ETF Research Center

iShares MSCI Japan ETF

ALTAR
Score™

7.5%

Recommen-
dation

NEUTRAL

2025E 2026E
P/E ratio	13.0x	P/Sales ratio	1.0x
P/BV ratio	1.2x	Div. yield	4.3%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The iShares MSCI Japan Index fund seeks investment results that correspond to the price and yield performance of the MSCI Japan Index. The index consists primarily of large cap stocks traded in the Japanese market.

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Mar 12, 1996
Assets (mns)	$12,873
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	n/a
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	183
Wgt avg mkt cap (mns)	$49,312
Large cap (>$10bn)	79.1%
Mid cap ($2-10bn)	20.6%
Small cap (<$2bn)	0.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	27.9 %
TOYOTA MOTOR CORP	4.6 %
MITSUBISHI UFJ FINANCIAL GRO	4.1 %
SONY CORP	3.8 %
HITACHI LTD	3.0 %
SUMITOMO MITSUI FINANCIAL GR	2.6 %
KEYENCE CORP	2.1 %
RECRUIT HOLDINGS CO LTD	2.1 %
NINTENDO CO LTD	2.0 %
MIZUHO FINANCIAL GROUP INC	1.8 %
TOKIO MARINE HOLDINGS INC	1.8 %

TOP COUNTRY EXPOSURE
	JAPAN	99.9 %

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
2.0%	-0.2%	6.8%	4.9%	1.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.83	76%
MSCI EAFE	0.85	83%
MSCI Emg. Mkts.	0.74	62%

Technical Indicators
Recent close	$65.41
30d moving avg.	$69.89
Annualized volatility	16.3%
Short interest (ETF)	6.3%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	5,276
Turnover	2.7%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$18,906

FINDING ALTERNATIVE FUNDS

Below is a list of 336 potential alternatives to the iShares MSCI Japan ETF ETF based on the alternatives' overlap in portfolio holdings with EWJ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EWJ

Expense:

50 bp

ALTAR Score™:

7.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWJ
Ticker	Fund Name	Overlap¹ vs EWJ (%)	Expense ratio (bp)	Savings vs EWJ (bp)	ALTAR Score™ (%)	ALTAR vs EWJ (%)
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	95.7	47	3	7.7	+0.2
BBJP	JPMorgan BetaBuilders Japan ETF	94.7	19	31	7.9	+0.4
FLJP	Franklin FTSE Japan ETF	82.7	9	41	7.3	-0.2
FLJH	Franklin FTSE Japan Hedged ETF	81.4	9	41	7.2	-0.3
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	80.4	25	25	7.8	+0.3
JPXN	iShares JPX-Nikkei 400 ETF	79.5	48	2	7.8	+0.4
DXJ	WisdomTree Japan Hedged Equity Fund	56.1	48	2	9.1	+1.6
EWJV	iShares MSCI Japan Value ETF	56.1	15	35	10.2	+2.8
IPAC	iShares Core MSCI Pacific ETF	54.0	9	41	7.4	-0.1
VPL	Vanguard FTSE Pacific ETF	47.7	8	42	7.9	+0.5
INEQ	Columbia International Equity Income ETF	33.6	45	5	9.0	+1.6
FJP	First Trust Japan AlphaDEX Fund	32.7	80	-30	10.7	+3.2
IVLU	iShares MSCI Intl Value Factor ETF	27.8	30	20	11.4	+4.0
PATN	Pacer Nasdaq International Patent Leaders ETF	25.6	65	-15	4.1	-3.3
CEFA	Global X S&P Catholic Values Developed ex-US ETF	25.6	35	15	6.0	-1.4
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	24.2	14	36	6.2	-1.3
IDMO	Invesco S&P International Developed Momentum ETF	24.1	25	25	5.9	-1.6
IQSI	IQ Candriam International Equity ETF	23.9	15	35	6.8	-0.6
DMXF	iShares ESG Advanced MSCI EAFE ETF	23.7	12	38	5.9	-1.6
VIGI	Vanguard International Dividend Appreciation ETF	23.5	15	35	6.3	-1.2
EFV	iShares MSCI EAFE Value ETF	22.3	34	16	9.6	+2.2
HFXI	IQ FTSE International Equity Currency Neutral ETF	22.1	20	30	7.6	+0.2
EFA	iShares MSCI EAFE ETF	21.8	35	15	7.2	-0.3
JHMD	John Hancock Multifactor Developed International ETF	21.8	39	11	8.0	+0.5
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	21.7	20	30	6.8	-0.7
GSID	Goldman Sachs MarketBeta International Equity ETF	21.6	20	30	7.3	-0.1
ESGD	iShares ESG Aware MSCI EAFE ETF	21.3	20	30	7.3	-0.2
EFG	iShares MSCI EAFE Growth ETF	21.3	36	14	4.6	-2.8
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	21.1	36	14	7.2	-0.3
JIRE	JPMorgan International Research Enhanced Equity ETF	21.0	24	26	7.6	+0.1
FNDF	Schwab Fundamental International Large Co. Index ETF	21.0	25	25	10.4	+2.9
QEFA	SPDR MSCI EAFE StrategicFactors ETF	20.9	30	20	7.4	-0.1
FENI	Fidelity Enhanced International ETF	19.8	28	22	7.2	-0.3
BKIE	BNY Mellon International Equity ETF	19.3	4	46	7.5	+0.0
DIVI	Franklin International Core Dividend Tilt Index ETF	19.0	9	41	8.4	+1.0
IEFA	iShares Core MSCI EAFE ETF	18.8	7	43	7.5	+0.1
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	18.7	45	5	9.6	+2.1
IMTM	iShares MSCI Intl Momentum Factor ETF	18.6	30	20	5.8	-1.7
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	18.0	12	38	6.3	-1.2
STXI	Strive International Developed Markets ETF	18.0	29	21	6.1	-1.4
SCHF	Schwab International Equity ETF	18.0	6	44	7.9	+0.5
NUDM	Nuveen ESG International Developed Markets Equity ETF	17.9	31	19	6.8	-0.7
SPDW	SPDR Portfolio Developed World ex-US ETF	17.8	3	47	7.7	+0.2
DIHP	Dimensional International High Profitability ETF	17.6	29	21	7.5	+0.1
EFAV	iShares MSCI EAFE Min Vol Factor ETF	17.5	22	28	5.8	-1.7
IGRO	iShares International Dividend Growth ETF	17.5	15	35	7.3	-0.1
GSIE	Goldman Sachs ActiveBeta International Equity ETF	17.4	25	25	7.6	+0.2
IDEV	iShares Core MSCI International Developed Markets ETF	16.9	4	46	7.5	+0.1
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	16.6	20	30	6.9	-0.6
RFDI	First Trust Riverfront Dynamic Developed International ETF	16.4	83	-33	10.3	+2.8
VEA	Vanguard FTSE Developed Markets ETF	16.3	5	45	7.7	+0.3
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	16.1	39	11	7.1	-0.4
INTF	iShares International Equity Factor ETF	16.0	15	35	8.3	+0.9
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	15.9	65	-15	4.2	-3.2
DFIV	Dimensional International Value ETF	15.8	27	23	10.7	+3.2
DFAI	Dimensional International Core Equity Market ETF	15.7	18	32	7.7	+0.3
TPIF	Timothy Plan International ETF	15.5	62	-12	6.6	-0.8
CIL	VictoryShares International Volatility Wtd ETF	15.3	45	5	7.0	-0.4
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	15.2	80	-30	10.3	+2.9
QINT	American Century Quality Diversified International ETF	15.0	39	11	7.8	+0.4
FIVA	Fidelity International Value Factor ETF	15.0	18	32	10.8	+3.3
DOL	WisdomTree International LargeCap Dividend Fund	14.7	48	2	7.6	+0.1
JPIN	J.P. Morgan Diversified Return International Equity ETF	14.3	37	13	9.0	+1.6
VWID	Virtus WMC International Dividend ETF	14.1	49	1	9.0	+1.5
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	14.1	24	26	6.5	-1.0
PPIE	Putnam PanAgora ESG International Equity ETF	14.0	49	1	8.0	+0.5
CWI	SPDR MSCI ACWI ex-US ETF	13.8	30	20	8.4	+0.9
ACWX	iShares MSCI ACWI ex U.S. ETF	13.7	34	16	8.3	+0.9
RXI	iShares Global Consumer Discretionary ETF	13.6	41	9	9.7	+2.2
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	13.6	18	32	8.3	+0.8
CGIE	Capital Group International Equity ETF	13.3	54	-4	5.2	-2.2
VEU	Vanguard FTSE All-World ex-US Index Fund	13.1	8	42	8.6	+1.2
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	13.1	41	9	7.4	-0.1
IMFL	Invesco International Developed Dynamic Multifactor ETF	13.0	34	16	6.2	-1.2
DTAN	Sparkline International Intangible Value ETF	13.0	55	-5	7.5	+0.1
VSGX	Vanguard ESG International Stock ETF	12.9	12	38	8.4	+0.9
JHID	John Hancock International High Dividend ETF	12.7	46	4	10.5	+3.0
DWM	WisdomTree International Equity Fund	12.6	48	2	7.8	+0.4
EXI	iShares Global Industrials ETF	12.6	42	8	5.1	-2.3
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	12.6	40	10	7.7	+0.2
IQLT	iShares MSCI Intl Quality Factor ETF	12.5	30	20	6.4	-1.0
UMMA	Wahed Dow Jones Islamic World ETF	12.4	65	-15	5.4	-2.1
IQDG	WisdomTree International Quality Dividend Growth Fund	12.2	42	8	7.4	-0.1
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	12.2	39	11	8.5	+1.1
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	12.0	58	-8	7.4	-0.1
DFSI	Dimensional International Sustainability Core 1 ETF	11.9	24	26	6.7	-0.7
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	11.9	32	18	6.1	-1.4
JIG	JPMorgan International Growth ETF	11.9	55	-5	4.9	-2.5
VXUS	Vanguard Total International Stock ETF	11.9	7	43	8.5	+1.0
VYMI	Vanguard International High Dividend Yield ETF	11.9	22	28	10.2	+2.7
IXUS	iShares Core MSCI Total International Stock ETF	11.7	7	43	8.5	+1.0
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	11.4	29	21	8.3	+0.8
DFIC	Dimensional International Core Equity 2 ETF	11.4	23	27	8.1	+0.6
FDEV	Fidelity International Multifactor ETF	11.2	18	32	7.8	+0.3
IQDF	FlexShares International Quality Dividend Index Fund	11.1	47	3	9.8	+2.3
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	10.9	47	3	9.2	+1.8
AVDE	Avantis International Equity ETF	10.7	23	27	8.2	+0.7
IDHQ	Invesco S&P International Developed High Quality ETF	10.7	29	21	6.8	-0.7
AVIV	Avantis International Large Cap Value ETF	10.6	25	25	9.5	+2.0
UIVM	VictoryShares International Value Momentum ETF	10.4	35	15	9.6	+2.1
AVSD	Avantis Responsible International Equity ETF	10.3	23	27	7.0	-0.5
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	10.2	65	-15	12.5	+5.1
EFAD	ProShares MSCI EAFE Dividend Growers ETF	10.1	50	0	5.9	-1.6
CLNR	IQ Cleaner Transport ETF	10.0	45	5	7.5	+0.1
DGT	SPDR Global Dow ETF	9.9	50	0	8.4	+1.0
DIM	WisdomTree International MidCap Dividend Fund	9.8	58	-8	7.8	+0.4
ACWV	iShares MSCI Global Min Vol Factor ETF	9.7	20	30	7.6	+0.1
LVHI	Franklin International Low Volatility High Dividend Index ET	9.4	40	10	11.2	+3.8
RODE	Hartford Multifactor Diversified International ETF	9.2	29	21	10.1	+2.6
FIDI	Fidelity International High Dividend ETF	9.1	18	32	9.1	+1.6
GCOW	Pacer Global Cash Cows Dividend ETF	9.0	60	-10	11.1	+3.7
DSTX	Distillate International Fundamental Stability & Value ETF	8.8	55	-5	8.6	+1.1
KNO	AXS Knowledge Leaders ETF	8.5	78	-28	6.3	-1.1
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	8.4	42	8	7.0	-0.5
OSEA	Harbor International Compounders ETF	8.4	55	-5	4.8	-2.6
CARZ	First Trust NASDAQ Global Auto Index Fund	8.0	70	-20	6.5	-1.0
WLDR	Affinity World Leaders Equity ETF	7.9	67	-17	8.5	+1.0
BULD	Pacer BlueStar Engineering the Future ETF	7.9	60	-10	2.2	-5.2
QWLD	SPDR MSCI World StrategicFactors ETF	7.8	30	20	6.1	-1.3
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	7.7	30	20	8.8	+1.3
CGXU	Capital Group International Focus Equity ETF	7.4	54	-4	6.1	-1.3
RGEF	Rockefeller Global Equity ETF	7.3	55	-5	5.5	-2.0
NXTG	First Trust Indxx NextG ETF	7.3	70	-20	6.1	-1.4
WRND	IQ Global Equity R&D Leaders ETF	7.1	18	32	8.2	+0.8
IBOT	Vaneck Robotics ETF	7.0	47	3	5.0	-2.5
ESGG	FlexShares STOXX Global ESG Select Index Fund	7.0	42	8	5.4	-2.1
IVAL	Alpha Architect International Quantitative Value ETF	7.0	49	1	10.9	+3.5
IXP	iShares Global Comm Services ETF	7.0	42	8	6.9	-0.5
WWJD	Inspire International ETF	6.9	80	-30	7.7	+0.3
GAMR	Wedbush ETFMG Video Game Tech ETF Wedbush ETFMG Video Game T	6.9	75	-25	6.3	-1.1
BNGE	First Trust S-Network Streaming and Gaming ETF	6.5	70	-20	3.8	-3.6
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	6.4	80	-30	5.6	-1.8
FBOT	Fidelity Disruptive Automation ETF	6.3	50	0	4.2	-3.2
AGQI	First Trust Active Global Quality Income ETF	6.3	85	-35	6.8	-0.7
AIVI	WisdomTree International AI Enhanced Value Fund	6.0	58	-8	7.6	+0.1
DWX	SPDR S&P International Dividend ETF	6.0	45	5	6.5	-1.0
BKCI	BNY Mellon Concentrated International ETF	5.9	80	-30	5.1	-2.4
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	5.8	9	41	9.2	+1.7
ARVR	First Trust Indxx Metaverse ETF	5.8	70	-20	6.2	-1.2
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	5.7	80	-30	5.0	-2.5
QTUM	Defiance Quantum ETF	5.7	40	10	8.2	+0.8
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	5.6	47	3	5.7	-1.8
DRIV	Global X Autonomous & Electric Vehicles ETF	5.6	68	-18	7.3	-0.2
URTH	iShares MSCI World ETF	5.5	24	26	5.8	-1.7
IXG	iShares Global Financials ETF	5.3	42	8	8.5	+1.0
JSTC	Adasina Social Justice All Cap Global ETF	5.3	89	-39	4.6	-2.8
IDOG	ALPS International Sector Dividend Dogs ETF	5.2	50	0	12.5	+5.0
METV	Roundhill Ball Metaverse ETF	5.2	59	-9	8.9	+1.4
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics ETF	5.2	65	-15	3.7	-3.7
BINV	Brandes International ETF	5.2	70	-20	9.7	+2.2
TEMP	JPMorgan Climate Change Solutions ETF	5.1	49	1	6.1	-1.4
CRBN	iShares MSCI ACWI Low Carbon Target ETF	5.0	20	30	6.6	-0.9
KLMT	Invesco MSCI Global Climate 500 ETF	5.0	10	40	6.3	-1.1
DWMF	WisdomTree International Multifactor Fund	4.9	38	12	6.9	-0.5
ACWI	iShares MSCI ACWI ETF	4.9	32	18	6.3	-1.1
IMOM	Alpha Architect International Quantitative Momentum ETF	4.9	49	1	4.9	-2.6
KXI	iShares Global Consumer Staples ETF	4.9	41	9	5.4	-2.1
DTH	WisdomTree International High Dividend Fund	4.8	58	-8	9.2	+1.7
CGDG	Capital Group Dividend Growers ETF	4.8	47	3	6.5	-1.0
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	4.8	9	41	6.2	-1.2
GLOF	iShares Global Equity Factor ETF	4.8	20	30	7.3	-0.2
ROBO	ROBO Global Robotics & Automation Index ETF	4.7	95	-45	4.3	-3.1
VT	Vanguard Total World Stock ETF	4.5	7	43	6.6	-0.8
WBAT	WisdomTree Battery Value Chain and Innovation Fund	4.5	45	5	0.0	-7.5
GINN	Goldman Sachs Innovate Equity ETF	4.4	52	-2	4.6	-2.8
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	4.2	25	25	6.6	-0.8
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	4.1	12	38	5.3	-2.1
IVRS	iShares Future Metaverse Tech and Communications ETF	4.0	47	3	3.0	-4.5
IXJ	iShares Global Healthcare ETF	4.0	42	8	6.6	-0.8
BLES	Inspire Global Hope ETF	4.0	61	-11	7.1	-0.3
BOTZ	Global X Robotics & Artificial Intelligence ETF	3.9	69	-19	2.8	-4.6
SDG	iShares MSCI Global Sustainable Development Goals ETF	3.9	49	1	6.0	-1.4
IBAT	iShares Energy Storage & Materials ETF	3.7	47	3	5.6	-1.9
FYLD	Cambria Foreign Shareholder Yield ETF	3.6	59	-9	12.8	+5.3
MXI	iShares Global Materials ETF	3.6	41	9	8.3	+0.9
BOTT	Themes Robotics & Automation ETF	3.6	35	15	4.8	-2.6
FPXI	First Trust International Equity Opportunities ETF	3.5	70	-20	4.0	-3.5
IXN	iShares Global Tech ETF	3.4	41	9	4.9	-2.6
OAIM	OneAscent International Equity ETF	3.4	95	-45	6.3	-1.1
MOTG	VanEck Morningstar Global Wide Moat ETF	3.4	52	-2	6.9	-0.6
IGPT	Invesco AI and Next Gen Software ETF	3.4	60	-10	5.3	-2.1
KNCT	Invesco Next Gen Connectivity ETF	3.4	40	10	5.3	-2.1
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	3.3	75	-25	3.8	-3.7
BLCN	Siren ETF Trust Siren Nasdaq NexGen Economy ETF	3.3	68	-18	3.0	-4.5
ESPO	VanEck Video Gaming and eSports ETF	3.2	56	-6	5.0	-2.5
NERD	Roundhill Video Games ETF	3.2	50	0	4.0	-3.5
ODDS	Pacer BlueStar Digital Entertainment ETF	3.2	60	-10	5.1	-2.4
DINT	Davis Select International ETF	3.2	55	-5	8.6	+1.1
FNDC	Schwab Fundamental International Small Co. Index ETF	3.0	39	11	6.4	-1.1
SCHY	Schwab International Dividend Equity ETF	2.9	14	36	9.8	+2.3
KOCG	FIS Knights of Columbus Global Belief ETF	2.9	75	-25	6.4	-1.0
IPAV	Global X Infrastructure Development ex-U.S. ETF	2.9	55	-5	4.6	-2.9
URA	Global X Uranium ETF	2.9	69	-19	3.6	-3.9
XT	iShares Exponential Technologies ETF	2.9	46	4	5.8	-1.7
IDLV	Invesco S&P International Developed Low Volatility ETF	2.7	25	25	6.3	-1.2
ANEW	ProShares MSCI Transformational Changes ETF	2.7	45	5	7.4	-0.1
IPKW	Invesco International BuyBack Achievers ETF	2.7	55	-5	15.9	+8.5
HERO	Global X Video Games & Esports ETF	2.6	50	0	4.7	-2.8
GGME	Invesco Next Gen Media and Gaming ETF	2.6	60	-10	5.3	-2.2
GSFP	Goldman Sachs Future Planet Equity ETF	2.5	75	-25	5.0	-2.5
JGLO	JPMorgan Global Select Equity ETF	2.5	33	17	5.3	-2.1
FAN	First Trust Global Wind Energy ETF	2.5	60	-10	5.2	-2.2
IOO	iShares Global 100 ETF	2.4	41	9	5.6	-1.8
CGGO	Capital Group Global Growth Equity ETF	2.4	47	3	5.2	-2.2
MDEV	First Trust Indxx Medical Devices ETF	2.4	70	-20	1.2	-6.2
FPAG	FPA Global Equity ETF	2.3	49	1	6.6	-0.8
VNQI	Vanguard Global ex-U.S. Real Estate ETF	2.2	12	38	7.7	+0.2
HYDR	Global X Hydrogen ETF	2.2	50	0	-8.6	-16.0
FDTX	Fidelity Disruptive Technology ETF	2.2	50	0	3.3	-4.2
RAYD	Rayliant Quantitative Developed Market Equity ETF	2.2	80	-30	5.0	-2.5
DTEC	ALPS Disruptive Technologies ETF	2.1	50	0	4.3	-3.2
TMFG	Motley Fool Global Opportunities ETF	2.0	85	-35	3.7	-3.8
AGNG	Global X Aging Population ETF	1.9	50	0	4.2	-3.2
CANC	Tema Oncology ETF	1.9	75	-25	-2.0	-9.5
GLBL	Pacer MSCI World Industry Advantage ETF	1.9	65	-15	5.3	-2.2
AIQ	Global X Artificial Intelligence & Technology ETF	1.8	68	-18	5.0	-2.5
TTAI	FCF International Quality ETF	1.8	59	-9	6.9	-0.5
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	1.8	10	40	7.5	+0.1
SHPP	Pacer Industrials and Logistics ETF	1.7	60	-10	5.4	-2.0
LEGR	First Trust Indxx Innovative Transaction & Process ETF	1.7	65	-15	8.9	+1.4
EFAS	Global X MSCI SuperDividend EAFE ETF	1.6	57	-7	8.5	+1.1
THNR	Amplify Weight Loss Drug & Treatment ETF	1.6	59	-9	5.9	-1.5
IFGL	iShares International Developed Real Estate ETF	1.6	48	2	6.2	-1.2
ERET	iShares Environmentally Aware Real Estate ETF	1.6	30	20	3.2	-4.3
LIMI	Themes Lithium & Battery Metal Miners ETF	1.5	35	15	0.0	-7.5
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	1.4	49	1	7.5	+0.0
MOTI	VanEck Morningstar International Moat ETF	1.4	58	-8	12.9	+5.5
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	1.4	58	-8	5.7	-1.7
FID	First Trust S&P International Dividend Aristocrats ETF	1.4	60	-10	9.0	+1.6
IDNA	iShares Genomics Immunology and Healthcare ETF	1.4	47	3	-2.1	-9.6
MOTO	SmartETFs Smart Transportation & Technology ETF	1.3	68	-18	8.3	+0.9
EV	Mast Global Battery Recycling & Production ETF	1.3	65	-15	12.1	+4.6
LIT	Global X Lithium & Battery Tech ETF	1.3	75	-25	6.2	-1.2
OCEN	IQ Clean Oceans ETF	1.3	45	5	5.9	-1.6
GDOC	Goldman Sachs Future Health Care Equity ETF	1.2	75	-25	2.7	-4.7
WDNA	WisdomTree BioRevolution Fund	1.2	45	5	0.0	-7.5
CZAR	Themes Natural Monopoly ETF	1.1	35	15	2.9	-4.6
DEW	WisdomTree Global High Dividend Fund	1.1	58	-8	8.0	+0.5
KARS	KraneShares Electric Vehicles & Future Mobility Index ETF	1.1	72	-22	-1.2	-8.6
ARTY	iShares Future AI & Tech ETF	1.1	47	3	4.4	-3.0
IVES	Wedbush ETFMG Global Cloud Technology ETF	1.1	68	-18	9.0	+1.6
AIVC	Amplify Bloomberg AI Value Chain ETF	1.1	59	-9	9.5	+2.0
OZEM	Roundhill GLP-1 & Weight Loss ETF	1.1	59	-9	1.1	-6.3
CCNR	ALPS CoreCommodity Natural Resources ETF	1.1	39	11	11.5	+4.1
HAP	VanEck Natural Resources ETF	1.1	50	0	10.4	+3.0
WDIV	SPDR S&P Global Dividend ETF	1.1	40	10	9.7	+2.2
CHAT	Roundhill Generative AI & Technology ETF	1.0	75	-25	16.0	+8.5
JXI	iShares Global Utilities ETF	1.0	43	7	5.9	-1.5
ION	ProShares S&P Global Core Battery Metals ETF	1.0	58	-8	11.7	+4.3
PICK	iShares MSCI Global Metals & Mining Producers ETF	0.9	39	11	15.0	+7.5
FILL	iShares MSCI Global Energy Producers ETF	0.9	39	11	12.2	+4.8
RWO	SPDR Dow Jones Global Real Estate ETF	0.9	50	0	3.0	-4.5
RWX	SPDR Dow Jones International Real Estate ETF	0.9	59	-9	5.8	-1.6
IQRA	IQ CBRE Real Assets ETF	0.9	65	-15	2.7	-4.8
HRTS	Tema GLP-1 Obesity & Cardiometabolic ETF	0.8	75	-25	0.9	-6.6
IBLC	iShares Blockchain and Tech ETF	0.8	47	3	-4.4	-11.8
IDAT	iShares Future Cloud 5G and Tech ETF	0.7	47	3	5.2	-2.3
GNR	SPDR S&P Global Natural Resources ETF	0.7	40	10	11.9	+4.5
WTAI	WisdomTree Artificial Intelligence and Innovation Fund	0.7	45	5	3.8	-3.7
IQM	Franklin Intelligent Machines ETF	0.7	50	0	2.9	-4.6
ARKX	ARK Space Exploration & Innovation ETF	0.7	75	-25	-0.3	-7.8
IXC	iShares Global Energy ETF	0.7	44	6	10.5	+3.1
BATT	Amplify Lithium & Battery Technology ETF	0.7	59	-9	4.0	-3.4
FGD	First Trust Dow Jones Global Select Dividend Index Fund	0.7	56	-6	12.9	+5.4
SNSR	Global X Internet of Things ETF	0.7	68	-18	5.6	-1.9
FDCF	Fidelity Disruptive Communications ETF	0.7	50	0	3.5	-4.0
SAGP	Strategas Global Policy Opportunities ETF	0.7	65	-15	5.4	-2.1
HART	IQ Healthy Hearts ETF	0.7	45	5	6.7	-0.7
HTEC	ROBO Global Healthcare Technology and Innovation ETF	0.7	68	-18	2.6	-4.9
FDNI	First Trust Dow Jones International Internet ETF	0.6	65	-15	20.1	+12.7
CGDV	Capital Group Dividend Value ETF	0.6	33	17	5.1	-2.3
CRAK	VanEck Oil Refiners ETF	0.6	61	-11	16.4	+9.0
GQRE	FlexShares Global Quality Real Estate Index Fund	0.6	45	5	4.2	-3.2
BOAT	SonicShares Global Shipping ETF	0.5	69	-19	33.9	+26.4
CRTC	Xtrackers US National Critical Technologies ETF	0.5	35	15	5.6	-1.9
OGIG	ALPS O'Shares Global Internet Giants ETF	0.4	48	2	2.0	-5.4
TINT	ProShares Smart Materials ETF	0.4	58	-8	3.3	-4.1
IBUY	Amplify Online Retail ETF	0.3	65	-15	4.0	-3.5
HDRO	Defiance Next Gen H2 ETF	0.3	30	20	-10.3	-17.7
OND	ProShares On-Demand ETF	0.3	58	-8	1.6	-5.9
EATV	VegTech Plant-based Innovation & Climate ETF	0.3	75	-25	5.5	-1.9
FTAG	First Trust Indxx Global Agriculture ETF	0.3	70	-20	8.3	+0.9
KROP	Global X AgTech & Food Innovation ETF	0.3	50	0	7.3	-0.2
MOO	VanEck Agribusiness ETF	0.3	53	-3	11.1	+3.6
VEGI	iShares MSCI Agriculture Producers ETF	0.3	39	11	9.0	+1.6
IVEG	iShares Emergent Food and AgTech Multisector ETF	0.3	47	3	8.8	+1.3
TRFK	Pacer Data and Digital Revolution ETF	0.3	60	-10	4.3	-3.2
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.3	70	-20	8.9	+1.4
BMED	Future Health ETF	0.3	85	-35	2.5	-5.0
AIS	VistaShares Artificial Intelligence Supercycle ETF	0.3	75	-25	4.6	-2.8
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	0.3	46	4	4.9	-2.6
INFL	Horizon Kinetics Inflation Beneficiaries ETF	0.3	85	-35	4.1	-3.3
BCDF	Horizon Kinetics Blockchain Development ETF	0.3	85	-35	4.5	-3.0
ARKF	ARK Fintech Innovation ETF	0.3	75	-25	-0.2	-7.7
ISHP	First Trust Nasdaq Retail ETF	0.3	60	-10	5.8	-1.6
FICS	First Trust International Developed Capital Strength ETF	0.2	70	-20	5.7	-1.8
EBIZ	Global X E-Commerce ETF	0.2	50	0	4.7	-2.8
BUG	Global X Cybersecurity ETF	0.2	51	-1	2.9	-4.6
CIBR	First Trust NASDAQ Cybersecurity ETF	0.2	60	-10	4.4	-3.0
HACK	ETFMG Prime Cyber Security ETFMG Prime Cyber Security Fund	0.2	60	-10	3.2	-4.2
IHAK	iShares Cybersecurity & Tech ETF	0.2	47	3	3.9	-3.5
WCBR	WisdomTree Cybersecurity Fund	0.2	45	5	2.0	-5.4
XDAT	Franklin Exponential Data ETF	0.2	50	0	2.3	-5.2
SPAM	Themes Cybersecurity ETF	0.2	35	15	1.8	-5.7
CLOD	Themes Cloud Computing ETF	0.2	35	15	2.3	-5.2
VIDI	Vident International Equity Strategy ETF	0.2	61	-11	12.3	+4.8
BKCH	Global X Blockchain ETF	0.2	50	0	-4.7	-12.2
BLOK	Amplify Transformational Data Sharing ETF	0.2	75	-25	0.4	-7.0
STCE	Schwab Crypto Thematic ETF	0.2	30	20	1.9	-5.5
LUX	Tema Luxury ETF	0.2	75	-25	2.8	-4.7
FDRR	Fidelity Dividend ETF for Rising Rates	0.2	15	35	8.0	+0.5
FDVV	Fidelity High Dividend ETF	0.2	15	35	7.8	+0.4
ICLN	iShares Global Clean Energy ETF	0.2	41	9	6.3	-1.2
VCLN	Virtus Duff & Phelps Clean Energy ETF	0.2	59	-9	6.2	-1.3
AVRE	Avantis Real Estate ETF	0.2	17	33	3.4	-4.1
REET	iShares Global REIT ETF	0.2	14	36	3.5	-4.0
DFGR	Dimensional Global Real Estate ETF	0.2	22	28	3.2	-4.2
VGSR	Vert Global Sustainable Real Estate ETF	0.2	47	3	2.9	-4.5
EFRA	iShares Environmental Infrastructure and Industrials ETF	0.2	47	3	4.5	-3.0
ETEC	iShares Breakthrough Environmental Solutions ETF	0.2	47	3	6.0	-1.4
TINY	ProShares Nanotechnology ETF	0.2	58	-8	6.4	-1.1
CRUZ	Defiance Hotel Airline and Cruise ETF	0.1	45	5	3.4	-4.0
JETS	U.S. Global Jets ETF	0.1	60	-10	4.6	-2.9
AIRL	Themes Airlines ETF	0.1	35	15	-8.2	-15.6
COPX	Global X Copper Miners ETF	0.1	65	-15	9.6	+2.1
DMAT	Global X Disruptive Materials ETF	0.1	59	-9	9.7	+2.2
GMET	VanEck Green Metals ETF	0.1	63	-13	11.6	+4.1
CRIT	Optica Rare Earths & Critical Materials ETF Optica Rare Eart	0.1	85	-35	8.0	+0.5
SUPL	ProShares Supply Chain Logistics ETF	0.1	58	-8	5.8	-1.7
PRNT	3D Printing ETF	0.1	66	-16	1.7	-5.8
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	0.1	86	-36	14.0	+6.6
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	0.1	60	-10	13.6	+6.2
SOCL	Global X Social Media ETF	0.1	65	-15	13.4	+5.9
FMET	Fidelity Metaverse ETF	0.1	39	11	5.5	-2.0
BUYZ	Franklin Disruptive Commerce ETF	0.1	50	0	2.8	-4.7
CLOU	Global X Cloud Computing ETF	0.1	68	-18	2.1	-5.4

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%.

	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		**%	**%	**%	**%	**%	**%

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

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

Forward multiple:	iShares MSCI Japan ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

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