ETF Research Center

Fidelity Emerging Markets Multifactor ETF

ALTAR
Score™

13.0%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	8.9x	P/Sales ratio	0.9x
P/BV ratio	1.1x	Div. yield	3.7%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity Targeted Emerging Markets Factor Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Fidelity
Website	institutional.fidelity.com
Inception date	Feb 26, 2019
Assets (mns)	$235
Currency	USD
Expense ratio	25 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	209
Wgt avg mkt cap (mns)	$133,006
Large cap (>$10bn)	59.0%
Mid cap ($2-10bn)	38.3%
Small cap (<$2bn)	1.5%
Developed mkts	7.3%
Emerging mkts	92.7%

TOP TEN HOLDINGS
Total	30.7 %
TAIWAN SEMICONDUCTOR MANUFAC	9.8 %
TENCENT HOLDINGS LTD	6.6 %
SAMSUNG ELECTRONICS CO LTD	2.9 %
ALIBABA GROUP HOLDING LTD.	2.5 %
JIANGXI COPPER COMPANY LTD-H	1.9 %
KIMBERLY-CLARK DE MEXICO-A	1.5 %
THE UNITED LABORATORIES INTE	1.5 %
PETROCHINA CO LTD-H	1.4 %
VALE SA	1.3 %
HYUNDAI STEEL CO	1.2 %

TOP COUNTRY EXPOSURE
	CHINA	26.7 %
	TAIWAN	19.8 %
	INDIA	14.5 %
	SOUTH KOREA	12.2 %
	HONG KONG	5.3 %
	BRAZIL	5.1 %
	INDONESIA	4.5 %
	SAUDI ARABIA	3.6 %
	MALAYSIA	3.0 %
	HUNGARY	2.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru September 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
19.9%	11.9%	8.5%	--	6.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.56	37%
MSCI EAFE	0.57	47%
MSCI Emg. Mkts.	0.61	62%

Technical Indicators
Recent close	$29.35
30d moving avg.	$30.06
Annualized volatility	12.4%
Short interest (ETF)	0.3%
Relative strength (RSI)	49

Liquidity measures
Avg. volume (thou.)	57
Turnover	0.7%
Bid/Ask (% of price)	0.59%
ADV underlying (mns)	$7,084

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 423 potential alternatives to the Fidelity Emerging Markets Multifactor ETF ETF based on the alternatives' overlap in portfolio holdings with FDEM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FDEM

Expense:

25 bp

ALTAR Score™:

13.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FDEM
Ticker	Fund Name	Overlap¹ vs FDEM (%)	Expense ratio (bp)	Savings vs FDEM (bp)	ALTAR Score™ (%)	ALTAR vs FDEM (%)
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	46.2	45	-20	10.3	-2.7
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	44.4	66	-41	9.4	-3.6
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	44.0	15	10	10.3	-2.7
BKEM	BNY Mellon Emerging Markets Equity ETF	43.8	11	14	10.1	-2.9
JHEM	John Hancock Multifactor Emerging Markets ETF	43.5	49	-24	10.2	-2.8
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	43.2	36	-11	9.7	-3.3
FLAX	Franklin FTSE Asia Ex Japan ETF	43.1	19	6	9.2	-3.8
ECON	Columbia Emerging Markets Consumer ETF	43.0	49	-24	12.2	-0.8
EMGF	iShares Emerging Markets Equity Factor ETF	42.8	25	0	11.7	-1.3
EEMA	iShares MSCI Emerging Markets Asia ETF	42.7	49	-24	10.2	-2.8
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	41.7	30	-5	10.3	-2.7
AAXJ	iShares MSCI All Country Asia ex Japan ETF	41.3	70	-45	9.3	-3.7
EEM	iShares MSCI Emerging Markets ETF	41.1	69	-44	10.2	-2.8
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	40.7	15	10	7.9	-5.1
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	40.3	33	-8	10.0	-3.0
ESGE	iShares ESG Aware MSCI EM ETF	39.8	25	0	10.1	-2.9
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	39.0	40	-15	7.1	-5.9
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	38.4	32	-7	9.2	-3.8
IEMG	iShares Core MSCI Emerging Markets ETF	36.9	9	16	10.5	-2.5
SCHE	Schwab Emerging Markets Equity ETF	36.6	11	14	11.0	-2.0
VWO	Vanguard FTSE Emerging Markets ETF	35.9	7	18	10.3	-2.7
DFAE	Dimensional Emerging Core Equity Market ETF	35.1	35	-10	9.4	-3.6
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	34.9	20	5	9.8	-3.2
PXH	Invesco FTSE RAFI Emerging Markets ETF	34.7	49	-24	16.1	+3.1
AIA	iShares Asia 50 ETF	33.8	50	-25	12.2	-0.8
SPEM	SPDR Portfolio Emerging Markets ETF	33.4	7	18	10.6	-2.4
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	33.3	24	1	8.0	-5.1
EEMO	Invesco S&P Emerging Markets Momentum ETF	33.0	29	-4	6.8	-6.2
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	32.0	30	-5	9.3	-3.7
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	31.8	39	-14	16.5	+3.5
EMXC	iShares MSCI Emerging Markets ex China ETF	31.3	25	0	7.6	-5.4
XC	WisdomTree Emerging Markets Ex-China Fund	31.2	32	-7	6.4	-6.6
STXE	Strive Emerging Markets Ex-China ETF	30.8	32	-7	7.7	-5.3
DEHP	Dimensional Emerging Markets High Profitability ETF	30.4	41	-16	6.7	-6.3
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	30.2	95	-70	12.0	-1.0
ROAM	Hartford Multifactor Emerging Markets ETF	30.2	44	-19	12.2	-0.8
MEM	Matthews Emerging Markets Equity Active ETF	30.2	79	-54	7.9	-5.1
XCEM	Columbia EM Core ex-China ETF	29.8	16	9	8.2	-4.8
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	29.4	59	-34	9.0	-4.0
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	29.2	32	-7	7.0	-6.0
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	28.8	38	-13	9.3	-3.7
GMF	SPDR S&P Emerging Asia Pacific ETF	28.1	49	-24	9.5	-3.5
EMMF	WisdomTree Emerging Markets Multifactor Fund	28.1	48	-23	7.6	-5.5
LDEM	iShares ESG MSCI EM Leaders ETF	27.8	17	8	14.1	+1.1
MINV	Matthews Asia Innovators Active ETF	27.0	79	-54	7.2	-5.8
BKF	iShares MSCI BIC ETF	27.0	69	-44	13.8	+0.8
NUEM	Nuveen ESG Emerging Markets Equity ETF	26.8	36	-11	7.9	-5.1
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	26.7	75	-50	9.1	-3.9
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	26.6	41	-16	8.8	-4.2
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	26.5	50	-25	11.3	-1.7
XCNY	SPDR S&P Emerging Markets ex-China ETF	25.7	15	10	7.8	-5.2
EMXF	iShares ESG Advanced MSCI EM ETF	24.9	16	9	8.6	-4.4
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	24.7	44	-19	10.8	-2.2
PATN	Pacer Nasdaq International Patent Leaders ETF	23.9	65	-40	6.0	-7.1
AVEM	Avantis Emerging Markets Equity ETF	23.2	33	-8	8.7	-4.3
EVLU	iShares MSCI Emerging Markets Value Factor ETF	22.9	35	-10	18.1	+5.1
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	22.7	25	0	6.7	-6.4
DEXC	Dimensional Emerging Markets ex China Core EquityETF	22.2	53	-28	7.9	-5.1
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	22.1	88	-63	8.7	-4.3
RNEM	First Trust Emerging Markets Equity Select ETF	21.7	75	-50	8.0	-5.0
FLCH	Franklin FTSE China ETF	21.0	19	6	15.9	+2.9
MCHI	iShares MSCI China ETF	20.9	59	-34	17.7	+4.7
FTHF	First Trust Emerging Markets Human Flourishing ETF	20.8	75	-50	8.1	-4.9
GXC	SPDR S&P China ETF	20.8	59	-34	15.5	+2.5
KALL	KraneShares MSCI All China Index ETF	20.5	49	-24	15.1	+2.1
FXI	iShares China Large-Cap ETF	20.5	74	-49	19.1	+6.1
UEVM	VictoryShares Emerging Markets Value Momentum ETF	20.0	45	-20	11.2	-1.8
AVSE	Avantis Responsible Emerging Markets Equity ETF	18.9	33	-8	8.5	-4.5
DFEV	Dimensional Emerging Markets Value ETF	18.7	43	-18	13.5	+0.5
FLTW	Franklin FTSE Taiwan ETF	17.7	19	6	6.7	-6.3
EWT	iShares MSCI Taiwan ETF	17.1	58	-33	6.6	-6.4
DEM	WisdomTree Emerging Markets High Dividend Fund	16.6	63	-38	14.1	+1.1
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	16.4	60	-35	10.6	-2.4
FEM	First Trust Emerging Markets AlphaDEX Fund	16.3	80	-55	11.6	-1.4
EMC	Global X Emerging Markets Great Consumer ETF	16.0	75	-50	11.1	-1.9
EELV	Invesco S&P Emerging Markets Low Volatility ETF	15.7	29	-4	9.4	-3.6
MCH	Matthews China Active ETF	15.1	79	-54	14.2	+1.2
JCHI	JPMorgan Active China ETF	14.5	65	-40	15.2	+2.2
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	14.0	32	-7	16.0	+3.0
AVES	Avantis Emerging Markets Value ETF	14.0	36	-11	11.3	-1.7
RODE	Hartford Multifactor Diversified International ETF	13.8	29	-4	11.5	-1.6
JIG	JPMorgan International Growth ETF	13.5	55	-30	4.8	-8.2
ACWX	iShares MSCI ACWI ex U.S. ETF	13.5	34	-9	7.7	-5.3
KNCT	Invesco Next Gen Connectivity ETF	13.5	40	-15	4.7	-8.3
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	13.5	18	7	8.0	-5.0
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	13.4	41	-16	7.4	-5.6
KWEB	KraneShares CSI China Internet ETF	13.3	69	-44	25.3	+12.3
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	12.9	86	-61	13.8	+0.8
VSGX	Vanguard ESG International Stock ETF	12.9	10	15	7.7	-5.3
KTEC	KraneShares Hang Seng TECH Index ETF	12.9	69	-44	19.5	+6.5
AVXC	Avantis Emerging Markets Ex-China Equity ETF	12.7	33	-8	8.7	-4.3
VEU	Vanguard FTSE All-World ex-US Index Fund	12.6	4	21	8.2	-4.9
FRDM	Freedom 100 Emerging Markets ETF	12.5	49	-24	8.2	-4.8
DVYE	iShares Emerging Markets Dividend ETF	12.3	49	-24	19.5	+6.5
FDNI	First Trust Dow Jones International Internet ETF	12.3	65	-40	21.1	+8.1
CHAT	Roundhill Generative AI & Technology ETF	12.3	75	-50	8.6	-4.4
TCHI	iShares MSCI China Multisector Tech ETF	11.9	59	-34	16.4	+3.4
IXUS	iShares Core MSCI Total International Stock ETF	11.8	7	18	7.9	-5.1
VXUS	Vanguard Total International Stock ETF	11.8	5	20	7.9	-5.1
WRND	IQ Global Equity R&D Leaders ETF	11.7	18	7	8.1	-4.9
IQDF	FlexShares International Quality Dividend Index Fund	11.6	47	-22	9.1	-3.9
IVES	Wedbush ETFMG Global Cloud Technology ETF	11.5	68	-43	6.6	-6.4
FLIN	Franklin FTSE India ETF	11.4	19	6	4.3	-8.7
INDA	iShares MSCI India ETF	10.6	65	-40	4.8	-8.2
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	10.6	47	-22	8.5	-4.5
AIVC	Amplify Bloomberg AI Value Chain ETF	10.4	59	-34	5.1	-7.9
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	10.3	70	-45	13.5	+0.5
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	10.2	42	-17	7.3	-5.7
EYLD	Cambria Emerging Shareholder Yield ETF	10.1	66	-41	13.0	0.0
EPI	WisdomTree India Earnings Fund	10.0	85	-60	5.4	-7.6
MOTI	VanEck Morningstar International Moat ETF	10.0	58	-33	12.0	-1.0
NFTY	First Trust India NIFTY 50 Equal Weight ETF	9.9	80	-55	5.2	-7.8
FLKR	Franklin FTSE South Korea ETF	9.8	9	16	8.7	-4.3
INDY	iShares India 50 ETF	9.6	89	-64	5.2	-7.9
VIDI	Vident International Equity Strategy ETF	9.5	61	-36	11.1	-1.9
PIN	Invesco India ETF	9.4	78	-53	4.8	-8.2
EWY	iShares MSCI South Korea ETF	8.8	58	-33	8.0	-5.0
FMET	Fidelity Metaverse ETF	8.8	39	-14	4.7	-8.3
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	8.5	90	-65	7.2	-5.8
CQQQ	Invesco China Technology ETF	8.4	70	-45	12.5	-0.6
CWI	SPDR MSCI ACWI ex-US ETF	8.3	30	-5	7.6	-5.4
IXN	iShares Global Tech ETF	8.1	41	-16	3.5	-9.5
FBOT	Fidelity Disruptive Automation ETF	7.9	50	-25	3.7	-9.3
CGRO	CoreValues Alpha Greater China Growth ETF	7.8	75	-50	4.6	-8.4
ESPO	VanEck Video Gaming and eSports ETF	7.8	56	-31	4.0	-9.0
ODDS	Pacer BlueStar Digital Entertainment ETF	7.8	60	-35	2.4	-10.6
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	7.7	30	-5	8.0	-5.0
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	7.6	67	-42	14.3	+1.3
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	7.5	80	-55	9.3	-3.8
MOTG	VanEck Morningstar Global Wide Moat ETF	7.3	52	-27	7.8	-5.2
AIQ	Global X Artificial Intelligence & Technology ETF	7.3	68	-43	3.6	-9.4
ACWV	iShares MSCI Global Min Vol Factor ETF	7.3	20	5	6.3	-6.7
BNGE	First Trust S-Network Streaming and Gaming ETF	7.2	70	-45	2.7	-10.3
VYMI	Vanguard International High Dividend Yield ETF	7.1	17	8	9.8	-3.2
FLLA	Franklin FTSE Latin America ETF	6.9	19	6	13.2	+0.2
GAMR	Wedbush ETFMG Video Game Tech ETF Wedbush ETFMG Video Game T	6.8	75	-50	4.7	-8.3
NXTG	First Trust Indxx NextG ETF	6.7	70	-45	5.2	-7.8
SOCL	Global X Social Media ETF	6.6	65	-40	9.2	-3.8
IXP	iShares Global Comm Services ETF	6.5	42	-17	5.7	-7.3
CGXU	Capital Group International Focus Equity ETF	6.4	54	-29	5.5	-7.5
METV	Roundhill Ball Metaverse ETF	6.2	59	-34	7.7	-5.3
EDOG	ALPS Emerging Sector Dividend Dogs ETF	6.1	60	-35	11.0	-2.0
GLIN	VanEck India Growth Leaders ETF	6.0	77	-52	7.1	-5.9
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	5.8	60	-35	8.6	-4.4
CHIQ	Global X MSCI China Consumer Discretionary ETF	5.6	65	-40	17.0	+4.0
EDIV	SPDR S&P Emerging Markets Dividend ETF	5.6	49	-24	12.3	-0.7
FEOE	First Eagle Overseas Equity ETF	5.3	79	-54	7.9	-5.2
GVAL	Cambria Global Value ETF	5.3	68	-43	10.7	-2.3
EMM	Global X Emerging Markets ex-China ETF	5.3	75	-50	6.5	-6.6
XT	iShares Exponential Technologies ETF	5.3	46	-21	4.8	-8.2
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	5.2	65	-40	12.3	-0.8
FCA	First Trust China AlphaDEX Fund	5.2	80	-55	8.3	-4.7
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	5.2	58	-33	10.2	-2.8
AGQI	First Trust Active Global Quality Income ETF	5.2	85	-60	4.9	-8.1
LEGR	First Trust Indxx Innovative Transaction & Process ETF	5.2	65	-40	8.0	-5.1
SCHY	Schwab International Dividend Equity ETF	5.1	14	11	9.9	-3.1
IVRS	iShares Future Metaverse Tech and Communications ETF	5.1	47	-22	2.5	-10.5
CLNR	IQ Cleaner Transport ETF	5.1	45	-20	6.7	-6.3
ANEW	ProShares MSCI Transformational Changes ETF	5.1	45	-20	6.3	-6.8
VPL	Vanguard FTSE Pacific ETF	5.1	7	18	7.0	-6.1
FLBR	Franklin FTSE Brazil ETF	5.1	19	6	15.0	+2.0
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	5.0	75	-50	3.1	-10.0
KLMT	Invesco MSCI Global Climate 500 ETF	4.9	10	15	5.8	-7.2
DEW	WisdomTree Global High Dividend Fund	4.9	58	-33	8.6	-4.4
ACWI	iShares MSCI ACWI ETF	4.8	32	-7	5.6	-7.4
JSTC	Adasina Social Justice All Cap Global ETF	4.8	89	-64	5.0	-8.1
ARVR	First Trust Indxx Metaverse ETF	4.6	70	-45	4.0	-9.0
CRBN	iShares MSCI ACWI Low Carbon Target ETF	4.4	20	5	5.7	-7.3
JPIN	J.P. Morgan Diversified Return International Equity ETF	4.4	37	-12	8.6	-4.4
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	4.4	80	-55	9.6	-3.4
GLOF	iShares Global Equity Factor ETF	4.4	20	5	6.6	-6.5
DSTX	Distillate International Fundamental Stability & Value ETF	4.3	55	-30	7.9	-5.1
FEGE	First Eagle Global Equity ETF	4.3	79	-54	6.9	-6.1
FLN	First Trust Latin America AlphaDEX Fund	4.3	80	-55	10.7	-2.3
RXI	iShares Global Consumer Discretionary ETF	4.2	41	-16	9.5	-3.5
VT	Vanguard Total World Stock ETF	4.2	6	19	5.9	-7.1
UMMA	Wahed Dow Jones Islamic World ETF	4.2	65	-40	5.3	-7.7
WWJD	Inspire International ETF	4.2	80	-55	7.5	-5.6
EWZ	iShares MSCI Brazil ETF	4.1	58	-33	13.7	+0.7
SDIV	Global X Superdividend ETF	4.1	58	-33	43.3	+30.3
CARZ	First Trust NASDAQ Global Auto Index Fund	4.0	70	-45	4.6	-8.4
IDX	VanEck Indonesia Index ETF	3.9	57	-32	7.2	-5.8
WTAI	WisdomTree Artificial Intelligence and Innovation Fund	3.9	45	-20	2.5	-10.5
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	3.8	12	13	5.2	-7.8
OAIM	OneAscent International Equity ETF	3.8	95	-70	5.8	-7.2
COPY	Tweedy, Browne Insider + Value ETF	3.8	80	-55	12.1	-0.9
DGT	SPDR Global Dow ETF	3.7	50	-25	7.0	-6.0
FNDF	Schwab Fundamental International Large Co. Index ETF	3.7	25	0	9.6	-3.4
IBLC	iShares Blockchain and Tech ETF	3.5	47	-22	-2.4	-15.4
FLSA	Franklin FTSE Saudi Arabia ETF	3.4	39	-14	0.0	-13.0
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	3.3	78	-53	9.7	-3.3
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	3.3	80	-55	14.5	+1.5
INCO	Columbia India Consumer ETF	3.3	75	-50	2.0	-11.0
FGD	First Trust Dow Jones Global Select Dividend Index Fund	3.3	56	-31	11.2	-1.8
EEMS	iShares MSCI Emerging Markets Small Cap ETF	3.2	70	-45	7.9	-5.1
KSA	iShares MSCI Saudi Arabia ETF	3.1	74	-49	0.0	-13.0
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	3.1	45	-20	8.9	-4.1
FILL	iShares MSCI Global Energy Producers ETF	3.1	39	-14	12.1	-0.9
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	3.0	46	-21	10.0	-3.0
ASEA	Global X FTSE Southeast Asia ETF	3.0	65	-40	7.0	-6.0
INDF	Nifty India Financials ETF	3.0	75	-50	8.7	-4.3
EWM	iShares MSCI Malaysia ETF	2.9	50	-25	6.9	-6.1
DINT	Davis Select International ETF	2.9	55	-30	8.0	-5.0
DWLD	Davis Select Worldwide ETF	2.9	63	-38	7.4	-5.6
FDTX	Fidelity Disruptive Technology ETF	2.9	50	-25	2.7	-10.3
GSIB	Themes Global Systemically Important Banks ETF	2.8	35	-10	9.5	-3.6
UIVM	VictoryShares International Value Momentum ETF	2.8	35	-10	9.2	-3.8
IMFL	Invesco International Developed Dynamic Multifactor ETF	2.7	34	-9	6.2	-6.9
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics ETF	2.7	65	-40	2.0	-11.1
HFXI	IQ FTSE International Equity Currency Neutral ETF	2.6	20	5	7.1	-6.0
IGPT	Invesco AI and Next Gen Software ETF	2.6	60	-35	4.1	-8.9
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	2.6	24	1	7.7	-5.3
IGRO	iShares International Dividend Growth ETF	2.5	15	10	7.4	-5.6
TUR	iShares MSCI Turkey ETF	2.5	58	-33	18.9	+5.9
FPXI	First Trust International Equity Opportunities ETF	2.4	70	-45	4.3	-8.7
DWX	SPDR S&P International Dividend ETF	2.3	45	-20	6.3	-6.7
BLES	Inspire Global Hope ETF	2.3	61	-36	6.9	-6.1
FID	First Trust S&P International Dividend Aristocrats ETF	2.3	60	-35	8.1	-4.9
WDIV	SPDR S&P Global Dividend ETF	2.3	40	-15	9.5	-3.5
IOO	iShares Global 100 ETF	2.3	41	-16	4.7	-8.3
JGLO	JPMorgan Global Select Equity ETF	2.3	33	-8	5.1	-8.0
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	2.2	9	16	5.7	-7.3
DGIN	VanEck Digital India ETF	2.2	71	-46	2.2	-10.8
BATT	Amplify Lithium & Battery Technology ETF	2.2	59	-34	3.1	-9.9
GGME	Invesco Next Gen Media and Gaming ETF	2.1	60	-35	4.4	-8.6
NDIA	Global X India Active ETF	2.1	75	-50	5.1	-7.9
VIGI	Vanguard International Dividend Appreciation ETF	2.1	10	15	6.5	-6.5
PICK	iShares MSCI Global Metals & Mining Producers ETF	2.0	39	-14	11.8	-1.2
EWW	iShares MSCI Mexico ETF	2.0	50	-25	10.0	-3.0
RGEF	Rockefeller Global Equity ETF	2.0	55	-30	4.8	-8.2
SCHF	Schwab International Equity ETF	2.0	6	19	7.3	-5.7
SDG	iShares MSCI Global Sustainable Development Goals ETF	2.0	49	-24	5.9	-7.1
FDCF	Fidelity Disruptive Communications ETF	2.0	50	-25	2.8	-10.2
AVEE	Avantis Emerging Markets Small Cap Equity ETF	2.0	42	-17	10.0	-3.0
QTUM	Defiance Quantum ETF	1.9	40	-15	5.1	-7.9
EIDO	iShares MSCI Indonesia ETF	1.9	59	-34	8.6	-4.4
OND	ProShares On-Demand ETF	1.9	58	-33	0.7	-12.3
COPX	Global X Copper Miners ETF	1.9	65	-40	6.1	-6.9
AGMI	Themes Silver Miners ETF	1.9	35	-10	4.3	-8.7
COPA	Themes Copper Miners ETF	1.9	35	-10	4.9	-8.1
VEA	Vanguard FTSE Developed Markets ETF	1.9	3	22	7.3	-5.8
VEGI	iShares MSCI Agriculture Producers ETF	1.9	39	-14	9.2	-3.8
IXG	iShares Global Financials ETF	1.8	42	-17	6.8	-6.3
ARTY	iShares Future AI & Tech ETF	1.8	47	-22	3.3	-9.7
IBUY	Amplify Online Retail ETF	1.8	65	-40	0.9	-12.1
IPAV	Global X Infrastructure Development ex-U.S. ETF	1.7	55	-30	7.8	-5.2
IDV	iShares International Select Dividend ETF	1.7	51	-26	10.9	-2.1
AIS	VistaShares Artificial Intelligence Supercycle ETF	1.6	75	-50	2.6	-10.4
DTCR	Global X Data Center & Digital Infrastructure ETF	1.6	50	-25	4.0	-9.0
FLMX	Franklin FTSE Mexico ETF	1.6	19	6	10.3	-2.7
FLHK	Franklin FTSE Hong Kong ETF	1.6	9	16	6.7	-6.3
TTAI	FCF International Quality ETF	1.5	59	-34	7.4	-5.6
OZEM	Roundhill GLP-1 & Weight Loss ETF	1.5	59	-34	0.4	-12.6
THNR	Amplify Weight Loss Drug & Treatment ETF	1.5	59	-34	6.6	-6.4
CGV	Conductor Global Equity Value ETF	1.5	130	-105	8.5	-4.5
ROBO	ROBO Global Robotics & Automation Index ETF	1.5	95	-70	3.4	-9.6
OBOR	KraneShares MSCI One Belt One Road Index ETF	1.5	79	-54	8.6	-4.4
ECH	iShares MSCI Chile ETF	1.4	58	-33	8.9	-4.1
ILF	iShares Latin America 40 ETF	1.4	48	-23	13.0	0.0
BWEB	Bitwise Web3 ETF	1.4	85	-60	-0.2	-13.2
GCOW	Pacer Global Cash Cows Dividend ETF	1.4	60	-35	11.2	-1.8
GINN	Goldman Sachs Innovate Equity ETF	1.4	52	-27	3.6	-9.4
OGIG	ALPS O'Shares Global Internet Giants ETF	1.3	48	-23	1.6	-11.4
AFK	VanEck Africa Index ETF	1.3	98	-73	11.5	-1.5
WUGI	AXS Esoterica NextG Economy ETF	1.3	75	-50	2.3	-10.7
BUYZ	Franklin Disruptive Commerce ETF	1.3	50	-25	2.3	-10.7
ICOP	iShares Copper and Metals Mining ETF	1.3	47	-22	7.4	-5.6
PGJ	Invesco Golden Dragon China ETF	1.3	70	-45	12.5	-0.5
KOCG	FIS Knights of Columbus Global Belief ETF	1.2	75	-50	5.3	-7.7
IDHQ	Invesco S&P International Developed High Quality ETF	1.2	29	-4	6.7	-6.3
CCNR	ALPS CoreCommodity Natural Resources ETF	1.2	39	-14	10.5	-2.5
FTRI	First Trust Indxx Global Natural Resources Income ETF	1.2	70	-45	7.6	-5.4
CGIE	Capital Group International Equity ETF	1.2	54	-29	5.1	-7.9
HERO	Global X Video Games & Esports ETF	1.2	50	-25	4.0	-9.0
LOUP	Innovator Deepwater Frontier Tech ETF	1.1	70	-45	1.1	-11.9
COLO	Global X MSCI Colombia ETF	1.1	62	-37	16.8	+3.8
EFAS	Global X MSCI SuperDividend EAFE ETF	1.1	57	-32	8.6	-4.4
EWH	iShares MSCI Hong Kong ETF	1.1	50	-25	5.4	-7.6
FYLD	Cambria Foreign Shareholder Yield ETF	1.1	59	-34	12.0	-1.0
JHID	John Hancock International High Dividend ETF	1.1	46	-21	9.6	-3.4
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	1.0	80	-55	10.8	-2.2
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	1.0	47	-22	5.9	-7.1
BINV	Brandes International ETF	1.0	70	-45	9.4	-3.6
GREK	Global X MSCI Greece ETF	1.0	57	-32	10.7	-2.3
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.9	8	17	6.2	-6.8
FCLD	Fidelity Cloud Computing ETF	0.9	39	-14	3.3	-9.8
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.9	49	-24	7.0	-6.0
SNSR	Global X Internet of Things ETF	0.8	68	-43	4.7	-8.3
SPDW	SPDR Portfolio Developed World ex-US ETF	0.8	3	22	7.0	-6.0
SMIN	iShares MSCI India Small Cap ETF	0.8	79	-54	4.1	-8.9
OCEN	IQ Clean Oceans ETF	0.8	45	-20	6.1	-6.9
MOTO	SmartETFs Smart Transportation & Technology ETF	0.8	68	-43	7.5	-5.6
ABLG	Abacus FCF International Leaders ETF	0.8	59	-34	7.0	-6.0
PBD	Invesco Global Clean Energy ETF	0.8	75	-50	-0.4	-13.4
CRAK	VanEck Oil Refiners ETF	0.7	61	-36	13.8	+0.8
KURE	KraneShares MSCI All China Health Care Index ETF	0.7	65	-40	2.7	-10.3
IXC	iShares Global Energy ETF	0.7	44	-19	10.5	-2.5
QAT	iShares MSCI Qatar ETF	0.7	59	-34	49.1	+36.1
INTF	iShares International Equity Factor ETF	0.7	15	10	7.7	-5.3
CIL	VictoryShares International Volatility Wtd ETF	0.7	45	-20	6.8	-6.2
FENI	Fidelity Enhanced International ETF	0.7	28	-3	6.6	-6.4
UAE	iShares MSCI UAE ETF	0.7	59	-34	0.0	-13.0
EZA	iShares MSCI South Africa ETF	0.7	58	-33	9.5	-3.6
TPIF	Timothy Plan International ETF	0.7	62	-37	6.4	-6.7
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.6	65	-40	8.0	-5.0
GSFP	Goldman Sachs Future Planet Equity ETF	0.6	75	-50	4.9	-8.1
IBAT	iShares Energy Storage & Materials ETF	0.6	47	-22	3.5	-9.5
FNDC	Schwab Fundamental International Small Co. Index ETF	0.6	39	-14	5.9	-7.1
FTAG	First Trust Indxx Global Agriculture ETF	0.6	70	-45	8.9	-4.1
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	0.5	86	-61	0.5	-12.5
INQQ	India Internet & Ecommerce ETF	0.5	86	-61	1.4	-11.6
EPP	iShares MSCI Pacific ex-Japan ETF	0.5	47	-22	5.2	-7.8
IDRV	iShares Self-driving EV & Tech ETF	0.5	47	-22	1.9	-11.2
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	0.5	32	-7	6.2	-6.8
CGGR	Capital Group Growth ETF	0.5	39	-14	3.2	-9.8
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	0.5	29	-4	7.9	-5.1
SHPP	Pacer Industrials and Logistics ETF	0.5	60	-35	8.9	-4.1
AVDV	Avantis International Small Cap Value ETF	0.5	36	-11	9.4	-3.6
ECNS	iShares MSCI China Small-Cap ETF	0.5	59	-34	8.4	-4.6
HART	IQ Healthy Hearts ETF	0.5	45	-20	6.7	-6.3
IPKW	Invesco International BuyBack Achievers ETF	0.5	55	-30	13.0	-0.1
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	0.5	19	6	6.0	-7.0
BETZ	Roundhill Sports Betting & iGaming ETF	0.5	75	-50	3.0	-10.0
BJK	VanEck Gaming ETF	0.5	65	-40	4.6	-8.4
DLS	WisdomTree International SmallCap Dividend Fund	0.5	58	-33	8.3	-4.7
RFEU	First Trust Riverfront Dynamic Europe ETF	0.5	83	-58	10.6	-2.4
OSEA	Harbor International Compounders ETF	0.5	55	-30	4.9	-8.1
CGDG	Capital Group Dividend Growers ETF	0.5	47	-22	6.4	-6.6
DTAN	Sparkline International Intangible Value ETF	0.5	55	-30	8.7	-4.3
DIM	WisdomTree International MidCap Dividend Fund	0.5	58	-33	7.8	-5.3
EPU	iShares MSCI Peru and Global Exposure ETF	0.5	59	-34	5.9	-7.1
ISHP	First Trust Nasdaq Retail ETF	0.5	60	-35	5.7	-7.3
SRVR	Pacer Data & Infrastructure Real Estate ETF	0.5	55	-30	3.9	-9.2
WTRE	WisdomTree New Economy Real Estate Fund	0.5	58	-33	9.1	-3.9
GSIE	Goldman Sachs ActiveBeta International Equity ETF	0.4	25	0	7.2	-5.8
NERD	Roundhill Video Games ETF	0.4	50	-25	3.2	-9.8
DRIV	Global X Autonomous & Electric Vehicles ETF	0.4	68	-43	4.8	-8.2
RFDI	First Trust Riverfront Dynamic Developed International ETF	0.4	83	-58	9.6	-3.4
KARS	KraneShares Electric Vehicles & Future Mobility Index ETF	0.4	72	-47	-0.9	-13.9
DTH	WisdomTree International High Dividend Fund	0.4	58	-33	8.7	-4.3
AVIV	Avantis International Large Cap Value ETF	0.3	25	0	8.6	-4.4
EPOL	iShares MSCI Poland ETF	0.3	59	-34	11.5	-1.5
IVLU	iShares MSCI Intl Value Factor ETF	0.3	30	-5	10.6	-2.5
AADR	AdvisorShares Dorsey Wright ADR ETF	0.3	110	-85	5.0	-8.0
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	0.3	9	16	9.3	-3.7
DFIV	Dimensional International Value ETF	0.3	27	-2	9.8	-3.2
DIHP	Dimensional International High Profitability ETF	0.3	29	-4	7.2	-5.8
LVHI	Franklin International Low Volatility High Dividend Index ET	0.3	40	-15	10.4	-2.6
AVDE	Avantis International Equity ETF	0.3	23	2	7.4	-5.6
SMOG	VanEck Low Carbon Energy ETF	0.3	61	-36	1.7	-11.3
BKMC	BNY Mellon US Mid Cap Core Equity ETF	0.3	4	21	6.3	-6.7
CZA	Invesco Zacks Mid-Cap ETF	0.3	72	-47	6.8	-6.2
EATZ	AdvisorShares Restaurant ETF	0.3	101	-76	7.9	-5.1
FPAG	FPA Global Equity ETF	0.3	49	-24	6.0	-7.0
JOET	Virtus Terranova US Quality Momentum ETF	0.3	29	-4	4.8	-8.2
TMFG	Motley Fool Global Opportunities ETF	0.3	85	-60	4.1	-8.9
VAMO	Cambria Value & Momentum ETF	0.3	61	-36	5.8	-7.2
IQSM	IQ Candriam U.S. Mid Cap Equity ETF	0.3	15	10	6.2	-6.8
LYLD	Cambria Large Cap Shareholder Yield ETF	0.3	59	-34	9.9	-3.1
NEWZ	StockSnips AI-Powered Sentiment US All Cap ETF	0.3	65	-40	4.9	-8.1
FDLS	Inspire Fidelis Multi Factor ETF	0.3	76	-51	5.3	-7.7
IHAK	iShares Cybersecurity & Tech ETF	0.2	47	-22	4.2	-8.8
SCHC	Schwab International Small-Cap Equity ETF	0.2	11	14	6.7	-6.4
TINY	ProShares Nanotechnology ETF	0.2	58	-33	4.7	-8.3
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	0.2	39	-14	8.0	-5.0
ISCF	iShares International SmallCap Equity Factor ETF	0.2	23	2	8.3	-4.7
EMIF	iShares Emerging Markets Infrastructure ETF	0.2	60	-35	5.1	-7.9
GII	SPDR S&P Global Infrastructure ETF	0.2	40	-15	4.7	-8.3
IGF	iShares Global Infrastructure ETF	0.2	41	-16	4.7	-8.3
IQRA	IQ CBRE Real Assets ETF	0.2	65	-40	5.8	-7.2
IPAC	iShares Core MSCI Pacific ETF	0.2	9	16	6.5	-6.5
ERTH	Invesco MSCI Sustainable Future ETF	0.2	62	-37	3.7	-9.3
FDRV	Fidelity Electric Vehicles and Future Transportation ETF	0.2	39	-14	-0.9	-13.9
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	0.2	58	-33	4.6	-8.4
KGRN	KraneShares MSCI China Clean Technology Index ETF	0.2	79	-54	0.3	-12.7
LIT	Global X Lithium & Battery Tech ETF	0.2	75	-50	4.1	-8.9
TEMP	JPMorgan Climate Change Solutions ETF	0.2	49	-24	5.7	-7.3
APIE	ActivePassive International Equity ETF	0.2	45	-20	7.5	-5.5
IQSI	IQ Candriam International Equity ETF	0.2	15	10	6.7	-6.3
DFIC	Dimensional International Core Equity 2 ETF	0.2	23	2	7.5	-5.5
WBAT	WisdomTree Battery Value Chain and Innovation Fund	0.2	45	-20	4.0	-9.0
DWM	WisdomTree International Equity Fund	0.2	48	-23	7.5	-5.5
DWMF	WisdomTree International Multifactor Fund	0.2	38	-13	7.2	-5.8
FFLC	Fidelity Fundamental Large Cap Core ETF	0.2	38	-13	4.6	-8.4
DXIV	Dimensional International Vector Equity ETF	0.1	34	-9	8.0	-5.1
GSID	Goldman Sachs MarketBeta International Equity ETF	0.1	20	5	7.0	-6.0
IMTM	iShares MSCI Intl Momentum Factor ETF	0.1	30	-5	5.5	-7.5
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	0.1	46	-21	5.7	-7.3
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	0.1	40	-15	7.5	-5.5
BKIE	BNY Mellon International Equity ETF	0.1	4	21	7.1	-5.9
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	0.1	39	-14	6.8	-6.2
DMXF	iShares ESG Advanced MSCI EAFE ETF	0.1	12	13	5.6	-7.4
EFV	iShares MSCI EAFE Value ETF	0.1	34	-9	9.2	-3.8
EWS	iShares MSCI Singapore ETF	0.1	50	-25	4.9	-8.1
IVAL	Alpha Architect International Quantitative Value ETF	0.1	49	-24	10.1	-2.9
EFRA	iShares Environmental Infrastructure and Industrials ETF	0.1	47	-22	5.4	-7.7
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	0.1	65	-40	4.2	-8.8
DFAI	Dimensional International Core Equity Market ETF	0.1	18	7	7.2	-5.8
EFAV	iShares MSCI EAFE Min Vol Factor ETF	0.1	22	3	5.9	-7.1
QEFA	SPDR MSCI EAFE StrategicFactors ETF	0.1	30	-5	7.1	-5.9
CTEC	Global X CleanTech ETF	0.1	50	-25	-0.1	-13.1
DFIS	Dimensional International Small Cap ETF	0.1	39	-14	7.4	-5.6
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	0.1	20	5	6.4	-6.6
IEFA	iShares Core MSCI EAFE ETF	0.1	7	18	7.1	-5.9
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	0.1	36	-11	6.5	-6.5
EFA	iShares MSCI EAFE ETF	0.1	35	-10	6.8	-6.3
AVDS	Avantis International Small Cap Equity ETF	0.1	30	-5	7.3	-5.7
IDEV	iShares Core MSCI International Developed Markets ETF	0.1	4	21	7.0	-6.0
IQLT	iShares MSCI Intl Quality Factor ETF	0.1	30	-5	6.3	-6.7
SCZ	iShares MSCI EAFE Small-Cap ETF	0.1	40	-15	7.0	-6.0
PNQI	Invesco NASDAQ Internet ETF	0.0	60	-35	3.5	-9.5
GUSA	Goldman Sachs MarketBeta U.S. 1000 Equity ETF	0.0	11	14	4.9	-8.1
AVSD	Avantis Responsible International Equity ETF	0.0	23	2	5.7	-7.3
KOKU	Xtrackers MSCI Kokusai Equity ETF	0.0	9	16	5.2	-7.8
EFG	iShares MSCI EAFE Growth ETF	0.0	36	-11	4.4	-8.6
VGK	Vanguard FTSE Europe ETF	0.0	6	19	7.6	-5.5
DFSI	Dimensional International Sustainability Core 1 ETF	0.0	24	1	6.4	-6.6
QWLD	SPDR MSCI World StrategicFactors ETF	0.0	30	-5	6.0	-7.0
SPEU	SPDR Portfolio Europe ETF	0.0	7	18	7.5	-5.6
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	4	3.7	-9.3
TOK	iShares MSCI Kokusai ETF	0.0	26	-1	5.0	-8.0
URTH	iShares MSCI World ETF	0.0	24	1	5.1	-7.9
EBI	Longview Advantage ETF	0.0	35	-10	6.7	-6.3

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:	Fidelity Emerging Markets Multifactor 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	13.8	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	13.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	CATEGORY AVERAGE	1.51

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.