ETF Research Center

Xtrackers MSCI USA ESG Leaders Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA ESG Leaders Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Deutsche Bank
Website	dws.com
Inception date	Mar 06, 2019
Assets (mns)	$2,320
Currency	USD
Expense ratio	10 bp
Distributions	Semi-annual

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	286
Wgt avg mkt cap (mns)	$335,044
Large cap (>$10bn)	97.6%
Mid cap ($2-10bn)	2.4%
Small cap (<$2bn)	0.0%
Developed mkts	99.7%
Emerging mkts	0.3%

TOP TEN HOLDINGS
Total	32.1 %
MICROSOFT CORP	10.9 %
ALPHABET INC. CLASS C	3.4 %
ALPHABET INC. CLASS A	3.3 %
JOHNSON & JOHNSON	2.7 %
VISA INC-CLASS A SHARES	2.3 %
PROCTER & GAMBLE CO/THE	2.2 %
HOME DEPOT INC	1.9 %
MASTERCARD INC-CLASS A	1.9 %
NVIDIA CORP	1.8 %
INTEL CORP	1.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.1 %
	IRELAND	1.8 %
	BRITAIN	1.8 %
	SWITZERLAND	0.5 %
	ARGENTINA	0.3 %
	BERMUDA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru June 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.0%	9.0%	--	--	10.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.96	100%
MSCI EAFE	0.95	90%
MSCI Emg. Mkts.	0.71	77%

Technical Indicators
Recent close	$28.80
30d moving avg.	$28.58
Annualized volatility	20.7%
Short interest (ETF)	0.0%
Relative strength (RSI)	54

Liquidity measures
Avg. volume (thou.)	79
Turnover	0.1%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$154,123

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Xtrackers MSCI USA ESG Leaders Equity ETF ETF based on the alternatives' overlap in portfolio holdings with USSG. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

USSG

Expense:

10 bp

ALTAR Score™:

5.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH USSG
Ticker	Fund Name	Overlap¹ vs USSG (%)	Expense ratio (bp)	Savings vs USSG (bp)	ALTAR Score™ (%)	ALTAR vs USSG (%)
SUSL	iShares ESG MSCI USA Leaders ETF	99.0	10	0	5.3	+0.0
DSI	iShares MSCI KLD 400 Social ETF	83.6	25	-15	5.1	-0.2
IQSU	IQ Candriam ESG US Equity ETF	62.1	9	1	5.1	-0.2
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	59.0	49	-39	4.1	-1.2
NULC	Nuveen ESG Large-Cap ETF	56.1	20	-10	5.0	-0.3
ESGU	iShares MSCI USA ESG Optimized ETF	56.0	15	-5	5.1	-0.2
SNPE	Xtrackers S&P 500 ESG ETF	56.0	11	-1	5.1	-0.2
WOMN	Impact Shares YWCA Women's Empowerment ETF	54.6	75	-65	4.5	-0.8
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	52.9	20	-10	5.0	-0.4
VOOG	Vanguard S&P 500 Growth ETF	52.9	10	0	4.2	-1.1
QUS	SPDR MSCI USA StrategicFactors ETF	52.8	15	-5	5.9	+0.6
SPYG	SPDR Portfolio S&P 500 Growth ETF	52.8	4	6	4.3	-1.0
IVW	iShares S&P 500 Growth ETF	52.8	18	-8	4.2	-1.1
PBP	Invesco S&P 500 BuyWrite ETF	52.4	49	-39	5.0	-0.3
HSPX	Global X S&P 500 Covered Call ETF	51.7	65	-55	4.9	-0.4
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	51.6	20	-10	5.4	+0.1
BKLC	BNY Mellon US Large Cap Core Equity ETF	51.5	0	10	5.2	-0.1
ESG	FlexShares STOXX US ESG Impact Index Fund	51.4	32	-22	5.1	-0.3
MGC	Vanguard Mega Cap Index Fund	51.4	7	3	5.2	-0.1
SPXE	ProShares S&P 500 Ex-Energy ETF	51.3	27	-17	5.3	0.0
IWL	iShares Russell Top 200 ETF	51.2	15	-5	5.0	-0.3
SPY	SPDR S&P 500 ETF Trust	51.2	9	1	5.4	+0.1
SPLG	SPDR Portfolio Large Cap ETF	51.1	3	7	5.4	+0.1
IVV	iShares Core S&P 500 ETF	51.1	4	6	5.4	+0.1
SPXV	ProShares S&P 500 Ex-Health Care ETF	51.0	27	-17	5.0	-0.3
SPXN	ProShares S&P 500 Ex-Financials ETF	51.0	27	-17	5.0	-0.3
VOO	VANGUARD S&P 500 ETF	51.0	3	7	5.4	+0.1
CATH	Global X S&P 500 Catholic Values Custom ETF	50.9	29	-19	5.2	-0.1
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	50.5	7	3	5.2	-0.1
MMTM	SPDR S&P 1500 Momentum Tilt ETF	50.4	12	-2	4.9	-0.4
IUSG	iShares Core S&P US Growth ETF	50.4	4	6	4.3	-1.0
NACP	Impact Shares NAACP Minority Empowerment ETF	50.4	75	-65	4.5	-0.8
SUSA	iShares MSCI USA ESG Select ETF	50.4	25	-15	4.8	-0.5
MGK	Vanguard Mega Cap Growth ETF	50.3	7	3	4.1	-1.2
BBUS	JP Morgan Betabuilders U.S. Equity ETF	50.3	2	8	5.3	0.0
JQUA	JPMorgan U.S. Quality Factor ETF	50.2	12	-2	5.3	-0.0
VV	Vanguard Large-Cap Index Fund	50.1	4	6	5.3	-0.0
PBUS	Invesco PureBeta MSCI USA ETF	49.7	4	6	5.3	-0.0
VUG	Vanguard Growth Index Fund	49.6	4	6	4.0	-1.3
IWY	iShares Russell Top 200 Growth ETF	49.6	20	-10	4.1	-1.2
SPXT	ProShares S&P 500 Ex-Technology ETF	49.3	27	-17	5.7	+0.4
XOUT	GraniteShares XOUT U.S. Large Cap ETF	49.2	60	-50	4.4	-0.9
XLG	Invesco S&P 500 Top 50 ETF	49.0	20	-10	4.4	-0.9
OEF	iShares S&P 100 ETF	49.0	20	-10	4.8	-0.6
SCHX	Schwab U.S. Large-Cap ETF	48.8	3	7	5.3	0.0
VONG	Vanguard Russell 1000 Growth Index Fund	48.7	8	2	4.2	-1.1
VEGN	US Vegan Climate ETF	48.7	60	-50	5.2	-0.1
RECS	Columbia Research Enhanced Core ETF	48.6	15	-5	5.7	+0.4
DLN	WisdomTree U.S. LargeCap Dividend Fund	48.6	28	-18	6.4	+1.1
EPS	WisdomTree U.S. Earnings 500 Fund	48.5	8	2	6.5	+1.2
TMFC	Motley Fool 100 Index ETF	48.0	50	-40	3.7	-1.6
ESGV	Vanguard ESG U.S. Stock ETF	47.9	12	-2	5.2	-0.1
IWF	iShares Russell 1000 Growth ETF	47.7	19	-9	4.1	-1.2
SPTM	SPDR Portfolio Total Stock Market ETF	47.5	3	7	5.5	+0.2
JHML	John Hancock Multifactor Large Cap ETF	47.3	29	-19	5.6	+0.3
SCHK	Schwab 1000 Index ETF	47.3	5	5	5.3	-0.0
VONE	Vanguard Russell 1000 ETF	47.3	8	2	5.3	-0.0
IWB	iShares Russell 1000 ETF	46.9	15	-5	5.2	-0.1
IYY	iShares Dow Jones U.S. ETF	46.9	20	-10	5.2	-0.1
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	46.8	19	-9	5.7	+0.4
SCHG	Schwab U.S. Large-Cap Growth ETF	46.5	4	6	4.1	-1.2
RAFE	PIMCO RAFI ESG U.S. ETF	46.5	29	-19	7.8	+2.5
DIVB	iShares U.S. Dividend & Buyback ETF	46.2	25	-15	6.6	+1.3
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	46.1	9	1	5.6	+0.3
IWD	iShares Russell 1000 Value ETF	46.0	19	-9	7.2	+1.9
DYNF	BlackRock U.S. Equity Factor Rotation ETF	45.9	30	-20	6.6	+1.3
DTD	WisdomTree U.S.Total Dividend Fund	45.9	28	-18	6.7	+1.4
DGRO	iShares Core Dividend Growth ETF	45.6	8	2	6.7	+1.4
SCHB	Schwab U.S. Broad Market ETF	44.9	3	7	5.3	-0.1
VTHR	Vanguard Russell 3000 Index Fund	44.7	10	0	5.1	-0.2
ITOT	iShares Core S&P Total U.S. Stock Market ETF	44.7	3	7	5.2	-0.1
IWV	iShares Russell 3000 ETF	44.4	20	-10	5.1	-0.2
VTI	Vanguard Total Stock Market Index Fund	44.4	3	7	5.2	-0.1
FQAL	Fidelity Quality Factor ETF	44.3	29	-19	5.5	+0.2
SCHV	Schwab U.S. Large-Cap Value ETF	44.2	4	6	7.2	+1.9
SFY	SoFi Select 500 ETF	43.8	0	10	5.2	-0.1
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	43.2	29	-19	6.3	+1.0
AVUS	Avantis U.S. Equity ETF	42.7	15	-5	5.8	+0.5
VOOV	Vanguard S&P 500 Value ETF	41.9	15	-5	7.4	+2.1
VTV	Vanguard Value Index Fund	41.7	4	6	7.5	+2.2
SPYV	SPDR Portfolio S&P 500 Value ETF	41.7	4	6	7.5	+2.2
IVE	iShares S&P 500 Value ETF	41.6	18	-8	7.3	+2.0
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	41.4	25	-15	6.6	+1.3
IUSV	iShares Core S&P U.S. Value ETF	40.5	4	6	7.6	+2.3
VONV	Vanguard Russell 1000 Value Index Fund	40.3	8	2	7.4	+2.1
IUS	Invesco Strategic US ETF	39.8	19	-9	6.7	+1.4
PRF	Invesco FTSE RAFI US 1000 ETF	39.6	39	-29	6.9	+1.6
PFM	Invesco Dividend Achievers ETF	39.5	54	-44	5.5	+0.2
EXT	WisdomTree U.S. Total Earnings Fund	39.2	28	-18	5.2	-0.1
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	39.1	25	-15	6.6	+1.3
KRMA	Global X Conscious Companies ETF	39.0	43	-33	5.2	-0.1
FDMO	Fidelity Momentum Factor ETF	38.8	29	-19	3.8	-1.5
QUAL	iShares MSCI Usa Quality Factor ETF	38.7	15	-5	5.4	+0.1
IETC	iShares Evolved U.S. Technology ETF	38.6	18	-8	3.8	-1.5
IWX	iShares Russell Top 200 Value ETF	38.5	20	-10	7.2	+1.9
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	38.2	75	-65	3.8	-1.5
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	38.1	21	-11	2.9	-2.4
FDLO	Fidelity Low Volatility Factor ETF	38.0	29	-19	5.2	-0.1
QQQ	Invesco QQQ Trust	37.9	20	-10	3.8	-1.5
NUSI	Nationwide Risk-Managed Income ETF	37.9	68	-58	3.5	-1.9

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 MSCI USA ESG Leaders Equity 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	19.7	%
Divided by: Fwd. P/BV	3.7	x
Less: Expense ratio	10	bp
Equals: ALTAR Score	5.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.44	CATEGORY AVERAGE	1.52

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.