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XDEF

GradeCNASDAQ Global Market

Xtrackers Europe Defense Technologies ETF

Themes · Xtrackers · Inception 2026-02-19

$22.06+0.19 (+0.85%)

As of Sep 23, 2026, 10:34 AM EDT

History starts Feb 19, 2026.History starts Feb 19, 2026.
Intraday session: up, 7 prints from 21.87 to 22.06. Range 21.81 to 22.06. Use the arrow keys to read each point.$21.80$21.90$22.0010 AM12 PM2 PM4 PM
Expense ratio
0.35%
Fund size
$4M
1Y return
—
Yield · Last 12 months
Data unavailable
Holdings
36
Volume · 30D
0M sh
NAV per share
$21.91
52W range
low $20.21high $2905.00

The ETF.net XDEF Grade

C

40/ 100

Rank 20 of 26 in Defense & Aerospace⁠

Confidence Medium

Six-pillar profile for XDEF. Scores out of 100: Cost 92, Risk 27, Mission not scored, Tradability 7, Holdings 28, Durability 44. Strongest: Cost (92). Weakest: Tradability (7). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 40 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.

Ceiling 40 · B and A out of reach

The pillars earned50This cap took−10Published score40 Grade C

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 92
    Category rank5/26 · top 19%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 27
    Category rank21/25 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 7
    Category rank25/26 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 28
    Category rank24/26 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 44
    Category rank18/26 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on XDEF

ETF.net Research

CEurope is rearming, and XDEF is a US-listed way to own that build-out: roughly 40 European defense, space and cybersecurity names, screened on revenue and patents, at a below-average thematic fee.

Stated mandate

The fund seeks to track, before fees and expenses, the STOXX Europe Total Market Defence, Space and Cybersecurity Innovation 50-25 Index through a passive indexing approach.

Why people hold it

  1. 01Costs 0.35% a year, under the 0.50% typical for defense thematics and level with the cheapest large US aerospace-and-defense funds (XAR).
  2. 02The index takes companies with real theme revenue or strong patent portfolios, so satellite builders and cyber software sit beside traditional arms suppliers.stoxx.comstoxx.com
  3. 03Straight Europe exposure. The heavyweights of the category (ITA, XAR, PPA) are built on American contractors, so this covers the other side of the map.sec.gov

Worth knowing

  1. 01Launched in 2026 and thinly traded off a small asset base, which can mean wider spreads than the long-established defense funds.
  2. 02One theme, roughly 40 stocks. The prospectus flags geographic focus and single-industry concentration among the fund's risks.sec.gov
  3. 03Holdings trade in European currencies, and the prospectus lists exchange-rate moves as a risk to what US shareholders receive.sec.govetf.dws.com

XDEF Holdings

As of Sep 21, 2026, 3:58 PM
Asset class
Stocks
Holdings
36
Top-10 weight
62%
Largest holding
BA.L8.2%

Geography

  • United Kingdom30.95%
  • Germany19.72%
  • France17.24%
  • Netherlands7.72%
  • Italy5.17%
  • Norway5.14%
  • Sweden5.07%
  • Spain4.20%
  • Other countries (6)4.80%

Developed 98% · Emerging 2% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001BA.LBAE Systems PLC8.23%13,177$357K134
002RR.LRolls-Royce Holdings PLC7.93%17,722$343K148
003SAF.PASafran SA7.83%916$339K156
004RHM.DERheinmetall Ag7.77%290$336K125
005AIR.PAAirbus SE7.71%1,506$334K134
006KOG.OLKONGSBERG GRUPPEN ASA NOK 1.254.68%5,928$203K104
007MRO.LMelrose Industries PLC4.66%31,569$202K81
008HO.PAThales SA4.65%737$201K122
009SAAB-B.STSaab AB4.56%3,225$197K88
010LDO.MILeonardo SpA4.43%3,315$192K110
011MTX.DEMTU Aero Engines AG4.41%490$191K107
012IDR.MCIndra Sistemas SA4.19%2,563$182K93
013BAB.LBabcock International Group PLC3.93%12,909$170K60
014AM.PADassault Aviation SA3.39%446$147K80
015HAG.DEHelsoldt AG3.17%1,535$137K79

Showing 1–15 of 36 holdings

XDEF Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

XDEF$10,321
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. XDEF $10,321. SPY $10,415. Use the arrow keys to read each point.$9,352$10,601$11,850Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for XDEF. Periods over one year show the average yearly return.
PeriodXDEF
Year to dateFund launched this year—
1 month−7.2%
3 months+3.2%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for XDEF
YearReturn barXDEF
2026 YTD−11.2%

Since listing, Feb 19, 2026

XDEF in the news

ETF.net Research hasn’t filed on XDEF yet — coverage lands here as it’s written.

XDEF Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Upcoming payment
$0.03 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution data unavailable.

Distribution history

2026

One bar per payment. 2 payments in 2026 YTD. Jun 18, 2026 $0.32; Sep 18, 2026 $0.03. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Sep 18, 2026Pays Sep 25, 2026$0.03
Jun 18, 2026Jun 26, 2026$0.32

XDEF Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Feb 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Feb 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Feb 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.58
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

XDEF Cost

Expense ratio0.35%
  • The middle half of Defense & Aerospace funds
  • Median 0.50%

No Defense & Aerospace fund charges less.

XDEF costs $35.00 a year on $10,000. The median Defense & Aerospace fund costs $50.00.