ETF Research Center

The Xtrackers MSCI EMU Hedged Equity ETF is an exchange-traded fund incorporated in the USA. The Fund uses a passive strategy to track the MSCI EMU IMI USD Index. The Index is designed to provide exposure to the countries in the European Monetary Union, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the local currencies.

FUND BASICS
Category	International Equities
Fund Sponsor	Deutsche Bank AG
Website	www.etfus.deutscheawm.com
Inception date	Dec 10, 2014
Assets (mns)	$23
Currency	USD
Expense ratio	45 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	680
Wgt avg mkt cap (mns)	$54,175
Large cap (>$10bn)	83.4%
Mid cap ($2-10bn)	13.3%
Small cap (<$2bn)	2.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	19.1 %
SAP AG	2.4 %
ASML HOLDING NV	2.4 %
LVMH MOET HENNESSY LOUIS VUI	2.2 %
TOTAL SA	2.1 %
SANOFI-AVENTIS	2.1 %
ALLIANZ SE-REG	1.9 %
SIEMENS AG-REG	1.6 %
UNILEVER NV	1.6 %
EADS NV	1.5 %
BAYER AG	1.4 %

TOP COUNTRY EXPOSURE
	FRANCE	28.8 %
	GERMANY	24.8 %
	NETHERLANDS	13.2 %
	SPAIN	8.2 %
	ITALY	7.1 %
	BELGIUM	3.4 %
	FINLAND	3.1 %
	IRELAND	1.8 %
	AUSTRIA	0.9 %
	LUXEMBOURG	0.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.2%	18.8%	--	--	5.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.74	61%
MSCI EAFE	0.92	78%
MSCI Emg. Mkts.	0.55	48%

Technical Indicators
Recent close	$30.79
30d moving avg.	$33.68
Annualized volatility	11.5%
Short interest (ETF)	0.0%
Relative strength (RSI)	40

Liquidity measures
Avg. volume (thou.)	5
Turnover	0.7%
Bid/Ask (% of price)	0.16%
ADV underlying (mns)	$16,215

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DBEZ

Expense:

45 bp

ALTAR Score™:

6.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DBEZ
Ticker	Fund Name	Overlap¹ vs DBEZ (%)	Expense ratio (bp)	Savings vs DBEZ (bp)	ALTAR Score™ (%)	ALTAR vs DBEZ (%)
EZU	iShares MSCI Eurozone ETF	85.0	49	-4	7.0	+0.2
EURZ	Xtrackers Eurozone Equity ETF	84.2	9	36	7.3	+0.6
FEZ	SPDR EURO STOXX 50 ETF	50.6	29	16	7.5	+0.7
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	49.0	45	0	7.0	+0.2
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE ETF	48.9	30	15	7.1	+0.4
FLEE	Franklin FTSE Europe ETF	48.6	9	36	7.3	+0.6
IEV	iShares Europe ETF	48.5	59	-14	7.1	+0.4
IEUR	iShares Core MSCI Europe ETF	48.3	9	36	7.6	+0.8
FLEH	Franklin FTSE Europe Hedged ETF	47.5	9	36	7.3	+0.5
BBEU	JPMorgan BetaBuilders Europe ETF	47.0	9	36	7.6	+0.8
VGK	Vanguard FTSE Europe ETF	46.7	8	37	7.7	+0.9
FEU	SPDR Portfolio Europe ETF	46.2	9	36	7.6	+0.8
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	43.3	25	20	7.0	+0.2
HEDJ	WisdomTree Europe Hedged Equity Fund	43.1	58	-13	8.1	+1.3
SCID	Global X Scientific Beta Europe ETF	35.0	38	7	7.0	+0.3
JPEU	JPMorgan Diversified Return Europe Equity ETF	33.8	37	8	7.4	+0.6
DOL	WisdomTree International LargeCap Dividend Fund	33.3	48	-3	9.0	+2.2
EFV	iShares MSCI EAFE Value ETF	32.5	39	6	9.9	+3.1
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	32.3	20	25	7.5	+0.7
IMTM	iShares Edge MSCI Intl Momentum Factor ETF	32.2	30	15	5.0	-1.7

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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 Eurozone Hedged Equity ETF
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	10.3	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	6.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	CATEGORY AVERAGE	1.64

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.