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The Xtrackers MSCI Japan 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 Japan 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)	$303
Currency	USD
Expense ratio	45 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	324
Wgt avg mkt cap (mns)	$36,771
Large cap (>$10bn)	76.6%
Mid cap ($2-10bn)	23.3%
Small cap (<$2bn)	0.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	18.6 %
TOYOTA MOTOR CORP	4.2 %
SONY CORP	2.4 %
SOFTBANK GROUP CORP.	1.8 %
KEYENCE CORP	1.7 %
MITSUBISHI UFJ FINANCIAL GRO	1.7 %
TAKEDA PHARMACEUTICAL CO LTD	1.6 %
KDDI CORPORATION	1.4 %
RECRUIT HOLDINGS CO LTD	1.4 %
SUMITOMO MITSUI FINANCIAL GR	1.2 %
HONDA MOTOR CO LTD	1.2 %

TOP COUNTRY EXPOSURE
	JAPAN	95.1 %

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.
20.9%	20.9%	6.1%	--	9.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.92	65%
MSCI EAFE	1.02	66%
MSCI Emg. Mkts.	0.61	41%

Technical Indicators
Recent close	$43.29
30d moving avg.	$43.14
Annualized volatility	13.7%
Short interest (ETF)	6.1%
Relative strength (RSI)	56

Liquidity measures
Avg. volume (thou.)	132
Turnover	1.9%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$12,529

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DBJP

Expense:

45 bp

ALTAR Score™:

7.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DBJP
Ticker	Fund Name	Overlap¹ vs DBJP (%)	Expense ratio (bp)	Savings vs DBJP (bp)	ALTAR Score™ (%)	ALTAR vs DBJP (%)
EWJ	iShares MSCI Japan	94.8	47	-2	7.4	+0.1
BBJP	JPMorgan BetaBuilders Japan	91.6	19	26	7.7	+0.4
QJPN	SPDR MSCI Japan Quality Mix	89.8	14	31	7.9	+0.6
HFXJ	IQ 50 Percent Hedged FTSE Japan	89.1	30	15	7.5	+0.2
FLJP	Franklin FTSE Japan	89.0	9	36	7.8	+0.5
FLJH	Franklin FTSE Japan Hedged	87.8	9	36	7.7	+0.4
JPXN	iShares JPX-Nikkei 400	82.0	48	-3	7.5	+0.2
JPN	Xtrackers Japan JPX-Nikkei 400 Equity	82.0	9	36	7.9	+0.6
GSJY	Goldman Sachs ActiveBeta Japan Equity	79.1	25	20	7.5	+0.2
IPAC	iShares Core MSCI Pacific	56.8	9	36	7.2	-0.1
EWJE	iShares MSCI Japan Equal Weighted	56.4	15	30	7.0	-0.3
DXJ	WisdomTree Japan Hedged Equity	54.8	48	-3	8.3	+1.0
EWJV	iShares MSCI Japan Value	52.1	15	30	10.4	+3.1
VPL	Vanguard Pacific ETF	49.0	9	36	7.5	+0.2
SCIJ	Global X Scientific Beta Japan	45.5	39	6	6.9	-0.4
JPMV	iShares MSCI Japan Min Volatility	44.9	30	15	6.8	-0.5
RFAP	First Trust Riverfront Dynamic Asia Pacific	43.6	83	-38	7.0	-0.3
IVLU	iShares MSCI Int'l Developed Value Factor	35.4	30	15	10.2	+2.9
REFA	Invesco International Revenue ETF	31.4	42	3	8.5	+1.2
PQIN	PGIM QMA Strategic Alpha International Equity	28.8	29	16	7.0	-0.3

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 Japan 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	9.6	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	7.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	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.