ETF Research Center

The Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF tracks a market cap-weighted index of global ex-US stocks, selected by quality and dividend factors. The fund is currency hedged for USD investors.

FUND BASICS
Category	International Equities
Fund Sponsor	Deutsche Bank
Website	etfus.deutscheawm.com
Inception date	Aug 12, 2015
Assets (mns)	$26
Currency	USD
Expense ratio	20 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	336
Wgt avg mkt cap (mns)	$61,998
Large cap (>$10bn)	84.3%
Mid cap ($2-10bn)	15.6%
Small cap (<$2bn)	0.1%
Developed mkts	74.6%
Emerging mkts	23.3%

TOP TEN HOLDINGS
Total	25.5 %
TOTAL SA	3.5 %
GLAXOSMITHKLINE PLC	3.1 %
SANOFI-AVENTIS	3.1 %
ROYAL BANK OF CANADA	3.0 %
ALLIANZ SE-REG	2.8 %
CHINA CONSTRUCTION BANK-H	2.2 %
BHP BILLITON LTD	2.1 %
BAYER AG	2.1 %
BANK OF NOVA SCOTIA	1.8 %
BASF SE	1.8 %

TOP COUNTRY EXPOSURE
	BRITAIN	13.2 %
	CANADA	11.3 %
	FRANCE	9.1 %
	GERMANY	8.3 %
	JAPAN	6.5 %
	CHINA	6.2 %
	HONG KONG	5.7 %
	AUSTRALIA	5.6 %
	RUSSIA	4.0 %
	TAIWAN	3.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
22.4%	22.4%	--	--	6.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.66	56%
MSCI EAFE	0.86	79%
MSCI Emg. Mkts.	0.61	68%

Technical Indicators
Recent close	$26.38
30d moving avg.	$26.00
Annualized volatility	10.7%
Short interest (ETF)	0.0%
Relative strength (RSI)	73

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.2%
Bid/Ask (% of price)	0.38%
ADV underlying (mns)	$11,761

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Xtrackers MSCI All World ex US High Div Yield ETF based on the alternatives' overlap in portfolio holdings with HDAW. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

HDAW

Expense:

20 bp

ALTAR Score™:

9.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH HDAW
Ticker	Fund Name	Overlap¹ vs HDAW (%)	Expense ratio (bp)	Savings vs HDAW (bp)	ALTAR Score™ (%)	ALTAR vs HDAW (%)
HDEF	Xtrackers MSCI EAFE High Div Yld Hedged	50.2	20	0	8.4	-1.2
DTH	WisdomTree DEFA Equity Income	36.5	58	-38	8.2	-1.4
VYMI	Vanguard Int'l High Dividend Yield	33.0	32	-12	9.0	-0.6
IDY	Pacific Global International Equity Income	28.8	39	-19	8.0	-1.7
EFV	iShares MSCI EAFE Value	27.6	38	-18	8.8	-0.9
IQLT	iShares MSCI Int'l Developed Quality	26.2	30	-10	5.7	-3.9
RIDV	Invesco International Ultra Dividend Revenue ETF	26.1	42	-22	8.8	-0.8
DOO	WisdomTree Int'l Dividend Ex-Financials	25.7	58	-38	7.8	-1.8
IGRO	iShares International Dividend Growth	25.6	22	-2	7.4	-2.2
DOL	WisdomTree Int'l Large Cap Dividend	25.3	48	-28	7.5	-2.2
CID	Victory CEMP International High Div Volatility Wtd	24.1	45	-25	8.7	-0.9
DDWM	WisdomTree Dynamic Currency Hedged Int'l Equity	23.3	35	-15	7.6	-2.0
IQDF	FlexShares Int'l Quality Dividend	23.1	47	-27	8.8	-0.9
DWM	WisdomTree DEFA Fund	22.7	48	-28	7.4	-2.3
OEUR	O'Shares FTSE Europe Quality Dividend	21.1	48	-28	6.1	-3.5
IQDY	FlexShares Int'l Quality Dividend Dynamic	20.9	47	-27	8.6	-1.0
IQDE	FlexShares Int'l Quality Dividend Defensive	20.5	47	-27	8.8	-0.8
RODM	Lattice Developed Markets (Ex-US) Strategy	19.9	29	-9	7.5	-2.1
CIZ	Compass EMP Dev. 500 Enhanced Vol. Wgt.	19.8	45	-25	6.7	-3.0
PXF	Invesco FTSE-RAFI Developed ex-US	19.7	45	-25	7.9	-1.7

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 All World ex US High Div Yield
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	13.0	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	9.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	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.