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Xtrackers Nikkei 225 UCITS ETF 1cIndex, costs, backtest, listings and taxation

ISIN: LU2196470426Issuer: Xtrackers
Issuer-declared data
Declared index
Nikkei 225 Net Total Return Index (JPY)
TER
0.09%
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
2.7 bn EUR
Domicile
Luxembourg
Inception date
27 October 2020
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 Nikkei 225 UCITS ETF 1c tracks the issuer-declared index: Nikkei 225 Net Total Return Index (JPY). The declared annual cost (TER) is 0.09%, 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 2.7 billion euro, was launched on 27 October 2020 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 Nikkei Stock Average Index (index) which is designed to reflect the performance of the Japanese stock market, specifically the 225 stocks listed on the Tokyo Stock Exchange First Section.

DESCRIPTION OF INDEX:The shares of the companies comprised in the index are reviewed periodically by the liquidity in the market and sector balance.

Keep reading the KID section ▾

By selecting highly liquid shares, the index is aimed at maintaining its long-term continuity and reflecting the changes in the industry structure. The liquidity assessment involves shares being ranked by trading volume and the magnitude of price fluctuations by volume in the preceding 5 years.

INDEX REBALANCING, CALCULATION AND ADMINISTRATION:The index is an adjusted price index. This means that the level of the index will be adjusted to remove the effect of non-market events. The index is reviewed and rebalanced on an annual basis.

INVESTMENT POLICY:To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. 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 financial contracts (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 JPY. 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 0.09%: below the median of equity ETFs we track (0.22%).
  • Assets larger than 86% of equity ETFs we track.
  • Average tracking difference over the last 3 years: +0.07% 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) · JPY · from Oct 2020 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+203.4%
Annualised
+20.8%
Volatility (ann.)
22.2%
Max drawdown
-25.50%
-5%+58%+121%+183%+246%Oct 2020Apr 2022Oct 2023Apr 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%)+203%Oct 2020Sept 2026
Note — currency risk: the fund is denominated (or hedged) in JPY and the chart is in JPY. For a euro investor, returns also depend on the EUR/JPY 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%-25%-30%202120222023202420252026−25.50% · 05 Aug 2024
Max drawdown
-25.50%
peak → trough
Trough
05 Aug 2024
from the 11 Jul 2024 peak
Recovery time
353 days
recovery only: trough to break-even · ≈ 12 months
Underwater
378 days
decline + recovery: peak to break-even · ≈ 1 year · → recovered on 24 Jul 2025

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
11 Jul 202405 Aug 2024-25.50%24 Jul 2025378
14 Sept 202109 Mar 2022-18.84%16 May 2023609
25 Jun 202629 Jul 2026-15.06%ongoing75
27 Feb 202631 Mar 2026-12.75%16 Apr 202648
16 Feb 202120 Aug 2021-10.75%10 Sept 2021206

Calendar-year returns

2020
17.0%
2021
6.3%
2022
-7.7%
2023
30.5%
2024
20.9%
2025
28.2%
2026
30.6%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20265.910.4-12.716.111.95.7-8.13.1-1.630.6
2025-0.8-6.1-3.51.25.36.71.44.15.816.7-4.10.328.2
20248.48.03.1-4.40.22.9-1.2-1.1-1.33.1-2.24.520.9
20234.70.53.02.97.17.5-0.0-1.6-1.8-3.18.50.130.5
2022-6.2-1.75.6-3.51.7-3.25.31.1-7.06.41.4-6.6-7.7
20210.84.71.2-1.21.2-1.2-5.23.05.4-1.9-3.73.66.3
202015.03.917.0
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 5 of the last 5 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
+0.07% /anno
Declared TER
0.09%
YearFundIndexDifference
2025+28.24%+28.15%+0.10%
2024+20.91%+20.90%+0.01%
2023+30.51%+30.40%+0.11%
2022-7.69%-7.75%+0.07%
2021+6.31%+6.31%+0.01%
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 yearsFull history
Volatility (ann.)27.43%24.43%22.22%21.52%
Max drawdown-16.29%-21.67%-22.56%-22.56%
Sharpe1.430.820.480.60
Sortino2.241.210.700.87
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.

Portfolio holdings

Securities in portfolio
228
Top-10 weight
47.5%

Top 10 holdings

ADVANTEST
12.08%
FAST RETAILING
8.59%
TOKYO ELECTRON
8.29%
SOFTBANK GROUP
6.34%
RECRUIT HOLDINGS LTD
2.64%
TDK
2.32%
IBIDEN LTD
2.07%
KDDI
1.81%
KIOXIA HOLDINGS
1.79%
FUJIKURA
1.60%

Sectors

Technology
33.0%
Industrials
18.7%
Consumer Discretionary
16.8%
Telecommunications
8.4%
Health Care
6.2%
Consumer Staples
5.9%
Basic Materials
4.2%

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 GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItalyJamaicaJordanJapan: 100%KazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast 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
Japan100%
Download the full portfolio — Excel, 228 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 →

ETFs declaring the same index

FundTERIncomeFund size
Xtrackers · 2 classes
0.09%Dist.2.7 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.

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:

LU2196470426
  • 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 DüsseldorfXNKY13 Nov 2020
Börse FrankfurtXNKY2 Nov 2020
Börse HamburgXNKY15 Feb 2021
Börse HannoverXNKY9 Dec 2024
Börse München / gettexXNKY2 Nov 2020
Börse StuttgartXNKY17 Nov 2020
Tradegate ExchangeXNKY7 Jan 2021
Xetra (Deutsche Börse)XNKY2 Nov 2020
+ 13 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 Nikkei 225 UCITS ETF 1c track?
The issuer Xtrackers declares the benchmark: Nikkei 225 Net Total Return Index (JPY).
How much does Xtrackers Nikkei 225 UCITS ETF 1c cost?
The issuer-declared TER is 0.09% per year; the transaction costs estimated in the KID are 0.01%.
What is the fund size of Xtrackers Nikkei 225 UCITS ETF 1c?
The fund size declared by Xtrackers is about 2.7 billion euro.
When was Xtrackers Nikkei 225 UCITS ETF 1c launched?
The fund was launched on 27 October 2020: it has 5 years of history.
How does Xtrackers Nikkei 225 UCITS ETF 1c replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Fisica (dal KID)”).
Does Xtrackers Nikkei 225 UCITS ETF 1c pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does Xtrackers Nikkei 225 UCITS ETF 1c trade?
Per the official ESMA register it trades on 8 main exchanges, including Börse Düsseldorf (XNKY), Börse Frankfurt (XNKY), Börse Hamburg (XNKY), Börse Hannover (XNKY), Börse München / gettex (XNKY), Börse Stuttgart (XNKY).
What was Xtrackers Nikkei 225 UCITS ETF 1c's worst fall?
Over the available history (since 2020), the maximum drawdown was -25.50%, reached in August 2024. Past performance is not indicative of future results.
What is Xtrackers Nikkei 225 UCITS ETF 1c's tracking difference?
Over the last 3 complete calendar years the fund returned on average +0.07% per year versus its index (from issuer-declared series).
How many securities does Xtrackers Nikkei 225 UCITS ETF 1c hold?
The declared portfolio holds 228 securities; the top 10 positions weigh 47.5%.
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.