At a glance
DEEF charges 0.24% a year, above the 0.13% average of the 7 funds most like it (the 6th cheapest of 8). It has $56.7M in assets, the 8th largest of that group; it paid 2.37% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +15.7% with distributions reinvested (S&P 500: +11.5%), 5th of those 8 funds; over three years it returned +21.0% a year. At its worst it fell 34.0% in the 2020 crash (S&P 500: 33.7%) and 28.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 17 months after the lows. Its ten largest positions make up 5.8% of the fund, out of 1,239 in all.
The short version
Xtrackers FTSE Developed ex US Multifactor ETF (DEEF), from DWS, is an index fund that owns stocks in developed countries outside the US. It picks and weights them on five traits: quality, value, momentum, low volatility and size. Its 0.24% expense ratio (the yearly cost) is above the 0.13% average of similar funds. With about $56.7 million in net assets as of August 31, 2026, it is also small.
Price history
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DEEF +15.7% 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 | |
|---|---|---|---|---|---|---|
| DEEF official prospectus, to Dec 31, 2024 | — | +3.22% | — | +3.48% | — | +4.99% |
| DEEF price data to Oct 27, 2026 | +12.2% | +15.7% | +21.0% | +8.2% | +8.6% | +7.9% |
- Over the year to Oct 27, 2026, DEEF returned +15.7%, 5th of 8 among similar funds.
- Its 5-year annualized return was +8.2% and its 10-year +8.6%.
- In the 2020 COVID crash it fell 34% and regained its old high 7.5 months after the low.
- Its worst full calendar year was 2022 (-17.0%); its best was 2025 (+32.4%).
- The deepest fall in its price history was 36.4% (Jan 26, 2018 to Mar 23, 2020), recovered by Nov 20, 2020.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.2% |
| 2025 | +32.4% |
| 2024 | +2.8% |
| 2023 | +17.0% |
| 2022 | -17.0% |
| 2021 | +9.3% |
| 2020 | +8.0% |
| 2019 | +19.3% |
| 2018 | -14.5% |
| 2017 | +29.3% |
| 2016 | -0.3% |
| 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 34% over that stretch · deepest drop along the way 34%, back to its old high 7.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.3% over that stretch · deepest drop along the way 28.9%, back to its old high 17.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6500 | |
| 2025 | $1.3100 | +14.9% |
| 2024 | $1.1400 | +0.9% |
| 2023 | $1.1300 | +34.5% |
| 2022 | $0.8400 | -31.1% |
| 2021 | $1.2200 | +48.8% |
| 2020 | $0.8200 | -24.1% |
| 2019 | $1.0800 | +52.1% |
| 2018 | $0.7100 | -10.1% |
| 2017 | $0.7900 | -24.0% |
| 2016 | $1.0400 |
What's inside
As of Aug 31, 2026, the fund held 1,239 securities; the ten largest made up 5.8% of assets.
| Holding | Weight | |
|---|---|---|
| TESCO PLC | 0.94% | |
| MAGNA INTERNATIONAL INC | 0.77% | |
| RWE AG | 0.67% | |
| REPSOL SA | 0.58% | |
| ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA | 0.51% | |
| J SAINSBURY PLC | 0.51% | |
| ENEOS HOLDINGS INC | 0.46% | |
| CK HUTCHISON HOLDINGS LTD | 0.45% | |
| ORLEN SA | 0.45% | |
| SAMPO PLC | 0.44% | |
| SINGAPORE EXCHANGE LTD | 0.44% | |
| KONINKLIJKE AHOLD DELHAIZE NV | 0.43% | |
| MITSUBISHI CHEMICAL GROUP CORP | 0.42% | |
| QBE INSURANCE GROUP LTD | 0.42% | |
| CHUBU ELECTRIC POWER CO INC | 0.41% |
By country
Japan 29.55%United Kingdom 9.53%Australia 8.33%Canada 6.69%South Korea 6.69%By asset type
Stocks 98.54%Preferred stock 0.39%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.79%, +3.21%, +1.74%.
How it works
DEEF tracks the FTSE Developed ex US Comprehensive Factor Index, run by FTSE International Limited. It starts with the FTSE Developed ex US Index, which holds large and mid-sized companies in developed markets outside the US. FTSE scores each company on five "factors," or investing traits. Quality looks at low debt and profitability. Value looks at cash-flow yield, earnings yield and sales relative to price. Momentum uses the past 11 months of returns. Low volatility uses five years of weekly returns. Size gives higher scores to smaller companies. Each stock's weight depends on its combined score. Companies without meaningful multifactor traits are left out.
The index rebalances twice a year, in March and September, and the fund trades to match it. DEEF uses full replication, which means it buys the index's stocks in about the same weights. Portfolio turnover, the share of holdings replaced in a year, was 47%.
The result is very spread out. As of August 31, 2026, the fund held 1,239 stocks, and the top 10 made up only 5.8%. Tesco was the largest at 0.94%, followed by Magna International at 0.77% and RWE at 0.67%. Japan was 29.55% of the fund, and South Korea was 6.69%. A small amount sat in cash (0.25%) and in stock index futures (0.02%).
What it really costs
- DEEF charges 0.24% a year, versus an average of 0.13% for the similar funds below (6th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $25 in the first year and $306 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DEEF | $25 | $77 | $135 | $306 |
In a retirement portfolio
It adds non-US developed stocks with a tilt toward cheaper, steadier and smaller companies, but its higher cost and small size make it a hard fit as a core holding.
DEEF launched in November 2015, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 34%, then got back to its old high by November 6, 2020, about 7.5 months later. In the 2022 bear market it dropped 28.9% and took 17.2 months to recover, until March 20, 2024. Its worst calendar year was 2022, at about -17%. Its deepest drop, 36.4%, ran from January 2018 to March 2020. Anyone forced to sell in a slump like these would lock in losses.
The trailing 12-month yield was 2.37% as of October 27, 2026, and the fund pays quarterly. In the SEC's standard example, $10,000 would cost about $306 over 10 years. 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 non-US developed stocks tilted toward value, quality, momentum, low volatility and smaller size, not just weighted by company size.
- People who like wide diversification: 1,239 holdings, with the top 10 at only 5.8% as of August 31, 2026.
- Holders who value quarterly income, with a trailing yield of 2.37% as of October 27, 2026, from companies like Tesco, RWE and Repsol.
Look elsewhere if
- Cost-focused investors: DEEF's 0.24% expense ratio compares with 0.03% for VEA and SPDW, and it ranks 6th of 8 on cost.
- Those who prefer large funds: at about $56.7 million in net assets, DEEF is the smallest of eight comparable funds.
- Anyone uneasy if a strategy lags the market: the prospectus warns factor tilts may hurt returns, "perhaps for extended periods."
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DEEF this fund | — | 0.24% | $56.7M | +15.7% | +21.0% |
| EFA iShares MSCI EAFE ETF | 24% | 0.32% | $77.98B | +13.5% | +18.2% |
| SCHF Schwab International Equity ETF | 23% | 0.06% | $69.68B | +17.7% | +20.4% |
| EFV iShares MSCI EAFE Value ETF | 23% | 0.33% | $29.11B | +21.9% | +23.3% |
| IDEV iShares Core MSCI International Developed M… | 22% | 0.04% | $31.64B | +14.6% | +19.2% |
| IEFA iShares Core MSCI EAFE ETF | 22% | 0.07% | $190.11B | +13.7% | +18.5% |
| SPDW SPDR Portfolio Developed World ex-US ETF | 22% | 0.03% | $40.29B | +17.3% | +20.5% |
| VEA Vanguard FTSE Developed Markets ETF | 21% | 0.03% | $316.42B | +16.8% | +21.7% |
Questions investors ask
Is DEEF good for retirement?
DEEF may suit retirement investors looking for a diversifier rather than a core holding. It adds about 1,239 non-US developed-market stocks tilted toward five factors, and it pays quarterly, with a 2.37% trailing yield as of October 27, 2026. It can still fall sharply: it dropped 34% in the 2020 COVID crash and 28.9% in 2022, and the 2022 recovery took 17.2 months. Its 0.24% cost is also higher than most similar funds.
What's the difference between DEEF and VEA?
DEEF screens and weights stocks by quality, value, momentum, low volatility and size. VEA, the Vanguard FTSE Developed Markets ETF, follows a broad FTSE developed-markets index. VEA costs 0.03% a year against DEEF's 0.24%. It is also far larger: about $316 billion as of June 30, 2026, versus DEEF's $56.7 million as of August 31, 2026. Only about 21% of their holdings overlap. VEA returned 16.8% over one year through October 30, 2026. DEEF returned 15.7% through October 27.
Does DEEF pay dividends?
Yes. DEEF pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.94 per share, a trailing yield of 2.37%. The income comes from the dividends of its holdings, which as of August 31, 2026 included Tesco, Magna International, RWE, Repsol and J Sainsbury. Payments from foreign stocks can change from quarter to quarter with company profits and currency moves, so the amount isn't fixed.
What is DEEF's expense ratio?
DEEF's expense ratio is 0.24%, according to its prospectus filed December 18, 2025. That is above the 0.13% average for similar funds and ranks 6th of 8 on cost. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $25 after one year, $77 after three, $135 after five and $306 after 10. VEA and SPDW charge 0.03%, and IDEV charges 0.04%.
How has DEEF performed since launch?
Its official record is modest. As of December 31, 2024, the prospectus shows average annual returns of 3.22% for one year, 3.48% for five years and 4.99% since its November 2015 launch. Later price-based returns through October 27, 2026 are stronger: 15.7% over one year and 8.6% a year over 10 years. Its strongest calendar year was 2025, at 32.4%. Its weakest was 2022, at about -17%.