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Xtrackers Esg Usd Emerging Markets Bond Quality Weighted UCITS ETF 1cIndex, costs, backtest, listings and taxation

ISIN: IE0004KLW911Ticker: XQUD (Xetra)Issuer: Xtrackers
Issuer-declared data
TER
0.45%
Transaction costs
0.03% (issuer estimate, from the KID)
Management
Passive (index-tracking) (from the KID)
Replication
Income policy
SFDR
Article 8 — promotes environmental or social characteristics what does it mean?
Fund assets
206.3 mln EUR
Domicile
Ireland
Inception date
15 June 2022
Data as declared by Xtrackers in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

Xtrackers Esg Usd Emerging Markets Bond Quality Weighted UCITS ETF 1c tracks the issuer-declared index: iBoxx MSCI ESG USD Emerging Markets Sovereigns Quality Weighted (USD). The declared annual cost (TER) is 0.45%, plus 0.03% in transaction costs estimated by the issuer in the KID. Replication is physical replication (the KID declares buying all or a substantial number of the index constituents); income is accumulated and reinvested in the fund. The fund has assets of about 206 million euro, was launched on 15 June 2022 and is domiciled in Ireland. In our registry it is the largest by assets among the 2 ETFs declaring the same index.

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

The fund is passively managed.

INVESTMENT OBJECTIVE:The fund aims to reflect the performance of the iBoxx MSCI ESG USD Emerging Markets Sovereigns Quality Weighted Index (index).

DESCRIPTION OF INDEX:The index is designed to represent the performance of USD denominated bonds issued by governments or central banks in emerging market countries. The index considers fundamental economic indicators and MSCI ESG Government Ratings (ESG Ratings) for selection and weighting purposes.

Keep reading the KID section ▾

ESG CRITERIA: Bonds issued by countries with favourable fundamental economic indicators and higher ESG Ratings will have higher representation in the index compared to countries with weaker economic fundamental indicators and lower ESG Ratings. Bonds are only eligible for inclusion in the index if they meet certain predetermined selection and eligibility criteria including a minimum credit rating. Following the application of all financial screening criteria as described above, the index ranks countries still eligible for inclusion by their ESG Rating. Starting with the lowest rating, countries will be excluded until the cumulative market value weight of such exclusions reaches a minimum 20% threshold (effectively a "best-in-universe" approach).

INDEX REBALANCING, CALCULATION AND ADMINISTRATION:The index is administered by IHS Markit Benchmark Administration Limited. The index is calculated on a total return gross basis, meaning all distributions paid by the issuers of the bonds are treated as being reinvested. The index is rebalanced on a monthly basis and country weightings are re-allocated quarterly.

INVESTMENT POLICY:To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. FURTHER INFORMATION: Certain information (including the latest share prices of the fund, indicative net asset values, full disclosure on the composition of the fund's portfolio and information on the index constituents) are available on your local DWS website or at www.Xtrackers.com. Transaction costs and taxes, unexpected fund costs and market conditions such as volatility or liquidity issues may affect the ability of the fund to track the index. The anticipated level of tracking error in normal market conditions is 1 per cent. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.

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 0.45%: above the median of bond ETFs we track (0.15%).
  • Average tracking difference over the last 3 years: -0.51% p.a., against a declared TER of 0.45%.
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) · USD · from Jun 2022 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+19.2%
Annualised
+4.2%
Volatility (ann.)
6.4%
Max drawdown
-13.02%
-11%-2%+7%+16%+25%Jun 2022Jul 2023Jul 2024Aug 2025Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+19%Jun 2022Sept 2026
Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.
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%-5%-10%-15%-20%20222023202420252026−13.02% · 21 Oct 2022
Max drawdown
-13.02%
peak → trough
Trough
21 Oct 2022
from the 11 Aug 2022 peak
Recovery time
104 days
recovery only: trough to break-even · ≈ 3 months
Underwater
175 days
decline + recovery: peak to break-even · ≈ 6 months · → recovered on 02 Feb 2023

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
11 Aug 202221 Oct 2022-13.02%02 Feb 2023175
02 Feb 202319 Oct 2023-8.93%14 Dec 2023315
17 Sept 202413 Jan 2025-6.72%29 Jul 2025315
27 Dec 202325 Apr 2024-4.69%11 Jul 2024197
27 Feb 202627 Mar 2026-3.62%ongoing193

Calendar-year returns

2022
0.5%
2023
7.8%
2024
-0.5%
2025
10.8%
2026
-0.2%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
2026-0.21.8-3.12.00.50.4-2.10.8-0.1-0.2
20251.02.1-0.30.00.21.90.91.42.01.3-0.1-0.010.8
2024-1.7-0.91.2-2.92.11.12.02.61.3-3.10.6-2.4-0.5
20233.1-2.92.71.1-1.50.80.9-1.4-3.9-2.05.95.27.8
20224.5-3.0-6.4-0.36.8-0.30.5
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: Xtrackers. 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 3 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.51% /anno
Declared TER
0.45%
YearFundIndexDifference
2025+10.79%+11.38%-0.58%
2024-0.51%-0.09%-0.42%
2023+7.80%+8.32%-0.52%
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 yearsFull history
Volatility (ann.)5.52%7.46%8.69%
Max drawdown-4.61%-11.05%-11.71%
Sharpe0.10-0.03-0.11
Sortino0.14-0.04-0.15
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. 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 — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Duration and maturities

Duration · modified duration
6.67years

Price sensitivity to rates: the longer, the more the fund moves. What is duration →

Maturity breakdown (% of fund)
< 1 year
4.17%
1–3 years
15.95%
3–5 years
14.87%
5–7 years
9.56%
7–10 years
20.29%
10–15 years
6.78%
15–25 years
17.38%
25+ years
11.00%

Source: product page Xtrackers, data as of 20 August 2026. Values as declared by the issuer, not computed by us; updated with the monthly document.

Portfolio holdings

Securities in portfolio
386
Top-10 weight
10.1%

Top 10 holdings

ARGENTINA REPUBLIC OF GOVERNMENT
1.66%
EURO CURRENCY
1.28%
US DOLLAR
1.05%
QATAR (STATE OF)
0.97%
ARGENTINA REPUBLIC OF GOVERNMENT
0.96%
QATAR (STATE OF)
0.95%
KUWAIT STATE OF (GOVERNMENT)
0.87%
ARGENTINA REPUBLIC OF GOVERNMENT
0.79%
QATAR (STATE OF)
0.78%
KUWAIT INTL BOND
0.77%

Countries

AfghanistanAngolaAlbaniaUnited Arab Emirates: 7.8%Argentina: 4.2%ArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgaria: 0.2%The BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazil: 5.6%BruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChile: 4.4%China: 1.5%Ivory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta Rica: 1.1%CubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican Republic: 3.8%AlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungary: 3.6%Indonesia: 7.8%IndiaIrelandIranIraqIcelandIsraelItalyJamaica: 0.5%JordanJapanKazakhstan: 1.1%KenyaKyrgyzstanCambodiaSouth Korea: 1.5%KosovoKuwait: 4.2%LaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatvia: 0.3%MoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOman: 3.2%PakistanPanama: 3.8%Peru: 3.1%PhilippinesPapua New GuineaPoland: 5.4%Puerto RicoNorth KoreaPortugalParaguay: 0.3%Qatar: 7.8%Romania: 4.2%RussiaRwandaWestern SaharaSaudi Arabia: 7.9%SudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguay: 2.8%United States of America: 1.1%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth Africa: 2.7%ZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
Turkey7.9%
Saudi Arabia7.9%
Qatar7.8%
Indonesia7.8%
United Arab Emirates7.8%
Brazil5.6%
Poland5.4%
⬇ Download the full portfolio — Excel, 386 rows
Full portfolio declared by Xtrackers, as of 2 September 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Index tracked

iBoxx MSCI ESG USD Emerging Markets Sovereigns Quality Weighted (USD)
This fund belongs to the government bonds family: compare all census ETFs in this family →

ETFs declaring the same index

FundTERIncomeFund size
Xtrackers · 2 classes
0.45%Dist.206 mln EUR
2 ETFs in our census declare this index (including this fund). Funds declaring the exact same index, word for word, in official product lists. Differently-worded variants (or other index versions) are not shown: a short list beats a wrong match. Sorted by TER. A dash “—” = not declared by the issuer in the files we read — not a zero.

Italian taxation

Effective rate on capital gains
15.75%
White-list share
75.94%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →

Stock exchange listings

ExchangeTickerTrading since
Börse DüsseldorfXQUD4 Oct 2022
Börse FrankfurtXQUD28 Jun 2022
Börse HamburgXQUD19 Oct 2022
Börse HannoverXQUD9 Dec 2024
Börse München / gettexXQUD28 Jun 2022
Börse StuttgartXQUD28 Jul 2022
Tradegate ExchangeXQUD13 Jan 2023
Xetra (Deutsche Börse)XQUD28 Jun 2022
+ 6 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 Xtrackers Esg Usd Emerging Markets Bond Quality Weighted UCITS ETF 1c track?
The issuer Xtrackers declares the benchmark: iBoxx MSCI ESG USD Emerging Markets Sovereigns Quality Weighted (USD).
How much does XQUD cost?
The issuer-declared TER is 0.45% per year; the transaction costs estimated in the KID are 0.03%.
How is XQUD taxed in Italy?
On sale, the capital gain is taxed at an effective 15.75% rate (white-list share 75.94%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of XQUD?
The fund size declared by Xtrackers is about 206 million euro.
When was XQUD launched?
The fund was launched on 15 June 2022: it has 4 years of history.
How does XQUD replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Fisica (dal KID)”).
Does XQUD pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does XQUD trade?
Per the official ESMA register it trades on 8 main exchanges, including Börse Düsseldorf (XQUD), Börse Frankfurt (XQUD), Börse Hamburg (XQUD), Börse Hannover (XQUD), Börse München / gettex (XQUD), Börse Stuttgart (XQUD).
What was XQUD's worst fall?
Over the available history (since 2022), the maximum drawdown was -13.02%, reached in October 2022. Past performance is not indicative of future results.
What is XQUD's tracking difference?
Over the last 3 complete calendar years the fund returned on average -0.51% per year versus its index (from issuer-declared series).
How many securities does XQUD hold?
The declared portfolio holds 386 securities; the top 10 positions weigh 10.1%.
Transparency note
The data in this sheet is declared by Xtrackers 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.