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🇮🇹 Effective capital-gains rate: 12.82%details →

Xtrackers Eurozone Government Bond 1 3 UCITS ETF 2c Usd HedgedIndex, costs, backtest, listings and taxation

ISIN: LU3003217554Ticker: XEI3 (Xetra)Issuer: XtrackersCurrency hedging: USD-hedged share class

Eurozone Bonds tracking the Markit iBoxx EUR Eurozone (DE ES FR IT NL) 1-3 Index (EUR), physical replication, accumulating. Share class in US dollars (USD), currency-hedged.

1.78 years
modified duration, as declared by Xtrackers · maturities ↓ ✓ declared by the issuer
0.20% + 0.01%
TER + KID transaction costs ✓ declared by the issuer
36
rows published by the issuer · holdings ↓ ✓ declared by the issuer
3.8 bn €
fund assets ✓ declared by the issuer
Every figure carries its provenance: ✓ declared by the issuer in its documents · ≈ computed by Rebalix on the declared data.

Fund

Name
Xtrackers Eurozone Government Bond 1 3 UCITS ETF 2c Usd Hedged
Management
Passive (index-tracking) (from the KID)
Replication
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
3.8 bn EUR
Domicile
Luxembourg

Share class · this page

ISIN
LU3003217554
Ticker
XEI3 (Xetra)
Share-class currency
US dollars (USD) · currency-hedged
TER
0.20% (period and nature not declared by the source)
Transaction costs
0.01% (issuer estimate, from the KID)
Income policy
Share-class launch
18 March 2025
Data as declared by Xtrackers in the issuer’s official files and endpoints · collected on 17 October 2026 (monthly refresh). Facts only, no recommendation.
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Quick reads

  • TER 0.20%above the median of bond ETFs we track (0.15%).≈ computed by Rebalix
  • Assetslarger than 96% of bond ETFs we track.≈ computed by Rebalix
  • Duration 1.78 yearsmodified, as declared by Xtrackers✓ declared by the issuer
  • Maturity 1–3 years 83.6%the heaviest bucket of the declared breakdown✓ declared by the issuer
  • 36 rowspublished by the issuer; completeness of the list not declared✓ declared by the issuer
  • Top 10 = 53.3%of the fund✓ declared by the issuer
  • Effective rate 12.82%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.

Description and fund objective

Xtrackers Eurozone Government Bond 1 3 UCITS ETF 2c Usd Hedged tracks the issuer-declared index: Markit iBoxx EUR Eurozone (DE ES FR IT NL) 1-3 Index (EUR). Mind the share class: this is the version hedged to USD — returns reflect the index plus the effect (and cost) of hedging into that currency. The declared annual cost (TER) is 0.20%, 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 3.8 billion euro, was launched on 18 March 2025 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 Markit iBoxx EUR Eurozone (DE ES FR IT NL) 1-3 Index (index), while seeking to minimise foreign currency fluctuations at share class level.

Keep reading the KID section ▾

DESCRIPTION OF INDEX:The index reflects the performance of tradable debt (bonds) denominated in Euro or preEuro currencies issued by governments of five Eurozone countries: France, Germany, Italy, Netherlands and Spain.

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 and up to three years. 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 i) 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 and ii) enter into financial contracts (derivatives) which attempt to reduce the effect of exchange rate fluctuations between the currency of the fund's assets and the currency of your shares. 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. 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.

  1. Share-class launch
    18 March 2025
    declared by the issuer
  2. Basket snapshots
    3 monthly
    since August 2026
  3. Dated events
    none so far
    TER, index, name, tax: every change is an event
Open the history →

Italian taxation

Effective rate on capital gains
12.82%
White-list share
97.64%
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 sectionChartBacktestTracking difference

Fund performance

issuer-declared net asset value (NAV) · USD (loading exchange rates) · from Mar 2025 to Oct 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+5.1%
Annualised
+3.2%
Volatility (ann.)
1.2%
Max drawdown
-1.06%
-3%0%+3%+5%+8%Mar 2025Aug 2025Jan 2026May 2026Oct 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+5.1%
18 Mar 2025 → 16 Oct 20261 year and 7 months · +5.1%
18 Mar 202516 Oct 2026Mar 2025Oct 2026
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.
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.
Currency-hedged share class: our figures are computed on the issuer’s NAV, where the hedge is applied at the daily fixing. NAV and exchange prices can differ, so comparison sites using the price may show different returns and volatility: any specific gap can only be judged by comparing the series, dates and method used. Details in the methodology.
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%-1%-2%-3%-4%20252026−1.06% · 27 Mar 2026
Max drawdown
-1.06%
peak → trough
Trough
27 Mar 2026
from the 27 Feb 2026 peak
Recovery time
59 days
recovery only: trough to break-even
Underwater
87 days
decline + recovery: peak to break-even · ≈ 3 months · → recovered on 25 May 2026

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
27 Feb 202627 Mar 2026-1.06%25 May 202687
26 Aug 202614 Sept 2026-0.58%ongoing51
02 Jul 202623 Jul 2026-0.44%07 Aug 202636
07 May 202513 May 2025-0.28%23 May 202516
29 May 202603 Jun 2026-0.20%12 Jun 202614

Calendar-year returns

2025
3.7%
since launch, 18 Mar
2026
1.4%
2025: the share class was launched on 18 March 2025; the return runs from launch to 31 December 2025 and is not a full year.

Month-by-month returns

2026Year 1.4%
Jan
0.4
Feb
0.4
Mar
-0.9
Apr
0.4
May
0.6
Jun
0.3
Jul
-0.1
Aug
0.2
Sept
-0.3
Oct
0.4
Nov
·
Dec
·
2025Year 3.7%(since launch)
Jan
·
Feb
·
Mar
·
Apr
0.9
May
0.2
Jun
0.2
Jul
0.2
Aug
0.4
Sept
0.3
Oct
0.5
Nov
0.2
Dec
0.2
JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.40.4-0.90.40.60.3-0.10.2-0.30.41.4
20250.90.20.20.20.40.30.50.20.23.7(since launch)
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

We do not publish a tracking difference for this share class — and it is not an oversight.

this share class is hedged to USD; the index the issuer places next to it in its documents is the unhedged, foreign-currency version. Subtracting one from the other does not measure replication quality: it measures the exchange rate. In a year when the currency moves 5%, “the TD” would come out near 5 points — a plausible-looking number, with decimals, and wrong.

Other sites publish that number. We would rather show one figure less than one figure wrong: the TD will return here the day we have the USD-hedged index series, which the issuer does not publish today.

What tracking difference is and how we compute it →

RiskIn this sectionRisk

Risk indicators· EUR

Last year
Volatility (ann.)5.04%
Max drawdown-3.21%
Sharpe0.63
Sortino0.91
Full history
Volatility (ann.)6.33%
Max drawdown-7.37%
Sharpe-0.13
Sortino-0.17
Last yearFull history
Volatility (ann.)5.04%6.33%
Max drawdown-3.21%-7.37%
Sharpe0.63-0.13
Sortino0.91-0.17
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: 2.25%), 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 — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.
PortfolioIn this sectionDurationHoldings

Duration and maturities

Duration · modified duration
1.78years

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

Maturity breakdown (% of fund)
< 1 year
16.39%
1–3 years
83.61%

Source: product page Xtrackers, data as of 15 October 2026. Values as declared by the issuer, not computed by us; updated with the monthly document.

Portfolio holdings· structure first, single issues after

Rows in the published list
36
Top-10 weight
53.3%

Top 10 holdings

FRANCE (GOVT OF)
8.97%
FRANCE (GOVT OF)
7.08%
FRANCE (GOVT OF)
6.79%
FRANCE (REPUBLIC OF)
5.74%
FRANCE (GOVT OF)
4.56%
BUNDESOBLIGATION
4.30%
BUNDESOBLIGATION
4.19%
BONOS Y OBLIG DEL ESTADO
4.16%
BONOS Y OBLIG DEL ESTADO
3.93%
BUNDESOBLIGATION
3.62%

Countries

Country breakdown not available: the per-position weights published by the issuer sum to 108.4%, which is not compatible with a complete percentage breakdown. The individual positions remain available.

⬇ Download the published holdings — Excel, 36 rows
Holdings as published by Xtrackers, holdings as at 2 October 2026: 36 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%. How Rebalix verifies portfolio holdings →
StructureIn this sectionIndexSame indexExchanges

Index tracked

Markit iBoxx EUR Eurozone (DE ES FR IT NL) 1-3 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
0.10%Acc. · Dist.3.8 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.

Stock exchange listings

Exchanges with a ticker available
ExchangeTickerExchange sourceRegistered since
Xetra (Deutsche Börse)XEI3from tax documentissuer’s tax document (listing not recorded in FIRDS)—
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 · 1 · show
ExchangeTickerExchange sourceRegistered since
Luxembourg Stock Exchangenot availableESMA register (FIRDS)20 Mar 2025
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.
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 sectionDocumentsFAQ

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.

Frequently asked questions

Which index does Xtrackers Eurozone Government Bond 1 3 UCITS ETF 2c Usd Hedged track?
The issuer Xtrackers declares the benchmark: Markit iBoxx EUR Eurozone (DE ES FR IT NL) 1-3 Index (EUR).
How much does XEI3 cost?
The issuer-declared TER is 0.20% per year (period and nature not declared by the source); the transaction costs estimated in the KID are 0.01%.
How is XEI3 taxed in Italy?
On sale, the capital gain is taxed at an effective 12.82% rate (white-list share 97.64%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of XEI3?
The fund size declared by Xtrackers is about 3.8 billion euro.
When was XEI3 launched?
The fund was launched on 18 March 2025: it has 1 year of history.
How does XEI3 replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Fisica (dal KID)”).
Does XEI3 pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
What was XEI3's worst fall?
Over the available history (since 2025), the maximum drawdown was -1.06%, reached in March 2026. Past performance is not indicative of future results.
How many positions does XEI3 publish?
The list published by the issuer and archived by Rebalix has 36 rows; the top 10 weigh 53.3%. 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