ETF Research Center

First Trust Brazil AlphaDEX Fund

ALTAR
Score™

11.9%

Recommen-
dation

SPECULATIVE

2024E 2025E
P/E ratio	9.0x	P/Sales ratio	0.7x
P/BV ratio	1.2x	Div. yield	3.6%

Description
Performance
Comps
Fundamentals
Valuation
Rating

First Trust Brazil AlphaDEX Fund seeks investment results that correspond to the Defined Brazil Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	First Trust Advisors LP
Website	www.ftportfolios.com
Inception date	Apr 18, 2011
Assets (mns)	$6
Currency	USD
Expense ratio	80 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Brown Brothers Harriman & Co
Weighting	Tiered
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	52
Wgt avg mkt cap (mns)	$12,090
Large cap (>$10bn)	27.9%
Mid cap ($2-10bn)	66.1%
Small cap (<$2bn)	3.5%
Developed mkts	8.2%
Emerging mkts	91.8%

TOP TEN HOLDINGS
Total	45.8 %
INTER & CO, INC. (CLASS A)	13.6 %
EMPRESA BRAS DE AERONAUTICA	4.8 %
GERDAU S.A.	3.9 %
CIA ENERGETICA MINAS GER-PRF	3.8 %
PETROBRAS - PETROLEO BRAS-PR	3.6 %
METALURGICA GERDAU SA-PREF	3.3 %
ULTRAPAR PARTICIPACOES-SA	3.3 %
BRF - BRASIL FOODS SA	3.2 %
SONAE SIERRA BRASIL SA	3.2 %
STONECO LTD. CLASS A	3.0 %

TOP COUNTRY EXPOSURE
	BRAZIL	85.7 %
	CAYMAN ISLANDS	0.9 %

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.
-0.1%	32.7%	4.8%	2.8%	-0.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.99	40%
MSCI EAFE	0.99	37%
MSCI Emg. Mkts.	0.81	26%

Technical Indicators
Recent close	$11.24
30d moving avg.	$11.14
Annualized volatility	28.0%
Short interest (ETF)	2.3%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.6%
Bid/Ask (% of price)	0.99%
ADV underlying (mns)	$2,281

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 216 potential alternatives to the First Trust Brazil AlphaDEX Fund ETF based on the alternatives' overlap in portfolio holdings with FBZ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FBZ

Expense:

80 bp

ALTAR Score™:

11.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FBZ
Ticker	Fund Name	Overlap¹ vs FBZ (%)	Expense ratio (bp)	Savings vs FBZ (bp)	ALTAR Score™ (%)	ALTAR vs FBZ (%)
FLN	First Trust Latin America AlphaDEX Fund	46.4	80	0	11.0	-0.9
FLBR	Franklin FTSE Brazil ETF	35.2	19	61	12.3	+0.4
EWZ	iShares MSCI Brazil ETF	34.9	58	22	11.8	-0.1
FLLA	Franklin FTSE Latin America ETF	26.3	19	61	11.6	-0.3
EWZS	iShares MSCI Brazil Small-Cap ETF	14.5	59	21	8.1	-3.8
DVYE	iShares Emerging Markets Dividend ETF	12.4	49	31	16.6	+4.7
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	11.5	75	5	9.6	-2.3
FEM	First Trust Emerging Markets AlphaDEX Fund	10.3	80	0	16.4	+4.6
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	10.0	67	13	17.5	+5.6
BRAZ	Global X Brazil Active ETF	9.5	75	5	10.2	-1.7
PXH	Invesco FTSE RAFI Emerging Markets ETF	9.4	49	31	12.5	+0.6
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	8.4	39	41	12.6	+0.7
EEMD	AAM S&P Emerging Markets High Dividend Value ETF	7.6	49	31	19.1	+7.2
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	7.2	50	30	10.6	-1.3
RNEM	First Trust Emerging Markets Equity Select ETF	6.9	75	5	8.3	-3.6
GVAL	Cambria Global Value ETF	6.8	68	12	12.3	+0.4
EMFQ	Amplify Emerging Markets FinTech ETF	6.7	69	11	5.4	-6.5
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	6.7	44	36	10.4	-1.5
BKF	iShares MSCI BIC ETF	6.6	69	11	7.1	-4.8
EMMF	WisdomTree Emerging Markets Multifactor Fund	6.2	48	32	9.4	-2.5
EEMO	Invesco S&P Emerging Markets Momentum ETF	5.9	29	51	6.2	-5.7
UEVM	VictoryShares Emerging Markets Value Momentum ETF	5.8	45	35	12.8	+0.9
CGV	Conductor Global Equity Value ETF	5.7	130	-50	11.3	-0.6
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	5.6	95	-15	11.4	-0.5
XCEM	Columbia EM Core ex-China ETF	5.5	16	64	7.4	-4.5
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	5.4	24	56	7.2	-4.7
DEM	WisdomTree Emerging Markets High Dividend Fund	5.2	63	17	12.9	+1.1
EDOG	ALPS Emerging Sector Dividend Dogs ETF	5.2	60	20	14.8	+2.9
EELV	Invesco S&P Emerging Markets Low Volatility ETF	4.9	29	51	8.3	-3.6
ECON	Columbia Emerging Markets Consumer ETF	4.9	49	31	4.8	-7.1
STXE	Strive Emerging Markets Ex-China ETF	4.9	32	48	6.9	-5.0
FEEM	FlexShares ESG & Climate Emerging Markets Core Index ETF	4.6	18	62	7.9	-4.0
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	4.6	32	48	7.6	-4.3
EMXC	iShares MSCI Emerging Markets ex China ETF	4.5	25	55	6.7	-5.2
WOOD	iShares Global Timber & Forestry ETF	4.4	42	38	9.6	-2.3
CUT	Invesco MSCI Global Timber ETF	4.4	61	19	8.5	-3.4
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	4.2	86	-6	1.9	-9.9
ILF	iShares Latin America 40 ETF	4.2	48	32	10.2	-1.6
BPAY	BlackRock Future Financial and Technology ETF	4.1	70	10	8.1	-3.8
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	4.0	36	44	7.5	-4.4
BKEM	BNY Mellon Emerging Markets Equity ETF	4.0	11	69	7.7	-4.2
JHEM	John Hancock Multifactor Emerging Markets ETF	4.0	49	31	8.4	-3.5
MEM	Matthews Emerging Markets Equity Active ETF	3.9	79	1	5.8	-6.1
SCHE	Schwab Emerging Markets Equity ETF	3.8	11	69	7.6	-4.3
FDIG	Fidelity Crypto Industry and Digital Payments ETF	3.8	39	41	-1.3	-13.2
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	3.6	45	35	8.6	-3.3
ICLN	iShares Global Clean Energy ETF	3.5	41	39	4.3	-7.6
IPAY	ETFMG Prime Mobile Payments ETFMG Prime Mobile Payments Fund	3.5	75	5	5.2	-6.7
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	3.4	66	14	7.2	-4.7
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	3.4	88	-8	6.2	-5.7
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	3.3	46	34	8.9	-3.0
EEM	iShares MSCI Emerging Markets ETF	3.3	69	11	7.0	-4.9
ROAM	Hartford Multifactor Emerging Markets ETF	3.3	44	36	11.8	-0.1
EMGF	iShares Emerging Markets Equity Factor ETF	3.2	25	55	8.7	-3.2
VWO	Vanguard FTSE Emerging Markets ETF	3.2	8	72	7.6	-4.3
ESGE	iShares ESG Aware MSCI EM ETF	3.1	25	55	7.7	-4.2
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	3.1	15	65	7.1	-4.8
EYLD	Cambria Emerging Shareholder Yield ETF	3.0	66	14	12.2	+0.3
LDEM	iShares ESG MSCI EM Leaders ETF	3.0	17	63	7.8	-4.1
IEMG	iShares Core MSCI Emerging Markets ETF	2.9	9	71	7.5	-4.3
SDIV	Global X Superdividend ETF	2.9	58	22	17.6	+5.7
DEHP	Dimensional Emerging Markets High Profitability ETF	2.9	41	39	7.3	-4.6
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	2.9	30	50	7.5	-4.4
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	2.9	20	60	7.5	-4.4
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	2.8	59	21	9.6	-2.3
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	2.8	33	47	7.2	-4.7
XC	WisdomTree Emerging Markets Ex-China Fund	2.8	32	48	6.2	-5.7
NUEM	Nuveen ESG Emerging Markets Equity ETF	2.8	36	44	6.8	-5.1
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	2.7	80	0	14.2	+2.3
VIDI	Vident International Equity Strategy ETF	2.7	61	19	11.9	+0.0
DFAE	Dimensional Emerging Core Equity Market ETF	2.6	35	45	7.7	-4.2
EMXF	iShares ESG Advanced MSCI EM ETF	2.6	16	64	7.5	-4.4
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	2.5	38	42	8.3	-3.6
DFEV	Dimensional Emerging Markets Value ETF	2.5	43	37	11.0	-0.9
ERTH	Invesco MSCI Sustainable Future ETF	2.4	62	18	3.7	-8.2
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	2.4	90	-10	6.9	-5.0
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	2.3	32	48	6.3	-5.6
AVES	Avantis Emerging Markets Value ETF	2.3	36	44	12.2	+0.3
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	2.3	58	22	4.6	-7.3
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	2.2	86	-6	1.9	-9.9
PIO	Invesco Global Water ETF	2.2	75	5	4.9	-7.0
EFRA	iShares Environmental Infrastructure and Industrials ETF	2.2	47	33	5.2	-6.7
IWTR	iShares MSCI Water Management Multisector ETF	2.2	47	33	4.8	-7.1
AQWA	Global X Clean Water ETF	2.2	50	30	4.3	-7.6
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	2.2	41	39	7.8	-4.1
DSTX	Distillate International Fundamental Stability & Value ETF	2.0	55	25	8.0	-3.9
PICK	iShares MSCI Global Metals & Mining Producers ETF	2.0	39	41	11.0	-0.8
FINX	Global X FinTech ETF	2.0	68	12	3.1	-8.8
QMOM	Alpha Architect U.S. Quantitative Momentum ETF	2.0	39	41	4.9	-7.0
FDEM	Fidelity Emerging Markets Multifactor ETF	1.9	25	55	12.0	+0.1
FRDM	Freedom 100 Emerging Markets ETF	1.9	49	31	7.3	-4.6
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	1.8	70	10	11.5	-0.4
SPEM	SPDR Portfolio Emerging Markets ETF	1.8	7	73	7.5	-4.4
SMCP	AlphaMark Actively Managed Small Cap ETF	1.8	90	-10	6.8	-5.1
VYMI	Vanguard International High Dividend Yield ETF	1.7	22	58	9.7	-2.2
HDAW	Xtrackers MSCI All World ex US High Dividend Yield Equity ET	1.7	20	60	10.7	-1.2
IPKW	Invesco International BuyBack Achievers ETF	1.6	55	25	9.1	-2.8
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	1.6	58	22	10.2	-1.7
IQDF	FlexShares International Quality Dividend Index Fund	1.5	47	33	10.7	-1.2
FILL	iShares MSCI Global Energy Producers ETF	1.5	39	41	9.0	-2.9
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	1.5	60	20	0.9	-10.9
SCHY	Schwab International Dividend Equity ETF	1.5	14	66	9.3	-2.6
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	1.4	30	50	8.6	-3.3
EMC	Global X Emerging Markets Great Consumer ETF	1.4	75	5	4.9	-7.0
PSC	Principal U.S. Small-Cap ETF	1.3	38	42	6.5	-5.4
IQDE	FlexShares International Quality Dividend Defensive Index ET	1.3	47	33	10.7	-1.2
AVEM	Avantis Emerging Markets Equity ETF	1.2	33	47	9.1	-2.8
FXO	First Trust Financials AlphaDEX Fund	1.2	62	18	9.2	-2.7
DTEC	ALPS Disruptive Technologies ETF	1.1	50	30	3.2	-8.6
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	1.1	47	33	10.3	-1.6
WWJD	Inspire International ETF	1.0	80	0	7.1	-4.8
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.9	41	39	6.6	-5.3
ACWX	iShares MSCI ACWI ex U.S. ETF	0.9	34	46	6.7	-5.2
DEW	WisdomTree Global High Dividend Fund	0.9	58	22	9.0	-2.8
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	0.9	40	40	7.2	-4.7
BLOK	Amplify Transformational Data Sharing ETF	0.9	75	5	1.1	-10.8
BITQ	Bitwise Crypto Industry Innovators ETF	0.9	85	-5	-4.6	-16.5
CBSE	Clough Select Equity ETF	0.9	85	-5	-2.3	-14.2
JOET	Virtus Terranova US Quality Momentum ETF	0.9	29	51	5.2	-6.7
TIME	Clockwise Core Equity & Innovation ETF	0.9	95	-15	2.0	-9.9
LOUP	Innovator Deepwater Frontier Tech ETF	0.9	70	10	2.3	-9.6
ARKF	ARK Fintech Innovation ETF	0.9	75	5	-2.2	-14.1
SFYF	SoFi Social 50 ETF	0.9	29	51	-2.6	-14.5
ARKW	ARK Next Generation Internet ETF	0.9	87	-7	-2.9	-14.8
CGXU	Capital Group International Focus Equity ETF	0.9	54	26	4.1	-7.8
AOTG	AOT Growth and Innovation ETF	0.9	75	5	3.0	-8.9
FPXI	First Trust International Equity Opportunities ETF	0.9	70	10	3.6	-8.3
MINV	Matthews Asia Innovators Active ETF	0.9	79	1	2.8	-9.0
IPO	Renaissance IPO ETF	0.9	60	20	-3.2	-15.1
BLCN	Siren ETF Trust Siren Nasdaq NexGen Economy ETF	0.9	68	12	5.2	-6.7
GCLN	Goldman Sachs Bloomberg Clean Energy Equity ETF	0.9	45	35	6.3	-5.6
VXUS	Vanguard Total International Stock ETF	0.9	7	73	7.1	-4.8
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.8	30	50	7.8	-4.1
IXUS	iShares Core MSCI Total International Stock ETF	0.8	7	73	6.9	-5.0
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.8	70	10	7.3	-4.6
VEU	Vanguard FTSE All-World ex-US Index Fund	0.7	8	72	7.2	-4.7
EMM	Global X Emerging Markets ex-China ETF	0.7	75	5	3.7	-8.2
JSTC	Adasina Social Justice All Cap Global ETF	0.7	89	-9	4.7	-7.2
IYF	iShares U.S. Financials ETF	0.7	40	40	6.3	-5.6
KOMP	SPDR S&P Kensho New Economies Composite ETF	0.6	20	60	2.1	-9.8
RNRG	Global X Renewable Energy Producers ETF	0.6	66	14	4.9	-7.0
GINN	Goldman Sachs Innovate Equity ETF	0.6	52	28	2.7	-9.2
MOTG	VanEck Morningstar Global Wide Moat ETF	0.6	52	28	5.8	-6.1
MOTI	VanEck Morningstar International Moat ETF	0.6	58	22	6.9	-5.0
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.6	42	38	6.8	-5.1
CZA	Invesco Zacks Mid-Cap ETF	0.6	72	8	6.3	-5.6
IWP	iShares Russell Mid-Cap Growth ETF	0.6	23	57	3.8	-8.1
RODE	Hartford Multifactor Diversified International ETF	0.6	29	51	11.5	-0.4
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	0.5	25	55	7.0	-4.8
JIG	JPMorgan International Growth ETF	0.5	55	25	4.3	-7.6
VSGX	Vanguard ESG International Stock ETF	0.5	12	68	6.8	-5.1
VFMO	Vanguard U.S. Momentum Factor ETF	0.5	13	67	2.8	-9.1
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	0.5	46	34	5.6	-6.3
BLES	Inspire Global Hope ETF	0.5	61	19	6.3	-5.6
DGT	SPDR Global Dow ETF	0.5	50	30	6.6	-5.3
GLOF	iShares Global Equity Factor ETF	0.4	20	60	7.0	-4.9
IXG	iShares Global Financials ETF	0.4	42	38	6.8	-5.1
VEGI	iShares MSCI Agriculture Producers ETF	0.4	39	41	9.2	-2.7
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	0.4	39	41	4.5	-7.4
ACWI	iShares MSCI ACWI ETF	0.3	32	48	5.5	-6.4
VT	Vanguard Total World Stock ETF	0.3	7	73	5.8	-6.1
VTWG	Vanguard Russell 2000 Growth ETF	0.3	15	65	1.7	-10.2
IWO	iShares Russell 2000 Growth ETF	0.3	24	56	1.4	-10.5
JMOM	JPMorgan U.S. Momentum Factor ETF	0.3	12	68	4.8	-7.1
GLIF	AGF Global Infrastructure ETF	0.3	45	35	5.5	-6.4
SMLF	iShares U.S. SmallCap Equity Factor ETF	0.3	15	65	5.8	-6.1
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.3	20	60	5.6	-6.3
CWI	SPDR MSCI ACWI ex-US ETF	0.3	30	50	6.8	-5.1
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.3	47	33	5.9	-6.0
AIVL	WisdomTree U.S. AI Enhanced Value Fund	0.3	38	42	6.7	-5.2
IWR	iShares Russell Midcap ETF	0.3	19	61	5.7	-6.2
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.3	10	70	8.1	-3.8
IWM	iShares Russell 2000 ETF	0.3	19	61	3.6	-8.3
VTWO	Vanguard Russell 2000 ETF	0.3	10	70	3.8	-8.0
TRFM	AAM Transformers ETF	0.3	49	31	1.2	-10.6
AIQ	Global X Artificial Intelligence & Technology ETF	0.3	68	12	4.1	-7.8
LRGF	iShares U.S. Equity Factor ETF	0.2	8	72	5.8	-6.1
HAP	VanEck Natural Resources ETF	0.2	50	30	9.5	-2.4
IWN	iShares Russell 2000 Value ETF	0.2	24	56	5.5	-6.3
VTWV	Vanguard Russell 2000 Value ETF	0.2	15	65	5.8	-6.1
VFVA	Vanguard U.S. Value Factor ETF	0.2	13	67	10.5	-1.4
IWS	iShares Russell Mid-Cap Value ETF	0.2	23	57	6.6	-5.3
SXQG	ETC 6 Meridian Quality Growth ETF	0.2	100	-20	4.4	-7.5
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity ETF	0.2	20	60	6.7	-5.2
FNDA	Schwab Fundamental US Small Co. Index ETF	0.2	25	55	6.8	-5.1
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.2	12	68	5.0	-6.9
ACWV	iShares MSCI Global Min Vol Factor ETF	0.1	20	60	6.7	-5.2
SMMD	iShares Russell 2500 ETF	0.1	15	65	6.0	-5.9
EQAL	Invesco Russell 1000 Equal Weight ETF	0.1	20	60	5.9	-5.9
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.1	65	15	7.7	-4.2
ESG	FlexShares Trust FlexShares STOXX US ESG Select Index Fund	0.1	32	48	5.1	-6.7
RVRB	Reverb ETF	0.1	30	50	4.9	-6.9
ESGV	Vanguard ESG U.S. Stock ETF	0.1	9	71	5.0	-6.9
REVS	Columbia Research Enhanced Value ETF	0.1	19	61	7.7	-4.2
VTHR	Vanguard Russell 3000 ETF	0.1	10	70	5.1	-6.8
IWV	iShares Russell 3000 ETF	0.1	20	60	5.0	-6.9
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.1	9	71	5.7	-6.2
ONEQ	Fidelity Nasdaq Composite Index ETF	0.1	21	59	3.9	-8.0
ESGG	FlexShares STOXX Global ESG Select Index Fund	0.1	42	38	5.1	-6.8
IWF	iShares Russell 1000 Growth ETF	0.1	19	61	4.7	-7.2
IWB	iShares Russell 1000 ETF	0.1	15	65	5.1	-6.8
VONG	Vanguard Russell 1000 Growth ETF	0.1	8	72	4.8	-7.1
VONE	Vanguard Russell 1000 ETF	0.1	8	72	5.2	-6.7
VONV	Vanguard Russell 1000 Value ETF	0.1	8	72	6.7	-5.2
IWD	iShares Russell 1000 Value ETF	0.1	19	61	6.5	-5.4
ONEO	SPDR Russell 1000 Momentum Focus ETF	0.1	20	60	7.1	-4.8
RXI	iShares Global Consumer Discretionary ETF	0.1	41	39	5.5	-6.4
LCTU	BlackRock U.S. Carbon Transition Readiness ETF	0.1	14	66	5.4	-6.5
RECS	Columbia Research Enhanced Core ETF	0.0	15	65	5.6	-6.3
AVUS	Avantis U.S. Equity ETF	0.0	15	65	6.0	-5.9
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	0.0	15	65	4.9	-7.0
PRF	Invesco FTSE RAFI US 1000 ETF	0.0	39	41	7.2	-4.7
FNDB	Schwab Fundamental US Broad Market Index ETF	0.0	25	55	7.0	-4.8
NANC	Unusual Whales Subversive Democratic Trading ETF	0.0	75	5	3.7	-8.2
DEUS	Xtrackers Russell US Multifactor ETF	0.0	17	63	7.1	-4.8
TGRW	T. Rowe Price Growth Stock ETF	0.0	52	28	4.2	-7.7

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

	2019	2020	2021	2022	2023	2024E	2025E
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

	2023	2024E	2025E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	First Trust Brazil AlphaDEX Fund
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	14.3	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	80	bp
Equals: ALTAR Score	11.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.47	CATEGORY AVERAGE	1.39

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.