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)	$2,759
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	284
Wgt avg mkt cap (mns)	$344,770
Large cap (>$10bn)	97.9%
Mid cap ($2-10bn)	2.1%
Small cap (<$2bn)	0.0%
Developed mkts	99.6%
Emerging mkts	0.4%

TOP TEN HOLDINGS
Total	31.2 %
MICROSOFT CORP	9.6 %
ALPHABET INC. CLASS C	3.4 %
ALPHABET INC. CLASS A	3.3 %
JOHNSON & JOHNSON	2.5 %
TESLA MOTORS INC	2.3 %
PROCTER & GAMBLE CO/THE	2.2 %
VISA INC-CLASS A SHARES	2.2 %
NVIDIA CORP	2.0 %
HOME DEPOT INC	1.8 %
MASTERCARD INC-CLASS A	1.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.3 %
	IRELAND	2.2 %
	BRITAIN	1.8 %
	SWITZERLAND	0.5 %
	ARGENTINA	0.4 %
	BERMUDA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
3.0%	9.9%	--	--	11.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.96	99%
MSCI EAFE	0.98	90%
MSCI Emg. Mkts.	0.69	68%

Technical Indicators
Recent close	$33.20
30d moving avg.	$31.66
Annualized volatility	19.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	12
Turnover	0.0%
Bid/Ask (% of price)	0.16%
ADV underlying (mns)	$92,469

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™:

4.9%

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	99.2	10	0	4.9	0.0
DSI	iShares MSCI KLD 400 Social ETF	83.1	25	-15	4.7	-0.2
USXF	iShares ESG Advanced MSCI USA ETF	75.9	10	0	4.6	-0.3
IQSU	IQ Candriam ESG US Equity ETF	61.5	9	1	4.7	-0.2
NULC	Nuveen ESG Large-Cap ETF	61.1	20	-10	4.6	-0.3
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	58.3	49	-39	3.9	-1.0
ESGV	Vanguard ESG U.S. Stock ETF	57.1	12	-2	4.7	-0.2
ESGU	iShares MSCI USA ESG Optimized ETF	56.0	15	-5	4.7	-0.3
EFIV	SPDR S&P 500 ESG ETF	55.2	10	0	4.7	-0.2
SNPE	Xtrackers S&P 500 ESG ETF	55.1	10	0	4.7	-0.2
WOMN	Impact Shares YWCA Women's Empowerment ETF	54.4	75	-65	3.8	-1.1
VOOG	Vanguard S&P 500 Growth ETF	54.2	10	0	4.1	-0.8
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	52.1	20	-10	4.6	-0.3
ESG	FlexShares STOXX US ESG Impact Index Fund	52.1	32	-22	4.7	-0.2
SPYG	SPDR Portfolio S&P 500 Growth ETF	52.0	4	6	4.2	-0.8
IVW	iShares S&P 500 Growth ETF	51.9	18	-8	4.0	-0.9
QUS	SPDR MSCI USA StrategicFactors ETF	51.9	15	-5	5.4	+0.5
SUSA	iShares MSCI USA ESG Select ETF	51.5	25	-15	4.5	-0.5
PBP	Invesco S&P 500 BuyWrite ETF	51.2	49	-39	4.7	-0.2
HSPX	Global X S&P 500 Covered Call ETF	51.0	60	-50	4.6	-0.3
NACP	Impact Shares NAACP Minority Empowerment ETF	51.0	75	-65	4.5	-0.4
XYLG	Global X S&P 500 Covered Call & Growth ETF	50.9	60	-50	4.6	-0.3
MGC	Vanguard Mega Cap Index Fund	50.8	7	3	4.8	-0.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	50.8	20	-10	4.9	+0.0
IWL	iShares Russell Top 200 ETF	50.4	15	-5	4.6	-0.3
SCHV	Schwab U.S. Large-Cap Value ETF	50.4	4	6	6.2	+1.3
BKLC	BNY Mellon US Large Cap Core Equity ETF	50.3	0	10	4.8	-0.1
SPLG	SPDR Portfolio Large Cap ETF	50.2	3	7	5.0	+0.1
SPY	SPDR S&P 500 ETF Trust	50.2	9	1	4.9	+0.0
IVV	iShares Core S&P 500 ETF	50.2	3	7	5.0	+0.1
SPXE	ProShares S&P 500 Ex-Energy ETF	49.8	27	-17	4.9	-0.0
SPXV	ProShares S&P 500 Ex-Health Care ETF	49.7	27	-17	4.6	-0.3
SPXN	ProShares S&P 500 Ex-Financials ETF	49.7	27	-17	4.6	-0.3
CATH	Global X S&P 500 Catholic Values Custom ETF	49.5	29	-19	4.7	-0.2
IUSG	iShares Core S&P US Growth ETF	49.4	4	6	4.2	-0.7
VOO	VANGUARD S&P 500 ETF	49.4	3	7	5.0	+0.1
XOUT	GraniteShares XOUT U.S. Large Cap ETF	49.3	60	-50	3.8	-1.1
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	49.3	7	3	4.8	-0.1
BBUS	JP Morgan Betabuilders U.S. Equity ETF	49.3	2	8	4.8	-0.1
PBUS	Invesco PureBeta MSCI USA ETF	49.0	4	6	4.8	-0.1
IWY	iShares Russell Top 200 Growth ETF	49.0	20	-10	3.8	-1.1
SPXT	ProShares S&P 500 Ex-Technology ETF	48.9	27	-17	5.1	+0.2
VEGN	US Vegan Climate ETF	48.7	60	-50	4.7	-0.2
MGK	Vanguard Mega Cap Growth ETF	48.2	7	3	3.8	-1.1
XLG	Invesco S&P 500 Top 50 ETF	48.0	20	-10	4.3	-0.6
DLN	WisdomTree U.S. LargeCap Dividend Fund	47.8	28	-18	5.9	+1.0
OEF	iShares S&P 100 ETF	47.8	20	-10	4.5	-0.4
VV	Vanguard Large-Cap Index Fund	47.8	4	6	4.8	-0.1
JQUA	JPMorgan U.S. Quality Factor ETF	47.7	12	-2	5.1	+0.2
VUG	Vanguard Growth Index Fund	47.6	4	6	3.7	-1.2
EPS	WisdomTree U.S. Earnings 500 Fund	47.5	8	2	5.9	+1.0
SCHX	Schwab U.S. Large-Cap ETF	47.3	3	7	4.8	-0.1
JHML	John Hancock Multifactor Large Cap ETF	47.1	29	-19	5.0	+0.1
IWF	iShares Russell 1000 Growth ETF	47.0	19	-9	3.6	-1.3
VONV	Vanguard Russell 1000 Value Index Fund	46.3	8	2	6.3	+1.4
SPTM	SPDR Portfolio Total Stock Market ETF	46.3	3	7	5.1	+0.2
SCHK	Schwab 1000 Index ETF	46.2	5	5	4.8	-0.1
IWB	iShares Russell 1000 ETF	46.2	15	-5	4.7	-0.2
MMTM	SPDR S&P 1500 Momentum Tilt ETF	45.8	12	-2	4.2	-0.8
RECS	Columbia Research Enhanced Core ETF	45.8	15	-5	5.2	+0.3
IYY	iShares Dow Jones U.S. ETF	45.7	20	-10	4.6	-0.3
VONG	Vanguard Russell 1000 Growth Index Fund	45.7	8	2	3.7	-1.2
RAFE	PIMCO RAFI ESG U.S. ETF	45.4	29	-19	6.9	+2.0
IWD	iShares Russell 1000 Value ETF	45.2	19	-9	6.2	+1.3
DYNF	BlackRock U.S. Equity Factor Rotation ETF	45.1	30	-20	6.1	+1.2
DTD	WisdomTree U.S.Total Dividend Fund	45.1	28	-18	6.1	+1.2
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	44.9	9	1	5.2	+0.3
DIVB	iShares U.S. Dividend & Buyback ETF	44.8	25	-15	6.1	+1.2
VTHR	Vanguard Russell 3000 Index Fund	44.6	10	0	4.6	-0.3
DGRO	iShares Core Dividend Growth ETF	44.2	8	2	6.1	+1.2
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	44.0	19	-9	5.5	+0.6
TMFC	Motley Fool 100 Index ETF	43.4	50	-40	3.2	-1.7
IWV	iShares Russell 3000 ETF	43.3	20	-10	4.5	-0.4
SCHB	Schwab U.S. Broad Market ETF	43.3	3	7	4.7	-0.2
SFY	SoFi Select 500 ETF	43.1	0	10	4.7	-0.2
ITOT	iShares Core S&P Total U.S. Stock Market ETF	43.1	3	7	4.7	-0.3
VTV	Vanguard Value Index Fund	43.0	4	6	6.7	+1.8
VOOV	Vanguard S&P 500 Value ETF	42.8	10	0	6.6	+1.7
SCHG	Schwab U.S. Large-Cap Growth ETF	42.0	4	6	3.4	-1.5
VONE	Vanguard Russell 1000 ETF	42.0	8	2	4.8	-0.2
VTI	Vanguard Total Stock Market Index Fund	41.8	3	7	4.6	-0.3
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	41.4	29	-19	5.2	+0.3
SPYV	SPDR Portfolio S&P 500 Value ETF	41.2	4	6	6.7	+1.8
IVE	iShares S&P 500 Value ETF	41.2	18	-8	6.5	+1.6
FQAL	Fidelity Quality Factor ETF	41.1	29	-19	5.1	+0.2
AVUS	Avantis U.S. Equity ETF	40.9	15	-5	5.1	+0.2
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	40.8	15	-5	5.8	+0.9
FDLO	Fidelity Low Volatility Factor ETF	40.4	29	-19	4.9	+0.0
IUSV	iShares Core S&P U.S. Value ETF	40.0	4	6	6.7	+1.8
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	39.9	25	-15	5.9	+1.0
FLQL	Franklin LibertyQ U.S. Equity ETF	39.7	15	-5	5.8	+0.9
PFM	Invesco Dividend Achievers ETF	38.8	53	-43	5.0	+0.1
IUS	Invesco Strategic US ETF	38.7	19	-9	5.7	+0.8
KRMA	Global X Conscious Companies ETF	38.7	43	-33	4.8	-0.1
PRF	Invesco FTSE RAFI US 1000 ETF	38.6	39	-29	6.0	+1.1
EXT	WisdomTree U.S. Total Earnings Fund	38.3	28	-18	5.2	+0.3
IWX	iShares Russell Top 200 Value ETF	37.8	20	-10	6.2	+1.3
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	37.4	25	-15	5.9	+1.0
QUAL	iShares MSCI Usa Quality Factor ETF	37.4	15	-5	5.0	+0.1
IETC	iShares Evolved U.S. Technology ETF	36.7	18	-8	3.6	-1.3

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 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	19.9	%
Divided by: Fwd. P/BV	4.0	x
Less: Expense ratio	10	bp
Equals: ALTAR Score	4.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.43	CATEGORY AVERAGE	1.50

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.