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The Xtrackers MSCI Europe Hedged Equity Fund is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the MSCI Europe USD Hedged Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Deutsche Bank AG
Website	www.DBXUS.com
Inception date	Oct 01, 2013
Assets (mns)	$911
Currency	USD
Expense ratio	45 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	440
Wgt avg mkt cap (mns)	$82,483
Large cap (>$10bn)	91.4%
Mid cap ($2-10bn)	8.1%
Small cap (<$2bn)	0.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	17.6 %
NESTLE SA-REG	3.3 %
ROCHE HOLDING AG-GENUSSCHEIN	2.4 %
NOVARTIS AG-REG	2.1 %
HSBC HOLDINGS PLC	1.6 %
SAP AG	1.4 %
TOTAL SA	1.4 %
BP PLC	1.4 %
ASTRAZENECA PLC	1.4 %
LVMH MOET HENNESSY LOUIS VUI	1.4 %
ASML HOLDING NV	1.3 %

TOP COUNTRY EXPOSURE
	BRITAIN	24.7 %
	FRANCE	16.1 %
	SWITZERLAND	15.0 %
	GERMANY	13.3 %
	NETHERLANDS	6.8 %
	SPAIN	4.2 %
	SWEDEN	3.8 %
	ITALY	3.2 %
	DENMARK	2.8 %
	BELGIUM	1.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
27.3%	27.3%	8.6%	--	7.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.64	63%
MSCI EAFE	0.77	75%
MSCI Emg. Mkts.	0.45	44%

Technical Indicators
Recent close	$31.51
30d moving avg.	$31.10
Annualized volatility	9.8%
Short interest (ETF)	3.2%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	245
Turnover	0.9%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$22,702

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Xtrackers Europe Hedged ETF based on the alternatives' overlap in portfolio holdings with DBEU. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

DBEU

Expense:

45 bp

ALTAR Score™:

6.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DBEU
Ticker	Fund Name	Overlap¹ vs DBEU (%)	Expense ratio (bp)	Savings vs DBEU (bp)	ALTAR Score™ (%)	ALTAR vs DBEU (%)
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	92.7	30	15	6.4	+0.2
FLEE	Franklin FTSE Europe	91.9	9	36	6.6	+0.4
BBEU	JPMorgan BetaBuilders Europe	91.8	9	36	6.6	+0.4
IEV	iShares S&P Europe 350	91.6	59	-14	6.1	-0.1
FLEH	Franklin FTSE Europe Hedged	90.9	9	36	6.6	+0.5
IEUR	iShares Core MSCI Europe	85.8	9	36	6.6	+0.4
VGK	Vanguard FTSE Europe	83.9	9	36	6.7	+0.5
FEU	SPDR DJ Stoxx 50	82.1	9	36	6.6	+0.4
GSEU	Goldman Sachs ActiveBeta Europe Equity	73.0	25	20	6.1	-0.1
EFA	iShares MSCI EAFE	62.0	31	14	6.7	+0.5
EFAX	SPDR MSCI EAFE Fossil Fuel Free	61.6	20	25	6.8	+0.6
DBEF	Xtrackers MSCI EAFE Hedged	60.6	35	10	6.6	+0.4
HFXI	IQ 50 Percent Hedged FTSE Int'l	56.6	20	25	7.0	+0.8
ESGD	iShares MSCI EAFE ESG Optimized	56.3	20	25	6.7	+0.5
DOL	WisdomTree Int'l Large Cap Dividend	55.9	48	-3	7.5	+1.3
PBDM	Invesco PureBeta FTSE Developed ex-North America	55.0	7	38	7.3	+1.1
QEFA	SPDR MSCI EAFE Quality Mix	53.1	30	15	6.4	+0.2
IEFA	iShares Core MSCI EAFE	52.9	7	38	6.8	+0.6
DDWM	WisdomTree Dynamic Currency Hedged Int'l Equity	52.8	35	10	7.6	+1.4

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

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.2	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	6.2	%

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.