ETF Research Center

First Trust Eurozone AlphaDEX ETF

ALTAR
Score™

9.0%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	11.4x	P/Sales ratio	0.8x
P/BV ratio	1.4x	Div. yield	3.3%

Description
Performance
Comps
Fundamentals
Valuation
Rating

First Trust Eurozone AlphaDex Fund is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond generally to the price and yield of an index called the NASDAQ AlphaDEX? Eurozone Index.

FUND BASICS
Category	International Equities
Fund Sponsor	First Trust Advisors LP
Website	www.ftportfolios.com
Inception date	Oct 21, 2014
Assets (mns)	$79
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	152
Wgt avg mkt cap (mns)	$27,840
Large cap (>$10bn)	63.5%
Mid cap ($2-10bn)	36.4%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	14.0 %
ALPHA BANK AE	1.6 %
COMMERZBANK AG	1.5 %
HOCHTIEF AG	1.5 %
DEUTSCHE BANK AG-REGISTERED	1.4 %
RHEINMETALL AG	1.4 %
BANCO SANTANDER SA	1.4 %
BANCO DE SABADELL SA	1.3 %
AUTO1 GROUP SE	1.3 %
BANKINTER SA	1.3 %
INDRA SISTEMAS SA	1.3 %

TOP COUNTRY EXPOSURE
	GERMANY	28.6 %
	FRANCE	16.2 %
	ITALY	15.4 %
	SPAIN	11.9 %
	GREECE	4.9 %
	AUSTRIA	4.8 %
	BELGIUM	4.4 %
	NETHERLANDS	3.5 %
	FINLAND	1.9 %
	PORTUGAL	1.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru August 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
41.8%	31.6%	11.4%	8.4%	7.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.83	46%
MSCI EAFE	0.89	61%
MSCI Emg. Mkts.	0.69	39%

Technical Indicators
Recent close	$58.65
30d moving avg.	$57.76
Annualized volatility	18.5%
Short interest (ETF)	1.7%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	6
Turnover	0.4%
Bid/Ask (% of price)	0.71%
ADV underlying (mns)	$5,366

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 403 potential alternatives to the First Trust Eurozone AlphaDEX ETF ETF based on the alternatives' overlap in portfolio holdings with FEUZ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FEUZ

Expense:

80 bp

ALTAR Score™:

9.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FEUZ
Ticker	Fund Name	Overlap¹ vs FEUZ (%)	Expense ratio (bp)	Savings vs FEUZ (bp)	ALTAR Score™ (%)	ALTAR vs FEUZ (%)
FEP	First Trust Europe AlphaDEX Fund	64.1	80	0	8.9	-0.0
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	32.4	45	35	7.0	-2.0
EZU	iShares MSCI Eurozone ETF	30.1	52	28	6.7	-2.3
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	29.2	80	0	9.3	+0.3
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	27.0	25	55	7.3	-1.7
FGM	First Trust Germany AlphaDEX Fund	26.2	80	0	6.2	-2.7
UIVM	VictoryShares International Value Momentum ETF	26.0	35	45	8.8	-0.1
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	24.2	58	22	8.7	-0.3
DIM	WisdomTree International MidCap Dividend Fund	21.4	58	22	7.4	-1.6
IVLU	iShares MSCI Intl Value Factor ETF	21.1	30	50	10.2	+1.3
IMTM	iShares MSCI Intl Momentum Factor ETF	21.1	30	50	5.4	-3.6
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	21.0	46	34	6.7	-2.2
IEUR	iShares Core MSCI Europe ETF	20.3	11	69	7.4	-1.6
IEV	iShares Europe ETF	20.3	67	13	6.9	-2.1
VGK	Vanguard FTSE Europe ETF	20.3	6	74	7.5	-1.5
BBEU	JPMorgan BetaBuilders Europe ETF	20.1	9	71	7.2	-1.8
SPEU	SPDR Portfolio Europe ETF	20.1	7	73	7.4	-1.6
EUFN	iShares MSCI Europe Financials ETF	20.0	51	29	7.8	-1.2
FLEE	Franklin FTSE Europe ETF	19.8	9	71	7.2	-1.7
TPIF	Timothy Plan International ETF	19.4	62	18	6.2	-2.8
GSIE	Goldman Sachs ActiveBeta International Equity ETF	19.4	25	55	7.0	-2.0
CIL	VictoryShares International Volatility Wtd ETF	19.4	45	35	6.6	-2.4
EFV	iShares MSCI EAFE Value ETF	19.0	34	46	9.0	+0.0
IMOM	Alpha Architect International Quantitative Momentum ETF	18.7	49	31	3.2	-5.8
DFIV	Dimensional International Value ETF	17.9	27	53	9.5	+0.5
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	17.8	45	35	8.7	-0.3
JHMD	John Hancock Multifactor Developed International ETF	17.8	39	41	7.5	-1.5
DTH	WisdomTree International High Dividend Fund	17.7	58	22	8.3	-0.7
DWMF	WisdomTree International Multifactor Fund	17.7	38	42	7.0	-1.9
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	17.6	40	40	7.4	-1.6
EWG	iShares MSCI Germany ETF	17.2	50	30	6.4	-2.6
DWM	WisdomTree International Equity Fund	17.2	48	32	7.3	-1.7
INTF	iShares International Equity Factor ETF	17.1	15	65	7.5	-1.5
QINT	American Century Quality Diversified International ETF	16.6	39	41	7.2	-1.7
DOL	WisdomTree International LargeCap Dividend Fund	16.6	48	32	7.1	-1.9
FIVA	Fidelity International Value Factor ETF	16.3	18	62	9.7	+0.7
FNDF	Schwab Fundamental International Large Co. Index ETF	16.1	25	55	9.4	+0.5
DIVI	Franklin International Core Dividend Tilt Index ETF	16.0	9	71	7.9	-1.1
HFXI	IQ FTSE International Equity Currency Neutral ETF	15.8	20	60	7.0	-2.0
IDV	iShares International Select Dividend ETF	15.8	51	29	10.7	+1.7
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	15.7	36	44	6.5	-2.4
FLGR	Franklin FTSE Germany ETF	15.5	9	71	7.2	-1.8
LVHI	Franklin International Low Volatility High Dividend Index ET	15.3	40	40	10.4	+1.5
DAX	Global X DAX Germany ETF	15.2	21	59	6.8	-2.2
EFA	iShares MSCI EAFE ETF	15.0	35	45	6.6	-2.3
ESGD	iShares ESG Aware MSCI EAFE ETF	14.9	20	60	6.7	-2.3
AVIV	Avantis International Large Cap Value ETF	14.7	25	55	8.5	-0.5
GSID	Goldman Sachs MarketBeta International Equity ETF	14.7	20	60	6.8	-2.2
DFIC	Dimensional International Core Equity 2 ETF	14.6	23	57	7.3	-1.7
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	14.4	20	60	6.3	-2.7
VYMI	Vanguard International High Dividend Yield ETF	14.2	17	63	9.4	+0.5
AVDE	Avantis International Equity ETF	13.9	23	57	7.3	-1.7
JHID	John Hancock International High Dividend ETF	13.9	46	34	9.4	+0.4
FENI	Fidelity Enhanced International ETF	13.8	28	52	6.5	-2.5
FEZ	SPDR EURO STOXX 50 ETF	13.8	29	51	7.1	-1.9
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	13.8	80	0	4.9	-4.1
IEFA	iShares Core MSCI EAFE ETF	13.7	7	73	6.9	-2.0
AVSD	Avantis Responsible International Equity ETF	13.6	23	57	5.6	-3.4
STXI	Strive International Developed Markets ETF	13.5	29	51	6.6	-2.4
BKIE	BNY Mellon International Equity ETF	13.5	4	76	7.0	-2.0
DXIV	Dimensional International Vector Equity ETF	13.5	34	46	7.7	-1.3
VWID	Virtus WMC International Dividend ETF	13.2	49	31	8.3	-0.6
QEFA	SPDR MSCI EAFE StrategicFactors ETF	13.2	30	50	6.9	-2.0
DFSI	Dimensional International Sustainability Core 1 ETF	13.1	24	56	6.3	-2.7
WWJD	Inspire International ETF	13.0	80	0	7.2	-1.7
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	12.9	39	41	7.8	-1.2
EFAS	Global X MSCI SuperDividend EAFE ETF	12.8	57	23	8.1	-0.8
FGD	First Trust Dow Jones Global Select Dividend Index Fund	12.8	56	24	10.5	+1.6
HEDJ	WisdomTree Europe Hedged Equity Fund	12.7	58	22	6.7	-2.3
DFAI	Dimensional International Core Equity Market ETF	12.6	18	62	7.0	-1.9
RFEU	First Trust Riverfront Dynamic Europe ETF	12.6	83	-3	10.6	+1.6
RFDI	First Trust Riverfront Dynamic Developed International ETF	12.5	83	-3	9.2	+0.3
SCHF	Schwab International Equity ETF	12.5	6	74	7.2	-1.8
IDEV	iShares Core MSCI International Developed Markets ETF	12.4	4	76	6.9	-2.1
JIRE	JPMorgan International Research Enhanced Equity ETF	12.2	24	56	7.1	-1.9
EWQ	iShares MSCI France ETF	12.2	53	27	7.2	-1.8
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	11.9	20	60	6.4	-2.6
FYLD	Cambria Foreign Shareholder Yield ETF	11.9	59	21	11.3	+2.4
SPDW	SPDR Portfolio Developed World ex-US ETF	11.8	3	77	6.9	-2.1
VEA	Vanguard FTSE Developed Markets ETF	11.8	3	77	7.1	-1.9
IDMO	Invesco S&P International Developed Momentum ETF	11.7	25	55	5.3	-3.7
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	11.3	39	41	6.6	-2.4
CEFA	Global X S&P Catholic Values Developed ex-US ETF	11.0	35	45	6.6	-2.4
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	11.0	65	15	11.9	+2.9
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	11.0	80	0	5.8	-3.1
DTAN	Sparkline International Intangible Value ETF	10.8	55	25	8.5	-0.4
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	10.7	41	39	7.4	-1.6
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	10.5	29	51	7.7	-1.3
JPIN	J.P. Morgan Diversified Return International Equity ETF	10.4	37	43	8.2	-0.8
FPXE	First Trust IPOX Europe Equity Opportunities ETF	10.2	70	10	4.8	-4.2
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	10.0	18	62	7.8	-1.2
IXG	iShares Global Financials ETF	10.0	42	38	6.5	-2.4
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	10.0	30	50	7.7	-1.3
ACWX	iShares MSCI ACWI ex U.S. ETF	9.9	34	46	7.6	-1.4
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	9.8	12	68	5.9	-3.0
EWI	iShares MSCI Italy ETF	9.7	50	30	10.3	+1.4
IQSI	IQ Candriam International Equity ETF	9.7	15	65	6.6	-2.4
CWI	SPDR MSCI ACWI ex-US ETF	9.6	30	50	7.5	-1.5
VEU	Vanguard FTSE All-World ex-US Index Fund	9.6	4	76	7.9	-1.0
DEW	WisdomTree Global High Dividend Fund	9.5	58	22	8.3	-0.6
COPY	Tweedy, Browne Insider + Value ETF	9.5	80	0	11.7	+2.8
IDOG	ALPS International Sector Dividend Dogs ETF	9.5	50	30	12.0	+3.0
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	9.5	14	66	6.1	-2.9
DIHP	Dimensional International High Profitability ETF	9.4	29	51	7.1	-1.9
DGT	SPDR Global Dow ETF	9.1	50	30	6.9	-2.1
NUDM	Nuveen ESG International Developed Markets Equity ETF	9.1	31	49	6.2	-2.8
EWP	iShares MSCI Spain ETF	9.0	50	30	7.0	-2.0
VXUS	Vanguard Total International Stock ETF	8.9	5	75	7.7	-1.2
IXUS	iShares Core MSCI Total International Stock ETF	8.9	7	73	7.7	-1.2
IEUS	iShares MSCI Europe Small-Cap ETF	8.9	42	38	7.2	-1.8
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	8.8	24	56	7.3	-1.7
FIDI	Fidelity International High Dividend ETF	8.6	18	62	8.5	-0.4
FDD	First Trust Stoxx European Select Dividend Index Fund	8.6	58	22	11.2	+2.2
BLES	Inspire Global Hope ETF	8.4	61	19	6.7	-2.2
FDEV	Fidelity International Multifactor ETF	8.3	18	62	7.4	-1.6
VSGX	Vanguard ESG International Stock ETF	8.2	10	70	7.5	-1.5
EFAV	iShares MSCI EAFE Min Vol Factor ETF	8.2	22	58	5.7	-3.3
DFIS	Dimensional International Small Cap ETF	8.1	39	41	7.2	-1.8
DISV	Dimensional International Small Cap Value ETF	8.1	42	38	8.8	-0.1
BINV	Brandes International ETF	8.0	70	10	9.2	+0.3
DMXF	iShares ESG Advanced MSCI EAFE ETF	7.9	12	68	5.5	-3.5
IDLV	Invesco S&P International Developed Low Volatility ETF	7.7	25	55	6.2	-2.7
VIDI	Vident International Equity Strategy ETF	7.6	61	19	10.6	+1.7
RCGE	RockCreek Global Equality ETF	7.4	95	-15	6.6	-2.3
RODE	Hartford Multifactor Diversified International ETF	7.3	29	51	11.4	+2.4
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	7.3	9	71	9.1	+0.1
LEGR	First Trust Indxx Innovative Transaction & Process ETF	7.1	65	15	7.9	-1.1
ISCF	iShares International SmallCap Equity Factor ETF	7.0	23	57	8.0	-0.9
EFG	iShares MSCI EAFE Growth ETF	6.6	36	44	4.3	-4.7
AIVI	WisdomTree International AI Enhanced Value Fund	6.6	58	22	7.0	-1.9
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	6.4	25	55	5.9	-3.1
IQLT	iShares MSCI Intl Quality Factor ETF	6.4	30	50	6.2	-2.8
INEQ	Columbia International Equity Income ETF	6.4	45	35	8.0	-1.0
PPIE	Putnam PanAgora ESG International Equity ETF	6.2	49	31	7.3	-1.6
ESGG	FlexShares STOXX Global ESG Select Index Fund	6.2	42	38	5.3	-3.6
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	6.0	47	33	8.2	-0.8
IQDF	FlexShares International Quality Dividend Index Fund	5.8	47	33	8.8	-0.2
EUDG	WisdomTree Europe Quality Dividend Growth Fund	5.6	58	22	6.9	-2.0
AZTD	Aztlan Global Stock Selection DM SMID ETF	5.6	75	5	7.4	-1.6
WRND	IQ Global Equity R&D Leaders ETF	5.5	18	62	8.0	-1.0
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	5.4	32	48	6.0	-3.0
OAIM	OneAscent International Equity ETF	5.3	95	-15	5.6	-3.4
IPKW	Invesco International BuyBack Achievers ETF	5.0	55	25	12.3	+3.4
GCOW	Pacer Global Cash Cows Dividend ETF	5.0	60	20	11.0	+2.0
DSTX	Distillate International Fundamental Stability & Value ETF	4.9	55	25	7.7	-1.3
GLOF	iShares Global Equity Factor ETF	4.9	20	60	6.3	-2.6
FID	First Trust S&P International Dividend Aristocrats ETF	4.8	60	20	7.8	-1.2
EWO	iShares MSCI Austria ETF	4.8	50	30	10.8	+1.8
QWLD	SPDR MSCI World StrategicFactors ETF	4.8	30	50	5.9	-3.1
CGIE	Capital Group International Equity ETF	4.7	54	26	5.0	-3.9
SCHY	Schwab International Dividend Equity ETF	4.7	14	66	9.6	+0.6
KOKU	Xtrackers MSCI Kokusai Equity ETF	4.7	9	71	5.1	-3.8
WDIV	SPDR S&P Global Dividend ETF	4.6	40	40	9.1	+0.2
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	4.6	60	20	3.7	-5.3
CLNR	IQ Cleaner Transport ETF	4.6	45	35	6.6	-2.3
IMFL	Invesco International Developed Dynamic Multifactor ETF	4.6	34	46	6.0	-2.9
SHLD	Global X Defense Tech ETF	4.6	50	30	3.1	-5.9
IPAV	Global X Infrastructure Development ex-U.S. ETF	4.4	55	25	7.6	-1.4
EWK	iShares MSCI Belgium ETF	4.3	50	30	4.5	-4.5
RAYD	Rayliant Quantitative Developed Market Equity ETF	4.3	80	0	4.4	-4.6
CGGO	Capital Group Global Growth Equity ETF	4.3	47	33	4.6	-4.4
TOK	iShares MSCI Kokusai ETF	4.2	26	54	5.0	-4.0
SCZ	iShares MSCI EAFE Small-Cap ETF	4.1	40	40	6.8	-2.2
EXI	iShares Global Industrials ETF	4.0	42	38	4.5	-4.5
URTH	iShares MSCI World ETF	4.0	24	56	5.0	-4.0
NATO	Themes Transatlantic Defense ETF	4.0	35	45	2.4	-6.6
FNDC	Schwab Fundamental International Small Co. Index ETF	3.9	39	41	5.6	-3.3
JXI	iShares Global Utilities ETF	3.7	43	37	5.9	-3.1
KLMT	Invesco MSCI Global Climate 500 ETF	3.7	10	70	5.6	-3.3
WBAT	WisdomTree Battery Value Chain and Innovation Fund	3.7	45	35	4.0	-5.0
WLDR	Affinity World Leaders Equity ETF	3.7	67	13	7.4	-1.6
GVAL	Cambria Global Value ETF	3.7	68	12	10.3	+1.3
ACWI	iShares MSCI ACWI ETF	3.6	32	48	5.5	-3.5
MOTO	SmartETFs Smart Transportation & Technology ETF	3.6	68	12	7.2	-1.8
SCHC	Schwab International Small-Cap Equity ETF	3.5	11	69	6.5	-2.5
AVDV	Avantis International Small Cap Value ETF	3.5	36	44	9.2	+0.3
FPXI	First Trust International Equity Opportunities ETF	3.5	70	10	4.2	-4.8
IOO	iShares Global 100 ETF	3.5	41	39	4.7	-4.3
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	3.4	9	71	5.6	-3.4
DWX	SPDR S&P International Dividend ETF	3.4	45	35	6.0	-2.9
CRBN	iShares MSCI ACWI Low Carbon Target ETF	3.4	20	60	5.6	-3.4
GSIB	Themes Global Systemically Important Banks ETF	3.3	35	45	9.0	+0.0
JSTC	Adasina Social Justice All Cap Global ETF	3.3	89	-9	4.8	-4.1
IXC	iShares Global Energy ETF	3.3	44	36	10.0	+1.1
RNWZ	TrueShares Eagle Global Renewable Energy Income ETF	3.3	75	5	7.8	-1.2
VT	Vanguard Total World Stock ETF	3.3	6	74	5.8	-3.2
GREK	Global X MSCI Greece ETF	3.3	57	23	10.8	+1.8
FAN	First Trust Global Wind Energy ETF	3.3	60	20	4.6	-4.4
OCEN	IQ Clean Oceans ETF	3.3	45	35	6.0	-2.9
IDHQ	Invesco S&P International Developed High Quality ETF	3.2	29	51	6.6	-2.4
IQDG	WisdomTree International Quality Dividend Growth Fund	3.2	42	38	7.2	-1.8
EWN	iShares MSCI Netherlands ETF	3.1	50	30	5.4	-3.6
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	3.1	58	22	7.1	-1.9
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	3.1	49	31	6.7	-2.3
FILL	iShares MSCI Global Energy Producers ETF	3.0	39	41	11.5	+2.6
IVAL	Alpha Architect International Quantitative Value ETF	3.0	49	31	9.6	+0.6
JIG	JPMorgan International Growth ETF	2.9	55	25	4.7	-4.3
PATN	Pacer Nasdaq International Patent Leaders ETF	2.9	65	15	6.0	-3.0
GNR	SPDR S&P Global Natural Resources ETF	2.9	40	40	10.8	+1.9
KOCG	FIS Knights of Columbus Global Belief ETF	2.8	75	5	5.2	-3.7
IDRV	iShares Self-driving EV & Tech ETF	2.8	47	33	1.8	-7.2
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	2.7	47	33	5.8	-3.2
DRIV	Global X Autonomous & Electric Vehicles ETF	2.7	68	12	4.9	-4.1
NXTG	First Trust Indxx NextG ETF	2.6	70	10	5.2	-3.8
RXI	iShares Global Consumer Discretionary ETF	2.6	41	39	9.0	+0.0
TTAI	FCF International Quality ETF	2.5	59	21	7.3	-1.7
EFAD	ProShares MSCI EAFE Dividend Growers ETF	2.5	50	30	5.9	-3.1
EUDV	ProShares MSCI Europe Dividend Growers ETF	2.5	55	25	6.2	-2.7
MOTG	VanEck Morningstar Global Wide Moat ETF	2.5	52	28	7.5	-1.4
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	2.5	8	72	6.0	-3.0
OEUR	ALPS O'Shares Europe Quality Dividend ETF	2.4	48	32	6.0	-2.9
GINN	Goldman Sachs Innovate Equity ETF	2.4	52	28	3.6	-5.4
IQRA	IQ CBRE Real Assets ETF	2.4	65	15	5.7	-3.3
FICS	First Trust International Developed Capital Strength ETF	2.4	70	10	7.4	-1.6
PBD	Invesco Global Clean Energy ETF	2.3	75	5	-0.3	-9.3
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	2.3	46	34	9.7	+0.7
JGLO	JPMorgan Global Select Equity ETF	2.3	33	47	5.0	-4.0
AVDS	Avantis International Small Cap Equity ETF	2.3	30	50	7.2	-1.8
CGDG	Capital Group Dividend Growers ETF	2.2	47	33	6.2	-2.8
CCNR	ALPS CoreCommodity Natural Resources ETF	2.2	39	41	10.6	+1.6
BLLD	JPMorgan Sustainable Infrastructure ETF	2.2	49	31	6.1	-2.8
XT	iShares Exponential Technologies ETF	2.1	46	34	4.8	-4.1
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	2.1	33	47	9.7	+0.7
PICK	iShares MSCI Global Metals & Mining Producers ETF	2.1	39	41	12.2	+3.2
EYLD	Cambria Emerging Shareholder Yield ETF	2.1	66	14	12.1	+3.1
FRNW	Fidelity Clean Energy ETF	2.1	39	41	3.2	-5.8
KNO	AXS Knowledge Leaders ETF	2.1	78	2	6.0	-3.0
FDRR	Fidelity Dividend ETF for Rising Rates	2.1	15	65	6.9	-2.0
IGF	iShares Global Infrastructure ETF	2.1	41	39	4.7	-4.3
GII	SPDR S&P Global Infrastructure ETF	2.1	40	40	4.7	-4.3
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	2.0	65	15	4.2	-4.8
VCLN	Virtus Duff & Phelps Clean Energy ETF	2.0	59	21	4.7	-4.3
CARZ	First Trust NASDAQ Global Auto Index Fund	1.9	70	10	4.7	-4.3
ROBO	ROBO Global Robotics & Automation Index ETF	1.9	95	-15	3.4	-5.6
ACWV	iShares MSCI Global Min Vol Factor ETF	1.9	20	60	6.2	-2.8
MXI	iShares Global Materials ETF	1.8	41	39	7.5	-1.5
AIRL	Themes Airlines ETF	1.7	35	45	1.7	-7.2
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	1.7	42	38	7.0	-2.0
IGRO	iShares International Dividend Growth ETF	1.7	15	65	7.2	-1.7
EFNL	iShares MSCI Finland ETF	1.7	56	24	6.9	-2.1
PEX	ProShares Global Listed Private Equity ETF	1.6	81	-1	10.9	+1.9
PSP	Invesco Global Listed Private Equity ETF	1.6	106	-26	5.7	-3.2
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	1.6	44	36	10.4	+1.4
TEMP	JPMorgan Climate Change Solutions ETF	1.6	49	31	5.8	-3.2
CGXU	Capital Group International Focus Equity ETF	1.5	54	26	5.4	-3.6
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	1.5	58	22	4.6	-4.4
MOTI	VanEck Morningstar International Moat ETF	1.4	58	22	11.8	+2.8
LST	Leuthold Select Industries ETF	1.4	91	-11	5.0	-4.0
CZAR	Themes Natural Monopoly ETF	1.3	35	45	5.7	-3.3
NETZ	TCW Transform Systems ETF	1.3	75	5	2.4	-6.6
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	1.3	10	70	7.9	-1.1
IFGL	iShares International Developed Real Estate ETF	1.3	48	32	6.9	-2.1
RWX	SPDR Dow Jones International Real Estate ETF	1.3	59	21	6.8	-2.2
VGSR	Vert Global Sustainable Real Estate ETF	1.3	47	33	7.3	-1.7
IBUY	Amplify Online Retail ETF	1.2	65	15	0.8	-8.2
AVRE	Avantis Real Estate ETF	1.2	17	63	7.1	-1.8
VNQI	Vanguard Global ex-U.S. Real Estate ETF	1.2	12	68	8.0	-1.0
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	1.2	12	68	5.1	-3.9
CRAK	VanEck Oil Refiners ETF	1.2	61	19	13.1	+4.1
IXP	iShares Global Comm Services ETF	1.2	42	38	5.3	-3.7
SMOG	VanEck Low Carbon Energy ETF	1.1	61	19	1.7	-7.2
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	1.1	45	35	10.0	+1.0
JETS	U.S. Global Jets ETF	1.1	60	20	2.7	-6.2
COPX	Global X Copper Miners ETF	1.1	65	15	6.9	-2.1
COPA	Themes Copper Miners ETF	1.1	35	45	5.4	-3.5
SNSR	Global X Internet of Things ETF	1.1	68	12	4.5	-4.5
ARVR	First Trust Indxx Metaverse ETF	1.1	70	10	3.9	-5.0
FTHF	First Trust Emerging Markets Human Flourishing ETF	1.1	75	5	8.0	-1.0
KNCT	Invesco Next Gen Connectivity ETF	1.0	40	40	4.7	-4.3
ETEC	iShares Breakthrough Environmental Solutions ETF	1.0	47	33	3.3	-5.7
EIRL	iShares MSCI Ireland ETF	1.0	50	30	8.6	-0.4
AGQI	First Trust Active Global Quality Income ETF	1.0	85	-5	4.8	-4.2
GMET	VanEck Green Metals ETF	1.0	63	17	8.4	-0.6
EV	Mast Global Battery Recycling & Production ETF	1.0	65	15	10.5	+1.5
RGEF	Rockefeller Global Equity ETF	1.0	55	25	4.7	-4.3
SDG	iShares MSCI Global Sustainable Development Goals ETF	1.0	49	31	5.7	-3.2
IPOS	Renaissance International IPO ETF	0.9	80	0	2.2	-6.8
KARS	KraneShares Electric Vehicles & Future Mobility Index ETF	0.9	72	8	-0.9	-9.9
TMFG	Motley Fool Global Opportunities ETF	0.9	85	-5	3.9	-5.1
QTUM	Defiance Quantum ETF	0.9	40	40	5.3	-3.7
UMMA	Wahed Dow Jones Islamic World ETF	0.9	65	15	5.3	-3.7
BKCI	BNY Mellon Concentrated International ETF	0.9	80	0	5.2	-3.8
GQRE	FlexShares Global Quality Real Estate Index Fund	0.9	45	35	7.8	-1.2
ERTH	Invesco MSCI Sustainable Future ETF	0.9	62	18	3.6	-5.4
BLDG	Cambria Global Real Estate ETF	0.9	60	20	11.5	+2.5
LDEM	iShares ESG MSCI EM Leaders ETF	0.9	17	63	13.4	+4.5
ICLN	iShares Global Clean Energy ETF	0.9	41	39	5.0	-3.9
RWO	SPDR Dow Jones Global Real Estate ETF	0.9	50	30	6.9	-2.1
EMXF	iShares ESG Advanced MSCI EM ETF	0.8	16	64	8.3	-0.7
FDRV	Fidelity Electric Vehicles and Future Transportation ETF	0.8	39	41	-0.9	-9.8
ARKX	ARK Space Exploration & Innovation ETF	0.8	75	5	-0.3	-9.3
CIBR	First Trust NASDAQ Cybersecurity ETF	0.8	60	20	4.0	-5.0
WAR	U.S. Global Tech and Aerospace & Defense ETF	0.8	60	20	3.6	-5.4
SHPP	Pacer Industrials and Logistics ETF	0.8	60	20	8.6	-0.3
ERET	iShares Environmentally Aware Real Estate ETF	0.8	30	50	7.3	-1.7
PRNT	3D Printing ETF	0.8	66	14	1.3	-7.7
REET	iShares Global REIT ETF	0.8	14	66	7.4	-1.5
BCDF	Horizon Kinetics Blockchain Development ETF	0.8	85	-5	4.1	-4.8
KXI	iShares Global Consumer Staples ETF	0.8	41	39	5.6	-3.4
GLBL	Pacer MSCI World Industry Advantage ETF	0.8	65	15	4.1	-4.9
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	0.7	46	34	5.6	-3.3
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.7	15	65	7.6	-1.3
DFGR	Dimensional Global Real Estate ETF	0.7	22	58	7.4	-1.5
VIGI	Vanguard International Dividend Appreciation ETF	0.7	10	70	6.3	-2.6
CGV	Conductor Global Equity Value ETF	0.7	130	-50	8.0	-1.0
FDVV	Fidelity High Dividend ETF	0.7	15	65	7.6	-1.4
EDIV	SPDR S&P Emerging Markets Dividend ETF	0.7	49	31	11.6	+2.7
TINT	ProShares Smart Materials ETF	0.7	58	22	7.1	-1.9
ZSB	USCF Sustainable Battery Metals Strategy Fund	0.7	61	19	7.9	-1.1
UFO	Procure Space ETF	0.6	75	5	0.2	-8.8
IBOT	Vaneck Robotics ETF	0.6	47	33	4.3	-4.7
BULD	Pacer BlueStar Engineering the Future ETF	0.6	60	20	0.4	-8.5
GINX	SGI Enhanced Global Income ETF	0.6	98	-18	7.0	-2.0
NUKZ	Range Nuclear Renaissance Index ETF	0.6	85	-5	2.0	-7.0
QQJG	Invesco ESG NASDAQ Next Gen 100 ETF	0.6	20	60	4.5	-4.5
EMXC	iShares MSCI Emerging Markets ex China ETF	0.6	25	55	7.5	-1.5
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	0.6	66	14	9.2	+0.3
APIE	ActivePassive International Equity ETF	0.6	45	35	7.4	-1.6
BPAY	BlackRock Future Financial and Technology ETF	0.6	70	10	7.6	-1.3
QQQJ	Invesco NASDAQ Next Gen 100 ETF	0.6	15	65	4.6	-4.4
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.5	30	50	9.0	-0.0
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	0.5	95	-15	11.4	+2.4
EMGF	iShares Emerging Markets Equity Factor ETF	0.5	25	55	11.3	+2.3
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.5	36	44	9.5	+0.5
BKEM	BNY Mellon Emerging Markets Equity ETF	0.5	11	69	9.6	+0.7
WTAI	WisdomTree Artificial Intelligence and Innovation Fund	0.5	45	35	2.6	-6.4
CGGR	Capital Group Growth ETF	0.5	39	41	3.1	-5.9
FPAG	FPA Global Equity ETF	0.5	49	31	5.7	-3.3
XCNY	SPDR S&P Emerging Markets ex-China ETF	0.5	15	65	7.6	-1.4
FDNI	First Trust Dow Jones International Internet ETF	0.5	65	15	19.9	+10.9
AVEM	Avantis Emerging Markets Equity ETF	0.5	33	47	8.4	-0.6
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	0.5	70	10	13.0	+4.0
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	0.5	25	55	6.5	-2.5
XCEM	Columbia EM Core ex-China ETF	0.5	16	64	8.1	-0.9
ECON	Columbia Emerging Markets Consumer ETF	0.5	49	31	11.9	+3.0
EELV	Invesco S&P Emerging Markets Low Volatility ETF	0.4	29	51	9.1	+0.2
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.4	50	30	10.6	+1.7
DFEV	Dimensional Emerging Markets Value ETF	0.4	43	37	12.9	+3.9
AVXC	Avantis Emerging Markets Ex-China Equity ETF	0.4	33	47	8.4	-0.5
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.4	59	21	8.6	-0.4
SCHE	Schwab Emerging Markets Equity ETF	0.4	11	69	10.6	+1.7
EEM	iShares MSCI Emerging Markets ETF	0.4	69	11	9.9	+1.0
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	0.4	15	65	9.9	+0.9
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	0.4	30	50	10.0	+1.1
NLR	VanEck Uranium+Nuclear Energy ETF	0.4	61	19	1.7	-7.3
DTRE	First Trust Alerian Disruptive Technology Real Estate ETF	0.4	60	20	6.1	-2.9
INDS	Pacer Industrial Real Estate ETF	0.4	55	25	6.8	-2.2
AVES	Avantis Emerging Markets Value ETF	0.4	36	44	10.8	+1.8
IXJ	iShares Global Healthcare ETF	0.4	42	38	7.3	-1.7
FDIG	Fidelity Crypto Industry and Digital Payments ETF	0.4	39	41	-1.3	-10.3
FINX	Global X FinTech ETF	0.4	68	12	2.1	-6.8
IPAY	ETFMG Prime Mobile Payments ETFMG Prime Mobile Payments Fund	0.4	75	5	4.6	-4.4
AGNG	Global X Aging Population ETF	0.4	50	30	4.9	-4.1
SAGP	Strategas Global Policy Opportunities ETF	0.4	65	15	5.4	-3.6
VWO	Vanguard FTSE Emerging Markets ETF	0.4	7	73	9.9	+0.9
RNRG	Global X Renewable Energy Producers ETF	0.4	66	14	1.4	-7.6
SPEM	SPDR Portfolio Emerging Markets ETF	0.4	7	73	10.3	+1.3
DIVS	SmartETFs Dividend Builder ETF	0.4	65	15	5.0	-3.9
OSEA	Harbor International Compounders ETF	0.4	55	25	4.9	-4.1
INFL	Horizon Kinetics Inflation Beneficiaries ETF	0.4	85	-5	3.9	-5.1
DEXC	Dimensional Emerging Markets ex China Core EquityETF	0.3	53	27	7.6	-1.3
IEMG	iShares Core MSCI Emerging Markets ETF	0.3	9	71	10.1	+1.2
ISHP	First Trust Nasdaq Retail ETF	0.3	60	20	5.3	-3.7
DFAE	Dimensional Emerging Core Equity Market ETF	0.3	35	45	9.0	+0.0
AVSE	Avantis Responsible Emerging Markets Equity ETF	0.3	33	47	8.2	-0.8
EEMO	Invesco S&P Emerging Markets Momentum ETF	0.3	29	51	6.3	-2.6
BUYZ	Franklin Disruptive Commerce ETF	0.3	50	30	2.2	-6.8
DFNL	Davis Select Financial ETF	0.3	63	17	7.5	-1.5
DINT	Davis Select International ETF	0.3	55	25	7.8	-1.2
DWLD	Davis Select Worldwide ETF	0.3	63	17	7.0	-2.0
CLOD	Themes Cloud Computing ETF	0.3	35	45	3.1	-5.8
FEGE	First Eagle Global Equity ETF	0.3	79	1	6.8	-2.2
FEOE	First Eagle Overseas Equity ETF	0.3	79	1	7.8	-1.2
NBCC	Neuberger Berman Next Generation Connected Consumer ETF	0.3	56	24	0.3	-8.7
STXE	Strive Emerging Markets Ex-China ETF	0.3	32	48	7.6	-1.4
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics ETF	0.2	65	15	2.0	-7.0
HART	IQ Healthy Hearts ETF	0.2	45	35	6.7	-2.3
ESGE	iShares ESG Aware MSCI EM ETF	0.2	25	55	9.8	+0.9
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.2	38	42	8.9	-0.0
DLS	WisdomTree International SmallCap Dividend Fund	0.2	58	22	7.9	-1.0
HAP	VanEck Natural Resources ETF	0.2	50	30	9.3	+0.3
CUT	Invesco MSCI Global Timber ETF	0.2	61	19	10.4	+1.5
WOOD	iShares Global Timber & Forestry ETF	0.2	42	38	12.1	+3.1
URAN	Themes Uranium & Nuclear ETF	0.2	35	45	1.4	-7.5
GSFP	Goldman Sachs Future Planet Equity ETF	0.2	75	5	4.8	-4.1
FDFF	Fidelity Disruptive Finance ETF	0.2	50	30	4.3	-4.7
EVLU	iShares MSCI Emerging Markets Value Factor ETF	0.2	35	45	17.6	+8.6
IBLC	iShares Blockchain and Tech ETF	0.2	47	33	-2.7	-11.6
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	0.2	39	41	15.8	+6.8
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	0.2	60	20	10.2	+1.2
TRFK	Pacer Data and Digital Revolution ETF	0.2	60	20	2.9	-6.1
IBAT	iShares Energy Storage & Materials ETF	0.2	47	33	3.5	-5.5
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.2	41	39	8.4	-0.6
NUEM	Nuveen ESG Emerging Markets Equity ETF	0.2	36	44	7.7	-1.2
CRTC	Xtrackers US National Critical Technologies ETF	0.2	35	45	4.7	-4.3
IXN	iShares Global Tech ETF	0.1	41	39	3.5	-5.4
RVRB	Reverb ETF	0.1	30	50	4.5	-4.5
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	0.1	24	56	7.8	-1.2
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	0.1	40	40	6.9	-2.1
DEHP	Dimensional Emerging Markets High Profitability ETF	0.1	41	39	6.5	-2.5
SUPL	ProShares Supply Chain Logistics ETF	0.1	58	22	11.8	+2.9
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	59	3.6	-5.3
ARTY	iShares Future AI & Tech ETF	0.0	47	33	3.5	-5.5

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 Eurozone AlphaDEX 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	12.4	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	80	bp
Equals: ALTAR Score	9.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	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.