ETF Research Center

JPMorgan BetaBuilders Canada ETF

ALTAR
Score™

5.4%

Recommen-
dation

UNDERWEIGHT

2025E 2026E
P/E ratio	20.2x	P/Sales ratio	2.7x
P/BV ratio	2.5x	Div. yield	2.2%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The JPMorgan BetaBuilders Canada ETF tracks a market-cap-weighted index of large- and midcap Canadian equities.

FUND BASICS
Category	International Equities
Fund Sponsor	JPMorgan
Website	am.jpmorgan.com
Inception date	Aug 07, 2018
Assets (mns)	$10,647
Currency	USD
Expense ratio	19 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	82
Wgt avg mkt cap (mns)	$84,462
Large cap (>$10bn)	94.3%
Mid cap ($2-10bn)	5.7%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	43.0 %
ROYAL BANK OF CANADA	8.4 %
TORONTO-DOMINION BANK	6.0 %
SHOPIFY, INC. CLASS A	5.2 %
ENBRIDGE INC	4.0 %
BANK OF MONTREAL	3.6 %
CAN IMPERIAL BK OF COMMERCE	3.5 %
BANK OF NOVA SCOTIA	3.2 %
CANADIAN NATURAL RESOURCES	3.2 %
AGNICO-EAGLE MINES LTD	3.1 %
BROOKFIELD CORP	2.8 %

TOP COUNTRY EXPOSURE
	CANADA	98.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
8.8%	30.7%	11.6%	--	12.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.77	46%
MSCI EAFE	0.63	50%
MSCI Emg. Mkts.	0.42	39%

Technical Indicators
Recent close	$99.94
30d moving avg.	$99.88
Annualized volatility	15.3%
Short interest (ETF)	0.2%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	309
Turnover	0.3%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$5,323

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 416 potential alternatives to the JPMorgan BetaBuilders Canada ETF ETF based on the alternatives' overlap in portfolio holdings with BBCA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

BBCA

Expense:

19 bp

ALTAR Score™:

5.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH BBCA
Ticker	Fund Name	Overlap¹ vs BBCA (%)	Expense ratio (bp)	Savings vs BBCA (bp)	ALTAR Score™ (%)	ALTAR vs BBCA (%)
EWC	iShares MSCI Canada ETF	72.6	50	-31	5.1	-0.3
JIVE	JPMorgan International Value ETF	33.9	55	-36	8.3	+3.0
PID	Invesco International Dividend Achievers ETF	24.1	53	-34	4.1	-1.3
VIGI	Vanguard International Dividend Appreciation ETF	18.0	10	9	6.1	+0.7
IDMO	Invesco S&P International Developed Momentum ETF	16.8	25	-6	5.3	-0.1
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	15.7	32	-13	5.4	+0.0
LVHI	Franklin International Low Volatility High Dividend Index ET	15.3	40	-21	7.7	+2.3
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	14.6	29	-10	7.0	+1.6
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	13.8	46	-27	7.8	+2.4
IMTM	iShares MSCI Intl Momentum Factor ETF	13.4	30	-11	4.6	-0.7
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	12.7	20	-1	5.7	+0.3
FIVA	Fidelity International Value Factor ETF	12.7	18	1	7.3	+1.9
NANR	SPDR S&P North American Natural Resources ETF	12.3	35	-16	6.4	+1.0
IDLV	Invesco S&P International Developed Low Volatility ETF	12.0	25	-6	6.4	+1.1
FTWO	Strive FAANG 2.0 ETF	11.8	49	-30	4.0	-1.4
BKIE	BNY Mellon International Equity ETF	11.8	4	15	6.0	+0.6
CIL	VictoryShares International Volatility Wtd ETF	11.5	45	-26	5.8	+0.4
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	11.1	12	7	5.3	-0.1
AVIV	Avantis International Large Cap Value ETF	11.1	25	-6	6.9	+1.6
IGRO	iShares International Dividend Growth ETF	11.1	15	4	6.8	+1.4
IXC	iShares Global Energy ETF	11.1	44	-25	7.2	+1.9
FICS	First Trust International Developed Capital Strength ETF	11.0	70	-51	6.8	+1.4
GSIE	Goldman Sachs ActiveBeta International Equity ETF	10.9	25	-6	6.2	+0.8
TPIF	Timothy Plan International ETF	10.8	62	-43	5.6	+0.3
FIDI	Fidelity International High Dividend ETF	10.6	18	1	7.2	+1.9
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	10.6	42	-23	4.0	-1.4
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	10.6	47	-28	5.0	-0.4
STXI	Strive International Developed Markets ETF	10.4	29	-10	6.2	+0.9
FDEV	Fidelity International Multifactor ETF	10.2	18	1	7.3	+1.9
IVRA	Invesco Real Assets ESG ETF	9.8	59	-40	6.2	+0.9
AVSD	Avantis Responsible International Equity ETF	9.5	23	-4	5.9	+0.6
GOAU	U.S. Global GO GOLD and Precious Metal Miners ETF	9.1	60	-41	2.4	-3.0
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	8.9	46	-27	5.1	-0.3
GNR	SPDR S&P Global Natural Resources ETF	8.8	40	-21	8.6	+3.2
NDIV	Amplify Natural Resources Dividend Income ETF	8.8	59	-40	11.3	+5.9
AVDE	Avantis International Equity ETF	8.7	23	-4	6.2	+0.8
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	8.6	41	-22	6.0	+0.6
SCHF	Schwab International Equity ETF	8.3	6	13	5.9	+0.5
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	8.1	18	1	6.3	+1.0
IDEV	iShares Core MSCI International Developed Markets ETF	8.0	4	15	6.0	+0.6
WWJD	Inspire International ETF	7.7	80	-61	6.4	+1.0
VYMI	Vanguard International High Dividend Yield ETF	7.7	17	2	8.1	+2.7
DIHP	Dimensional International High Profitability ETF	7.5	29	-10	5.8	+0.4
UMI	USCF Midstream Energy Income Fund ETF	7.5	85	-66	4.0	-1.4
ENFR	Alerian Energy Infrastructure ETF	7.5	35	-16	4.3	-1.1
IGF	iShares Global Infrastructure ETF	7.5	41	-22	4.3	-1.1
GII	SPDR S&P Global Infrastructure ETF	7.5	40	-21	4.4	-1.0
USAI	Pacer American Energy Independence ETF	7.5	75	-56	3.5	-1.9
VEA	Vanguard FTSE Developed Markets ETF	7.5	3	16	5.9	+0.5
GSIB	Themes Global Systemically Important Banks ETF	7.4	35	-16	8.3	+2.9
SPDW	SPDR Portfolio Developed World ex-US ETF	7.2	3	16	5.8	+0.4
MLPI	NEOS MLP & Engy Infras Hi Inc ETF	7.2	68	-49	4.1	-1.3
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	7.1	39	-20	7.0	+1.6
MXI	iShares Global Materials ETF	6.9	41	-22	6.0	+0.6
FRGN	Horizon International Equity ETF	6.9	75	-56	7.7	+2.3
DVGR	DAC 3D Dividend Growth ETF	6.7	65	-46	4.7	-0.7
CWI	SPDR MSCI ACWI ex-US ETF	6.6	30	-11	6.4	+1.1
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	6.6	39	-20	6.2	+0.8
INFL	Horizon Kinetics Inflation Beneficiaries ETF	6.5	85	-66	2.8	-2.5
IXG	iShares Global Financials ETF	6.4	42	-23	6.3	+0.9
DFAI	Dimensional International Core Equity Market ETF	6.4	18	1	6.0	+0.7
MBOX	Freedom Day Dividend ETF	6.3	39	-20	6.7	+1.3
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	6.3	45	-26	6.7	+1.3
FNDF	Schwab Fundamental International Large Co. Index ETF	6.2	25	-6	7.3	+2.0
GKAT	Scharf Global Opportunity ETF	6.2	57	-38	5.7	+0.4
IGE	iShares North American Natural Resources ETF	6.1	41	-22	5.7	+0.3
ACWX	iShares MSCI ACWI ex U.S. ETF	6.1	34	-15	6.3	+0.9
PIEL	Pacer International Export Leaders ETF	6.0	60	-41	4.0	-1.3
VEU	Vanguard FTSE All-World ex-US Index Fund	6.0	4	15	6.7	+1.3
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	5.8	24	-5	6.9	+1.6
DFIV	Dimensional International Value ETF	5.8	27	-8	7.8	+2.4
QINT	American Century Quality Diversified International ETF	5.8	39	-20	6.6	+1.2
KNO	AXS Knowledge Leaders ETF	5.8	78	-59	4.0	-1.4
UDI	USCF Dividend Income Fund	5.7	65	-46	6.7	+1.3
JHID	John Hancock International High Dividend ETF	5.6	46	-27	7.9	+2.5
DFIC	Dimensional International Core Equity 2 ETF	5.6	23	-4	6.2	+0.9
TPYP	Tortoise North American Pipeline Fund	5.6	40	-21	4.9	-0.5
VXUS	Vanguard Total International Stock ETF	5.5	5	14	6.6	+1.2
FID	First Trust S&P International Dividend Aristocrats ETF	5.5	60	-41	7.7	+2.4
BUYZ	Franklin Disruptive Commerce ETF	5.5	50	-31	2.5	-2.9
RING	iShares MSCI Global Gold Miners ETF	5.4	39	-20	3.8	-1.6
SLVP	iShares MSCI Global Silver Miners ETF	5.4	39	-20	4.4	-1.0
IXUS	iShares Core MSCI Total International Stock ETF	5.3	7	12	6.5	+1.2
BWEB	Bitwise Web3 ETF	5.2	85	-66	-0.1	-5.5
AGIX	KraneShares Artificial Intelligence and Technology ETF	5.2	99	-80	1.0	-4.4
ARKF	ARK Fintech Innovation ETF	5.2	75	-56	0.3	-5.1
FDNI	First Trust Dow Jones International Internet ETF	5.2	65	-46	24.6	+19.2
SGDM	Sprott Gold Miners ETF	5.2	50	-31	3.1	-2.3
DFSI	Dimensional International Sustainability Core 1 ETF	5.1	24	-5	5.6	+0.3
IQLT	iShares MSCI Intl Quality Factor ETF	5.1	30	-11	5.5	+0.1
FEOE	First Eagle Overseas Equity ETF	5.0	79	-60	6.2	+0.8
SUPL	ProShares Supply Chain Logistics ETF	5.0	58	-39	7.3	+2.0
SHPP	Pacer Industrials and Logistics ETF	5.0	60	-41	6.5	+1.2
CGXU	Capital Group International Focus Equity ETF	5.0	54	-35	3.7	-1.6
GDX	VanEck Gold Miners ETF	5.0	51	-32	3.2	-2.2
AUAU	Global X Gold Miners ETF	5.0	35	-16	2.8	-2.6
UMMA	Wahed Dow Jones Islamic World ETF	4.9	65	-46	3.4	-2.0
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	4.9	47	-28	7.2	+1.8
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	4.8	80	-61	3.5	-1.9
PCGG	Polen Capital Global Growth ETF	4.8	85	-66	3.9	-1.5
ICPY	Tweedy, Browne International Insider Value ETF	4.8	80	-61	21.3	+16.0
IQDF	FlexShares International Quality Dividend Index Fund	4.8	47	-28	7.5	+2.1
WDIV	SPDR S&P Global Dividend ETF	4.7	40	-21	9.1	+3.7
FEGE	First Eagle Global Equity ETF	4.7	79	-60	6.1	+0.7
INTF	iShares International Equity Factor ETF	4.7	15	4	6.5	+1.1
VSGX	Vanguard ESG International Stock ETF	4.7	10	9	6.5	+1.2
IPAV	Global X Infrastructure Development ex-U.S. ETF	4.6	55	-36	5.8	+0.4
FDTX	Fidelity Disruptive Technology ETF	4.6	50	-31	1.5	-3.9
PNQI	Invesco NASDAQ Internet ETF	4.5	60	-41	3.9	-1.5
DUNK	Dana Unconstrained Equity ETF	4.5	75	-56	1.9	-3.5
ABEQ	Absolute Select Value ETF	4.5	85	-66	4.5	-0.9
DEW	WisdomTree Global High Dividend Fund	4.5	58	-39	7.3	+1.9
ARKW	ARK Next Generation Internet ETF	4.4	87	-68	0.7	-4.7
ARKK	ARK Innovation ETF	4.4	75	-56	-2.9	-8.3
DXIV	Dimensional International Vector Equity ETF	4.4	34	-15	6.6	+1.2
LOUP	Innovator Deepwater Frontier Tech ETF	4.4	70	-51	0.8	-4.6
GINX	SGI Enhanced Global Income ETF	4.3	98	-79	6.7	+1.3
GVLU	Gotham 1000 Value ETF	4.2	50	-31	8.3	+2.9
HYP	Golden Eagle Dynamic Hypergrowth ETF	4.2	85	-66	-0.8	-6.2
CGGO	Capital Group Global Growth Equity ETF	4.2	47	-28	4.0	-1.4
KAT	Scharf ETF	4.2	87	-68	6.3	+0.9
FFF	Founders 100 ETF	4.1	75	-56	2.4	-3.0
OEFA	ALPS O�Shares International Developed Quality Dividend ETF	4.1	48	-29	4.7	-0.7
IQRA	IQ CBRE Real Assets ETF	4.1	65	-46	5.9	+0.6
HAP	VanEck Natural Resources ETF	4.0	50	-31	6.8	+1.4
LST	Leuthold Select Industries ETF	4.0	91	-72	4.7	-0.7
AKRE	Akre Focus ETF	4.0	106	-87	4.3	-1.1
DIVZ	TrueShares Low Volatility Equity Income ETF	4.0	65	-46	6.0	+0.6
USNG	Amplify Samsung U.S. Natural Gas Infrastructure ETF	4.0	59	-40	2.9	-2.5
SAGP	Strategas Global Policy Opportunities ETF	4.0	65	-46	4.9	-0.5
SWP	SWP Growth & Income ETF	4.0	99	-80	4.2	-1.2
AAUM	Tema Alternative Asset Managers ETF	4.0	99	-80	5.4	-0.0
GLBL	Pacer MSCI World Industry Advantage ETF	3.9	65	-46	3.4	-2.0
GCOW	Pacer Global Cash Cows Dividend ETF	3.9	60	-41	9.3	+4.0
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	3.9	30	-11	6.4	+1.0
TTAI	FCF International Quality ETF	3.9	59	-40	6.8	+1.4
UIVM	VictoryShares International Value Momentum ETF	3.9	35	-16	8.2	+2.8
BLES	Inspire Global Hope ETF	3.8	61	-42	5.7	+0.3
GEW	Cambria Global EW ETF	3.7	29	-10	5.4	+0.0
BEEX	BeeHive ETF	3.7	84	-65	3.7	-1.7
KOKU	Xtrackers MSCI Kokusai Equity ETF	3.6	9	10	4.4	-1.0
COPY	Tweedy, Browne Insider + Value ETF	3.6	80	-61	14.8	+9.4
TMFG	Motley Fool Global Opportunities ETF	3.6	85	-66	3.7	-1.7
CBSE	Clough Select Equity ETF	3.6	85	-66	0.3	-5.1
ACSI	American Customer Satisfaction ETF	3.6	65	-46	4.5	-0.9
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	3.6	12	7	4.4	-1.0
KLMN	Invesco MSCI North America Climate ETF	3.6	9	10	4.3	-1.1
SILJ	ETFMG Prime Junior Silver Miners ETF	3.5	69	-50	0.5	-4.9
JIG	JPMorgan International Growth ETF	3.4	55	-36	3.6	-1.8
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	3.4	65	-46	7.8	+2.4
GPZ	VanEck Alternative Asset Manager ETF	3.4	40	-21	5.3	-0.0
LBO	WHITEWOLF Publicly Listed Private Equity ETF	3.4	70	-51	9.0	+3.6
ACEP	ARS Core Equity ETF	3.4	45	-26	4.0	-1.4
CVAR	Cultivar ETF	3.3	87	-68	7.2	+1.9
AUMI	Themes Gold Miners ETF	3.3	35	-16	3.6	-1.8
CGGR	Capital Group Growth ETF	3.2	39	-20	2.5	-2.9
OAIM	OneAscent International Equity ETF	3.2	95	-76	4.6	-0.8
NBDS	Neuberger Berman Disrupters ETF	3.2	55	-36	0.7	-4.7
DIVL	Madison Dividend Value ETF	3.1	65	-46	4.9	-0.5
CRTC	Xtrackers US National Critical Technologies ETF	3.1	35	-16	4.2	-1.2
CZAR	Themes Natural Monopoly ETF	3.1	35	-16	5.5	+0.1
VNSE	Natixis Vaughan Nelson Select ETF	3.1	80	-61	3.3	-2.1
IVES	Wedbush ETFMG Global Cloud Technology ETF	3.0	68	-49	3.5	-1.9
AGMI	Themes Silver Miners ETF	3.0	35	-16	4.3	-1.1
FFOG	Franklin Focused Growth ETF	3.0	61	-42	1.5	-3.9
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	3.0	25	-6	5.4	0.0
DIVY	Sound Equity Dividend Income ETF	2.9	45	-26	8.1	+2.7
TIIV	AAM Todd International Intrinsic Value ETF	2.9	54	-35	9.7	+4.3
CGDG	Capital Group Dividend Growers ETF	2.9	47	-28	5.2	-0.2
FSST	Fidelity Sustainable U.S. Equity ETF	2.9	59	-40	3.4	-1.9
DSTX	Distillate International Fundamental Stability & Value ETF	2.9	55	-36	6.6	+1.3
ABLD	Abacus FCF Real Assets Leaders ETF	2.8	69	-50	6.7	+1.3
WLDR	Affinity World Leaders Equity ETF	2.8	67	-48	5.7	+0.3
CRBN	iShares MSCI ACWI Low Carbon Target ETF	2.8	20	-1	4.7	-0.7
YNOT	Horizon Digital Frontier ETF	2.7	75	-56	2.5	-2.9
USSE	Segall Bryant & Hamill Select Equity ETF	2.7	65	-46	2.9	-2.5
NVIR	Horizon Kinetics Energy and Remediation ETF	2.7	85	-66	5.1	-0.3
IMFL	Invesco International Developed Dynamic Multifactor ETF	2.7	34	-15	5.2	-0.2
AFK	VanEck Africa Index ETF	2.7	98	-79	11.1	+5.8
TOK	iShares MSCI Kokusai ETF	2.7	26	-7	4.3	-1.1
ASLV	Allspring Special Large Value ETF	2.6	35	-16	5.2	-0.2
WTAI	WisdomTree Artificial Intelligence and Innovation Fund	2.6	45	-26	1.8	-3.6
CZA	Invesco Zacks Mid-Cap ETF	2.6	72	-53	5.9	+0.5
URTH	iShares MSCI World ETF	2.5	24	-5	4.3	-1.1
IDV	iShares International Select Dividend ETF	2.5	51	-32	9.1	+3.7
TOGA	Tremblant Global ETF	2.5	69	-50	-0.2	-5.5
KLMT	Invesco MSCI Global Climate 500 ETF	2.5	10	9	4.9	-0.5
QWLD	SPDR MSCI World StrategicFactors ETF	2.4	30	-11	5.2	-0.2
IQM	Franklin Intelligent Machines ETF	2.4	50	-31	1.0	-4.3
DUSA	Davis Select U.S. Equity ETF	2.3	61	-42	7.0	+1.6
DIVD	Altrius Global Dividend ETF Altrius Global Divid ETF	2.3	49	-30	8.0	+2.6
RVRB	Reverb ETF	2.3	30	-11	3.8	-1.6
FDG	American Century Focused Dynamic Growth ETF	2.3	45	-26	1.7	-3.7
CGDV	Capital Group Dividend Value ETF	2.3	33	-14	3.8	-1.6
AKAF	The Frontier Economic Fund	2.3	20	-1	5.2	-0.2
FGD	First Trust Dow Jones Global Select Dividend Index Fund	2.2	56	-37	9.7	+4.3
ACWI	iShares MSCI ACWI ETF	2.2	32	-13	4.6	-0.8
COPX	Global X Copper Miners ETF	2.2	65	-46	4.3	-1.1
ICOP	iShares Copper and Metals Mining ETF	2.2	47	-28	5.6	+0.2
PICK	iShares MSCI Global Metals & Mining Producers ETF	2.2	39	-20	7.9	+2.6
COPA	Themes Copper Miners ETF	2.2	35	-16	3.1	-2.3
VRAI	Virtus Real Asset Income ETF	2.2	55	-36	8.3	+2.9
ESGG	FlexShares STOXX Global ESG Select Index Fund	2.2	42	-23	4.0	-1.4
LOGO	Alpha Brands Consumption Leaders ETF	2.2	69	-50	2.6	-2.8
EPU	iShares MSCI Peru and Global Exposure ETF	2.1	59	-40	4.8	-0.6
DWX	SPDR S&P International Dividend ETF	2.1	45	-26	6.8	+1.4
VT	Vanguard Total World Stock ETF	2.1	6	13	5.0	-0.4
JPEF	JPMorgan Equity Focus ETF	2.1	50	-31	3.8	-1.6
GURU	Global X Guru Index ETF	2.1	75	-56	2.4	-3.0
GPT	Intelligent Alpha Atlas ETF	2.0	69	-50	6.2	+0.8
CGIE	Capital Group International Equity ETF	2.0	54	-35	4.6	-0.8
CCSO	Carbon Collective Climate Solutions US Equity ETF	2.0	35	-16	0.9	-4.5
IVLU	iShares MSCI Intl Value Factor ETF	2.0	30	-11	8.0	+2.6
BATT	Amplify Lithium & Battery Technology ETF	2.0	59	-40	1.9	-3.5
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	2.0	9	10	4.8	-0.5
TBG	TBG Dividend Focus ETF	2.0	59	-40	6.2	+0.8
KOCG	FIS Knights of Columbus Global Belief ETF	2.0	75	-56	4.5	-0.9
QLV	FlexShares US Quality Low Volatility Index Fund	2.0	22	-3	5.1	-0.3
JXI	iShares Global Utilities ETF	1.9	43	-24	5.2	-0.1
CGUS	Capital Group Core Equity ETF	1.9	33	-14	3.6	-1.8
CCNR	ALPS CoreCommodity Natural Resources ETF	1.9	39	-20	8.0	+2.7
ION	ProShares S&P Global Core Battery Metals ETF	1.9	58	-39	6.0	+0.6
AOTG	AOT Growth and Innovation ETF	1.8	75	-56	1.2	-4.2
JSTC	Adasina Social Justice All Cap Global ETF	1.8	89	-70	4.3	-1.1
RFDI	First Trust Riverfront Dynamic Developed International ETF	1.8	83	-64	7.7	+2.3
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	1.8	80	-61	6.6	+1.2
ISHP	First Trust Nasdaq Retail ETF	1.8	60	-41	5.5	+0.1
DINT	Davis Select International ETF	1.8	55	-36	6.1	+0.7
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	1.7	60	-41	3.4	-2.0
FBCV	Fidelity Blue Chip Value ETF	1.7	59	-40	5.8	+0.4
NETZ	TCW Transform Systems ETF	1.7	75	-56	1.3	-4.1
NUKZ	Range Nuclear Renaissance Index ETF	1.7	85	-66	1.3	-4.0
SAMM	Strategas Macro Momentum ETF	1.7	66	-47	3.6	-1.8
MID	American Century Mid Cap Growth Impact ETF	1.7	45	-26	3.0	-2.4
URA	Global X Uranium ETF	1.7	69	-50	0.9	-4.5
URAN	Themes Uranium & Nuclear ETF	1.7	35	-16	1.0	-4.4
AIPO	Defiance AI & Power Infrastructure ETF	1.7	69	-50	0.7	-4.7
TNUK	Tortoise Nuclear Renaissance ETF	1.7	75	-56	0.8	-4.6
FBCG	Fidelity Blue Chip Growth ETF	1.7	59	-40	2.1	-3.3
ARKQ	ARK Autonomous Technology & Robotics ETF	1.6	75	-56	0.9	-4.5
RCGE	RockCreek Global Equality ETF	1.6	95	-76	6.2	+0.8
KXI	iShares Global Consumer Staples ETF	1.6	41	-22	5.4	-0.0
SIXG	Defiance Connective Technologies ETF	1.6	30	-11	2.8	-2.6
AIVC	Amplify Bloomberg AI Value Chain ETF	1.6	59	-40	3.2	-2.2
WCLD	WisdomTree Cloud Computing Fund	1.6	45	-26	1.4	-4.0
CAML	Congress Large Cap Growth ETF	1.6	66	-47	2.4	-3.0
DTAN	Sparkline International Intangible Value ETF	1.6	55	-36	7.1	+1.7
TIME	Clockwise Core Equity & Innovation ETF	1.6	95	-76	2.1	-3.3
FDIG	Fidelity Crypto Industry and Digital Payments ETF	1.5	39	-20	-1.2	-6.6
GRNJ	Fundstrat Granny Shots US Small & Mid Cap ETF	1.5	75	-56	1.8	-3.6
GLOF	iShares Global Equity Factor ETF	1.5	20	-1	5.5	+0.2
FPXI	First Trust International Equity Opportunities ETF	1.5	70	-51	3.6	-1.8
NBCT	Neuberger Berman Carbon Transition Infrastructure ETF	1.5	55	-36	4.5	-0.9
FVD	First Trust Value Line Dividend Index Fund	1.5	65	-46	5.8	+0.4
QQQ	Invesco QQQ Trust Series I	1.4	20	-1	3.1	-2.3
QQQM	Invesco NASDAQ 100 ETF	1.4	15	4	3.2	-2.2
EV	Mast Global Battery Recycling & Production ETF	1.4	65	-46	6.3	+0.9
DGT	State Street SPDR Global Dow ETF	1.4	50	-31	5.6	+0.2
QQQE	Direxion NASDAQ-100 Equal Weighted Index Shares	1.4	35	-16	3.4	-2.0
IPKW	Invesco International BuyBack Achievers ETF	1.4	55	-36	8.2	+2.8
ABIG	Argent Large Cap ETF	1.4	49	-30	4.3	-1.1
BKCI	BNY Mellon Concentrated International ETF	1.4	80	-61	4.8	-0.6
EMC	Global X Emerging Markets Great Consumer ETF	1.4	75	-56	6.9	+1.5
ARTY	iShares Future AI & Tech ETF	1.4	47	-28	2.3	-3.1
DFIS	Dimensional International Small Cap ETF	1.4	39	-20	6.1	+0.8
EXI	iShares Global Industrials ETF	1.3	42	-23	3.6	-1.8
SETM	Sprott Energy Transition Materials ETF	1.3	65	-46	1.7	-3.7
GMET	VanEck Green Metals ETF	1.3	63	-44	0.5	-4.8
ACWV	iShares MSCI Global Min Vol Factor ETF	1.3	20	-1	5.8	+0.4
AMZA	InfraCap MLP ETF	1.3	164	-145	5.8	+0.5
XDAT	Franklin Exponential Data ETF	1.3	50	-31	1.1	-4.2
AGRW	Allspring LT Large Growth ETF	1.3	35	-16	3.3	-2.1
PPIE	Putnam PanAgora ESG International Equity ETF	1.3	49	-30	6.2	+0.9
IWFG	IQ Winslow Focused Large Cap Growth ETF	1.3	65	-46	2.2	-3.2
OGIG	ALPS O'Shares Global Internet Giants ETF	1.3	48	-29	2.5	-2.9
RW	Rainwater Equity ETF	1.3	125	-106	3.0	-2.4
QUVU	Hartford Quality Value ETF	1.2	46	-27	5.6	+0.2
ANEW	ProShares MSCI Transformational Changes ETF	1.2	45	-26	4.4	-1.0
FTAG	First Trust Indxx Global Agriculture ETF	1.2	70	-51	7.3	+2.0
VEGI	iShares MSCI Agriculture Producers ETF	1.2	39	-20	7.8	+2.4
QQMG	Invesco ESG NASDAQ 100 ETF	1.2	20	-1	3.1	-2.3
VUSV	Vanguard Wellington U.S. Value Active ETF	1.2	30	-11	5.7	+0.3
EIPX	FT Energy Income Partners Strategy ETF	1.2	95	-76	5.8	+0.5
FYLD	Cambria Foreign Shareholder Yield ETF	1.2	59	-40	10.1	+4.7
ABLG	Abacus FCF International Leaders ETF	1.2	59	-40	6.4	+1.0
FNDC	Schwab Fundamental International Small Co. Index ETF	1.2	39	-20	6.8	+1.4
IDHQ	Invesco S&P International Developed High Quality ETF	1.2	29	-10	5.3	-0.1
LIVR	Intelligent Livermore ETF	1.2	69	-50	3.0	-2.4
FFLC	Fidelity Fundamental Large Cap Core ETF	1.1	38	-19	3.8	-1.5
TRFM	AAM Transformers ETF	1.1	49	-30	0.9	-4.4
RXI	iShares Global Consumer Discretionary ETF	1.0	41	-22	8.2	+2.8
SMIG	AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF	1.0	60	-41	5.1	-0.3
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	1.0	49	-30	6.1	+0.7
LCLG	Logan Capital Broad Innovative Growth ETF	1.0	99	-80	2.8	-2.6
VCLN	Virtus Duff & Phelps Clean Energy ETF	1.0	59	-40	2.2	-3.2
IXN	iShares Global Tech ETF	1.0	41	-22	2.5	-2.8
VIDI	Vident International Equity Strategy ETF	0.9	61	-42	8.1	+2.7
GINN	Goldman Sachs Innovate Equity ETF	0.9	52	-33	3.7	-1.7
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	0.9	75	-56	1.7	-3.7
MDLV	Morgan Dempsey Large Cap Value ETF	0.9	58	-39	5.8	+0.4
CDIG	City Different Investments Global Equity ETF	0.9	75	-56	-1.6	-7.0
DWLD	Davis Select Worldwide ETF	0.9	63	-44	6.7	+1.4
EATZ	AdvisorShares Restaurant ETF	0.9	101	-82	4.9	-0.5
FXD	First Trust Consumer Discretionary AlphaDEX Fund	0.9	61	-42	7.9	+2.5
DIVE	Dana Concentrated Dividend ETF	0.9	65	-46	6.9	+1.5
SFYF	SoFi Social 50 ETF	0.9	29	-10	0.8	-4.6
EMM	Global X Emerging Markets ex-China ETF	0.8	75	-56	4.6	-0.8
LEGR	First Trust Indxx Innovative Transaction & Process ETF	0.8	65	-46	7.2	+1.8
CHAT	Roundhill Generative AI & Technology ETF	0.8	75	-56	3.8	-1.6
DISV	Dimensional International Small Cap Value ETF	0.8	42	-23	8.1	+2.7
IBUY	Amplify Online Retail ETF	0.8	65	-46	2.3	-3.1
SRVR	Pacer Data & Infrastructure Real Estate ETF	0.7	55	-36	3.8	-1.6
EIPI	FT Energy Income Partners Enhanced Income ETF	0.7	110	-91	5.4	0.0
EMLP	First Trust North American Energy Infrastructure Fund	0.7	95	-76	4.7	-0.7
EINC	VanEck Energy Income ETF	0.7	48	-29	4.3	-1.0
TMAT	Main Thematic Innovation ETF	0.7	164	-145	-1.9	-7.3
QDEF	FlexShares Quality Dividend Defensive Index Fund	0.7	37	-18	5.4	+0.0
RUNN	Running Oak Efficient Growth ETF	0.6	58	-39	4.9	-0.4
QVMM	Invesco S&P MidCap 400 QVM Multi-factor ETF	0.6	15	4	6.1	+0.7
RFG	Invesco S&P Midcap 400 Pure Growth ETF	0.6	35	-16	4.4	-1.0
XMLV	Invesco S&P MidCap Low Volatility ETF	0.6	25	-6	7.0	+1.6
XMMO	Invesco S&P MidCap Momentum ETF	0.6	34	-15	3.3	-2.1
MIDE	Xtrackers S&P MidCap 400 ESG ETF	0.6	15	4	6.7	+1.3
REGL	ProShares S&P MidCap 400 Dividend Aristocrats ETF	0.6	40	-21	6.9	+1.6
EBIZ	Global X E-Commerce ETF	0.6	50	-31	4.9	-0.5
PAMC	Pacer Lunt MidCap Multi-Factor Alternator ETF	0.6	60	-41	6.6	+1.2
BGDV	Bahl & Gaynor Dividend ETF	0.6	45	-26	3.9	-1.5
MCOW	Pacer S&P MidCap 400 Quality FCF Aristocrats ETF	0.6	49	-30	6.3	+1.0
FIDU	Fidelity MSCI Industrial Index ETF	0.6	8	11	3.6	-1.8
JETS	U.S. Global Jets ETF	0.6	60	-41	2.6	-2.8
NATO	Themes Transatlantic Defense ETF	0.6	35	-16	1.9	-3.5
IXP	iShares Global Comm Services ETF	0.6	42	-23	5.7	+0.3
NXTG	First Trust Indxx NextG ETF	0.6	70	-51	3.4	-2.0
QQWZ	Pacer Cash COWZ 100-Nasdaq100 Rotator ETF	0.6	49	-30	7.2	+1.8
BINV	Brandes International ETF	0.6	70	-51	8.6	+3.3
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	0.6	58	-39	3.3	-2.0
AVDS	Avantis International Small Cap Equity ETF	0.6	30	-11	6.0	+0.6
HAIL	State Street SPDR S&P Kensho Smart Mobility ETF	0.5	45	-26	-1.4	-6.7
HWSM	Hotchkis & Wiley SMID Cap Diversified Value ETF	0.5	55	-36	8.8	+3.4
TCV	Towle Value ETF	0.5	85	-66	9.2	+3.8
ZAP	Global X U.S. Electrification ETF	0.5	50	-31	3.4	-2.0
ONEQ	Fidelity Nasdaq Composite Index ETF	0.5	21	-2	2.8	-2.6
RFDA	RiverFront Dynamic US Dividend Advantage ETF	0.5	52	-33	5.1	-0.3
JGRO	JPMorgan Active Growth ETF	0.5	44	-25	2.4	-3.0
CARZ	First Trust NASDAQ Global Auto Index Fund	0.4	70	-51	2.2	-3.2
GOP	Unusual Whales Subversive Republican Trading ETF	0.4	50	-31	4.2	-1.2
AIS	VistaShares Artificial Intelligence Supercycle ETF	0.4	75	-56	0.8	-4.6
QQLV	Invesco QQQ Low Volatility ETF	0.4	25	-6	4.3	-1.1
SCHY	Schwab International Dividend Equity ETF	0.4	14	5	8.5	+3.1
ISCF	iShares International SmallCap Equity Factor ETF	0.4	23	-4	7.3	+1.9
AVMC	Avantis U.S. Mid Cap Equity ETF	0.4	18	1	6.0	+0.6
SIXL	ETC 6 Meridian Low Beta Equity ETF	0.4	80	-61	6.1	+0.7
TCAI	Tortoise AI Infrastructure ETF	0.4	65	-46	1.1	-4.3
FPWR	First Trust EIP Power Solutions ETF	0.4	96	-77	4.3	-1.1
OSCV	Opus Small Cap Value ETF	0.4	79	-60	6.0	+0.6
SCDV	Bahl & Gaynor Small Cap Dividend ETF	0.4	70	-51	4.1	-1.3
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics ETF	0.4	65	-46	1.3	-4.1
BCDF	Horizon Kinetics Blockchain Development ETF	0.4	85	-66	3.9	-1.5
AZTD	Aztlan Global Stock Selection DM SMID ETF	0.4	75	-56	4.1	-1.3
EBLU	Ecofin Global Water ESG Fund	0.3	40	-21	4.6	-0.8
PHO	Invesco Water Resources ETF	0.3	60	-41	5.1	-0.3
PIO	Invesco Global Water ETF	0.3	75	-56	4.5	-0.9
LOWV	AB US Low Volatility Equity ETF	0.3	48	-29	4.4	-1.0
EFRA	iShares Environmental Infrastructure and Industrials ETF	0.3	47	-28	5.1	-0.3
TBLU	Tortoise Global Water ESG ETF	0.3	40	-21	4.6	-0.8
AIQ	Global X Artificial Intelligence & Technology ETF	0.3	68	-49	2.6	-2.8
QLC	FlexShares US Quality Large Cap Index Fund	0.3	25	-6	4.5	-0.9
OMFL	Invesco Russell 1000 Dynamic Multifactor ETF	0.3	29	-10	4.0	-1.4
KOMP	State Street SPDR S&P Kensho New Economies Composite ETF	0.3	20	-1	0.8	-4.6
ALRG	Allspring LT Large Core ETF	0.3	28	-9	3.5	-1.9
ACVF	American Conservative Values ETF	0.3	75	-56	3.7	-1.7
RECS	Columbia Research Enhanced Core ETF	0.3	15	4	5.3	-0.1
QQQS	Invesco NASDAQ Future Gen 200 ETF	0.3	20	-1	-3.6	-9.0
CIBR	First Trust NASDAQ Cybersecurity ETF	0.3	60	-41	3.6	-1.8
WRND	IQ Global Equity R&D Leaders ETF	0.3	18	1	4.0	-1.4
PPA	Invesco Aerospace & Defense ETF	0.3	58	-39	1.8	-3.6
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.3	49	-30	4.4	-0.9
DEUS	Xtrackers Russell US Multifactor ETF	0.3	17	2	6.4	+1.1
SIMS	State Street SPDR S&P Kensho Intelligent Structures ETF	0.3	45	-26	4.3	-1.1
USEW	Cambria US EW ETF	0.2	30	-11	4.1	-1.3
JMEE	JPMorgan Market Expansion Enhanced Equity ETF	0.2	24	-5	5.9	+0.6
FFSM	Fidelity Fundamental Small-Mid Cap ETF	0.2	43	-24	4.9	-0.5
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.2	70	-51	6.8	+1.4
GDXJ	VanEck Junior Gold Miners ETF	0.2	52	-33	3.2	-2.2
GOEX	Global X Gold Explorers ETF	0.2	65	-46	2.5	-2.9
FDCF	Fidelity Disruptive Communications ETF	0.2	50	-31	1.8	-3.5
AQLT	iShares MSCI Global Quality Factor ETF	0.2	18	1	0.0	-5.4
PRXV	Praxis Impact Large Cap Value ETF	0.2	36	-17	5.6	+0.2
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.2	10	9	8.6	+3.3
DAK	Dakota Active Equity ETF	0.2	43	-24	3.7	-1.7
KNCT	Invesco Next Gen Connectivity ETF	0.2	40	-21	2.8	-2.6
AVSC	Avantis U.S Small Cap Equity ETF	0.2	25	-6	4.6	-0.8
EQAL	Invesco Russell 1000 Equal Weight ETF	0.2	20	-1	6.1	+0.7
RWK	Invesco S&P MidCap 400 Revenue ETF	0.2	39	-20	7.8	+2.4
PRXG	Praxis Impact Large Cap Growth ETF	0.2	36	-17	3.1	-2.3
JVAL	JPMorgan U.S. Value Factor ETF	0.2	12	7	6.7	+1.3
AVDV	Avantis International Small Cap Value ETF	0.1	36	-17	7.7	+2.3
REVS	Columbia Research Enhanced Value ETF	0.1	19	0	6.6	+1.2
GVUS	Marketbeta Russell 1000 Value Equity ETF	0.1	12	7	5.4	0.0
VSLU	Applied Finance Valuation Large Cap ETF	0.1	49	-30	4.9	-0.5
WSML	iShares MSCI World Small-Cap ETF	0.1	15	4	5.3	-0.1
SMDX	Intech S&P Small-Mid Cap Divers Alp ETF	0.1	35	-16	6.3	+1.0
LCTU	BlackRock U.S. Carbon Transition Readiness ETF	0.1	14	5	4.1	-1.2
JAVA	JPMorgan Active Value ETF	0.1	44	-25	5.5	+0.1
USCA	Xtrackers MSCI USA Climate Action Equity ETF	0.1	7	12	4.4	-1.0
GGUS	Marketbeta Russell 1000 Growth Equity ETF	0.1	12	7	3.4	-2.0
PBUS	Invesco MSCI USA ETF	0.1	4	15	4.2	-1.2
MNZL	Manzil Russell Halal USA Broad MarketETF	0.1	40	-21	3.7	-1.7
IUS	Invesco RAFI Strategic US ETF	0.1	19	0	5.5	+0.2
SFGV	Sequoia Global Value ETF	0.0	23	-4	7.1	+1.7
APUE	ActivePassive U.S. Equity ETF	0.0	45	-26	3.9	-1.5
AVUS	Avantis U.S. Equity ETF	0.0	15	4	4.7	-0.7
XT	iShares Exponential Technologies ETF	0.0	46	-27	3.8	-1.6
AVSU	Avantis Responsible U.S. Equity ETF	0.0	15	4	4.9	-0.5
EBI	Longview Advantage ETF	0.0	35	-16	5.9	+0.5
GWX	SPDR S&P International Small Cap ETF	0.0	40	-21	5.9	+0.5

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	JPMorgan BetaBuilders Canada ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.5	%
Divided by: Fwd. P/BV	2.4	x
Less: Expense ratio	19	bp
Equals: ALTAR Score	5.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	CATEGORY AVERAGE	1.64

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.