ETF sheet · Issuer-declared data

🇮🇹 Effective capital-gains rate: 15.46%details →

Xtrackers Eur Overnight Rate Swap UCITS ETF 1cIndex, costs, backtest, listings and taxation

ISIN: LU0290358497Ticker: XEON (Borsa Italiana) · XEON (Xetra) · XEO (Euronext Paris) · XEON (SIX)Issuer: Xtrackers

Eurozone Money market tracking the Solactive €STR +8.5 Daily Total Return Index (EUR), synthetic (swap) replication, accumulating. Share class in euro (EUR).

0.10% + 0.00%

TER + KID transaction costs ✓ declared by the issuer

918

rows published by the issuer · holdings ↓ ✓ declared by the issuer

23.9 bn €

fund assets ✓ declared by the issuer

−0.10 pt /year

average tracking difference 2023–2025 · year by year ↓ ≈ computed by Rebalix

Every figure carries its provenance: ✓ declared by the issuer in its documents · ≈ computed by Rebalix on the declared data.

Fund

Name

Xtrackers Eur Overnight Rate Swap UCITS ETF 1c

Declared index

Solactive €STR +8.5 Daily Total Return Index (EUR)

Management

Passive (index-tracking) (from the KID)

Replication

Synthetic (swap)

SFDR

not declared in the sources we read ≈ Rebalix reading: Article 6 (issuer documents do not declare art. 8/9) what does it mean?

Fund assets

23.9 bn EUR

Domicile

Luxembourg

Share class · this page

ISIN

LU0290358497

Ticker

XEON (Borsa Italiana) · XEON (Xetra) · XEO (Euronext Paris) · XEON (SIX)

Share-class currency

euro (EUR)

TER

0.10% (period and nature not declared by the source)

Transaction costs

0.00% (issuer estimate, from the KID)

Income policy

Accumulating

Share-class launch

25 May 2007

Data as declared by Xtrackers in the issuer’s official files and endpoints · collected on 17 October 2026 (monthly refresh). Facts only, no recommendation.

📬 Follow the engine as we build it

One email when new issuers, new metrics and new articles land. Double opt-in, zero spam, one-click unsubscribe.

OverviewIn this sectionQuick reads Fund objective What changed over time Tax

Quick reads

Assetslarger than 94% of money-market ETFs we track.≈ computed by Rebalix
Average tracking difference over the last 3 years-0.10% p.a., against a declared TER of 0.10%.≈ computed by Rebalix
918 rowspublished by the issuer; completeness of the list not declared✓ declared by the issuer
Top 10 = 11.8%of the fund✓ declared by the issuer
Effective rate 15.46%on capital gains for Italian tax residents: from the declared white-list share≈ computed by Rebalix

✓ declared by the issuer · ≈ computed by Rebalix on the declared data in our census. They describe the past and are not indicative of future results.

Rebalix in-depth analysis

Xtrackers II EUR Overnight Rate Swap (XEON): the complete analysis

Rebalix has analysed this ETF: how an €STR money-market ETF earns, drawdowns, projection calculator, changes over time.

Read the complete analysis →

Published 1 July 2026 · updated 15 October 2026

Description and fund objective

Xtrackers Eur Overnight Rate Swap UCITS ETF 1c tracks the issuer-declared index: Solactive €STR +8.5 Daily Total Return Index (EUR). The declared annual cost (TER) is 0.10%, plus 0.00% in transaction costs estimated by the issuer in the KID. Replication is synthetic replication via a swap contract, as the KID declares; income is accumulated and reinvested in the fund. The fund has assets of about 23.9 billion euro, was launched on 25 May 2007 and is domiciled in Luxembourg. 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 aim is for your investment to reflect the performance of the Solactive €STR +8.5 Daily Total Return Index (index).
DESCRIPTION OF INDEX:The index reflects the performance of a deposit earning interest at the Euro short term rate (€STR) plus 8.5 basis points, with the interest being re-invested in the deposit on a daily basis.
Keep reading the KID section ▾
INDEX REBALANCING, CALCULATION AND ADMINISTRATION:The index is administered by Solactive AG and is calculated in EUR on any day that is (or, but for the occurrence of a market disruption event, would have been) a day (other than a Saturday or Sunday) that is not a holiday based on the Target 2 calendar.
There is no rebalancing of the index.
INVESTMENT POLICY:To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. 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 EUR. 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 · KID acquired on 4 August 2026 · original document ↓

Text generated from the data the issuer declares in official product lists. No recommendation.

What has changed in the fund over time

Every month we snapshot the register and the holdings and keep the picture. The history shows how the fund changes, not only what it is today.

Share-class launch
25 May 2007
declared by the issuer
Basket snapshots
3 monthly
since August 2026
Dated events
8
latest: tax event, 1 July 2026

Open the history →

Italian taxation

Effective rate on capital gains

15.46%

White-list share

78.08%

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 →

PerformanceIn this sectionChart Backtest Tracking difference

Fund performance

issuer-declared net asset value (NAV) · EUR · from Jan 2007 to Oct 2026

Adjusted for inflationCompare with the index

Compare with another ETF

Only funds we hold a history for. Three at a time, at most.

Return

+16.3%

Annualised

+0.8%

Volatility (ann.)

0.1%

Max drawdown

-3.69%

06 Jan 2007 → 15 Oct 202619 years and 9 months · +16.3%

Accumulating class: income is reinvested inside the fund and already reflected in the NAV; no distribution is left out of the chart.

Calculations on the NAV: issuer total-return series not available.

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.

Max drawdown

-3.69%

peak → trough

Trough

14 Sept 2022

from the 06 Jun 2014 peak

Recovery time

491 days

recovery only: trough to break-even · ≈ 1 year and 4 months

Underwater

3,513 days

decline + recovery: peak to break-even · ≈ 9 years and 7 months · → recovered on 18 Jan 2024

The five worst falls in the period

From the peak of	Trough	Depth	Back to break-even	Days underwater
06 Jun 2014	14 Sept 2022	-3.69%	18 Jan 2024	3,513
06 May 2007	25 May 2007	-0.12%	05 Jun 2007	30
11 Jul 2012	21 Nov 2013	-0.02%	28 Feb 2014	597
30 Apr 2026	01 May 2026	-0.00%	04 May 2026	4
30 Apr 2025	01 May 2025	-0.00%	02 May 2025	2

Calendar-year returns

2016

-0.5%

2017

-0.5%

2018

-0.5%

2019

-0.5%

2020

-0.6%

2021

-0.6%

2022

-0.0%

2023

3.3%

2024

3.8%

2025

2.2%

2026

1.7%

2007: the series starts on 6 January 2007; the return runs from that date to 31 December 2007 (the previous year-end value is not available as a base).

Month-by-month returns

2026Year 1.7%

Jan

0.2

Feb

0.1

Mar

0.2

Apr

0.2

May

0.2

Jun

0.2

Jul

0.2

Aug

0.2

Sept

0.2

Oct

0.1

Nov

Dec

2025Year 2.2%

Jan

0.3

Feb

0.2

Mar

0.2

Apr

0.2

May

0.2

Jun

0.2

Jul

0.2

Aug

0.2

Sept

0.2

Oct

0.2

Nov

0.1

Dec

0.2

2024Year 3.8%

Jan

0.4

Feb

0.3

Mar

0.3

Apr

0.4

May

0.3

Jun

0.3

Jul

0.3

Aug

0.3

Sept

0.3

Oct

0.3

Nov

0.3

Dec

0.3

2023Year 3.3%

Jan

0.2

Feb

0.2

Mar

0.2

Apr

0.2

May

0.3

Jun

0.3

Jul

0.3

Aug

0.3

Sept

0.3

Oct

0.3

Nov

0.3

Dec

0.3

2022Year -0.0%

Jan

-0.1

Feb

-0.0

Mar

-0.1

Apr

-0.0

May

-0.1

Jun

-0.0

Jul

-0.0

Aug

-0.0

Sept

0.0

Oct

0.1

Nov

0.1

Dec

0.1

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sept	Oct	Nov	Dec	Year
2026	0.2	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.1			1.7
2025	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.2	2.2
2024	0.4	0.3	0.3	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	3.8
2023	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	3.3
2022	-0.1	-0.0	-0.1	-0.0	-0.1	-0.0	-0.0	-0.0	0.0	0.1	0.1	0.1	-0.0
2021	-0.0	-0.0	-0.1	-0.0	-0.0	-0.1	-0.0	-0.1	-0.0	-0.0	-0.1	-0.0	-0.6
2020	-0.0	-0.0	-0.0	-0.0	-0.0	-0.1	-0.0	-0.0	-0.1	-0.0	-0.0	-0.0	-0.6
2019	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.5
2018	-0.1	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.5
2017	-0.0	-0.0	-0.0	-0.0	-0.0	-0.1	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.5
2016	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.5
2015	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.2
2014	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
2013	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.0	-0.0	-0.0	-0.0	-0.0	0.0	-0.0
2012	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0	-0.0	0.1
2011	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.7
2010	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3
2009	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.6
2008	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.3	0.2	0.2	3.8
2007					-0.0	0.3	0.4	0.3	0.3	0.3	0.3	0.3	2.3(from 6 Jan)

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.

Method and sources

Source: Xtrackers. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available August 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 annual TD, 2023–2025

-0.10 pt /year

Declared TER

0.10%

Year	Fund	Index	Difference (pt)
2025	+2.23%	+2.33%	-0.10 pt
2024	+3.79%	+3.89%	-0.10 pt
2023	+3.27%	+3.36%	-0.09 pt
2022	-0.03%	+0.07%	-0.10 pt
2021	-0.59%	-0.49%	-0.10 pt
2020	-0.57%	-0.47%	-0.10 pt
2019	-0.50%	-0.40%	-0.10 pt
2018	-0.48%	-0.37%	-0.11 pt
2017	-0.52%	-0.36%	-0.16 pt
2016	-0.47%	-0.32%	-0.15 pt

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? →

RiskIn this sectionRisk

Risk indicators· EUR

Last year

Volatility (ann.)0.08%

Max drawdown-0.00%

Sharpe-3.01

Sortino-4.87

Last 3 years

Volatility (ann.)0.12%

Max drawdown-0.00%

Sharpe-2.94

Sortino-4.79

Last 5 years

Volatility (ann.)0.14%

Max drawdown-0.48%

Sharpe-3.07

Sortino-4.41

Last 10 years

Volatility (ann.)0.13%

Max drawdown-3.06%

Sharpe-3.59

Sortino-5.20

Full history

Volatility (ann.)0.12%

Max drawdown-3.69%

Sharpe-4.29

Sortino-6.11

	Last year	Last 3 years	Last 5 years	Last 10 years	Full history
Volatility (ann.)	0.08%	0.12%	0.14%	0.13%	0.12%
Max drawdown	-0.00%	-0.00%	-0.48%	-3.06%	-3.69%
Sharpe	-3.01	-2.94	-3.07	-3.59	-4.29
Sortino	-4.87	-4.79	-4.41	-5.20	-6.11

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: 2.25%), 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.

PortfolioIn this sectionHoldings

Portfolio holdings

Rows in the published list

918

Top-10 weight

11.8%

Top 10 holdings

EUROPEAN UNION

1.86%

BUONI POLIENNALI DEL TES

1.51%

GERMANY (FEDERAL REPUBLIC OF)/04.01.28

1.26%

FRANCE (GOVT OF)

1.11%

FRANCE (REPUBLIC OF)

1.10%

FRANCE (GOVT OF)

1.05%

FRANCE (GOVT OF)

1.01%

EUROPEAN UNION

1.00%

FRANCE (GOVT OF)

0.99%

UK CONV GILT

0.94%

⬇ Download the published holdings — Excel, 918 rows

Holdings as published by Xtrackers, holdings as at 2 October 2026: 918 rows archived by Rebalix, summarised here. Rebalix has no statement from the issuer on the completeness of this list. Weights are reported without rescaling and may not sum to 100%. 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. How Rebalix verifies portfolio holdings →

StructureIn this sectionIndex Same index Exchanges

Index tracked

Solactive €STR +8.5 Daily Total Return Index (EUR)

This fund belongs to the money market ETFs family: compare all census ETFs in this family →

ETFs declaring the same index

Fund	TER	Income	Fund size
Xtrackers Eur Overnight Rate Swap UCITS ETF 1d compare ⇄ Xtrackersnot on Borsa Italiana	0.10%	Dist.	23.9 mld 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 as follows: Milan-listed classes first, then the others; within each group by ascending TER, then by descending assets. A dash “—” = not declared by the issuer in the files we read — not a zero.

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:

LU0290358497XEON

Directazero within the savings plan (buys)
Directazero on single buys from 1,000 €, agreement until 31 December 2026
Finecozero on buys (single orders and savings plan) — promo list renewed monthly: check it is still listed
Moneyfarmzero within the savings plan (buys), agreement until 22 May 2027
Moneyfarmzero on single buys from 1,000 €, agreement until 22 May 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 15 October 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

Exchanges with a ticker available· in alphabetical order

Exchange	Ticker	Exchange source	Registered since
Borsa Italiana (ETFplus)	XEONfrom tax document	ESMA register (FIRDS)	3 Nov 2008
Euronext Paris	XEOfrom tax document	issuer’s tax document (listing not recorded in FIRDS)	—
SIX Swiss Exchange	XEONfrom tax document	issuer’s tax document (exchange outside the FIRDS perimeter)	—
Xetra (Deutsche Börse)	XEONfrom tax document	ESMA register (FIRDS)	28 Jun 2007

from tax document — ticker from the half-yearly document the issuer publishes for the Italian tax authority, one ticker per exchange: where the exchange trades several lines (different currencies) the others do not appear.

Each row is one exchange: the operator with all its markets and segments (regulated market and Freiverkehr included). “Registered since”: admission date in the ESMA register (FIRDS), not necessarily the first trading day; a dash = date not recorded in the sources.

Other exchanges on record · 8 · show

Exchange	Ticker	Exchange source	Registered since
Börse Düsseldorf	not available	ESMA register (FIRDS)	23 May 2008
Börse Frankfurt	not available	ESMA register (FIRDS)	23 May 2011
Börse Hamburg	not available	ESMA register (FIRDS)	11 Dec 2008
Börse Hannover	not available	ESMA register (FIRDS)	14 Dec 2022
Börse München / gettex	not available	ESMA register (FIRDS)	22 Aug 2007
Börse Stuttgart	not available	ESMA register (FIRDS)	28 Jun 2007
Tradegate Exchange	not available	ESMA register (FIRDS)	4 Jan 2010
Wiener Börse	not available	ESMA register (FIRDS)	4 Mar 2019

For these exchanges none of the listing sources Rebalix covers provides a ticker; the listing is known from the ESMA register (FIRDS) or declared by the issuer. For Börse Düsseldorf the ESMA register records the listing on 2 segments of the same operator, shown as a single row. For Börse Frankfurt the ESMA register records the listing on 2 segments of the same operator, shown as a single row. For Börse Hamburg the ESMA register records the listing on 3 segments of the same operator, shown as a single row. For Börse Hannover the ESMA register records the listing on 2 segments of the same operator, shown as a single row. For Börse München / gettex the ESMA register records the listing on 2 segments of the same operator, shown as a single row. For Börse Stuttgart the ESMA register records the listing on 3 segments of the same operator, shown as a single row.

+ 11 other trading platforms (platforms for professional participants and segments without admission to listing, such as an exchange operator’s dark books or auctions): they are not exchanges and are not listed.

Exchanges are taken from the official ESMA register (FIRDS) and, where FIRDS does not cover the exchange (London, Zurich) or does not record the current listing, from the issuers’ product lists and documents: the “Exchange source” column says so row by row. Each exchange is a single row, with all its markets and segments. Tickers come from the issuers’ product lists and tax documents or, where indicated, from ISIN→exchange mapping under the open FIGI standard (OpenFIGI). Activity on a dark book, an auction or an ancillary platform does not prove a listing on the exchange that operates it. Rebalix mainly covers venues in the European Economic Area, Switzerland and the United Kingdom: when the issuer declares current listings in other jurisdictions too, they appear with their source, outside the ESMA register perimeter. Terminated or cancelled listings are not shown. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker.

DocumentsIn this sectionDocuments FAQ

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed version ProspectusPDF in English, from the issuer’s site — the fund’s full legal document FactsheetPDF 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.

Frequently asked questions

Which index does Xtrackers Eur Overnight Rate Swap UCITS ETF 1c track?

The issuer Xtrackers declares the benchmark: Solactive €STR +8.5 Daily Total Return Index (EUR).

How much does XEON cost?

The issuer-declared TER is 0.10% per year (period and nature not declared by the source); the transaction costs estimated in the KID are 0.00%.

How is XEON taxed in Italy?

On sale, the capital gain is taxed at an effective 15.46% rate (white-list share 78.08%): 12.5% on the government-bond “white list” portion, 26% on the rest.

What is the fund size of XEON?

The fund size declared by Xtrackers is about 23.9 billion euro.

When was XEON launched?

The fund was launched on 25 May 2007: it has 19 years of history.

How does XEON replicate its index?

It is a passively managed ETF: it follows the declared index. Synthetic (swap) (issuer wording: “Sintetica - swap (dal KID)”).

Does XEON pay dividends?

No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).

Where does XEON trade?

Per the official ESMA register (FIRDS) and the issuer’s documents it is listed on 4 exchanges with a ticker available, including Borsa Italiana (ETFplus) (XEON), Euronext Paris (XEO), SIX Swiss Exchange (XEON), Xetra (Deutsche Börse) (XEON).

What was XEON's worst fall?

Over the available history (since 2007), the maximum drawdown was -3.69%, reached in September 2022. Past performance is not indicative of future results.

What is XEON's tracking difference?

Over the three most recent complete calendar years (2023–2025) the fund returned on average -0.10 percentage points per year versus its index: the annual mean of the differences, from issuer-declared series.

How many positions does XEON publish?

The list published by the issuer and archived by Rebalix has 918 rows; the top 10 weigh 11.8%. The issuer does not declare the list as complete: rows are reported as published, weights included, even where a position has zero weight.

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.

Do you represent the issuer? Report a correction or an update