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ETF sheet · Issuer-declared data
Actively managed: it does not track an index — the declared benchmark is a yardstick for comparison
🇮🇹 Effective capital-gains rate: 26.00%details →

Xtrackers Diversified Portfolio 20 Equity UCITS ETF 1cIndex, costs, backtest, listings and taxation

ISIN: LU3116008346Ticker: XEQ2 (Borsa Italiana) · XEQ2 (Xetra)Issuer: XtrackersCurrency hedging: bond sleeve hedged to EUR

Multi-asset actively managed, accumulating. Share class in euro (EUR), bond sleeve hedged to EUR.

0.24% + 0.11%
TER + KID transaction costs ✓ declared by the issuer
14
rows published by the issuer · holdings ↓ ✓ declared by the issuer
3 m €
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 Diversified Portfolio 20 Equity UCITS ETF 1c
Management
Active management (from the KID)
Replication
Gestione attiva (dal KID)
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 mln EUR
Domicile
Luxembourg

Share class · this page

ISIN
LU3116008346
Ticker
XEQ2 (Borsa Italiana) · XEQ2 (Xetra)
Share-class currency
euro (EUR) · bond sleeve hedged to EUR
TER
0.24% (period and nature not declared by the source)
Transaction costs
0.11% (issuer estimate, from the KID)
Income policy
Share-class launch
29 January 2026
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

  • Tecnologia dell'informazione 31.2%first sector from the declared portfolio✓ declared by the issuer
  • 14 rowspublished by the issuer; completeness of the list not declared✓ declared by the issuer
  • Top 10 = 93.4%of the fund✓ declared by the issuer
  • Effective rate 26.00%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 Diversified Portfolio: the complete analysis of the range

This ETF is part of our analysis of the Xtrackers Diversified Portfolio range: look-through composition, costs, returns, drawdowns and monitoring since launch across the four versions.

Read the complete analysis →
Published 15 July 2026 · updated 19 October 2026

Description and fund objective

Xtrackers Diversified Portfolio 20 Equity UCITS ETF 1c is an actively managed ETF: it does not track an index. It is a multi-asset (balanced) ETF: a single instrument combining several asset classes — typically stocks and bonds — in the proportions set by its strategy, built as a basket of other ETFs and ETCs. The declared annual cost (TER) is 0.24%, plus 0.11% in transaction costs estimated by the issuer in the KID. Income is accumulated and reinvested in the fund. The fund has assets of about 3 million euro, was launched on 29 January 2026 and is domiciled in Luxembourg. In our registry there are 16 other multi-asset ETFs.

The fund’s objective — in the issuer’s words

The fund is actively managed. The fund is not managed in reference to a benchmark.

Keep reading the KID section ▾

INVESTMENT OBJECTIVE:The objective of the investment policy is to achieve a positive mid- to long-term investment performance through exposure to a balanced and diversified portfolio comprised primarily of exchange-traded funds (ETFs) linked to equities, fixed income, and/or commodities issued by the Company, Xtrackers II and Xtrackers (IE) plc. The fund may also invest in commodities through UCITS and/or other UCIs investing in financial derivative instruments on commodity indices, ETFs and/or ETCs. The fund may also invest directly in transferable securities, money market instruments, other collective investment schemes, or other eligible assets (Invested Assets). ALLOCATIONS: The composition of the Invested Assets will be selected with the primary aim of creating a total return strategy, which seeks to benefit from capital appreciation generated by the exposures of the Invested Assets, while limiting volatility. The SubFund may aim to reduce foreign exchange risk for the fixed income allocation by investing in EUR-hedged share classes within the Invested Assets where the denomination of the underlying exposure is in a currency other than EUR. In order to achieve the Investment Objective, the Sub-Portfolio Manager will initially define static weights of underlying exposures by asset class which will be reviewed from time to time as well as the selection of the instruments comprising the Invested Assets. The Sub-Portfolio Manager will consider and analyse data which is considered relevant in the selection of the Invested Assets, including, but not limited to, forward-looking return expectations by asset class and financial and economic data. The asset classes comprising the Invested Assets are subject to the following target weighting as at each scheduled quarterly rebalancing date: (i) the weighting of the ETFs that have equities as an asset class is targeted at 20%, (ii) the weighting of the ETFs that have fixed income as an asset class is targeted at 75%, and (iii) the weighting of the ETFs and other Invested Assets that have commodities as an asset class is targeted at 5%.

INVESTMENT POLICY: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 and full disclosure on the composition of the fund's portfolio) is available on your local DWS website or at www.Xtrackers.com. 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
    29 January 2026
    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
26.00%
White-list share
0.00%
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 sectionChartBacktest

Fund performance

issuer-declared net asset value (NAV) · EUR · from Jan 2026 to Oct 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
-0.3%
Annualised
-0.4%
Volatility (ann.)
4.9%
Max drawdown
-4.16%
-6%-3%-1%+2%+5%Jan 2026Apr 2026Jun 2026Aug 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%)-0.3%
29 Jan 2026 → 16 Oct 20269 months · -0.3%
29 Jan 202616 Oct 2026Jan 2026Oct 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.
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%-2%-4%-6%-8%-10%2026−4.16% · 27 Mar 2026
Max drawdown
-4.16%
peak → trough
Trough
27 Mar 2026
from the 02 Mar 2026 peak
Recovery time
63 days
recovery only: trough to break-even · ≈ 2 months
Underwater
88 days
decline + recovery: peak to break-even · ≈ 3 months · → recovered on 29 May 2026

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
02 Mar 202627 Mar 2026-4.16%29 May 202688
18 Jun 202630 Sept 2026-2.54%ongoing120
02 Jun 202610 Jun 2026-1.45%15 Jun 202613
29 Jan 202605 Feb 2026-0.70%10 Feb 202612
15 Jun 202617 Jun 2026-0.23%18 Jun 20263

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.
RiskIn this sectionRisk

Risk indicators· EUR

Full history
Volatility (ann.)4.86%
Max drawdown-4.16%
Sharpe-0.53
Sortino-0.72
Full history
Volatility (ann.)4.86%
Max drawdown-4.16%
Sharpe-0.53
Sortino-0.72
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: 2.30%), 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
14
Top-10 weight
93.4%
Bond sleeve
duration 6.3 yrs · yield to maturity 4.6% · bond share 74.1%

Top 10 holdings

Xtrackers II Global Government Bond UCITS ETF 1C EUR Hedged
17.85%
Xtrackers II ESG Global Aggregate Bond UCITS ETF 5C EUR Hedged
17.83%
Xtrackers MSCI AC World Screened UCITS ETF 1C
17.81%
Xtrackers II J.P. Morgan USD Emerging Markets Bond UCITS ETF 1C EUR Hedged
10.98%
Xtrackers USD Corporate Bond UCITS ETF 2D EUR Hedged
7.70%
Xtrackers II US Treasuries UCITS ETF 2D EUR Hedged
6.66%
Xtrackers IE Physical Gold ETC Securities
4.81%
Xtrackers II Eurozone Government Bond UCITS ETF 1C
4.01%
Xtrackers MSCI World Small Cap UCITS ETF 1C
3.02%
Xtrackers USD High Yield Corporate Bond UCITS ETF 2C EUR Hedged
2.76%

Sectors

Tecnologia dell'informazione
31.2%
Finanza
16.8%
Prodotti industriali
10.9%
Sanità
9.8%
Beni voluttuari
9.0%
Servizi di comunicazione
7.7%
Materiali
4.1%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustralia: 1.1%AustriaAzerbaijanBurundiBelgium: 0.7%BeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanada: 2.1%Switzerland: 0.4%ChileChina: 0.4%Ivory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermany: 3.5%DjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpain: 2%EstoniaEthiopiaFinlandFijiFalkland IslandsFrance: 4.3%GabonUnited Kingdom: 3.2%GeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItaly: 2.9%JamaicaJordanJapan: 7.8%KazakhstanKenyaKyrgyzstanCambodiaSouth Korea: 1%KosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 1.2%NorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwan: 0.6%United Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 46.5%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States46.5%
Japan7.8%
France4.3%
Germany3.5%
United Kingdom3.2%
Italy2.9%
Canada2.1%
Holdings as published by Xtrackers, holdings as at 9 October 2026: 14 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%. Fund of funds: the positions are the underlying Xtrackers ETFs (complete first-level list). Countries are look-through across the equity and bond sleeves (grouped tails of smaller markets, ~17% of the fund, are not attributed to single countries); sectors refer to the equity portion only. Duration and yield to maturity: weighted average of the bond building blocks. Non-euro bond exposure is held in EUR-hedged share classes (currency risk remains on the equity portion). How Rebalix verifies portfolio holdings →
StructureIn this sectionMulti-assetExchanges

Other multi-asset ETFs in our registry

All multi-asset in the search →
FundTERIncomeFund size
VNGD80 · Vanguard · 2 classesactive
—Dist. · Acc.1.4 mld EUR
VNGA60 · Vanguard · 2 classesactive
—Acc. · Dist.1.1 mld EUR
Xtrackersactive
—Acc.767 mln EUR
VNGA40 · Vanguard · 2 classesactive
—Acc. · Dist.298 mln EUR
VNGD20 · Vanguard · 2 classesactive
—Dist. · Acc.117 mln EUR
MAGR · iShares · 3 classesactive
—Acc.110 mln EUR
Xtrackersactive
—Dist.58 mln EUR
MODR · iShares · 3 classesactive
—Acc.48 mln EUR
MACV · iShares · 3 classesactive
—Acc.16 mln EUR
JMAM · JPMorganactive
—Acc.7 mln EUR
JMAG · JPMorganactive
—Acc.6 mln EUR
Xtrackersactive
—Acc.6 mln EUR
Xtrackersactive
—Acc.6 mln EUR
JMAC · JPMorganactive
—Acc.6 mln EUR
Xtrackersactive
—Acc.3 mln EUR
ZPRI · SPDRnot on Borsa Italiana
—Dist.704 mln EUR
17 multi-asset ETFs in our registry (including this fund): balanced products mixing several asset classes, each with its own strategy and weights — they do not share an index. 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 — it is 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:

LU3116008346XEQ2
  • 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
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
ExchangeTickerExchange sourceRegistered since
Borsa Italiana (ETFplus)XEQ2from tax documentESMA register (FIRDS)26 Feb 2026
Börse DüsseldorfXEQ2from mappingESMA register (FIRDS)18 Feb 2026
Börse FrankfurtXEQ2from mappingESMA register (FIRDS)18 Feb 2026
Börse HamburgXEQ2from mappingESMA register (FIRDS)13 May 2026
Börse HannoverXEQ2from mappingESMA register (FIRDS)19 Mar 2026
Börse München / gettexXEQ2from mappingESMA register (FIRDS)18 Feb 2026
Börse StuttgartXEQ2from mappingESMA register (FIRDS)27 Feb 2026
Tradegate ExchangeXEQ2from mappingESMA register (FIRDS)26 Feb 2026
Xetra (Deutsche Börse)XEQ2from tax documentESMA register (FIRDS)18 Feb 2026
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.
from mapping — ticker obtained by ISIN→exchange mapping under the open FIGI standard, not read from the exchange’s list.
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.
+ 4 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 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

How much does XEQ2 cost?
The issuer-declared TER is 0.24% per year (period and nature not declared by the source); the transaction costs estimated in the KID are 0.11%.
How is XEQ2 taxed in Italy?
On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.00%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of XEQ2?
The fund size declared by Xtrackers is about 3 million euro.
When was XEQ2 launched?
The fund was launched on 29 January 2026: it has been trading for 264 days: the page fills up as the issuer publishes data.
Is XEQ2 actively or passively managed?
It is an ACTIVELY managed ETF: the manager picks the holdings, it does not replicate an index.
Does XEQ2 pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does XEQ2 trade?
Per the official ESMA register (FIRDS) and the issuer’s documents it is listed on 9 exchanges with a ticker available, including Borsa Italiana (ETFplus) (XEQ2), Börse Düsseldorf (XEQ2), Börse Frankfurt (XEQ2), Börse Hamburg (XEQ2), Börse Hannover (XEQ2), Börse München / gettex (XEQ2).
What was XEQ2's worst fall?
Over the available history (since 2026), the maximum drawdown was -4.16%, reached in March 2026. Past performance is not indicative of future results.
How many positions does XEQ2 publish?
The list published by the issuer and archived by Rebalix has 14 rows; the top 10 weigh 93.4%. 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