ETF Research Center

WisdomTree International High Dividend Fund

ALTAR
Score™

8.5%

Recommen-
dation

OVERWEIGHT

2025E 2026E
P/E ratio	11.1x	P/Sales ratio	1.0x
P/BV ratio	1.5x	Div. yield	7.5%

Description
Performance
Comps
Fundamentals
Valuation
Rating

WisdomTree DEFA Equity Income Fund seeks investment results that correspond to the performance of the WisdomTree DIEFA Equity Income Index.

FUND BASICS
Category	International Equities
Fund Sponsor	WisdomTree ETFs/USA
Website	www.wisdomtree.com
Inception date	Jun 16, 2006
Assets (mns)	$397
Currency	USD
Expense ratio	58 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Dividend
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	589
Wgt avg mkt cap (mns)	$55,156
Large cap (>$10bn)	73.1%
Mid cap ($2-10bn)	15.7%
Small cap (<$2bn)	11.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	24.0 %
HSBC HOLDINGS PLC	5.2 %
BRITISH AMERICAN TOBACCO PLC	2.7 %
INTESA SANPAOLO S.P.A.	2.5 %
ALLIANZ SE-REG	2.2 %
BANCO BILBAO VIZCAYA ARGENTA	2.1 %
SHELL PLC	2.1 %
ENEL SPA	2.0 %
TOTAL SA	1.8 %
IBERDROLA SA	1.7 %
GDF SUEZ	1.7 %

TOP COUNTRY EXPOSURE
	BRITAIN	19.7 %
	JAPAN	11.9 %
	FRANCE	11.2 %
	SPAIN	10.3 %
	AUSTRALIA	9.8 %
	ITALY	9.5 %
	HONG KONG	6.2 %
	SINGAPORE	5.1 %
	GERMANY	5.1 %
	NORWAY	4.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru September 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
31.1%	19.5%	13.3%	7.3%	4.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.55	27%
MSCI EAFE	0.73	59%
MSCI Emg. Mkts.	0.62	48%

Technical Indicators
Recent close	$48.70
30d moving avg.	$48.86
Annualized volatility	14.4%
Short interest (ETF)	0.1%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	29
Turnover	0.4%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$8,880

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 446 potential alternatives to the WisdomTree International High Dividend Fund ETF based on the alternatives' overlap in portfolio holdings with DTH. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

DTH

Expense:

58 bp

ALTAR Score™:

8.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DTH
Ticker	Fund Name	Overlap¹ vs DTH (%)	Expense ratio (bp)	Savings vs DTH (bp)	ALTAR Score™ (%)	ALTAR vs DTH (%)
DOL	WisdomTree International LargeCap Dividend Fund	55.9	48	10	7.1	-1.4
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	53.2	40	18	7.4	-1.2
DWM	WisdomTree International Equity Fund	53.2	48	10	7.4	-1.2
LVHI	Franklin International Low Volatility High Dividend Index ET	42.0	40	18	10.2	+1.7
DIVI	Franklin International Core Dividend Tilt Index ETF	42.0	9	49	7.9	-0.7
EFV	iShares MSCI EAFE Value ETF	38.6	34	24	9.0	+0.5
VWID	Virtus WMC International Dividend ETF	38.5	49	9	8.5	-0.0
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	33.5	9	49	9.3	+0.8
DEW	WisdomTree Global High Dividend Fund	31.0	58	0	8.5	-0.0
FIDI	Fidelity International High Dividend ETF	29.8	18	40	8.7	+0.1
IVLU	iShares MSCI Intl Value Factor ETF	29.5	30	28	10.2	+1.7
VYMI	Vanguard International High Dividend Yield ETF	29.5	17	41	9.5	+1.0
JHMD	John Hancock Multifactor Developed International ETF	29.3	39	19	7.5	-1.0
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	28.9	46	12	6.5	-2.0
BBEU	JPMorgan BetaBuilders Europe ETF	28.7	9	49	7.2	-1.4
IDV	iShares International Select Dividend ETF	28.3	51	7	10.5	+2.0
GCOW	Pacer Global Cash Cows Dividend ETF	28.2	60	-2	11.1	+2.5
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	27.8	45	13	6.7	-1.8
FLEE	Franklin FTSE Europe ETF	27.8	9	49	7.2	-1.3
HFXI	IQ FTSE International Equity Currency Neutral ETF	27.4	20	38	6.8	-1.7
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	27.3	36	22	6.3	-2.3
GSID	Goldman Sachs MarketBeta International Equity ETF	27.0	20	38	6.8	-1.7
QEFA	SPDR MSCI EAFE StrategicFactors ETF	27.0	30	28	7.0	-1.5
RFDI	First Trust Riverfront Dynamic Developed International ETF	26.9	83	-25	9.3	+0.8
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	26.9	45	13	8.6	+0.1
DFIV	Dimensional International Value ETF	26.8	27	31	9.6	+1.0
FNDF	Schwab Fundamental International Large Co. Index ETF	26.3	25	33	9.3	+0.8
JIRE	JPMorgan International Research Enhanced Equity ETF	26.3	24	34	7.1	-1.4
DWMF	WisdomTree International Multifactor Fund	26.0	38	20	7.2	-1.4
JPIN	J.P. Morgan Diversified Return International Equity ETF	25.7	37	21	8.3	-0.2
EFAV	iShares MSCI EAFE Min Vol Factor ETF	25.5	22	36	5.9	-2.7
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	25.5	25	33	7.3	-1.2
CIL	VictoryShares International Volatility Wtd ETF	25.4	45	13	6.6	-1.9
IMTM	iShares MSCI Intl Momentum Factor ETF	25.2	30	28	5.4	-3.1
IEV	iShares Europe ETF	25.1	67	-9	6.8	-1.7
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	24.9	39	19	7.9	-0.7
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	24.8	39	19	6.7	-1.8
FENI	Fidelity Enhanced International ETF	24.7	28	30	6.4	-2.1
EZU	iShares MSCI Eurozone ETF	24.6	52	6	6.6	-1.9
IDMO	Invesco S&P International Developed Momentum ETF	24.5	25	33	5.3	-3.2
BKIE	BNY Mellon International Equity ETF	24.3	4	54	7.0	-1.6
GSIE	Goldman Sachs ActiveBeta International Equity ETF	24.2	25	33	7.1	-1.4
VGK	Vanguard FTSE Europe ETF	24.0	6	52	7.5	-1.1
FIVA	Fidelity International Value Factor ETF	24.0	18	40	9.7	+1.2
IQDF	FlexShares International Quality Dividend Index Fund	23.9	47	11	8.8	+0.3
IEUR	iShares Core MSCI Europe ETF	23.7	11	47	7.4	-1.2
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	23.7	47	11	8.0	-0.5
EFA	iShares MSCI EAFE ETF	23.6	35	23	6.6	-1.9
SPEU	SPDR Portfolio Europe ETF	23.0	7	51	7.4	-1.1
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	22.7	80	-22	6.1	-2.4
JHID	John Hancock International High Dividend ETF	22.7	46	12	9.4	+0.9
TPIF	Timothy Plan International ETF	22.6	62	-4	6.2	-2.3
SCHY	Schwab International Dividend Equity ETF	22.3	14	44	9.7	+1.2
IDLV	Invesco S&P International Developed Low Volatility ETF	22.3	25	33	6.5	-2.0
IEFA	iShares Core MSCI EAFE ETF	22.2	7	51	6.9	-1.6
CEFA	Global X S&P Catholic Values Developed ex-US ETF	22.2	35	23	6.5	-2.0
ESGD	iShares ESG Aware MSCI EAFE ETF	22.1	20	38	6.6	-1.9
DIM	WisdomTree International MidCap Dividend Fund	22.1	58	0	7.6	-0.9
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	22.0	29	29	7.8	-0.8
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	21.9	20	38	6.3	-2.2
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	21.7	14	44	6.1	-2.4
EFAS	Global X MSCI SuperDividend EAFE ETF	21.1	57	1	8.5	-0.0
STXI	Strive International Developed Markets ETF	20.9	29	29	6.6	-2.0
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	20.8	20	38	6.3	-2.3
INTF	iShares International Equity Factor ETF	20.5	15	43	7.5	-1.0
EUFN	iShares MSCI Europe Financials ETF	20.4	51	7	7.9	-0.6
QINT	American Century Quality Diversified International ETF	20.4	39	19	7.2	-1.3
IQLT	iShares MSCI Intl Quality Factor ETF	20.3	30	28	6.2	-2.3
DFAI	Dimensional International Core Equity Market ETF	20.1	18	40	7.1	-1.5
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	19.9	24	34	7.5	-1.0
IDOG	ALPS International Sector Dividend Dogs ETF	19.9	50	8	11.9	+3.4
IDEV	iShares Core MSCI International Developed Markets ETF	19.8	4	54	6.9	-1.7
RFEU	First Trust Riverfront Dynamic Europe ETF	19.8	83	-25	10.4	+1.9
UIVM	VictoryShares International Value Momentum ETF	19.4	35	23	9.0	+0.4
AIVI	WisdomTree International AI Enhanced Value Fund	19.3	58	0	7.2	-1.3
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	19.1	32	26	6.2	-2.3
RODE	Hartford Multifactor Diversified International ETF	19.1	29	29	11.5	+3.0
FEZ	SPDR EURO STOXX 50 ETF	19.1	29	29	7.0	-1.5
SPDW	SPDR Portfolio Developed World ex-US ETF	19.0	3	55	6.8	-1.7
VEA	Vanguard FTSE Developed Markets ETF	19.0	3	55	7.1	-1.5
AVDE	Avantis International Equity ETF	18.7	23	35	7.3	-1.3
DXIV	Dimensional International Vector Equity ETF	18.7	34	24	7.8	-0.7
SCHF	Schwab International Equity ETF	18.6	6	52	7.1	-1.4
IQSI	IQ Candriam International Equity ETF	18.5	15	43	6.6	-1.9
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	18.2	65	-7	11.5	+3.0
DFIC	Dimensional International Core Equity 2 ETF	18.2	23	35	7.4	-1.2
AVIV	Avantis International Large Cap Value ETF	17.9	25	33	8.4	-0.1
FLGB	Franklin FTSE United Kingdom ETF	17.9	9	49	7.4	-1.1
AVSD	Avantis Responsible International Equity ETF	17.6	23	35	5.6	-3.0
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	17.6	41	17	7.1	-1.5
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	17.4	18	40	7.8	-0.7
NUDM	Nuveen ESG International Developed Markets Equity ETF	17.3	31	27	6.1	-2.4
DIHP	Dimensional International High Profitability ETF	17.0	29	29	7.1	-1.4
DFSI	Dimensional International Sustainability Core 1 ETF	16.5	24	34	6.3	-2.2
EPP	iShares MSCI Pacific ex-Japan ETF	16.1	47	11	5.2	-3.4
IPAC	iShares Core MSCI Pacific ETF	16.1	9	49	6.2	-2.3
IMFL	Invesco International Developed Dynamic Multifactor ETF	16.0	34	24	5.9	-2.6
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	15.9	19	39	5.9	-2.6
CWI	SPDR MSCI ACWI ex-US ETF	15.4	30	28	7.4	-1.1
WWJD	Inspire International ETF	15.0	80	-22	7.3	-1.3
ACWX	iShares MSCI ACWI ex U.S. ETF	14.8	34	24	7.5	-1.1
DMXF	iShares ESG Advanced MSCI EAFE ETF	14.7	12	46	5.4	-3.1
VEU	Vanguard FTSE All-World ex-US Index Fund	14.4	4	54	7.9	-0.6
FDEV	Fidelity International Multifactor ETF	14.4	18	40	7.6	-1.0
FYLD	Cambria Foreign Shareholder Yield ETF	14.2	59	-1	11.8	+3.3
IXUS	iShares Core MSCI Total International Stock ETF	13.9	7	51	7.7	-0.8
VPL	Vanguard FTSE Pacific ETF	13.9	7	51	6.5	-2.0
PPIE	Putnam PanAgora ESG International Equity ETF	13.8	49	9	7.3	-1.3
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	13.8	12	46	5.9	-2.6
FGD	First Trust Dow Jones Global Select Dividend Index Fund	13.8	56	2	10.8	+2.3
DLS	WisdomTree International SmallCap Dividend Fund	13.7	58	0	8.3	-0.2
VXUS	Vanguard Total International Stock ETF	13.7	5	53	7.7	-0.8
IXG	iShares Global Financials ETF	13.6	42	16	6.7	-1.8
FEUZ	First Trust Eurozone AlphaDEX ETF	13.1	80	-22	9.1	+0.6
FNDC	Schwab Fundamental International Small Co. Index ETF	13.1	39	19	5.8	-2.7
INEQ	Columbia International Equity Income ETF	12.8	45	13	8.0	-0.5
FEP	First Trust Europe AlphaDEX Fund	12.6	80	-22	9.0	+0.5
DWX	SPDR S&P International Dividend ETF	12.6	45	13	6.3	-2.3
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	12.4	30	28	7.7	-0.8
IDHQ	Invesco S&P International Developed High Quality ETF	12.4	29	29	6.5	-2.0
EWU	iShares MSCI United Kingdom ETF	12.4	50	8	8.0	-0.5
RCGE	RockCreek Global Equality ETF	12.1	95	-37	6.8	-1.7
VSGX	Vanguard ESG International Stock ETF	12.0	10	48	7.5	-1.0
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	11.8	46	12	9.9	+1.3
DGT	SPDR Global Dow ETF	11.7	50	8	6.8	-1.8
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	11.4	47	11	5.9	-2.7
ESGG	FlexShares STOXX Global ESG Select Index Fund	11.3	42	16	5.2	-3.3
DVYA	iShares Asia/Pacific Dividend ETF	11.3	49	9	7.5	-1.0
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	11.2	25	33	6.0	-2.6
DFIS	Dimensional International Small Cap ETF	11.1	39	19	7.3	-1.2
SCZ	iShares MSCI EAFE Small-Cap ETF	10.8	40	18	6.9	-1.6
LEGR	First Trust Indxx Innovative Transaction & Process ETF	10.8	65	-7	7.6	-0.9
GNR	SPDR S&P Global Natural Resources ETF	10.7	40	18	10.9	+2.4
JXI	iShares Global Utilities ETF	10.7	43	15	5.6	-3.0
IPKW	Invesco International BuyBack Achievers ETF	10.6	55	3	12.6	+4.1
VIDI	Vident International Equity Strategy ETF	10.6	61	-3	10.5	+2.0
CGDG	Capital Group Dividend Growers ETF	10.5	47	11	6.2	-2.3
BLES	Inspire Global Hope ETF	10.4	61	-3	6.8	-1.7
EWQ	iShares MSCI France ETF	10.0	53	5	7.2	-1.3
AVDS	Avantis International Small Cap Equity ETF	9.8	30	28	7.2	-1.3
CGIE	Capital Group International Equity ETF	9.8	54	4	5.0	-3.5
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	9.7	49	9	6.9	-1.7
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	9.7	80	-22	9.2	+0.7
FDD	First Trust Stoxx European Select Dividend Index Fund	9.4	58	0	11.4	+2.9
FICS	First Trust International Developed Capital Strength ETF	9.0	70	-12	7.6	-1.0
QWLD	SPDR MSCI World StrategicFactors ETF	9.0	30	28	5.9	-2.6
FID	First Trust S&P International Dividend Aristocrats ETF	8.9	60	-2	8.0	-0.5
DISV	Dimensional International Small Cap Value ETF	8.9	42	16	8.9	+0.4
SCHC	Schwab International Small-Cap Equity ETF	8.8	11	47	6.6	-2.0
BINV	Brandes International ETF	8.6	70	-12	9.2	+0.7
EWP	iShares MSCI Spain ETF	8.6	50	8	6.9	-1.7
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	8.6	58	0	8.6	+0.1
DXJ	WisdomTree Japan Hedged Equity Fund	8.5	48	10	7.0	-1.5
FLAU	Franklin FTSE Australia ETF	8.5	9	49	6.1	-2.4
EUDG	WisdomTree Europe Quality Dividend Growth Fund	8.5	58	0	7.0	-1.5
IEUS	iShares MSCI Europe Small-Cap ETF	8.3	42	16	7.4	-1.1
BLLD	JPMorgan Sustainable Infrastructure ETF	8.3	49	9	6.2	-2.3
ISCF	iShares International SmallCap Equity Factor ETF	8.2	23	35	8.2	-0.3
WDIV	SPDR S&P Global Dividend ETF	8.1	40	18	9.4	+0.9
EWI	iShares MSCI Italy ETF	8.1	50	8	10.7	+2.2
AVDV	Avantis International Small Cap Value ETF	8.0	36	22	9.2	+0.7
WLDR	Affinity World Leaders Equity ETF	8.0	67	-9	7.4	-1.1
FILL	iShares MSCI Global Energy Producers ETF	8.0	39	19	11.7	+3.2
IGRO	iShares International Dividend Growth ETF	7.9	15	43	7.3	-1.2
IXC	iShares Global Energy ETF	7.9	44	14	10.2	+1.7
COPY	Tweedy, Browne Insider + Value ETF	7.6	80	-22	11.9	+3.4
GVAL	Cambria Global Value ETF	7.5	68	-10	10.2	+1.7
FKU	First Trust United Kingdom AlphaDEX Fund	7.4	80	-22	7.3	-1.2
EWA	iShares MSCI Australia ETF	7.4	50	8	5.7	-2.8
IGF	iShares Global Infrastructure ETF	7.1	41	17	4.7	-3.8
GII	SPDR S&P Global Infrastructure ETF	7.1	40	18	4.7	-3.8
KOKU	Xtrackers MSCI Kokusai Equity ETF	7.1	9	49	5.1	-3.5
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	6.9	65	-7	4.1	-4.4
IQDG	WisdomTree International Quality Dividend Growth Fund	6.9	42	16	7.3	-1.2
DTAN	Sparkline International Intangible Value ETF	6.9	55	3	8.6	+0.0
TTAI	FCF International Quality ETF	6.8	59	-1	7.4	-1.1
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	6.7	58	0	6.9	-1.6
FLJP	Franklin FTSE Japan ETF	6.7	9	49	6.1	-2.4
FLJH	Franklin FTSE Japan Hedged ETF	6.7	9	49	5.6	-2.9
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	6.6	8	50	6.1	-2.4
GWX	SPDR S&P International Small Cap ETF	6.6	40	18	6.0	-2.5
HEDJ	WisdomTree Europe Hedged Equity Fund	6.5	58	0	6.4	-2.1
JPXN	iShares JPX-Nikkei 400 ETF	6.3	48	10	6.4	-2.1
EUDV	ProShares MSCI Europe Dividend Growers ETF	6.3	55	3	6.5	-2.0
GLOF	iShares Global Equity Factor ETF	6.3	20	38	6.3	-2.2
IQRA	IQ CBRE Real Assets ETF	6.1	65	-7	5.7	-2.8
URTH	iShares MSCI World ETF	5.9	24	34	4.9	-3.6
TOK	iShares MSCI Kokusai ETF	5.9	26	32	4.9	-3.6
EFAD	ProShares MSCI EAFE Dividend Growers ETF	5.8	50	8	6.1	-2.4
CGXU	Capital Group International Focus Equity ETF	5.8	54	4	5.2	-3.3
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	5.7	80	-22	4.9	-3.6
DFE	WisdomTree Europe SmallCap Dividend Fund	5.6	58	0	8.4	-0.2
RAYD	Rayliant Quantitative Developed Market Equity ETF	5.6	80	-22	4.4	-4.1
BBJP	JPMorgan BetaBuilders Japan ETF	5.6	19	39	6.5	-2.0
FLHK	Franklin FTSE Hong Kong ETF	5.6	9	49	6.7	-1.8
KXI	iShares Global Consumer Staples ETF	5.6	41	17	5.8	-2.7
KLMT	Invesco MSCI Global Climate 500 ETF	5.6	10	48	5.6	-3.0
ACWV	iShares MSCI Global Min Vol Factor ETF	5.6	20	38	6.3	-2.2
NXTG	First Trust Indxx NextG ETF	5.6	70	-12	4.9	-3.6
FAN	First Trust Global Wind Energy ETF	5.5	60	-2	4.2	-4.3
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	5.5	9	49	5.5	-3.0
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	5.4	47	11	5.6	-2.9
PICK	iShares MSCI Global Metals & Mining Producers ETF	5.4	39	19	11.3	+2.7
EWJV	iShares MSCI Japan Value ETF	5.3	15	43	8.7	+0.2
EWJ	iShares MSCI Japan ETF	5.3	50	8	5.9	-2.6
MXI	iShares Global Materials ETF	5.3	41	17	7.6	-0.9
ACWI	iShares MSCI ACWI ETF	5.3	32	26	5.4	-3.2
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	5.3	25	33	6.7	-1.8
IVAL	Alpha Architect International Quantitative Value ETF	5.2	49	9	9.9	+1.4
EFG	iShares MSCI EAFE Growth ETF	5.1	36	22	4.3	-4.2
VT	Vanguard Total World Stock ETF	5.1	6	52	5.7	-2.8
RNWZ	TrueShares Eagle Global Renewable Energy Income ETF	5.1	75	-17	7.2	-1.4
CCNR	ALPS CoreCommodity Natural Resources ETF	5.1	39	19	10.0	+1.5
FLAX	Franklin FTSE Asia Ex Japan ETF	5.0	19	39	8.7	+0.1
AGQI	First Trust Active Global Quality Income ETF	4.9	85	-27	4.8	-3.7
IXP	iShares Global Comm Services ETF	4.9	42	16	5.5	-3.0
CRBN	iShares MSCI ACWI Low Carbon Target ETF	4.8	20	38	5.5	-3.1
DXJS	WisdomTree Japan Hedged SmallCap Equity Fund	4.8	58	0	6.9	-1.6
VNQI	Vanguard Global ex-U.S. Real Estate ETF	4.8	12	46	8.2	-0.4
DFJ	WisdomTree Japan SmallCap Dividend Fund	4.7	58	0	7.7	-0.8
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	4.7	46	12	5.8	-2.8
FEOE	First Eagle Overseas Equity ETF	4.7	79	-21	7.7	-0.8
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	4.7	80	-22	8.5	-0.0
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	4.6	10	48	8.2	-0.4
WBAT	WisdomTree Battery Value Chain and Innovation Fund	4.6	45	13	4.0	-4.5
UMMA	Wahed Dow Jones Islamic World ETF	4.6	65	-7	5.1	-3.4
SCJ	iShares MSCI Japan Small-Cap ETF	4.5	50	8	6.7	-1.9
EWH	iShares MSCI Hong Kong ETF	4.5	50	8	5.2	-3.4
OAIM	OneAscent International Equity ETF	4.5	95	-37	5.6	-2.9
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	4.4	80	-22	10.5	+1.9
IOO	iShares Global 100 ETF	4.4	41	17	4.4	-4.1
JSTC	Adasina Social Justice All Cap Global ETF	4.4	89	-31	4.9	-3.7
AAXJ	iShares MSCI All Country Asia ex Japan ETF	4.3	70	-12	8.7	+0.2
OCEN	IQ Clean Oceans ETF	4.3	45	13	6.1	-2.4
EWS	iShares MSCI Singapore ETF	4.3	50	8	4.9	-3.6
SMOG	VanEck Low Carbon Energy ETF	4.2	61	-3	1.5	-7.0
CGGO	Capital Group Global Growth Equity ETF	4.2	47	11	4.5	-4.0
IFGL	iShares International Developed Real Estate ETF	4.2	48	10	7.1	-1.4
ASEA	Global X FTSE Southeast Asia ETF	4.2	65	-7	6.6	-1.9
PATN	Pacer Nasdaq International Patent Leaders ETF	4.2	65	-7	5.6	-2.9
AIA	iShares Asia 50 ETF	4.1	50	8	11.3	+2.8
ERET	iShares Environmentally Aware Real Estate ETF	4.0	30	28	7.4	-1.1
ENOR	iShares MSCI Norway ETF	4.0	53	5	11.3	+2.7
NORW	Global X MSCI Norway ETF	4.0	50	8	11.0	+2.5
JGLO	JPMorgan Global Select Equity ETF	3.9	33	25	5.0	-3.6
EWG	iShares MSCI Germany ETF	3.9	50	8	6.6	-2.0
HAP	VanEck Natural Resources ETF	3.9	50	8	9.1	+0.6
FLGR	Franklin FTSE Germany ETF	3.8	9	49	7.3	-1.2
GSFP	Goldman Sachs Future Planet Equity ETF	3.8	75	-17	4.9	-3.6
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	3.8	12	46	5.0	-3.5
CLNR	IQ Cleaner Transport ETF	3.8	45	13	6.7	-1.8
FEGE	First Eagle Global Equity ETF	3.7	79	-21	6.8	-1.7
DSTX	Distillate International Fundamental Stability & Value ETF	3.6	55	3	7.6	-0.9
TOKE	Cambria Cannabis ETF	3.6	42	16	1.2	-7.3
DAX	Global X DAX Germany ETF	3.5	21	37	6.9	-1.6
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	3.5	58	0	4.4	-4.2
WRND	IQ Global Equity R&D Leaders ETF	3.5	18	40	7.7	-0.8
FJP	First Trust Japan AlphaDEX Fund	3.4	80	-22	8.8	+0.2
KOCG	FIS Knights of Columbus Global Belief ETF	3.3	75	-17	5.3	-3.2
TEMP	JPMorgan Climate Change Solutions ETF	3.3	49	9	5.8	-2.8
EXI	iShares Global Industrials ETF	3.2	42	16	4.5	-4.1
CZAR	Themes Natural Monopoly ETF	3.2	35	23	5.8	-2.7
CRTC	Xtrackers US National Critical Technologies ETF	3.1	35	23	4.6	-3.9
KNO	AXS Knowledge Leaders ETF	3.1	78	-20	6.1	-2.5
REET	iShares Global REIT ETF	3.0	14	44	7.6	-0.9
DFGR	Dimensional Global Real Estate ETF	3.0	22	36	7.6	-0.9
EWL	iShares MSCI Switzerland ETF	2.9	50	8	6.4	-2.1
FLSW	Franklin FTSE Switzerland ETF	2.9	9	49	6.5	-2.1
FGM	First Trust Germany AlphaDEX Fund	2.9	80	-22	6.3	-2.2
CGDV	Capital Group Dividend Value ETF	2.7	33	25	4.5	-4.0
VGSR	Vert Global Sustainable Real Estate ETF	2.6	47	11	7.6	-1.0
JIG	JPMorgan International Growth ETF	2.6	55	3	4.6	-3.9
VCLN	Virtus Duff & Phelps Clean Energy ETF	2.6	59	-1	4.1	-4.4
RWO	SPDR Dow Jones Global Real Estate ETF	2.6	50	8	7.1	-1.4
RWX	SPDR Dow Jones International Real Estate ETF	2.6	59	-1	7.0	-1.5
IPAV	Global X Infrastructure Development ex-U.S. ETF	2.5	55	3	7.6	-0.9
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	2.5	42	16	7.1	-1.5
XT	iShares Exponential Technologies ETF	2.5	46	12	4.6	-4.0
AVRE	Avantis Real Estate ETF	2.5	17	41	7.4	-1.2
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	2.4	78	-20	9.4	+0.9
EWN	iShares MSCI Netherlands ETF	2.4	50	8	5.2	-3.4
FPXE	First Trust IPOX Europe Equity Opportunities ETF	2.4	70	-12	5.0	-3.5
CGUS	Capital Group Core Equity ETF	2.4	33	25	4.3	-4.3
MOTG	VanEck Morningstar Global Wide Moat ETF	2.4	52	6	7.7	-0.8
DRIV	Global X Autonomous & Electric Vehicles ETF	2.3	68	-10	4.3	-4.2
EV	Mast Global Battery Recycling & Production ETF	2.3	65	-7	10.6	+2.1
FSZ	First Trust Switzerland AlphaDEX Fund	2.2	80	-22	5.5	-3.0
ICLN	iShares Global Clean Energy ETF	2.2	41	17	4.3	-4.2
BKCI	BNY Mellon Concentrated International ETF	2.2	80	-22	5.3	-3.3
FRNW	Fidelity Clean Energy ETF	2.2	39	19	2.7	-5.8
DFNL	Davis Select Financial ETF	2.1	63	-5	7.7	-0.9
DINT	Davis Select International ETF	2.1	55	3	7.7	-0.8
KNCT	Invesco Next Gen Connectivity ETF	2.1	40	18	4.3	-4.2
GQRE	FlexShares Global Quality Real Estate Index Fund	2.1	45	13	8.1	-0.4
SDG	iShares MSCI Global Sustainable Development Goals ETF	2.0	49	9	5.7	-2.9
FDFF	Fidelity Disruptive Finance ETF	2.0	50	8	4.7	-3.8
SOLR	Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund	1.8	79	-21	4.6	-3.9
MOTO	SmartETFs Smart Transportation & Technology ETF	1.8	68	-10	6.9	-1.7
BATT	Amplify Lithium & Battery Technology ETF	1.7	59	-1	2.8	-5.7
EWUS	iShares MSCI United Kingdom Small Cap ETF	1.7	59	-1	7.6	-0.9
GINN	Goldman Sachs Innovate Equity ETF	1.6	52	6	3.5	-5.0
COPX	Global X Copper Miners ETF	1.6	65	-7	6.0	-2.6
URA	Global X Uranium ETF	1.6	69	-11	1.1	-7.4
ICOP	iShares Copper and Metals Mining ETF	1.6	47	11	7.2	-1.3
COPA	Themes Copper Miners ETF	1.6	35	23	4.8	-3.7
IDNA	iShares Genomics Immunology and Healthcare ETF	1.6	47	11	-1.9	-10.4
ION	ProShares S&P Global Core Battery Metals ETF	1.5	58	0	8.0	-0.6
IXJ	iShares Global Healthcare ETF	1.5	42	16	7.1	-1.4
FDRR	Fidelity Dividend ETF for Rising Rates	1.5	15	43	6.8	-1.7
BITQ	Bitwise Crypto Industry Innovators ETF	1.5	85	-27	-2.1	-10.6
EWD	iShares MSCI Sweden ETF	1.5	54	4	5.3	-3.3
MOTI	VanEck Morningstar International Moat ETF	1.4	58	0	11.9	+3.4
RGEF	Rockefeller Global Equity ETF	1.4	55	3	4.6	-3.9
ERTH	Invesco MSCI Sustainable Future ETF	1.4	62	-4	3.5	-5.0
EFNL	iShares MSCI Finland ETF	1.4	56	2	6.5	-2.0
GLBL	Pacer MSCI World Industry Advantage ETF	1.4	65	-7	4.0	-4.5
DMAT	Global X Disruptive Materials ETF	1.4	59	-1	6.6	-2.0
OBOR	KraneShares MSCI One Belt One Road Index ETF	1.3	79	-21	8.7	+0.2
RXI	iShares Global Consumer Discretionary ETF	1.3	41	17	9.2	+0.7
SDIV	Global X Superdividend ETF	1.2	58	0	41.6	+33.1
GSIB	Themes Global Systemically Important Banks ETF	1.2	35	23	9.0	+0.5
VEGI	iShares MSCI Agriculture Producers ETF	1.2	39	19	9.2	+0.7
VOLT	Tema Electrification ETF	1.2	75	-17	2.5	-6.0
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	1.1	33	25	9.4	+0.9
QTUM	Defiance Quantum ETF	1.1	40	18	4.7	-3.9
IMOM	Alpha Architect International Quantitative Momentum ETF	1.1	49	9	3.1	-5.4
BLOK	Amplify Transformational Data Sharing ETF	1.0	75	-17	-0.4	-8.9
AZTD	Aztlan Global Stock Selection DM SMID ETF	1.0	75	-17	7.8	-0.7
FPXI	First Trust International Equity Opportunities ETF	1.0	70	-12	4.1	-4.4
EIS	iShares MSCI Israel ETF	1.0	58	0	7.5	-1.0
EWK	iShares MSCI Belgium ETF	0.9	50	8	4.4	-4.1
CGV	Conductor Global Equity Value ETF	0.9	130	-72	8.4	-0.1
SHPP	Pacer Industrials and Logistics ETF	0.9	60	-2	8.5	0.0
JETS	U.S. Global Jets ETF	0.9	60	-2	2.9	-5.6
AIRL	Themes Airlines ETF	0.9	35	23	1.8	-6.8
OSEA	Harbor International Compounders ETF	0.9	55	3	4.8	-3.8
TOLL	Tema Durable Quality ETF	0.9	75	-17	5.1	-3.4
ISRA	VanEck Israel ETF	0.8	59	-1	7.0	-1.6
EBLU	Ecofin Global Water ESG Fund	0.8	40	18	4.4	-4.2
NUKZ	Range Nuclear Renaissance Index ETF	0.8	85	-27	1.6	-7.0
BOAT	SonicShares Global Shipping ETF	0.8	69	-11	27.3	+18.8
PBD	Invesco Global Clean Energy ETF	0.8	75	-17	-0.4	-8.9
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	0.7	60	-2	3.6	-4.9
BLDG	Cambria Global Real Estate ETF	0.7	60	-2	12.0	+3.5
CARZ	First Trust NASDAQ Global Auto Index Fund	0.7	70	-12	4.1	-4.4
EWO	iShares MSCI Austria ETF	0.7	50	8	10.6	+2.1
WDNA	WisdomTree BioRevolution Fund	0.7	45	13	-1.3	-9.8
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	0.7	95	-37	11.3	+2.8
EFRA	iShares Environmental Infrastructure and Industrials ETF	0.7	47	11	5.4	-3.2
FDVV	Fidelity High Dividend ETF	0.7	15	43	7.6	-1.0
FTAG	First Trust Indxx Global Agriculture ETF	0.7	70	-12	8.9	+0.3
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.6	70	-12	7.7	-0.8
MEM	Matthews Emerging Markets Equity Active ETF	0.6	79	-21	7.3	-1.2
CGW	Invesco S&P Global Water Index ETF	0.6	57	1	4.7	-3.8
PIO	Invesco Global Water ETF	0.6	75	-17	4.3	-4.2
CUT	Invesco MSCI Global Timber ETF	0.5	61	-3	11.5	+3.0
SUPL	ProShares Supply Chain Logistics ETF	0.5	58	0	11.9	+3.4
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.5	50	8	10.7	+2.2
DIVS	SmartETFs Dividend Builder ETF	0.5	65	-7	5.1	-3.4
RITA	ETFB Green SRI REITs ETF	0.5	50	8	6.1	-2.5
URAN	Themes Uranium & Nuclear ETF	0.5	35	23	1.1	-7.4
ARKX	ARK Space Exploration & Innovation ETF	0.4	75	-17	-0.4	-8.9
FBOT	Fidelity Disruptive Automation ETF	0.4	50	8	3.4	-5.1
MOO	VanEck Agribusiness ETF	0.4	53	5	11.0	+2.5
BJK	VanEck Gaming ETF	0.4	65	-7	4.7	-3.9
AQWA	Global X Clean Water ETF	0.4	50	8	5.0	-3.5
PRAY	FIS Christian Stock Fund	0.4	69	-11	5.2	-3.3
RNRG	Global X Renewable Energy Producers ETF	0.4	66	-8	1.3	-7.3
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.4	15	43	7.4	-1.1
FDEM	Fidelity Emerging Markets Multifactor ETF	0.4	25	33	12.5	+3.9
NLR	VanEck Uranium+Nuclear Energy ETF	0.3	61	-3	1.3	-7.3
SRET	Global X SuperDividend REIT ETF	0.3	59	-1	12.2	+3.7
WOOD	iShares Global Timber & Forestry ETF	0.3	42	16	13.3	+4.7
EEMO	Invesco S&P Emerging Markets Momentum ETF	0.3	29	29	6.5	-2.0
EDEN	iShares MSCI Denmark ETF	0.3	53	5	7.2	-1.3
GLCR	GlacierShares Nasdaq Iceland ETF	0.3	95	-37	4.2	-4.3
EMGF	iShares Emerging Markets Equity Factor ETF	0.3	25	33	11.0	+2.5
GXC	SPDR S&P China ETF	0.3	59	-1	15.0	+6.5
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	0.3	39	19	15.6	+7.1
IZRL	ARK Israel Innovative Technology ETF	0.3	49	9	1.2	-7.4
BULD	Pacer BlueStar Engineering the Future ETF	0.3	60	-2	0.3	-8.2
IBOT	Vaneck Robotics ETF	0.3	47	11	4.0	-4.6
IDRV	iShares Self-driving EV & Tech ETF	0.3	47	11	1.6	-6.9
IPOS	Renaissance International IPO ETF	0.3	80	-22	2.2	-6.4
PXH	Invesco FTSE RAFI Emerging Markets ETF	0.2	49	9	15.2	+6.7
IBAT	iShares Energy Storage & Materials ETF	0.2	47	11	3.0	-5.6
EIRL	iShares MSCI Ireland ETF	0.2	50	8	8.6	+0.0
PRNT	3D Printing ETF	0.2	66	-8	1.2	-7.3
TINT	ProShares Smart Materials ETF	0.2	58	0	7.1	-1.5
VIGI	Vanguard International Dividend Appreciation ETF	0.2	10	48	6.5	-2.1
DTRE	First Trust Alerian Disruptive Technology Real Estate ETF	0.2	60	-2	6.1	-2.4
HYDR	Global X Hydrogen ETF	0.2	50	8	-2.6	-11.1
INDS	Pacer Industrial Real Estate ETF	0.2	55	3	6.8	-1.7
INFL	Horizon Kinetics Inflation Beneficiaries ETF	0.2	85	-27	3.9	-4.6
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.2	36	22	9.2	+0.7
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	0.2	15	43	9.7	+1.2
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.2	59	-1	8.5	-0.0
IDX	VanEck Indonesia Index ETF	0.2	57	1	7.2	-1.3
ITEQ	BlueStar Israel Technology ETF	0.2	75	-17	1.6	-6.9
BKEM	BNY Mellon Emerging Markets Equity ETF	0.2	11	47	9.5	+1.0
CRAK	VanEck Oil Refiners ETF	0.2	61	-3	12.6	+4.0
FDRV	Fidelity Electric Vehicles and Future Transportation ETF	0.2	39	19	-0.9	-9.4
GGME	Invesco Next Gen Media and Gaming ETF	0.2	60	-2	4.3	-4.3
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics ETF	0.2	65	-7	1.8	-6.7
SRVR	Pacer Data & Infrastructure Real Estate ETF	0.2	55	3	3.8	-4.7
WTRE	WisdomTree New Economy Real Estate Fund	0.2	58	0	9.2	+0.7
BETZ	Roundhill Sports Betting & iGaming ETF	0.1	75	-17	3.2	-5.3
BLKC	Invesco Alerian Galaxy Blockchain Users and Decentralized Co	0.1	61	-3	1.2	-7.3
SATO	Invesco Alerian Galaxy Crypto Economy ETF	0.1	61	-3	-1.8	-10.3
BCOR	Grayscale Bitcoin Adopters ETF	0.1	59	-1	2.3	-6.2
IBUY	Amplify Online Retail ETF	0.1	65	-7	0.9	-7.6
GMF	SPDR S&P Emerging Asia Pacific ETF	0.1	49	9	9.2	+0.6
AGNG	Global X Aging Population ETF	0.1	50	8	4.9	-3.6
DWLD	Davis Select Worldwide ETF	0.1	63	-5	7.1	-1.5
ISHP	First Trust Nasdaq Retail ETF	0.1	60	-2	5.7	-2.9
OZEM	Roundhill GLP-1 & Weight Loss ETF	0.1	59	-1	0.4	-8.1
THNR	Amplify Weight Loss Drug & Treatment ETF	0.1	59	-1	6.8	-1.7
PSP	Invesco Global Listed Private Equity ETF	0.1	106	-48	6.3	-2.2
CTEC	Global X CleanTech ETF	0.1	50	8	-0.2	-8.7
GMET	VanEck Green Metals ETF	0.1	63	-5	7.5	-1.0
AIQ	Global X Artificial Intelligence & Technology ETF	0.1	68	-10	3.3	-5.2
DEEP	Roundhill Acquirers Deep Value ETF	0.1	80	-22	17.9	+9.4
SPEM	SPDR Portfolio Emerging Markets ETF	0.1	7	51	10.2	+1.7
FDLS	Inspire Fidelis Multi Factor ETF	0.1	76	-18	5.1	-3.4
SIL	Global X Silver Miners ETF	0.1	65	-7	2.7	-5.9
AGMI	Themes Silver Miners ETF	0.1	35	23	4.5	-4.0
FLQS	Franklin U.S. Small Cap Multifactor Index ETF	0.1	35	23	9.9	+1.4
VFVA	Vanguard U.S. Value Factor ETF	0.1	13	45	11.1	+2.6
CRIT	Optica Rare Earths & Critical Materials ETF Optica Rare Eart	0.1	85	-27	8.8	+0.3
MCH	Matthews China Active ETF	0.1	79	-21	13.6	+5.1
SETM	Sprott Energy Transition Materials ETF	0.1	65	-7	2.1	-6.4
NIKL	Sprott Nickel Miners ETF	0.1	75	-17	9.1	+0.6
BLCN	Siren ETF Trust Siren Nasdaq NexGen Economy ETF	0.1	68	-10	2.4	-6.1
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity ETF	0.1	20	38	5.6	-2.9
PAWZ	ProShares Pet Care ETF	0.1	50	8	4.1	-4.4
IBLC	iShares Blockchain and Tech ETF	0.1	47	11	-2.4	-10.9
BPAY	BlackRock Future Financial and Technology ETF	0.1	70	-12	8.2	-0.3
STCE	Schwab Crypto Thematic ETF	0.1	30	28	0.6	-7.9
TRFK	Pacer Data and Digital Revolution ETF	0.0	60	-2	2.6	-5.9
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.0	65	-7	7.8	-0.7
WAR	U.S. Global Tech and Aerospace & Defense ETF	0.0	60	-2	3.6	-5.0
TDIV	First Trust NASDAQ Technology Dividend Index Fund	0.0	50	8	5.2	-3.3
ZSB	USCF Sustainable Battery Metals Strategy Fund	0.0	61	-3	6.6	-2.0
AFK	VanEck Africa Index ETF	0.0	98	-40	11.5	+3.0
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	37	3.5	-5.0
PEX	ProShares Global Listed Private Equity ETF	0.0	81	-23	11.7	+3.1

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:	WisdomTree International High Dividend Fund
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.0	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	58	bp
Equals: ALTAR Score	8.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.67	CATEGORY AVERAGE	1.63

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.