DBX0AN alternatives
The DBX0AN is not the only money market ETF. There are several comparable products that also track the €STR rate or a similar money market index.
Which money market ETFs are there?
| ETF | WKN / ISIN | TER | Income | Replication |
|---|---|---|---|---|
| Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C | DBX0AN / LU0290358497 | 0.10% | Accumulating | Synthetic (swap) |
| Xtrackers II EUR Overnight Rate Swap UCITS ETF 1D | DBX0A2 / LU0335044896 | 0.10% | Distributing | Synthetic (swap) |
| Amundi EUR Overnight Return UCITS ETF Acc | LYX0B6 / FR0010510800 | 0.10% | Accumulating | Synthetic (swap) |
| Amundi EUR Overnight Return UCITS ETF Dist | A3K635 / FR001400LNP5 | 0.10% | Distributing | Synthetic (swap) |
| iShares eb.rexx Government Germany 0-1yr UCITS ETF | A0Q4RZ / DE000A0Q4RZ9 | 0.13% | Distributing | Physical |
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What is the difference between accumulating and distributing?
The DBX0AN is accumulating (thesaurierend). That means income is automatically reinvested in the fund, so the ETF's price rises continuously.
With the distributing counterpart (DBX0A2), income is paid out to investors regularly, so the price stays relatively constant. The total return is identical for both variants.
DBX0AN or DBX0A2?
Both ETFs come from Xtrackers (DWS) and track the same index. The only difference is how income is handled:
- DBX0AN (accumulating) - Income is automatically reinvested. Suitable if the money is meant to stay in the ETF.
- DBX0A2 (distributing) - Income is paid out regularly. Suitable if you want regular payouts or want to use up your saver's allowance (Sparerpauschbetrag).
DBX0AN or Amundi (Lyxor)?
The Amundi EUR Overnight Return (formerly Lyxor Smart Overnight Return) is very similar to the DBX0AN. Both track the €STR, both have a TER of 0.10% and both use synthetic replication via a swap.
The DBX0AN has a considerably larger fund volume and is usually more liquid on German exchanges. This can show up in a slightly lower spread.
What about the iShares eb.rexx?
The iShares eb.rexx Government Germany 0-1yr is not a classic money market ETF - it invests physically in short-dated German government bonds. It has a slightly higher TER (0.13%) and can fluctuate more than the swap-based money market ETFs. In return, it has no counterparty risk from a swap partner.
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