Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (HDAW) is an exchange-traded fund that seeks to track the performance of the MSCI All World ex USA High Dividend Yield Hedged USD Index. The fund provides exposure to a portfolio of high dividend yield equities from developed and emerging markets outside the United States, with currency hedging to mitigate foreign exchange risk; it invests primarily in large- and mid-cap stocks selected for their high dividend yields and quality factors such as earnings stability and leverage ratios. HDAW offers investors diversified international income generation through its focus on approximately 200-300 holdings across sectors like financials, consumer staples, energy, and materials, with a targeted dividend yield typically exceeding that of broad market indices.
The ETF is managed by DWS Investment Management Americas, Inc., part of the DWS Group (Deutsche Bank's asset management arm), which was founded in 1956 and is headquartered in New York, New York, with global operations spanning North America, Europe, and Asia-Pacific. DWS oversees a range of Xtrackers ETFs covering equity, fixed income, commodity, and alternative strategies, targeting institutional and retail investors seeking low-cost, index-based solutions.
Launched in 2015, HDAW has maintained a competitive expense ratio of around 0.35%, emphasizing cost efficiency and tax-aware hedging via forward contracts on major currencies including the euro, yen, and pound. Recent developments include enhanced liquidity provisions amid rising demand for hedged international dividend strategies in 2024-2025, alongside portfolio rebalancing to incorporate newly qualifying high-yield names from emerging markets like Taiwan and South Korea; no major acquisitions or name changes have occurred, though DWS announced expanded ETF distribution partnerships in Europe and Asia in late 2024 to broaden access for non-U.S. investors.