Xtrackers MSCI All World ex US Hedged Equity ETF
ALTAR
Score™		 7.4% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 17.8x P/Sales
ratio		 1.2x
P/BV
ratio		 1.4x Div.
yield		 3.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Xtrackers MSCI All World ex US Hedged Equity ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to track the performance of the MSCI ACWIex USA US Dollar Hedged Index.

FUND BASICS
Category International Equities
Fund Sponsor Deutsche Bank AG
Website www.DBXUS.com
Inception date Jan 23, 2014
Assets (mns) $103
Currency USD
Expense ratio 40 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication Optimized
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 1966
Wgt avg mkt cap (mns) $72,702
Large cap (>$10bn) 80.1%
Mid cap ($2-10bn) 18.8%
Small cap (<$2bn) 0.7%
Developed mkts 75.0%
Emerging mkts 24.3%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 1.8 %
NESTLE SA-REG 1.6 %
TENCENT HOLDINGS LTD 1.5 %
ROCHE HOLDING AG-GENUSSCHEIN 1.2 %
TAIWAN SEMICONDUCTOR MANUFAC 1.2 %
SAMSUNG ELECTRONICS CO LTD 1.0 %
NOVARTIS AG-REG 0.9 %
ASTRAZENECA PLC 0.7 %
TOYOTA MOTOR CORP 0.7 %
ASML HOLDING NV 0.7 %
Total 11.5 %

TOP COUNTRY EXPOSURE
JAPAN 16.8 %
BRITAIN 9.0 %
CHINA 8.8 %
SWITZERLAND 6.8 %
FRANCE 6.4 %
CANADA 6.4 %
GERMANY 5.6 %
AUSTRALIA 4.0 %
TAIWAN 3.3 %
HONG KONG 3.2 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-11.1% -0.4% 2.1% -- 4.8%

Market Correlations
versus... Beta R-squared
S&P500 0.77 87%
MSCI EAFE 0.86 94%
MSCI Emg. Mkts. 0.62 76%

Technical Indicators
Recent close $26.66
30d moving avg. $25.03
Annualized volatility 13.9%
Short interest (ETF) 0.1%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 15
Turnover 0.4%
Bid/Ask (% of price) 0.19%
ADV underlying (mns) $112,339

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Xtrackers MSCI All World ex US Hedged Equity ETF ETF based on the alternatives' overlap in portfolio holdings with DBAW. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: DBAW Expense: 40 bp ALTAR Score™: 7.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH DBAW
Ticker Fund
Name		 Overlap1
vs DBAW
(%)		 Expense
ratio
(bp)		 Savings
vs DBAW
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs DBAW
(%)
ACWX iShares MSCI ACWI ex U.S. ETF 90.0 32 8 7.5 +0.1
IXUS ishares Core MSCI Total International Stock ETF 83.2 9 31 7.6 +0.2
VEU Vanguard FTSE All-World ex-US Index Fund 83.0 8 32 7.7 +0.3
VXUS Vanguard Total International Stock Index Fund 78.9 8 32 7.7 +0.3
SCHF Schwab International Equity ETF 71.2 6 34 7.4 -0.0
VEA Vanguard FTSE Developed Markets ETF 71.1 5 35 7.4 +0.0
SPDW SPDR Portfolio Developed World ex-US ETF 68.6 4 36 7.2 -0.2
CWI SPDR MSCI ACWI ex-US ETF 68.5 30 10 7.6 +0.2
IDEV iShares Core MSCI International Developed Markets ETF 67.6 5 35 7.3 -0.1
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 66.0 7 33 7.6 +0.2
VSGX Vanguard ESG International Stock ETF 64.7 17 23 7.4 -0.0
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 63.5 35 5 7.0 -0.4
EFA iShares MSCI EAFE ETF 63.2 32 8 7.2 -0.3
IEFA iShares Core MSCI EAFE ETF 63.2 7 33 7.3 -0.1
HFXI IQ 50 Percent Hedged FTSE International ETF 62.5 20 20 7.5 +0.1
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 58.3 20 20 7.3 -0.1
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 57.2 45 -5 8.8 +1.4
GSIE Goldman Sachs ActiveBeta International Equity ETF 56.3 25 15 6.8 -0.6
FNDF Schwab Fundamental International Large Co. Index ETF 55.3 25 15 8.7 +1.3
JHMD John Hancock Multifactor Developed International ETF 54.7 45 -5 7.4 +0.0
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 53.3 39 1 9.1 +1.7
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 49.2 16 24 7.1 -0.3
QEFA SPDR MSCI EAFE Quality Mix ETF 48.5 30 10 6.8 -0.6
PDEV Principal International Multi-Factor Core Index ETF 48.3 25 15 7.9 +0.5
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 46.9 39 1 6.7 -0.7
ESGD iShares MSCI EAFE ESG Optimized ETF 46.0 20 20 7.2 -0.2
DWM WisdomTree International Equity Fund 45.1 48 -8 8.2 +0.8
IQSI IQ Candriam ESG International Equity ETF 44.8 15 25 7.3 -0.1
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 44.5 35 5 8.6 +1.2
ISZE iShares Edge MSCI Intl Size Factor ETF 43.7 30 10 6.9 -0.5
ISDX Invesco Strategic Developed ex-US ETF 41.5 23 17 7.4 +0.0
CIL VictoryShares International Volatility Weighted Index ETF 41.5 45 -5 6.7 -0.7
ACWI iShares MSCI ACWI ETF 39.5 32 8 6.0 -1.4
DOL WisdomTree International LargeCap Dividend Fund 39.3 48 -8 8.5 +1.1
DBEU Xtrackers MSCI Europe Hedged Equity ETF 39.2 45 -5 6.8 -0.6
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 39.2 30 10 6.8 -0.6
IEUR iShares Core MSCI Europe ETF 39.0 9 31 7.3 -0.1
FLEE Franklin FTSE Europe ETF 38.9 9 31 7.0 -0.4
FLEH Franklin FTSE Europe Hedged ETF 38.9 9 31 7.2 -0.3
FEU SPDR Portfolio Europe ETF 38.6 9 31 7.3 -0.2
VGK Vanguard FTSE Europe ETF 38.6 8 32 7.3 -0.1
IQIN IQ 500 International ETF 38.5 25 15 9.0 +1.6
VYMI Vanguard International High Dividend Yield ETF 38.2 32 8 10.1 +2.7
BBEU JPMorgan BetaBuilders Europe ETF 37.9 9 31 7.3 -0.2
EFG iShares MSCI EAFE Growth ETF 37.9 40 0 4.7 -2.7
AVDE Avantis International Equity ETF 37.7 23 17 7.9 +0.4
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 37.5 25 15 6.7 -0.7
LOWC SPDR MSCI ACWI Low Carbon Target ETF 37.2 20 20 6.4 -1.0
IEV iShares Europe ETF 37.1 59 -19 6.8 -0.6
CRBN iShares MSCI ACWI Low Carbon Target ETF 36.4 20 20 6.3 -1.1
VT Vanguard Total World Stock Index Fund 35.1 8 32 6.3 -1.2
URTH iShares MSCI World ETF 33.0 24 16 5.8 -1.6
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 32.5 45 -5 6.9 -0.5
ESGG FlexShares STOXX Global ESG Impact Index Fund 32.5 42 -2 5.6 -1.8
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 32.2 14 26 7.0 -0.4
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 31.7 24 16 7.2 -0.2
EFV iShares MSCI EAFE Value ETF 31.5 39 1 10.0 +2.6
RNDM Developed International Equity Select ETF 30.6 65 -25 6.4 -1.0
RFDI First Trust Riverfront Dynamic Developed International ETF 30.4 83 -43 6.3 -1.1
IDY Pacific Global International Equity Income ETF 30.3 39 1 8.0 +0.6
QWLD SPDR MSCI World StrategicFactors ETF 29.9 30 10 6.0 -1.4
PQIN PGIM QMA Strategic Alpha International Equity ETF 28.2 29 11 8.1 +0.7
SPGM SPDR Portfolio MSCI Global Stock Market ETF 27.8 9 31 6.2 -1.2
QINT American Century Quality Diversified International ETF 27.8 39 1 5.9 -1.5
TPIF Timothy Plan International ETF 27.6 62 -22 7.0 -0.4
TOK iShares MSCI Kokusai ETF 27.3 25 15 5.7 -1.7
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 27.2 48 -8 0.0 -7.4
IGRO iShares International Dividend Growth ETF 27.1 22 18 8.0 +0.6
VPL Vanguard FTSE Pacific ETF 26.9 8 32 7.8 +0.4
IQLT iShares Edge MSCI Intl Quality Factor ETF 26.7 30 10 6.2 -1.2
IMTM iShares Edge MSCI Intl Momentum Factor ETF 26.6 30 10 5.0 -2.4
IDLB Invesco FTSE International Low Beta Equal Weight ETF 26.2 45 -5 7.2 -0.2
EEM iShares MSCI Emerging Markets ETF 26.1 68 -28 8.3 +0.9
IEMG iShares Core MSCI Emerging Markets ETF 26.0 14 26 8.7 +1.3
JPEU JPMorgan Diversified Return Europe Equity ETF 25.8 37 3 6.8 -0.6
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 25.7 65 -25 8.4 +1.0
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 24.8 59 -19 11.1 +3.6
EFAV iShares Edge MSCI Min Vol EAFE ETF 24.8 20 20 5.9 -1.5
JPGE JPMorgan Diversified Return Global Equity ETF 24.4 29 11 7.3 -0.1
SCID Global X Scientific Beta Europe ETF 24.2 38 2 6.9 -0.6
RBIN Nationwide Risk-Based International Equity ETF 23.5 42 -2 6.5 -1.0
IPAC iShares Core MSCI Pacific ETF 23.3 9 31 7.5 +0.1
AAXJ iShares MSCI All Country Asia ex Japan ETF 23.2 68 -28 8.0 +0.5
DEW WisdomTree Global High Dividend Fund 23.0 58 -18 9.0 +1.6
RODM Hartford Multifactor Developed Markets (ex-US) ETF 22.9 29 11 8.6 +1.2
FDEV Fidelity Targeted International Factor ETF 22.8 39 1 6.5 -0.9
FLAX Franklin FTSE Asia Ex Japan ETF 22.7 19 21 8.5 +1.1
JPIN JPMorgan Diversified Return International Equity ETF 22.5 38 2 8.0 +0.5
UIVM VictoryShares USAA MSCI International Value Momentum ETF 22.0 35 5 8.6 +1.2
EUMV iShares Edge MSCI Min Vol Europe ETF 21.7 25 15 5.5 -1.9
VWO Vanguard FTSE Emerging Markets ETF 21.7 10 30 8.8 +1.4
VIGI Vanguard International Dividend Appreciation ETF 21.2 25 15 5.9 -1.5
SCHE Schwab Emerging Markets Equity ETF 21.1 13 27 8.7 +1.2
VGFO Virtus WMC Global Factor Opportunities ETF 20.8 49 -9 6.1 -1.3
RFEU First Trust Riverfront Dynamic Europe ETF 20.7 83 -43 5.0 -2.4
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 20.6 30 10 9.4 +2.0
JHEM John Hancock Multifactor Emerging Markets ETF 20.5 55 -15 8.8 +1.4
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 20.3 45 -5 8.7 +1.3
IVLU iShares Edge MSCI Intl Value Factor ETF 20.2 30 10 11.3 +3.9

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Xtrackers MSCI All World ex US Hedged Equity ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 10.8 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 40 bp
Equals: ALTAR Score 7.4 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.52 CATEGORY
AVERAGE		 1.59
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.