ETF Research Center

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
Total	9.6 %
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 %

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	**	**	**	**	**	**	**
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

	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	%

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.