They don’t compare with the cheapest ETFs (just with the most popular e.g. those with 0.4% TER)
Looking at what it holds, it does look like it’s mostly constructed as a fund of fund btw (they use the swap version of developed + US + emerging, and then to avoid double counting the US they add some physical sampling of non US on top).
I’m actually slightly puzzled, since you could do it more cheaply even with just xtrackers using synthetic MSCI USA (0.07% TER), developed ex-US (physical, 0.15%) and emerging swap based (0.18% TER)