ETF Research Center

DBX ETF Trust - Xtrackers International Real Estate ETF

ALTAR
Score™

8.1%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	13.2x	P/Sales ratio	2.4x
P/BV ratio	0.8x	Div. yield	4.3%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The Xtrackers MSCI AC Asia Pacific ex Japan Hedged Equity Fund is an exchange-traded fund incorporated in the USA. The ETF seeks to track the performance of the MSCI AC Asia Pacific ex Japan USD Hedged Index

FUND BASICS
Category	International Equities
Fund Sponsor	Deutsche Bank AG
Website	www.DBXUS.com
Inception date	Oct 01, 2013
Assets (mns)	$950
Currency	USD
Expense ratio	10 bp
Distributions	Semi-annual

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	442
Wgt avg mkt cap (mns)	$9,921
Large cap (>$10bn)	29.2%
Mid cap ($2-10bn)	49.7%
Small cap (<$2bn)	20.0%
Developed mkts	88.6%
Emerging mkts	11.5%

TOP TEN HOLDINGS
Total	22.1 %
GOODMAN GROUP	4.4 %
MITSUI FUDOSAN CO LTD	3.3 %
MITSUBISHI ESTATE CO LTD	3.1 %
SUMITOMO REALTY & DEVELOPMNT	2.4 %
DEUTSCHE ANNINGTON IMMOBILIE	2.2 %
SUN HUNG KAI PROPERTIES	1.7 %
SCENTRE GROUP	1.5 %
SWISS PRIME SITE-REG	1.3 %
SEGRO PLC	1.2 %
LINK REIT	1.2 %

TOP COUNTRY EXPOSURE
	JAPAN	22.9 %
	AUSTRALIA	12.5 %
	HONG KONG	8.8 %
	SINGAPORE	6.3 %
	BRITAIN	6.2 %
	CANADA	5.3 %
	GERMANY	3.2 %
	SWITZERLAND	3.1 %
	SWEDEN	3.1 %
	ISRAEL	2.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru March 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.6%	13.6%	-0.5%	3.4%	2.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.45	33%
MSCI EAFE	0.71	69%
MSCI Emg. Mkts.	0.52	49%

Technical Indicators
Recent close	$23.69
30d moving avg.	$23.41
Annualized volatility	17.3%
Short interest (ETF)	0.1%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	121
Turnover	0.3%
Bid/Ask (% of price)	0.35%
ADV underlying (mns)	$1,711

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 372 potential alternatives to the DBX ETF Trust - Xtrackers International Real Estate ETF ETF based on the alternatives' overlap in portfolio holdings with HAUZ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

HAUZ

Expense:

10 bp

ALTAR Score™:

8.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH HAUZ
Ticker	Fund Name	Overlap¹ vs HAUZ (%)	Expense ratio (bp)	Savings vs HAUZ (bp)	ALTAR Score™ (%)	ALTAR vs HAUZ (%)
IFGL	iShares International Developed Real Estate ETF	67.4	48	-38	7.0	-1.1
RWX	SPDR Dow Jones International Real Estate ETF	43.9	59	-49	6.9	-1.2
ERET	iShares Environmentally Aware Real Estate ETF	34.9	30	-20	6.8	-1.3
VGSR	Vert Global Sustainable Real Estate ETF	29.0	47	-37	7.2	-0.9
AVRE	Avantis Real Estate ETF	27.4	17	-7	6.8	-1.3
RWO	SPDR Dow Jones Global Real Estate ETF	25.9	50	-40	6.4	-1.7
GQRE	FlexShares Global Quality Real Estate Index Fund	23.6	45	-35	7.3	-0.8
REET	iShares Global REIT ETF	23.5	14	-4	7.1	-1.0
DFGR	Dimensional Global Real Estate ETF	21.7	22	-12	7.1	-1.0
JIVE	JPMorgan International Value ETF	12.9	55	-45	8.4	+0.3
IQRA	IQ CBRE Real Assets ETF	12.7	65	-55	5.7	-2.4
IDLV	Invesco S&P International Developed Low Volatility ETF	11.5	25	-15	6.2	-1.9
WTRE	WisdomTree New Economy Real Estate Fund	11.4	58	-48	-0.3	-8.4
SCZ	iShares MSCI EAFE Small-Cap ETF	9.1	40	-30	6.1	-2.0
JPIN	J.P. Morgan Diversified Return International Equity ETF	9.0	37	-27	7.0	-1.1
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	8.7	49	-39	6.0	-2.1
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	8.6	80	-70	5.3	-2.8
DWX	SPDR S&P International Dividend ETF	8.5	45	-35	6.6	-1.5
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	8.4	19	-9	5.2	-2.9
SCJ	iShares MSCI Japan Small-Cap ETF	8.1	50	-40	5.6	-2.5
IEUS	iShares MSCI Europe Small-Cap ETF	7.6	42	-32	6.7	-1.4
ERTH	Invesco MSCI Sustainable Future ETF	7.5	62	-52	3.0	-5.1
EPP	iShares MSCI Pacific ex-Japan ETF	7.5	47	-37	4.8	-3.3
DIM	WisdomTree International MidCap Dividend Fund	7.2	58	-48	6.1	-2.0
FLAU	Franklin FTSE Australia ETF	6.7	9	1	5.6	-2.5
FNDC	Schwab Fundamental International Small Co. Index ETF	6.6	39	-29	6.7	-1.4
INDS	Pacer Industrial Real Estate ETF	6.5	55	-45	6.3	-1.8
SCHC	Schwab International Small-Cap Equity ETF	6.3	11	-1	6.5	-1.6
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	6.1	12	-2	5.3	-2.8
BYRE	Principal Real Estate Active Opportunities ETF	6.0	65	-55	7.2	-0.9
DTRE	First Trust Alerian Disruptive Technology Real Estate ETF	5.9	60	-50	5.5	-2.6
EWH	iShares MSCI Hong Kong ETF	5.9	50	-40	4.9	-3.2
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	5.7	8	2	6.3	-1.8
SPRE	SP Funds S&P Global REIT Sharia ETF	5.5	55	-45	5.4	-2.7
ISCF	iShares International SmallCap Equity Factor ETF	5.4	23	-13	7.2	-0.9
GVAL	Cambria Global Value ETF	5.3	68	-58	8.8	+0.7
IPAC	iShares Core MSCI Pacific ETF	5.0	9	1	5.5	-2.6
EWA	iShares MSCI Australia ETF	5.0	50	-40	5.0	-3.1
GWX	SPDR S&P International Small Cap ETF	4.9	40	-30	5.9	-2.2
DWMF	WisdomTree International Multifactor Fund	4.8	38	-28	6.6	-1.5
DTH	WisdomTree International High Dividend Fund	4.7	58	-48	7.1	-1.0
SDG	iShares MSCI Global Sustainable Development Goals ETF	4.6	49	-39	4.6	-3.5
EWUS	iShares MSCI United Kingdom Small Cap ETF	4.5	59	-49	7.3	-0.8
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	4.4	24	-14	6.8	-1.3
UIVM	VictoryShares International Value Momentum ETF	4.2	35	-25	8.2	+0.1
VWID	Virtus WMC International Dividend ETF	4.1	49	-39	7.2	-0.9
VPL	Vanguard FTSE Pacific ETF	4.1	7	3	5.5	-2.6
FID	First Trust S&P International Dividend Aristocrats ETF	4.1	60	-50	7.9	-0.2
RCGE	RockCreek Global Equality ETF	4.0	95	-85	6.1	-2.0
FDEV	Fidelity International Multifactor ETF	3.9	18	-8	7.0	-1.1
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	3.8	32	-22	5.2	-2.9
WDIV	SPDR S&P Global Dividend ETF	3.8	40	-30	9.2	+1.1
WSML	iShares MSCI World Small-Cap ETF	3.5	15	-5	5.5	-2.6
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	3.5	80	-70	7.6	-0.5
FEP	First Trust Europe AlphaDEX Fund	3.4	80	-70	6.7	-1.4
EFAS	Global X MSCI SuperDividend EAFE ETF	3.4	57	-47	7.2	-0.9
DMXF	iShares ESG Advanced MSCI EAFE ETF	3.4	12	-2	5.0	-3.1
EFAD	ProShares MSCI EAFE Dividend Growers ETF	3.4	50	-40	5.7	-2.4
FLJP	Franklin FTSE Japan ETF	3.3	9	1	5.5	-2.6
FLJH	Franklin FTSE Japan Hedged ETF	3.3	9	1	5.3	-2.8
RAYJ	Rayliant SMDAM Japan Equity ETF	3.3	72	-62	3.1	-5.0
AIVI	WisdomTree International AI Enhanced Value Fund	3.2	58	-48	6.1	-2.0
DLS	WisdomTree International SmallCap Dividend Fund	3.2	58	-48	7.3	-0.8
FIDI	Fidelity International High Dividend ETF	3.1	18	-8	7.0	-1.1
EEMS	iShares MSCI Emerging Markets Small Cap ETF	3.1	70	-60	6.5	-1.6
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	3.0	29	-19	6.9	-1.2
FGM	First Trust Germany AlphaDEX Fund	2.9	80	-70	4.8	-3.3
FKU	First Trust United Kingdom AlphaDEX Fund	2.8	80	-70	7.1	-1.0
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	2.8	39	-29	7.0	-1.1
IEFA	iShares Core MSCI EAFE ETF	2.8	7	3	6.0	-2.1
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	2.7	12	-2	4.6	-3.5
WWJD	Inspire International ETF	2.7	80	-70	6.2	-1.9
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	2.7	78	-68	10.0	+1.9
RITA	ETFB Green SRI REITs ETF	2.7	50	-40	5.6	-2.5
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	2.6	39	-29	6.1	-2.0
IDEV	iShares Core MSCI International Developed Markets ETF	2.6	4	6	6.0	-2.1
DFIS	Dimensional International Small Cap ETF	2.6	39	-29	6.1	-2.0
FEUZ	First Trust Eurozone AlphaDEX ETF	2.6	80	-70	6.4	-1.7
JHID	John Hancock International High Dividend ETF	2.6	46	-36	7.9	-0.2
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	2.6	80	-70	6.7	-1.4
VSGX	Vanguard ESG International Stock ETF	2.5	10	0	6.8	-1.3
EWS	iShares MSCI Singapore ETF	2.5	50	-40	4.1	-4.0
IQSI	IQ Candriam International Equity ETF	2.5	15	-5	5.6	-2.5
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	2.5	58	-48	8.4	+0.3
DWM	WisdomTree International Equity Fund	2.5	48	-38	5.6	-2.5
XC	WisdomTree Emerging Markets Ex-China Fund	2.5	32	-22	6.0	-2.1
DISV	Dimensional International Small Cap Value ETF	2.5	42	-32	8.1	+0.0
HFXI	IQ FTSE International Equity Currency Neutral ETF	2.4	20	-10	5.8	-2.3
JPXN	iShares JPX-Nikkei 400 ETF	2.4	48	-38	5.5	-2.6
AVDS	Avantis International Small Cap Equity ETF	2.4	30	-20	6.0	-2.1
VEA	Vanguard FTSE Developed Markets ETF	2.4	3	7	6.0	-2.1
EWX	SPDR S&P Emerging Markets Small Cap ETF	2.4	65	-55	6.6	-1.5
EIS	iShares MSCI Israel ETF	2.4	58	-48	6.2	-1.9
EFAV	iShares MSCI EAFE Min Vol Factor ETF	2.4	22	-12	5.5	-2.6
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	2.3	59	-49	8.8	+0.7
EFV	iShares MSCI EAFE Value ETF	2.3	34	-24	7.5	-0.6
BBJP	JPMorgan BetaBuilders Japan ETF	2.3	19	-9	5.4	-2.7
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	2.3	40	-30	5.6	-2.5
SPDW	SPDR Portfolio Developed World ex-US ETF	2.3	3	7	5.9	-2.2
INTF	iShares International Equity Factor ETF	2.3	15	-5	6.4	-1.7
EWJV	iShares MSCI Japan Value ETF	2.2	15	-5	7.0	-1.1
REAI	Intelligent Real Estate ETF	2.1	59	-49	5.7	-2.4
AVSD	Avantis Responsible International Equity ETF	2.1	23	-13	6.0	-2.1
DVYA	iShares Asia/Pacific Dividend ETF	2.1	49	-39	6.8	-1.3
GSID	Goldman Sachs MarketBeta International Equity ETF	2.1	20	-10	5.9	-2.2
SRET	Global X SuperDividend REIT ETF	2.1	59	-49	12.6	+4.5
IXUS	iShares Core MSCI Total International Stock ETF	2.0	7	3	6.7	-1.4
VXUS	Vanguard Total International Stock ETF	2.0	5	5	6.7	-1.4
BLDG	Cambria Global Real Estate ETF	2.0	60	-50	11.5	+3.4
FJP	First Trust Japan AlphaDEX Fund	2.0	80	-70	7.3	-0.8
SCHF	Schwab International Equity ETF	2.0	6	4	6.1	-2.0
TPIF	Timothy Plan International ETF	2.0	62	-52	5.5	-2.6
EWJ	iShares MSCI Japan ETF	2.0	50	-40	5.1	-3.0
AVEE	Avantis Emerging Markets Small Cap Equity ETF	1.9	42	-32	7.6	-0.5
ISRA	VanEck Israel ETF	1.9	59	-49	5.8	-2.3
BKIE	BNY Mellon International Equity ETF	1.9	4	6	6.0	-2.1
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	1.9	47	-37	4.8	-3.3
CIL	VictoryShares International Volatility Wtd ETF	1.9	45	-35	5.8	-2.3
EFAX	SPDR MSCI EAFE Fossil Fuel Reserves Free ETF	1.8	20	-10	5.6	-2.5
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	1.8	14	-4	5.4	-2.7
DEM	WisdomTree Emerging Markets High Dividend Fund	1.7	63	-53	10.7	+2.7
FLAX	Franklin FTSE Asia Ex Japan ETF	1.7	19	-9	7.6	-0.5
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	1.7	45	-35	6.9	-1.2
LVHI	Franklin International Low Volatility High Dividend Index ET	1.7	40	-30	7.4	-0.7
ASEA	Global X FTSE Southeast Asia ETF	1.7	65	-55	5.4	-2.7
EWK	iShares MSCI Belgium ETF	1.7	50	-40	3.9	-4.2
IMOM	Alpha Architect International Quantitative Momentum ETF	1.7	49	-39	4.1	-4.0
EFA	iShares MSCI EAFE ETF	1.7	35	-25	5.7	-2.4
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	1.7	36	-26	5.4	-2.7
VEU	Vanguard FTSE All-World ex-US Index Fund	1.6	4	6	6.8	-1.3
FLLA	Franklin FTSE Latin America ETF	1.6	19	-9	9.4	+1.3
IQDF	FlexShares International Quality Dividend Index Fund	1.6	47	-37	7.7	-0.4
AVDE	Avantis International Equity ETF	1.6	23	-13	6.1	-2.0
DFSI	Dimensional International Sustainability Core 1 ETF	1.6	24	-14	5.6	-2.5
DFIV	Dimensional International Value ETF	1.6	27	-17	7.7	-0.4
BLES	Inspire Global Hope ETF	1.5	61	-51	5.9	-2.2
EWW	iShares MSCI Mexico ETF	1.5	50	-40	7.8	-0.3
AAXJ	iShares MSCI All Country Asia ex Japan ETF	1.5	70	-60	7.5	-0.6
ESGD	iShares ESG Aware MSCI EAFE ETF	1.4	20	-10	5.8	-2.3
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	1.4	18	-8	6.5	-1.6
IQLT	iShares MSCI Intl Quality Factor ETF	1.4	30	-20	5.4	-2.7
DFIC	Dimensional International Core Equity 2 ETF	1.4	23	-13	6.2	-1.9
VIGI	Vanguard International Dividend Appreciation ETF	1.4	10	0	6.1	-2.0
QEFA	SPDR MSCI EAFE StrategicFactors ETF	1.4	30	-20	6.0	-2.1
FLGR	Franklin FTSE Germany ETF	1.4	9	1	6.5	-1.6
JHMD	John Hancock Multifactor Developed International ETF	1.4	39	-29	6.1	-2.0
RFDI	First Trust Riverfront Dynamic Developed International ETF	1.4	83	-73	7.6	-0.5
IEUR	iShares Core MSCI Europe ETF	1.4	11	-1	6.3	-1.8
AMID	Argent Mid Cap ETF Argent Mid Cap ETF	1.4	52	-42	5.1	-3.0
ALIL	Argent Focused Small Cap ETF	1.4	74	-64	5.8	-2.3
EWG	iShares MSCI Germany ETF	1.3	50	-40	5.9	-2.2
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	1.3	90	-80	4.0	-4.1
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	1.3	58	-48	7.2	-0.8
AVSE	Avantis Responsible Emerging Markets Equity ETF	1.3	33	-23	7.1	-1.0
VGK	Vanguard FTSE Europe ETF	1.3	6	4	6.5	-1.6
NUDM	Nuveen ESG International Developed Markets Equity ETF	1.3	31	-21	5.6	-2.5
CRBN	iShares MSCI ACWI Low Carbon Target ETF	1.3	20	-10	5.0	-3.1
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	1.3	80	-70	8.9	+0.8
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	1.3	47	-37	7.5	-0.6
SPEU	SPDR Portfolio Europe ETF	1.3	7	3	6.4	-1.7
DFAI	Dimensional International Core Equity Market ETF	1.3	18	-8	6.0	-2.1
IVLU	iShares MSCI Intl Value Factor ETF	1.3	30	-20	8.1	-0.0
EUDV	ProShares MSCI Europe Dividend Growers ETF	1.2	55	-45	5.6	-2.5
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	1.2	25	-15	5.6	-2.5
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	1.2	30	-20	6.4	-1.7
FEOE	First Eagle Overseas Equity ETF	1.2	79	-69	6.2	-1.9
ISHP	First Trust Nasdaq Retail ETF	1.2	60	-50	5.3	-2.8
FLSW	Franklin FTSE Switzerland ETF	1.2	9	1	5.7	-2.4
ACWX	iShares MSCI ACWI ex U.S. ETF	1.2	34	-24	6.4	-1.7
CEFA	Global X S&P Catholic Values Developed ex-US ETF	1.2	35	-25	5.7	-2.4
QINT	American Century Quality Diversified International ETF	1.2	39	-29	6.6	-1.5
JIRE	JPMorgan International Research Enhanced Equity ETF	1.2	24	-14	5.8	-2.3
DXIV	Dimensional International Vector Equity ETF	1.2	34	-24	6.5	-1.6
IDMO	Invesco S&P International Developed Momentum ETF	1.2	25	-15	5.1	-3.0
FLMX	Franklin FTSE Mexico ETF	1.2	19	-9	8.2	+0.1
DFEV	Dimensional Emerging Markets Value ETF	1.2	43	-33	10.1	+2.0
FRDM	Freedom 100 Emerging Markets ETF	1.1	49	-39	5.9	-2.2
AVIV	Avantis International Large Cap Value ETF	1.1	25	-15	6.8	-1.3
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	1.1	41	-31	6.2	-1.9
XCNY	SPDR S&P Emerging Markets ex-China ETF	1.1	15	-5	5.9	-2.2
GSIE	Goldman Sachs ActiveBeta International Equity ETF	1.1	25	-15	6.1	-2.0
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	1.1	45	-35	5.7	-2.4
EPHE	iShares MSCI Philippines ETF	1.1	59	-49	0.0	-8.1
UEVM	VictoryShares Emerging Markets Value Momentum ETF	1.1	45	-35	9.4	+1.3
DFE	WisdomTree Europe SmallCap Dividend Fund	1.1	58	-48	7.4	-0.7
FLGB	Franklin FTSE United Kingdom ETF	1.1	9	1	6.6	-1.5
AVES	Avantis Emerging Markets Value ETF	1.1	36	-26	9.0	+0.9
INEQ	Columbia International Equity Income ETF	1.0	45	-35	7.5	-0.6
VYMI	Vanguard International High Dividend Yield ETF	1.0	17	-7	8.0	-0.1
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	1.0	20	-10	5.6	-2.5
DOL	WisdomTree International LargeCap Dividend Fund	1.0	48	-38	5.7	-2.4
DAX	Global X DAX Germany ETF	1.0	21	-11	6.2	-1.9
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	1.0	41	-31	7.1	-1.0
IMTM	iShares MSCI Intl Momentum Factor ETF	1.0	30	-20	4.7	-3.4
EWD	iShares MSCI Sweden ETF	1.0	54	-44	4.9	-3.2
AVDV	Avantis International Small Cap Value ETF	1.0	36	-26	7.7	-0.4
PXH	Invesco FTSE RAFI Emerging Markets ETF	1.0	49	-39	13.5	+5.4
PPIE	Putnam PanAgora ESG International Equity ETF	1.0	49	-39	6.4	-1.7
FIVA	Fidelity International Value Factor ETF	1.0	18	-8	7.5	-0.6
CWI	SPDR MSCI ACWI ex-US ETF	1.0	30	-20	6.5	-1.6
DIVI	Franklin International Core Dividend Tilt Index ETF	1.0	9	1	6.6	-1.5
FLEE	Franklin FTSE Europe ETF	1.0	9	1	6.2	-1.9
THD	iShares MSCI Thailand ETF	1.0	58	-48	0.0	-8.1
VWO	Vanguard FTSE Emerging Markets ETF	0.9	7	3	9.3	+1.2
DEW	WisdomTree Global High Dividend Fund	0.9	58	-48	7.3	-0.8
SPEM	SPDR Portfolio Emerging Markets ETF	0.9	7	3	9.6	+1.5
IMFL	Invesco International Developed Dynamic Multifactor ETF	0.9	34	-24	5.2	-2.9
EWL	iShares MSCI Switzerland ETF	0.9	50	-40	5.5	-2.6
FXI	iShares China Large-Cap ETF	0.9	74	-64	19.9	+11.8
MCHI	iShares MSCI China ETF	0.9	59	-49	18.9	+10.8
EFG	iShares MSCI EAFE Growth ETF	0.9	36	-26	3.8	-4.3
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	0.9	80	-70	11.3	+3.2
IEMG	iShares Core MSCI Emerging Markets ETF	0.9	9	1	8.5	+0.5
FLN	First Trust Latin America AlphaDEX Fund	0.9	80	-70	8.9	+0.8
FRGN	Horizon International Equity ETF	0.9	75	-65	8.2	+0.1
GXC	SPDR S & P China ETF	0.9	59	-49	17.6	+9.5
FLCH	Franklin FTSE China ETF	0.9	19	-9	16.8	+8.7
BKCI	BNY Mellon Concentrated International ETF	0.9	80	-70	4.9	-3.2
FSZ	First Trust Switzerland AlphaDEX Fund	0.9	80	-70	5.1	-3.0
EDIV	SPDR S&P Emerging Markets Dividend ETF	0.9	49	-39	8.9	+0.8
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	0.8	39	-29	13.7	+5.6
FENI	Fidelity Enhanced International ETF	0.8	28	-18	5.8	-2.3
LDEM	iShares ESG MSCI EM Leaders ETF	0.8	17	-7	12.2	+4.1
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.8	15	-5	9.3	+1.2
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.8	38	-28	7.3	-0.8
IDV	iShares International Select Dividend ETF	0.8	51	-41	8.9	+0.8
AVEM	Avantis Emerging Markets Equity ETF	0.8	33	-23	7.4	-0.7
FDEM	Fidelity Emerging Markets Multifactor ETF	0.8	25	-15	10.7	+2.6
SCHY	Schwab International Dividend Equity ETF	0.8	14	-4	8.2	+0.1
EMXF	iShares ESG Advanced MSCI EM ETF	0.8	16	-6	7.2	-0.9
KOCG	FIS Knights of Columbus Global Belief ETF	0.8	75	-65	4.4	-3.7
VT	Vanguard Total World Stock ETF	0.8	6	4	5.2	-2.9
FGD	First Trust Dow Jones Global Select Dividend Index Fund	0.8	56	-46	9.8	+1.7
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.7	50	-40	8.6	+0.5
EWQ	iShares MSCI France ETF	0.7	53	-43	6.4	-1.7
FEM	First Trust Emerging Markets AlphaDEX Fund	0.7	80	-70	8.6	+0.5
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	0.7	32	-22	5.1	-3.0
SCHE	Schwab Emerging Markets Equity ETF	0.7	11	-1	9.5	+1.4
DEXC	Dimensional Emerging Markets ex China Core EquityETF	0.7	53	-43	5.5	-2.6
ROAM	Hartford Multifactor Emerging Markets ETF	0.7	44	-34	8.0	-0.1
KNO	AXS Knowledge Leaders ETF	0.7	78	-68	4.5	-3.6
OSCV	Opus Small Cap Value ETF	0.7	79	-69	5.8	-2.3
AIA	iShares Asia 50 ETF	0.7	50	-40	8.9	+0.8
SDIV	Global X Superdividend ETF	0.7	58	-48	13.0	+4.9
DFAE	Dimensional Emerging Core Equity Market ETF	0.7	35	-25	7.3	-0.8
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	0.7	46	-36	5.6	-2.5
AGNG	Global X Aging Population ETF	0.7	50	-40	4.1	-4.0
FFSM	Fidelity Fundamental Small-Mid Cap ETF	0.7	43	-33	5.0	-3.1
AVXC	Avantis Emerging Markets Ex-China Equity ETF	0.7	33	-23	6.6	-1.5
GLOF	iShares Global Equity Factor ETF	0.7	20	-10	5.8	-2.3
FNDF	Schwab Fundamental International Large Co. Index ETF	0.7	25	-15	7.5	-0.6
ANEW	ProShares MSCI Transformational Changes ETF	0.6	45	-35	4.7	-3.4
TTAI	FCF International Quality ETF	0.6	59	-49	6.6	-1.5
BKF	iShares MSCI BIC ETF	0.6	69	-59	13.6	+5.5
FDNI	First Trust Dow Jones International Internet ETF	0.6	65	-55	23.5	+15.4
FPXI	First Trust International Equity Opportunities ETF	0.6	70	-60	4.0	-4.1
GMF	SPDR S&P Emerging Asia Pacific ETF	0.6	49	-39	9.0	+0.9
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	0.6	24	-14	5.7	-2.4
FEGE	First Eagle Global Equity ETF	0.6	79	-69	6.1	-2.0
MCH	Matthews China Active ETF	0.6	79	-69	14.9	+6.8
BKEM	BNY Mellon Emerging Markets Equity ETF	0.6	11	-1	8.3	+0.2
EELV	Invesco S&P Emerging Markets Low Volatility ETF	0.6	29	-19	8.5	+0.4
VEXC	Vanguard Emerging Markets Ex-China ETF	0.6	7	3	5.9	-2.2
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	0.6	66	-56	7.7	-0.4
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.6	36	-26	8.0	-0.1
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	0.6	25	-15	6.3	-1.8
ESGG	FlexShares STOXX Global ESG Select Index Fund	0.6	42	-32	4.4	-3.7
ICPY	Tweedy, Browne International Insider Value ETF	0.6	80	-70	21.9	+13.9
EEMA	iShares MSCI Emerging Markets Asia ETF	0.6	49	-39	8.1	+0.1
EZU	iShares MSCI Eurozone ETF	0.6	52	-42	5.6	-2.5
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	0.6	30	-20	8.5	+0.4
ECH	iShares MSCI Chile ETF	0.6	58	-48	7.0	-1.1
STXI	Strive International Developed Markets ETF	0.6	29	-19	6.2	-1.9
IEV	iShares Europe ETF	0.5	67	-57	5.8	-2.3
EWU	iShares MSCI United Kingdom ETF	0.5	50	-40	6.9	-1.2
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	0.5	15	-5	8.4	+0.3
EEM	iShares MSCI Emerging Markets ETF	0.5	69	-59	8.2	+0.1
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.5	32	-22	7.8	-0.3
RNEM	First Trust Emerging Markets Equity Select ETF	0.5	75	-65	7.7	-0.4
KLMT	Invesco MSCI Global Climate 500 ETF	0.5	10	0	5.2	-2.9
DFJ	WisdomTree Japan SmallCap Dividend Fund	0.5	58	-48	6.6	-1.5
XCEM	Columbia EM Core ex-China ETF	0.5	16	-6	5.4	-2.7
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.5	30	-20	8.0	-0.1
MJSC	MUFG Japan Small Cap Active ETF	0.5	85	-75	4.8	-3.3
ECON	Columbia Emerging Markets Consumer ETF	0.5	49	-39	7.3	-0.8
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	0.5	44	-34	9.1	+1.1
COPY	Tweedy, Browne Insider + Value ETF	0.5	80	-70	15.3	+7.2
ECNS	iShares MSCI China Small-Cap ETF	0.5	59	-49	8.1	+0.0
ESGE	iShares ESG Aware MSCI EM ETF	0.4	25	-15	8.7	+0.6
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.4	9	1	5.1	-3.0
EVLU	iShares MSCI Emerging Markets Value Factor ETF	0.4	35	-25	11.5	+3.4
ACWI	iShares MSCI ACWI ETF	0.4	32	-22	4.9	-3.2
INDA	iShares MSCI India ETF	0.4	65	-55	4.4	-3.7
URTH	iShares MSCI World ETF	0.4	24	-14	4.5	-3.6
UMMA	Wahed Dow Jones Islamic World ETF	0.4	65	-55	3.9	-4.2
JHEM	John Hancock Multifactor Emerging Markets ETF	0.4	49	-39	7.9	-0.2
BBEU	JPMorgan BetaBuilders Europe ETF	0.4	9	1	6.2	-1.9
ILF	iShares Latin America 40 ETF	0.4	48	-38	8.5	+0.5
BINV	Brandes International ETF	0.4	70	-60	8.4	+0.3
IGRO	iShares International Dividend Growth ETF	0.4	15	-5	6.7	-1.4
CGDG	Capital Group Dividend Growers ETF	0.4	47	-37	5.1	-3.0
EMXC	iShares MSCI Emerging Markets ex China ETF	0.4	25	-15	5.5	-2.6
FDD	First Trust Stoxx European Select Dividend Index Fund	0.4	58	-48	9.9	+1.8
ENZL	iShares MSCI New Zealand ETF	0.4	50	-40	3.9	-4.2
KOKU	Xtrackers MSCI Kokusai Equity ETF	0.4	9	1	4.6	-3.5
SRVR	Pacer Data & Infrastructure Real Estate ETF	0.4	55	-45	3.7	-4.4
DTCR	Global X Data Center & Digital Infrastructure ETF	0.4	50	-40	3.8	-4.3
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	0.4	65	-55	4.1	-4.0
TOK	iShares MSCI Kokusai ETF	0.3	26	-16	4.5	-3.6
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	0.3	25	-15	6.5	-1.6
EWZS	iShares MSCI Brazil Small-Cap ETF	0.3	59	-49	9.7	+1.6
IPKW	Invesco International BuyBack Achievers ETF	0.3	55	-45	8.0	-0.1
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	0.3	45	-35	8.5	+0.4
PID	Invesco International Dividend Achievers ETF	0.3	53	-43	4.1	-4.0
DIHP	Dimensional International High Profitability ETF	0.3	29	-19	5.7	-2.4
EWM	iShares MSCI Malaysia ETF	0.3	50	-40	6.3	-1.8
PIN	Invesco India ETF	0.3	78	-68	4.7	-3.4
VIDI	Vident International Equity Strategy ETF	0.3	61	-51	8.4	+0.3
FLIN	Franklin FTSE India ETF	0.3	19	-9	4.0	-4.1
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	0.3	9	1	7.5	-0.6
IDHQ	Invesco S&P International Developed High Quality ETF	0.3	29	-19	5.5	-2.6
DVYE	iShares Emerging Markets Dividend ETF	0.3	49	-39	16.8	+8.7
EMM	Global X Emerging Markets ex-China ETF	0.3	75	-65	5.2	-2.9
IXP	iShares Global Comm Services ETF	0.3	42	-32	5.6	-2.5
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.3	42	-32	4.1	-4.0
EMMF	WisdomTree Emerging Markets Multifactor Fund	0.3	48	-38	9.0	+0.9
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	0.3	25	-15	5.6	-2.5
EYLD	Cambria Emerging Shareholder Yield ETF	0.3	66	-56	9.4	+1.3
QWLD	SPDR MSCI World StrategicFactors ETF	0.3	30	-20	5.2	-2.9
JSTC	Adasina Social Justice All Cap Global ETF	0.3	89	-79	4.7	-3.4
EPU	iShares MSCI Peru and Global Exposure ETF	0.3	59	-49	4.3	-3.8
GLBL	Pacer MSCI World Industry Advantage ETF	0.2	65	-55	3.7	-4.4
BBCA	JPMorgan BetaBuilders Canada ETF	0.2	19	-9	5.5	-2.6
DEHP	Dimensional Emerging Markets High Profitability ETF	0.2	41	-31	5.2	-2.9
EFNL	iShares MSCI Finland ETF	0.2	56	-46	5.8	-2.3
FLCA	Franklin FTSE Canada ETF	0.2	9	1	5.5	-2.6
EEMO	Invesco S&P Emerging Markets Momentum ETF	0.2	29	-19	7.5	-0.6
AFK	VanEck Africa Index ETF	0.2	98	-88	10.3	+2.2
WLDR	Affinity World Leaders Equity ETF	0.2	67	-57	6.5	-1.6
EWC	iShares MSCI Canada ETF	0.2	50	-40	5.2	-2.9
BRF	VanEck Brazil Small-Cap ETF	0.2	66	-56	9.4	+1.3
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.2	33	-23	7.1	-1.0
FLBR	Franklin FTSE Brazil ETF	0.2	19	-9	10.0	+1.9
BRAZ	Global X Brazil Active ETF	0.2	75	-65	8.6	+0.5
EPI	WisdomTree India Earnings Fund	0.2	85	-75	4.9	-3.2
EWO	iShares MSCI Austria ETF	0.2	50	-40	7.8	-0.3
IVSI	Applied Finance IVS International LrgETF	0.2	65	-55	6.0	-2.1
SMIN	iShares MSCI India Small Cap ETF	0.1	79	-69	3.5	-4.6
TUR	iShares MSCI Turkey ETF	0.1	58	-48	11.7	+3.6
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.1	47	-37	4.9	-3.2
ACWV	iShares MSCI Global Min Vol Factor ETF	0.1	20	-10	5.7	-2.4
FLTW	Franklin FTSE Taiwan ETF	0.1	19	-9	4.4	-3.7
GINN	Goldman Sachs Innovate Equity ETF	0.1	52	-42	4.0	-4.1
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	0.1	58	-48	5.4	-2.7
IQDG	WisdomTree International Quality Dividend Growth Fund	0.1	42	-32	5.7	-2.4
GVLU	Gotham 1000 Value ETF	0.1	50	-40	8.4	+0.3
EIDO	iShares MSCI Indonesia ETF	0.1	59	-49	8.2	+0.1
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	0.1	95	-85	10.4	+2.3
IGPT	Invesco AI and Next Gen Software ETF	0.1	60	-50	3.5	-4.6
GREK	Global X MSCI Greece ETF	0.1	57	-47	9.4	+1.3
ENOR	iShares MSCI Norway ETF	0.1	53	-43	7.3	-0.8
IDX	VanEck Indonesia Index ETF	0.1	57	-47	7.4	-0.7
NORW	Global X MSCI Norway ETF	0.1	50	-40	7.3	-0.8
EMGF	iShares Emerging Markets Equity Factor ETF	0.1	25	-15	9.4	+1.3
CGV	Conductor Global Equity Value ETF	0.1	130	-120	7.4	-0.7
EIRL	iShares MSCI Ireland ETF	0.1	50	-40	7.4	-0.7
AQLT	iShares MSCI Global Quality Factor ETF	0.1	18	-8	0.0	-8.1
CRTC	Xtrackers US National Critical Technologies ETF	0.1	35	-25	4.3	-3.8
EUDG	WisdomTree Europe Quality Dividend Growth Fund	0.0	58	-48	6.3	-1.8
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	-11	3.1	-5.0
RNRG	Global X Renewable Energy Producers ETF	0.0	66	-56	4.2	-3.9
CGW	Invesco S&P Global Water Index ETF	0.0	57	-47	4.2	-3.9

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	DBX ETF Trust - Xtrackers International Real Estate ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	6.7	%
Divided by: Fwd. P/BV	0.8	x
Less: Expense ratio	10	bp
Equals: ALTAR Score	8.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	CATEGORY AVERAGE	1.64

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.