ETF Research Center

iShares MSCI Japan Value ETF

ALTAR
Score™

8.3%

Recommen-
dation

SPECULATIVE

2021E 2022E
P/E ratio	12.6x	P/Sales ratio	0.7x
P/BV ratio	1.0x	Div. yield	2.9%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The iShares MSCI Japan Value ETF seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities with value characteristics and relatively lower valuations.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock
Website	www.ishares.com
Inception date	Mar 05, 2019
Assets (mns)	$36
Currency	USD
Expense ratio	15 bp
Distributions	Semi-annual

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	193
Wgt avg mkt cap (mns)	$53,778
Large cap (>$10bn)	75.6%
Mid cap ($2-10bn)	24.4%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	29.0 %
TOYOTA MOTOR CORP	7.8 %
SOFTBANK GROUP CORP.	4.4 %
MITSUBISHI UFJ FINANCIAL GRO	3.1 %
HONDA MOTOR CO LTD	2.4 %
KDDI CORPORATION	2.4 %
SUMITOMO MITSUI FINANCIAL GR	2.1 %
MITSUBISHI CORP	1.8 %
SOFTBANK CORP.	1.8 %
MITSUI & CO LTD	1.7 %
MIZUHO FINANCIAL GROUP INC	1.6 %

TOP COUNTRY EXPOSURE
	JAPAN	98.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru March 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
8.0%	40.2%	--	--	9.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.72	66%
MSCI EAFE	0.74	74%
MSCI Emg. Mkts.	0.52	44%

Technical Indicators
Recent close	$27.73
30d moving avg.	$28.31
Annualized volatility	17.6%
Short interest (ETF)	1.1%
Relative strength (RSI)	47

Liquidity measures
Avg. volume (thou.)	19
Turnover	1.5%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$11,852

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 243 potential alternatives to the iShares MSCI Japan Value ETF ETF based on the alternatives' overlap in portfolio holdings with EWJV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EWJV

Expense:

15 bp

ALTAR Score™:

8.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWJV
Ticker	Fund Name	Overlap¹ vs EWJV (%)	Expense ratio (bp)	Savings vs EWJV (bp)	ALTAR Score™ (%)	ALTAR vs EWJV (%)
EWJ	iShares MSCI Japan ETF	54.7	51	-36	5.9	-2.4
ZJPN	SPDR Solactive Japan ETF	54.6	14	1	6.4	-1.9
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	54.2	46	-31	6.1	-2.2
BBJP	JPMorgan BetaBuilders Japan ETF	53.2	19	-4	3.0	-5.3
FLJH	Franklin FTSE Japan Hedged ETF	50.8	9	6	6.6	-1.7
FLJP	Franklin FTSE Japan ETF	50.5	9	6	6.4	-1.9
DXJ	WisdomTree Japan Hedged Equity Fund	50.2	48	-33	7.4	-0.9
JPXN	iShares JPX-Nikkei 400 ETF	49.4	48	-33	6.1	-2.3
JPN	Xtrackers Japan JPX-Nikkei 400 Equity ETF	49.2	9	6	6.5	-1.8
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	48.0	25	-10	6.2	-2.1
EWJE	iShares MSCI Japan Equal Weighted ETF	47.1	15	0	6.1	-2.2
DFAI	Dimensional International Core Equity Market ETF	36.5	18	-3	6.0	-2.3
IVLU	iShares Edge MSCI Intl Value Factor ETF	33.4	30	-15	9.4	+1.1
IPAC	iShares Core MSCI Pacific ETF	32.3	9	6	6.1	-2.2
FJP	First Trust Japan AlphaDEX Fund	29.4	80	-65	7.7	-0.6
PQIN	PGIM QMA Strategic Alpha International Equity ETF	24.3	29	-14	6.7	-1.6
EFV	iShares MSCI EAFE Value ETF	23.7	39	-24	7.8	-0.5
ESGN	Columbia Sustainable International Equity Income ETF	21.2	45	-30	8.5	+0.2
IQIN	IQ 500 International ETF	20.2	25	-10	7.0	-1.3
ISZE	iShares Edge MSCI Intl Size Factor ETF	20.1	30	-15	5.8	-2.5
VPL	Vanguard FTSE Pacific ETF	19.8	8	7	6.2	-2.1
UIVM	VictoryShares USAA MSCI International Value Momentum ETF	18.8	35	-20	7.6	-0.7
FNDF	Schwab Fundamental International Large Co. Index ETF	17.4	25	-10	7.4	-0.9
JHMD	John Hancock Multifactor Developed International ETF	17.0	39	-24	6.0	-2.3
FIVA	Fidelity International Value Factor ETF	16.9	39	-24	8.0	-0.3
DTH	WisdomTree International High Dividend Fund	16.7	58	-43	8.1	-0.2
DEEF	Xtrackers FTSE Developed ex US Comprehensive Factor ETF	16.5	24	-9	6.5	-1.8
IMFL	Invesco International Developed Dynamic Multifactor ETF	15.8	34	-19	8.1	-0.2
DIM	WisdomTree International MidCap Dividend Fund	15.6	58	-43	6.6	-1.7
CEFA	Global X S&P Catholic Values Developed ex-U.S. ETF	15.6	35	-20	5.7	-2.6
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	15.5	40	-25	6.9	-1.4
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	15.4	65	-50	9.6	+1.3
DMXF	iShares ESG Advanced MSCI EAFE ETF	15.2	12	3	5.6	-2.7
DWM	WisdomTree International Equity Fund	14.9	48	-33	6.7	-1.6
FDT	First Trust Developed Markets ex-US Alphadex Fund	14.9	80	-65	7.0	-1.3
QEFA	SPDR MSCI EAFE Quality Mix ETF	14.8	30	-15	5.7	-2.6
DOL	WisdomTree International LargeCap Dividend Fund	14.7	48	-33	6.7	-1.6
JPIN	JPMorgan Diversified Return International Equity ETF	14.6	37	-22	6.9	-1.4
DOO	WisdomTree International Dividend ex-Financials Fund	14.4	58	-43	7.3	-1.0
ESGD	iShares MSCI EAFE ESG Optimized ETF	14.3	20	-5	5.9	-2.4
INTF	iShares Edge MSCI Multifactor Intl ETF	14.2	30	-15	7.2	-1.2
RESD	WisdomTree International ESG Fund	14.0	30	-15	5.9	-2.4
GSID	Goldman Sachs MarketBeta International Equity ETF	13.9	20	-5	5.9	-2.4
HFXI	IQ 50 Percent Hedged FTSE International ETF	13.8	20	-5	6.2	-2.2
EFA	iShares MSCI EAFE ETF	13.7	32	-17	5.9	-2.4
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	13.6	36	-21	5.9	-2.4
IQSI	IQ Candriam ESG International Equity ETF	13.6	15	0	6.0	-2.3
ISDX	Invesco RAFI Strategic Developed ex-US ETF	13.5	23	-8	6.0	-2.3
PDEV	Principal International Multi-Factor Core Index ETF	13.3	25	-10	6.6	-1.8
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	13.3	20	-5	5.9	-2.5
DWMF	WisdomTree International Multifactor Fund	13.3	38	-23	6.0	-2.3
HDEF	Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF	13.2	20	-5	8.1	-0.2
IDLV	Invesco S&P International Developed Low Volatility ETF	13.2	25	-10	5.7	-2.7
FIDI	Fidelity International High Dividend ETF	13.0	39	-24	8.1	-0.2
RFAP	First Trust Riverfront Dynamic Asia Pacific ETF	12.7	83	-68	5.3	-3.0
PBDM	Invesco PureBeta FTSE Developed ex-North America ETF	12.4	7	8	6.2	-2.2
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	12.4	14	1	5.7	-2.6
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	12.3	39	-24	5.6	-2.7
BKIE	BNY Mellon International Equity ETF	12.3	4	11	6.3	-2.0
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	12.3	29	-14	7.1	-1.3
RBIN	Nationwide Risk-Based International Equity ETF	12.2	42	-27	5.5	-2.8
CARZ	First Trust NASDAQ Global Auto Index Fund	12.1	70	-55	8.9	+0.6
VWID	Virtus WMC International Dividend ETF	12.0	49	-34	7.2	-1.1
EFAV	iShares Edge MSCI Min Vol EAFE ETF	11.9	20	-5	4.9	-3.4
GCOW	Pacer Global High Dividend ETF	11.8	60	-45	9.5	+1.2
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	11.8	80	-65	5.5	-2.8
NUDM	Nuveen ESG International Developed Markets Equity ETF	11.6	40	-25	5.6	-2.8
IEFA	iShares Core MSCI EAFE ETF	11.6	7	8	6.1	-2.2
DVYA	iShares Asia/Pacific Dividend ETF	11.5	49	-34	10.7	+2.4
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	11.5	45	-30	6.9	-1.4
SCHF	Schwab International Equity ETF	11.4	6	9	6.2	-2.2
IDOG	ALPS International Sector Dividend Dogs ETF	11.3	50	-35	7.8	-0.5
SPDW	SPDR Portfolio Developed World ex-US ETF	11.3	4	11	5.8	-2.5
IVAL	Alpha Architect International Quantitative Value ETF	10.9	59	-44	7.7	-0.6
TPIF	Timothy Plan International ETF	10.8	62	-47	5.6	-2.7
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility Id	10.8	32	-17	5.5	-2.8
CIL	VictoryShares International Volatility Weighted Index ETF	10.7	45	-30	5.9	-2.4
CIZ	VictoryShares Developed Enhanced Volatility Weighted Index E	10.7	45	-30	5.9	-2.4
GSIE	Goldman Sachs ActiveBeta International Equity ETF	10.4	25	-10	5.8	-2.5
IDEV	iShares Core MSCI International Developed Markets ETF	10.2	5	10	6.0	-2.3
IDHD	Invesco S&P Intl Developed High Dividend Low Volatility ETF	10.0	30	-15	7.4	-0.9
DMDV	AAM S&P Developed Markets High Dividend Value ETF	9.8	39	-24	8.7	+0.3
CID	VictoryShares Intl High Dividend Volatility Wtd Index ETF	9.7	45	-30	8.1	-0.2
RODE	Hartford Multifactor Diversified International ETF	9.6	29	-14	9.4	+1.1
QINT	American Century Quality Diversified International ETF	9.6	39	-24	6.2	-2.1
CWI	SPDR MSCI ACWI ex-US ETF	9.3	30	-15	6.0	-2.3
EKAR	Innovation Shares NextGen Vehicles & Technology ETF	8.9	95	-80	4.8	-3.6
FDEV	Fidelity Targeted International Factor ETF	8.9	39	-24	5.5	-2.8
IDLB	Invesco FTSE International Low Beta Equal Weight ETF	8.8	45	-30	5.7	-2.6
DGT	SPDR Global Dow ETF	8.7	50	-35	6.1	-2.2
AVDE	Avantis International Equity ETF	8.6	23	-8	6.4	-1.9
ACWX	iShares MSCI ACWI ex U.S. ETF	8.6	32	-17	6.1	-2.2
IDMO	Invesco S&P International Developed Momentum ETF	8.6	25	-10	3.3	-5.0
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	8.5	41	-26	6.0	-2.3
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	8.4	39	-24	6.6	-1.7
HDAW	Xtrackers MSCI All World ex US High Dividend Yield Equity ET	8.3	20	-5	9.1	+0.8
RNDM	First Trust Developed International Equity Select ETF	8.2	65	-50	5.3	-3.1
EXI	iShares Global Industrials ETF	8.0	46	-31	4.3	-4.0
VEA	Vanguard FTSE Developed Markets ETF	7.9	5	10	6.1	-2.2
VYMI	Vanguard International High Dividend Yield ETF	7.6	27	-12	8.6	+0.3
IDRV	iShares Self-driving EV & Tech ETF	7.5	47	-32	5.1	-3.2
IDHQ	Invesco S&P International Developed Quality ETF	7.5	29	-14	4.9	-3.4
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	7.4	47	-32	5.1	-3.2
ACSG	Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF	7.3	16	-1	5.8	-2.5
KLDW	Gavekal Knowledge Leaders Developed World ETF	7.3	75	-60	4.0	-4.3
IXUS	ishares Core MSCI Total International Stock ETF	7.3	9	6	6.2	-2.1
IGRO	iShares International Dividend Growth ETF	7.2	15	0	6.6	-1.7
LVHI	Legg Mason International Low Volatility High Dividend ETF	7.2	40	-25	8.2	-0.1
IQDE	FlexShares International Quality Dividend Defensive Index ET	7.0	47	-32	10.3	+2.0
VEU	Vanguard FTSE All-World ex-US Index Fund	6.9	8	7	6.4	-1.9
WPS	iShares International Developed Property ETF	6.9	48	-33	6.2	-2.1
VSGX	Vanguard ESG International Stock ETF	6.8	17	-2	6.1	-2.2
RXI	iShares Global Consumer Discretionary ETF	6.6	46	-31	3.5	-4.8
VNQI	Vanguard Global ex-U.S. Real Estate ETF	6.4	12	3	8.5	+0.2
FID	First Trust S&P International Dividend Aristocrats ETF	6.3	60	-45	8.4	+0.1
IPKW	Invesco International BuyBack Achievers ETF	6.3	55	-40	6.3	-2.0
IMTM	iShares Edge MSCI Intl Momentum Factor ETF	6.3	30	-15	3.7	-4.6
QWLD	SPDR MSCI World StrategicFactors ETF	6.3	30	-15	5.2	-3.1
WLDR	Affinity World Leaders Equity ETF	6.2	47	-32	7.6	-0.8
DRIV	Global X Autonomous & Electric Vehicles ETF	6.0	68	-53	4.4	-3.9
HAUZ	Xtrackers International Real Estate ETF	6.0	10	5	7.4	-1.0
IQDF	FlexShares International Quality Dividend Index Fund	5.9	47	-32	7.9	-0.4
IXP	iShares Global Comm Services ETF	5.7	46	-31	4.8	-3.5
ACWV	iShares MSCI Global Min Vol Factor ETF	5.6	20	-5	5.3	-3.0
JSTC	Adasina Social Justice All Cap Global ETF	5.5	89	-74	4.8	-3.5
WDIV	SPDR Global Dividend ETF	5.5	40	-25	8.6	+0.3
VXUS	Vanguard Total International Stock ETF	5.4	8	7	6.3	-2.0
IFGL	iShares International Developed Real Estate ETF	5.4	48	-33	6.1	-2.2
FFR	First Trust FTSE EPRA/NAREIT Developed Markets Real Estate	5.4	60	-45	5.4	-2.9
DSTX	Distillate International Fundamental Stability & Value ETF	5.3	55	-40	6.0	-2.3
NXTG	First Trust Indxx NextG ETF	5.1	70	-55	5.1	-3.2
IQLT	iShares Edge MSCI Intl Quality Factor ETF	4.9	30	-15	5.1	-3.2
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	4.9	47	-32	8.7	+0.4
DRW	WisdomTree Global ex-US Real Estate Fund	4.7	58	-43	8.9	+0.6
DEW	WisdomTree Global High Dividend Fund	4.7	58	-43	8.1	-0.2
SDG	iShares Sustainable MSCI Global Impact ETF	4.5	49	-34	5.3	-3.0
ESGG	FlexShares STOXX Global ESG Impact Index Fund	4.4	42	-27	4.6	-3.7
INFR	Legg Mason Global Infrastructure ETF	4.4	40	-25	4.9	-3.4
FYLD	Cambria Foreign Shareholder Yield ETF	4.3	59	-44	6.7	-1.6
URTH	iShares MSCI World ETF	4.2	24	-9	4.8	-3.5
BLCN	Siren ETF Trust Siren Nasdaq NexGen Economy ETF	4.1	68	-53	4.3	-4.0
IXG	iShares Global Financials ETF	4.1	46	-31	7.9	-0.4
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	4.0	9	6	5.1	-3.2
MXI	iShares Global Materials ETF	4.0	45	-30	5.0	-3.3
CRBN	iShares MSCI ACWI Low Carbon Target ETF	3.8	20	-5	5.1	-3.2
RWX	SPDR Dow Jones International Real Estate ETF	3.7	59	-44	5.4	-2.9
RWO	SPDR Dow Jones Global Real Estate ETF	3.7	50	-35	5.3	-3.0
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	3.7	58	-43	5.8	-2.5
ACWI	iShares MSCI ACWI ETF	3.6	32	-17	4.9	-3.4
IQDG	WisdomTree International Quality Dividend Growth Fund	3.6	42	-27	6.0	-2.4
LOWC	SPDR MSCI ACWI Low Carbon Target ETF	3.5	20	-5	5.1	-3.2
DWX	SPDR S&P International Dividend ETF	3.4	45	-30	6.9	-1.4
ACWF	iShares MSCI Global Multifactor ETF	3.3	35	-20	6.6	-1.7
FICS	First Trust International Developed Capital Strength ETF	3.3	70	-55	4.3	-4.0
MOTI	VanEck Vectors Morningstar International Moat ETF	3.2	58	-43	7.6	-0.7
VIGI	Vanguard International Dividend Appreciation ETF	3.2	20	-5	4.6	-3.7
EFAS	Global X MSCI SuperDividend EAFE ETF	3.1	56	-41	7.5	-0.8
FGD	First Trust Dow Jones Global Select Dividend Index Fund	3.1	59	-44	10.5	+2.2
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	3.1	49	-34	4.4	-3.9
FNDC	Schwab Fundamental International Small Co. Index ETF	3.0	39	-24	5.0	-3.3
EFG	iShares MSCI EAFE Growth ETF	2.9	40	-25	3.7	-4.6
HAP	VanEck Vectors Natural Resources ETF	2.9	50	-35	5.0	-3.3
EFAD	ProShares MSCI EAFE Dividend Growers ETF	2.9	51	-36	4.8	-3.5
VT	Vanguard Total World Stock ETF	2.8	8	7	5.2	-3.1
QTUM	Defiance Quantum ETF	2.8	40	-25	4.4	-3.9
REET	iShares Global REIT ETF	2.7	14	1	5.6	-2.7
LEGR	First Trust Indxx Innovative Transaction & Process ETF	2.6	65	-50	8.0	-0.3
IOO	iShares Global 100 ETF	2.5	40	-25	4.6	-3.7
KXI	iShares Global Consumer Staples ETF	2.4	46	-31	4.9	-3.4
TTAI	TrimTabs All Cap International Free-Cash-Flow ETF	2.4	61	-46	4.3	-4.0
URA	Global X Uranium ETF	2.3	69	-54	1.2	-7.1
SDGA	Impact Shares Sustainable Development Goals Global ETF	2.2	75	-60	4.7	-3.6
MOTO	SmartETFs Smart Transportation & Technology ETF	2.1	68	-53	5.2	-3.1
IDV	iShares International Select Dividend ETF	2.1	49	-34	9.2	+0.9
AIIQ	AI Powered International Equity ETF	2.0	79	-64	4.0	-4.3
ROBO	Robo Global Robotics & Automation Index ETF	2.0	95	-80	2.2	-6.1
AVDV	Avantis International Small Cap Value ETF	1.8	36	-21	6.3	-2.0
BATT	Amplify Advanced Battery Metals & Materials ETF	1.8	59	-44	2.7	-5.6
FPXI	First Trust International Equity Opportunities ETF	1.8	70	-55	2.3	-6.0
BOTZ	Global X Robotics & Artificial Intelligence ETF	1.7	68	-53	2.3	-6.0
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics ETF	1.6	65	-50	1.4	-6.9
FTAG	First Trust Indxx Global Agriculture ETF	1.6	70	-55	4.7	-3.6
PICK	iShares MSCI Global Metals & Mining Producers ETF	1.6	39	-24	6.7	-1.6
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	1.5	46	-31	5.5	-2.8
RFDI	First Trust Riverfront Dynamic Developed International ETF	1.5	83	-68	5.0	-3.3
IXN	iShares Global Tech ETF	1.5	46	-31	3.7	-4.6
GNR	SPDR S&P Global Natural Resources ETF	1.4	40	-25	5.7	-2.6
JXI	iShares Global Utilities ETF	1.4	46	-31	5.3	-3.0
XT	iShares Exponential Technologies ETF	1.4	47	-32	4.4	-3.9
GRES	IQ Global Resources ETF	1.4	78	-63	5.6	-2.7
VEGI	iShares MSCI Global Agriculture Producers ETF	1.3	39	-24	4.2	-4.2
MOO	VanEck Vectors Agribusiness ETF	1.3	56	-41	4.0	-4.3
IXJ	iShares Global Healthcare ETF	1.3	46	-31	6.0	-2.3
LIT	Global X Lithium & Battery Tech ETF	1.3	75	-60	2.3	-6.0
ARKX	ARK Space Exploration & Innovation ETF	1.3	75	-60	3.0	-5.4
GQRE	FlexShares Global Quality Real Estate Index Fund	1.3	45	-30	5.7	-2.6
FLM	First Trust Global Engineering and Construction ETF	1.2	70	-55	7.4	-0.9
IRBO	iShares Robotics and Artificial Intelligence Multisector ETF	1.2	47	-32	1.3	-7.1
BLOK	Amplify Transformational Data Sharing ETF	1.2	70	-55	1.3	-7.1
PZD	Invesco Cleantech ETF	1.2	65	-50	3.6	-4.8
BNE	Blue Horizon BNE ETF	1.1	87	-72	2.7	-5.6
FDVV	Fidelity Core Dividend ETF	1.0	29	-14	6.1	-2.2
MJ	ETFMG Alternative Harvest ETF	1.0	75	-60	-2.5	-10.8
GDVD	Principal Active Global Dividend Income ETF	1.0	58	-43	0.0	-8.3
FILL	iShares MSCI Global Energy Producers ETF	1.0	39	-24	5.7	-2.6
GINN	Goldman Sachs ETF Trust Goldman Sachs Innovate Equity ETF	1.0	50	-35	3.3	-5.0
HJEN	Direxion Hydrogen ETF	1.0	45	-30	-0.2	-8.5
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure Inde	1.0	70	-55	3.4	-4.9
CRAK	VanEck Vectors Oil Refiners ETF	0.8	60	-45	7.1	-1.2
IXC	iShares Global Energy ETF	0.8	46	-31	5.3	-3.0
PIZ	Invesco DWA Developed Markets Momentum ETF	0.7	80	-65	3.2	-5.1
NLR	VanEck Vectors Uranium+Nuclear Energy ETF	0.7	61	-46	7.0	-1.3
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.7	58	-43	4.9	-3.4
BMED	BlackRock Future Health ETF	0.6	85	-70	-0.7	-9.0
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	0.6	47	-32	4.6	-3.7
DTEC	ALPS Disruptive Technologies ETF	0.5	50	-35	2.7	-5.6
FAN	First Trust Global Wind Energy ETF	0.4	62	-47	3.7	-4.6
FDRR	Fidelity Dividend ETF for Rising Rates	0.4	29	-14	6.2	-2.2
VIDI	Vident International Equity Fund	0.4	59	-44	8.8	+0.5
PIO	Invesco Global Water ETF	0.4	75	-60	3.5	-4.8
KOIN	Innovation Shares NextGen Protocol ETF	0.3	95	-80	3.6	-4.7
WOOD	iShares Global Timber & Forestry ETF	0.3	46	-31	7.0	-1.4
CUT	Invesco MSCI Global Timber ETF	0.3	61	-46	6.6	-1.7
DXJS	WisdomTree Japan Hedged SmallCap Equity Fund	0.3	58	-43	8.2	-0.1
DFJ	WisdomTree Japan SmallCap Dividend Fund	0.3	58	-43	8.0	-0.3
HART	IQ Healthy Hearts ETF	0.2	45	-30	4.7	-3.7
JOYY	Infusive Compounding Global Equities ETF	0.2	50	-35	3.5	-4.8
JETS	US Global Jets ETF	0.2	60	-45	-2.1	-10.4
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	0.2	80	-65	8.3	-0.0
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.2	70	-55	9.0	+0.7
IHAK	iShares Cybersecurity & Tech ETF	0.2	47	-32	3.2	-5.1
HACK	ETFMG Prime Cyber Security ETF	0.2	60	-45	3.1	-5.2
CIBR	First Trust NASDAQ CEA Cybersecurity ETF	0.2	60	-45	3.0	-5.3
XDAT	Franklin Exponential Data ETF	0.2	50	-35	1.6	-6.7
BUG	Global X Cybersecurity ETF	0.2	50	-35	1.3	-7.0
WCBR	WisdomTree Cybersecurity Fund	0.2	45	-30	1.0	-7.3
EBLU	Ecofin Global Water ESG Fund	0.2	40	-25	3.6	-4.7
AQWA	Global X Clean Water ETF	0.2	50	-35	3.6	-4.7
CGW	Invesco S&P Global Water Index ETF	0.2	57	-42	3.6	-4.7
GAMR	ETFMG Video Game Tech ETF	0.1	75	-60	2.8	-5.5
PRNT	The 3D Printing ETF	0.1	66	-51	1.3	-7.0
GWX	SPDR S&P International Small Cap ETF	0.1	40	-25	5.0	-3.3
BFIT	Global X Health & Wellness ETF	0.0	50	-35	3.9	-4.4

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%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2016	2017	2018	2019	2020	2021E	2022E
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

Content on this tab for subscribers only

VALUATION METRICS

	2020	2021E	2022E
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 Japan Value 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	8.1	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	8.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	CATEGORY AVERAGE	1.54

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.