When used specifically for distributed attributes evaluation: It takes the typename of a bindable noun/udet as qualifier. It evaluates the actual home element using current element as when evaluating the test expressions and returns a nulref or a ref to an XPIWLD element.
Using it for generic "find a default home" purposes: The DSXHOM reference passed as a qualifier is used to evaluate the expressions defined in the DSXTST/DSXDST of that DSXHOM. It returns a nulref of the ref of the ID value held in the DHTEXT attribute of the resulting DSXDST. The CE is passed to the expression for evaluation.