ETF Research Center

EMSG tracks an index of large- and midcap emerging market stocks. After excluding certain industries, the index selects stocks with higher ESG scores per MSCI and weights them by market cap. lf

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Deutsche Bank
Website	dws.com
Inception date	Dec 06, 2018
Assets (mns)	$8
Currency	USD
Expense ratio	20 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	424
Wgt avg mkt cap (mns)	$153,286
Large cap (>$10bn)	75.0%
Mid cap ($2-10bn)	23.7%
Small cap (<$2bn)	1.2%
Developed mkts	4.6%
Emerging mkts	94.4%

TOP TEN HOLDINGS
Total	43.1 %
ALIBABA GROUP HOLDING LTD. SPONSOR	12.0 %
TENCENT HOLDINGS LTD	9.9 %
TAIWAN SEMICONDUCTOR MANUFAC	8.9 %
CHINA CONSTRUCTION BANK-H	2.6 %
NASPERS LTD-N SHS	2.6 %
RELIANCE INDUSTRIES LTD	1.9 %
HOUSING DEVELOPMENT FINANCE	1.8 %
LUKOIL OAO	1.3 %
ITAU UNIBANCO HOLDING SA	1.2 %
BANCO BRADESCO SA-PREF	1.0 %

TOP COUNTRY EXPOSURE
	CHINA	30.6 %
	TAIWAN	16.7 %
	INDIA	10.7 %
	SOUTH AFRICA	7.8 %
	BRAZIL	6.6 %
	SOUTH KOREA	5.2 %
	HONG KONG	3.1 %
	THAILAND	3.1 %
	INDONESIA	2.7 %
	MALAYSIA	2.5 %

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.
-5.6%	2.2%	--	--	11.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.21	73%
MSCI EAFE	1.40	83%
MSCI Emg. Mkts.	1.03	96%

Technical Indicators
Recent close	$26.75
30d moving avg.	$27.20
Annualized volatility	17.8%
Short interest (ETF)	0.1%
Relative strength (RSI)	49

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.3%
Bid/Ask (% of price)	0.30%
ADV underlying (mns)	$13,835

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EMSG

Expense:

20 bp

ALTAR Score™:

7.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EMSG
Ticker	Fund Name	Overlap¹ vs EMSG (%)	Expense ratio (bp)	Savings vs EMSG (bp)	ALTAR Score™ (%)	ALTAR vs EMSG (%)
ESGE	iShares MSCI EM ESG Optimized	54.8	25	-5	8.3	+1.0
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	52.4	30	-10	7.8	+0.5
SCHE	Schwab Emerging Markets Equity	50.6	13	7	7.9	+0.6
EEMA	iShares MSCI Emg Mkts Asia	50.4	50	-30	8.0	+0.7
EEM	iShares MSCI Emerging Markets	50.1	68	-48	7.7	+0.4
KEMX	KraneShares MSCI Emerging Markets EX China Index	49.7	49	-29	7.9	+0.6
XSOE	WisdomTree Emg Mkt ex-SOE	49.0	32	-12	6.5	-0.8
DBEM	Xtrackers MSCI Emg. Mkts. Hedged	47.6	65	-45	7.7	+0.4
BKF	iShares MSCI BRIC	47.6	69	-49	7.9	+0.6
NUEM	NuShares ESG Emerging Markets Equity	47.2	45	-25	7.2	-0.1
PBEE	Invesco PureBeta FTSE Emerging Markets	47.1	14	6	8.5	+1.2
JHEM	John Hancock Multifactor Emerging Markets	47.0	55	-35	8.4	+1.1
IEMG	iShares Core MSCI Emerging Markets	44.8	14	6	8.1	+0.8
AAXJ	iShares MSCI Asia ex-Japan	43.9	68	-48	7.5	+0.2
GEM	Goldman Sachs ActiveBeta Emg Mkts Equity	43.7	45	-25	8.5	+1.2
FLAX	Franklin FTSE Asia Ex Japan	43.6	19	1	8.0	+0.7
EMXC	iShares MSCI Emerging Markets ex China	42.7	49	-29	8.1	+0.8
VWO	Vanguard Emerging Markets	42.4	10	10	8.0	+0.7
SPEM	SPDR Portfolio Emerging Markets	40.0	11	9	8.0	+0.7
PXH	Invesco FTSE-RAFI Emerging Markets	37.7	50	-30	11.8	+4.5

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 Emerging Markets ESG Leaders 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	14.1	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	7.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.42	CATEGORY AVERAGE	1.48

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.