ETF Research Center

The Xtrackers MSCI EAFE Hedged Equity Fund is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Net Index (the "Underlying Index").

FUND BASICS
Category	International Equities
Fund Sponsor	Deutsche Bank AG
Website	www.DBXUS.com
Inception date	Jun 09, 2011
Assets (mns)	$5,115
Currency	USD
Expense ratio	35 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	924
Wgt avg mkt cap (mns)	$62,645
Large cap (>$10bn)	85.2%
Mid cap ($2-10bn)	14.4%
Small cap (<$2bn)	0.2%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	11.3 %
NESTLE SA-REG	2.1 %
ROCHE HOLDING AG-GENUSSCHEIN	1.4 %
NOVARTIS AG-REG	1.3 %
TOYOTA MOTOR CORP	1.1 %
HSBC HOLDINGS PLC	1.0 %
SAP AG	0.9 %
BP PLC	0.9 %
TOTAL SA	0.9 %
ROYAL DUTCH SHELL PLC-A SHS	0.9 %
ASTRAZENECA PLC	0.8 %

TOP COUNTRY EXPOSURE
	JAPAN	23.9 %
	BRITAIN	15.2 %
	FRANCE	10.0 %
	SWITZERLAND	9.3 %
	GERMANY	8.3 %
	AUSTRALIA	6.5 %
	NETHERLANDS	4.2 %
	HONG KONG	3.0 %
	SPAIN	2.6 %
	SWEDEN	2.4 %

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.
23.2%	15.5%	7.1%	--	10.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.70	71%
MSCI EAFE	0.83	83%
MSCI Emg. Mkts.	0.51	51%

Technical Indicators
Recent close	$33.31
30d moving avg.	$33.41
Annualized volatility	10.0%
Short interest (ETF)	1.1%
Relative strength (RSI)	58

Liquidity measures
Avg. volume (thou.)	759
Turnover	0.5%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$48,279

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Xtrackers MSCI EAFE Hedged ETF based on the alternatives' overlap in portfolio holdings with DBEF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

DBEF

Expense:

35 bp

ALTAR Score™:

6.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DBEF
Ticker	Fund Name	Overlap¹ vs DBEF (%)	Expense ratio (bp)	Savings vs DBEF (bp)	ALTAR Score™ (%)	ALTAR vs DBEF (%)
EFA	iShares MSCI EAFE	95.0	31	4	6.9	-0.0
EFAX	SPDR MSCI EAFE Fossil Fuel Free	87.6	20	15	7.0	+0.1
PBDM	Invesco PureBeta FTSE Developed ex-North America	86.8	7	28	7.5	+0.5
HFXI	IQ 50 Percent Hedged FTSE Int'l	86.2	20	15	7.3	+0.4
IEFA	iShares Core MSCI EAFE	83.8	7	28	7.0	+0.1
SCHF	Schwab International Equity	80.3	6	29	7.3	+0.4
IDEV	iShares Core MSCI Int'l Developed Markets	75.5	5	30	7.1	+0.1
SPDW	SPDR Portfolio World ex-US	73.1	4	31	7.1	+0.2
VEA	Vanguard Europe Pacific	70.7	5	30	7.3	+0.4
JHMD	John Hancock Multifactor Developed International	69.5	45	-10	7.1	+0.2
ESGD	iShares MSCI EAFE ESG Optimized	68.3	20	15	6.8	-0.1
PXF	Invesco FTSE-RAFI Developed ex-US	66.0	45	-10	8.1	+1.2
ACWX	iShares MSCI ACWI ex-US	65.4	31	4	7.3	+0.4
DWM	WisdomTree DEFA Fund	64.8	48	-13	7.6	+0.7
DDWM	WisdomTree Dynamic Currency Hedged Int'l Equity	64.3	35	0	7.9	+1.0
DBAW	Xtrackers MSCI All World ex-US Hedged	63.9	40	-5	7.3	+0.4
FNDF	Schwab Fundamental Intl Large Cap	63.8	25	10	7.5	+0.6
QEFA	SPDR MSCI EAFE Quality Mix	63.4	30	5	6.6	-0.3
GSIE	Goldman Sachs ActiveBeta Int'l Equity	62.0	25	10	6.5	-0.4
VEU	Vanguard FTSE All-World ex-US	61.5	9	26	7.5	+0.6

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 EAFE 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	10.7	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	6.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	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.