ETF Research Center

The Xtrackers FTSE Developed ex US Comprehensive Factor ETF tracks the FTSE Developed ex US Comprehensive Factor Net Tax (US RIC) Index, which selects and weights securities within the FTSE Developed ex US index by five different factors.

FUND BASICS
Category	International Equities
Fund Sponsor	Deutsche Bank
Website	etfus.deutscheawm.com
Inception date	Nov 24, 2015
Assets (mns)	$81
Currency	USD
Expense ratio	24 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Multi-Factor
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1199
Wgt avg mkt cap (mns)	$15,706
Large cap (>$10bn)	48.6%
Mid cap ($2-10bn)	48.7%
Small cap (<$2bn)	2.6%
Developed mkts	96.1%
Emerging mkts	3.9%

TOP TEN HOLDINGS
Total	6.5 %
SEGRO PLC	0.8 %
BRAMBLES LTD	0.7 %
GPT GROUP	0.7 %
CASTELLUM AB	0.7 %
ADECCO SA-REG	0.6 %
SKANSKA AB-B SHS	0.6 %
ROYAL AHOLD DELHAIZE N.V.	0.6 %
MIRVAC GROUP	0.6 %
DEXUS PROPERTY GROUP	0.6 %
RIO TINTO LTD	0.6 %

TOP COUNTRY EXPOSURE
	JAPAN	21.0 %
	BRITAIN	12.4 %
	AUSTRALIA	11.1 %
	CANADA	6.7 %
	FRANCE	5.1 %
	SWEDEN	4.8 %
	SINGAPORE	4.2 %
	SWITZERLAND	4.1 %
	HONG KONG	4.1 %
	GERMANY	3.6 %

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.
16.1%	10.6%	--	--	7.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.68	67%
MSCI EAFE	0.88	92%
MSCI Emg. Mkts.	0.65	81%

Technical Indicators
Recent close	$28.38
30d moving avg.	$28.15
Annualized volatility	10.1%
Short interest (ETF)	0.3%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	8
Turnover	0.3%
Bid/Ask (% of price)	0.38%
ADV underlying (mns)	$45,497

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Xtrackers FTSE Dev ex-US Comprehensive Factor ETF based on the alternatives' overlap in portfolio holdings with DEEF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

DEEF

Expense:

24 bp

ALTAR Score™:

6.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DEEF
Ticker	Fund Name	Overlap¹ vs DEEF (%)	Expense ratio (bp)	Savings vs DEEF (bp)	ALTAR Score™ (%)	ALTAR vs DEEF (%)
IDLB	Invesco FTSE Int'l Low Beta Equal Weight	45.7	45	-21	6.9	-0.0
ISZE	iShares MSCI Int'l Developed Size Factor	45.6	30	-6	6.7	-0.3
SCHF	Schwab International Equity	39.7	6	18	7.3	+0.4
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity	39.4	39	-15	6.1	-0.8
GSIE	Goldman Sachs ActiveBeta Int'l Equity	38.6	25	-1	6.5	-0.4
PBDM	Invesco PureBeta FTSE Developed ex-North America	38.5	7	17	7.4	+0.5
CIL	Victory CEMP International Volatility Wtd	38.3	45	-21	6.9	-0.1
CIZ	Compass EMP Dev. 500 Enhanced Vol. Wgt.	38.3	45	-21	6.9	-0.1
PQIN	PGIM QMA Strategic Alpha International Equity	37.3	29	-5	7.2	+0.2
SPDW	SPDR Portfolio World ex-US	37.2	4	20	7.1	+0.2
RODM	Lattice Developed Markets (Ex-US) Strategy	36.7	29	-5	7.6	+0.7
VEA	Vanguard Europe Pacific	36.5	5	19	7.2	+0.3
IDEV	iShares Core MSCI Int'l Developed Markets	36.3	5	19	7.0	+0.1
JPIN	JPMorgan Diversified Rtn. Int'l Equity	36.1	38	-14	7.4	+0.4
HFXI	IQ 50 Percent Hedged FTSE Int'l	36.0	20	4	7.2	+0.3
IEFA	iShares Core MSCI EAFE	35.5	7	17	6.9	+0.0
JHMD	John Hancock Multifactor Developed International	35.4	45	-21	7.1	+0.2
FNDF	Schwab Fundamental Intl Large Cap	35.4	25	-1	7.4	+0.5
EFA	iShares MSCI EAFE	34.7	31	-7	6.9	-0.1
DIM	WisdomTree Intl M/C Dividend	34.7	58	-34	7.3	+0.4

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 FTSE Dev ex-US Comprehensive Factor
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	24	bp
Equals: ALTAR Score	6.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.74	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.