ETF Research Center

Xtrackers MSCI EAFE ESG Leaders Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE ESG Leaders Index. The index is designed to provide exposure to companies with high environmental, social and governance (ESG) performance relative to their sector peers.

FUND BASICS
Category	International Equities
Fund Sponsor	Deutsche Bank
Website	dws.com
Inception date	Sep 06, 2018
Assets (mns)	$9
Currency	USD
Expense ratio	14 bp
Distributions	Semi-annual

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	432
Wgt avg mkt cap (mns)	$50,057
Large cap (>$10bn)	86.0%
Mid cap ($2-10bn)	13.3%
Small cap (<$2bn)	0.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	15.2 %
ROCHE HOLDING AG-GENUSSCHEIN	2.8 %
TOTAL SA	1.7 %
ASML HOLDING NV	1.5 %
GLAXOSMITHKLINE PLC	1.5 %
ALLIANZ SE-REG	1.4 %
NOVO NORDISK A/S-B	1.4 %
COMMONWEALTH BANK OF AUSTRAL	1.3 %
SIEMENS AG-REG	1.3 %
UNILEVER NV	1.2 %
CSL LIMITED	1.1 %

TOP COUNTRY EXPOSURE
	JAPAN	23.8 %
	BRITAIN	12.0 %
	FRANCE	9.6 %
	AUSTRALIA	9.2 %
	GERMANY	8.8 %
	SWITZERLAND	7.7 %
	NETHERLANDS	6.1 %
	SPAIN	3.8 %
	SWEDEN	3.4 %
	DENMARK	2.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
19.1%	13.9%	--	--	3.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.83	86%
MSCI EAFE	1.04	98%
MSCI Emg. Mkts.	0.82	83%

Technical Indicators
Recent close	$26.19
30d moving avg.	$25.66
Annualized volatility	16.1%
Short interest (ETF)	0.4%
Relative strength (RSI)	77

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.3%
Bid/Ask (% of price)	0.29%
ADV underlying (mns)	$23,043

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EASG

Expense:

14 bp

ALTAR Score™:

6.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EASG
Ticker	Fund Name	Overlap¹ vs EASG (%)	Expense ratio (bp)	Savings vs EASG (bp)	ALTAR Score™ (%)	ALTAR vs EASG (%)
ACSG	Xtrackers MSCI ACWI ex USA ESG Leaders Equity	63.8	16	-2	7.1	+0.4
ESGD	iShares MSCI EAFE ESG Optimized	60.4	20	-6	6.9	+0.2
EFG	iShares MSCI EAFE Growth	52.3	40	-26	5.1	-1.7
EFAX	SPDR MSCI EAFE Fossil Fuel Free	49.9	20	-6	7.2	+0.5
EFA	iShares MSCI EAFE	48.4	31	-17	7.0	+0.3
IEV	iShares S&P Europe 350	47.5	59	-45	6.4	-0.3
DBEF	Xtrackers MSCI EAFE Hedged	47.3	35	-21	6.9	+0.2
HFXI	IQ 50 Percent Hedged FTSE Int'l	46.7	20	-6	7.3	+0.5
QEFA	SPDR MSCI EAFE Quality Mix	46.6	30	-16	6.6	-0.1
DBEU	Xtrackers Europe Hedged	46.5	45	-31	6.5	-0.3
BBEU	JPMorgan BetaBuilders Europe	45.9	9	5	6.9	+0.2
FLEE	Franklin FTSE Europe	45.7	9	5	6.9	+0.2
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	45.5	30	-16	6.7	-0.0
FLEH	Franklin FTSE Europe Hedged	45.2	9	5	6.9	+0.2
JHMD	John Hancock Multifactor Developed International	44.7	45	-31	7.3	+0.5
PBDM	Invesco PureBeta FTSE Developed ex-North America	44.1	7	7	7.6	+0.8
DOL	WisdomTree Int'l Large Cap Dividend	41.7	48	-34	7.7	+1.0
IEFA	iShares Core MSCI EAFE	41.5	7	7	7.1	+0.4
EFV	iShares MSCI EAFE Value	41.4	38	-24	9.0	+2.3
IEUR	iShares Core MSCI Europe	41.3	9	5	6.9	+0.2

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 EAFE ESG Leaders Equity
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	11.6	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	14	bp
Equals: ALTAR Score	6.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.66	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.