Xtrackers MSCI All World ex-US Hedged
ALTAR
Score™
7.3% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
14.8x P/Sales
ratio
1.2x
P/BV
ratio
1.6x Div.
yield
3.2%


  • 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) $106
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 1939
Wgt avg mkt cap (mns) $70,380
Large cap (>$10bn) 81.8%
Mid cap ($2-10bn) 17.4%
Small cap (<$2bn) 0.5%
Developed mkts 75.4%
Emerging mkts 23.9%

TOP TEN HOLDINGS
NESTLE SA-REG 1.4 %
ALIBABA GROUP HOLDING LTD. SPONSOR 1.2 %
TAIWAN SEMICONDUCTOR MANUFAC 1.1 %
TENCENT HOLDINGS LTD 1.1 %
ROCHE HOLDING AG-GENUSSCHEIN 1.0 %
SAMSUNG ELECTRONICS CO LTD 0.9 %
NOVARTIS AG-REG 0.9 %
TOYOTA MOTOR CORP 0.7 %
HSBC HOLDINGS PLC 0.7 %
SAP AG 0.6 %
Total 9.6 %

TOP COUNTRY EXPOSURE
JAPAN 16.0 %
BRITAIN 10.2 %
CHINA 7.4 %
FRANCE 6.7 %
CANADA 6.6 %
SWITZERLAND 6.2 %
GERMANY 5.6 %
AUSTRALIA 4.4 %
HONG KONG 3.2 %
TAIWAN 3.1 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
20.6% 13.9% 6.0% -- 7.1%

Market Correlations
versus... Beta R-squared
S&P500 0.72 77%
MSCI EAFE 0.85 89%
MSCI Emg. Mkts. 0.58 66%

Technical Indicators
Recent close $28.57
30d moving avg. $28.57
Annualized volatility 9.9%
Short interest (ETF) 0.3%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 8
Turnover 0.2%
Bid/Ask (% of price) 0.18%
ADV underlying (mns) $82,152

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Xtrackers MSCI All World ex-US Hedged 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™: 7.3%


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-US 87.6 31 9 7.3 +0.1
VEU Vanguard FTSE All-World ex-US 84.8 9 31 7.5 +0.2
IXUS iShares Core International Stock 83.5 9 31 7.4 +0.1
VXUS Vanguard Total International Stock 80.0 9 31 7.5 +0.2
VEA Vanguard Europe Pacific 72.1 5 35 7.3 -0.0
SCHF Schwab International Equity 71.9 6 34 7.3 +0.1
SPDW SPDR Portfolio World ex-US 69.5 4 36 7.1 -0.2
IDEV iShares Core MSCI Int'l Developed Markets 68.9 5 35 7.1 -0.2
CWI SPDR MSCI ACWI ex-US 68.5 30 10 7.4 +0.1
PBDM Invesco PureBeta FTSE Developed ex-North America 66.3 7 33 7.5 +0.2
DBEF Xtrackers MSCI EAFE Hedged 63.9 35 5 6.9 -0.4
VSGX Vanguard ESG International Stock 63.7 15 25 7.2 -0.0
EFA iShares MSCI EAFE 63.7 31 9 6.9 -0.4
IEFA iShares Core MSCI EAFE 63.7 7 33 7.0 -0.3
HFXI IQ 50 Percent Hedged FTSE Int'l 63.0 20 20 7.3 -0.0
PXF Invesco FTSE-RAFI Developed ex-US 59.2 45 -5 8.1 +0.8
EFAX SPDR MSCI EAFE Fossil Fuel Free 58.9 20 20 7.0 -0.3
FNDF Schwab Fundamental Intl Large Cap 57.2 25 15 7.5 +0.2
GSIE Goldman Sachs ActiveBeta Int'l Equity 56.5 25 15 6.5 -0.8
JHMD John Hancock Multifactor Developed International 54.7 45 -5 7.1 -0.1

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

  2014 2015 2016 2017 2018 2019E 2020E
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

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
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
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 11.3 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 40 bp
Equals: ALTAR Score 7.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.57 CATEGORY
AVERAGE
1.63
 
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.