ETF Research Center

Fidelity International High Dividend ETF

ALTAR
Score™

10.9%

Recommen-
dation

SPECULATIVE

2024E 2025E
P/E ratio	10.5x	P/Sales ratio	0.9x
P/BV ratio	1.1x	Div. yield	6.2%

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)	$97
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	119
Wgt avg mkt cap (mns)	$60,895
Large cap (>$10bn)	88.6%
Mid cap ($2-10bn)	10.8%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	26.6 %
ENEL SPA	3.1 %
TELEFONICA SA	3.0 %
SOFTBANK CORP.	3.0 %
VODAFONE GROUP PLC	2.9 %
GDF SUEZ	2.7 %
TOTAL SA	2.7 %
HONG KONG & CHINA GAS	2.7 %
ENBRIDGE INC	2.3 %
GLENCORE INTERNATIONAL PLC	2.3 %
EMERA INC	2.0 %

TOP COUNTRY EXPOSURE
	CANADA	16.1 %
	JAPAN	16.0 %
	FRANCE	10.0 %
	BRITAIN	8.6 %
	AUSTRALIA	8.0 %
	SWITZERLAND	6.1 %
	NORWAY	4.9 %
	SPAIN	4.7 %
	ITALY	4.6 %
	GERMANY	3.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
4.4%	20.3%	4.6%	--	1.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.73	54%
MSCI EAFE	0.90	85%
MSCI Emg. Mkts.	0.77	61%

Technical Indicators
Recent close	$20.18
30d moving avg.	$21.27
Annualized volatility	17.3%
Short interest (ETF)	0.7%
Relative strength (RSI)	44

Liquidity measures
Avg. volume (thou.)	15
Turnover	0.3%
Bid/Ask (% of price)	0.21%
ADV underlying (mns)	$14,509

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 429 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™:

10.9%

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 (%)
CID	VictoryShares International High Div Volatility Wtd ETF	32.4	45	-27	11.9	+1.0
DIVI	Franklin International Core Dividend Tilt Index ETF	28.3	9	9	8.1	-2.8
VWID	Virtus WMC International Dividend ETF	28.1	49	-31	9.6	-1.4
DOL	WisdomTree International LargeCap Dividend Fund	26.8	48	-30	7.9	-3.0
FIVA	Fidelity International Value Factor ETF	26.5	18	0	10.2	-0.7
IQIN	IQ 500 International ETF	25.1	25	-7	9.2	-1.7
IDOG	ALPS International Sector Dividend Dogs ETF	24.2	50	-32	12.8	+1.9
EFV	iShares MSCI EAFE Value ETF	23.6	34	-16	9.4	-1.5
DWM	WisdomTree International Equity Fund	23.3	48	-30	8.0	-3.0
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	23.3	40	-22	7.9	-3.0
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	22.7	45	-27	8.9	-2.0
STXI	Strive International Developed Markets ETF	22.6	29	-11	6.9	-4.0
DTH	WisdomTree International High Dividend Fund	22.5	58	-40	10.1	-0.8
BKIE	BNY Mellon International Equity ETF	22.5	4	14	7.1	-3.8
JHID	John Hancock International High Dividend ETF	22.0	46	-28	11.3	+0.4
JHMD	John Hancock Multifactor Developed International ETF	21.7	39	-21	7.8	-3.2
FNDF	Schwab Fundamental International Large Co. Index ETF	21.6	25	-7	9.9	-1.1
VYMI	Vanguard International High Dividend Yield ETF	21.1	22	-4	9.8	-1.1
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	20.8	9	9	9.9	-1.0
GSIE	Goldman Sachs ActiveBeta International Equity ETF	20.7	25	-7	7.2	-3.7
GSID	Goldman Sachs MarketBeta International Equity ETF	20.6	20	-2	7.0	-3.9
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	20.4	36	-18	6.6	-4.3
IVLU	iShares MSCI Intl Value Factor ETF	20.0	30	-12	11.4	+0.5
HFXI	IQ FTSE International Equity Currency Neutral ETF	20.0	20	-2	7.1	-3.9
FENI	Fidelity Enhanced International ETF	19.4	28	-10	8.1	-2.9
RFDI	First Trust Riverfront Dynamic Developed International ETF	19.4	83	-65	10.0	-1.0
QEFA	SPDR MSCI EAFE StrategicFactors ETF	19.3	30	-12	7.3	-3.6
DFIV	Dimensional International Value ETF	19.3	27	-9	10.0	-0.9
IDV	iShares International Select Dividend ETF	19.3	51	-33	12.2	+1.3
LVHI	Franklin International Low Volatility High Dividend Index ET	19.3	40	-22	10.1	-0.8
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	19.1	29	-11	8.6	-2.3
JIRE	JPMorgan International Research Enhanced Equity ETF	19.1	24	-6	7.1	-3.8
EFAS	Global X MSCI SuperDividend EAFE ETF	19.1	57	-39	10.3	-0.7
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	18.9	20	-2	6.9	-4.0
EFA	iShares MSCI EAFE ETF	18.7	35	-17	6.9	-4.0
IDEV	iShares Core MSCI International Developed Markets ETF	18.4	4	14	7.1	-3.8
SCHF	Schwab International Equity ETF	18.4	6	12	7.5	-3.4
SPDW	SPDR Portfolio Developed World ex-US ETF	18.3	3	15	7.2	-3.7
INTF	iShares International Equity Factor ETF	17.9	15	3	8.2	-2.8
BBEU	JPMorgan BetaBuilders Europe ETF	17.9	9	9	7.1	-3.8
VEA	Vanguard FTSE Developed Markets ETF	17.9	5	13	7.3	-3.6
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	17.7	18	0	7.0	-3.9
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	17.6	46	-28	6.5	-4.4
CIL	VictoryShares International Volatility Wtd ETF	17.6	45	-27	7.0	-3.9
CIZ	VictoryShares Developed Enhanced Volatility Wtd ETF	17.5	51	-33	7.1	-3.8
GCOW	Pacer Global Cash Cows Dividend ETF	17.5	60	-42	12.5	+1.6
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	17.5	25	-7	7.2	-3.8
RODE	Hartford Multifactor Diversified International ETF	17.4	29	-11	11.8	+0.9
FLEE	Franklin FTSE Europe ETF	17.4	9	9	7.2	-3.8
ESGD	iShares ESG Aware MSCI EAFE ETF	17.4	20	-2	6.9	-4.0
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	17.4	41	-23	7.4	-3.5
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	17.1	32	-14	6.0	-5.0
IEFA	iShares Core MSCI EAFE ETF	17.0	7	11	7.1	-3.8
CWI	SPDR MSCI ACWI ex-US ETF	16.8	30	-12	6.9	-4.0
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	16.8	39	-21	7.4	-3.5
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	16.7	14	4	6.2	-4.7
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	16.4	20	-2	6.5	-4.4
DFAI	Dimensional International Core Equity Market ETF	16.2	18	0	7.3	-3.6
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	16.1	39	-21	7.5	-3.4
ACWX	iShares MSCI ACWI ex U.S. ETF	15.9	34	-16	7.0	-4.0
IQSI	IQ Candriam International Equity ETF	15.9	15	3	6.6	-4.3
CEFA	Global X S&P Catholic Values Developed ex-US ETF	15.9	35	-17	6.6	-4.3
IQDE	FlexShares International Quality Dividend Defensive Index ET	15.8	47	-29	14.8	+3.9
SCHY	Schwab International Dividend Equity ETF	15.8	14	4	9.3	-1.6
IEV	iShares Europe ETF	15.6	67	-49	6.6	-4.3
DWMF	WisdomTree International Multifactor Fund	15.4	38	-20	7.4	-3.5
EFAV	iShares MSCI EAFE Min Vol Factor ETF	15.3	22	-4	6.6	-4.3
VEU	Vanguard FTSE All-World ex-US Index Fund	15.3	8	10	7.3	-3.7
DGT	SPDR Global Dow ETF	15.3	50	-32	6.8	-4.1
RFEU	First Trust Riverfront Dynamic Europe ETF	14.9	83	-65	11.1	+0.2
IQDF	FlexShares International Quality Dividend Index Fund	14.9	47	-29	12.9	+2.0
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	14.9	65	-47	12.8	+1.9
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	14.7	47	-29	9.4	-1.5
QINT	American Century Quality Diversified International ETF	14.7	39	-21	7.7	-3.2
IGRO	iShares International Dividend Growth ETF	14.6	15	3	7.5	-3.4
JPIN	J.P. Morgan Diversified Return International Equity ETF	14.5	37	-19	8.9	-2.0
IDLV	Invesco S&P International Developed Low Volatility ETF	14.5	25	-7	6.2	-4.7
SPEU	SPDR Portfolio Europe ETF	14.4	7	11	7.1	-3.8
UIVM	VictoryShares International Value Momentum ETF	14.3	35	-17	11.0	+0.1
IXUS	iShares Core MSCI Total International Stock ETF	14.3	7	11	7.2	-3.7
FLEU	Franklin FTSE Eurozone ETF	14.1	9	9	7.3	-3.6
IEUR	iShares Core MSCI Europe ETF	14.1	11	7	7.1	-3.9
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	14.1	45	-27	6.5	-4.4
VXUS	Vanguard Total International Stock ETF	14.0	7	11	7.2	-3.7
VGK	Vanguard FTSE Europe ETF	14.0	11	7	7.1	-3.9
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	13.9	12	6	5.9	-5.1
DIHP	Dimensional International High Profitability ETF	13.8	29	-11	7.6	-3.3
IMTM	iShares MSCI Intl Momentum Factor ETF	13.7	30	-12	6.3	-4.6
IPAC	iShares Core MSCI Pacific ETF	13.7	9	9	7.2	-3.7
EZU	iShares MSCI Eurozone ETF	13.6	52	-34	6.6	-4.3
AVIV	Avantis International Large Cap Value ETF	13.3	25	-7	9.0	-2.0
FEZ	SPDR EURO STOXX 50 ETF	12.9	29	-11	6.8	-4.1
EWJV	iShares MSCI Japan Value ETF	12.8	15	3	10.2	-0.7
DFIC	Dimensional International Core Equity 2 ETF	12.6	23	-5	7.7	-3.2
VSGX	Vanguard ESG International Stock ETF	12.5	12	6	6.8	-4.2
VPL	Vanguard FTSE Pacific ETF	12.5	8	10	7.7	-3.2
IQLT	iShares MSCI Intl Quality Factor ETF	12.5	30	-12	6.2	-4.7
TPIF	Timothy Plan International ETF	12.3	62	-44	6.8	-4.1
GNR	SPDR S&P Global Natural Resources ETF	12.1	40	-22	9.7	-1.2
FDEV	Fidelity International Multifactor ETF	11.9	18	0	7.8	-3.1
DMDV	AAM S&P Developed Markets High Dividend Value ETF	11.6	39	-21	12.1	+1.1
EQIN	Columbia US Equity Income ETF	11.5	35	-17	8.3	-2.6
IDMO	Invesco S&P International Developed Momentum ETF	11.4	25	-7	5.9	-5.0
OEUR	ALPS O'Shares Europe Quality Dividend ETF	11.4	48	-30	5.7	-5.2
AVDE	Avantis International Equity ETF	11.3	23	-5	8.1	-2.9
AVSD	Avantis Responsible International Equity ETF	11.2	23	-5	7.1	-3.8
FLCA	Franklin FTSE Canada ETF	11.2	9	9	6.8	-4.1
BBCA	JPMorgan BetaBuilders Canada ETF	11.0	19	-1	6.6	-4.3
JPXN	iShares JPX-Nikkei 400 ETF	11.0	48	-30	8.7	-2.2
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	11.0	46	-28	9.3	-1.6
IDHQ	Invesco S&P International Developed High Quality ETF	10.9	29	-11	6.5	-4.5
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	10.7	25	-7	8.6	-2.4
EWJ	iShares MSCI Japan ETF	10.6	50	-32	8.0	-2.9
FICS	First Trust International Developed Capital Strength ETF	10.6	70	-52	5.3	-5.6
PID	Invesco International Dividend Achievers ETF	10.5	53	-35	7.0	-3.9
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	10.5	80	-62	5.6	-5.3
DMXF	iShares ESG Advanced MSCI EAFE ETF	10.5	12	6	5.5	-5.4
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	10.5	47	-29	7.4	-3.5
BBJP	JPMorgan BetaBuilders Japan ETF	10.5	19	-1	7.8	-3.1
EWC	iShares MSCI Canada ETF	10.3	50	-32	6.5	-4.4
FID	First Trust S&P International Dividend Aristocrats ETF	10.1	60	-42	9.0	-2.0
DEW	WisdomTree Global High Dividend Fund	10.0	58	-40	8.5	-2.4
CGIE	Capital Group International Equity ETF	10.0	54	-36	4.9	-6.0
DFSI	Dimensional International Sustainability Core 1 ETF	9.9	24	-6	6.5	-4.4
FLJP	Franklin FTSE Japan ETF	9.9	9	9	7.8	-3.1
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	9.9	19	-1	5.4	-5.5
FLJH	Franklin FTSE Japan Hedged ETF	9.8	9	9	7.7	-3.2
EPP	iShares MSCI Pacific ex-Japan ETF	9.8	47	-29	4.9	-6.0
IMFL	Invesco International Developed Dynamic Multifactor ETF	9.8	34	-16	5.9	-5.0
DXJ	WisdomTree Japan Hedged Equity Fund	9.6	48	-30	8.5	-2.4
IVAL	Alpha Architect International Quantitative Value ETF	9.5	49	-31	9.5	-1.4
ESGG	FlexShares STOXX Global ESG Select Index Fund	9.2	42	-24	5.1	-5.8
IXG	iShares Global Financials ETF	9.1	42	-24	6.2	-4.7
LEGR	First Trust Indxx Innovative Transaction & Process ETF	9.0	65	-47	8.2	-2.8
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	9.0	24	-6	8.7	-2.3
QWLD	SPDR MSCI World StrategicFactors ETF	8.9	30	-12	5.9	-5.0
EWQ	iShares MSCI France ETF	8.7	53	-35	6.3	-4.6
WDIV	SPDR S&P Global Dividend ETF	8.6	40	-22	9.4	-1.6
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	8.6	47	-29	5.5	-5.5
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	8.6	30	-12	8.0	-3.0
FGD	First Trust Dow Jones Global Select Dividend Index Fund	8.5	56	-38	13.5	+2.6
WWJD	Inspire International ETF	8.3	80	-62	7.3	-3.6
DVYA	iShares Asia/Pacific Dividend ETF	8.3	49	-31	9.0	-2.0
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	8.3	80	-62	9.1	-1.8
AIVI	WisdomTree International AI Enhanced Value Fund	8.2	58	-40	8.5	-2.4
FJP	First Trust Japan AlphaDEX Fund	7.9	80	-62	10.3	-0.6
EUDG	WisdomTree Europe Quality Dividend Growth Fund	7.9	58	-40	6.5	-4.4
MXI	iShares Global Materials ETF	7.9	41	-23	7.0	-3.9
DWX	SPDR S&P International Dividend ETF	7.8	45	-27	6.5	-4.5
UMMA	Wahed Dow Jones Islamic World ETF	7.8	65	-47	4.6	-6.4
CGXU	Capital Group International Focus Equity ETF	7.7	54	-36	4.9	-6.1
KOKU	Xtrackers MSCI Kokusai Equity ETF	7.6	9	9	5.2	-5.7
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	7.6	25	-7	5.6	-5.3
FLGB	Franklin FTSE United Kingdom ETF	7.6	9	9	7.9	-3.0
WRND	IQ Global Equity R&D Leaders ETF	7.5	18	0	7.5	-3.4
IXC	iShares Global Energy ETF	7.5	44	-26	8.7	-2.2
EUFN	iShares MSCI Europe Financials ETF	7.5	51	-33	8.1	-2.8
CGDG	Capital Group Dividend Growers ETF	7.5	47	-29	6.6	-4.3
NUDM	Nuveen ESG International Developed Markets Equity ETF	7.4	31	-13	6.7	-4.2
FEUZ	First Trust Eurozone AlphaDEX ETF	7.4	80	-62	6.7	-4.2
EFG	iShares MSCI EAFE Growth ETF	7.3	36	-18	4.5	-6.4
VIGI	Vanguard International Dividend Appreciation ETF	7.3	15	3	6.4	-4.5
FLAU	Franklin FTSE Australia ETF	7.2	9	9	5.4	-5.5
IPKW	Invesco International BuyBack Achievers ETF	7.2	55	-37	11.0	+0.1
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	7.1	58	-40	6.4	-4.6
EWA	iShares MSCI Australia ETF	7.0	50	-32	4.9	-6.1
IQDG	WisdomTree International Quality Dividend Growth Fund	7.0	42	-24	6.8	-4.2
VIDI	Vident International Equity Strategy ETF	6.9	61	-43	10.2	-0.7
PICK	iShares MSCI Global Metals & Mining Producers ETF	6.9	39	-21	12.8	+1.9
BKCI	BNY Mellon Concentrated International ETF	6.9	80	-62	4.2	-6.7
DTAN	Sparkline International Intangible Value ETF	6.8	55	-37	9.2	-1.8
KLMT	Invesco MSCI Global Climate 500 ETF	6.7	10	8	5.4	-5.5
URTH	iShares MSCI World ETF	6.7	24	-6	5.2	-5.7
FEP	First Trust Europe AlphaDEX Fund	6.7	80	-62	7.8	-3.1
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	6.6	42	-24	8.1	-2.9
FKU	First Trust United Kingdom AlphaDEX Fund	6.4	80	-62	8.5	-2.4
BINV	Brandes International ETF	6.1	70	-52	8.5	-2.4
GDVD	R3 Global Dividend Growth ETF	6.1	88	-70	5.5	-5.4
ACWI	iShares MSCI ACWI ETF	6.0	32	-14	5.3	-5.6
MOTI	VanEck Morningstar International Moat ETF	6.0	58	-40	5.9	-5.0
TOK	iShares MSCI Kokusai ETF	5.9	26	-8	5.0	-5.9
IOO	iShares Global 100 ETF	5.8	41	-23	4.8	-6.1
GLOF	iShares Global Equity Factor ETF	5.8	20	-2	7.0	-3.9
HEDJ	WisdomTree Europe Hedged Equity Fund	5.7	58	-40	9.5	-1.5
FYLD	Cambria Foreign Shareholder Yield ETF	5.7	59	-41	13.6	+2.7
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	5.6	9	9	5.4	-5.6
TTAI	FCF International Quality ETF	5.6	59	-41	5.6	-5.3
EWU	iShares MSCI United Kingdom ETF	5.6	50	-32	8.4	-2.5
LNGG	Roundhill Alerian LNG ETF	5.6	65	-47	9.1	-1.8
FDD	First Trust Stoxx European Select Dividend Index Fund	5.5	58	-40	13.6	+2.7
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	5.5	80	-62	3.2	-7.7
EXI	iShares Global Industrials ETF	5.4	42	-24	4.5	-6.4
PATN	Pacer Nasdaq International Patent Leaders ETF	5.3	65	-47	6.5	-4.4
JXI	iShares Global Utilities ETF	5.3	43	-25	5.9	-5.0
VT	Vanguard Total World Stock ETF	5.3	7	11	5.5	-5.4
FILL	iShares MSCI Global Energy Producers ETF	5.2	39	-21	9.6	-1.3
IGF	iShares Global Infrastructure ETF	5.2	41	-23	4.3	-6.6
GII	SPDR S&P Global Infrastructure ETF	5.2	40	-22	4.3	-6.6
GLBL	Pacer MSCI World Industry Advantage ETF	5.2	65	-47	4.7	-6.2
EFAD	ProShares MSCI EAFE Dividend Growers ETF	5.1	50	-32	5.3	-5.6
BIGFX	Baron International Growth Retail	5.1	75	-57	3.1	-7.8
AGQI	First Trust Active Global Quality Income ETF	5.0	85	-67	5.9	-5.1
DSTX	Distillate International Fundamental Stability & Value ETF	5.0	55	-37	8.0	-3.0
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	4.9	65	-47	4.3	-6.6
NORW	Global X MSCI Norway ETF	4.9	50	-32	7.6	-3.3
ENOR	iShares MSCI Norway ETF	4.9	53	-35	7.5	-3.4
GCLN	Goldman Sachs Bloomberg Clean Energy Equity ETF	4.8	45	-27	5.7	-5.2
EWP	iShares MSCI Spain ETF	4.7	50	-32	8.4	-2.6
EWI	iShares MSCI Italy ETF	4.6	50	-32	8.1	-2.8
DIM	WisdomTree International MidCap Dividend Fund	4.6	58	-40	7.7	-3.2
EUDV	ProShares MSCI Europe Dividend Growers ETF	4.6	55	-37	5.3	-5.6
CRBN	iShares MSCI ACWI Low Carbon Target ETF	4.5	20	-2	5.2	-5.8
NTZG	Nuveen Global Net Zero Transition ETF	4.5	56	-38	4.7	-6.2
CGGO	Capital Group Global Growth Equity ETF	4.5	47	-29	4.6	-6.3
BLLD	JPMorgan Sustainable Infrastructure ETF	4.4	49	-31	5.7	-5.2
BLES	Inspire Global Hope ETF	4.4	61	-43	6.4	-4.5
WLDR	Affinity World Leaders Equity ETF	4.4	67	-49	8.1	-2.8
CCNR	ALPS CoreCommodity Natural Resources ETF	4.4	39	-21	11.0	+0.1
MOTG	VanEck Morningstar Global Wide Moat ETF	4.4	52	-34	5.6	-5.3
KDIV	KraneShares S&P Pan Asia Dividend Aristocrats Index ETF	4.3	68	-50	8.2	-2.7
IVRA	Invesco Real Assets ESG ETF	4.1	59	-41	5.4	-5.5
OCEN	IQ Clean Oceans ETF	4.1	45	-27	6.1	-4.9
NDIV	Amplify Natural Resources Dividend Income ETF	4.1	59	-41	8.5	-2.4
COPX	Global X Copper Miners ETF	4.1	65	-47	8.2	-2.7
ICOP	iShares Copper and Metals Mining ETF	4.1	47	-29	10.1	-0.8
EV	Mast Global Battery Recycling & Production ETF	4.1	65	-47	12.2	+1.3
COPA	Themes Copper Miners ETF	4.1	35	-17	7.3	-3.6
FAN	First Trust Global Wind Energy ETF	4.0	60	-42	5.5	-5.4
FTAG	First Trust Indxx Global Agriculture ETF	4.0	70	-52	9.7	-1.3
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	3.9	12	6	4.8	-6.1
JIG	JPMorgan International Growth ETF	3.9	55	-37	4.6	-6.3
IVEG	iShares Emergent Food and AgTech Multisector ETF	3.9	47	-29	8.0	-2.9
IXJ	iShares Global Healthcare ETF	3.9	42	-24	6.5	-4.4
GVAL	Cambria Global Value ETF	3.9	68	-50	13.1	+2.2
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	3.9	80	-62	7.6	-3.3
FLSW	Franklin FTSE Switzerland ETF	3.8	9	9	5.3	-5.6
OSEA	Harbor International Compounders ETF	3.7	55	-37	4.3	-6.7
SHPP	Pacer Industrials and Logistics ETF	3.7	60	-42	9.9	-1.1
EWL	iShares MSCI Switzerland ETF	3.6	50	-32	4.5	-6.4
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	3.6	46	-28	4.9	-6.0
FDRR	Fidelity Dividend ETF for Rising Rates	3.6	15	3	7.4	-3.5
ION	ProShares S&P Global Core Battery Metals ETF	3.6	58	-40	15.5	+4.6
FLGR	Franklin FTSE Germany ETF	3.5	9	9	7.0	-3.9
DAX	Global X DAX Germany ETF	3.5	21	-3	6.9	-4.0
EWG	iShares MSCI Germany ETF	3.5	50	-32	6.4	-4.5
RAYD	Rayliant Quantitative Developed Market Equity ETF	3.5	80	-62	3.8	-7.1
UDI	USCF Dividend Income Fund	3.5	65	-47	7.3	-3.6
CZAR	Themes Natural Monopoly ETF	3.4	35	-17	6.3	-4.7
INFL	Horizon Kinetics Inflation Beneficiaries ETF	3.3	85	-67	3.5	-7.4
FDVV	Fidelity High Dividend ETF	3.3	15	3	8.7	-2.2
IPAV	Global X Infrastructure Development ex-U.S. ETF	3.3	55	-37	9.7	-1.2
GSFP	Goldman Sachs Future Planet Equity ETF	3.3	75	-57	4.2	-6.7
VEGI	iShares MSCI Agriculture Producers ETF	3.2	39	-21	9.2	-1.7
FTWO	Strive FAANG 2.0 ETF	3.2	49	-31	4.7	-6.2
FSZ	First Trust Switzerland AlphaDEX Fund	3.1	80	-62	4.2	-6.7
FLHK	Franklin FTSE Hong Kong ETF	3.1	9	9	6.8	-4.1
HAP	VanEck Natural Resources ETF	3.1	50	-32	10.0	-0.9
JGLO	JPMorgan Global Select Equity ETF	3.1	33	-15	4.5	-6.5
RXI	iShares Global Consumer Discretionary ETF	3.1	41	-23	5.4	-5.6
SMOG	VanEck Low Carbon Energy ETF	3.1	61	-43	2.4	-8.6
SAGP	Strategas Global Policy Opportunities ETF	3.1	65	-47	5.3	-5.7
GMET	VanEck Green Metals ETF	3.1	63	-45	10.7	-0.2
CRIT	Optica Rare Earths & Critical Materials ETF Optica Rare Eart	3.1	85	-67	8.6	-2.4
GINN	Goldman Sachs Innovate Equity ETF	3.1	52	-34	2.8	-8.2
IQRA	IQ CBRE Real Assets ETF	3.0	65	-47	5.2	-5.7
GSIB	Themes Global Systemically Important Banks ETF	3.0	35	-17	13.4	+2.5
RGEF	Rockefeller Global Equity ETF	3.0	55	-37	5.0	-6.0
XT	iShares Exponential Technologies ETF	2.9	46	-28	4.8	-6.1
SEA	U.S. Global Sea to Sky Cargo ETF	2.9	60	-42	21.5	+10.6
EWH	iShares MSCI Hong Kong ETF	2.9	50	-32	6.2	-4.7
SUPL	ProShares Supply Chain Logistics ETF	2.9	58	-40	14.2	+3.3
CRTC	Xtrackers US National Critical Technologies ETF	2.8	35	-17	5.1	-5.8
KOCG	FIS Knights of Columbus Global Belief ETF	2.7	75	-57	5.0	-5.9
BATT	Amplify Lithium & Battery Technology ETF	2.7	59	-41	-0.1	-11.0
ACWV	iShares MSCI Global Min Vol Factor ETF	2.7	20	-2	6.3	-4.6
JSTC	Adasina Social Justice All Cap Global ETF	2.6	89	-71	4.9	-6.0
NXTG	First Trust Indxx NextG ETF	2.5	70	-52	6.2	-4.7
HART	IQ Healthy Hearts ETF	2.4	45	-27	5.0	-5.9
ANEW	ProShares MSCI Transformational Changes ETF	2.4	45	-27	3.6	-7.4
GREI	Goldman Sachs Future Real Estate and Infrastructure Equity E	2.4	75	-57	4.6	-6.3
OAIM	OneAscent International Equity ETF	2.4	95	-77	5.1	-5.8
IMOM	Alpha Architect International Quantitative Momentum ETF	2.3	49	-31	5.7	-5.2
ABEQ	Absolute Select Value ETF	2.3	85	-67	4.3	-6.6
UMI	USCF Midstream Energy Income Fund ETF	2.3	85	-67	3.7	-7.2
ENFR	Alerian Energy Infrastructure ETF	2.3	35	-17	4.0	-6.9
DIVZ	TrueShares Low Volatility Equity Income ETF	2.3	65	-47	7.2	-3.7
ICAP	InfraCap Equity Income Fund ETF	2.3	171	-153	6.0	-4.9
DIVY	Sound Equity Dividend Income ETF	2.3	45	-27	10.6	-0.3
TPYP	Tortoise North American Pipeline Fund	2.3	40	-22	4.2	-6.7
USAI	Pacer American Energy Independence ETF	2.3	75	-57	3.0	-8.0
FPAG	FPA Global Equity ETF	2.3	49	-31	5.4	-5.5
DINT	Davis Select International ETF	2.2	55	-37	6.0	-4.9
DIVS	SmartETFs Dividend Builder ETF	2.2	65	-47	5.0	-5.9
SDG	iShares MSCI Global Sustainable Development Goals ETF	2.2	49	-31	5.6	-5.3
EWD	iShares MSCI Sweden ETF	2.2	54	-36	6.6	-4.3
EWN	iShares MSCI Netherlands ETF	2.1	50	-32	5.1	-5.8
ASEA	Global X FTSE Southeast Asia ETF	2.1	65	-47	6.3	-4.6
EWS	iShares MSCI Singapore ETF	2.1	50	-32	5.0	-5.9
HRTS	Tema GLP-1 Obesity & Cardiometabolic ETF	2.1	75	-57	-1.6	-12.5
TOLL	Tema Monopolies and Oligopolies ETF	2.1	75	-57	3.3	-7.6
EFNL	iShares MSCI Finland ETF	2.0	56	-38	8.0	-2.9
KNO	AXS Knowledge Leaders ETF	2.0	78	-60	4.9	-6.0
CARZ	First Trust NASDAQ Global Auto Index Fund	2.0	70	-52	3.8	-7.1
OBOR	KraneShares MSCI One Belt One Road Index ETF	1.9	79	-61	10.3	-0.6
TEMP	JPMorgan Climate Change Solutions ETF	1.9	49	-31	5.5	-5.4
DIVD	Altrius Global Dividend ETF Altrius Global Divid ETF	1.9	49	-31	10.4	-0.5
DWLD	Davis Select Worldwide ETF	1.9	63	-45	6.7	-4.2
AGNG	Global X Aging Population ETF	1.9	50	-32	4.2	-6.7
DRIV	Global X Autonomous & Electric Vehicles ETF	1.8	68	-50	4.8	-6.1
AIA	iShares Asia 50 ETF	1.8	50	-32	6.6	-4.3
IBAT	iShares Energy Storage & Materials ETF	1.8	47	-29	3.1	-7.8
WDNA	WisdomTree BioRevolution Fund	1.8	45	-27	-3.8	-14.7
MOO	VanEck Agribusiness ETF	1.8	53	-35	9.7	-1.2
IXP	iShares Global Comm Services ETF	1.8	42	-24	5.1	-5.9
NANR	SPDR S&P North American Natural Resources ETF	1.8	35	-17	7.4	-3.5
URA	Global X Uranium ETF	1.8	69	-51	2.4	-8.5
CRAK	VanEck Oil Refiners ETF	1.8	61	-43	14.7	+3.8
EWO	iShares MSCI Austria ETF	1.8	50	-32	14.1	+3.1
CLNR	IQ Cleaner Transport ETF	1.8	45	-27	6.8	-4.1
IXN	iShares Global Tech ETF	1.7	41	-23	4.5	-6.4
SXUS	Janus Henderson International Sustainable Equity ETF	1.7	60	-42	4.2	-6.7
SDIV	Global X Superdividend ETF	1.7	58	-40	14.9	+4.0
TOGA	Tremblant Global ETF	1.7	69	-51	1.9	-9.1
KXI	iShares Global Consumer Staples ETF	1.7	41	-23	5.7	-5.2
FGM	First Trust Germany AlphaDEX Fund	1.6	80	-62	6.0	-4.9
BECO	BlackRock Future Climate and Sustainable Economy ETF	1.6	70	-52	11.9	+1.0
GDOC	Goldman Sachs Future Health Care Equity ETF	1.5	75	-57	3.7	-7.3
TDIV	First Trust NASDAQ Technology Dividend Index Fund	1.5	50	-32	5.7	-5.2
PCGG	Polen Capital Global Growth ETF	1.5	85	-67	3.5	-7.4
CZA	Invesco Zacks Mid-Cap ETF	1.5	72	-54	5.6	-5.3
KNCT	Invesco Next Gen Connectivity ETF	1.4	40	-22	5.6	-5.3
BNE	Blue Horizon BNE ETF	1.4	87	-69	4.6	-6.3
BOAT	SonicShares Global Shipping ETF	1.4	69	-51	34.8	+23.9
EDEN	iShares MSCI Denmark ETF	1.3	53	-35	6.9	-4.0
MOTO	SmartETFs Smart Transportation & Technology ETF	1.3	68	-50	7.3	-3.6
SIMS	SPDR S&P Kensho Intelligent Structures ETF	1.3	45	-27	-6.9	-17.8
WBAT	WisdomTree Battery Value Chain and Innovation Fund	1.3	45	-27	-0.6	-11.5
FPXI	First Trust International Equity Opportunities ETF	1.2	70	-52	4.9	-6.0
LUX	Tema Luxury ETF	1.2	75	-57	3.0	-7.9
LUXX	Roundhill S&P Global Luxury ETF	1.2	45	-27	2.9	-8.1
ISHP	First Trust Nasdaq Retail ETF	1.2	60	-42	2.9	-8.1
RVRB	Reverb ETF	1.2	30	-12	4.7	-6.2
CANC	Tema Oncology ETF	1.2	75	-57	-3.6	-14.5
CGGR	Capital Group Growth ETF	1.1	39	-21	3.2	-7.7
QUVU	Hartford Quality Value ETF	1.0	46	-28	6.6	-4.3
KARS	KraneShares Electric Vehicles & Future Mobility Index ETF	1.0	72	-54	1.0	-9.9
LITP	Sprott Lithium Miners ETF	1.0	65	-47	16.9	+6.0
NIKL	Sprott Nickel Miners ETF	1.0	75	-57	10.2	-0.7
SETM	Sprott Energy Transition Materials ETF	1.0	65	-47	6.0	-5.0
DMAT	Global X Disruptive Materials ETF	1.0	59	-41	10.5	-0.4
LIT	Global X Lithium & Battery Tech ETF	1.0	75	-57	9.1	-1.8
LIMI	Themes Lithium & Battery Metal Miners ETF	1.0	35	-17	4.7	-6.2
AAXJ	iShares MSCI All Country Asia ex Japan ETF	1.0	70	-52	6.2	-4.8
CGV	Conductor Global Equity Value ETF	0.9	130	-112	10.9	-0.0
FLAX	Franklin FTSE Asia Ex Japan ETF	0.9	19	-1	6.9	-4.1
FPXE	First Trust IPOX Europe Equity Opportunities ETF	0.9	70	-52	3.5	-7.4
IDNA	iShares Genomics Immunology and Healthcare ETF	0.9	47	-29	-4.3	-15.2
BTEK	Future Tech ETF	0.9	88	-70	2.3	-8.6
TINY	ProShares Nanotechnology ETF	0.9	58	-40	1.9	-9.0
DARP	Grizzle Growth ETF	0.8	75	-57	3.3	-7.6
FBCV	Fidelity Blue Chip Value ETF	0.8	59	-41	7.0	-3.9
ISCF	iShares International SmallCap Equity Factor ETF	0.8	23	-5	9.1	-1.8
HYDR	Global X Hydrogen ETF	0.8	50	-32	-15.6	-26.5
FDTX	Fidelity Disruptive Technology ETF	0.8	50	-32	2.8	-8.2
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	0.8	58	-40	4.6	-6.3
GBUY	Goldman Sachs Future Consumer Equity ETF	0.7	75	-57	3.3	-7.6
EIPX	FT Energy Income Partners Strategy ETF	0.7	95	-77	6.0	-4.9
AMZA	InfraCap MLP ETF	0.7	164	-146	4.2	-6.7
CGUS	Capital Group Core Equity ETF	0.7	33	-15	4.4	-6.5
SHLD	Global X Defense Tech ETF	0.7	50	-32	4.6	-6.3
NATO	Themes Transatlantic Defense ETF	0.7	35	-17	3.2	-7.7
HTEC	ROBO Global Healthcare Technology and Innovation ETF	0.6	68	-50	-0.1	-11.0
SCHC	Schwab International Small-Cap Equity ETF	0.6	11	7	6.6	-4.3
CVAR	Cultivar ETF	0.6	87	-69	6.7	-4.2
IVES	Wedbush ETFMG Global Cloud Technology ETF	0.6	68	-50	5.8	-5.2
LOUP	Innovator Deepwater Frontier Tech ETF	0.6	70	-52	1.3	-9.6
CHAT	Roundhill Generative AI & Technology ETF	0.6	75	-57	3.8	-7.1
AIVC	Amplify Bloomberg AI Value Chain ETF	0.6	59	-41	5.8	-5.1
AIQ	Global X Artificial Intelligence & Technology ETF	0.6	68	-50	4.0	-6.9
BMED	Future Health ETF	0.6	85	-67	-0.2	-11.2
BWEB	Bitwise Web3 ETF	0.6	85	-67	0.7	-10.2
FINE	Themes European Luxury ETF	0.6	35	-17	-2.3	-13.2
BULD	Pacer BlueStar Engineering the Future ETF	0.6	60	-42	1.7	-9.2
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	0.6	58	-40	9.2	-1.7
TOKE	Cambria Cannabis ETF	0.6	42	-24	1.8	-9.1
MJ	ETFMG Alternative Harvest	0.6	75	-57	-42.4	-53.3
DFIS	Dimensional International Small Cap ETF	0.6	39	-21	6.9	-4.0
FMIL	Fidelity New Millennium ETF	0.5	59	-41	4.8	-6.2
DUSA	Davis Select U.S. Equity ETF	0.5	61	-43	7.1	-3.8
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	0.5	75	-57	4.3	-6.7
TMFG	Motley Fool Global Opportunities ETF	0.5	85	-67	3.2	-7.7
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.5	33	-15	8.2	-2.7
DISV	Dimensional International Small Cap Value ETF	0.5	42	-24	9.1	-1.8
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.5	7	11	6.7	-4.2
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	0.5	75	-57	2.9	-8.1
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.5	70	-52	9.8	-1.2
PBD	Invesco Global Clean Energy ETF	0.5	75	-57	-5.3	-16.2
IDAT	iShares Future Cloud 5G and Tech ETF	0.5	47	-29	4.3	-6.6
SCZ	iShares MSCI EAFE Small-Cap ETF	0.4	40	-22	6.6	-4.3
PAWZ	ProShares Pet Care ETF	0.4	50	-32	3.8	-7.2
BLKC	Invesco Alerian Galaxy Blockchain Users and Decentralized Co	0.4	61	-43	1.2	-9.7
FVD	First Trust Value Line Dividend Index Fund	0.4	65	-47	6.3	-4.7
PRNT	3D Printing ETF	0.3	66	-48	0.7	-10.2
CGDV	Capital Group Dividend Value ETF	0.3	33	-15	5.6	-5.3
IBOT	Vaneck Robotics ETF	0.3	47	-29	4.1	-6.8
KOMP	SPDR S&P Kensho New Economies Composite ETF	0.3	20	-2	1.0	-9.9
SCJ	iShares MSCI Japan Small-Cap ETF	0.3	50	-32	7.0	-4.0
FNDC	Schwab Fundamental International Small Co. Index ETF	0.3	39	-21	7.2	-3.7
FIXT	Procure Disaster Recovery Strategy ETF	0.3	75	-57	5.8	-5.1
HAIL	SPDR S&P Kensho Smart Mobility ETF	0.3	45	-27	-3.0	-13.9
GVLU	Gotham 1000 Value ETF	0.2	50	-32	7.4	-3.5
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	0.2	78	-60	9.0	-1.9
NBCC	Neuberger Berman Next Generation Connected Consumer ETF	0.2	56	-38	1.1	-9.8
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.2	49	-31	7.0	-3.9
FFLC	Fidelity Fundamental Large Cap Core ETF	0.2	38	-20	4.8	-6.2
STXV	Strive 1000 Value ETF	0.2	18	0	7.5	-3.4
FDRV	Fidelity Electric Vehicles and Future Transportation ETF	0.2	39	-21	-1.7	-12.6
IQM	Franklin Intelligent Machines ETF	0.2	50	-32	3.2	-7.7
SOLR	Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund	0.2	79	-61	5.1	-5.8
VCLN	Virtus Duff & Phelps Clean Energy ETF	0.2	59	-41	3.9	-7.1
QTUM	Defiance Quantum ETF	0.2	40	-22	3.6	-7.3
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	0.1	60	-42	0.5	-10.5
TRFK	Pacer Data and Digital Revolution ETF	0.1	60	-42	4.0	-6.9
ARTY	iShares Future AI & Tech ETF	0.1	47	-29	3.8	-7.1
KROP	Global X AgTech & Food Innovation ETF	0.1	50	-32	4.7	-6.2
STRV	Strive 500 ETF	0.1	5	13	4.9	-6.0
EMLP	First Trust North American Energy Infrastructure Fund	0.0	95	-77	4.5	-6.4
ECLN	First Trust EIP Carbon Impact ETF	0.0	96	-78	4.3	-6.6
IEUS	iShares MSCI Europe Small-Cap ETF	0.0	42	-24	6.4	-4.5

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

	2019	2020	2021	2022	2023	2024E	2025E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

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

Historical valuation trends

Forward multiple:	Fidelity International High Dividend 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	11.9	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	18	bp
Equals: ALTAR Score	10.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.68	CATEGORY AVERAGE	1.60

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.