DBX0AN

Safety / risk

The DBX0AN is an exchange-traded ETF that uses synthetic replication. A so-called swap partner guarantees the return of the index the ETF tracks - in this case the €STR rate. In return, the issuing fund company provides the swap partner with a so-called collateral portfolio (Trägerportfolio) as security.

ℹ️ The DBX0AN is an exchange-traded ETF and is not covered by the statutory deposit insurance scheme. But: the collateral held in the ETF is protected as Sondervermögen (segregated fund assets). If the fund company, the bank or the broker becomes insolvent, creditors cannot access these assets, because they belong exclusively to the ETF's investors.

What is inside the DBX0AN?

The DBX0AN's collateral portfolio currently consists mostly of government bonds issued by EU member states. Among others, it holds government bonds from the following countries (as of 10 August 2026):

• 🇫🇷 France 26.53%
• 🇩🇪 Germany 12.26%
• 🇮🇹 Italy 10.74%
• 🇪🇸 Spain 10.51%
• 🇱🇺 Luxembourg 7.20%
• 🇧🇪 Belgium 6.77%
• 🏳️ Other 25.99%

You can download the complete list of all positions currently held in the collateral portfolio as an Excel file here.

What are the risks of the DBX0AN?

With a swap-based ETF there is a risk that the return of the collateral portfolio differs significantly from the index, or that the swap partner defaults in part or in full (counterparty risk).

In practice, these risks are limited by various legal and regulatory rules.

Is the DBX0AN safe as a swap ETF?

The DBX0AN is a UCITS-compliant ETF. UCITS stands for "Undertakings for Collective Investment in Transferable Securities" and means that the fund follows EU rules designed to ensure the investment product is safe and transparent for investors.

Under the UCITS rules, the swap may not exceed 10 percent of the fund's assets. The collateral in the portfolio is also revalued daily to prevent deviations. In practice, the risk from a potential default of the swap partner is therefore limited to 10 percent.

In addition, the collateral held in the ETF is classified as Sondervermögen (segregated fund assets). This means: your money in the ETF is kept separate from the fund company's own assets. If the fund company becomes insolvent, the collateral held in the ETF is not part of the insolvency estate. The ETF is also treated as segregated assets if the broker or the bank becomes insolvent.

Full details of the ETF can be found in the key investor information and the fund company's prospectus. These documents are the sole binding basis for buying the ETF.