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Xtrackers Us Treasuries UCITS ETF 1cIndex, costs, backtest, listings and taxation

ISIN: LU1920015796Ticker: XUST (London SE)Issuer: Xtrackers
Issuer-declared data
TER
0.06%
Transaction costs
0.01% (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
2.5 bn EUR
Domicile
Luxembourg
Inception date
13 December 2021
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 Us Treasuries UCITS ETF 1c tracks the issuer-declared index: iBoxx® $ Treasuries Index (USD). The declared annual cost (TER) is 0.06%, plus 0.01% 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 2.5 billion euro, was launched on 13 December 2021 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 $ TREASURIES Index (index).

DESCRIPTION OF INDEX:The index reflects the performance of tradable debt (bonds) denominated in US Dollars issued by the US government. The composition of the index is rebalanced according to a pre-set methodology. For bonds to be included in the index they must have a minimum maturity of 18 months when they are issued, and, 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 at least USD 1 billion 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 reviewed and re-balanced monthly and is administered by IHS Markit Benchmark Administration Limited.

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 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 0.06%: below the median of bond ETFs we track (0.15%).
  • Assets larger than 93% of bond ETFs we track.
  • Average tracking difference over the last 3 years: +0.05% p.a., against a declared TER of 0.06%.
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 Dec 2021 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
-4.2%
Annualised
-0.9%
Volatility (ann.)
5.9%
Max drawdown
-16.46%
-19%-13%-8%-2%+3%Dec 2021Mar 2023May 2024Jul 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%)-4%Dec 2021Sept 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%20222023202420252026−16.46% · 19 Oct 2023
Max drawdown
-16.46%
peak → trough
Trough
19 Oct 2023
from the 17 Dec 2021 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
1,726 days
decline + recovery: peak to break-even · ≈ 4 years and 9 months · (ongoing)

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
17 Dec 202119 Oct 2023-16.46%ongoing1,726
13 Dec 202115 Dec 2021-0.29%17 Dec 20214

Calendar-year returns

2021
-0.5%
2022
-13.0%
2023
4.2%
2024
0.5%
2025
6.3%
2026
-0.6%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.01.9-1.8-0.10.10.4-1.20.3-0.1-0.6
20250.52.20.20.6-1.11.3-0.41.00.90.60.6-0.56.3
2024-0.2-1.40.6-2.41.51.02.21.31.2-2.50.9-1.70.5
20232.8-2.43.00.5-1.2-0.7-0.4-0.6-2.4-1.33.63.54.2
2022-1.9-0.7-3.1-3.20.0-0.91.7-2.6-3.5-1.62.8-0.7-13.0
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 3 of the last 4 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
+0.05% /anno
Declared TER
0.06%
YearFundIndexDifference
2025+6.27%+6.21%+0.06%
2024+0.54%+0.51%+0.03%
2023+4.17%+4.11%+0.06%
2022-12.99%-12.95%-0.05%
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.)6.41%7.87%9.62%
Max drawdown-4.17%-11.25%-13.24%
Sharpe-0.17-0.27-0.38
Sortino-0.24-0.37-0.53
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
5.77years

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

Maturity breakdown (% of fund)
< 1 year
3.15%
1–3 years
32.33%
3–5 years
20.53%
5–7 years
11.14%
7–10 years
8.14%
10–15 years
5.01%
15–25 years
13.04%
25+ years
6.67%

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
306
Top-10 weight
7.3%

Top 10 holdings

TREASURY NOTE
0.75%
TREASURY NOTE
0.75%
TREASURY NOTE
0.74%
TREASURY NOTE
0.74%
TREASURY NOTE
0.73%
TREASURY NOTE
0.73%
TREASURY NOTE
0.73%
TREASURY NOTE
0.73%
TREASURY NOTE
0.72%
TREASURY NOTE
0.72%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 99.5%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States99.5%
⬇ Download the full portfolio — Excel, 306 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® $ Treasuries Index (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
0.06%Dist.2.5 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
13.00%
White-list share
96.29%
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 HannoverXUST16 Jan 2026
Tradegate ExchangeXUST4 Dec 2024
+ 3 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 Us Treasuries UCITS ETF 1c track?
The issuer Xtrackers declares the benchmark: iBoxx® $ Treasuries Index (USD).
How much does XUST cost?
The issuer-declared TER is 0.06% per year; the transaction costs estimated in the KID are 0.01%.
How is XUST taxed in Italy?
On sale, the capital gain is taxed at an effective 13.00% rate (white-list share 96.29%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of XUST?
The fund size declared by Xtrackers is about 2.5 billion euro.
When was XUST launched?
The fund was launched on 13 December 2021: it has 4 years of history.
How does XUST replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Fisica (dal KID)”).
Does XUST pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does XUST trade?
Per the official ESMA register it trades on 2 main exchanges, including Börse Hannover (XUST), Tradegate Exchange (XUST).
What was XUST's worst fall?
Over the available history (since 2021), the maximum drawdown was -16.46%, reached in October 2023. Past performance is not indicative of future results.
What is XUST's tracking difference?
Over the last 3 complete calendar years the fund returned on average +0.05% per year versus its index (from issuer-declared series).
How many securities does XUST hold?
The declared portfolio holds 306 securities; the top 10 positions weigh 7.3%.
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.