ETF Research Center

The Xtrackers S&P 500 ESG ETF tracks a principles-selected, market cap-weighted index of U.S. Large Cap securities.

FUND BASICS
Category	US Equities
Fund Sponsor	Deutsche Bank
Website	www.dws.com
Inception date	Jun 25, 2019
Assets (mns)	$416
Currency	USD
Expense ratio	10 bp
Distributions	Quarterly

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	295
Wgt avg mkt cap (mns)	$634,224
Large cap (>$10bn)	98.9%
Mid cap ($2-10bn)	1.1%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	34.7 %
APPLE INC	8.8 %
MICROSOFT CORP	7.0 %
AMAZON.COM INC	5.7 %
FACEBOOK	2.6 %
ALPHABET INC. CLASS A	2.2 %
ALPHABET INC. CLASS C	2.2 %
JPMORGAN CHASE & CO	1.8 %
VISA INC-CLASS A SHARES	1.5 %
PROCTER & GAMBLE CO/THE	1.4 %
UNITEDHEALTH GROUP INC	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.7 %
	IRELAND	2.2 %
	BRITAIN	1.1 %
	SWITZERLAND	0.5 %

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.
19.8%	19.8%	--	--	21.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.99	99%
MSCI EAFE	0.87	87%
MSCI Emg. Mkts.	0.71	69%

Technical Indicators
Recent close	$32.88
30d moving avg.	$32.62
Annualized volatility	21.7%
Short interest (ETF)	1.0%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	66
Turnover	0.5%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$162,413

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the Xtrackers S&P 500 ESG ETF ETF based on the alternatives' overlap in portfolio holdings with SNPE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SNPE

Expense:

10 bp

ALTAR Score™:

4.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SNPE
Ticker	Fund Name	Overlap¹ vs SNPE (%)	Expense ratio (bp)	Savings vs SNPE (bp)	ALTAR Score™ (%)	ALTAR vs SNPE (%)
EFIV	SPDR S&P 500 ESG ETF	99.1	10	0	4.7	-0.0
ESGV	Vanguard ESG U.S. Stock ETF	88.7	12	-2	4.6	-0.1
MGC	Vanguard Mega Cap Index Fund	76.7	7	3	4.7	0.0
IWL	iShares Russell Top 200 ETF	75.7	15	-5	4.5	-0.2
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	74.6	20	-10	4.7	-0.0
IQSU	IQ Candriam ESG US Equity ETF	74.5	9	1	4.6	-0.1
BKLC	BNY Mellon US Large Cap Core Equity ETF	74.0	0	10	4.6	-0.1
PBP	Invesco S&P 500 BuyWrite ETF	73.9	49	-39	4.4	-0.3
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	73.6	20	-10	4.9	+0.2
XYLG	Global X S&P 500 Covered Call & Growth ETF	73.1	60	-50	4.4	-0.3
OEF	iShares S&P 100 ETF	73.1	20	-10	4.3	-0.4
VOO	VANGUARD S&P 500 ETF	72.7	3	7	4.9	+0.2
SPY	SPDR S&P 500 ETF Trust	72.4	9	1	4.8	+0.1
SPLG	SPDR Portfolio Large Cap ETF	72.3	3	7	4.8	+0.2
IVV	iShares Core S&P 500 ETF	72.2	3	7	4.8	+0.2
SPXE	ProShares S&P 500 Ex-Energy ETF	71.9	27	-17	4.7	+0.0
SPXV	ProShares S&P 500 Ex-Health Care ETF	71.6	27	-17	4.4	-0.3
SPXN	ProShares S&P 500 Ex-Financials ETF	71.6	27	-17	4.5	-0.2
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	71.3	15	-5	4.7	+0.1
SPXT	ProShares S&P 500 Ex-Technology ETF	69.6	27	-17	4.9	+0.2
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	69.5	7	3	4.6	-0.1
XOUT	GraniteShares XOUT U.S. Large Cap ETF	69.3	60	-50	3.7	-1.0
CATH	Global X S&P 500 Catholic Values Custom ETF	68.6	29	-19	4.7	-0.0
ESGU	iShares MSCI USA ESG Optimized ETF	68.5	15	-5	4.5	-0.2
ESG	FlexShares STOXX US ESG Impact Index Fund	68.4	32	-22	4.6	-0.1
BBUS	JP Morgan Betabuilders U.S. Equity ETF	67.7	2	8	4.7	+0.0
PBUS	Invesco PureBeta MSCI USA ETF	67.5	4	6	4.7	0.0
VOOG	Vanguard S&P 500 Growth ETF	67.3	10	0	4.1	-0.6
VV	Vanguard Large-Cap Index Fund	67.2	4	6	4.7	-0.0
MMTM	SPDR S&P 1500 Momentum Tilt ETF	66.8	12	-2	4.1	-0.6
SPTM	SPDR Portfolio Total Stock Market ETF	65.9	3	7	4.9	+0.2
SCHX	Schwab U.S. Large-Cap ETF	65.4	3	7	4.6	-0.0
SCHK	Schwab 1000 Index ETF	63.9	5	5	4.7	-0.0
IWB	iShares Russell 1000 ETF	63.7	15	-5	4.6	-0.1
SPYG	SPDR Portfolio S&P 500 Growth ETF	63.2	4	6	3.8	-0.9
IVW	iShares S&P 500 Growth ETF	63.2	18	-8	3.7	-1.0
IYY	iShares Dow Jones U.S. ETF	63.0	20	-10	4.5	-0.2
IUSG	iShares Core S&P US Growth ETF	61.6	4	6	3.8	-0.9
XLG	Invesco S&P 500 Top 50 ETF	61.2	20	-10	4.2	-0.5
VTHR	Vanguard Russell 3000 Index Fund	61.1	10	0	4.5	-0.2
EPS	WisdomTree U.S. Earnings 500 Fund	60.8	8	2	6.0	+1.3
NACP	Impact Shares NAACP Minority Empowerment ETF	60.1	49	-39	4.8	+0.1
IWV	iShares Russell 3000 ETF	59.3	20	-10	4.4	-0.3
SCHB	Schwab U.S. Broad Market ETF	59.2	3	7	4.5	-0.2
ITOT	iShares Core S&P Total U.S. Stock Market ETF	58.9	3	7	4.5	-0.2
VONE	Vanguard Russell 1000 ETF	58.6	8	2	4.6	-0.0
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	58.1	9	1	4.9	+0.2
WOMN	Impact Shares YWCA Women's Empowerment ETF	58.0	75	-65	3.6	-1.0
DFAU	Dimensional US Core Equity Market ETF	58.0	12	-2	4.7	+0.1
SFY	SoFi Select 500 ETF	58.0	0	10	4.6	-0.0
VTI	Vanguard Total Stock Market Index Fund	57.6	3	7	4.5	-0.2
IWF	iShares Russell 1000 Growth ETF	57.3	19	-9	3.6	-1.1
DSI	iShares MSCI KLD 400 Social ETF	57.2	25	-15	4.7	-0.0
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	57.1	49	-39	3.5	-1.1
VONG	Vanguard Russell 1000 Growth Index Fund	56.9	8	2	3.7	-1.0
QUS	SPDR MSCI USA StrategicFactors ETF	56.8	15	-5	5.3	+0.6
JHML	John Hancock Multifactor Large Cap ETF	56.4	29	-19	4.9	+0.2
DIVB	iShares U.S. Dividend & Buyback ETF	56.3	25	-15	5.9	+1.2
IWY	iShares Russell Top 200 Growth ETF	55.9	20	-10	3.7	-0.9
VUG	Vanguard Growth Index Fund	54.7	4	6	3.6	-1.0
HIPR	Direxion High Growth ETF	54.2	40	-30	4.0	-0.7
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	53.7	25	-15	5.8	+1.1
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	53.6	15	-5	5.8	+1.1
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	53.5	10	0	4.9	+0.2
SUSL	iShares ESG MSCI USA Leaders ETF	53.5	10	0	4.9	+0.2
DLN	WisdomTree U.S. LargeCap Dividend Fund	53.1	28	-18	6.2	+1.5
SCHV	Schwab U.S. Large-Cap Value ETF	52.9	4	6	6.1	+1.4
PRF	Invesco FTSE RAFI US 1000 ETF	52.9	39	-29	5.8	+1.2
RECS	Columbia Research Enhanced Core ETF	52.2	15	-5	5.2	+0.5
MGK	Vanguard Mega Cap Growth ETF	52.0	7	3	3.8	-0.9
SPYV	SPDR Portfolio S&P 500 Value ETF	51.4	4	6	6.4	+1.7
VOOV	Vanguard S&P 500 Value ETF	51.4	10	0	6.6	+1.9
IVE	iShares S&P 500 Value ETF	51.4	18	-8	6.3	+1.6
DTD	WisdomTree U.S.Total Dividend Fund	50.8	28	-18	6.3	+1.6
RESP	WisdomTree US ESG Fund of Benef Interest	50.6	28	-18	5.2	+0.5
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	50.5	25	-15	5.7	+1.0
AVUS	Avantis U.S. Equity ETF	50.4	15	-5	4.9	+0.2
KRMA	Global X Conscious Companies ETF	49.9	43	-33	4.9	+0.2
IUSV	iShares Core S&P U.S. Value ETF	49.9	4	6	6.4	+1.7
IUS	Invesco Strategic US ETF	49.9	19	-9	5.5	+0.8
ESGG	FlexShares STOXX Global ESG Impact Index Fund	49.7	42	-32	4.7	+0.0
VONV	Vanguard Russell 1000 Value Index Fund	49.1	8	2	6.1	+1.5
IWD	iShares Russell 1000 Value ETF	48.7	19	-9	6.0	+1.4
RWL	Invesco S&P 500 Revenue ETF	48.3	39	-29	6.3	+1.6
KOKU	Xtrackers MSCI Kokusai Equity ETF	48.1	9	1	5.1	+0.4
TOK	iShares MSCI Kokusai ETF	48.0	25	-15	5.0	+0.3
DGRO	iShares Core Dividend Growth ETF	47.9	8	2	6.0	+1.3
DYNF	BlackRock U.S. Equity Factor Rotation ETF	47.8	30	-20	5.3	+0.6
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	47.3	19	-9	5.4	+0.7
ACIO	Aptus Collared Income Opportunity ETF	47.0	79	-69	3.9	-0.8
SUSA	iShares MSCI USA ESG Select ETF	46.5	25	-15	4.3	-0.4
SCHG	Schwab U.S. Large-Cap Growth ETF	46.4	4	6	3.3	-1.4
FQAL	Fidelity Quality Factor ETF	46.2	29	-19	5.1	+0.4
EQWL	Invesco Russell Top 200 Equal Weight ETF	46.0	25	-15	5.6	+1.0
TILT	Flexshares Morningstar US Market Factors Tilt Index Fund	45.9	25	-15	5.0	+0.3
TMFC	Motley Fool 100 Index ETF	45.9	50	-40	3.2	-1.5
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	45.8	30	-20	5.1	+0.5
FVAL	Fidelity Value Factor ETF	45.5	29	-19	6.9	+2.3

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

	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 S&P 500 ESG 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	17.4	%
Divided by: Fwd. P/BV	3.6	x
Less: Expense ratio	10	bp
Equals: ALTAR Score	4.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.40	CATEGORY AVERAGE	1.49

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.