DWS Repositions Xtrackers Equity ETF to Provide Access to Large U.S. Companies

The Xtrackers S&P 500 Value Scored & Screened ETF has become the Xtrackers S&P 100 Ex Top 20 ETF (CBOE: XOEX)

Published on Feb. 12, 2026

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DWS, a leading European asset manager, has announced the repositioning and renaming of one of its equity ETFs. The Xtrackers S&P 500 Value Scored & Screened ETF has become the Xtrackers S&P 100 Ex Top 20 ETF (CBOE: XOEX). The Fund has changed its underlying index and now tracks the S&P 100 Ex-Top 20 Select Index, which is designed to measure the performance of large-cap U.S. companies excluding the top 20 by market capitalization.

Why it matters

The repositioning of the Xtrackers ETF provides investors with an alternative to traditional S&P 500 and S&P 100 strategies, offering exposure to large-cap U.S. companies with reduced dependence on the largest tech giants. This can help investors diversify their portfolios and seek alternative sources of return outside of the biggest tech names.

The details

The S&P 100 Ex-Top 20 Select Index is designed to measure the capped market capitalization weighted performance of companies in the S&P 100, excluding the largest 20 companies ranked by float-adjusted market capitalization. This 'Next 80' exposure remains rooted in large-cap, blue-chip stocks from a diverse range of industries. The index is reconstituted annually and reweighted quarterly.

  • Effective December 19, 2025, the Fund is available for trading on CBOE.
  • The Fund is priced with a competitive net/gross expense ratio of 0.15%.

The players

DWS

A leading European asset manager with global reach, offering individuals, institutions and large corporations access to comprehensive investment solutions and bespoke portfolios across the full spectrum of investment disciplines.

S&P Dow Jones Indices

The company that designed and maintains the S&P 100 Ex-Top 20 Select Index, which the Xtrackers S&P 100 Ex Top 20 ETF tracks.

Salvador Gomez

Head of Sales Xtrackers Americas at DWS.

Henry Wu

Head of Xtrackers Products U.S. at DWS.

Hamish Preston

Head of U.S. Equities at S&P Dow Jones Indices.

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What they’re saying

“The S&P 100 Ex Top 20 ETF is particularly attractive to investors who want to improve their diversification, seek alternative sources of return outside of big tech, and prefer a more balanced risk/return profile.”

— Salvador Gomez, Head of Sales Xtrackers Americas (Business Wire)

“At Xtrackers, we aim to provide investors innovative investment solutions that are clear and effective. While the top mega-cap names often remain at the front and center of media attention, the remaining U.S. mega and large-cap companies offer a meaningful representation of the long-term mega and large-cap US equity landscape via a more balanced sector profile.”

— Henry Wu, Head of Xtrackers Products U.S. (Business Wire)

“The S&P 100 Ex-Top 20 Select Index is designed to measure the performance of a defined segment of the U.S. large-cap equity market by applying exclusions within the S&P 100 universe. The index is calculated and maintained in accordance with S&P Dow Jones Indices' established methodologies and governance standards, providing market participants with an additional benchmark to analyze equity market composition and concentration.”

— Hamish Preston, Head of U.S. Equities (Business Wire)

The takeaway

The repositioning of the Xtrackers ETF provides investors with a new option to access large-cap U.S. companies while reducing their exposure to the largest tech giants. This can help diversify portfolios and provide alternative sources of return beyond the most prominent mega-cap names.