At a glance
DMXU charges 0.03% a year, below the 0.12% average of the 8 funds most like it (the cheapest of 9). It has $68.7M in assets, the 9th largest of that group; it paid 3.94% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +8.7% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +17.0% a year. At its worst it fell 31.7% in the 2020 crash (S&P 500: 33.7%) and 30.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 17 months after the lows. Its ten largest positions make up 22.5% of the fund, out of 347 in all.
The short version
Xtrackers Bloomberg Developed Markets ex US Equity ETF (DMXU), from DWS, tracks the Bloomberg Developed Markets ex US Core Markets Index. The index holds large and mid-sized companies in developed countries outside the US, plus South Korea. Its 0.03% expense ratio ties for the lowest among similar funds. The trade-off is size. It had about $68.7 million in net assets as of August 31, 2026, far less than rivals such as VEA or IEFA.
Price history
The interactive chart needs JavaScript.
DMXU +8.7% 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 | |
|---|---|---|---|---|---|---|
| DMXU official prospectus, to Dec 31, 2025 | — | +25.56% | — | +7.13% | — | +7.82% |
| DMXU price data to Oct 27, 2026 | +7.7% | +8.7% | +17.0% | +6.5% | — | +9.0% |
- Over the year to Oct 27, 2026, DMXU returned +8.7%, 9th of 9 among similar funds.
- Its 5-year annualized return was +6.5%.
- In the 2020 COVID crash it fell 31.7% and regained its old high 6.7 months after the low.
- Its worst full calendar year was 2022 (-17.0%); its best was 2025 (+25.2%).
- The deepest fall in its price history was 32.1% (Jan 17, 2020 to Mar 23, 2020), recovered by Nov 9, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.7% | — |
| 2025 | +25.2% | +25.56% |
| 2024 | +2.3% | +2.22% |
| 2023 | +18.8% | +18.91% |
| 2022 | -17.0% | -16.96% |
| 2021 | +11.4% | +11.33% |
| 2020 | +11.9% | +10.47% |
| 2019 | +23.6% | +23.87% |
| 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 31.7% over that stretch · deepest drop along the way 31.7%, back to its old high 6.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.9% over that stretch · deepest drop along the way 30.6%, back to its old high 16.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5600 | |
| 2025 | $1.4700 | +70.9% |
| 2024 | $0.8600 | +16.2% |
| 2023 | $0.7400 | +17.5% |
| 2022 | $0.6300 | -25.9% |
| 2021 | $0.8500 | +13.2% |
| 2020 | $0.7508 | -3.7% |
| 2019 | $0.7800 |
What's inside
As of Aug 31, 2026, the fund held 347 securities; the ten largest made up 22.48% of assets.
| Holding | Weight | |
|---|---|---|
| ASML HOLDING NV | 5.68% | |
| HSBC HOLDINGS PLC | 3.05% | |
| NOVARTIS AG | 2.43% | |
| ASTRAZENECA PLC | 2.10% | |
| ALLIANZ SE | 1.73% | |
| COMMONWEALTH BANK OF AUSTRALIA | 1.67% | |
| SCHNEIDER ELECTRIC SE | 1.64% | |
| TOTALENERGIES SE | 1.47% | |
| SUMITOMO MITSUI FINANCIAL GROUP INC | 1.38% | |
| TOKYO ELECTRON LTD | 1.35% | |
| ABB LTD (CH) | 1.32% | |
| HITACHI LTD | 1.31% | |
| RECRUIT HOLDINGS CO LTD | 1.30% | |
| NOVO NORDISK A/S | 1.27% | |
| SONY GROUP CORP | 1.27% |
By country
Japan 24.72%United Kingdom 14.09%France 11.74%Switzerland 9.05%Netherlands 8.68%By asset type
Stocks 98.92%Preferred stock 0.38%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $1.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.30%, +0.84%, +1.63%.
How it works
DMXU is an index fund. It does not pick stocks. It follows the Bloomberg Developed Markets ex US Core Markets Index, run by Bloomberg Index Services Limited. The index aims to cover the largest 85% of the stock market value in developed countries outside the US, such as Japan, the UK, France, Canada and Australia. It also includes South Korea, even though the index does not class South Korea as developed. To qualify, a company needs at least $100 million in free-float market value ($50 million in South Korea). Free float means shares the public can actually trade. Companies must also pass tests for trading volume, listing history, foreign ownership limits and sanctions.
Companies are weighted by free-float market value, so the biggest firms count the most. As of August 31, 2026, ASML made up 5.7% of the fund, HSBC 3.0% and Novartis 2.4%, and the top ten holdings made up 22.5%. Japan was 24.7% of the fund and the UK 14.1%. The index adds and removes companies every March and September, resets its weights each quarter, and adjusts for corporate events. Portfolio turnover was 4%.
The fund aims to hold every index stock at its index weight. Where that isn't possible, it can hold a representative sample instead. It held 347 holdings as of August 31, 2026, while the index had 665 securities as of June 30, 2026. Stock index futures made up only 0.02% of the fund. DMXU does not hedge currencies, so a stronger dollar lowers its value.
What it really costs
- DMXU charges 0.03% a year, versus an average of 0.12% for the similar funds below (1st of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $3 in the first year and $39 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DMXU | $3 | $10 | $17 | $39 |
In a retirement portfolio
It adds hundreds of companies outside the US, led by Japan, the UK and Europe, to a portfolio that may be mostly US stocks.
DMXU could give a US-heavy portfolio exposure to companies such as ASML, HSBC and Novartis. Under the SEC's standard example, it costs $3 for one year on $10,000 and $39 over ten years. Its trailing 12-month yield was 3.94% as of October 27, 2026, paid twice a year. Its downturns have been deep. It fell 31.7% in the 2020 COVID crash and took 6.7 months to recover. In the 2022 bear market it fell 30.6% and needed 16.9 months to get back to its peak. Its worst calendar year was 2022, at −16.96%. It launched in 2018, so it has no record from 2008. Keeping cash or bonds alongside it can reduce the need to sell shares after drops like these. 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
- Cost-focused investors who want broad developed-market stocks outside the US for a 0.03% expense ratio, against a 0.12% average for similar funds.
- People who want Japan, Europe, Australia and some South Korea in one fund, spread across 347 holdings with the top ten at 22.5%.
- Long-term holders who can live with unhedged currency swings and twice-yearly dividends (a 3.94% trailing yield as of October 27, 2026).
Look elsewhere if
- Investors who prefer large, heavily traded funds. DMXU's $68.7 million in net assets is the smallest of nine similar funds.
- People who want protection from a stronger US dollar. The fund does not hedge foreign currencies.
- Anyone wanting steadier results. It fell 32.1% in early 2020 and trailed all eight similar funds over one and three years, as of October 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DMXU this fund | — | 0.03% | $68.7M | +8.7% | +17.0% |
| EFA iShares MSCI EAFE ETF | 51% | 0.32% | $77.98B | +13.5% | +18.2% |
| EFV iShares MSCI EAFE Value ETF | 46% | 0.33% | $29.11B | +21.9% | +23.3% |
| IEFA iShares Core MSCI EAFE ETF | 43% | 0.07% | $190.11B | +13.7% | +18.5% |
| IDEV iShares Core MSCI International Developed M… | 37% | 0.04% | $31.64B | +14.6% | +19.2% |
| SCHF Schwab International Equity ETF | 36% | 0.06% | $69.68B | +17.7% | +20.4% |
| SPDW SPDR Portfolio Developed World ex-US ETF | 34% | 0.03% | $40.29B | +17.3% | +20.5% |
| VEA Vanguard FTSE Developed Markets ETF | 32% | 0.03% | $316.42B | +16.8% | +21.7% |
Questions investors ask
Is DMXU good for retirement?
It can serve as the international stock slice of a retirement portfolio, but it is not a defensive holding. DMXU charges 0.03% a year. It yielded 3.94% over the 12 months to October 27, 2026, paid twice a year. It also fell 31.7% in the 2020 COVID crash and 30.6% in 2022, and took 16.9 months to recover from the 2022 drop. Retirees drawing income from it could end up selling shares after drops like these.
What is DMXU's expense ratio?
DMXU's expense ratio is 0.03%, according to its prospectus filed September 11, 2026. That ties SPDW and VEA for the lowest among nine similar funds, which average 0.12%. In the SEC's standard example, $10,000 earning 5% a year would cost about $3 after one year, $17 after five years and $39 after ten. Cost isn't everything, though. Because the fund is small, trading spreads could be wider than for larger rivals.
Does DMXU pay dividends?
Yes. DMXU pays dividends twice a year. Its trailing 12-month yield was 3.94% as of October 27, 2026, or about $1.47 per share. The dividends come from the foreign companies it holds, such as HSBC, Allianz and TotalEnergies. Payments can rise or fall with company profits and with currency moves, since the fund does not hedge foreign currencies.
What's the difference between DMXU and EFA?
The main differences are cost, size and index. Both funds own large and mid-sized stocks in developed markets outside the US, and their holdings overlap by about 51%. DMXU charges 0.03% versus 0.32% for EFA. DMXU follows a Bloomberg index that includes South Korean stocks, while EFA tracks the MSCI EAFE Index. EFA is far larger, with about $78 billion in net assets as of July 31, 2026. EFA returned 12.9% over the year to October 30, 2026. DMXU returned 8.7% over the year to October 27.
Does DMXU hedge currency risk?
No. Its prospectus says DMXU does not try to hedge foreign currencies. The fund's value is counted in US dollars. So when the yen, pound, euro or Swiss franc weakens against the dollar, the fund loses value even if stock prices don't change. A weaker dollar has the opposite effect. This matters for DMXU because Japan made up 24.7% of the fund and the UK 14.1% as of August 31, 2026.