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iShares Diversified Commodity Swap UCITS ETF (DE)Index, costs, backtest, listings and taxation

ISIN: DE000A0H0728Ticker: EXXYIssuer: iShares
Issuer-declared data
Declared index
Bloomberg Commodity Euro Total Return Index
TER
0.46%
Transaction costs
0.27% (issuer estimate, from the KID)
Management
Passive (index-tracking)
Replication
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
347.1 mln EUR
NAV
35.64 EUR (31 August 2026)
Domicile
Germany
Inception date
7 August 2007
Data as declared by iShares in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

iShares Diversified Commodity Swap UCITS ETF (DE) tracks the issuer-declared index: Bloomberg Commodity Euro Total Return Index. The declared annual cost (TER) is 0.46%, plus 0.27% in transaction costs estimated by the issuer in the KID. Replication is synthetic replication via a swap contract, as the KID declares; income is distributed to investors. The fund has assets of about 347 million euro, was launched on 7 August 2007 and is domiciled in Germany.

The fund’s objective — in the issuer’s words

iShares Diversified Commodity Swap UCITS ETF (DE) (the “Fund”) is a passively managed exchange traded fund (ETF) that aims to track the performance of the Bloomberg CommoditySM (Total Return Index). In this regard, it aims to replicate the benchmark (Index). The Index measures the performance of broadly diversified commodity markets representing energy, agriculture, industrial metals, precious metals and livestock sectors. The Index reflects the total return on a fully collateralised position in futures contracts on physical commodities. The Index rebalances annually and is weighted based on liquidity of the futures contracts and production of the underlying commodities, subject to capping restrictions to maintain diversification. The index is not mapped directly by acquiring forwards that are included in the index, but indirectly via one or several swap agreements. This swaps the entire performance of stocks from a basket of stocks held by the Fund with the performance of the underlying index, so that, in economic terms, as a rule the performance of the underlying index is mapped. The price of a derivative changes on a daily basis depending on the value of the underlying reference asset(s) which in turn may affect the value of the investment. A change in the value of underlying reference assets can have a greater impact on the value of derivatives than if the assets were held directly since derivatives can be more sensitive to changes in the value of underlying reference assets. The relationship between the return on the investment, how it is impacted and the period for which you hold the investment is considered below (see “How long should I hold it and can I take my money out early?”).

Keep reading the KID section ▾

The depositary of the Fund is State Street Bank International GmbH. Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the Fund. These documents are available free of charge in German, English and certain other languages. These can be found, along with other (practical) information, including prices of units, by emailing info@iShares.de or from www.ishares.com or by calling +49 (0) 89 42729 5858. The units in the Fund are accumulating units. Income from the Fund’s investments will be included in the value of the units rather than being paid out as a dividend. The Fund units are denominated in Euro. The units are listed on one or more Stock Exchange(s). Investors can buy or sell their units daily during business hours through an intermediary on such Stock Exchange(s). The value of the units is related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below). The prevailing market price at which the units trade on the secondary market may deviate from the value of the units. Indicative net asset value is published on relevant stock exchanges websites.

Intended retail investor:This Fund is intended for retail investors with basic knowledge and experience, with the ability to bear losses up to the amount invested in the Fund. This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index (see “How long should I hold it and can I take my money out early?”).

Insurance benefits:The Fund does not offer any insurance benefits.

From the KID’s “Objectives” section · 4 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.46%: above the median of commodity products we track (0.30%).
  • Average tracking difference over the last 3 years: -0.79% p.a., against a declared TER of 0.46%.
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · EUR · from Aug 2007 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+11.2%
Annualised
+0.6%
Volatility (ann.)
15.8%
Max drawdown
-65.74%
-58%-36%-14%+8%+30%Aug 2007May 2012Feb 2017Nov 2021Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+11%Aug 2007Sept 2026
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-20%-40%-60%-80%2007201020132016201920222025−65.74% · 21 Apr 2020
Max drawdown
-65.74%
peak → trough
Trough
21 Apr 2020
from the 03 Jul 2008 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
6,641 days
decline + recovery: peak to break-even · ≈ 18 years and 2 months · (ongoing)

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
04 Jul 200821 Apr 2020-65.74%ongoing6,640
03 Mar 200820 Mar 2008-11.87%12 Jun 2008101
06 Nov 200704 Dec 2007-5.81%21 Dec 200745
15 Aug 200721 Aug 2007-4.51%14 Sept 200730
09 Jan 200824 Jan 2008-3.97%06 Feb 200828

Calendar-year returns

2016
15.2%
2017
-11.4%
2018
-6.6%
2019
8.4%
2020
-13.8%
2021
38.0%
2022
22.1%
2023
-12.0%
2024
11.2%
2025
3.3%
2026
32.4%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20266.71.814.22.3-3.1-6.76.86.31.732.4
20253.60.70.0-9.6-0.6-1.02.0-0.41.64.72.60.33.3
20242.0-1.23.43.60.1-0.3-4.9-2.33.90.83.12.811.2
2023-2.3-2.5-2.6-2.4-2.41.65.10.71.70.3-5.4-4.0-12.0
20229.66.09.69.7-0.1-8.66.81.4-5.71.0-1.4-5.822.1
20214.56.51.05.71.44.61.70.16.82.6-4.83.138.0
2020-7.0-4.3-12.8-1.52.61.30.15.5-1.52.10.71.4-13.8
20193.81.71.2-0.3-2.90.41.5-1.32.1-0.3-1.54.08.4
2018-1.80.3-1.54.45.4-4.1-2.4-1.32.00.2-0.5-6.8-6.6
2017-2.31.8-3.4-3.4-4.5-1.7-1.2-0.50.33.7-2.92.2-11.4
2016-0.4-2.1-1.17.92.54.3-5.7-1.52.02.04.62.315.2
20152.43.1-1.01.3-0.60.0-9.9-2.4-3.10.6-3.1-6.8-18.6
20141.13.8-0.12.3-1.10.9-3.40.2-2.3-0.1-3.6-3.8-6.2
2013-0.70.03.4-6.3-0.6-4.9-1.64.5-5.0-2.1-0.90.7-13.1
20121.2-0.3-3.1-0.5-1.91.511.1-2.1-0.4-4.1-0.6-4.5-4.5
2011-1.21.4-1.6-1.3-1.0-6.33.80.6-8.01.32.2-0.3-10.5
2010-4.14.3-0.13.30.40.4-0.31.6-1.63.26.76.221.4
20098.4-4.4-2.02.16.4-2.21.3-1.2-1.14.30.57.720.7
20081.910.5-9.54.02.87.6-10.7-0.6-8.9-13.9-7.0-16.1-36.5
20073.80.8-4.54.84.9
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Source: iShares. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Tracking difference — fund vs index

How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 0 of the last 10 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.79% /anno
Declared TER
0.46%
YearFundIndexDifference
2025+3.32%+4.23%-0.91%
2024+11.69%+12.27%-0.59%
2023-11.98%-11.10%-0.88%
2022+21.59%+22.99%-1.40%
2021+37.96%+39.17%-1.20%
2020-13.79%+0.98%-14.77%
2019+8.37%+9.39%-1.02%
2018-6.63%-5.78%-0.85%
2017-11.44%-10.62%-0.81%
2016+15.20%+16.31%-1.12%
Total-return figures from issuer-declared series (primary source); complete calendar years. TD is not comparable across sites using different methodologies or index variants. Past performance is not indicative of future results. What is tracking difference? →

Risk indicators· EUR

Last yearLast 3 yearsLast 5 yearsLast 10 yearsFull history
Volatility (ann.)19.08%15.31%17.05%15.27%15.73%
Max drawdown-12.53%-15.92%-28.34%-33.63%-65.74%
Sharpe1.930.580.590.420.04
Sortino2.800.820.830.580.05
Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.21%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR, the fund's currency; the table follows the currency selected in the chart.

Portfolio holdings

Securities in portfolio
25
Top-10 weight
65.4%

Top 10 holdings

GOLD 100 OZ DEC 26 · GCZ6
12.20%
BRENT CRUDE (ICE) NOV 26 · COX6
10.29%
WTI CRUDE NOV 26 · CLX6
8.14%
NATURAL GAS NOV 26 · NGX26
6.18%
COPPER DEC 26 · HGZ6
5.92%
CORN DEC 26 · C Z6
5.43%
SOYBEAN NOV 26 · S X6
5.27%
GAS OIL NOV 26 · QSX6
4.80%
NY HARBOR ULSD (HEAT OIL) NOV 26 · HOX6
3.71%
LME PRI ALUM NOV 26 · LAX26
3.41%
Download the full portfolio — Excel, 25 rows
Full portfolio declared by iShares, as of 31 August 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding. Synthetic replication: the list shows the substitute basket (securities held as swap collateral), which can differ substantially from the replicated index. The fund’s economic exposure is that of its declared index.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Where it shows up commission-free in Italy

According to the official lists published by the brokers (downloaded and cross-checked by us), these share classes of the fund appear tradable with zero fees:

DE000A0H0728
  • BG Saxozero within the savings plan (buys)
  • Directazero within the savings plan (buys)
  • Directazero on single buys from 1,500 €, agreement until 31 December 2026
  • Moneyfarmzero within the savings plan (buys), agreement until 31 March 2027
  • Moneyfarmzero on single buys from 1,000 €, agreement until 31 March 2027
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
Full terms, traps and method in the observatory: Free savings plans and zero-commission ETFs: the broker survey

Official lists verified on 3 September 2026. We record published terms — this is neither an invitation to open accounts nor a recommendation: lists change, the broker’s documents prevail. Trade Republic, Scalable Capital and Trading 212 publish no per-ISIN lists and don’t appear here.

Stock exchange listings

ExchangeTickerTrading since
Borsa Italiana (ETFplus)DJCOMEX3 Nov 2008
Börse Düsseldorf23 May 2008
Börse Frankfurt23 May 2011
Börse Hamburg28 May 2009
Börse Hannover14 Dec 2022
Börse München / gettex27 Aug 2007
Börse Stuttgart21 Aug 2007
Euronext ParisCMSE12 Aug 2022
Tradegate Exchange13 May 2010
Xetra (Deutsche Börse)DJCOMEX21 Aug 2007
+ 21 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does iShares Diversified Commodity Swap UCITS ETF (DE) track?
The issuer iShares declares the benchmark: Bloomberg Commodity Euro Total Return Index.
How much does EXXY cost?
The issuer-declared TER is 0.46% per year; the transaction costs estimated in the KID are 0.27%.
What is the fund size of EXXY?
The fund size declared by iShares is about 347 million euro.
When was EXXY launched?
The fund was launched on 7 August 2007: it has 19 years of history.
How does EXXY replicate its index?
It is a passively managed ETF: it follows the declared index. Synthetic (swap) (issuer wording: “Sintetica - swap (dal KID)”).
Does EXXY pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “No Income”).
Where does EXXY trade?
Per the official ESMA register it trades on 10 main exchanges, including Borsa Italiana (ETFplus) (DJCOMEX), Euronext Paris (CMSE), Xetra (Deutsche Börse) (DJCOMEX).
What was EXXY's worst fall?
Over the available history (since 2007), the maximum drawdown was -65.74%, reached in April 2020. Past performance is not indicative of future results.
What is EXXY's tracking difference?
Over the last 3 complete calendar years the fund returned on average -0.79% per year versus its index (from issuer-declared series).
How many securities does EXXY hold?
The declared portfolio holds 25 securities; the top 10 positions weigh 65.4%.
Transparency note
The data in this sheet is declared by iShares in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.