DWS is expanding its range of Xtrackers ETFs with synthetic replication. The Xtrackers MSCI USA Swap II UCITS ETF provides investors with efficient access to the core asset classes of global and US equities. The ETF has been listed on Deutsche Börse since 23 April.

With synthetic ETFs, an index’s performance is not replicated directly by purchasing the underlying securities, but via so-called swaps. This involves the exchange of cash flows between the ETF provider and a bank. These cash flows replicate the return of the relevant index. A swap-based structure can offer performance advantages, particularly for indices with high exposure to US equities. These efficiency gains accumulate over longer periods.

To manage counterparty risk (default by the swap partner, i.e. the bank), Xtrackers’ swap ETFs use a multi-counterparty model, meaning they work with several swap partners simultaneously, thereby diversifying the risk.

“We are constantly working to optimise our offering and provide strategies that deliver tangible added value for investors and their allocation decisions,” says Simon Klein, Global Head of Xtrackers Sales. “With the new swap-based ETF, we are providing efficient access to one of the most popular core asset classes, where costs and precise index tracking play a particularly important role.”

Product information

Source: DWS Group GmbH & Co. KGaA, as at 23 April 2026

Risks associated with ETFs include, among others, the following:

• The value of the ETF units may be adversely affected by legal, economic or political changes, market volatility and/or volatility in the assets of the sub-fund and/or the underlying asset.
• The value of the ETF units may at any time fall below the price at which the investor purchased the fund units. This may result in losses. The value of the ETF units may be adversely affected by exchange rate fluctuations.
• The ETFs are not capital-protected. The value of the ETF units may fall as well as rise. Past performance is not a reliable indicator of future performance.
• There is no guarantee that a specific redemption amount will be repaid to investors at maturity. The redemption amount may be lower than the original purchase price. Investors should be able to bear losses up to the full amount of their investment.

About the DWS Group

With total assets under management of €1,085 billion (as at 31 December 2025), the DWS Group (DWS) is a leading asset manager in Europe with a global reach. With around 5,000 employees at locations around the world, DWS offers private individuals, institutions and large corporations access to comprehensive investment solutions and bespoke portfolios across the entire spectrum of investment disciplines. Its wide-ranging expertise as an asset manager in active, passive and alternative investment strategies enables DWS to offer clients targeted solutions across all major liquid and illiquid asset classes.

This document is a promotional communication. 
Investors should read the prospectus and the key investor information document before making an investment decision.
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Important information

DWS is the brand name under which DWS Group GmbH & Co. KGaA and its subsidiaries conduct their business. The respective legal entities responsible for offering DWS products or services are identified in the relevant documents.
The information contained in this document does not constitute investment advice.

Full details of the funds, including all risks and costs, can be found in the current version of the relevant prospectus. This, together with the “Key Information Document (KID)”, constitutes the sole binding sales documents for the funds.

Investors may obtain these documents, including regulatory information and the current constitutional documents in German, free of charge in written form from DWS Investment GmbH, Mainzer Landstraße 11-17, 60329 Frankfurt am Main, and, in the case of Luxembourg funds, from DWS Investment S.A., 2, Boulevard Konrad Adenauer, L-1115 Luxembourg, free of charge in written form  or electronically in the relevant languages at: www.dws.de for Germany and https://funds.dws.com/ for Austria and Luxembourg, and for passive investments at www.etf.dws.com.
A summary of investor rights for investors in passive products is available at (Germany – German) https://etf.dws.com/de-de/ueber-uns/umgang-mit-beschwerden-etfs/ (Austria – German) https://etf.dws.com/de-at/ueber-uns/umgang-mit-beschwerden-etfs/ (Luxembourg – English) https://etf.dws.com/en-lu/about-us/how-to-complain-etfs/. The management company may decide to withdraw the distribution at any time.

Forecasts are not a reliable indicator of future performance. Forecasts are based on assumptions, estimates, views and hypothetical models or analyses which may prove to be inaccurate or incorrect.

Performance is calculated in accordance with the BVI (German Investment and Asset Management Association) method, i.e. without taking into account any initial sales charge. Further tax information is contained in the prospectus. Past performance is not a reliable indicator of future performance.

All opinions expressed reflect the current assessment of DWS Group GmbH KGaA, which may change without prior notice.
This document is a promotional communication and not a financial analysis. Consequently, the information contained in this document does not satisfy all legal requirements to ensure the impartiality of investment recommendations and investment strategy recommendations and is not subject to any prohibition on trading prior to the publication of such recommendations. As explained in the relevant prospectus, the distribution of the above-mentioned funds is subject to restrictions in certain jurisdictions. This document and the information contained herein may only be distributed or published in those countries where this is permitted under the applicable laws. Accordingly, this document may not be distributed, either directly or indirectly, within the United States, or to or on behalf of US persons or persons resident in the United States.

Xtrackers® is a registered trademark of the DWS Group

The registered office of Xtrackers (RCS No.: B-119.899), a company registered in Luxembourg, is located at 49, Avenue J.F. Kennedy, L-1855 Luxembourg, Luxembourg

DWS Group GmbH & Co. KGaA, CRC 110 079, 29 April 2026