ETF Research Center

The Xtrackers MSCI Emerging Markets 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 EM US Dollar Hedged Net Index (the "Underlying Index").

FUND BASICS
Category	US Equities
Fund Sponsor	Deutsche Bank AG
Website	www.DBXUS.com
Inception date	Jun 09, 2011
Assets (mns)	$112
Currency	USD
Expense ratio	65 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	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1223
Wgt avg mkt cap (mns)	$95,729
Large cap (>$10bn)	70.7%
Mid cap ($2-10bn)	26.9%
Small cap (<$2bn)	1.5%
Developed mkts	7.4%
Emerging mkts	90.1%

TOP TEN HOLDINGS
Total	23.3 %
ALIBABA GROUP HOLDING LTD. SPONSOR	5.7 %
TAIWAN SEMICONDUCTOR MANUFAC	4.2 %
TENCENT HOLDINGS LTD	4.1 %
SAMSUNG ELECTRONICS CO LTD	3.3 %
CHINA CONSTRUCTION BANK-H	1.3 %
PING AN INSURANCE GROUP CO-H	1.1 %
RELIANCE INDS-SPONS GDR 144A	1.0 %
NASPERS LTD-N SHS	1.0 %
HOUSING DEVELOPMENT FINANCE	0.9 %
CHINA MOBILE LIMITED	0.8 %

TOP COUNTRY EXPOSURE
	CHINA	28.0 %
	TAIWAN	11.4 %
	SOUTH KOREA	11.0 %
	INDIA	8.7 %
	BRAZIL	7.1 %
	HONG KONG	4.6 %
	SOUTH AFRICA	4.4 %
	RUSSIA	3.7 %
	THAILAND	2.5 %
	SAUDI ARABIA	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.
10.3%	7.6%	2.6%	--	1.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.71	56%
MSCI EAFE	0.88	72%
MSCI Emg. Mkts.	0.78	91%

Technical Indicators
Recent close	$23.06
30d moving avg.	$22.97
Annualized volatility	11.4%
Short interest (ETF)	0.2%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	30
Turnover	0.6%
Bid/Ask (% of price)	0.51%
ADV underlying (mns)	$39,027

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DBEM

Expense:

65 bp

ALTAR Score™:

8.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DBEM
Ticker	Fund Name	Overlap¹ vs DBEM (%)	Expense ratio (bp)	Savings vs DBEM (bp)	ALTAR Score™ (%)	ALTAR vs DBEM (%)
EEM	iShares MSCI Emerging Markets	91.6	67	-2	8.4	+0.1
IEMG	iShares Core MSCI Emerging Markets	84.3	14	51	8.6	+0.3
SCHE	Schwab Emerging Markets Equity	73.6	13	52	8.6	+0.2
VWO	Vanguard Emerging Markets	69.1	12	53	8.5	+0.2
PBEE	Invesco PureBeta FTSE Emerging Markets	69.0	14	51	9.2	+0.9
AAXJ	iShares MSCI Asia ex-Japan	68.0	67	-2	8.1	-0.2
EEMA	iShares MSCI Emg Mkts Asia	67.1	50	15	8.6	+0.3
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	66.1	30	35	8.4	+0.1
JHEM	John Hancock Multifactor Emerging Markets	66.0	55	10	8.7	+0.4
FLAX	Franklin FTSE Asia Ex Japan	65.4	19	46	8.6	+0.3
GEM	Goldman Sachs ActiveBeta Emg Mkts Equity	63.0	45	20	9.0	+0.6
XSOE	WisdomTree Emg Mkt ex-SOE	57.7	32	33	6.8	-1.5
TLTE	FlexShares Mngstr Emerging Markets Factor Tilt	57.0	59	6	10.4	+2.1
SPEM	SPDR Portfolio Emerging Markets	56.8	11	54	8.4	+0.0
EMXC	iShares MSCI Emerging Markets ex China	51.5	49	16	8.6	+0.3
REEM	Invesco Emerging Markets Revenue ETF	51.3	46	19	11.8	+3.4
ESGE	iShares MSCI EM ESG Optimized	50.8	25	40	9.2	+0.9
QEMM	SPDR MSCI Emerging Markets Quality Mix	50.5	30	35	9.0	+0.7
BKF	iShares MSCI BRIC	48.7	67	-2	8.6	+0.2
DVEM	WisdomTree Emerging Markets Dividend	47.1	32	33	11.2	+2.9

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

	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 Emg. Mkts. Hedged
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.8	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	65	bp
Equals: ALTAR Score	8.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.44	CATEGORY AVERAGE	1.56

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.