At a glance
DBEF charges 0.35% a year, above the 0.17% average of the 8 funds most like it (the 8th cheapest of 9). It has $8.81B in assets, the 8th largest of that group; it paid 2.27% of its price in distributions over the past 12 months, annual. Over the past year it returned +17.1% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds; over three years it returned +20.9% a year. At its worst it fell 32.1% in the 2020 crash (S&P 500: 33.7%) and 15.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 4 months after the lows. Its ten largest positions make up 13.3% of the fund, out of 677 in all.
The short version
Xtrackers MSCI EAFE Hedged Equity ETF (DBEF), from DWS, holds hundreds of large and midsize stocks from developed markets in Europe, Australia and the Far East. It also uses currency contracts to offset most of the effect of foreign currencies moving against the US dollar. That hedge is the main thing that sets it apart from funds like EFA and IEFA. It also costs more: 0.35% a year, against a 0.17% average for similar funds.
Price history
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DBEF +17.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DBEF official prospectus, to Dec 31, 2025 | — | +22.89% | — | +13.75% | +10.49% | — |
| DBEF price data to Oct 27, 2026 | +14.5% | +17.1% | +20.9% | +13.2% | +11.9% | +10.1% |
- Over the year to Oct 27, 2026, DBEF returned +17.1%, 2nd of 9 among similar funds.
- Its 5-year annualized return was +13.2% and its 10-year +11.9%.
- In the 2020 COVID crash it fell 32.1% and regained its old high 9.4 months after the low.
- Its worst full calendar year was 2018 (-9.5%); its best was 2013 (+26.4%).
- The deepest fall in its price history was 32.5% (Feb 12, 2020 to Mar 16, 2020), recovered by Dec 29, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.5% | — |
| 2025 | +23.2% | +22.89% |
| 2024 | +13.4% | +13.95% |
| 2023 | +20.2% | +19.69% |
| 2022 | -5.1% | -4.75% |
| 2021 | +19.6% | +19.25% |
| 2020 | +2.0% | +2.31% |
| 2019 | +24.9% | +24.43% |
| 2018 | -9.5% | -9.27% |
| 2017 | +16.8% | +16.60% |
| 2016 | +6.2% | +5.75% |
| 2015 | +4.1% | — |
| 2014 | +3.5% | — |
| 2013 | +26.4% | — |
| 2012 | +19.5% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 28.9% over that stretch · deepest drop along the way 32.1%, back to its old high 9.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.7% over that stretch · deepest drop along the way 15%, back to its old high 3.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $2.6700 | +394.4% |
| 2024 | $0.5400 | -67.1% |
| 2023 | $1.6400 | -67.9% |
| 2022 | $5.1100 | +467.8% |
| 2021 | $0.9000 | +11.1% |
| 2020 | $0.8100 | -20.6% |
| 2019 | $1.0200 | +13.3% |
| 2018 | $0.9000 | -5.3% |
| 2017 | $0.9500 | +33.8% |
| 2016 | $0.7100 | -29.0% |
| 2015 | $1.0000 | -27.0% |
| 2014 | $1.3700 | +233.9% |
| 2013 | $0.4103 | -89.9% |
| 2012 | $4.0800 |
What's inside
As of May 29, 2026, the fund held 677 securities; the ten largest made up 13.33% of assets.
| Holding | Weight | |
|---|---|---|
| ASML HOLDING NV | 2.82% | |
| HSBC HOLDINGS PLC | 1.45% | |
| ROCHE HOLDING AG Preferred stock | 1.33% | |
| ASTRAZENECA PLC | 1.26% | |
| NOVARTIS AG | 1.24% | |
| NESTLE' SA/AG | 1.18% | |
| SHELL PLC | 1.06% | |
| SIEMENS AG | 1.05% | |
| BHP GROUP LTD | 1.03% | |
| MITSUBISHI UFJ FINANCIAL GROUP INC | 0.90% | |
| COMMONWEALTH BANK OF AUSTRALIA | 0.89% | |
| SAP SE | 0.85% | |
| TOYOTA MOTOR CORP | 0.81% | |
| BANCO SANTANDER SA | 0.81% | |
| SOFTBANK GROUP CORP | 0.79% |
By country
Japan 22.9%United Kingdom 13.34%Switzerland 9.25%Germany 8.73%France 8.59%By asset type
Stocks 95.4%Preferred stock 1.7%What changed recently
- Over the three months to May 29, 2026, investors withdrew a net $135.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -7.62%, +5.36%, +3.83%.
How it works
DBEF tracks the MSCI EAFE US Dollar Hedged Index, which follows developed-market stocks from Europe, Australia and the Far East. As of July 31, 2026, the index held 717 stocks with an average market capitalization (company size) of about $36.87 billion. The fund uses full replication, which means it buys the index's stocks in roughly the same weights. If some stocks can't be bought, it may hold a representative sample instead. The index rebalances monthly, and portfolio turnover was 12%. As of May 29, 2026, Japan made up 22.9% of the fund and the UK 13.3%.
The currency hedge is the mechanical part. The fund uses forward currency contracts, which are agreements to swap currencies at a set rate on a future date. Their size is set at the start of each month to match the fund's exposure to each foreign currency. As of May 29, 2026, the fund held 77 derivative positions. Most were currency contracts with counterparties such as Morgan Stanley and Royal Bank of Canada, and a few were TOPIX futures on Japanese stocks. Because the hedge is reset monthly, currency moves within a month may not be fully offset. The hedge also does nothing to reduce stock market risk.
The fund may lend up to one-third of its assets to brokers and banks in exchange for collateral. That earns extra income but adds some counterparty risk.
What it really costs
- DBEF charges 0.35% a year, versus an average of 0.17% for the similar funds below (8th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DBEF | $36 | $113 | $197 | $443 |
In a retirement portfolio
It adds broad exposure to developed markets outside the US while removing most currency swings, which complements a US-focused stock portfolio.
DBEF could give a US-based portfolio exposure to about 680 companies abroad, such as ASML, HSBC, Roche and Nestlé, without the swings that come from foreign currencies. It launched in June 2011, so it has no record from 2008. In the 2020 COVID crash it fell 32.1% in under a month and took about 9.4 months to recover. In the 2022 bear market it fell 15% and recovered in about 3.8 months. Its worst calendar year was 2018, with a loss of 9.27%. Anyone who had to sell shares in March 2020 would have locked in a deep loss.
DBEF pays once a year, and its trailing yield was 2.27% as of October 27, 2026, so it isn't built for steady income. Its 0.35% expense ratio is about double the 0.17% average for similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want stocks from Japan, the UK and Europe but don't want returns to swing with the yen, pound or euro.
- Holders who want broad diversification: 677 holdings as of May 29, 2026, with the top 10 making up only 13.3% of assets.
- Investors who see currency swings as noise and accept that the hedge also gives up gains when foreign currencies rise against the dollar.
Look elsewhere if
- Cost-focused investors: at 0.35%, DBEF ranks 8th of 9 similar funds on cost, while IEFA charges 0.07% and VEA 0.03%.
- Retirees who want regular paychecks from their holdings, since DBEF pays distributions only once a year.
- Investors who want a weaker dollar to boost their foreign returns, because the hedge removes that cushion.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DBEF this fund | — | 0.35% | $8.81B | +17.1% | +20.9% |
| EFA iShares MSCI EAFE ETF · different strategy | 92% | 0.32% | $77.98B | +13.5% | +18.2% |
| IEFA iShares Core MSCI EAFE ETF · different strategy | 83% | 0.07% | $190.11B | +13.7% | +18.5% |
| SCHF Schwab International Equity ETF · different strategy | 69% | 0.06% | $69.68B | +17.7% | +20.4% |
| VEA Vanguard FTSE Developed Markets ETF · different strategy | 62% | 0.03% | $316.42B | +16.8% | +21.7% |
| IEUR iShares Core MSCI Europe ETF · different strategy | 62% | 0.09% | $8.95B | +9.6% | +19.9% |
| IEV iShares Europe ETF · different strategy | 60% | 0.61% | $1.63B | +9.5% | +19.4% |
| VGK Vanguard FTSE Europe ETF · different strategy | 59% | 0.06% | $38.51B | +11.9% | +19.7% |
Questions investors ask
Is DBEF a good fund for retirees?
It can fill the international stock slot in a retirement portfolio, but it is still a stock fund with stock-sized drops. It fell 32.1% in the 2020 COVID crash and took about 9.4 months to recover. It pays once a year, with a trailing yield of 2.27% as of October 27, 2026, so it isn't designed for steady income. Its 0.35% expense ratio is also above the 0.17% average for similar funds.
What's the difference between DBEF and EFA?
The main difference is the currency hedge. Both funds are built on MSCI EAFE stocks, and about 92% of their holdings overlap. DBEF tracks the US-dollar-hedged version of the index and uses currency forwards to offset foreign currency moves. EFA is matched as a different strategy. DBEF returned 17.1% over the year to October 27, 2026, against 13.5% for EFA through October 29. DBEF charges 0.35% a year, and EFA charges 0.32%.
Does DBEF pay dividends?
Yes, but only once a year. Over the 12 months to October 27, 2026, it paid $1.25 per share, a trailing yield of 2.27%. Amounts can change from year to year as the dividends from the underlying companies rise or fall. Investors who depend on monthly income may find the annual schedule awkward, since a full year's payout comes in a single distribution.
What does currency hedged mean for DBEF?
It means the fund tries to remove the effect of foreign currencies rising or falling against the US dollar. DBEF owns stocks priced in yen, pounds, euros, Swiss francs and other currencies. It then uses forward currency contracts, sized at the start of each month, to offset those currency moves. When the dollar strengthens, the hedge helps. When the dollar weakens, the fund gives up gains an unhedged fund would keep. The hedge does not reduce stock market risk.
What is DBEF's expense ratio?
DBEF's expense ratio is 0.35% a year, according to its prospectus filed September 25, 2026. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs would total about $36 after one year, $197 after five years and $443 after ten. That ranks DBEF 8th of 9 similar funds on cost, above the 0.17% peer average. However, none of those cheaper peers, such as IEFA at 0.07%, is matched as following the same hedged strategy.