ETF Research Center

iShares MSCI Italy ETF

ALTAR
Score™

10.3%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	11.9x	P/Sales ratio	1.3x
P/BV ratio	4.6x	Div. yield	4.2%

Description
Performance
Comps
Fundamentals
Valuation
Rating

iShares MSCI Italy Index Fund objective seeks to provide investment results that correspond to the performance of the Italian market, as measured by the MSCI Italy Index. The Fund invests in a

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Mar 12, 1996
Assets (mns)	$540
Currency	USD
Expense ratio	50 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Market Cap
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	26
Wgt avg mkt cap (mns)	$53,800
Large cap (>$10bn)	94.5%
Mid cap ($2-10bn)	5.5%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	70.1 %
UNICREDIT S.P.A.	13.7 %
INTESA SANPAOLO S.P.A.	12.6 %
ENEL SPA	10.9 %
FERRARI NV	8.5 %
ENI SPA	4.9 %
LEONARDO SPA	4.3 %
ASSICURAZIONI GENERALI	4.2 %
STELLANTIS NV	3.9 %
PRYSMIAN SPA	3.8 %
BANCO BPM SPA	3.3 %

TOP COUNTRY EXPOSURE
	ITALY	94.3 %
	BRITAIN	3.8 %
	LUXEMBOURG	1.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru June 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
33.8%	36.3%	18.5%	8.2%	6.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.85	43%
MSCI EAFE	1.05	70%
MSCI Emg. Mkts.	0.79	42%

Technical Indicators
Recent close	$47.99
30d moving avg.	$47.59
Annualized volatility	20.7%
Short interest (ETF)	2.1%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	202
Turnover	1.8%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$1,688

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 220 potential alternatives to the iShares MSCI Italy ETF ETF based on the alternatives' overlap in portfolio holdings with EWI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EWI

Expense:

50 bp

ALTAR Score™:

10.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWI
Ticker	Fund Name	Overlap¹ vs EWI (%)	Expense ratio (bp)	Savings vs EWI (bp)	ALTAR Score™ (%)	ALTAR vs EWI (%)
EFAS	Global X MSCI SuperDividend EAFE ETF	11.8	57	-7	8.5	-1.8
EUFN	iShares MSCI Europe Financials ETF	9.7	51	-1	8.4	-1.9
FEUZ	First Trust Eurozone AlphaDEX ETF	9.5	80	-30	9.0	-1.2
IDV	iShares International Select Dividend ETF	8.8	51	-1	11.0	+0.8
EZU	iShares MSCI Eurozone ETF	8.7	52	-2	6.7	-3.6
FEZ	SPDR EURO STOXX 50 ETF	8.5	29	21	7.1	-3.1
JHID	John Hancock International High Dividend ETF	7.8	46	4	9.9	-0.4
FINE	Themes European Luxury ETF	7.8	35	15	3.4	-6.9
SCHY	Schwab International Dividend Equity ETF	7.6	14	36	9.6	-0.6
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	7.1	58	-8	8.8	-1.5
RFEU	First Trust Riverfront Dynamic Europe ETF	6.9	83	-33	10.5	+0.2
SMOG	VanEck Low Carbon Energy ETF	6.8	61	-11	1.6	-8.7
FEP	First Trust Europe AlphaDEX Fund	6.8	80	-30	9.2	-1.0
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	6.7	45	5	7.1	-3.1
DTH	WisdomTree International High Dividend Fund	6.7	58	-8	8.9	-1.4
LVHI	Franklin International Low Volatility High Dividend Index ET	6.5	40	10	10.8	+0.6
IPKW	Invesco International BuyBack Achievers ETF	6.4	55	-5	13.5	+3.3
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	6.3	58	-8	4.8	-5.5
IDOG	ALPS International Sector Dividend Dogs ETF	6.2	50	0	12.2	+2.0
VWID	Virtus WMC International Dividend ETF	5.8	49	1	8.9	-1.4
DIVI	Franklin International Core Dividend Tilt Index ETF	5.6	9	41	8.2	-2.1
DOL	WisdomTree International LargeCap Dividend Fund	5.5	48	2	7.4	-2.8
UIVM	VictoryShares International Value Momentum ETF	5.3	35	15	9.0	-1.3
TPIF	Timothy Plan International ETF	5.3	62	-12	6.2	-4.0
FDD	First Trust Stoxx European Select Dividend Index Fund	5.2	58	-8	11.7	+1.4
JXI	iShares Global Utilities ETF	5.1	43	7	5.9	-4.3
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	5.1	80	-30	4.9	-5.4
IDMO	Invesco S&P International Developed Momentum ETF	4.9	25	25	5.4	-4.9
EUDV	ProShares MSCI Europe Dividend Growers ETF	4.9	55	-5	6.0	-4.3
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	4.8	25	25	7.3	-3.0
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	4.8	80	-30	5.6	-4.7
IEV	iShares Europe ETF	4.7	67	-17	6.9	-3.4
FIDI	Fidelity International High Dividend ETF	4.6	18	32	9.0	-1.3
RNWZ	TrueShares Eagle Global Renewable Energy Income ETF	4.5	75	-25	7.8	-2.4
GSFP	Goldman Sachs Future Planet Equity ETF	4.4	75	-25	4.6	-5.7
VGK	Vanguard FTSE Europe ETF	4.4	6	44	7.4	-2.8
EFV	iShares MSCI EAFE Value ETF	4.3	34	16	9.4	-0.9
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	4.3	40	10	7.6	-2.7
IPAV	Global X Infrastructure Development ex-U.S. ETF	4.3	55	-5	7.5	-2.7
SHLD	Global X Defense Tech ETF	4.3	50	0	3.4	-6.9
IEUR	iShares Core MSCI Europe ETF	4.2	11	39	7.3	-2.9
FAN	First Trust Global Wind Energy ETF	4.2	60	-10	4.5	-5.7
DWM	WisdomTree International Equity Fund	4.2	48	2	7.5	-2.7
IMTM	iShares MSCI Intl Momentum Factor ETF	4.2	30	20	5.5	-4.8
DIM	WisdomTree International MidCap Dividend Fund	4.1	58	-8	7.6	-2.6
DWMF	WisdomTree International Multifactor Fund	4.1	38	12	7.1	-3.2
SPEU	SPDR Portfolio Europe ETF	4.1	7	43	7.3	-2.9
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	4.1	47	3	8.5	-1.7
IQDF	FlexShares International Quality Dividend Index Fund	4.0	47	3	9.3	-1.0
IGRO	iShares International Dividend Growth ETF	4.0	15	35	7.3	-3.0
CIL	VictoryShares International Volatility Wtd ETF	3.9	45	5	6.7	-3.6
IVLU	iShares MSCI Intl Value Factor ETF	3.9	30	20	10.7	+0.5
BBEU	JPMorgan BetaBuilders Europe ETF	3.8	9	41	7.2	-3.1
IVAL	Alpha Architect International Quantitative Value ETF	3.8	49	1	10.7	+0.4
FLEE	Franklin FTSE Europe ETF	3.8	9	41	7.4	-2.9
FYLD	Cambria Foreign Shareholder Yield ETF	3.7	59	-9	11.8	+1.6
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	3.7	46	4	7.0	-3.3
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	3.6	65	-15	11.6	+1.3
RFDI	First Trust Riverfront Dynamic Developed International ETF	3.6	83	-33	9.8	-0.5
PPIE	Putnam PanAgora ESG International Equity ETF	3.5	49	1	7.5	-2.8
EFAV	iShares MSCI EAFE Min Vol Factor ETF	3.4	22	28	5.8	-4.5
NUDM	Nuveen ESG International Developed Markets Equity ETF	3.4	31	19	6.4	-3.9
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	3.4	65	-15	3.7	-6.6
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	3.4	45	5	8.9	-1.3
EFAD	ProShares MSCI EAFE Dividend Growers ETF	3.4	50	0	5.9	-4.4
IDLV	Invesco S&P International Developed Low Volatility ETF	3.4	25	25	6.5	-3.7
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	3.4	80	-30	10.0	-0.3
BLLD	JPMorgan Sustainable Infrastructure ETF	3.4	49	1	6.1	-4.2
GSIE	Goldman Sachs ActiveBeta International Equity ETF	3.3	25	25	7.2	-3.1
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	3.2	12	38	6.2	-4.1
QEFA	SPDR MSCI EAFE StrategicFactors ETF	3.2	30	20	7.1	-3.2
VYMI	Vanguard International High Dividend Yield ETF	3.2	17	33	9.9	-0.4
FID	First Trust S&P International Dividend Aristocrats ETF	3.2	60	-10	8.2	-2.1
WWJD	Inspire International ETF	3.1	80	-30	7.3	-3.0
EFA	iShares MSCI EAFE ETF	3.1	35	15	6.9	-3.3
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	3.1	20	30	6.5	-3.7
HEDJ	WisdomTree Europe Hedged Equity Fund	3.1	58	-8	6.8	-3.4
TEMP	JPMorgan Climate Change Solutions ETF	3.1	49	1	5.7	-4.5
NXTG	First Trust Indxx NextG ETF	3.1	70	-20	5.3	-4.9
CEFA	Global X S&P Catholic Values Developed ex-US ETF	3.0	35	15	6.8	-3.5
WLDR	Affinity World Leaders Equity ETF	3.0	67	-17	7.8	-2.5
ESGD	iShares ESG Aware MSCI EAFE ETF	3.0	20	30	7.0	-3.3
AIVI	WisdomTree International AI Enhanced Value Fund	2.9	58	-8	7.4	-2.9
DWX	SPDR S&P International Dividend ETF	2.9	45	5	6.3	-4.0
INTF	iShares International Equity Factor ETF	2.9	15	35	7.9	-2.3
LUX	Tema Luxury ETF	2.9	75	-25	4.3	-6.0
DEW	WisdomTree Global High Dividend Fund	2.9	58	-8	8.7	-1.6
IDHQ	Invesco S&P International Developed High Quality ETF	2.9	29	21	6.7	-3.6
BINV	Brandes International ETF	2.9	70	-20	9.7	-0.6
QINT	American Century Quality Diversified International ETF	2.9	39	11	7.4	-2.8
FNDF	Schwab Fundamental International Large Co. Index ETF	2.8	25	25	9.6	-0.6
BPAY	BlackRock Future Financial and Technology ETF	2.8	70	-20	6.6	-3.7
FDFF	Fidelity Disruptive Finance ETF	2.7	50	0	4.1	-6.2
IQLT	iShares MSCI Intl Quality Factor ETF	2.7	30	20	6.3	-4.0
IEFA	iShares Core MSCI EAFE ETF	2.7	7	43	7.2	-3.0
STXI	Strive International Developed Markets ETF	2.6	29	21	7.0	-3.3
NBCC	Neuberger Berman Next Generation Connected Consumer ETF	2.6	56	-6	2.5	-7.7
HFXI	IQ FTSE International Equity Currency Neutral ETF	2.6	20	30	7.2	-3.0
JHMD	John Hancock Multifactor Developed International ETF	2.6	39	11	7.7	-2.6
SCHF	Schwab International Equity ETF	2.6	6	44	7.4	-2.8
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	2.6	14	36	6.3	-3.9
WDIV	SPDR S&P Global Dividend ETF	2.5	40	10	9.6	-0.7
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	2.4	36	14	6.9	-3.3
GSID	Goldman Sachs MarketBeta International Equity ETF	2.4	20	30	7.0	-3.2
VEA	Vanguard FTSE Developed Markets ETF	2.4	3	47	7.3	-2.9
IDEV	iShares Core MSCI International Developed Markets ETF	2.4	4	46	7.2	-3.0
DFIV	Dimensional International Value ETF	2.3	27	23	10.1	-0.2
IGF	iShares Global Infrastructure ETF	2.3	41	9	4.8	-5.5
DIHP	Dimensional International High Profitability ETF	2.3	29	21	7.2	-3.0
FENI	Fidelity Enhanced International ETF	2.3	28	22	6.7	-3.5
GII	SPDR S&P Global Infrastructure ETF	2.3	40	10	4.8	-5.5
INEQ	Columbia International Equity Income ETF	2.3	45	5	8.3	-1.9
DFIC	Dimensional International Core Equity 2 ETF	2.2	23	27	7.6	-2.7
DFAI	Dimensional International Core Equity Market ETF	2.2	18	32	7.3	-3.0
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	2.2	39	11	6.8	-3.4
SPDW	SPDR Portfolio Developed World ex-US ETF	2.2	3	47	7.2	-3.0
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	2.2	9	41	9.2	-1.1
BKIE	BNY Mellon International Equity ETF	2.2	4	46	7.1	-3.1
IXG	iShares Global Financials ETF	2.1	42	8	6.8	-3.5
JPIN	J.P. Morgan Diversified Return International Equity ETF	2.1	37	13	8.6	-1.6
FGD	First Trust Dow Jones Global Select Dividend Index Fund	2.1	56	-6	10.9	+0.7
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	2.1	46	4	5.7	-4.6
RCGE	RockCreek Global Equality ETF	2.0	95	-45	6.4	-3.9
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	2.0	47	3	5.8	-4.4
VCLN	Virtus Duff & Phelps Clean Energy ETF	2.0	59	-9	5.5	-4.7
FPXE	First Trust IPOX Europe Equity Opportunities ETF	2.0	70	-20	4.7	-5.6
ACWX	iShares MSCI ACWI ex U.S. ETF	2.0	34	16	7.9	-2.4
EFG	iShares MSCI EAFE Growth ETF	1.9	36	14	4.4	-5.9
VEU	Vanguard FTSE All-World ex-US Index Fund	1.9	4	46	8.2	-2.0
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	1.9	20	30	6.7	-3.6
PBD	Invesco Global Clean Energy ETF	1.9	75	-25	0.5	-9.7
AVSD	Avantis Responsible International Equity ETF	1.8	23	27	5.7	-4.6
JIRE	JPMorgan International Research Enhanced Equity ETF	1.8	24	26	7.2	-3.1
GCOW	Pacer Global Cash Cows Dividend ETF	1.8	60	-10	10.9	+0.7
CWI	SPDR MSCI ACWI ex-US ETF	1.8	30	20	7.8	-2.4
VXUS	Vanguard Total International Stock ETF	1.8	5	45	8.1	-2.2
DFSI	Dimensional International Sustainability Core 1 ETF	1.7	24	26	6.5	-3.8
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	1.7	39	11	8.2	-2.1
DGT	SPDR Global Dow ETF	1.7	50	0	7.3	-3.0
IXUS	iShares Core MSCI Total International Stock ETF	1.7	7	43	8.1	-2.2
VSGX	Vanguard ESG International Stock ETF	1.7	10	40	8.0	-2.3
DTAN	Sparkline International Intangible Value ETF	1.7	55	-5	8.2	-2.1
IMOM	Alpha Architect International Quantitative Momentum ETF	1.7	49	1	3.3	-7.0
OAIM	OneAscent International Equity ETF	1.7	95	-45	5.6	-4.6
AVDE	Avantis International Equity ETF	1.6	23	27	7.6	-2.6
BLES	Inspire Global Hope ETF	1.6	61	-11	6.8	-3.5
IQSI	IQ Candriam International Equity ETF	1.6	15	35	6.7	-3.5
DMXF	iShares ESG Advanced MSCI EAFE ETF	1.6	12	38	5.6	-4.7
IXC	iShares Global Energy ETF	1.6	44	6	10.3	0.0
AVIV	Avantis International Large Cap Value ETF	1.6	25	25	8.9	-1.3
RXI	iShares Global Consumer Discretionary ETF	1.6	41	9	9.2	-1.1
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	1.5	18	32	7.9	-2.4
FIVA	Fidelity International Value Factor ETF	1.5	18	32	10.2	-0.1
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	1.5	41	9	7.7	-2.5
TTAI	FCF International Quality ETF	1.5	59	-9	7.0	-3.3
DXIV	Dimensional International Vector Equity ETF	1.5	34	16	8.0	-2.3
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	1.5	30	20	8.1	-2.1
CGIE	Capital Group International Equity ETF	1.5	54	-4	5.0	-5.2
FDEV	Fidelity International Multifactor ETF	1.5	18	32	7.5	-2.8
KNO	AXS Knowledge Leaders ETF	1.5	78	-28	6.0	-4.2
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	1.4	29	21	8.0	-2.3
FILL	iShares MSCI Global Energy Producers ETF	1.4	39	11	11.7	+1.5
SRVR	Pacer Data & Infrastructure Real Estate ETF	1.4	55	-5	3.8	-6.4
GLOF	iShares Global Equity Factor ETF	1.3	20	30	6.7	-3.5
IDAT	iShares Future Cloud 5G and Tech ETF	1.3	47	3	4.7	-5.5
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	1.3	25	25	6.0	-4.3
XT	iShares Exponential Technologies ETF	1.2	46	4	4.8	-5.4
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	1.2	24	26	7.6	-2.7
NATO	Themes Transatlantic Defense ETF	1.1	35	15	2.3	-7.9
IQRA	IQ CBRE Real Assets ETF	1.1	65	-15	5.8	-4.4
DRIV	Global X Autonomous & Electric Vehicles ETF	1.1	68	-18	5.4	-4.9
FDIG	Fidelity Crypto Industry and Digital Payments ETF	1.1	39	11	-1.0	-11.3
FINX	Global X FinTech ETF	1.1	68	-18	2.2	-8.1
IPAY	ETFMG Prime Mobile Payments ETFMG Prime Mobile Payments Fund	1.1	75	-25	4.4	-5.8
JGLO	JPMorgan Global Select Equity ETF	1.0	33	17	4.9	-5.3
CGV	Conductor Global Equity Value ETF	1.0	130	-80	8.7	-1.5
IMFL	Invesco International Developed Dynamic Multifactor ETF	1.0	34	16	6.0	-4.3
CZAR	Themes Natural Monopoly ETF	1.0	35	15	5.5	-4.8
QWLD	SPDR MSCI World StrategicFactors ETF	1.0	30	20	6.1	-4.1
RODE	Hartford Multifactor Diversified International ETF	1.0	29	21	12.7	+2.4
WTRE	WisdomTree New Economy Real Estate Fund	1.0	58	-8	9.2	-1.1
HTEC	ROBO Global Healthcare Technology and Innovation ETF	1.0	68	-18	2.2	-8.0
DTEC	ALPS Disruptive Technologies ETF	1.0	50	0	3.8	-6.4
GNR	SPDR S&P Global Natural Resources ETF	0.9	40	10	11.3	+1.1
ESGG	FlexShares STOXX Global ESG Select Index Fund	0.8	42	8	5.5	-4.8
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.8	20	30	5.8	-4.4
TOK	iShares MSCI Kokusai ETF	0.8	26	24	5.2	-5.1
URTH	iShares MSCI World ETF	0.8	24	26	5.2	-5.0
EUDG	WisdomTree Europe Quality Dividend Growth Fund	0.8	58	-8	6.8	-3.5
DSTX	Distillate International Fundamental Stability & Value ETF	0.8	55	-5	8.2	-2.0
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	0.8	58	-8	7.0	-3.2
DFIS	Dimensional International Small Cap ETF	0.7	39	11	7.4	-2.9
UMMA	Wahed Dow Jones Islamic World ETF	0.7	65	-15	5.1	-5.1
IQDG	WisdomTree International Quality Dividend Growth Fund	0.7	42	8	7.1	-3.2
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.7	9	41	5.9	-4.4
ACWI	iShares MSCI ACWI ETF	0.7	32	18	5.7	-4.6
DISV	Dimensional International Small Cap Value ETF	0.7	42	8	9.5	-0.8
JSTC	Adasina Social Justice All Cap Global ETF	0.7	89	-39	4.8	-5.4
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.7	46	4	10.3	0.0
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.7	12	38	5.2	-5.0
HART	IQ Healthy Hearts ETF	0.7	45	5	6.7	-3.6
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	0.6	60	-10	3.6	-6.7
VT	Vanguard Total World Stock ETF	0.6	6	44	6.0	-4.2
KOKU	Xtrackers MSCI Kokusai Equity ETF	0.6	9	41	5.3	-5.0
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	0.6	32	18	6.0	-4.3
EXI	iShares Global Industrials ETF	0.5	42	8	4.5	-5.7
KLMT	Invesco MSCI Global Climate 500 ETF	0.5	10	40	5.9	-4.4
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.5	49	1	7.0	-3.3
CARZ	First Trust NASDAQ Global Auto Index Fund	0.5	70	-20	5.2	-5.1
FNDC	Schwab Fundamental International Small Co. Index ETF	0.4	39	11	5.9	-4.4
VIDI	Vident International Equity Strategy ETF	0.4	61	-11	11.3	+1.1
UFO	Procure Space ETF	0.3	75	-25	-1.7	-12.0
IBLC	iShares Blockchain and Tech ETF	0.2	47	3	-3.6	-13.8
VIGI	Vanguard International Dividend Appreciation ETF	0.2	10	40	6.3	-4.0
WRND	IQ Global Equity R&D Leaders ETF	0.2	18	32	8.4	-1.9
ISCF	iShares International SmallCap Equity Factor ETF	0.1	23	27	8.3	-1.9
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.1	49	1	6.2	-4.0
IXP	iShares Global Comm Services ETF	0.1	42	8	5.7	-4.5
ACWV	iShares MSCI Global Min Vol Factor ETF	0.1	20	30	6.0	-4.3
CCNR	ALPS CoreCommodity Natural Resources ETF	0.1	39	11	11.3	+1.1

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:	iShares MSCI Italy ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	44.1	%
Divided by: Fwd. P/BV	4.1	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	10.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	CATEGORY AVERAGE	1.62

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.