At a glance
XOEX charges 0.15% a year, below the 0.17% average of the 8 funds most like it (the 6th cheapest of 9). It has $274.6M in assets, the 8th largest of that group; it paid 1.48% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +14.1% with distributions reinvested (S&P 500: +11.5%), 8th of those 9 funds; over three years it returned +21.1% a year. Its ten largest positions make up 25.3% of the fund, out of 81 in all.
The short version
Xtrackers S&P 100 Ex Top 20 ETF (XOEX) is an index fund from Deutsche Bank's Xtrackers line. It tracks the S&P 100 Ex-Top 20 Select Index, which is the S&P 100 minus its 20 largest companies. As of August 31, 2026, its biggest positions were Mastercard, AbbVie and Palantir, each about 3% of the fund. It charges 0.15% a year. Several large-cap value funds whose holdings overlap with XOEX charge 0.04%.
Price history
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XOEX +14.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| XOEX official prospectus, to Dec 31, 2024 | — | +12.08% | — | — | — | +13.56% |
| XOEX price data to Oct 27, 2026 | +12.2% | +14.1% | +21.1% | — | — | +15.8% |
- Over the year to Oct 27, 2026, XOEX returned +14.1%, 8th of 9 among similar funds.
- Its worst full calendar year was 2024 (+12.0%); its best was 2025 (+18.9%).
- The deepest fall in its price history was 14.7% (Nov 29, 2024 to Apr 8, 2025), recovered by Jul 3, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.2% |
| 2025 | +18.9% |
| 2024 | +12.0% |
| 2023 | +16.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3700 | |
| 2025 | $0.7100 | +9.2% |
| 2024 | $0.6500 | +30.0% |
| 2023 | $0.5000 |
What's inside
As of Aug 31, 2026, the fund held 81 securities; the ten largest made up 25.28% of assets.
| Holding | Weight | |
|---|---|---|
| MASTERCARD INC | 3.03% | |
| ABBVIE INC | 2.88% | |
| PALANTIR TECHNOLOGIES INC | 2.72% | |
| BANK OF AMERICA CORP | 2.57% | |
| CHEVRON CORP | 2.46% | |
| LAM RESEARCH CORP | 2.40% | |
| CATERPILLAR INC | 2.34% | |
| MERCK & COMPANY INC | 2.32% | |
| APPLIED MATERIALS INC | 2.31% | |
| UNITEDHEALTH GROUP INC | 2.25% | |
| GE Aerospace | 2.23% | |
| COCA-COLA COMPANY (THE) | 2.18% | |
| NETFLIX INC | 2.17% | |
| PROCTER & GAMBLE COMPANY (THE) | 2.15% | |
| HOME DEPOT INC (THE) | 2.07% |
By country
United States 96.9%Ireland 2.92%By asset type
Stocks 99.82%By sector
Sectors of the companies held, for the 95.2% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $36.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.99%, -0.72%, +3.57%.
How it works
XOEX starts with the S&P 100 Index, which is part of the S&P 500. To build the S&P 100, S&P Dow Jones Indices generally picks the largest S&P 500 companies that have listed options, while also weighing sector balance. The fund's index then drops the 20 largest of those companies by float-adjusted market capitalization, meaning the value of the shares the public can actually trade. The other 80 form the index. As of October 31, 2025, it held 79 stocks, with an average market value of about $178.72 billion and a minimum of about $42.13 billion.
Stocks are weighted by float-adjusted market value, with two caps: no single company can be more than 22.5%, and companies above 4.5% can't make up more than 48% combined. The weights are reset every quarter, in March, June, September and December. The list of companies is rebuilt each June. If a company leaves the S&P 100 during the year, it is removed and not replaced until the next June, so the count can fall below 80.
The fund uses full replication. That means it buys the index's stocks in roughly the same weights. It must keep at least 80% of net assets in index stocks. Portfolio turnover was 50%. As of August 31, 2026, cash was 0.12%, plus a tiny S&P 500 futures position.
What it really costs
- XOEX charges 0.15% a year, versus an average of 0.17% for the similar funds below (6th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XOEX | $15 | $48 | $85 | $192 |
In a retirement portfolio
Leaving out the 20 largest S&P 100 companies spreads its large-cap exposure across names like Mastercard, Bank of America and Chevron, which carry far less weight in a standard S&P 500 fund.
XOEX could sit next to an S&P 500 fund to reduce reliance on the very largest companies. Its record is short. It launched on November 9, 2022, so it missed the 2008 crisis, the 2020 COVID crash and the 2022 bear market. Its weakest calendar year, 2024, was still a gain of about 12%. Its deepest drop was 14.7%, from November 29, 2024 to April 8, 2025. It was back to its old high by July 3, 2025. Someone who may need to sell shares in a bad year has no deep bear market to judge it by. The yield was 1.48% as of October 27, 2026, paid quarterly. In the SEC's standard example, costs on $10,000 come to $192 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors whose S&P 500 fund is dominated by its biggest companies and who want large-cap exposure without the 20 largest S&P 100 names.
- People who want broad spreading: 81 holdings, none above about 3%, with the top 10 at roughly 25% as of August 31, 2026.
- Those who accept a 0.15% expense ratio, slightly below the 0.17% average of funds with overlapping holdings.
Look elsewhere if
- Cost-focused investors: Vanguard Value ETF, Schwab U.S. Large-Cap Value ETF and SPDR Portfolio S&P 500 Value ETF each charge 0.04%.
- Retirees who want meaningful income: the yield was 1.48% as of October 27, 2026, paid quarterly.
- Anyone who wants a long track record: the fund launched in November 2022 and has not yet been through a full bear market.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| XOEX this fund | — | 0.15% | $274.6M | +14.1% | +21.1% |
| VTV Vanguard Value ETF | 42% | 0.04% | $254.48B | +25.4% | +22.3% |
| WOMN Tidal Trust III YWCA WOMENS EMPOWERMENT ETF | 37% | 0.75% | $55.1M | +11.0% | +18.1% |
| SCHV Schwab U.S. Large-Cap Value ETF | 36% | 0.04% | $15.67B | +22.4% | +20.3% |
| VOOV Vanguard S&P 500 Value ETF | 34% | 0.07% | $7.00B | +15.0% | +19.7% |
| SPYV SPDR Portfolio S&P 500 Value ETF | 34% | 0.04% | $35.30B | +16.8% | +17.8% |
| IVE iShares S&P 500 Value ETF | 34% | 0.18% | $47.74B | +16.7% | +17.7% |
| IUSV iShares Core S&P U.S. Value ETF | 32% | 0.04% | $26.46B | +16.8% | +17.8% |
Questions investors ask
What is XOEX and how much does it cost?
XOEX is the Xtrackers S&P 100 Ex Top 20 ETF, an index fund launched on November 9, 2022. It tracks the S&P 100 Ex-Top 20 Select Index, which is the S&P 100 without its 20 largest companies. Its expense ratio is 0.15%, according to its December 18, 2025 prospectus. In the SEC's standard example, $10,000 earning 5% a year would cost $15 in the first year and $192 over 10 years. Net assets were about $275 million as of August 31, 2026.
What stocks are in XOEX?
As of August 31, 2026, XOEX held 81 stocks, almost all of them US companies. The largest were Mastercard (3.0%), AbbVie (2.9%), Palantir Technologies (2.7%), Bank of America (2.6%) and Chevron (2.5%). The top 10 made up about 25% of assets. The biggest sectors were financials (17.7%), technology (16.8%), health care (16.3%) and industrials (14.9%). The index removes the 20 largest S&P 100 companies, so the biggest US stocks are not in it.
Does XOEX pay monthly dividends?
No. XOEX pays dividends every quarter. In the 12 months to October 27, 2026, it paid about $0.60 per share, a trailing yield of 1.48%. That income comes from dividends paid by the companies it holds, such as AbbVie, Chevron, Merck and Coca-Cola. A 1.48% yield is modest. The fund is mainly a way to own large US companies, not an income fund.
XOEX vs VTV: what's the difference?
Vanguard Value ETF (VTV) has the most holdings in common with XOEX, a 42% overlap. VTV is much cheaper, at 0.04% versus 0.15%. It is also far larger, with about $254 billion in net assets as of June 30, 2026. VTV focuses on value stocks, as its name says. XOEX simply drops the 20 biggest S&P 100 companies. As of October 30, 2026, VTV returned 25.4% over one year and 22.3% a year over three years. As of October 27, 2026, XOEX returned 14.1% and 21.1%.
How has XOEX performed since it launched?
XOEX has gained in every full calendar year since it launched. Based on price returns, it rose 16.05% in 2023, 12.04% in 2024 and 18.95% in 2025. Its prospectus reports 12.08% for 2024 and 13.56% a year since inception, both as of December 31, 2024. It was up 12.19% for 2026 through October 27, which is a partial year. Among the funds with the most overlapping holdings, it ranked 8th of 9 over one year and 3rd of 9 over three years.