ETF Research Center

First Trust Europe AlphaDEX Fund

ALTAR
Score™

9.1%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	11.5x	P/Sales ratio	0.8x
P/BV ratio	1.3x	Div. yield	3.2%

Description
Performance
Comps
Fundamentals
Valuation
Rating

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

FUND BASICS
Category	International Equities
Fund Sponsor	First Trust Advisors LP
Website	www.ftportfolios.com
Inception date	Apr 18, 2011
Assets (mns)	$340
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	207
Wgt avg mkt cap (mns)	$27,088
Large cap (>$10bn)	57.2%
Mid cap ($2-10bn)	42.7%
Small cap (<$2bn)	0.0%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	11.2 %
FRESNILLO PLC	1.7 %
ALPHA BANK AE	1.2 %
COMMERZBANK AG	1.2 %
HOCHTIEF AG	1.1 %
DEUTSCHE BANK AG-REGISTERED	1.1 %
BANCO SANTANDER SA	1.0 %
SCHIBSTED ASA	1.0 %
BANCO BPM SPA	1.0 %
BANCO DE SABADELL SA	1.0 %
AUTO1 GROUP SE	1.0 %

TOP COUNTRY EXPOSURE
	GERMANY	19.9 %
	BRITAIN	19.2 %
	ITALY	9.9 %
	SPAIN	9.0 %
	FRANCE	8.3 %
	SWEDEN	5.2 %
	NORWAY	4.4 %
	GREECE	3.5 %
	AUSTRIA	3.2 %
	BELGIUM	2.9 %

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.
43.4%	31.9%	12.5%	8.9%	6.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.81	41%
MSCI EAFE	0.84	54%
MSCI Emg. Mkts.	0.60	32%

Technical Indicators
Recent close	$50.45
30d moving avg.	$50.46
Annualized volatility	17.0%
Short interest (ETF)	0.2%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	22
Turnover	0.3%
Bid/Ask (% of price)	1.11%
ADV underlying (mns)	$5,880

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 426 potential alternatives to the First Trust Europe AlphaDEX Fund ETF based on the alternatives' overlap in portfolio holdings with FEP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FEP

Expense:

80 bp

ALTAR Score™:

9.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FEP
Ticker	Fund Name	Overlap¹ vs FEP (%)	Expense ratio (bp)	Savings vs FEP (bp)	ALTAR Score™ (%)	ALTAR vs FEP (%)
FEUZ	First Trust Eurozone AlphaDEX ETF	64.1	80	0	9.1	+0.1
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	43.7	80	0	9.6	+0.6
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	30.8	25	55	7.3	-1.7
UIVM	VictoryShares International Value Momentum ETF	27.6	35	45	9.2	+0.1
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	25.2	45	35	6.9	-2.2
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	25.0	46	34	6.6	-2.5
IEUR	iShares Core MSCI Europe ETF	24.9	11	69	7.4	-1.7
VGK	Vanguard FTSE Europe ETF	24.8	6	74	7.6	-1.5
IEV	iShares Europe ETF	24.5	67	13	6.9	-2.2
SPEU	SPDR Portfolio Europe ETF	24.3	7	73	7.5	-1.6
BBEU	JPMorgan BetaBuilders Europe ETF	24.3	9	71	7.2	-1.8
FLEE	Franklin FTSE Europe ETF	24.1	9	71	7.3	-1.8
IVLU	iShares MSCI Intl Value Factor ETF	24.0	30	50	10.6	+1.5
CIL	VictoryShares International Volatility Wtd ETF	23.5	45	35	6.8	-2.3
EZU	iShares MSCI Eurozone ETF	23.3	52	28	6.7	-2.3
IMTM	iShares MSCI Intl Momentum Factor ETF	22.8	30	50	5.5	-3.6
GSIE	Goldman Sachs ActiveBeta International Equity ETF	22.5	25	55	7.2	-1.9
EFV	iShares MSCI EAFE Value ETF	22.2	34	46	9.2	+0.1
TPIF	Timothy Plan International ETF	21.9	62	18	6.4	-2.7
EUFN	iShares MSCI Europe Financials ETF	21.8	51	29	8.0	-1.1
DIM	WisdomTree International MidCap Dividend Fund	21.8	58	22	7.8	-1.3
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	21.3	45	35	8.9	-0.2
INTF	iShares International Equity Factor ETF	21.0	15	65	7.7	-1.4
FKU	First Trust United Kingdom AlphaDEX Fund	20.7	80	0	7.4	-1.7
JHMD	John Hancock Multifactor Developed International ETF	20.0	39	41	7.7	-1.4
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	19.9	40	40	7.5	-1.6
DWM	WisdomTree International Equity Fund	19.5	48	32	7.5	-1.6
DFIV	Dimensional International Value ETF	19.2	27	53	9.8	+0.7
FNDF	Schwab Fundamental International Large Co. Index ETF	19.1	25	55	9.6	+0.6
DWMF	WisdomTree International Multifactor Fund	19.1	38	42	7.2	-1.8
HFXI	IQ FTSE International Equity Currency Neutral ETF	18.9	20	60	7.1	-2.0
ESGD	iShares ESG Aware MSCI EAFE ETF	18.7	20	60	6.8	-2.3
JPIN	J.P. Morgan Diversified Return International Equity ETF	18.7	37	43	8.6	-0.5
EFA	iShares MSCI EAFE ETF	18.6	35	45	6.8	-2.3
FIVA	Fidelity International Value Factor ETF	18.6	18	62	9.9	+0.8
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	18.5	36	44	6.5	-2.6
QINT	American Century Quality Diversified International ETF	18.3	39	41	7.4	-1.7
DIVI	Franklin International Core Dividend Tilt Index ETF	18.3	9	71	8.1	-1.0
DTH	WisdomTree International High Dividend Fund	17.9	58	22	8.7	-0.4
FGM	First Trust Germany AlphaDEX Fund	17.9	80	0	6.3	-2.8
GSID	Goldman Sachs MarketBeta International Equity ETF	17.7	20	60	7.0	-2.1
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	17.5	20	60	6.4	-2.7
DOL	WisdomTree International LargeCap Dividend Fund	17.4	48	32	7.3	-1.8
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	17.2	58	22	8.6	-0.4
IEFA	iShares Core MSCI EAFE ETF	17.1	7	73	7.1	-2.0
FENI	Fidelity Enhanced International ETF	17.1	28	52	6.6	-2.5
VYMI	Vanguard International High Dividend Yield ETF	16.8	17	63	9.8	+0.7
DFIC	Dimensional International Core Equity 2 ETF	16.7	23	57	7.5	-1.6
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	16.3	39	41	6.8	-2.3
BKIE	BNY Mellon International Equity ETF	16.3	4	76	7.1	-2.0
QEFA	SPDR MSCI EAFE StrategicFactors ETF	16.3	30	50	7.1	-2.0
STXI	Strive International Developed Markets ETF	16.0	29	51	6.7	-2.4
DFAI	Dimensional International Core Equity Market ETF	15.9	18	62	7.2	-1.9
LVHI	Franklin International Low Volatility High Dividend Index ET	15.7	40	40	10.4	+1.3
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	15.7	29	51	7.9	-1.2
AVDE	Avantis International Equity ETF	15.7	23	57	7.4	-1.7
IDEV	iShares Core MSCI International Developed Markets ETF	15.7	4	76	7.0	-2.1
DXIV	Dimensional International Vector Equity ETF	15.6	34	46	8.0	-1.1
DFSI	Dimensional International Sustainability Core 1 ETF	15.5	24	56	6.4	-2.7
SCHF	Schwab International Equity ETF	15.3	6	74	7.3	-1.8
IDMO	Invesco S&P International Developed Momentum ETF	15.3	25	55	5.4	-3.7
AVSD	Avantis Responsible International Equity ETF	15.2	23	57	5.7	-3.4
RFDI	First Trust Riverfront Dynamic Developed International ETF	15.1	83	-3	9.6	+0.5
SPDW	SPDR Portfolio Developed World ex-US ETF	15.1	3	77	7.0	-2.1
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	15.0	39	41	8.0	-1.1
VEA	Vanguard FTSE Developed Markets ETF	15.0	3	77	7.3	-1.8
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	14.7	80	0	5.0	-4.1
AVIV	Avantis International Large Cap Value ETF	14.6	25	55	8.6	-0.5
IMOM	Alpha Architect International Quantitative Momentum ETF	14.0	49	31	3.2	-5.9
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	14.0	20	60	6.5	-2.6
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	13.9	24	56	7.7	-1.4
IDV	iShares International Select Dividend ETF	13.8	51	29	10.9	+1.9
VWID	Virtus WMC International Dividend ETF	13.5	49	31	8.6	-0.4
FDEV	Fidelity International Multifactor ETF	13.4	18	62	7.6	-1.5
CEFA	Global X S&P Catholic Values Developed ex-US ETF	13.3	35	45	6.7	-2.4
VIDI	Vident International Equity Strategy ETF	13.3	61	19	11.1	+2.0
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	13.0	65	15	12.3	+3.2
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	12.7	41	39	7.4	-1.7
CWI	SPDR MSCI ACWI ex-US ETF	12.5	30	50	7.6	-1.5
ACWX	iShares MSCI ACWI ex U.S. ETF	12.5	34	46	7.7	-1.4
WWJD	Inspire International ETF	12.3	80	0	7.5	-1.6
COPY	Tweedy, Browne Insider + Value ETF	12.3	80	0	12.1	+3.0
EWG	iShares MSCI Germany ETF	12.3	50	30	6.4	-2.7
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	12.2	18	62	8.0	-1.0
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	12.2	12	68	6.0	-3.1
VEU	Vanguard FTSE All-World ex-US Index Fund	12.1	4	76	8.2	-0.9
IQSI	IQ Candriam International Equity ETF	12.0	15	65	6.7	-2.4
IEUS	iShares MSCI Europe Small-Cap ETF	11.9	42	38	7.4	-1.7
JIRE	JPMorgan International Research Enhanced Equity ETF	11.8	24	56	7.2	-1.9
JHID	John Hancock International High Dividend ETF	11.8	46	34	9.6	+0.6
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	11.8	14	66	6.2	-2.8
IXG	iShares Global Financials ETF	11.8	42	38	6.8	-2.3
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	11.6	30	50	8.0	-1.1
EFAS	Global X MSCI SuperDividend EAFE ETF	11.6	57	23	8.6	-0.5
RFEU	First Trust Riverfront Dynamic Europe ETF	11.6	83	-3	10.6	+1.6
VXUS	Vanguard Total International Stock ETF	11.6	5	75	7.9	-1.2
IXUS	iShares Core MSCI Total International Stock ETF	11.5	7	73	7.9	-1.2
IDLV	Invesco S&P International Developed Low Volatility ETF	11.5	25	55	6.5	-2.5
FLGB	Franklin FTSE United Kingdom ETF	11.4	9	71	7.6	-1.5
DTAN	Sparkline International Intangible Value ETF	11.3	55	25	8.7	-0.4
FYLD	Cambria Foreign Shareholder Yield ETF	11.0	59	21	12.0	+2.9
NUDM	Nuveen ESG International Developed Markets Equity ETF	11.0	31	49	6.2	-2.9
RODE	Hartford Multifactor Diversified International ETF	11.0	29	51	11.5	+2.4
FGD	First Trust Dow Jones Global Select Dividend Index Fund	10.9	56	24	11.2	+2.1
FLGR	Franklin FTSE Germany ETF	10.9	9	71	7.1	-1.9
DEW	WisdomTree Global High Dividend Fund	10.8	58	22	8.6	-0.5
DAX	Global X DAX Germany ETF	10.5	21	59	6.8	-2.3
EWU	iShares MSCI United Kingdom ETF	10.3	50	30	8.2	-0.9
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	10.1	80	0	6.2	-2.9
VSGX	Vanguard ESG International Stock ETF	9.9	10	70	7.7	-1.4
DMXF	iShares ESG Advanced MSCI EAFE ETF	9.9	12	68	5.6	-3.5
IQLT	iShares MSCI Intl Quality Factor ETF	9.8	30	50	6.3	-2.8
HEDJ	WisdomTree Europe Hedged Equity Fund	9.6	58	22	6.6	-2.5
DGT	SPDR Global Dow ETF	9.4	50	30	7.0	-2.1
FEZ	SPDR EURO STOXX 50 ETF	9.3	29	51	7.2	-1.9
RCGE	RockCreek Global Equality ETF	9.3	95	-15	6.9	-2.2
DIHP	Dimensional International High Profitability ETF	9.3	29	51	7.2	-1.9
DFIS	Dimensional International Small Cap ETF	9.3	39	41	7.4	-1.7
FDD	First Trust Stoxx European Select Dividend Index Fund	9.1	58	22	11.7	+2.6
FPXE	First Trust IPOX Europe Equity Opportunities ETF	9.0	70	10	5.0	-4.1
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	8.9	9	71	9.3	+0.2
IDOG	ALPS International Sector Dividend Dogs ETF	8.8	50	30	12.5	+3.4
EFG	iShares MSCI EAFE Growth ETF	8.7	36	44	4.4	-4.7
DISV	Dimensional International Small Cap Value ETF	8.6	42	38	9.1	-0.0
BLES	Inspire Global Hope ETF	8.3	61	19	6.9	-2.1
EFAV	iShares MSCI EAFE Min Vol Factor ETF	8.3	22	58	5.9	-3.2
FIDI	Fidelity International High Dividend ETF	8.2	18	62	8.7	-0.3
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	8.0	47	33	8.5	-0.6
IQDF	FlexShares International Quality Dividend Index Fund	8.0	47	33	9.1	+0.1
IPKW	Invesco International BuyBack Achievers ETF	7.8	55	25	13.0	+3.9
AIVI	WisdomTree International AI Enhanced Value Fund	7.5	58	22	7.3	-1.8
IMFL	Invesco International Developed Dynamic Multifactor ETF	7.4	34	46	6.2	-2.9
ESGG	FlexShares STOXX Global ESG Select Index Fund	7.4	42	38	5.4	-3.7
ISCF	iShares International SmallCap Equity Factor ETF	7.4	23	57	8.3	-0.8
EWQ	iShares MSCI France ETF	7.3	53	27	7.4	-1.7
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	7.3	25	55	6.0	-3.1
INEQ	Columbia International Equity Income ETF	7.2	45	35	8.3	-0.8
LEGR	First Trust Indxx Innovative Transaction & Process ETF	7.1	65	15	8.0	-1.1
GLOF	iShares Global Equity Factor ETF	7.1	20	60	6.6	-2.5
EWI	iShares MSCI Italy ETF	7.0	50	30	10.9	+1.8
EWP	iShares MSCI Spain ETF	6.9	50	30	7.1	-2.0
PPIE	Putnam PanAgora ESG International Equity ETF	6.7	49	31	7.4	-1.6
EUDG	WisdomTree Europe Quality Dividend Growth Fund	6.7	58	22	7.0	-2.1
GCOW	Pacer Global Cash Cows Dividend ETF	6.5	60	20	11.2	+2.2
QWLD	SPDR MSCI World StrategicFactors ETF	6.4	30	50	6.0	-3.1
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	6.3	60	20	3.6	-5.5
FNDC	Schwab Fundamental International Small Co. Index ETF	6.1	39	41	5.9	-3.2
IDHQ	Invesco S&P International Developed High Quality ETF	6.1	29	51	6.7	-2.4
KOKU	Xtrackers MSCI Kokusai Equity ETF	5.8	9	71	5.2	-3.8
RAYD	Rayliant Quantitative Developed Market Equity ETF	5.7	80	0	4.4	-4.7
IVAL	Alpha Architect International Quantitative Value ETF	5.6	49	31	10.1	+1.0
EWUS	iShares MSCI United Kingdom Small Cap ETF	5.6	59	21	7.6	-1.4
TOK	iShares MSCI Kokusai ETF	5.5	26	54	5.0	-4.0
SCZ	iShares MSCI EAFE Small-Cap ETF	5.5	40	40	7.0	-2.1
WLDR	Affinity World Leaders Equity ETF	5.5	67	13	7.5	-1.6
SHLD	Global X Defense Tech ETF	5.5	50	30	3.0	-6.1
GVAL	Cambria Global Value ETF	5.4	68	12	10.7	+1.6
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	5.3	32	48	6.2	-2.9
URTH	iShares MSCI World ETF	5.3	24	56	5.1	-4.0
SCHY	Schwab International Dividend Equity ETF	5.2	14	66	9.9	+0.8
FID	First Trust S&P International Dividend Aristocrats ETF	5.1	60	20	8.1	-1.0
WDIV	SPDR S&P Global Dividend ETF	5.1	40	40	9.5	+0.4
OAIM	OneAscent International Equity ETF	5.0	95	-15	5.8	-3.3
BINV	Brandes International ETF	5.0	70	10	9.4	+0.4
CGIE	Capital Group International Equity ETF	5.0	54	26	5.1	-3.9
KLMT	Invesco MSCI Global Climate 500 ETF	4.9	10	70	5.8	-3.3
OEUR	ALPS O'Shares Europe Quality Dividend ETF	4.8	48	32	5.9	-3.2
ACWI	iShares MSCI ACWI ETF	4.8	32	48	5.6	-3.5
CRBN	iShares MSCI ACWI Low Carbon Target ETF	4.7	20	60	5.7	-3.4
AZTD	Aztlan Global Stock Selection DM SMID ETF	4.7	75	5	8.0	-1.1
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	4.7	9	71	5.7	-3.4
EXI	iShares Global Industrials ETF	4.7	42	38	4.6	-4.5
DSTX	Distillate International Fundamental Stability & Value ETF	4.7	55	25	7.9	-1.2
WRND	IQ Global Equity R&D Leaders ETF	4.7	18	62	8.1	-1.0
NORW	Global X MSCI Norway ETF	4.6	50	30	10.9	+1.8
SCHC	Schwab International Small-Cap Equity ETF	4.5	11	69	6.7	-2.4
CGXU	Capital Group International Focus Equity ETF	4.4	54	26	5.5	-3.6
NATO	Themes Transatlantic Defense ETF	4.4	35	45	2.4	-6.7
VT	Vanguard Total World Stock ETF	4.4	6	74	5.9	-3.2
CLNR	IQ Cleaner Transport ETF	4.2	45	35	6.7	-2.4
IOO	iShares Global 100 ETF	4.2	41	39	4.7	-4.4
ENOR	iShares MSCI Norway ETF	4.1	53	27	11.1	+2.1
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	4.1	49	31	7.0	-2.1
CCNR	ALPS CoreCommodity Natural Resources ETF	4.0	39	41	10.5	+1.4
FPXI	First Trust International Equity Opportunities ETF	3.9	70	10	4.3	-4.8
WBAT	WisdomTree Battery Value Chain and Innovation Fund	3.9	45	35	4.0	-5.1
AVDV	Avantis International Small Cap Value ETF	3.8	36	44	9.4	+0.3
JSTC	Adasina Social Justice All Cap Global ETF	3.8	89	-9	5.0	-4.1
EWD	iShares MSCI Sweden ETF	3.7	54	26	5.4	-3.7
IXC	iShares Global Energy ETF	3.6	44	36	10.5	+1.5
OCEN	IQ Clean Oceans ETF	3.6	45	35	6.1	-3.0
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	3.5	58	22	7.1	-2.0
PICK	iShares MSCI Global Metals & Mining Producers ETF	3.5	39	41	11.8	+2.7
DWX	SPDR S&P International Dividend ETF	3.5	45	35	6.3	-2.8
IQDG	WisdomTree International Quality Dividend Growth Fund	3.4	42	38	7.4	-1.7
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	3.4	65	15	4.2	-4.9
NXTG	First Trust Indxx NextG ETF	3.4	70	10	5.2	-3.9
FILL	iShares MSCI Global Energy Producers ETF	3.4	39	41	12.1	+3.0
TTAI	FCF International Quality ETF	3.3	59	21	7.4	-1.7
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	3.3	46	34	10.0	+0.9
JIG	JPMorgan International Growth ETF	3.2	55	25	4.8	-4.3
JXI	iShares Global Utilities ETF	3.2	43	37	5.6	-3.5
FICS	First Trust International Developed Capital Strength ETF	3.2	70	10	7.5	-1.6
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	3.2	8	72	6.2	-2.9
FEOE	First Eagle Overseas Equity ETF	3.1	79	1	7.9	-1.2
EWK	iShares MSCI Belgium ETF	3.1	50	30	4.4	-4.7
EWO	iShares MSCI Austria ETF	3.1	50	30	10.9	+1.8
KOCG	FIS Knights of Columbus Global Belief ETF	3.1	75	5	5.3	-3.8
IPAV	Global X Infrastructure Development ex-U.S. ETF	3.0	55	25	7.8	-1.3
CGGO	Capital Group Global Growth Equity ETF	3.0	47	33	4.7	-4.4
GNR	SPDR S&P Global Natural Resources ETF	2.9	40	40	11.1	+2.0
AVDS	Avantis International Small Cap Equity ETF	2.9	30	50	7.3	-1.7
GINN	Goldman Sachs Innovate Equity ETF	2.9	52	28	3.6	-5.5
EFAD	ProShares MSCI EAFE Dividend Growers ETF	2.8	50	30	6.2	-2.9
EUDV	ProShares MSCI Europe Dividend Growers ETF	2.8	55	25	6.4	-2.7
AIRL	Themes Airlines ETF	2.7	35	45	1.7	-7.3
KNO	AXS Knowledge Leaders ETF	2.6	78	2	6.2	-2.9
RXI	iShares Global Consumer Discretionary ETF	2.5	41	39	9.5	+0.4
MXI	iShares Global Materials ETF	2.5	41	39	7.6	-1.4
FAN	First Trust Global Wind Energy ETF	2.4	60	20	4.3	-4.8
DRIV	Global X Autonomous & Electric Vehicles ETF	2.4	68	12	4.8	-4.3
RNWZ	TrueShares Eagle Global Renewable Energy Income ETF	2.4	75	5	7.3	-1.8
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	2.4	12	68	5.2	-3.9
KXI	iShares Global Consumer Staples ETF	2.4	41	39	5.7	-3.4
MOTO	SmartETFs Smart Transportation & Technology ETF	2.3	68	12	7.5	-1.6
IGRO	iShares International Dividend Growth ETF	2.3	15	65	7.4	-1.7
CGDG	Capital Group Dividend Growers ETF	2.3	47	33	6.4	-2.7
GSIB	Themes Global Systemically Important Banks ETF	2.3	35	45	9.5	+0.4
TEMP	JPMorgan Climate Change Solutions ETF	2.3	49	31	5.7	-3.4
GREK	Global X MSCI Greece ETF	2.2	57	23	10.7	+1.7
CZAR	Themes Natural Monopoly ETF	2.2	35	45	5.8	-3.3
PATN	Pacer Nasdaq International Patent Leaders ETF	2.1	65	15	6.0	-3.1
JETS	U.S. Global Jets ETF	2.1	60	20	3.0	-6.1
FEGE	First Eagle Global Equity ETF	2.1	79	1	6.9	-2.2
MOTG	VanEck Morningstar Global Wide Moat ETF	2.0	52	28	7.8	-1.2
BLLD	JPMorgan Sustainable Infrastructure ETF	2.0	49	31	6.2	-2.9
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	2.0	47	33	5.9	-3.2
SAGP	Strategas Global Policy Opportunities ETF	2.0	65	15	5.5	-3.6
RWX	SPDR Dow Jones International Real Estate ETF	2.0	59	21	7.1	-1.9
VCLN	Virtus Duff & Phelps Clean Energy ETF	1.9	59	21	4.3	-4.8
GDXJ	VanEck Junior Gold Miners ETF	1.9	52	28	3.7	-5.4
IFGL	iShares International Developed Real Estate ETF	1.9	48	32	7.2	-1.9
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	1.9	33	47	10.0	+1.0
IXP	iShares Global Comm Services ETF	1.9	42	38	5.7	-3.4
CARZ	First Trust NASDAQ Global Auto Index Fund	1.9	70	10	4.6	-4.5
SILJ	ETFMG Prime Junior Silver Miners ETF	1.8	69	11	1.8	-7.3
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	1.8	42	38	7.3	-1.8
EDEN	iShares MSCI Denmark ETF	1.8	53	27	7.1	-2.0
EWN	iShares MSCI Netherlands ETF	1.8	50	30	5.3	-3.7
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	1.7	10	70	8.3	-0.8
EDOG	ALPS Emerging Sector Dividend Dogs ETF	1.7	60	20	11.0	+1.9
SIL	Global X Silver Miners ETF	1.7	65	15	2.5	-6.6
SLVP	iShares MSCI Global Silver Miners ETF	1.7	39	41	5.4	-3.7
AGMI	Themes Silver Miners ETF	1.7	35	45	4.3	-4.7
PEX	ProShares Global Listed Private Equity ETF	1.7	81	-1	12.0	+2.9
PSP	Invesco Global Listed Private Equity ETF	1.7	106	-26	6.3	-2.8
XT	iShares Exponential Technologies ETF	1.6	46	34	4.8	-4.3
FDRR	Fidelity Dividend ETF for Rising Rates	1.6	15	65	7.1	-2.0
ERTH	Invesco MSCI Sustainable Future ETF	1.6	62	18	3.7	-5.4
VNQI	Vanguard Global ex-U.S. Real Estate ETF	1.6	12	68	8.2	-0.8
COPX	Global X Copper Miners ETF	1.6	65	15	6.1	-3.0
GMET	VanEck Green Metals ETF	1.6	63	17	7.6	-1.5
COPA	Themes Copper Miners ETF	1.6	35	45	4.9	-4.2
FSZ	First Trust Switzerland AlphaDEX Fund	1.6	80	0	5.5	-3.6
VGSR	Vert Global Sustainable Real Estate ETF	1.6	47	33	7.7	-1.4
KNCT	Invesco Next Gen Connectivity ETF	1.5	40	40	4.7	-4.4
JGLO	JPMorgan Global Select Equity ETF	1.5	33	47	5.1	-4.0
IDRV	iShares Self-driving EV & Tech ETF	1.5	47	33	1.9	-7.2
DMAT	Global X Disruptive Materials ETF	1.5	59	21	6.6	-2.4
UMMA	Wahed Dow Jones Islamic World ETF	1.5	65	15	5.3	-3.8
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	1.5	44	36	10.8	+1.8
CRTC	Xtrackers US National Critical Technologies ETF	1.5	35	45	4.8	-4.3
EYLD	Cambria Emerging Shareholder Yield ETF	1.4	66	14	13.0	+3.9
EWL	iShares MSCI Switzerland ETF	1.4	50	30	6.3	-2.8
FDFF	Fidelity Disruptive Finance ETF	1.4	50	30	4.6	-4.5
SDG	iShares MSCI Global Sustainable Development Goals ETF	1.4	49	31	5.9	-3.2
ACWV	iShares MSCI Global Min Vol Factor ETF	1.4	20	60	6.3	-2.8
SHPP	Pacer Industrials and Logistics ETF	1.3	60	20	8.9	-0.2
AVRE	Avantis Real Estate ETF	1.3	17	63	7.5	-1.6
RWO	SPDR Dow Jones Global Real Estate ETF	1.3	50	30	7.2	-1.9
FLSW	Franklin FTSE Switzerland ETF	1.3	9	71	6.3	-2.7
AGQI	First Trust Active Global Quality Income ETF	1.3	85	-5	4.9	-4.1
PBD	Invesco Global Clean Energy ETF	1.3	75	5	-0.4	-9.4
DFGR	Dimensional Global Real Estate ETF	1.3	22	58	7.7	-1.4
REET	iShares Global REIT ETF	1.3	14	66	7.7	-1.4
EV	Mast Global Battery Recycling & Production ETF	1.3	65	15	10.6	+1.5
ERET	iShares Environmentally Aware Real Estate ETF	1.2	30	50	7.5	-1.6
ROBO	ROBO Global Robotics & Automation Index ETF	1.2	95	-15	3.4	-5.7
RGEF	Rockefeller Global Equity ETF	1.2	55	25	4.8	-4.3
KARS	KraneShares Electric Vehicles & Future Mobility Index ETF	1.2	72	8	-0.9	-10.0
RITA	ETFB Green SRI REITs ETF	1.2	50	30	6.2	-2.9
VIGI	Vanguard International Dividend Appreciation ETF	1.2	10	70	6.5	-2.6
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	1.2	58	22	4.6	-4.5
IQRA	IQ CBRE Real Assets ETF	1.1	65	15	5.8	-3.3
CGV	Conductor Global Equity Value ETF	1.1	130	-50	8.5	-0.6
ICLN	iShares Global Clean Energy ETF	1.1	41	39	4.8	-4.3
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	1.1	45	35	10.3	+1.3
LST	Leuthold Select Industries ETF	1.1	91	-11	5.1	-4.0
IBUY	Amplify Online Retail ETF	1.1	65	15	0.9	-8.2
FRNW	Fidelity Clean Energy ETF	1.0	39	41	2.9	-6.2
ISHP	First Trust Nasdaq Retail ETF	1.0	60	20	5.7	-3.4
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	1.0	15	65	7.9	-1.2
DTRE	First Trust Alerian Disruptive Technology Real Estate ETF	1.0	60	20	6.2	-2.9
INDS	Pacer Industrial Real Estate ETF	1.0	55	25	6.9	-2.1
SUPL	ProShares Supply Chain Logistics ETF	0.9	58	22	12.5	+3.4
GII	SPDR S&P Global Infrastructure ETF	0.9	40	40	4.7	-4.4
IGF	iShares Global Infrastructure ETF	0.9	41	39	4.7	-4.4
MOTI	VanEck Morningstar International Moat ETF	0.9	58	22	12.0	+2.9
NUKZ	Range Nuclear Renaissance Index ETF	0.9	85	-5	1.8	-7.3
STXE	Strive Emerging Markets Ex-China ETF	0.8	32	48	7.7	-1.4
BOAT	SonicShares Global Shipping ETF	0.8	69	11	29.9	+20.9
SNSR	Global X Internet of Things ETF	0.8	68	12	4.7	-4.4
ARVR	First Trust Indxx Metaverse ETF	0.8	70	10	4.0	-5.1
FDRV	Fidelity Electric Vehicles and Future Transportation ETF	0.8	39	41	-0.9	-10.0
NETZ	TCW Transform Systems ETF	0.8	75	5	2.3	-6.8
ETEC	iShares Breakthrough Environmental Solutions ETF	0.8	47	33	3.3	-5.7
CRIT	Optica Rare Earths & Critical Materials ETF Optica Rare Eart	0.8	85	-5	8.8	-0.3
ION	ProShares S&P Global Core Battery Metals ETF	0.8	58	22	8.7	-0.4
LDEM	iShares ESG MSCI EM Leaders ETF	0.8	17	63	14.1	+5.0
CRAK	VanEck Oil Refiners ETF	0.8	61	19	13.8	+4.8
TMFG	Motley Fool Global Opportunities ETF	0.7	85	-5	4.1	-5.0
EMXF	iShares ESG Advanced MSCI EM ETF	0.7	16	64	8.6	-0.5
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	0.7	75	5	9.1	+0.0
OSEA	Harbor International Compounders ETF	0.7	55	25	4.9	-4.2
STCE	Schwab Crypto Thematic ETF	0.7	30	50	0.6	-8.5
GLBL	Pacer MSCI World Industry Advantage ETF	0.7	65	15	4.2	-4.9
EFNL	iShares MSCI Finland ETF	0.7	56	24	7.0	-2.0
UFO	Procure Space ETF	0.6	75	5	0.1	-9.0
EIRL	iShares MSCI Ireland ETF	0.6	50	30	8.8	-0.3
ARKX	ARK Space Exploration & Innovation ETF	0.6	75	5	-0.4	-9.5
CIBR	First Trust NASDAQ Cybersecurity ETF	0.6	60	20	4.1	-5.0
WAR	U.S. Global Tech and Aerospace & Defense ETF	0.6	60	20	3.6	-5.5
EMXC	iShares MSCI Emerging Markets ex China ETF	0.6	25	55	7.6	-1.5
FTHF	First Trust Emerging Markets Human Flourishing ETF	0.6	75	5	8.1	-1.0
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.6	70	10	7.6	-1.5
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	0.6	66	14	9.4	+0.3
APIE	ActivePassive International Equity ETF	0.6	45	35	7.5	-1.6
IPOS	Renaissance International IPO ETF	0.6	80	0	2.3	-6.8
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.5	30	50	9.3	+0.2
BKCI	BNY Mellon Concentrated International ETF	0.5	80	0	5.3	-3.8
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.5	36	44	9.7	+0.7
FDVV	Fidelity High Dividend ETF	0.5	15	65	7.7	-1.4
EDIV	SPDR S&P Emerging Markets Dividend ETF	0.5	49	31	12.3	+3.2
BKEM	BNY Mellon Emerging Markets Equity ETF	0.5	11	69	10.1	+1.0
WTAI	WisdomTree Artificial Intelligence and Innovation Fund	0.5	45	35	2.5	-6.6
TINT	ProShares Smart Materials ETF	0.5	58	22	7.5	-1.6
PRNT	3D Printing ETF	0.5	66	14	1.3	-7.8
XCNY	SPDR S&P Emerging Markets ex-China ETF	0.5	15	65	7.8	-1.3
BLDG	Cambria Global Real Estate ETF	0.5	60	20	12.2	+3.1
GQRE	FlexShares Global Quality Real Estate Index Fund	0.5	45	35	8.1	-1.0
EMGF	iShares Emerging Markets Equity Factor ETF	0.5	25	55	11.7	+2.6
AVEM	Avantis Emerging Markets Equity ETF	0.5	33	47	8.7	-0.4
TOKE	Cambria Cannabis ETF	0.5	42	38	1.1	-8.0
AGNG	Global X Aging Population ETF	0.5	50	30	4.9	-4.2
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	0.5	70	10	13.5	+4.4
QQJG	Invesco ESG NASDAQ Next Gen 100 ETF	0.5	20	60	4.7	-4.4
QQQJ	Invesco NASDAQ Next Gen 100 ETF	0.5	15	65	4.8	-4.3
CGGR	Capital Group Growth ETF	0.5	39	41	3.2	-5.9
GINX	SGI Enhanced Global Income ETF	0.5	98	-18	7.2	-1.9
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	0.5	25	55	6.7	-2.4
EELV	Invesco S&P Emerging Markets Low Volatility ETF	0.4	29	51	9.4	+0.3
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.4	50	30	11.3	+2.2
XCEM	Columbia EM Core ex-China ETF	0.4	16	64	8.2	-0.9
DFEV	Dimensional Emerging Markets Value ETF	0.4	43	37	13.5	+4.4
DFNL	Davis Select Financial ETF	0.4	63	17	7.8	-1.2
DINT	Davis Select International ETF	0.4	55	25	8.0	-1.0
AVXC	Avantis Emerging Markets Ex-China Equity ETF	0.4	33	47	8.7	-0.4
BCDF	Horizon Kinetics Blockchain Development ETF	0.4	85	-5	4.1	-5.0
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.4	59	21	9.0	-0.1
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	0.4	46	34	5.7	-3.4
SCHE	Schwab Emerging Markets Equity ETF	0.4	11	69	11.0	+1.9
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	0.4	95	-15	12.0	+2.9
EEM	iShares MSCI Emerging Markets ETF	0.4	69	11	10.2	+1.2
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	0.4	15	65	10.3	+1.2
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	0.4	30	50	10.3	+1.3
HAP	VanEck Natural Resources ETF	0.4	50	30	9.3	+0.2
AVES	Avantis Emerging Markets Value ETF	0.4	36	44	11.3	+2.2
VWO	Vanguard FTSE Emerging Markets ETF	0.4	7	73	10.3	+1.2
ZSB	USCF Sustainable Battery Metals Strategy Fund	0.4	61	19	6.9	-2.2
SPEM	SPDR Portfolio Emerging Markets ETF	0.4	7	73	10.6	+1.5
SMOG	VanEck Low Carbon Energy ETF	0.4	61	19	1.7	-7.4
QTUM	Defiance Quantum ETF	0.3	40	40	5.1	-4.0
DEXC	Dimensional Emerging Markets ex China Core EquityETF	0.3	53	27	7.9	-1.2
IXJ	iShares Global Healthcare ETF	0.3	42	38	7.1	-2.0
IEMG	iShares Core MSCI Emerging Markets ETF	0.3	9	71	10.5	+1.4
DFAE	Dimensional Emerging Core Equity Market ETF	0.3	35	45	9.4	+0.3
NLR	VanEck Uranium+Nuclear Energy ETF	0.3	61	19	1.4	-7.7
FINX	Global X FinTech ETF	0.3	68	12	2.2	-6.9
IPAY	ETFMG Prime Mobile Payments ETFMG Prime Mobile Payments Fund	0.3	75	5	4.9	-4.2
FDIG	Fidelity Crypto Industry and Digital Payments ETF	0.3	39	41	-1.2	-10.3
BPAY	BlackRock Future Financial and Technology ETF	0.3	70	10	8.0	-1.1
AVSE	Avantis Responsible Emerging Markets Equity ETF	0.3	33	47	8.5	-0.6
EEMO	Invesco S&P Emerging Markets Momentum ETF	0.3	29	51	6.8	-2.3
DIVS	SmartETFs Dividend Builder ETF	0.3	65	15	5.1	-4.0
INFL	Horizon Kinetics Inflation Beneficiaries ETF	0.3	85	-5	4.0	-5.1
ESGE	iShares ESG Aware MSCI EM ETF	0.2	25	55	10.1	+1.0
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.2	38	42	9.3	+0.2
AFK	VanEck Africa Index ETF	0.2	98	-18	11.5	+2.4
DLS	WisdomTree International SmallCap Dividend Fund	0.2	58	22	8.3	-0.8
ANEW	ProShares MSCI Transformational Changes ETF	0.2	45	35	6.3	-2.8
BMED	Future Health ETF	0.2	85	-5	0.4	-8.7
IDNA	iShares Genomics Immunology and Healthcare ETF	0.2	47	33	-2.0	-11.1
ECON	Columbia Emerging Markets Consumer ETF	0.2	49	31	12.2	+3.1
EVLU	iShares MSCI Emerging Markets Value Factor ETF	0.2	35	45	18.1	+9.0
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics ETF	0.2	65	15	2.0	-7.1
BULD	Pacer BlueStar Engineering the Future ETF	0.2	60	20	0.4	-8.7
IBOT	Vaneck Robotics ETF	0.2	47	33	4.3	-4.8
FDNI	First Trust Dow Jones International Internet ETF	0.2	65	15	21.1	+12.0
IBLC	iShares Blockchain and Tech ETF	0.2	47	33	-2.4	-11.5
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	0.2	39	41	16.5	+7.4
URAN	Themes Uranium & Nuclear ETF	0.2	35	45	1.2	-7.9
IBAT	iShares Energy Storage & Materials ETF	0.2	47	33	3.5	-5.6
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.2	41	39	8.8	-0.3
NUEM	Nuveen ESG Emerging Markets Equity ETF	0.2	36	44	7.9	-1.2
SDIV	Global X Superdividend ETF	0.2	58	22	43.3	+34.2
CGW	Invesco S&P Global Water Index ETF	0.1	57	23	4.8	-4.3
PIO	Invesco Global Water ETF	0.1	75	5	4.3	-4.8
PRAY	FIS Christian Stock Fund	0.1	69	11	5.4	-3.7
RNRG	Global X Renewable Energy Producers ETF	0.1	66	14	1.3	-7.8
RVRB	Reverb ETF	0.1	30	50	4.6	-4.5
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	0.1	24	56	8.0	-1.1
DEHP	Dimensional Emerging Markets High Profitability ETF	0.1	41	39	6.7	-2.4
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	59	3.7	-5.4
DEM	WisdomTree Emerging Markets High Dividend Fund	0.0	63	17	14.1	+5.0
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.0	32	48	9.2	+0.1
ABLG	Abacus FCF International Leaders ETF	0.0	59	21	7.0	-2.1

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:	First Trust Europe 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	11.9	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	80	bp
Equals: ALTAR Score	9.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.65	CATEGORY AVERAGE	1.63

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.