ETF Research Center

The Xtrackers MSCI Southern Europe Hedged Equity ETF tracks an index of large- and midcap stocks from Italy, Spain and Portugal, hedged against movements between the euro and US dollar

FUND BASICS
Category	International Equities
Fund Sponsor	Deutsche Bank
Website	etfus.deutscheam.com
Inception date	Aug 19, 2015
Assets (mns)	$6
Currency	USD
Expense ratio	9 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	298
Wgt avg mkt cap (mns)	$60,142
Large cap (>$10bn)	87.0%
Mid cap ($2-10bn)	12.2%
Small cap (<$2bn)	0.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	22.1 %
SAP AG	3.0 %
TOTAL SA	2.8 %
LVMH MOET HENNESSY LOUIS VUI	2.6 %
ASML HOLDING NV	2.1 %
SANOFI-AVENTIS	2.1 %
ALLIANZ SE-REG	2.1 %
SIEMENS AG-REG	2.0 %
EADS NV	2.0 %
UNILEVER NV	1.8 %
ANHEUSER-BUSCH INBEV SA/NV	1.5 %

TOP COUNTRY EXPOSURE
	FRANCE	32.2 %
	GERMANY	27.2 %
	NETHERLANDS	13.5 %
	SPAIN	8.6 %
	ITALY	6.9 %
	BELGIUM	3.6 %
	FINLAND	3.2 %
	IRELAND	1.7 %
	LUXEMBOURG	0.7 %
	AUSTRIA	0.7 %

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.
18.1%	13.2%	--	--	-0.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.95	69%
MSCI EAFE	1.27	94%
MSCI Emg. Mkts.	0.94	79%

Technical Indicators
Recent close	$22.99
30d moving avg.	$22.47
Annualized volatility	16.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	77

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$13,893

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EURZ

Expense:

9 bp

ALTAR Score™:

7.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EURZ
Ticker	Fund Name	Overlap¹ vs EURZ (%)	Expense ratio (bp)	Savings vs EURZ (bp)	ALTAR Score™ (%)	ALTAR vs EURZ (%)
EZU	iShares MSCI Euro Monetary Union	90.7	47	-38	6.8	-0.3
DBEZ	Xtrackers MSCI EMU Hedged	84.7	45	-36	6.4	-0.6
FEZ	SPDR DJ Euro Stoxx 50	57.7	29	-20	6.9	-0.1
IEV	iShares S&P Europe 350	48.3	59	-50	6.4	-0.6
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	48.0	30	-21	6.7	-0.4
FLEE	Franklin FTSE Europe	48.0	9	0	6.9	-0.2
DBEU	Xtrackers Europe Hedged	47.6	45	-36	6.4	-0.6
FLEH	Franklin FTSE Europe Hedged	47.4	9	0	6.9	-0.2
HEDJ	Wisdomtree International Hedged Equity	46.4	58	-49	7.7	+0.6
BBEU	JPMorgan BetaBuilders Europe	46.3	9	0	6.9	-0.2
IEUR	iShares Core MSCI Europe	44.1	9	0	6.9	-0.2
FEU	SPDR DJ Stoxx 50	43.5	9	0	6.8	-0.2
VGK	Vanguard FTSE Europe	43.3	9	0	6.9	-0.1
GSEU	Goldman Sachs ActiveBeta Europe Equity	42.6	25	-16	6.4	-0.6
EWQ	iShares MSCI France	34.9	47	-38	6.3	-0.7
JPEU	JPMorgan Diversified Return Europe Equity	34.9	37	-28	6.6	-0.4
FLFR	Franklin FTSE France	34.7	9	0	6.7	-0.4
SCID	Global X Scientific Beta Europe	34.5	38	-29	6.4	-0.6
DOL	WisdomTree Int'l Large Cap Dividend	33.7	48	-39	7.7	+0.7
EASG	Xtrackers MSCI EAFE ESG Leaders Equity	32.2	14	-5	6.7	-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 Eurozone Equity
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	10.6	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	9	bp
Equals: ALTAR Score	7.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	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.