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Xtrackers Eurozone Government Bond UCITS ETF 1dIndex, costs, backtest, listings and taxation

ISIN: LU0643975591Ticker: X03F (Xetra) · X03F (SIX)Issuer: Xtrackers
Issuer-declared data
TER
0.09%
Transaction costs
0.00% (issuer estimate, from the KID)
Management
Passive (index-tracking) (from the KID)
Replication
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics — inferred (issuer documents do not declare art. 8/9) what does it mean?
Fund assets
3 bn EUR
Domicile
Luxembourg
Inception date
24 August 2011
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 Eurozone Government Bond UCITS ETF 1d tracks the issuer-declared index: IBOXX® € SOVEREIGNS EUROZONE INDEX (EUR). The declared annual cost (TER) is 0.09%, plus 0.00% 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 distributed to investors. The fund has assets of about 3 billion euro, was launched on 24 August 2011 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 IBOXX € SOVEREIGNS EUROZONE® Index (index).

DESCRIPTION OF INDEX:The index reflects the performance of tradable debt (bonds) denominated in Euro or pre-Euro currencies issued by Eurozonegovernments. The composition of the index is rebalanced according to a pre-set methodology. For bonds to be included in the index they must, on the relevant rebalancing date, have a remaining time to maturity of at least one year.

Keep reading the KID section ▾

The bonds must have a fixed rate of interest and must be part of an issue of debt which has at least €1 billion in principal outstanding.

INDEX REBALANCING, CALCULATION AND ADMINISTRATION:The index is calculated on a total return basis, which means that amounts equivalent to interest payments on the bonds are reinvested in the index. The index is administered by IHS Markit Benchmark Administration Limited and reviewed and rebalanced monthly.

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. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. 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. The fund distributes up to four times per annum. 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 0.09%: below the median of bond ETFs we track (0.15%).
  • Assets larger than 95% of bond ETFs we track.
  • Average tracking difference over the last 3 years: -0.04% p.a., against a declared TER of 0.09%.
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 2011 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+28.1%
Annualised
+1.7%
Volatility (ann.)
4.8%
Max drawdown
-22.53%
-8%+8%+24%+40%+56%Aug 2011May 2015Mar 2019Dec 2022Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+28%Aug 2011Sept 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%-5%-10%-15%-20%-25%-30%201120142017202020232026−22.53% · 28 Sept 2023
Max drawdown
-22.53%
peak → trough
Trough
28 Sept 2023
from the 11 Dec 2020 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
2,097 days
decline + recovery: peak to break-even · ≈ 5 years and 9 months · (ongoing)

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
11 Dec 202028 Sept 2023-22.53%ongoing2,097
15 Apr 201510 Jun 2015-6.29%29 Mar 2016349
04 Oct 201125 Nov 2011-6.13%26 Jan 2012114
10 Aug 201610 Mar 2017-5.96%27 Mar 2019959
03 Sept 201918 Mar 2020-5.64%29 Sept 2020392

Calendar-year returns

2016
3.3%
2017
-0.1%
2018
0.6%
2019
6.6%
2020
4.9%
2021
-3.5%
2022
-18.5%
2023
7.1%
2024
1.7%
2025
0.6%
2026
-1.3%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.71.4-2.70.41.10.5-1.7-0.6-0.2-1.3
2025-0.10.7-1.82.00.1-0.2-0.2-0.40.50.9-0.1-0.60.6
2024-0.6-1.21.0-1.4-0.10.12.40.41.3-1.02.3-1.41.7
20232.4-2.32.4-0.10.4-0.3-0.10.3-2.60.43.03.77.1
2022-1.1-2.0-2.3-3.7-2.0-1.94.0-5.1-3.90.22.4-4.6-18.5
2021-0.6-1.90.1-1.1-0.10.51.8-0.6-1.2-0.71.8-1.6-3.5
20202.50.4-2.50.40.21.01.0-0.61.31.00.10.14.9
20191.1-0.41.8-0.01.12.31.62.5-0.4-1.1-0.9-1.06.6
2018-0.60.21.5-0.4-1.30.8-0.4-0.6-0.1-0.10.60.90.6
2017-2.41.2-0.60.50.5-0.60.20.8-0.51.10.3-0.6-0.1
20161.91.00.5-1.11.02.30.8-0.30.2-2.1-1.61.03.3
20152.20.81.2-1.4-1.5-2.62.3-1.11.31.00.4-1.01.5
20142.20.70.90.91.01.10.91.80.10.21.31.112.9
2013-0.50.20.62.5-1.3-1.50.7-0.50.71.40.3-0.62.1
20121.91.80.1-0.21.2-0.91.70.71.20.81.40.710.8
20110.9-1.9-2.54.10.1
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.
Issuer-declared series with dividends reinvested: the total performance, comparable with accumulating funds. Switch it off to see the price (NAV) alone, which drops at every dividend payment.
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 10 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.04% /anno
Declared TER
0.09%
YearFundIndexDifference
2025+0.59%+0.64%-0.04%
2024+1.71%+1.76%-0.06%
2023+7.12%+7.15%-0.03%
2022-18.50%-18.44%-0.06%
2021-3.53%-3.44%-0.08%
2020+4.92%+5.01%-0.09%
2019+6.59%+6.72%-0.12%
2018+0.57%+0.75%-0.17%
2017-0.07%+0.08%-0.15%
2016+3.35%+3.51%-0.16%
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.)4.24%4.89%6.40%5.36%5.23%
Max drawdown-5.24%-7.01%-24.55%-27.38%-27.38%
Sharpe-1.34-0.63-1.15-0.62-0.21
Sortino-1.73-0.83-1.56-0.85-0.28
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.

Duration and maturities

Duration · modified duration
6.68years

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

Maturity breakdown (% of fund)
< 1 year
1.59%
1–3 years
22.59%
3–5 years
19.03%
5–7 years
13.22%
7–10 years
17.10%
10–15 years
10.90%
15–25 years
9.33%
25+ years
6.25%

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
561
Top-10 weight
7.6%

Top 10 holdings

FRANCE (REPUBLIC OF)
0.86%
FRANCE (REPUBLIC OF)
0.81%
FRANCE (REPUBLIC OF)
0.79%
FRANCE (REPUBLIC OF)
0.77%
FRANCE (REPUBLIC OF)
0.76%
FRANCE (REPUBLIC OF)
0.75%
FRANCE (REPUBLIC OF)
0.75%
FRANCE (REPUBLIC OF)
0.74%
FRANCE (REPUBLIC OF)
0.71%
FRANCE (REPUBLIC OF)
0.70%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustria: 3.4%AzerbaijanBurundiBelgium: 5%BeninBurkina FasoBangladeshBulgaria: 0.2%The BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprus: 0.1%Czech RepublicGermany: 19.1%DjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpain: 13.9%Estonia: 0.1%EthiopiaFinland: 1.8%FijiFalkland IslandsFrance: 24.2%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreece: 1%GreenlandGuatemalaFrench GuianaGuyanaHondurasCroatia: 0.3%HaitiHungaryIndonesiaIndiaIreland: 1.7%IranIraqIcelandIsraelItaly: 21.5%JamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuania: 0.3%Luxembourg: 0.2%Latvia: 0.1%MoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 4%NorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugal: 1.9%ParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakia: 0.8%Slovenia: 0.4%SwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of AmericaUzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
France24.2%
Italy21.5%
Germany19.1%
Spain13.9%
Belgium5%
Netherlands4%
Austria3.4%
⬇ Download the full portfolio — Excel, 561 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 →

Dividends

Latest dividend
2.0379 EUR
ex 19 Aug 2026 · paid 3 Sept 2026
Dividends, last 12 months
4.05 EUR
Dividend yield
2.44%
12-month sum over the NAV as of 8 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year4.05 EUR2.36 %
20253.78 EUR2.17 %
20243.51 EUR2.00 %
20233.23 EUR1.94 %
20225.14 EUR2.45 %
20213.96 EUR1.79 %

Dividend contribution to total return

-30%-20%-10%0%10%−1.20 %1 year+0.58 %2025+1.66 %2024+7.02 %2023−18.22 %2022−3.52 %2021
dividendsprice changeprice decline

Calendar per share (EUR)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20262.012.04
20251.881.91
20241.731.78
20231.621.61
20223.521.62
20213.96
20200.66
20190.73
20181.21
20171.65
20162.25
20150.94
20147.70
20137.35
20127.18

Latest dividends

Per shareEx-dividend dateRecord datePayment
2.0379 EUR19 Aug 202620 Aug 20263 Sept 2026
2.0089 EUR18 Feb 202619 Feb 20265 Mar 2026
1.9081 EUR20 Aug 202521 Aug 20254 Sept 2025
1.8753 EUR19 Feb 202520 Feb 20256 Mar 2025
1.7795 EUR21 Aug 202422 Aug 20245 Sept 2024
1.7257 EUR21 Feb 202422 Feb 20247 Mar 2024
1.6097 EUR23 Aug 202324 Aug 20237 Sept 2023
1.623 EUR8 Feb 20239 Feb 202324 Feb 2023
Per-share dividends as declared by the issuer, in EUR, since the first payment (25 Jul 2012). Past dividends are not indicative of future ones.

Index tracked

IBOXX® € SOVEREIGNS EUROZONE INDEX (EUR)
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
0.07%Acc.3 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 by TER. A dash “—” = not declared by the issuer in the files we read — not a zero.

Italian taxation

Effective rate on capital gains
12.80%
White-list share
97.79%
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 →

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:

LU0643975591X03F
  • 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
Börse DüsseldorfX03F23 Dec 2013
Börse FrankfurtX03F21 Nov 2011
Börse HamburgX03F15 Jan 2014
Börse HannoverX03F21 Dec 2022
Börse München / gettexX03F4 Jul 2014
Börse StuttgartX03F21 Nov 2011
Tradegate ExchangeX03F13 Oct 2015
Xetra (Deutsche Börse)X03F21 Nov 2011
+ 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 Xtrackers Eurozone Government Bond UCITS ETF 1d track?
The issuer Xtrackers declares the benchmark: IBOXX® € SOVEREIGNS EUROZONE INDEX (EUR).
How much does X03F cost?
The issuer-declared TER is 0.09% per year; the transaction costs estimated in the KID are 0.00%.
How is X03F taxed in Italy?
On sale, the capital gain is taxed at an effective 12.80% rate (white-list share 97.79%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of X03F?
The fund size declared by Xtrackers is about 3 billion euro.
When was X03F launched?
The fund was launched on 24 August 2011: it has 15 years of history.
How does X03F replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Fisica (dal KID)”).
Does X03F pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distributing”).
Where does X03F trade?
Per the official ESMA register it trades on 8 main exchanges, including Börse Düsseldorf (X03F), Börse Frankfurt (X03F), Börse Hamburg (X03F), Börse Hannover (X03F), Börse München / gettex (X03F), Börse Stuttgart (X03F).
What was X03F's worst fall?
Over the available history (since 2011), the maximum drawdown was -27.38%, reached in September 2023. Past performance is not indicative of future results.
What is X03F's tracking difference?
Over the last 3 complete calendar years the fund returned on average -0.04% per year versus its index (from issuer-declared series).
How many securities does X03F hold?
The declared portfolio holds 561 securities; the top 10 positions weigh 7.6%.
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.