iShares MSCI Belgium ETF
ALTAR
Score™		 4.6% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 20.4x P/Sales
ratio		 2.5x
P/BV
ratio		 1.6x Div.
yield		 2.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares MSCI Belgium Investable Market Index Fund is an exchange-traded fund incorporated in the USA. The Fund's objective is to provide investment results that correspond to the performance of publicly traded securities in the Belgium market, as measured by the MSCI Belgium Investable Market Index.

FUND BASICS
Category International Equities
Fund Sponsor Barclays Global Fund Advisors
Website www.ishares.com
Inception date Mar 12, 1996
Assets (mns) $11
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 38
Wgt avg mkt cap (mns) $40,301
Large cap (>$10bn) 62.6%
Mid cap ($2-10bn) 25.8%
Small cap (<$2bn) 8.7%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ANHEUSER-BUSCH INBEV SA/NV 22.7 %
ARGEN-X SE 14.1 %
UCB SA 8.6 %
AGEAS 4.8 %
KBC GROEP NV 4.5 %
GROUPE BRUXELLES LAMBERT SA 3.7 %
SYENSQO SA/NV 3.0 %
ACKERMANS & VAN HAAREN 2.8 %
WAREHOUSES DE PAUW SCA 2.4 %
S.A. D'IETEREN N.V. 2.2 %
Total 68.9 %

TOP COUNTRY EXPOSURE
BELGIUM 75.8 %
NETHERLANDS 14.2 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru February 28)
Year-to-date 1 year 5 years 10 years Since Incep.
5.6% 8.6% 4.7% 3.5% 5.2%

Market Correlations
versus... Beta R-squared
S&P500 0.73 47%
MSCI EAFE 0.96 84%
MSCI Emg. Mkts. 0.78 55%

Technical Indicators
Recent close $19.74
30d moving avg. $19.77
Annualized volatility 18.2%
Short interest (ETF) 0.8%
Relative strength (RSI) 54

Liquidity measures
Avg. volume (thou.) 11
Turnover 2.0%
Bid/Ask (% of price) 0.24%
ADV underlying (mns) $223

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 203 potential alternatives to the iShares MSCI Belgium ETF ETF based on the alternatives' overlap in portfolio holdings with EWK. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: EWK Expense: 50 bp ALTAR Score™: 4.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EWK
Ticker Fund
Name		 Overlap1
vs EWK
(%)		 Expense
ratio
(bp)		 Savings
vs EWK
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs EWK
(%)
FEUZ First Trust Eurozone AlphaDEX ETF 6.3 80 -30 9.2 +4.6
EUSC WisdomTree Europe Hedged SmallCap Equity Fund 6.0 58 -8 9.0 +4.4
EUDV ProShares MSCI Europe Dividend Growers ETF 4.5 55 -5 6.9 +2.3
FPXI First Trust International Equity Opportunities ETF 4.1 70 -20 3.9 -0.7
IMOM Alpha Architect International Quantitative Momentum ETF 3.9 49 1 4.8 +0.2
FEP First Trust Europe AlphaDEX Fund 3.8 80 -30 9.3 +4.7
FDD First Trust Stoxx European Select Dividend Index Fund 3.8 58 -8 12.4 +7.8
OAIM OneAscent International Equity ETF 3.7 95 -45 6.2 +1.6
HEDJ WisdomTree Europe Hedged Equity Fund 3.7 58 -8 6.6 +2.0
FPXE First Trust IPOX Europe Equity Opportunities ETF 3.6 70 -20 4.5 -0.1
AGNG Global X Aging Population ETF 3.5 50 0 4.2 -0.4
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 3.1 45 5 6.6 +2.1
IEUS iShares MSCI Europe Small-Cap ETF 2.9 42 8 7.2 +2.6
FMED Fidelity Disruptive Medicine ETF 2.8 50 0 -1.1 -5.7
EZU iShares MSCI Eurozone ETF 2.7 52 -2 6.8 +2.2
RWX SPDR Dow Jones International Real Estate ETF 2.6 59 -9 5.9 +1.3
EFAD ProShares MSCI EAFE Dividend Growers ETF 2.6 50 0 5.8 +1.2
CEFA Global X S&P Catholic Values Developed ex-US ETF 2.5 35 15 5.9 +1.3
EFAV iShares MSCI EAFE Min Vol Factor ETF 2.5 22 28 5.8 +1.3
AIVI WisdomTree International AI Enhanced Value Fund 2.4 58 -8 7.5 +2.9
MOTI VanEck Morningstar International Moat ETF 2.4 58 -8 12.8 +8.3
IDLV Invesco S&P International Developed Low Volatility ETF 2.3 25 25 6.3 +1.7
PSP Invesco Global Listed Private Equity ETF 2.2 106 -56 5.7 +1.1
BMED Future Health ETF 2.2 85 -35 2.4 -2.1
IFGL iShares International Developed Real Estate ETF 2.2 48 2 6.3 +1.7
DFE WisdomTree Europe SmallCap Dividend Fund 2.1 58 -8 8.4 +3.8
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 2.0 80 -30 5.7 +1.1
INDS Pacer Industrial Real Estate ETF 2.0 55 -5 3.9 -0.6
EFAS Global X MSCI SuperDividend EAFE ETF 2.0 57 -7 8.5 +4.0
FDT First Trust Developed Markets ex-US AlphaDEX Fund 1.8 80 -30 10.0 +5.4
DIM WisdomTree International MidCap Dividend Fund 1.8 58 -8 7.7 +3.1
WDNA WisdomTree BioRevolution Fund 1.7 45 5 0.0 -4.6
TINT ProShares Smart Materials ETF 1.7 58 -8 3.1 -1.5
SPEU SPDR Portfolio Europe ETF 1.6 7 43 7.5 +2.9
IEUR iShares Core MSCI Europe ETF 1.6 11 39 7.4 +2.8
DTRE First Trust Alerian Disruptive Technology Real Estate ETF 1.6 60 -10 2.5 -2.1
WWJD Inspire International ETF 1.6 80 -30 7.6 +3.0
BBEU JPMorgan BetaBuilders Europe ETF 1.6 9 41 7.2 +2.7
HAUZ DBX ETF Trust - Xtrackers International Real Estate ETF 1.6 10 40 7.5 +2.9
EUFN iShares MSCI Europe Financials ETF 1.6 51 -1 8.5 +3.9
VGK Vanguard FTSE Europe ETF 1.6 11 39 7.5 +2.9
FEZ SPDR EURO STOXX 50 ETF 1.6 29 21 7.2 +2.6
KXI iShares Global Consumer Staples ETF 1.6 41 9 5.4 +0.9
FID First Trust S&P International Dividend Aristocrats ETF 1.5 60 -10 9.1 +4.5
TPIF Timothy Plan International ETF 1.5 62 -12 6.5 +2.0
VNQI Vanguard Global ex-U.S. Real Estate ETF 1.5 12 38 7.7 +3.1
FGD First Trust Dow Jones Global Select Dividend Index Fund 1.5 56 -6 12.6 +8.0
FLEE Franklin FTSE Europe ETF 1.4 9 41 7.0 +2.4
IEV iShares Europe ETF 1.4 67 -17 6.9 +2.4
DBEU Xtrackers MSCI Europe Hedged Equity ETF 1.4 46 4 6.8 +2.2
DLS WisdomTree International SmallCap Dividend Fund 1.4 58 -8 8.9 +4.3
SCZ iShares MSCI EAFE Small-Cap ETF 1.3 40 10 7.4 +2.8
CIL VictoryShares International Volatility Wtd ETF 1.3 45 5 7.0 +2.4
IDV iShares International Select Dividend ETF 1.3 51 -1 11.6 +7.0
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 1.3 49 1 7.3 +2.8
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 1.3 25 25 7.2 +2.7
VGSR Vert Global Sustainable Real Estate ETF 1.3 47 3 2.8 -1.8
JSTC Adasina Social Justice All Cap Global ETF 1.3 89 -39 4.5 -0.1
CGIE Capital Group International Equity ETF 1.3 54 -4 5.1 +0.6
UIVM VictoryShares International Value Momentum ETF 1.3 35 15 9.5 +4.9
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 1.2 72 -22 -1.2 -5.7
WBAT WisdomTree Battery Value Chain and Innovation Fund 1.2 45 5 0.0 -4.6
BATT Amplify Lithium & Battery Technology ETF 1.2 59 -9 3.8 -0.8
EV Mast Global Battery Recycling & Production ETF 1.2 65 -15 11.6 +7.0
LIMI Themes Lithium & Battery Metal Miners ETF 1.2 35 15 0.0 -4.6
PBD Invesco Global Clean Energy ETF 1.2 75 -25 0.4 -4.2
SCHC Schwab International Small-Cap Equity ETF 1.2 11 39 7.1 +2.5
DISV Dimensional International Small Cap Value ETF 1.2 42 8 9.7 +5.1
BLLD JPMorgan Sustainable Infrastructure ETF 1.2 49 1 4.8 +0.2
ESGD iShares ESG Aware MSCI EAFE ETF 1.1 20 30 7.1 +2.6
WDIV SPDR S&P Global Dividend ETF 1.1 40 10 9.6 +5.1
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 1.1 12 38 6.2 +1.6
EFG iShares MSCI EAFE Growth ETF 1.1 36 14 4.5 -0.1
NUDM Nuveen ESG International Developed Markets Equity ETF 1.1 31 19 6.6 +2.0
CGXU Capital Group International Focus Equity ETF 1.1 54 -4 5.9 +1.3
IMTM iShares MSCI Intl Momentum Factor ETF 1.1 30 20 5.6 +1.1
DFIS Dimensional International Small Cap ETF 1.1 39 11 7.9 +3.3
QEFA SPDR MSCI EAFE StrategicFactors ETF 1.1 30 20 7.3 +2.7
RODM Hartford Multifactor Developed Markets (ex-US) ETF 1.1 29 21 8.2 +3.6
JHMD John Hancock Multifactor Developed International ETF 1.0 39 11 7.8 +3.2
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 1.0 20 30 6.6 +2.0
IEFA iShares Core MSCI EAFE ETF 1.0 7 43 7.4 +2.8
HELX Franklin Genomic Advancements ETF 1.0 50 0 0.1 -4.5
XT iShares Exponential Technologies ETF 1.0 46 4 5.5 +0.9
FDRV Fidelity Electric Vehicles and Future Transportation ETF 1.0 39 11 -1.1 -5.7
IQDY FlexShares International Quality Dividend Dynamic Index Fund 1.0 47 3 9.0 +4.4
DFIC Dimensional International Core Equity 2 ETF 1.0 23 27 7.9 +3.4
HFXI IQ FTSE International Equity Currency Neutral ETF 1.0 20 30 7.4 +2.8
LCTD BlackRock World ex U.S. Carbon Transition Readiness ETF 1.0 20 30 6.7 +2.2
EFA iShares MSCI EAFE ETF 1.0 35 15 7.0 +2.5
STXI Strive International Developed Markets ETF 1.0 29 21 5.9 +1.4
CRIT Optica Rare Earths & Critical Materials ETF Optica Rare Eart 0.9 85 -35 8.0 +3.4
SDIV Global X Superdividend ETF 0.9 58 -8 13.9 +9.3
BKIE BNY Mellon International Equity ETF 0.9 4 46 7.3 +2.7
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.9 39 11 8.3 +3.8
AVDV Avantis International Small Cap Value ETF 0.9 36 14 10.9 +6.4
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 0.9 36 14 6.9 +2.3
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.9 58 -8 7.1 +2.5
COPY Tweedy, Browne Insider + Value ETF 0.9 80 -30 12.6 +8.0
MOTG VanEck Morningstar Global Wide Moat ETF 0.9 52 -2 6.7 +2.1
DWM WisdomTree International Equity Fund 0.9 48 2 7.7 +3.1
DIVI Franklin International Core Dividend Tilt Index ETF 0.9 9 41 8.2 +3.7
IDEV iShares Core MSCI International Developed Markets ETF 0.9 4 46 7.4 +2.8
SPDW SPDR Portfolio Developed World ex-US ETF 0.9 3 47 7.5 +2.9
DMXF iShares ESG Advanced MSCI EAFE ETF 0.9 12 38 5.8 +1.2
EUDG WisdomTree Europe Quality Dividend Growth Fund 0.9 58 -8 6.5 +2.0
DFIV Dimensional International Value ETF 0.9 27 23 10.4 +5.8
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.9 40 10 7.5 +3.0
IQDF FlexShares International Quality Dividend Index Fund 0.9 47 3 9.5 +4.9
VEA Vanguard FTSE Developed Markets ETF 0.9 5 45 7.6 +3.0
AVRE Avantis Real Estate ETF 0.9 17 33 3.3 -1.3
REET iShares Global REIT ETF 0.9 14 36 3.3 -1.2
GSIE Goldman Sachs ActiveBeta International Equity ETF 0.9 25 25 7.5 +2.9
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.8 7 43 7.0 +2.4
IQDG WisdomTree International Quality Dividend Growth Fund 0.8 42 8 7.2 +2.6
SCHF Schwab International Equity ETF 0.8 6 44 7.7 +3.1
TTAI FCF International Quality ETF 0.8 59 -9 6.9 +2.3
BLES Inspire Global Hope ETF 0.8 61 -11 6.8 +2.3
EFV iShares MSCI EAFE Value ETF 0.8 34 16 9.4 +4.9
IVLU iShares MSCI Intl Value Factor ETF 0.8 30 20 11.1 +6.6
DTH WisdomTree International High Dividend Fund 0.8 58 -8 9.1 +4.5
GSID Goldman Sachs MarketBeta International Equity ETF 0.8 20 30 7.1 +2.6
IXJ iShares Global Healthcare ETF 0.8 42 8 6.6 +2.0
FNDC Schwab Fundamental International Small Co. Index ETF 0.8 39 11 6.3 +1.7
EFRA iShares Environmental Infrastructure and Industrials ETF 0.8 47 3 4.4 -0.2
DIHP Dimensional International High Profitability ETF 0.8 29 21 7.4 +2.8
ERET iShares Environmentally Aware Real Estate ETF 0.8 30 20 3.1 -1.5
DFAI Dimensional International Core Equity Market ETF 0.8 18 32 7.6 +3.0
DFSI Dimensional International Sustainability Core 1 ETF 0.8 24 26 6.6 +2.0
CGDG Capital Group Dividend Growers ETF 0.7 47 3 6.3 +1.7
BLDG Cambria Global Real Estate ETF 0.7 60 -10 4.2 -0.4
DFGR Dimensional Global Real Estate ETF 0.7 22 28 3.2 -1.4
KNO AXS Knowledge Leaders ETF 0.7 78 -28 6.1 +1.5
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.7 45 5 9.3 +4.8
RWO SPDR Dow Jones Global Real Estate ETF 0.7 50 0 2.9 -1.7
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.7 30 20 8.6 +4.0
VIGI Vanguard International Dividend Appreciation ETF 0.7 15 35 6.2 +1.6
AVSD Avantis Responsible International Equity ETF 0.7 23 27 6.8 +2.2
JIRE JPMorgan International Research Enhanced Equity ETF 0.7 24 26 7.4 +2.8
PIZ Invesco Dorsey Wright Developed Markets Momentum ETF 0.7 80 -30 4.9 +0.3
AVDE Avantis International Equity ETF 0.7 23 27 8.0 +3.4
CWI SPDR MSCI ACWI ex-US ETF 0.7 30 20 8.2 +3.6
JIG JPMorgan International Growth ETF 0.7 55 -5 4.8 +0.2
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 0.6 80 -30 11.8 +7.2
IXUS iShares Core MSCI Total International Stock ETF 0.6 7 43 8.3 +3.7
FNDF Schwab Fundamental International Large Co. Index ETF 0.6 25 25 10.1 +5.5
VXUS Vanguard Total International Stock ETF 0.6 7 43 8.3 +3.7
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 0.6 58 -8 5.5 +0.9
DOL WisdomTree International LargeCap Dividend Fund 0.6 48 2 7.5 +2.9
IDMO Invesco S&P International Developed Momentum ETF 0.6 25 25 5.7 +1.1
ACWX iShares MSCI ACWI ex U.S. ETF 0.6 34 16 8.1 +3.6
AVIV Avantis International Large Cap Value ETF 0.6 25 25 9.3 +4.7
VSGX Vanguard ESG International Stock ETF 0.6 12 38 8.2 +3.6
DGT SPDR Global Dow ETF 0.6 50 0 7.5 +2.9
VEU Vanguard FTSE All-World ex-US Index Fund 0.6 8 42 8.5 +3.9
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 0.6 24 26 6.4 +1.9
EAFG Pacer Developed Markets Cash Cows Growth Leaders ETF 0.6 65 -15 4.1 -0.5
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.6 39 11 7.0 +2.4
ERTH Invesco MSCI Sustainable Future ETF 0.6 62 -12 2.5 -2.1
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.6 41 9 7.1 +2.5
INTF iShares International Equity Factor ETF 0.5 15 35 8.1 +3.6
GWX SPDR S&P International Small Cap ETF 0.5 40 10 6.7 +2.1
ISCF iShares International SmallCap Equity Factor ETF 0.5 23 27 8.6 +4.0
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.5 18 32 8.1 +3.5
FDEV Fidelity International Multifactor ETF 0.5 18 32 7.7 +3.1
IQSI IQ Candriam International Equity ETF 0.4 15 35 6.7 +2.1
VIDI Vident International Equity Strategy ETF 0.4 61 -11 12.0 +7.4
GLOF iShares Global Equity Factor ETF 0.3 20 30 6.8 +2.2
FFLC Fidelity Fundamental Large Cap Core ETF 0.3 38 12 4.9 +0.3
QWLD SPDR MSCI World StrategicFactors ETF 0.3 30 20 5.9 +1.4
IXG iShares Global Financials ETF 0.3 42 8 7.2 +2.7
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 0.3 14 36 6.0 +1.5
ESGG FlexShares STOXX Global ESG Select Index Fund 0.3 42 8 5.4 +0.9
GLOV Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF 0.3 25 25 6.0 +1.5
ACWV iShares MSCI Global Min Vol Factor ETF 0.3 20 30 5.9 +1.3
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF 0.3 9 41 9.2 +4.6
KLMT Invesco MSCI Global Climate 500 ETF 0.3 10 40 6.1 +1.5
VYMI Vanguard International High Dividend Yield ETF 0.3 22 28 10.0 +5.4
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.3 9 41 6.1 +1.5
JPIN J.P. Morgan Diversified Return International Equity ETF 0.3 37 13 8.9 +4.3
TOK iShares MSCI Kokusai ETF 0.3 26 24 5.2 +0.6
GQRE FlexShares Global Quality Real Estate Index Fund 0.3 45 5 4.1 -0.5
URTH iShares MSCI World ETF 0.2 24 26 5.5 +0.9
KOKU Xtrackers MSCI Kokusai Equity ETF 0.2 9 41 5.5 +0.9
VT Vanguard Total World Stock ETF 0.2 7 43 6.3 +1.7
MXI iShares Global Materials ETF 0.2 41 9 8.0 +3.5
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 0.2 46 4 4.9 +0.3
WRND IQ Global Equity R&D Leaders ETF 0.2 18 32 7.9 +3.3
ACWI iShares MSCI ACWI ETF 0.2 32 18 6.0 +1.4
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.2 20 30 6.0 +1.4
SDG iShares MSCI Global Sustainable Development Goals ETF 0.2 49 1 6.0 +1.4
IGRO iShares International Dividend Growth ETF 0.2 15 35 7.3 +2.7
IBAT iShares Energy Storage & Materials ETF 0.2 47 3 5.3 +0.7
RFDI First Trust Riverfront Dynamic Developed International ETF 0.2 83 -33 10.0 +5.5
FENI Fidelity Enhanced International ETF 0.2 28 22 7.0 +2.4
IQLT iShares MSCI Intl Quality Factor ETF 0.2 30 20 6.3 +1.8
QINT American Century Quality Diversified International ETF 0.2 39 11 7.6 +3.1
DEW WisdomTree Global High Dividend Fund 0.2 58 -8 7.7 +3.2
VWID Virtus WMC International Dividend ETF 0.2 49 1 8.8 +4.2
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.2 42 8 6.8 +2.2
PICK iShares MSCI Global Metals & Mining Producers ETF 0.1 39 11 14.1 +9.5
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.1 12 38 5.1 +0.6
IMFL Invesco International Developed Dynamic Multifactor ETF 0.1 34 16 6.2 +1.6

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 info ** ** ** ** ** ** **
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 Belgium ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.0 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 50 bp
Equals: ALTAR Score 4.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.56 CATEGORY
AVERAGE		 1.60
 
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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.