ETF Research Center

DBX ETF Trust - Xtrackers International Real Estate ETF

ALTAR
Score™

8.4%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	12.9x	P/Sales ratio	2.4x
P/BV ratio	0.8x	Div. yield	4.4%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The Xtrackers MSCI AC Asia Pacific ex Japan Hedged Equity Fund is an exchange-traded fund incorporated in the USA. The ETF seeks to track the performance of the MSCI AC Asia Pacific ex Japan USD Hedged Index

FUND BASICS
Category	International Equities
Fund Sponsor	Deutsche Bank AG
Website	www.DBXUS.com
Inception date	Oct 01, 2013
Assets (mns)	$1,044
Currency	USD
Expense ratio	10 bp
Distributions	Semi-annual

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	442
Wgt avg mkt cap (mns)	$9,921
Large cap (>$10bn)	29.2%
Mid cap ($2-10bn)	49.7%
Small cap (<$2bn)	20.0%
Developed mkts	88.6%
Emerging mkts	11.5%

TOP TEN HOLDINGS
Total	22.3 %
GOODMAN GROUP	4.8 %
MITSUBISHI ESTATE CO LTD	3.3 %
MITSUI FUDOSAN CO LTD	2.8 %
SUMITOMO REALTY & DEVELOPMNT	2.2 %
SUN HUNG KAI PROPERTIES	2.0 %
DEUTSCHE ANNINGTON IMMOBILIE	1.8 %
SCENTRE GROUP	1.5 %
SWISS PRIME SITE-REG	1.4 %
SEGRO PLC	1.3 %
LINK REIT	1.3 %

TOP COUNTRY EXPOSURE
	JAPAN	21.1 %
	AUSTRALIA	12.3 %
	HONG KONG	10.2 %
	SINGAPORE	6.4 %
	BRITAIN	5.7 %
	CANADA	5.3 %
	SWITZERLAND	3.2 %
	SWEDEN	2.8 %
	GERMANY	2.8 %
	ISRAEL	2.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru July 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.6%	6.9%	-0.8%	3.3%	3.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.66	36%
MSCI EAFE	0.75	68%
MSCI Emg. Mkts.	0.35	35%

Technical Indicators
Recent close	$23.15
30d moving avg.	$22.69
Annualized volatility	17.3%
Short interest (ETF)	0.1%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	81
Turnover	0.2%
Bid/Ask (% of price)	0.44%
ADV underlying (mns)	$1,711

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 372 potential alternatives to the DBX ETF Trust - Xtrackers International Real Estate ETF ETF based on the alternatives' overlap in portfolio holdings with HAUZ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

HAUZ

Expense:

10 bp

ALTAR Score™:

8.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH HAUZ
Ticker	Fund Name	Overlap¹ vs HAUZ (%)	Expense ratio (bp)	Savings vs HAUZ (bp)	ALTAR Score™ (%)	ALTAR vs HAUZ (%)
IFGL	iShares International Developed Real Estate ETF	66.5	48	-38	7.2	-1.2
RWX	SPDR Dow Jones International Real Estate ETF	43.6	59	-49	6.9	-1.5
ERET	iShares Environmentally Aware Real Estate ETF	32.1	30	-20	6.7	-1.7
VGSR	Vert Global Sustainable Real Estate ETF	27.8	47	-37	6.8	-1.6
AVRE	Avantis Real Estate ETF	24.8	17	-7	6.6	-1.7
RWO	SPDR Dow Jones Global Real Estate ETF	23.5	50	-40	6.1	-2.3
GQRE	FlexShares Global Quality Real Estate Index Fund	23.0	45	-35	7.2	-1.2
REET	iShares Global REIT ETF	21.9	14	-4	6.7	-1.6
DFGR	Dimensional Global Real Estate ETF	21.0	22	-12	6.8	-1.6
ERTH	Invesco MSCI Sustainable Future ETF	12.8	62	-52	3.2	-5.2
IQRA	IQ CBRE Real Assets ETF	12.4	65	-55	5.7	-2.6
WTRE	WisdomTree New Economy Real Estate Fund	11.6	58	-48	-0.3	-8.7
IDLV	Invesco S&P International Developed Low Volatility ETF	11.5	25	-15	6.2	-2.2
JIVE	JPMorgan International Value ETF	11.2	55	-45	7.9	-0.5
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	8.9	80	-70	5.2	-3.2
SCZ	iShares MSCI EAFE Small-Cap ETF	8.7	40	-30	6.0	-2.4
JPIN	J.P. Morgan Diversified Return International Equity ETF	8.4	37	-27	6.9	-1.5
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	7.9	19	-9	5.1	-3.3
DWX	SPDR S&P International Dividend ETF	7.9	45	-35	6.6	-1.8
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	7.8	49	-39	5.9	-2.4
SCJ	iShares MSCI Japan Small-Cap ETF	7.4	50	-40	5.4	-3.0
IEUS	iShares MSCI Europe Small-Cap ETF	7.3	42	-32	6.6	-1.8
EPP	iShares MSCI Pacific ex-Japan ETF	7.2	47	-37	4.7	-3.6
DIM	WisdomTree International MidCap Dividend Fund	7.0	58	-48	6.2	-2.2
EWH	iShares MSCI Hong Kong ETF	6.9	50	-40	5.2	-3.2
DTRE	First Trust Alerian Disruptive Technology Real Estate ETF	6.4	60	-50	5.4	-3.0
GVAL	Cambria Global Value ETF	6.3	68	-58	8.3	-0.1
INDS	Pacer Industrial Real Estate ETF	6.1	55	-45	5.8	-2.5
FLAU	Franklin FTSE Australia ETF	6.1	9	1	5.6	-2.8
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	6.1	12	-2	5.1	-3.2
FNDC	Schwab Fundamental International Small Co. Index ETF	6.1	39	-29	6.6	-1.8
SCHC	Schwab International Small-Cap Equity ETF	6.0	11	-1	6.6	-1.8
SPRE	SP Funds S&P Global REIT Sharia ETF	5.8	55	-45	5.2	-3.1
EFAS	Global X MSCI SuperDividend EAFE ETF	5.5	57	-47	6.9	-1.4
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	5.5	8	2	6.3	-2.1
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	5.4	80	-70	7.5	-0.9
ISCF	iShares International SmallCap Equity Factor ETF	5.2	23	-13	7.1	-1.2
EWA	iShares MSCI Australia ETF	5.2	50	-40	5.1	-3.3
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	5.0	24	-14	6.8	-1.6
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	4.8	80	-70	6.9	-1.5
GWX	SPDR S&P International Small Cap ETF	4.7	40	-30	5.9	-2.5
DTH	WisdomTree International High Dividend Fund	4.6	58	-48	7.0	-1.3
IPAC	iShares Core MSCI Pacific ETF	4.5	9	1	5.3	-3.1
FEP	First Trust Europe AlphaDEX Fund	4.5	80	-70	6.7	-1.7
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	4.3	32	-22	5.2	-3.2
BYRE	Principal Real Estate Active Opportunities ETF	4.3	65	-55	6.9	-1.5
FID	First Trust S&P International Dividend Aristocrats ETF	4.3	60	-50	7.5	-0.8
WDIV	SPDR S&P Global Dividend ETF	4.1	40	-30	8.8	+0.4
FEUZ	First Trust Eurozone AlphaDEX ETF	4.1	80	-70	6.5	-1.9
RCGE	RockCreek Global Equality ETF	4.0	95	-85	5.7	-2.7
SDG	iShares MSCI Global Sustainable Development Goals ETF	3.9	49	-39	4.5	-3.9
EWUS	iShares MSCI United Kingdom Small Cap ETF	3.9	59	-49	6.9	-1.4
JHID	John Hancock International High Dividend ETF	3.8	46	-36	7.6	-0.7
UIVM	VictoryShares International Value Momentum ETF	3.7	35	-25	7.7	-0.6
VPL	Vanguard FTSE Pacific ETF	3.5	7	3	5.1	-3.2
FIDI	Fidelity International High Dividend ETF	3.5	18	-8	6.9	-1.4
EFAD	ProShares MSCI EAFE Dividend Growers ETF	3.3	50	-40	5.5	-2.9
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	3.3	29	-19	6.9	-1.5
DLS	WisdomTree International SmallCap Dividend Fund	3.2	58	-48	7.3	-1.1
EEMS	iShares MSCI Emerging Markets Small Cap ETF	3.2	70	-60	6.6	-1.8
WSML	iShares MSCI World Small-Cap ETF	3.2	15	-5	5.2	-3.2
BLDG	Cambria Global Real Estate ETF	3.1	60	-50	10.6	+2.2
FKU	First Trust United Kingdom AlphaDEX Fund	3.0	80	-70	6.9	-1.5
AIVI	WisdomTree International AI Enhanced Value Fund	3.0	58	-48	5.9	-2.5
DVYA	iShares Asia/Pacific Dividend ETF	2.9	49	-39	6.7	-1.7
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	2.8	12	-2	4.3	-4.0
DMXF	iShares ESG Advanced MSCI EAFE ETF	2.7	12	-2	4.8	-3.6
WWJD	Inspire International ETF	2.7	80	-70	6.1	-2.3
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	2.7	78	-68	9.2	+0.9
IQDF	FlexShares International Quality Dividend Index Fund	2.7	47	-37	7.3	-1.1
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	2.6	58	-48	8.5	+0.1
EIS	iShares MSCI Israel ETF	2.6	58	-48	6.7	-1.7
IEFA	iShares Core MSCI EAFE ETF	2.5	7	3	5.9	-2.5
FLJP	Franklin FTSE Japan ETF	2.5	9	1	5.2	-3.2
EWJV	iShares MSCI Japan Value ETF	2.5	15	-5	6.7	-1.7
EFAV	iShares MSCI EAFE Min Vol Factor ETF	2.5	22	-12	5.6	-2.8
FLJH	Franklin FTSE Japan Hedged ETF	2.5	9	1	5.0	-3.4
EWS	iShares MSCI Singapore ETF	2.5	50	-40	3.7	-4.7
DISV	Dimensional International Small Cap Value ETF	2.4	42	-32	7.9	-0.5
EWX	SPDR S&P Emerging Markets Small Cap ETF	2.4	65	-55	6.7	-1.7
RITA	ETFB Green SRI REITs ETF	2.4	50	-40	5.3	-3.1
DFIS	Dimensional International Small Cap ETF	2.4	39	-29	6.0	-2.3
DWM	WisdomTree International Equity Fund	2.4	48	-38	5.4	-3.0
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	2.4	39	-29	6.8	-1.6
IDEV	iShares Core MSCI International Developed Markets ETF	2.4	4	6	5.8	-2.5
EFV	iShares MSCI EAFE Value ETF	2.4	34	-24	7.2	-1.1
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	2.3	39	-29	6.1	-2.3
VSGX	Vanguard ESG International Stock ETF	2.3	10	0	6.4	-1.9
FLLA	Franklin FTSE Latin America ETF	2.3	19	-9	10.6	+2.2
AVDS	Avantis International Small Cap Equity ETF	2.3	30	-20	5.9	-2.4
VEA	Vanguard FTSE Developed Markets ETF	2.2	3	7	5.8	-2.6
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	2.2	40	-30	5.5	-2.8
REAI	Intelligent Real Estate ETF	2.2	59	-49	5.5	-2.9
SPDW	SPDR Portfolio Developed World ex-US ETF	2.1	3	7	5.7	-2.7
IQSI	IQ Candriam International Equity ETF	2.1	15	-5	5.4	-3.0
INTF	iShares International Equity Factor ETF	2.1	15	-5	6.3	-2.1
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	2.1	59	-49	8.5	+0.1
ISRA	VanEck Israel ETF	2.1	59	-49	5.8	-2.6
HFXI	IQ FTSE International Equity Currency Neutral ETF	2.1	20	-10	5.5	-2.9
TPIF	Timothy Plan International ETF	2.1	62	-52	5.4	-3.0
JPXN	iShares JPX-Nikkei 400 ETF	2.0	48	-38	5.2	-3.2
AVSD	Avantis Responsible International Equity ETF	1.9	23	-13	5.7	-2.7
VXUS	Vanguard Total International Stock ETF	1.9	5	5	6.5	-1.9
IXUS	iShares Core MSCI Total International Stock ETF	1.9	7	3	6.4	-1.9
FGM	First Trust Germany AlphaDEX Fund	1.8	80	-70	4.9	-3.4
BBJP	JPMorgan BetaBuilders Japan ETF	1.8	19	-9	5.2	-3.2
SCHF	Schwab International Equity ETF	1.8	6	4	5.8	-2.6
EWW	iShares MSCI Mexico ETF	1.8	50	-40	8.3	-0.1
DEM	WisdomTree Emerging Markets High Dividend Fund	1.8	63	-53	10.2	+1.8
LVHI	Franklin International Low Volatility High Dividend Index ET	1.8	40	-30	7.3	-1.1
AVEE	Avantis Emerging Markets Small Cap Equity ETF	1.8	42	-32	7.8	-0.5
GSID	Goldman Sachs MarketBeta International Equity ETF	1.8	20	-10	5.6	-2.7
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	1.7	80	-70	9.2	+0.8
IDMO	Invesco S&P International Developed Momentum ETF	1.7	25	-15	5.0	-3.4
ASEA	Global X FTSE Southeast Asia ETF	1.7	65	-55	5.1	-3.3
BKIE	BNY Mellon International Equity ETF	1.7	4	6	17.4	+9.0
IMFL	Invesco International Developed Dynamic Multifactor ETF	1.6	34	-24	5.1	-3.3
EFAX	SPDR MSCI EAFE Fossil Fuel Reserves Free ETF	1.6	20	-10	5.4	-3.0
EWK	iShares MSCI Belgium ETF	1.6	50	-40	3.8	-4.5
XC	WisdomTree Emerging Markets Ex-China Fund	1.6	32	-22	6.3	-2.1
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	1.6	90	-80	3.6	-4.8
CIL	VictoryShares International Volatility Wtd ETF	1.6	45	-35	5.9	-2.5
EWJ	iShares MSCI Japan ETF	1.6	50	-40	4.7	-3.7
VEU	Vanguard FTSE All-World ex-US Index Fund	1.5	4	6	6.5	-1.8
HEWJ	iShares Currency Hedged MSCI Japan ETF	1.5	50	-40	5.3	-3.1
DWMF	WisdomTree International Multifactor Fund	1.5	38	-28	6.7	-1.6
ESGD	iShares ESG Aware MSCI EAFE ETF	1.5	20	-10	5.6	-2.8
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	1.5	58	-48	9.1	+0.8
EFA	iShares MSCI EAFE ETF	1.5	35	-25	5.5	-2.8
HEFA	iShares Currency Hedged MSCI EAFE ETF	1.5	35	-25	5.5	-2.8
FEOE	First Eagle Overseas Equity ETF	1.5	79	-69	5.9	-2.5
FLAX	Franklin FTSE Asia Ex Japan ETF	1.5	19	-9	7.1	-1.3
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	1.5	47	-37	4.6	-3.8
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	1.5	45	-35	6.6	-1.8
BLES	Inspire Global Hope ETF	1.5	61	-51	5.5	-2.9
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	1.4	80	-70	12.4	+4.0
DFIV	Dimensional International Value ETF	1.4	27	-17	7.5	-0.9
DFSI	Dimensional International Sustainability Core 1 ETF	1.4	24	-14	5.5	-2.9
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	1.4	36	-26	5.1	-3.3
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	1.4	14	-4	5.1	-3.2
IQLT	iShares MSCI Intl Quality Factor ETF	1.4	30	-20	5.3	-3.1
QEFA	SPDR MSCI EAFE StrategicFactors ETF	1.4	30	-20	5.9	-2.5
AVDE	Avantis International Equity ETF	1.4	23	-13	6.0	-2.3
RAYJ	Rayliant SMDAM Japan Equity ETF	1.4	72	-62	3.1	-5.2
IDV	iShares International Select Dividend ETF	1.4	51	-41	9.0	+0.6
FLMX	Franklin FTSE Mexico ETF	1.4	19	-9	8.7	+0.4
INEQ	Columbia International Equity Income ETF	1.4	45	-35	7.5	-0.9
FGD	First Trust Dow Jones Global Select Dividend Index Fund	1.4	56	-46	9.3	+0.9
SRET	Global X SuperDividend REIT ETF	1.3	59	-49	12.5	+4.1
RFDI	First Trust Riverfront Dynamic Developed International ETF	1.3	83	-73	7.3	-1.1
DFIC	Dimensional International Core Equity 2 ETF	1.3	23	-13	6.1	-2.3
EUDV	ProShares MSCI Europe Dividend Growers ETF	1.3	55	-45	5.6	-2.8
IEUR	iShares Core MSCI Europe ETF	1.3	11	-1	6.2	-2.2
GSIE	Goldman Sachs ActiveBeta International Equity ETF	1.3	25	-15	5.9	-2.5
VGK	Vanguard FTSE Europe ETF	1.3	6	4	6.3	-2.0
THD	iShares MSCI Thailand ETF	1.3	58	-48	0.0	-8.4
FENI	Fidelity Enhanced International ETF	1.3	28	-18	5.6	-2.8
AVSE	Avantis Responsible Emerging Markets Equity ETF	1.2	33	-23	6.6	-1.8
JHMD	John Hancock Multifactor Developed International ETF	1.2	39	-29	6.0	-2.4
SPEU	SPDR Portfolio Europe ETF	1.2	7	3	6.3	-2.1
AAXJ	iShares MSCI All Country Asia ex Japan ETF	1.2	70	-60	6.9	-1.5
FRDM	Freedom 100 Emerging Markets ETF	1.2	49	-39	5.4	-3.0
IVLU	iShares MSCI Intl Value Factor ETF	1.2	30	-20	7.8	-0.6
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	1.2	18	-8	6.2	-2.2
FLGR	Franklin FTSE Germany ETF	1.2	9	1	6.4	-1.9
FLSW	Franklin FTSE Switzerland ETF	1.2	9	1	5.6	-2.8
FRGN	Horizon International Equity ETF	1.1	75	-65	7.7	-0.7
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	1.1	30	-20	6.3	-2.1
EMMF	WisdomTree Emerging Markets Multifactor Fund	1.1	48	-38	8.6	+0.2
DFAI	Dimensional International Core Equity Market ETF	1.1	18	-8	5.9	-2.5
DXIV	Dimensional International Vector Equity ETF	1.1	34	-24	6.5	-1.9
XCNY	SPDR S&P Emerging Markets ex-China ETF	1.1	15	-5	5.6	-2.8
QINT	American Century Quality Diversified International ETF	1.1	39	-29	6.4	-2.0
ACWX	iShares MSCI ACWI ex U.S. ETF	1.1	34	-24	6.2	-2.2
NUDM	Nuveen ESG International Developed Markets Equity ETF	1.1	31	-21	5.2	-3.1
MCH	Matthews China Active ETF	1.1	79	-69	14.8	+6.4
CEFA	Global X S&P Catholic Values Developed ex-US ETF	1.1	35	-25	5.4	-2.9
AVIV	Avantis International Large Cap Value ETF	1.0	25	-15	6.7	-1.7
FLN	First Trust Latin America AlphaDEX Fund	1.0	80	-70	9.9	+1.5
VIGI	Vanguard International Dividend Appreciation ETF	1.0	10	0	5.8	-2.5
FIVA	Fidelity International Value Factor ETF	1.0	18	-8	7.0	-1.4
IMTM	iShares MSCI Intl Momentum Factor ETF	1.0	30	-20	4.6	-3.7
DFEV	Dimensional Emerging Markets Value ETF	1.0	43	-33	9.4	+1.0
FLCH	Franklin FTSE China ETF	1.0	19	-9	17.8	+9.4
FXI	iShares China Large-Cap ETF	1.0	74	-64	20.4	+12.0
EDIV	SPDR S&P Emerging Markets Dividend ETF	1.0	49	-39	8.8	+0.5
EELV	Invesco S&P Emerging Markets Low Volatility ETF	1.0	29	-19	8.7	+0.3
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	1.0	41	-31	5.8	-2.6
DFE	WisdomTree Europe SmallCap Dividend Fund	1.0	58	-48	7.5	-0.9
KLMT	Invesco MSCI Global Climate 500 ETF	1.0	10	0	4.8	-3.6
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	1.0	47	-37	7.0	-1.4
PXH	Invesco FTSE RAFI Emerging Markets ETF	1.0	49	-39	13.1	+4.7
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	0.9	20	-10	5.5	-2.9
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.9	41	-31	6.9	-1.5
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	0.9	25	-15	5.3	-3.1
MCHI	iShares MSCI China ETF	0.9	59	-49	20.0	+11.6
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	0.9	45	-35	5.3	-3.1
EWG	iShares MSCI Germany ETF	0.9	50	-40	5.8	-2.6
GXC	SPDR S & P China ETF	0.9	59	-49	18.7	+10.3
AVDV	Avantis International Small Cap Value ETF	0.9	36	-26	7.7	-0.7
VWO	Vanguard FTSE Emerging Markets ETF	0.9	7	3	9.0	+0.7
FLGB	Franklin FTSE United Kingdom ETF	0.9	9	1	6.5	-1.8
EWL	iShares MSCI Switzerland ETF	0.9	50	-40	5.4	-3.0
SPEM	SPDR Portfolio Emerging Markets ETF	0.9	7	3	9.4	+1.0
FEM	First Trust Emerging Markets AlphaDEX Fund	0.9	80	-70	8.8	+0.5
UEVM	VictoryShares Emerging Markets Value Momentum ETF	0.9	45	-35	9.4	+1.1
FSZ	First Trust Switzerland AlphaDEX Fund	0.9	80	-70	5.1	-3.3
DAX	Global X DAX Germany ETF	0.9	21	-11	6.0	-2.4
DOL	WisdomTree International LargeCap Dividend Fund	0.9	48	-38	5.4	-2.9
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.9	20	-10	4.6	-3.8
EPHE	iShares MSCI Philippines ETF	0.9	59	-49	0.0	-8.4
CWI	SPDR MSCI ACWI ex-US ETF	0.9	30	-20	6.3	-2.1
JIRE	JPMorgan International Research Enhanced Equity ETF	0.9	24	-14	5.6	-2.8
FLEE	Franklin FTSE Europe ETF	0.9	9	1	6.1	-2.3
FDEM	Fidelity Emerging Markets Multifactor ETF	0.9	25	-15	10.4	+2.0
DEW	WisdomTree Global High Dividend Fund	0.9	58	-48	6.9	-1.5
IEMG	iShares Core MSCI Emerging Markets ETF	0.8	9	1	8.2	-0.2
EWD	iShares MSCI Sweden ETF	0.8	54	-44	4.9	-3.5
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	0.8	39	-29	13.3	+4.9
BKCI	BNY Mellon Concentrated International ETF	0.8	80	-70	4.7	-3.7
AGNG	Global X Aging Population ETF	0.8	50	-40	4.2	-4.2
VYMI	Vanguard International High Dividend Yield ETF	0.8	17	-7	7.7	-0.7
SCHY	Schwab International Dividend Equity ETF	0.8	14	-4	8.1	-0.2
FJP	First Trust Japan AlphaDEX Fund	0.8	80	-70	7.4	-1.0
EWQ	iShares MSCI France ETF	0.8	53	-43	6.3	-2.1
IPKW	Invesco International BuyBack Achievers ETF	0.8	55	-45	7.7	-0.7
KOCG	FIS Knights of Columbus Global Belief ETF	0.8	75	-65	4.5	-3.8
DIVI	Franklin International Core Dividend Tilt Index ETF	0.8	9	1	6.4	-2.0
ROAM	Hartford Multifactor Emerging Markets ETF	0.7	44	-34	7.5	-0.8
ECH	iShares MSCI Chile ETF	0.7	58	-48	7.4	-1.0
AVEM	Avantis Emerging Markets Equity ETF	0.7	33	-23	7.0	-1.4
SCHE	Schwab Emerging Markets Equity ETF	0.7	11	-1	9.3	+0.9
EWU	iShares MSCI United Kingdom ETF	0.7	50	-40	7.0	-1.4
LDEM	iShares ESG MSCI EM Leaders ETF	0.7	17	-7	12.5	+4.2
AVES	Avantis Emerging Markets Value ETF	0.7	36	-26	9.0	+0.6
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.7	38	-28	7.0	-1.4
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.7	15	-5	8.8	+0.4
VT	Vanguard Total World Stock ETF	0.7	6	4	4.9	-3.5
AVXC	Avantis Emerging Markets Ex-China Equity ETF	0.7	33	-23	6.1	-2.3
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.7	50	-40	8.2	-0.2
BKF	iShares MSCI BIC ETF	0.6	69	-59	14.4	+6.0
GMF	SPDR S&P Emerging Asia Pacific ETF	0.6	49	-39	8.5	+0.1
KNO	AXS Knowledge Leaders ETF	0.6	78	-68	3.8	-4.5
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	0.6	32	-22	4.7	-3.7
DFAE	Dimensional Emerging Core Equity Market ETF	0.6	35	-25	7.0	-1.4
VEXC	Vanguard Emerging Markets Ex-China ETF	0.6	7	3	5.6	-2.7
CGV	Conductor Global Equity Value ETF	0.6	130	-120	7.7	-0.7
RNEM	First Trust Emerging Markets Equity Select ETF	0.6	75	-65	7.7	-0.6
EMXF	iShares ESG Advanced MSCI EM ETF	0.6	16	-6	6.6	-1.8
FNDF	Schwab Fundamental International Large Co. Index ETF	0.6	25	-15	7.2	-1.2
EEMA	iShares MSCI Emerging Markets Asia ETF	0.6	49	-39	7.5	-0.9
EFG	iShares MSCI EAFE Growth ETF	0.6	36	-26	3.7	-4.7
GLOF	iShares Global Equity Factor ETF	0.6	20	-10	5.4	-3.0
FEGE	First Eagle Global Equity ETF	0.6	79	-69	5.8	-2.6
DEXC	Dimensional Emerging Markets ex China Core EquityETF	0.6	53	-43	5.1	-3.3
STXI	Strive International Developed Markets ETF	0.6	29	-19	6.3	-2.1
IEV	iShares Europe ETF	0.5	67	-57	5.7	-2.7
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	0.5	30	-20	7.9	-0.5
FDNI	First Trust Dow Jones International Internet ETF	0.5	65	-55	23.9	+15.5
TTAI	FCF International Quality ETF	0.5	59	-49	6.9	-1.4
AIA	iShares Asia 50 ETF	0.5	50	-40	7.6	-0.8
ESGG	FlexShares STOXX Global ESG Select Index Fund	0.5	42	-32	3.9	-4.5
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	0.5	46	-36	5.2	-3.2
INDA	iShares MSCI India ETF	0.5	65	-55	4.4	-4.0
BINV	Brandes International ETF	0.5	70	-60	8.1	-0.3
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	0.5	67	-57	12.2	+3.8
ILF	iShares Latin America 40 ETF	0.5	48	-38	9.5	+1.1
BKEM	BNY Mellon Emerging Markets Equity ETF	0.5	11	-1	24.0	+15.7
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	0.5	25	-15	6.1	-2.3
HEEM	iShares Currency Hedged MSCI Emerging Markets ETF	0.5	69	-59	7.6	-0.8
EEM	iShares MSCI Emerging Markets ETF	0.5	69	-59	7.8	-0.6
ECON	Columbia Emerging Markets Consumer ETF	0.5	49	-39	6.6	-1.8
DFJ	WisdomTree Japan SmallCap Dividend Fund	0.5	58	-48	6.4	-2.0
ANEW	ProShares MSCI Transformational Changes ETF	0.5	45	-35	4.2	-4.2
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.5	32	-22	7.5	-0.9
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.5	36	-26	7.5	-0.8
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	0.5	44	-34	9.3	+0.9
MJSC	MUFG Japan Small Cap Active ETF	0.5	85	-75	4.5	-3.9
COPY	Tweedy, Browne Insider + Value ETF	0.5	80	-70	14.0	+5.6
ICPY	Tweedy, Browne International Insider Value ETF	0.5	80	-70	20.1	+11.7
ISHP	First Trust Nasdaq Retail ETF	0.5	60	-50	5.1	-3.3
FDEV	Fidelity International Multifactor ETF	0.5	18	-8	7.0	-1.3
JHEM	John Hancock Multifactor Emerging Markets ETF	0.5	49	-39	7.5	-0.9
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	0.5	66	-56	7.3	-1.1
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.4	30	-20	7.5	-0.9
EZU	iShares MSCI Eurozone ETF	0.4	52	-42	5.4	-3.0
HEZU	iShares Currency Hedged MSCI Eurozone ETF	0.4	53	-43	5.2	-3.1
ALIL	Argent Focused Small Cap ETF	0.4	74	-64	5.5	-2.9
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	0.4	15	-5	8.0	-0.4
ECNS	iShares MSCI China Small-Cap ETF	0.4	59	-49	9.7	+1.3
SDIV	Global X Superdividend ETF	0.4	58	-48	13.6	+5.2
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	0.4	25	-15	6.0	-2.4
JSTC	Adasina Social Justice All Cap Global ETF	0.4	89	-79	4.2	-4.2
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	0.4	24	-14	5.2	-3.2
IGRO	iShares International Dividend Growth ETF	0.4	15	-5	6.5	-1.9
UMMA	Wahed Dow Jones Islamic World ETF	0.4	65	-55	3.5	-4.9
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.4	9	1	4.7	-3.6
ACWI	iShares MSCI ACWI ETF	0.4	32	-22	4.5	-3.8
OAIM	OneAscent International Equity ETF	0.4	95	-85	4.5	-3.9
PID	Invesco International Dividend Achievers ETF	0.4	53	-43	4.0	-4.4
URTH	iShares MSCI World ETF	0.4	24	-14	4.2	-4.2
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	0.4	9	1	7.5	-0.9
BBEU	JPMorgan BetaBuilders Europe ETF	0.4	9	1	6.0	-2.4
EMXC	iShares MSCI Emerging Markets ex China ETF	0.4	25	-15	5.1	-3.3
DTCR	Global X Data Center & Digital Infrastructure ETF	0.4	50	-40	3.4	-5.0
SRVR	Pacer Data & Infrastructure Real Estate ETF	0.4	55	-45	4.1	-4.3
FDD	First Trust Stoxx European Select Dividend Index Fund	0.4	58	-48	9.3	+0.9
EPU	iShares MSCI Peru and Global Exposure ETF	0.4	59	-49	4.3	-4.1
VIDI	Vident International Equity Strategy ETF	0.4	61	-51	8.2	-0.2
ENZL	iShares MSCI New Zealand ETF	0.4	50	-40	3.6	-4.8
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	0.4	88	-78	8.4	+0.0
XCEM	Columbia EM Core ex-China ETF	0.3	16	-6	5.0	-3.4
DVYE	iShares Emerging Markets Dividend ETF	0.3	49	-39	17.6	+9.2
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	0.3	65	-55	4.1	-4.3
FLIN	Franklin FTSE India ETF	0.3	19	-9	4.0	-4.4
EWZS	iShares MSCI Brazil Small-Cap ETF	0.3	59	-49	12.2	+3.8
EEMO	Invesco S&P Emerging Markets Momentum ETF	0.3	29	-19	6.8	-1.6
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	0.3	45	-35	8.0	-0.4
KOKU	Xtrackers MSCI Kokusai Equity ETF	0.3	9	1	4.3	-4.1
EMM	Global X Emerging Markets ex-China ETF	0.3	75	-65	4.7	-3.6
ESGE	iShares ESG Aware MSCI EM ETF	0.3	25	-15	8.2	-0.2
EWM	iShares MSCI Malaysia ETF	0.3	50	-40	6.4	-2.0
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	0.3	25	-15	5.4	-3.0
EVLU	iShares MSCI Emerging Markets Value Factor ETF	0.3	35	-25	9.9	+1.6
TOK	iShares MSCI Kokusai ETF	0.3	26	-16	4.2	-4.2
CZA	Invesco Zacks Mid-Cap ETF	0.3	72	-62	5.5	-2.9
DIHP	Dimensional International High Profitability ETF	0.3	29	-19	5.6	-2.8
AFK	VanEck Africa Index ETF	0.3	98	-88	11.2	+2.8
IXP	iShares Global Comm Services ETF	0.3	42	-32	5.8	-2.6
EMGF	iShares Emerging Markets Equity Factor ETF	0.2	25	-15	8.9	+0.5
EYLD	Cambria Emerging Shareholder Yield ETF	0.2	66	-56	9.0	+0.6
QWLD	SPDR MSCI World StrategicFactors ETF	0.2	30	-20	5.0	-3.4
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.2	42	-32	4.0	-4.4
GVLU	Gotham 1000 Value ETF	0.2	50	-40	7.8	-0.6
FFSM	Fidelity Fundamental Small-Mid Cap ETF	0.2	43	-33	4.6	-3.7
BRAZ	Global X Brazil Active ETF	0.2	75	-65	10.2	+1.8
FLBR	Franklin FTSE Brazil ETF	0.2	19	-9	11.9	+3.5
BBCA	JPMorgan BetaBuilders Canada ETF	0.2	19	-9	5.3	-3.1
IDHQ	Invesco S&P International Developed High Quality ETF	0.2	29	-19	4.9	-3.5
EWC	iShares MSCI Canada ETF	0.2	50	-40	5.0	-3.4
FLCA	Franklin FTSE Canada ETF	0.2	9	1	5.4	-3.0
WLDR	Affinity World Leaders Equity ETF	0.2	67	-57	5.5	-2.9
GLBL	Pacer MSCI World Industry Advantage ETF	0.2	65	-55	3.3	-5.1
EWO	iShares MSCI Austria ETF	0.2	50	-40	6.9	-1.4
BRF	VanEck Brazil Small-Cap ETF	0.2	66	-56	12.0	+3.6
EFNL	iShares MSCI Finland ETF	0.2	56	-46	5.8	-2.6
DEHP	Dimensional Emerging Markets High Profitability ETF	0.2	41	-31	4.8	-3.5
EPI	WisdomTree India Earnings Fund	0.1	85	-75	5.0	-3.4
NUEM	Nuveen ESG Emerging Markets Equity ETF	0.1	36	-26	5.9	-2.4
ACWV	iShares MSCI Global Min Vol Factor ETF	0.1	20	-10	5.6	-2.8
GINN	Goldman Sachs Innovate Equity ETF	0.1	52	-42	3.6	-4.8
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	0.1	58	-48	5.1	-3.2
IQDG	WisdomTree International Quality Dividend Growth Fund	0.1	42	-32	5.5	-2.8
IVSI	Applied Finance IVS International Large ETF	0.1	65	-55	5.7	-2.7
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.1	47	-37	5.0	-3.4
TUR	iShares MSCI Turkey ETF	0.1	58	-48	13.4	+5.1
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	0.1	95	-85	9.7	+1.3
SMIN	iShares MSCI India Small Cap ETF	0.1	79	-69	3.2	-5.2
NORW	Global X MSCI Norway ETF	0.1	50	-40	8.2	-0.2
ENOR	iShares MSCI Norway ETF	0.1	53	-43	8.0	-0.4
GREK	Global X MSCI Greece ETF	0.1	57	-47	8.2	-0.2
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.1	33	-23	6.7	-1.7
EIRL	iShares MSCI Ireland ETF	0.1	50	-40	6.9	-1.5
FLTW	Franklin FTSE Taiwan ETF	0.1	19	-9	3.3	-5.0
RNRG	Global X Renewable Energy Producers ETF	0.1	66	-56	4.8	-3.6
IGPT	Invesco AI and Next Gen Software ETF	0.1	60	-50	2.4	-6.0
IDX	VanEck Indonesia Index ETF	0.1	57	-47	9.7	+1.4
EIDO	iShares MSCI Indonesia ETF	0.1	59	-49	10.6	+2.3
AQLT	iShares MSCI Global Quality Factor ETF	0.0	18	-8	0.0	-8.4
EUDG	WisdomTree Europe Quality Dividend Growth Fund	0.0	58	-48	6.2	-2.2
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	-11	2.9	-5.5
CGW	Invesco S&P Global Water Index ETF	0.0	57	-47	4.4	-4.0

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	DBX ETF Trust - Xtrackers International Real Estate ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	6.7	%
Divided by: Fwd. P/BV	0.8	x
Less: Expense ratio	10	bp
Equals: ALTAR Score	8.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	CATEGORY AVERAGE	1.64

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.