUSW) **Page:** https://fundology.uk/fund/xusw · ISIN LU2581375073 ## 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, XUSW (Xtrackers MSCI USA Swap UCITS ETF, ISIN LU2581375073) closed at £103.58 on the London Stock Exchange. Its ongoing charge is 0.07% a year (about £7 on £10,000). Over the three years to 13/11/2026 its price changed by +59.4% (income paid out is not included), or +44.0% after UK CPIH inflation. ## Summary Xtrackers MSCI USA Swap UCITS ETF is an exchange-traded fund (ETF) from Xtrackers, launched in 2023. It tracks the MSCI USA. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.07% a year — about £7 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is paid out to holders as cash, usually a few times a year. Latest close: **£103.58** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | XUSW | | ISIN | LU2581375073 | | Also listed as | XUSD (London Stock Exchange, US dollars) | | Category | US shares | | Type | ETF | | Provider | Xtrackers | | Tracks | MSCI USA | | Income | Distributing | | Ongoing charge | 0.07% a year (£7 per £10,000) | | Fund size | £2.4bn | | Launched | 2023 | | Domicile | Luxembourg | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 08/03/2023 | ## 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 | +10.93% | +7.00% | income reinvested | | 3 years | +59.43% | +44.04% | price only | Returns: as reported (delayed data) and worked out from recorded daily closes. Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of Xtrackers MSCI USA Swap UCITS ETF in pounds (price only, income paid out not included): 2024 +27.3%, 2025 +6.3%; 2026 to 13/11/2026 +12.1%. Returns of Xtrackers MSCI USA Swap UCITS ETF in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: +15.9%; to 30/09/2025: +17.3%; to 30/09/2024: +21.4%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2024 | +27.3% | +23.0% | Price | | 2025 | +6.3% | +2.7% | Price | | 2026 to 13/11/2026 | +12.1% | +8.5% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 11.31% | -7.34% | | 3 years | 12.93% | -19.36% | ## Largest fall Volatility of Xtrackers MSCI USA Swap UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 11.3% over 1 year, 12.9% over 3 years. Largest fall in the price of Xtrackers MSCI USA Swap UCITS ETF since March 2023, in pounds: −19.4% from 17/01/2025 to 18/04/2025. The lowest 12-month return of Xtrackers MSCI USA Swap UCITS ETF in pounds (price only, income paid out not included) since March 2023 was −2.8% (12 months to 11/04/2025); the highest was +32.6% (12 months to 22/11/2024). On 13/11/2026 the price of Xtrackers MSCI USA Swap UCITS ETF was 3.5% below its highest weekly close since March 2023 (09/10/2026), in pounds. ## Charges compared with similar funds Ongoing charge of Xtrackers MSCI USA Swap UCITS ETF 0.07% a year. Compared on 14/11/2026, 201 of the 254 other US share funds charge more, 16 the same and 37 less (share classes counted once). ## Funds tracking the same index 18 funds track MSCI USA, this one included and share classes counted once; their ongoing charges range from 0.03% to 0.30% a year (13/11/2026). | Fund | Ongoing charge | 1 year | 3 years | 5 years | |---|---|---|---|---| | Amundi Core MSCI USA UCITS ETF USD | 0.03% | +10.6% | — | — | | Amundi Index Solutions SICAV - Amundi Core MSCI USA Swap -UCITS ETF GBP H D- Distribution | 0.07% | — | — | — | | Amundi Index Solutions SICAV - Amundi Core MSCI USA Swap Capitalisation -UCITS ETF A- | 0.05% | — | — | — | | Deka MSCI USA UCITS ETF | 0.30% | +5.0% | +56.0% | +59.8% | | Invesco MSCI USA UCITS ETF Acc | 0.05% | +11.6% | +65.7% | +73.6% | | Invesco MSCI USA UCITS ETF USD | 0.05% | +11.5% | +65.5% | +73.5% | | iShares MSCI USA Swap UCITS ETF AccumUSD | 0.05% | +11.0% | — | — | | iShares MSCI USA Swap UCITS ETF Hedged GBP | 0.05% | +11.5% | — | — | | iShares MSCI USA UCITS ETF | 0.07% | +10.9% | +65.0% | +71.7% | | UBS (Irl) Fund Solutions PLC - UBS MSCI USA SF UCITS ETF Accum Shs USD | 0.15% | +8.1% | +60.1% | +64.7% | | UBS Core MSCI USA UCITS ETF Accum -A- USD | 0.03% | +11.5% | — | +72.2% | | UBS Core MSCI USA UCITS ETF Class -A- USD | 0.03% | +10.9% | +65.1% | +71.8% | | UBS ETF SICAV - UBS ETF - MSCI USA UCITS ETF A Distribution | 0.14% | +10.8% | +60.1% | +69.5% | | Xtrackers (IE) plc - Xtrackers MSCI USA Swap II UCITS ETF Accum-1C- USD | 0.04% | — | — | — | | Xtrackers MSCI USA Swap II UCITS ETF -1D- USD | 0.04% | — | — | — | | Xtrackers MSCI USA Swap UCITS ETF (this fund) | 0.07% | +10.9% | — | — | | Xtrackers MSCI USA SWAP UCITS ETF Capitalisation 1C | 0.15% | +10.8% | +65.2% | +72.5% | | Xtrackers MSCI USA UCITS ETF | 0.04% | +10.8% | +64.9% | +71.8% | Returns are as reported, in pounds, income reinvested unless marked "(price)". ## Charges & eligibility - Ongoing charges figure (OCF): **0.07%** 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 XUSW 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 | NVIDIA | [NVDA](https://fundology.uk/stock/NVDA) | 6.74% | | 2 | Amazon | [AMZN](https://fundology.uk/stock/AMZN) | 4.18% | | 3 | Alphabet · Class A | [GOOGL](https://fundology.uk/stock/GOOGL) | 3.35% | | 4 | Berkshire Hathaway · Class B | [BRK.B](https://fundology.uk/stock/BRK.B) | 3.25% | | 5 | Tesla | [TSLA](https://fundology.uk/stock/TSLA) | 2.82% | | 6 | ASML | [ASML](https://fundology.uk/stock/ASML) | 2.72% | | 7 | Analog Devices | [ADI](https://fundology.uk/stock/ADI) | 2.36% | | 8 | Microsoft | [MSFT](https://fundology.uk/stock/MSFT) | 2.35% | | 9 | Micron Technology | [MU](https://fundology.uk/stock/MU) | 2.22% | | 10 | Intel | [INTC](https://fundology.uk/stock/INTC) | 2.17% | The 244 holdings on record (of 258 reported): https://fundology.uk/fund/xusw/holdings ## Questions people ask **What is the ongoing charge of XUSW?** The ongoing charge of XUSW is 0.07% a year — about £7 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 USA Swap UCITS ETF 0.07% a year. Compared on 14/11/2026, 201 of the 254 other US share funds charge more, 16 the same and 37 less (share classes counted once). **What does XUSW track?** XUSW tracks the MSCI USA. **Is XUSW accumulating or distributing?** XUSW is distributing: income is paid out to holders as cash, usually a few times a year. It pays out quarterly. **What is the ISIN of XUSW?** The ISIN of XUSW is LU2581375073. An ISIN identifies one exact share class of a fund; XUSW is its ticker on the London Stock Exchange. The same share class is also listed as XUSD (London Stock Exchange, US dollars). **What does XUSW hold?** XUSW 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 XUSW’s returns in each of the last five years?** Calendar-year returns of XUSW in pounds (price only, income paid out not included): 2024 +27.3%, 2025 +6.3%; 2026 to 13/11/2026 +12.1%. Past performance is not a guide to future returns. **How has XUSW done after inflation?** Over the three years to 13/11/2026 XUSW’s price changed by +59.4% (income paid out is not included), or +44.0% 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/LU2581375073-msci-usa-swap-ucits-etf-1d/) - 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.