and now you have hit the nail on the head, in terms of why I think these things suck. The NAV is purely manufactured by Deutsche Bank themselves, and you have absolutely no way of knowing how they are pegging the exchange rate. They are a bank, so what do you think? A quick comparison for you. DBXWD has - since august 2013, returned 71%. But the Rand devaluation contributed 55% of that growth - so in real terms, their figure is closer to 18%. Compare that to iShares MSCI World Index, which performed closer to 40% over the same period (your growth would have been 90% plus) and your dividend yields are better.