DBGR Fund Description

The Deutsche X-trackers MSCI Germany Currency Hedged Equity ETF Fund tracks a market-cap-weighted, US-dollar-hedged index of German stocks.

DBGR ETF.com Insight

DBGR is one of three choices for currency-hedged exposure to German stocks. It holds a broad, marketlike basket of German stocks but hedges exposure to the euro. As such, its returns willDBGR holds a broad, marketlike basket of German stocks but hedges exposure to the euro likely differ greatly from our unhedged benchmark and from unhedged peer funds like EWG. The fund is essentially new, but the back story is this: On 5/31/2013, Deutsche Bank grafted the fund onto the carcass of largely ignored DBCN, a currency-hedged Canada fund. DBGR’s origins will have no impact on its returns going forward. In all, think of DBGR as a brand-new fund (as of May 2013) with an old inception date but trade with care as volume is meager and spreads are wide. DBGR charges 45 bps—the lowest in the segment. (Insight updated 07/18/2014)

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 10/16/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
DBGR -11.20% -13.32% -12.65% -4.55% 1.49% -- --
DBGR (NAV) -10.74% -12.86% -10.81% -3.51% -- -- --
MSCI Germany 100% Hedged to USD -10.67% -12.71% -10.69% -3.27% -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

DBGR Top 10 Countries

DBGR Top 10 Sectors

DBGR Top 10 Holdings View All

DBGR Summary Data

Deutsche Bank

A company that produces and manages ETFs.

06/09/11

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.45%

The net total annual fee a fund holder pays to the issuer.

$38.42 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$418.48 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.24%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

DBGR Portfolio Data

$61.88 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

15.24

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

1.55

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

1.64%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

12/19/14

The date on which a security's price excludes an upcoming dividend.

51

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

DBGR Index Data

MSCI Germany 100%
Hedged to USD

This is the benchmark an ETF is desigend to track or replicate.

Market Cap

A set of rules that the underlying index provider follows to weight its constituent securities.

Market Cap

A set of rules that the underlying index provider follows to select its constituent securities.

MSCI Germany Investable
Markets

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to DBGR

EWG, FGM, DXGE

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

DBGR ETF.com Efficiency Insight

Thanks to a recent fee cut, DBGR now has one of the lowest expense ratios in the segment—45 bps—despite its unique strategy. The fund currently only hosts about $40M in AUM so it will need to generate greater investor interest to secure long-term viability. Still, we currently see closure risk as low. Deutsche Bank made the switch to a new index on 5/31/2013, so tracking history is restarting from a clean slate. (Insight updated 07/18/2014)

Total Return - 10/16/2014
  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 10/16/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
DBGR -11.20% -13.32% -12.65% -4.55% 1.49% -- --
DBGR (NAV) -10.74% -12.86% -10.81% -3.51% -- -- --
MSCI Germany 100% Hedged to USD -10.67% -12.71% -10.69% -3.27% -- -- --
MSCI Germany Investable Markets -11.64% -17.72% -17.13% -8.66% 9.73% 4.90% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

DBGR Portfolio Management

0.45%

The net annual fee a fund holder pays to the issuer.

--

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

--

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

--

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

DBGR Tax Exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

0.00%

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

Qualified dividends

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

DBGR Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

Yes

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

No

An indicator of whether or not a fund actively lends its portfolio holdings.

0% / 100%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Medium

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

DBGR ETF.com Tradability Insight

DBGR completely switched its focus—from Canada to Germany—on 5/31/2013. Unfortunately, the switch doesn't appear to be doing much for liquidity as the fund still sees less than $100K in trading volume most days and average spreads are still wide at 29 bps. Those trading in bulk ought to find efficient execution as creation fees are low and market impact is unlikely. (Insight updated 07/18/2014)



Average Spread
Premium/Discount
Volume

DBGR ETF.com/ Block LiquidityAs of 10/19/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of DBGR. DBGR is rated a 4 out of 5.

DBGR Tradability

17,019

It is the daily number of shares traded, averaged over the past 45 trading days.

$418.48 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

12,643

Median number of shares traded over the past 45 trading days.

$302.6 K

Median dollar value of shares traded over the past 45 trading days.

0.24%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.06

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

0.21%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

1.70% / -1.28%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

30.77%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

0.25

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.07%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

0.04%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

--

The total number of net outstanding options contracts for an ETF.

$22.6

The total market value of the assets that an ETF holds less fund expenses.

4

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

DBGR ETF.com Fit Insight

DBGR offers a broad basket of German stocks without the currency risk. While we expect its basket of German stocks to reflect the market well, the removal of the euro's impact for US investors should significantly alter DBCN's pattern of returns relative to our unhedged benchmark. For a big exporter like Germany, removing currency exposure may increase volatility (the Germany economy is inversely related to currency value). (Insight updated 07/18/2014)

DBGR Sector/Industry Breakdown

DBGR Segment Benchmark
19.76% 20.85%

17.19% 17.27%

14.62% 14.85%

15.41% 13.80%

12.96% 13.07%

7.19% 6.89%

4.50% 4.93%

DBGR Geographic Exposure

DBGR Segment Benchmark
98.94% 99.23%

0.43% 0.47%

0.59% 0.29%

0.03% --

DBGR Segment Benchmark
99.57% 99.53%

0.43% 0.47%

100.00% / 0% 100.00% / 0%

DBGR Performance Statistics

0.85

The degree to which the fund and its segment benchmark move up and down in unison.

0.88

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

0.89

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.97

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.33%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

MSCI Germany Investable
Markets

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

DBGR Benchmark Comparison

DBGR
51 Holdings
Segment Benchmark
159 Constituents
Shared Holdings
51 (Count)
 
91.15% (Weight)
DBGRSegment Benchmark
$56.64 B$61.88 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

79%87%
15%13%
5%0%
1%0%
15.7815.24

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

1.561.55

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

2.90%2.96%

The weighted average of the current yield on the portfolio’s holdings.

15951

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

MediumHigh

The level of return contribution attributable to the average portfolio constituent.