ETF Research Center

Fidelity International High Dividend ETF

ALTAR
Score™

7.4%

Recommen-
dation

OVERWEIGHT

2025E 2026E
P/E ratio	13.9x	P/Sales ratio	1.2x
P/BV ratio	1.5x	Div. yield	4.9%

Description
Performance
Comps
Fundamentals
Valuation
Rating

Fidelity International High Dividend ETF is an exchange-traded fund incorporated in the USA. The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity International High Dividend I

FUND BASICS
Category	International Equities
Fund Sponsor	Fidelity
Website	screener.fidelity.com
Inception date	Jan 16, 2018
Assets (mns)	$378
Currency	USD
Expense ratio	18 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	122
Wgt avg mkt cap (mns)	$78,657
Large cap (>$10bn)	83.9%
Mid cap ($2-10bn)	13.5%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	27.0 %
TOTAL SA	3.3 %
STATOILHYDRO ASA	3.1 %
ENBRIDGE INC	2.8 %
KLEPIERRE	2.7 %
NESTLE SA-REG	2.6 %
ENEL SPA	2.6 %
CANADIAN NATURAL RESOURCES	2.6 %
GDF SUEZ	2.5 %
GAS NATURAL SDG SA	2.4 %
LINK REIT	2.3 %

TOP COUNTRY EXPOSURE
	JAPAN	18.3 %
	FRANCE	17.6 %
	CANADA	14.6 %
	AUSTRALIA	10.1 %
	BRITAIN	9.1 %
	GERMANY	4.8 %
	SWITZERLAND	4.7 %
	NORWAY	3.7 %
	ITALY	3.3 %
	SPAIN	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.
11.1%	18.8%	11.8%	--	5.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.50	31%
MSCI EAFE	0.62	73%
MSCI Emg. Mkts.	0.25	29%

Technical Indicators
Recent close	$27.59
30d moving avg.	$28.68
Annualized volatility	14.0%
Short interest (ETF)	1.3%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	47
Turnover	0.3%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$9,469

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 441 potential alternatives to the Fidelity International High Dividend ETF ETF based on the alternatives' overlap in portfolio holdings with FIDI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FIDI

Expense:

18 bp

ALTAR Score™:

7.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FIDI
Ticker	Fund Name	Overlap¹ vs FIDI (%)	Expense ratio (bp)	Savings vs FIDI (bp)	ALTAR Score™ (%)	ALTAR vs FIDI (%)
DIVI	Franklin International Core Dividend Tilt Index ETF	26.4	9	9	6.6	-0.7
DOL	WisdomTree International LargeCap Dividend Fund	26.0	48	-30	5.6	-1.8
DTH	WisdomTree International High Dividend Fund	25.8	58	-40	7.4	+0.0
FIVA	Fidelity International Value Factor ETF	25.7	18	0	7.4	+0.0
IDOG	ALPS International Sector Dividend Dogs ETF	25.1	50	-32	9.6	+2.2
LVHI	Franklin International Low Volatility High Dividend Index ET	24.5	40	-22	7.5	+0.1
EFV	iShares MSCI EAFE Value ETF	24.3	34	-16	7.6	+0.2
STXI	Strive International Developed Markets ETF	23.6	29	-11	6.4	-1.0
VYMI	Vanguard International High Dividend Yield ETF	22.6	17	1	8.0	+0.6
IVLU	iShares MSCI Intl Value Factor ETF	22.2	30	-12	8.1	+0.7
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	22.1	45	-27	6.8	-0.6
DWM	WisdomTree International Equity Fund	22.0	48	-30	5.7	-1.7
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	22.0	40	-22	5.8	-1.6
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	21.7	9	9	7.9	+0.5
BKIE	BNY Mellon International Equity ETF	21.7	4	14	18.1	+10.8
IDV	iShares International Select Dividend ETF	21.2	51	-33	9.7	+2.3
GSIE	Goldman Sachs ActiveBeta International Equity ETF	20.5	25	-7	6.2	-1.2
SCHY	Schwab International Dividend Equity ETF	20.3	14	4	8.8	+1.4
JIRE	JPMorgan International Research Enhanced Equity ETF	20.0	24	-6	5.8	-1.6
GCOW	Pacer Global Cash Cows Dividend ETF	19.7	60	-42	9.6	+2.2
QEFA	SPDR MSCI EAFE StrategicFactors ETF	19.7	30	-12	6.1	-1.3
IGRO	iShares International Dividend Growth ETF	19.5	15	3	6.8	-0.6
FNDF	Schwab Fundamental International Large Co. Index ETF	19.4	25	-7	7.4	-0.0
GSID	Goldman Sachs MarketBeta International Equity ETF	19.4	20	-2	5.9	-1.5
JHMD	John Hancock Multifactor Developed International ETF	19.3	39	-21	6.3	-1.1
HEFA	iShares Currency Hedged MSCI EAFE ETF	19.0	35	-17	5.7	-1.7
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	19.0	36	-18	5.2	-2.2
EFA	iShares MSCI EAFE ETF	18.9	35	-17	5.8	-1.6
ESGD	iShares ESG Aware MSCI EAFE ETF	18.9	20	-2	5.8	-1.6
IQDF	FlexShares International Quality Dividend Index Fund	18.9	47	-29	7.5	+0.1
JIVE	JPMorgan International Value ETF	18.7	55	-37	8.1	+0.7
IMTM	iShares MSCI Intl Momentum Factor ETF	18.6	30	-12	4.7	-2.7
INTF	iShares International Equity Factor ETF	18.6	15	3	6.5	-0.9
IDEV	iShares Core MSCI International Developed Markets ETF	18.4	4	14	6.1	-1.3
HFXI	IQ FTSE International Equity Currency Neutral ETF	18.2	20	-2	5.6	-1.8
BBEU	JPMorgan BetaBuilders Europe ETF	17.9	9	9	6.5	-0.9
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	17.6	25	-7	6.5	-0.8
FLEE	Franklin FTSE Europe ETF	17.6	9	9	6.6	-0.8
EFAX	SPDR MSCI EAFE Fossil Fuel Reserves Free ETF	17.4	20	-2	5.7	-1.7
SPDW	SPDR Portfolio Developed World ex-US ETF	17.4	3	15	5.8	-1.6
VEA	Vanguard FTSE Developed Markets ETF	17.3	3	15	5.9	-1.5
CEFA	Global X S&P Catholic Values Developed ex-US ETF	17.2	35	-17	5.6	-1.8
DEW	WisdomTree Global High Dividend Fund	17.0	58	-40	7.4	-0.0
DFIV	Dimensional International Value ETF	17.0	27	-9	7.8	+0.4
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	16.9	46	-28	5.5	-1.9
SCHF	Schwab International Equity ETF	16.9	6	12	5.9	-1.5
IVSI	Applied Finance IVS International Large ETF	16.9	65	-47	6.0	-1.4
IEFA	iShares Core MSCI EAFE ETF	16.8	7	11	6.1	-1.3
EFAS	Global X MSCI SuperDividend EAFE ETF	16.8	57	-39	7.6	+0.2
FENI	Fidelity Enhanced International ETF	16.5	28	-10	5.8	-1.6
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	16.5	32	-14	5.5	-1.9
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	16.5	39	-21	7.0	-0.4
CWI	SPDR MSCI ACWI ex-US ETF	16.4	30	-12	6.4	-1.0
EFAV	iShares MSCI EAFE Min Vol Factor ETF	16.4	22	-4	5.7	-1.7
DFAI	Dimensional International Core Equity Market ETF	16.3	18	0	6.1	-1.3
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	16.3	29	-11	7.1	-0.3
IEV	iShares Europe ETF	16.2	67	-49	6.2	-1.2
DWMF	WisdomTree International Multifactor Fund	16.2	38	-20	7.0	-0.4
IDLV	Invesco S&P International Developed Low Volatility ETF	16.1	25	-7	6.6	-0.8
CGIE	Capital Group International Equity ETF	15.4	54	-36	4.6	-2.8
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	15.4	14	4	5.3	-2.1
FDEV	Fidelity International Multifactor ETF	15.4	18	0	7.4	-0.0
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	15.4	47	-29	7.2	-0.2
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	15.3	12	6	5.4	-2.0
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	15.3	18	0	6.4	-1.0
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	15.2	80	-62	5.8	-1.6
IQSI	IQ Candriam International Equity ETF	15.2	15	3	5.6	-1.8
AIVI	WisdomTree International AI Enhanced Value Fund	15.1	58	-40	6.3	-1.1
ACWX	iShares MSCI ACWI ex U.S. ETF	15.1	34	-16	6.4	-1.0
IMFL	Invesco International Developed Dynamic Multifactor ETF	15.0	34	-16	5.3	-2.1
SPEU	SPDR Portfolio Europe ETF	14.9	7	11	6.8	-0.6
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	14.9	41	-23	5.9	-1.5
IEUR	iShares Core MSCI Europe ETF	14.7	11	7	6.6	-0.7
VGK	Vanguard FTSE Europe ETF	14.6	6	12	6.8	-0.6
AVIV	Avantis International Large Cap Value ETF	14.6	25	-7	7.0	-0.4
IQLT	iShares MSCI Intl Quality Factor ETF	14.5	30	-12	5.5	-1.9
UIVM	VictoryShares International Value Momentum ETF	14.4	35	-17	8.1	+0.7
VEU	Vanguard FTSE All-World ex-US Index Fund	14.3	4	14	6.7	-0.7
DIHP	Dimensional International High Profitability ETF	13.9	29	-11	5.9	-1.5
QINT	American Century Quality Diversified International ETF	13.8	39	-21	6.7	-0.7
JPIN	J.P. Morgan Diversified Return International Equity ETF	13.6	37	-19	7.2	-0.2
FRGN	Horizon International Equity ETF	13.6	75	-57	7.8	+0.5
VXUS	Vanguard Total International Stock ETF	13.5	5	13	6.6	-0.8
IXUS	iShares Core MSCI Total International Stock ETF	13.5	7	11	6.6	-0.8
IPAC	iShares Core MSCI Pacific ETF	13.4	9	9	5.3	-2.1
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	13.2	58	-40	9.2	+1.8
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	13.1	20	-2	5.7	-1.7
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	12.9	39	-21	6.3	-1.1
FGD	First Trust Dow Jones Global Select Dividend Index Fund	12.8	56	-38	10.0	+2.6
CGDG	Capital Group Dividend Growers ETF	12.8	47	-29	5.3	-2.1
IXG	iShares Global Financials ETF	12.8	42	-24	6.2	-1.2
EWJV	iShares MSCI Japan Value ETF	12.6	15	3	6.5	-0.9
IDMO	Invesco S&P International Developed Momentum ETF	12.6	25	-7	5.1	-2.3
HEZU	iShares Currency Hedged MSCI Eurozone ETF	12.4	53	-35	5.5	-1.9
EZU	iShares MSCI Eurozone ETF	12.4	52	-34	5.8	-1.6
DFIC	Dimensional International Core Equity 2 ETF	12.2	23	-5	6.3	-1.1
NUDM	Nuveen ESG International Developed Markets Equity ETF	12.2	31	-13	5.5	-1.9
VSGX	Vanguard ESG International Stock ETF	12.0	10	8	6.6	-0.8
INEQ	Columbia International Equity Income ETF	12.0	45	-27	8.0	+0.6
DXJ	WisdomTree Japan Hedged Equity Fund	11.8	48	-30	5.0	-2.4
VPL	Vanguard FTSE Pacific ETF	11.8	7	11	5.0	-2.4
TPIF	Timothy Plan International ETF	11.7	62	-44	5.7	-1.7
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	11.7	45	-27	5.5	-1.9
DMXF	iShares ESG Advanced MSCI EAFE ETF	11.7	12	6	4.8	-2.6
EWQ	iShares MSCI France ETF	11.6	53	-35	7.2	-0.2
FEZ	SPDR EURO STOXX 50 ETF	11.6	29	-11	5.9	-1.5
DFSI	Dimensional International Sustainability Core 1 ETF	11.2	24	-6	5.7	-1.7
AVSD	Avantis Responsible International Equity ETF	11.1	23	-5	6.0	-1.4
DGT	State Street SPDR Global Dow ETF	11.0	50	-32	5.7	-1.7
VIGI	Vanguard International Dividend Appreciation ETF	10.9	10	8	6.1	-1.3
BBCA	JPMorgan BetaBuilders Canada ETF	10.9	19	-1	5.5	-1.9
FLCA	Franklin FTSE Canada ETF	10.9	9	9	5.6	-1.8
HEWJ	iShares Currency Hedged MSCI Japan ETF	10.9	50	-32	5.0	-2.4
JPXN	iShares JPX-Nikkei 400 ETF	10.9	48	-30	5.0	-2.4
EWJ	iShares MSCI Japan ETF	10.8	50	-32	4.5	-2.9
AVDE	Avantis International Equity ETF	10.7	23	-5	6.3	-1.1
BBJP	JPMorgan BetaBuilders Japan ETF	10.4	19	-1	5.0	-2.4
OEFA	ALPS O�Shares International Developed Quality Dividend ETF	10.4	48	-30	4.8	-2.6
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	10.2	47	-29	4.3	-3.1
IVAL	Alpha Architect International Quantitative Value ETF	10.1	49	-31	7.6	+0.2
EUDG	WisdomTree Europe Quality Dividend Growth Fund	10.1	58	-40	6.8	-0.6
IPKW	Invesco International BuyBack Achievers ETF	10.0	55	-37	8.1	+0.7
FLJP	Franklin FTSE Japan ETF	9.9	9	9	5.0	-2.4
FLJH	Franklin FTSE Japan Hedged ETF	9.9	9	9	4.8	-2.6
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	9.8	25	-7	5.1	-2.3
FYLD	Cambria Foreign Shareholder Yield ETF	9.7	59	-41	9.9	+2.5
IQDG	WisdomTree International Quality Dividend Growth Fund	9.5	42	-24	5.9	-1.5
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	9.5	58	-40	5.4	-2.0
EPP	iShares MSCI Pacific ex-Japan ETF	9.4	47	-29	5.0	-2.4
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	9.4	19	-1	5.4	-2.0
PATN	Pacer Nasdaq International Patent Leaders ETF	9.3	65	-47	4.0	-3.4
PID	Invesco International Dividend Achievers ETF	9.1	53	-35	4.5	-2.9
DXIV	Dimensional International Vector Equity ETF	9.1	34	-16	6.7	-0.7
EUFN	iShares MSCI Europe Financials ETF	8.8	51	-33	7.0	-0.4
FICS	First Trust International Developed Capital Strength ETF	8.8	70	-52	7.1	-0.3
IDHQ	Invesco S&P International Developed High Quality ETF	8.7	29	-11	5.1	-2.3
EWA	iShares MSCI Australia ETF	8.7	50	-32	5.4	-2.0
FDD	First Trust Stoxx European Select Dividend Index Fund	8.7	58	-40	10.1	+2.7
FID	First Trust S&P International Dividend Aristocrats ETF	8.6	60	-42	7.8	+0.4
FEUZ	First Trust Eurozone AlphaDEX ETF	8.6	80	-62	7.0	-0.4
GEW	Cambria Global EW ETF	8.6	29	-11	5.4	-2.0
FLAU	Franklin FTSE Australia ETF	8.4	9	9	6.0	-1.4
IXC	iShares Global Energy ETF	8.3	44	-26	7.0	-0.4
QWLD	SPDR MSCI World StrategicFactors ETF	8.3	30	-12	5.2	-2.2
UMMA	Wahed Dow Jones Islamic World ETF	8.3	65	-47	3.5	-3.9
DTAN	Sparkline International Intangible Value ETF	8.1	55	-37	7.3	-0.1
EWC	iShares MSCI Canada ETF	7.9	50	-32	5.2	-2.2
LEGR	First Trust Indxx Innovative Transaction & Process ETF	7.9	65	-47	7.4	-0.0
KLMT	Invesco MSCI Global Climate 500 ETF	7.9	10	8	4.9	-2.5
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	7.9	24	-6	7.0	-0.3
KXI	iShares Global Consumer Staples ETF	7.9	41	-23	5.7	-1.7
ESGG	FlexShares STOXX Global ESG Select Index Fund	7.8	42	-24	4.0	-3.4
FLGB	Franklin FTSE United Kingdom ETF	7.8	9	9	6.9	-0.5
WDIV	SPDR S&P Global Dividend ETF	7.7	40	-22	9.2	+1.8
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	7.6	30	-12	6.4	-1.0
EFG	iShares MSCI EAFE Growth ETF	7.6	36	-18	3.9	-3.5
OAIM	OneAscent International Equity ETF	7.4	95	-77	4.4	-3.0
CGXU	Capital Group International Focus Equity ETF	7.4	54	-36	3.8	-3.6
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	7.4	25	-7	5.5	-1.9
PIEL	Pacer International Export Leaders ETF	7.4	60	-42	4.1	-3.3
EUDV	ProShares MSCI Europe Dividend Growers ETF	7.3	55	-37	6.1	-1.3
URTH	iShares MSCI World ETF	7.2	24	-6	4.3	-3.1
FEP	First Trust Europe AlphaDEX Fund	7.2	80	-62	7.2	-0.1
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	7.0	65	-47	8.3	+0.9
JGLO	JPMorgan Global Select Equity ETF	6.8	33	-15	4.3	-3.1
KOKU	Xtrackers MSCI Kokusai Equity ETF	6.8	9	9	4.4	-3.0
IGF	iShares Global Infrastructure ETF	6.6	41	-23	4.6	-2.8
GII	SPDR S&P Global Infrastructure ETF	6.6	40	-22	4.7	-2.7
EFAD	ProShares MSCI EAFE Dividend Growers ETF	6.5	50	-32	5.8	-1.6
ACWI	iShares MSCI ACWI ETF	6.5	32	-14	4.6	-2.8
WWJD	Inspire International ETF	6.4	80	-62	6.5	-0.9
JXI	iShares Global Utilities ETF	6.4	43	-25	5.7	-1.7
RCGE	RockCreek Global Equality ETF	6.4	95	-77	6.3	-1.1
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	6.3	9	9	4.8	-2.6
IOO	iShares Global 100 ETF	6.2	41	-23	3.8	-3.6
TOK	iShares MSCI Kokusai ETF	6.2	26	-8	4.3	-3.1
NDIV	Amplify Natural Resources Dividend Income ETF	6.1	59	-41	11.8	+4.4
FEOE	First Eagle Overseas Equity ETF	6.0	79	-61	6.2	-1.2
DSTX	Distillate International Fundamental Stability & Value ETF	5.9	55	-37	6.7	-0.6
EWU	iShares MSCI United Kingdom ETF	5.8	50	-32	7.5	+0.1
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	5.8	46	-28	7.8	+0.4
VT	Vanguard Total World Stock ETF	5.8	6	12	5.0	-2.4
CRBN	iShares MSCI ACWI Low Carbon Target ETF	5.8	20	-2	4.7	-2.7
CGGO	Capital Group Global Growth Equity ETF	5.7	47	-29	4.1	-3.3
FJP	First Trust Japan AlphaDEX Fund	5.6	80	-62	7.1	-0.3
FTRI	First Trust Indxx Global Natural Resources Income ETF	5.6	70	-52	6.8	-0.5
DIVY	Sound Equity Dividend Income ETF	5.5	45	-27	8.1	+0.7
DVGR	DAC 3D Dividend Growth ETF	5.4	65	-47	5.1	-2.3
GNR	SPDR S&P Global Natural Resources ETF	5.4	40	-22	8.3	+0.9
BINV	Brandes International ETF	5.3	70	-52	8.7	+1.3
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	5.3	47	-29	5.3	-2.1
OSEA	Harbor International Compounders ETF	5.3	55	-37	4.6	-2.8
ICPY	Tweedy, Browne International Insider Value ETF	5.2	80	-62	20.9	+13.5
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	5.2	80	-62	6.8	-0.6
EXI	iShares Global Industrials ETF	5.1	42	-24	3.7	-3.7
CLNR	IQ Cleaner Transport ETF	5.1	45	-27	4.0	-3.4
MOTO	SmartETFs Smart Transportation & Technology ETF	4.9	68	-50	5.6	-1.8
AGQI	First Trust Active Global Quality Income ETF	4.9	85	-67	6.5	-0.9
GLBL	Pacer MSCI World Industry Advantage ETF	4.9	65	-47	3.4	-4.0
GLOF	iShares Global Equity Factor ETF	4.9	20	-2	5.5	-1.9
FEGE	First Eagle Global Equity ETF	4.9	79	-61	6.1	-1.3
RXI	iShares Global Consumer Discretionary ETF	4.8	41	-23	9.1	+1.7
FLGR	Franklin FTSE Germany ETF	4.8	9	9	7.0	-0.4
AQLT	iShares MSCI Global Quality Factor ETF	4.8	18	0	0.0	-7.4
RGEF	Rockefeller Global Equity ETF	4.8	55	-37	3.8	-3.6
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	4.7	65	-47	4.2	-3.2
COPY	Tweedy, Browne Insider + Value ETF	4.7	80	-62	14.7	+7.3
EWL	iShares MSCI Switzerland ETF	4.7	50	-32	6.0	-1.4
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	4.6	42	-24	4.2	-3.2
FLSW	Franklin FTSE Switzerland ETF	4.6	9	9	6.1	-1.3
DRIV	Global X Autonomous & Electric Vehicles ETF	4.5	68	-50	3.6	-3.8
DAX	Global X DAX Germany ETF	4.5	21	-3	6.5	-0.9
EWG	iShares MSCI Germany ETF	4.5	50	-32	6.2	-1.2
RWX	SPDR Dow Jones International Real Estate ETF	4.4	59	-41	7.9	+0.5
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	4.4	46	-28	5.7	-1.7
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	4.3	12	6	4.5	-2.9
VIDI	Vident International Equity Strategy ETF	4.3	61	-43	8.2	+0.8
BKCI	BNY Mellon Concentrated International ETF	4.1	80	-62	5.1	-2.3
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	4.1	80	-62	3.9	-3.5
SHPP	Pacer Industrials and Logistics ETF	4.1	60	-42	6.8	-0.5
FKU	First Trust United Kingdom AlphaDEX Fund	4.1	80	-62	7.3	-0.1
DVYA	iShares Asia/Pacific Dividend ETF	3.9	49	-31	7.0	-0.4
DWX	SPDR S&P International Dividend ETF	3.9	45	-27	7.0	-0.4
JIG	JPMorgan International Growth ETF	3.9	55	-37	3.6	-3.8
GINX	SGI Enhanced Global Income ETF	3.9	98	-80	6.7	-0.7
DIVD	Altrius Global Dividend ETF Altrius Global Divid ETF	3.8	49	-31	8.1	+0.7
KOCG	FIS Knights of Columbus Global Belief ETF	3.8	75	-57	4.6	-2.8
DIM	WisdomTree International MidCap Dividend Fund	3.7	58	-40	6.4	-1.0
NORW	Global X MSCI Norway ETF	3.7	50	-32	8.1	+0.8
ENOR	iShares MSCI Norway ETF	3.7	53	-35	7.9	+0.5
FAN	First Trust Global Wind Energy ETF	3.7	60	-42	3.2	-4.2
BLES	Inspire Global Hope ETF	3.5	61	-43	5.9	-1.5
KNO	AXS Knowledge Leaders ETF	3.5	78	-60	4.0	-3.4
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	3.5	10	8	9.3	+2.0
EWI	iShares MSCI Italy ETF	3.3	50	-32	12.1	+4.7
DXJS	WisdomTree Japan Hedged SmallCap Equity Fund	3.3	58	-40	5.6	-1.8
DIVS	SmartETFs Dividend Builder ETF	3.3	65	-47	4.5	-2.9
FDRR	Fidelity Dividend ETF for Rising Rates	3.3	15	3	5.6	-1.8
GINN	Goldman Sachs Innovate Equity ETF	3.3	52	-34	3.7	-3.7
IFGL	iShares International Developed Real Estate ETF	3.2	48	-30	8.2	+0.8
MBOX	Freedom Day Dividend ETF	3.2	39	-21	6.9	-0.5
CGUS	Capital Group Core Equity ETF	3.0	33	-15	3.6	-3.8
XT	iShares Exponential Technologies ETF	3.0	46	-28	3.8	-3.6
EWP	iShares MSCI Spain ETF	2.9	50	-32	6.0	-1.4
GSIB	Themes Global Systemically Important Banks ETF	2.9	35	-17	8.0	+0.6
VNQI	Vanguard Global ex-U.S. Real Estate ETF	2.8	12	6	9.3	+1.9
CGDV	Capital Group Dividend Value ETF	2.8	33	-15	3.9	-3.5
SUPL	ProShares Supply Chain Logistics ETF	2.8	58	-40	8.0	+0.6
TPYP	Tortoise North American Pipeline Fund	2.8	40	-22	5.2	-2.2
USNG	Amplify Samsung U.S. Natural Gas Infrastructure ETF	2.8	59	-41	3.1	-4.3
ENFR	Alerian Energy Infrastructure ETF	2.8	35	-17	4.5	-2.9
DIVZ	TrueShares Low Volatility Equity Income ETF	2.8	65	-47	6.3	-1.1
MLPI	NEOS MLP & Engy Infras Hi Inc ETF	2.8	68	-50	4.6	-2.8
USAI	Pacer American Energy Independence ETF	2.8	75	-57	3.7	-3.7
UMI	USCF Midstream Energy Income Fund ETF	2.8	85	-67	4.1	-3.3
EWH	iShares MSCI Hong Kong ETF	2.7	50	-32	5.6	-1.8
UDI	USCF Dividend Income Fund	2.7	65	-47	6.8	-0.6
SAGP	Strategas Global Policy Opportunities ETF	2.7	65	-47	5.1	-2.3
PAWZ	ProShares Pet Care ETF	2.6	50	-32	4.6	-2.8
SMOG	VanEck Low Carbon Energy ETF	2.6	61	-43	1.4	-6.0
CARZ	First Trust NASDAQ Global Auto Index Fund	2.6	70	-52	2.4	-5.0
IPAV	Global X Infrastructure Development ex-U.S. ETF	2.5	55	-37	6.2	-1.2
IGE	iShares North American Natural Resources ETF	2.5	41	-23	5.6	-1.8
MOTI	VanEck Morningstar International Moat ETF	2.5	58	-40	10.5	+3.1
JSTC	Adasina Social Justice All Cap Global ETF	2.5	89	-71	4.3	-3.1
WRND	IQ Global Equity R&D Leaders ETF	2.4	18	0	4.0	-3.4
CCNR	ALPS CoreCommodity Natural Resources ETF	2.4	39	-21	8.4	+1.0
POW	VistaShares Electrification Supercycle ETF	2.3	75	-57	2.3	-5.1
ACWV	iShares MSCI Global Min Vol Factor ETF	2.1	20	-2	5.8	-1.6
IXJ	iShares Global Healthcare ETF	2.1	42	-24	6.3	-1.1
GVAL	Cambria Global Value ETF	2.0	68	-50	8.4	+1.0
EV	Mast Global Battery Recycling & Production ETF	1.9	65	-47	6.4	-1.0
FSZ	First Trust Switzerland AlphaDEX Fund	1.9	80	-62	5.4	-2.0
DISV	Dimensional International Small Cap Value ETF	1.8	42	-24	8.0	+0.6
GQRE	FlexShares Global Quality Real Estate Index Fund	1.8	45	-27	8.0	+0.6
HYDR	Global X Hydrogen ETF	1.8	50	-32	-5.7	-13.1
FGM	First Trust Germany AlphaDEX Fund	1.8	80	-62	5.6	-1.8
KLMN	Invesco MSCI North America Climate ETF	1.8	9	9	4.3	-3.1
SWP	SWP Growth & Income ETF	1.7	99	-81	4.7	-2.7
CZAR	Themes Natural Monopoly ETF	1.7	35	-17	5.3	-2.1
BOAT	SonicShares Global Shipping ETF	1.7	69	-51	16.8	+9.4
HEDJ	WisdomTree Europe Hedged Equity Fund	1.7	58	-40	6.2	-1.2
TBG	TBG Dividend Focus ETF	1.7	59	-41	6.5	-0.9
ISCF	iShares International SmallCap Equity Factor ETF	1.6	23	-5	7.3	-0.1
IDRV	iShares Self-driving EV & Tech ETF	1.6	47	-29	1.7	-5.7
AVRE	Avantis Real Estate ETF	1.6	17	1	7.4	+0.0
JDOC	JPMorgan Healthcare Leaders ETF	1.6	65	-47	3.5	-3.9
IMOM	Alpha Architect International Quantitative Momentum ETF	1.5	49	-31	4.6	-2.8
IXN	iShares Global Tech ETF	1.5	41	-23	2.5	-4.9
FLV	American Century Focused Large Cap Value ETF	1.5	42	-24	6.0	-1.4
EWUS	iShares MSCI United Kingdom Small Cap ETF	1.5	59	-41	7.4	-0.0
FPAG	FPA Global Equity ETF	1.5	49	-31	5.8	-1.6
EWN	iShares MSCI Netherlands ETF	1.4	50	-32	4.5	-2.9
DFNL	Davis Select Financial ETF	1.4	63	-45	7.6	+0.2
AAXJ	iShares MSCI All Country Asia ex Japan ETF	1.3	70	-52	6.8	-0.6
EWS	iShares MSCI Singapore ETF	1.3	50	-32	3.7	-3.7
ASEA	Global X FTSE Southeast Asia ETF	1.3	65	-47	5.2	-2.2
AIA	iShares Asia 50 ETF	1.3	50	-32	7.3	-0.1
FTWO	Strive FAANG 2.0 ETF	1.3	49	-31	4.0	-3.4
RWO	SPDR Dow Jones Global Real Estate ETF	1.3	50	-32	6.8	-0.6
HAP	VanEck Natural Resources ETF	1.3	50	-32	6.6	-0.8
WLDR	Affinity World Leaders Equity ETF	1.3	67	-49	5.6	-1.8
FLAX	Franklin FTSE Asia Ex Japan ETF	1.3	19	-1	7.0	-0.4
ERTH	Invesco MSCI Sustainable Future ETF	1.3	62	-44	3.6	-3.8
FDVV	Fidelity High Dividend ETF	1.3	15	3	6.8	-0.6
DINT	Davis Select International ETF	1.3	55	-37	6.4	-1.0
HART	IQ Healthy Hearts ETF	1.3	45	-27	6.0	-1.4
REET	iShares Global REIT ETF	1.2	14	4	7.5	+0.1
RAYJ	Rayliant SMDAM Japan Equity ETF	1.2	72	-54	3.2	-4.2
DFIS	Dimensional International Small Cap ETF	1.2	39	-21	6.2	-1.2
VUSV	Vanguard Wellington U.S. Value Active ETF	1.2	30	-12	5.7	-1.7
EIRL	iShares MSCI Ireland ETF	1.2	50	-32	7.0	-0.4
DFGR	Dimensional Global Real Estate ETF	1.2	22	-4	7.6	+0.2
ION	ProShares S&P Global Core Battery Metals ETF	1.2	58	-40	7.2	-0.2
ERET	iShares Environmentally Aware Real Estate ETF	1.2	30	-12	7.4	+0.0
PCGG	Polen Capital Global Growth ETF	1.1	85	-67	4.0	-3.4
MXI	iShares Global Materials ETF	1.1	41	-23	6.1	-1.3
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	1.1	80	-62	7.1	-0.2
CVAR	Cultivar ETF	1.1	87	-69	7.0	-0.4
AKAF	The Frontier Economic Fund	1.1	20	-2	5.6	-1.8
TIIV	AAM Todd International Intrinsic Value ETF	1.1	54	-36	9.8	+2.4
OCEN	IQ Clean Oceans ETF	1.1	45	-27	4.7	-2.7
ACSI	American Customer Satisfaction ETF	1.1	65	-47	4.6	-2.8
HRTS	Tema Heart & Health ETF	1.1	75	-57	2.9	-4.5
MOTG	VanEck Morningstar Global Wide Moat ETF	1.0	52	-34	8.1	+0.7
FPXE	First Trust IPOX Europe Equity Opportunities ETF	1.0	70	-52	4.3	-3.1
TMFG	Motley Fool Global Opportunities ETF	0.9	85	-67	4.0	-3.4
URA	Global X Uranium ETF	0.9	69	-51	1.2	-6.2
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.9	49	-31	4.8	-2.6
VGSR	Vert Global Sustainable Real Estate ETF	0.9	47	-29	7.6	+0.2
FFLC	Fidelity Fundamental Large Cap Core ETF	0.9	38	-20	3.9	-3.5
EWD	iShares MSCI Sweden ETF	0.9	54	-36	5.3	-2.1
AGNG	Global X Aging Population ETF	0.9	50	-32	4.4	-3.0
VRAI	Virtus Real Asset Income ETF	0.8	55	-37	8.7	+1.3
DWLD	Davis Select Worldwide ETF	0.8	63	-45	7.4	-0.0
EIPX	FT Energy Income Partners Strategy ETF	0.8	95	-77	6.0	-1.4
EDEN	iShares MSCI Denmark ETF	0.8	53	-35	6.5	-0.9
AGIX	KraneShares Artificial Intelligence and Technology ETF	0.8	99	-81	1.0	-6.4
BMED	Future Health ETF	0.8	85	-67	1.0	-6.4
CANC	Tema Oncology ETF	0.8	75	-57	-2.2	-9.6
WDNA	WisdomTree BioRevolution Fund	0.8	45	-27	-1.7	-9.1
ABLG	Abacus FCF International Leaders ETF	0.8	59	-41	6.8	-0.6
BLOK	Amplify Transformational Data Sharing ETF	0.8	75	-57	-0.1	-7.5
BITQ	Bitwise Crypto Industry Innovators ETF	0.8	85	-67	-2.2	-9.6
FDFF	Fidelity Disruptive Finance ETF	0.8	50	-32	5.5	-1.9
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	0.8	78	-60	9.5	+2.1
PICK	iShares MSCI Global Metals & Mining Producers ETF	0.8	39	-21	8.3	+0.9
IDNA	iShares Genomics Immunology and Healthcare ETF	0.7	47	-29	-0.3	-7.7
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	0.7	58	-40	3.6	-3.8
FRNW	Fidelity Clean Energy ETF	0.7	39	-21	2.2	-5.2
TOLL	Tema Durable Quality ETF	0.7	75	-57	3.7	-3.7
CRTC	Xtrackers US National Critical Technologies ETF	0.7	35	-17	4.0	-3.4
ISHP	First Trust Nasdaq Retail ETF	0.7	60	-42	5.8	-1.6
IEUS	iShares MSCI Europe Small-Cap ETF	0.7	42	-24	7.0	-0.4
TINY	ProShares Nanotechnology ETF	0.6	58	-40	1.3	-6.1
AIVC	Amplify Bloomberg AI Value Chain ETF	0.6	59	-41	3.3	-4.1
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	0.6	60	-42	3.6	-3.8
FBCV	Fidelity Blue Chip Value ETF	0.6	59	-41	5.7	-1.7
AVDS	Avantis International Small Cap Equity ETF	0.6	30	-12	6.0	-1.4
SDIV	Global X Superdividend ETF	0.6	58	-40	14.6	+7.2
ARKX	ARK Space Exploration & Innovation ETF	0.6	75	-57	0.0	-7.4
FBOT	Fidelity Disruptive Automation ETF	0.6	50	-32	2.9	-4.5
EIPI	FT Energy Income Partners Enhanced Income ETF	0.5	110	-92	5.7	-1.7
YNOT	Horizon Digital Frontier ETF	0.5	75	-57	2.5	-4.9
BRNY	Burney U.S. Factor Rotation ETF Burney U.S. Factor Rotation	0.5	79	-61	4.1	-3.3
IBOT	Vaneck Robotics ETF	0.4	47	-29	3.2	-4.2
BULD	Pacer BlueStar Engineering the Future ETF	0.4	60	-42	0.2	-7.2
QTUM	Defiance Quantum ETF	0.4	40	-22	3.6	-3.8
SCZ	iShares MSCI EAFE Small-Cap ETF	0.4	40	-22	6.2	-1.2
FVD	First Trust Value Line Dividend Index Fund	0.4	65	-47	6.0	-1.4
APIE	ActivePassive International Equity ETF	0.4	45	-27	6.4	-1.0
HELX	Franklin Genomic Advancements ETF	0.4	50	-32	-1.2	-8.6
PINK	Simplify Health Care ETF	0.4	50	-32	0.9	-6.5
MEDX	Horizon Kinetics Medical ETF	0.4	85	-67	1.5	-5.9
GDOC	Goldman Sachs Future Health Care Equity ETF	0.4	75	-57	0.9	-6.5
THNR	Amplify Weight Loss Drug & Treatment ETF	0.4	59	-41	6.2	-1.2
GNOM	Global X Genomics & Biotechnology ETF	0.4	50	-32	-1.9	-9.3
YLDE	ClearBridge Dividend Strategy ESG ETF	0.4	60	-42	5.5	-1.9
OZEM	Roundhill GLP-1 & Weight Loss ETF	0.4	59	-41	6.0	-1.4
CSTK	Invesco Comstock Contrarian Equity ETF	0.4	35	-17	5.9	-1.5
FNDC	Schwab Fundamental International Small Co. Index ETF	0.4	39	-21	6.7	-0.6
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics ETF	0.4	65	-47	1.3	-6.1
IDX	VanEck Indonesia Index ETF	0.4	57	-39	10.4	+3.0
NANR	SPDR S&P North American Natural Resources ETF	0.4	35	-17	6.2	-1.2
CIBR	First Trust NASDAQ Cybersecurity ETF	0.3	60	-42	3.0	-4.4
WSML	iShares MSCI World Small-Cap ETF	0.3	15	3	5.5	-1.9
CGGR	Capital Group Growth ETF	0.3	39	-21	2.6	-4.8
ACSG	American Century Small Cap Growth Insights ETF	0.3	49	-31	4.9	-2.5
CZA	Invesco Zacks Mid-Cap ETF	0.3	72	-54	6.0	-1.4
AUAU	Global X Gold Miners ETF	0.3	35	-17	2.7	-4.7
SLVP	iShares MSCI Global Silver Miners ETF	0.3	39	-21	4.2	-3.2
GDX	VanEck Gold Miners ETF	0.3	51	-33	3.0	-4.4
SCHC	Schwab International Small-Cap Equity ETF	0.3	11	7	6.6	-0.8
COPA	Themes Copper Miners ETF	0.3	35	-17	2.9	-4.5
BATT	Amplify Lithium & Battery Technology ETF	0.3	59	-41	2.1	-5.3
ICOP	iShares Copper and Metals Mining ETF	0.3	47	-29	5.4	-2.0
SLX	VanEck Steel ETF	0.3	56	-38	10.6	+3.2
COPX	Global X Copper Miners ETF	0.3	65	-47	4.1	-3.3
GVLU	Gotham 1000 Value ETF	0.2	50	-32	8.3	+1.0
ANEW	ProShares MSCI Transformational Changes ETF	0.2	45	-27	4.2	-3.2
AVDV	Avantis International Small Cap Value ETF	0.2	36	-18	7.6	+0.2
WSGE	Warren Street Global Equity ETF	0.2	80	-62	2.9	-4.5
FTAG	First Trust Indxx Global Agriculture ETF	0.2	70	-52	7.3	-0.1
VEGI	iShares MSCI Agriculture Producers ETF	0.2	39	-21	7.5	+0.1
DIVL	Madison Dividend Value ETF	0.2	65	-47	5.0	-2.4
QQQS	Invesco NASDAQ Future Gen 200 ETF	0.2	20	-2	-3.4	-10.8
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.2	8	10	6.4	-1.0
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.2	49	-31	6.1	-1.3
MDEV	First Trust Indxx Medical Devices ETF	0.2	70	-52	4.8	-2.6
RING	iShares MSCI Global Gold Miners ETF	0.2	39	-21	3.5	-3.9
CLOD	Themes Cloud Computing ETF	0.2	35	-17	2.9	-4.5
OGIG	ALPS O'Shares Global Internet Giants ETF	0.2	48	-30	2.4	-5.0
GOEX	Global X Gold Explorers ETF	0.2	65	-47	2.2	-5.2
PNQI	Invesco NASDAQ Internet ETF	0.2	60	-42	3.8	-3.6
AUMI	Themes Gold Miners ETF	0.2	35	-17	3.3	-4.1
GDXJ	VanEck Junior Gold Miners ETF	0.2	52	-34	3.1	-4.3
SGDM	Sprott Gold Miners ETF	0.2	50	-32	2.9	-4.5
FDTX	Fidelity Disruptive Technology ETF	0.2	50	-32	1.4	-6.0
ABLD	Abacus FCF Real Assets Leaders ETF	0.2	69	-51	6.8	-0.6
WCBR	WisdomTree Cybersecurity Fund	0.2	45	-27	1.6	-5.8
BUG	Global X Cybersecurity ETF	0.2	51	-33	1.9	-5.5
SCJ	iShares MSCI Japan Small-Cap ETF	0.2	50	-32	5.3	-2.1
HACK	ETFMG Prime Cyber Security ETFMG Prime Cyber Security Fund	0.2	60	-42	2.1	-5.3
IHAK	iShares Cybersecurity & Tech ETF	0.2	47	-29	3.1	-4.3
SPAM	Themes Cybersecurity ETF	0.2	35	-17	1.7	-5.7
XDAT	Franklin Exponential Data ETF	0.2	50	-32	1.0	-6.4
KNCT	Invesco Next Gen Connectivity ETF	0.1	40	-22	2.8	-4.6
ALRG	Allspring LT Large Core ETF	0.1	28	-10	3.5	-3.9
SIL	Global X Silver Miners ETF	0.1	65	-47	1.9	-5.5
SILJ	ETFMG Prime Junior Silver Miners ETF	0.1	69	-51	0.6	-6.8
AGMI	Themes Silver Miners ETF	0.1	35	-17	4.1	-3.3
HTEC	ROBO Global Healthcare Technology and Innovation ETF	0.1	68	-50	1.9	-5.5
NXTG	First Trust Indxx NextG ETF	0.1	70	-52	3.4	-4.0
TRFK	Pacer Data and Digital Revolution ETF	0.1	60	-42	1.8	-5.6
DAK	Dakota Active Equity ETF	0.0	43	-25	3.8	-3.6
SRVR	Pacer Data & Infrastructure Real Estate ETF	0.0	55	-37	4.7	-2.7
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	-3	2.9	-4.5
AMZA	InfraCap MLP ETF	0.0	164	-146	5.7	-1.7
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.0	33	-15	6.7	-0.7
GOAU	U.S. Global GO GOLD and Precious Metal Miners ETF	0.0	60	-42	2.3	-5.1
EBI	Longview Advantage ETF	0.0	35	-17	5.9	-1.5

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:	Fidelity International High Dividend ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.1	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	18	bp
Equals: ALTAR Score	7.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.72	CATEGORY AVERAGE	1.64

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.