ETF Research Center

The Xtrackers Japan JPX-Nikkei 400 Equity ETF tracks an index of 400 Japanese companies that rank highest in profitability and capital efficiency.

FUND BASICS
Category	International Equities
Fund Sponsor	Deutsche Bank
Website	etfus.deutscheawm.com
Inception date	Jun 24, 2015
Assets (mns)	$29
Currency	USD
Expense ratio	9 bp
Distributions	Semi-Annually

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	398
Wgt avg mkt cap (mns)	$30,331
Large cap (>$10bn)	73.9%
Mid cap ($2-10bn)	24.4%
Small cap (<$2bn)	1.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	14.9 %
SONY CORP	1.8 %
TOYOTA MOTOR CORP	1.5 %
MITSUBISHI UFJ FINANCIAL GRO	1.5 %
RECRUIT HOLDINGS CO LTD	1.5 %
TAKEDA PHARMACEUTICAL CO LTD	1.5 %
NIPPON TELEGRAPH AND TELEPHONE COR	1.5 %
KEYENCE CORP	1.5 %
NINTENDO CO LTD	1.4 %
SUMITOMO MITSUI FINANCIAL GR	1.4 %
HONDA MOTOR CO LTD	1.3 %

TOP COUNTRY EXPOSURE
	JAPAN	97.9 %

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.
19.4%	19.4%	--	--	4.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.77	67%
MSCI EAFE	0.91	76%
MSCI Emg. Mkts.	0.63	63%

Technical Indicators
Recent close	$28.94
30d moving avg.	$29.14
Annualized volatility	11.4%
Short interest (ETF)	0.4%
Relative strength (RSI)	47

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.4%
Bid/Ask (% of price)	0.46%
ADV underlying (mns)	$12,425

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Xtrackers Japan JPX-Nikkei 400 Equity ETF based on the alternatives' overlap in portfolio holdings with JPN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

JPN

Expense:

9 bp

ALTAR Score™:

7.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH JPN
Ticker	Fund Name	Overlap¹ vs JPN (%)	Expense ratio (bp)	Savings vs JPN (bp)	ALTAR Score™ (%)	ALTAR vs JPN (%)
JPXN	iShares JPX-Nikkei 400	96.3	48	-39	7.5	-0.4
EWJ	iShares MSCI Japan	84.6	47	-38	7.4	-0.5
BBJP	JPMorgan BetaBuilders Japan	84.5	19	-10	7.7	-0.2
QJPN	SPDR MSCI Japan Quality Mix	84.1	14	-5	7.9	+0.0
HFXJ	IQ 50 Percent Hedged FTSE Japan	84.0	30	-21	7.5	-0.4
FLJP	Franklin FTSE Japan	83.9	9	0	7.8	-0.1
FLJH	Franklin FTSE Japan Hedged	82.5	9	0	7.7	-0.2
DBJP	Xtrackers MSCI Japan Hedged	82.0	45	-36	7.3	-0.6
GSJY	Goldman Sachs ActiveBeta Japan Equity	72.6	25	-16	7.5	-0.4
DXJ	WisdomTree Japan Hedged Equity	55.0	48	-39	8.3	+0.4
IPAC	iShares Core MSCI Pacific	53.7	9	0	7.2	-0.7
EWJE	iShares MSCI Japan Equal Weighted	53.1	15	-6	7.0	-0.9
EWJV	iShares MSCI Japan Value	48.3	15	-6	10.4	+2.5
VPL	Vanguard Pacific ETF	47.5	9	0	7.5	-0.4
JPMV	iShares MSCI Japan Min Volatility	43.3	30	-21	6.8	-1.1
SCIJ	Global X Scientific Beta Japan	43.1	39	-30	6.9	-1.0
RFAP	First Trust Riverfront Dynamic Asia Pacific	42.4	83	-74	7.0	-0.9
IVLU	iShares MSCI Int'l Developed Value Factor	32.8	30	-21	10.2	+2.4
REFA	Invesco International Revenue ETF	28.1	42	-33	8.5	+0.6
IQIN	IQ 500 International	26.3	25	-16	8.2	+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 Japan JPX-Nikkei 400 Equity
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	9.9	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	9	bp
Equals: ALTAR Score	7.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	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.