ETF Research Center

QARP tracks and index of US large-cap companies, selected and weighted based upon a combination of quality and value metrics. Quality metrics are given greater weight.

FUND BASICS
Category	US Equities
Fund Sponsor	Deutsche Bank
Website	dws.com
Inception date	Apr 05, 2018
Assets (mns)	$99
Currency	USD
Expense ratio	19 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Fundamental
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	353
Wgt avg mkt cap (mns)	$288,823
Large cap (>$10bn)	93.3%
Mid cap ($2-10bn)	6.6%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	31.6 %
APPLE INC	6.9 %
INTEL CORP	4.1 %
FACEBOOK	2.9 %
EXXON MOBIL CORP	2.7 %
VISA INC-CLASS A SHARES	2.7 %
HOME DEPOT INC	2.6 %
JOHNSON & JOHNSON	2.6 %
ALPHABET INC. CLASS C	2.5 %
ALPHABET INC. CLASS A	2.4 %
MASTERCARD INC-CLASS A	2.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.5 %
	IRELAND	1.5 %
	BRITAIN	0.5 %
	CHINA	0.2 %
	SWITZERLAND	0.1 %
	CANADA	0.1 %

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.
-1.7%	18.7%	--	--	12.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.01	98%
MSCI EAFE	1.02	75%
MSCI Emg. Mkts.	0.67	55%

Technical Indicators
Recent close	$27.26
30d moving avg.	$30.45
Annualized volatility	14.8%
Short interest (ETF)	0.0%
Relative strength (RSI)	38

Liquidity measures
Avg. volume (thou.)	7
Turnover	0.2%
Bid/Ask (% of price)	0.23%
ADV underlying (mns)	$117,414

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Xtrackers Russell 1000 US Quality at a Reasonable Price ETF ETF based on the alternatives' overlap in portfolio holdings with QARP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

QARP

Expense:

19 bp

ALTAR Score™:

6.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH QARP
Ticker	Fund Name	Overlap¹ vs QARP (%)	Expense ratio (bp)	Savings vs QARP (bp)	ALTAR Score™ (%)	ALTAR vs QARP (%)
OQAL	Invesco Russell 1000 Quality Factor ETF	76.6	19	0	4.7	-1.8
IUS	Invesco Strategic US ETF	53.9	19	0	6.2	-0.4
SPXN	ProShares S&P 500 Ex-Financials ETF	53.5	27	-8	5.9	-0.7
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	52.2	19	0	5.3	-1.3
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor ETF	51.9	29	-10	4.8	-1.7
RECS	Columbia Research Enhanced Core ETF	51.2	15	4	6.3	-0.2
JQUA	JPMorgan U.S. Quality Factor ETF	51.1	12	7	5.9	-0.7
OEF	iShares S&P 100 ETF	50.8	20	-1	5.6	-0.9
OMOM	Invesco Russell 1000 Momentum Factor ETF	50.6	19	0	4.9	-1.7
IWL	iShares Russell Top 200 ETF	49.7	15	4	5.8	-0.8
MGC	Vanguard Mega Cap Index Fund	49.2	7	12	5.9	-0.6
OUSA	O'Shares FTSE US Quality Dividend ETF	48.5	48	-29	6.2	-0.4
DIVB	iShares U.S. Dividend & Buyback ETF	48.4	25	-6	6.9	+0.4
VONG	Vanguard Russell 1000 Growth Index Fund	48.4	8	11	5.0	-1.5
FLQL	Franklin LibertyQ U.S. Equity ETF	48.4	15	4	6.9	+0.3
PBP	Invesco S&P 500 BuyWrite ETF	48.1	49	-30	5.6	-0.9
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	48.1	49	-30	4.8	-1.7
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	48.1	20	-1	5.7	-0.9
IWF	iShares Russell 1000 Growth ETF	48.0	19	0	4.9	-1.6
XOUT	GraniteShares XOUT U.S. Large Cap ETF	48.0	60	-41	5.2	-1.4

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 Russell 1000 US Quality at a Reasonable Price ETF
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	23.2	%
Divided by: Fwd. P/BV	3.5	x
Less: Expense ratio	19	bp
Equals: ALTAR Score	6.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	CATEGORY AVERAGE	1.56

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.