Franklin FTSE China ETF
ALTAR
Score™		 11.5% info Recommen-
dation		 OVERWEIGHT
2022E    2023E
P/E
ratio		 9.9x P/Sales
ratio		 0.9x
P/BV
ratio		 1.0x Div.
yield		 3.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Franklin FTSE China ETF tracks a market-cap-weighted index of large- and midcap companies in China.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Franklin Templeton
Website www.libertyshares.com
Inception date Nov 02, 2017
Assets (mns) $91
Currency USD
Expense ratio 19 bp
Distributions Semi-annual

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 980
Wgt avg mkt cap (mns) $106,277
Large cap (>$10bn) 79.0%
Mid cap ($2-10bn) 16.7%
Small cap (<$2bn) 2.2%
Developed mkts 17.3%
Emerging mkts 82.7%

TOP TEN HOLDINGS
TENCENT HOLDINGS LTD 10.9 %
ALIBABA GROUP HOLDING LTD. 8.4 %
MEITUAN DIANPING 4.4 %
JD.COM, INC. CLASS A 3.1 %
CHINA CONSTRUCTION BANK-H 2.8 %
IND & COMM BK OF CHINA - H 1.9 %
BAIDU, INC. CLASS A 1.8 %
PING AN INSURANCE GROUP CO-H 1.6 %
WUXI BIOLOGICS (CAYMAN) INC. 1.5 %
BYD CO LTD-H 1.4 %
Total 37.9 %

TOP COUNTRY EXPOSURE
CHINA 90.7 %
HONG KONG 7.0 %
BRITISH VIRGIN ISLANDS 0.0 %
SINGAPORE 0.0 %







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.
-20.2% -28.3% -- -- -3.6%

Market Correlations
versus... Beta R-squared
S&P500 0.15 2%
MSCI EAFE 0.21 4%
MSCI Emg. Mkts. 0.62 36%

Technical Indicators
Recent close $16.90
30d moving avg. $18.69
Annualized volatility 19.8%
Short interest (ETF) 0.2%
Relative strength (RSI) 32

Liquidity measures
Avg. volume (thou.) 20
Turnover 0.4%
Bid/Ask (% of price) 0.17%
ADV underlying (mns) $69,239

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 435 potential alternatives to the Franklin FTSE China ETF ETF based on the alternatives' overlap in portfolio holdings with FLCH. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: FLCH Expense: 19 bp ALTAR Score™: 11.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FLCH
Ticker Fund
Name		 Overlap1
vs FLCH
(%)		 Expense
ratio
(bp)		 Savings
vs FLCH
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs FLCH
(%)
MCHI iShares MSCI China ETF 86.4 59 -40 10.8 -0.6
GXC SPDR S&P China ETF 58.8 59 -40 11.6 +0.2
CXSE WisdomTree China ex-State-Owned Enterprises Fund 56.2 32 -13 7.4 -4.1
KALL KraneShares MSCI All China Index ETF 55.7 49 -30 12.2 +0.7
BKF iShares MSCI BRIC ETF 53.2 70 -51 9.2 -2.3
FXI iShares China Large-Cap ETF 50.7 74 -55 12.6 +1.1
CN Xtrackers MSCI All China Equity ETF 44.2 50 -31 11.2 -0.3
KESG KraneShares MSCI China ESG Leaders Index ETF 44.0 59 -40 11.9 +0.4
AIA iShares Asia 50 ETF 39.2 50 -31 11.4 -0.1
EEMA iShares MSCI Emerging Markets Asia ETF 37.0 50 -31 9.2 -2.3
FLAX Franklin FTSE Asia Ex Japan ETF 33.9 19 0 9.5 -2.0
AAXJ iShares MSCI All Country Asia ex Japan ETF 32.9 70 -51 8.7 -2.8
KWEB KraneShares CSI China Internet ETF 32.4 76 -57 0.3 -11.2
KTEC KraneShares Hang Seng TECH Index ETF 29.9 69 -50 -1.4 -12.8
EMXF iShares ESG Advanced MSCI EM ETF 29.8 16 3 9.9 -1.6
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 29.5 66 -47 8.3 -3.2
PBEE Invesco PureBeta FTSE Emerging Markets ETF 29.4 16 3 9.2 -2.3
VWO Vanguard FTSE Emerging Markets ETF 29.2 8 11 9.4 -2.1
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 28.8 20 -1 9.3 -2.2
TCHI iShares MSCI China Multisector Tech ETF 28.7 59 -40 4.8 -6.7
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 28.3 86 -67 1.9 -9.6
PXH Invesco FTSE RAFI Emerging Markets ETF 28.3 50 -31 13.9 +2.5
EEM iShares MSCI Emerging Markets ETF 28.2 68 -49 9.2 -2.3
CHIQ Global X MSCI China Consumer ETF 28.0 65 -46 3.1 -8.3
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 27.2 30 -11 9.7 -1.8
BKEM BNY Mellon Emerging Markets Equity ETF 27.1 11 8 9.7 -1.8
GMF SPDR S&P Emerging Asia Pacific ETF 26.8 49 -30 8.9 -2.6
LDEM iShares ESG MSCI EM Leaders ETF 26.8 16 3 9.3 -2.1
SCHE Schwab Emerging Markets Equity ETF 26.7 11 8 9.1 -2.3
MCH Matthews China Active ETF 25.0 79 -60 7.8 -3.6
IEMG iShares Core MSCI Emerging Markets ETF 24.8 9 10 9.6 -1.9
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 24.2 15 4 10.3 -1.2
DFAE Dimensional Emerging Core Equity Market ETF 23.4 35 -16 10.8 -0.7
NUEM Nuveen ESG Emerging Markets Equity ETF 23.4 35 -16 9.6 -1.9
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 23.3 45 -26 10.9 -0.5
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 23.3 32 -13 8.3 -3.2
ESGE iShares ESG Aware MSCI EM ETF 23.1 25 -6 10.2 -1.2
ISEM Invesco RAFI Strategic Emerging Markets ETF 23.0 35 -16 15.4 +3.9
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 22.9 36 -17 9.3 -2.2
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 22.0 39 -20 15.4 +4.0
DFEM Dimensional Emerging Markets Core Equity 2 ETF 21.5 39 -20 11.7 +0.2
SPEM SPDR Portfolio Emerging Markets ETF 21.1 11 8 9.5 -2.0
MINV Matthews Asia Innovators Active ETF 20.8 79 -60 4.4 -7.1
DFEV Dimensional Emerging Markets Value ETF 20.7 43 -24 15.8 +4.4
JHEM John Hancock Multifactor Emerging Markets ETF 20.5 49 -30 10.6 -0.8
KEJI Global X China Innovation ETF 20.5 75 -56 4.3 -7.1
JEMA JPMorgan Emerging Markets Equity Core ETF 20.4 39 -20 9.6 -1.9
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 20.1 30 -11 10.7 -0.7
AVEM Avantis Emerging Markets Equity ETF 19.4 33 -14 12.1 +0.6
DEHP Dimensional Emerging Markets High Profitability ETF 18.9 41 -22 10.6 -0.8
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 18.6 60 -41 2.1 -9.4
REMG SPDR Bloomberg SASB Emerging Markets ESG Select ETF 18.5 16 3 10.6 -0.9
ASHX Xtrackers MSCI China A Inclusion Equity ETF 18.3 60 -41 8.4 -3.1
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 17.7 59 -40 13.0 +1.6
CQQQ Invesco China Technology ETF 17.6 70 -51 -2.6 -14.1
RESE WisdomTree Emerging Markets ESG Fund 16.9 32 -13 9.7 -1.7
BICK First Trust BICK Index Fund 16.5 64 -45 6.0 -5.4
DEM WisdomTree Emerging Markets High Dividend Fund 16.4 63 -44 19.0 +7.5
FEEM FlexShares ESG & Climate Emerging Markets Core Index ETF 16.0 18 1 10.1 -1.4
ECON Columbia Emerging Markets Consumer ETF 15.5 49 -30 4.1 -7.4
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 15.3 32 -13 10.9 -0.5
CHIX Global X MSCI China Financials ETF 15.2 65 -46 28.2 +16.7
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 15.1 65 -46 8.7 -2.8
JOYY Infusive Compounding Global Equities ETF 15.1 51 -32 0.0 -11.5
CNYA iShares MSCI China A ETF 15.0 60 -41 8.6 -2.9
ROAM Hartford Multifactor Emerging Markets ETF 14.5 44 -25 14.3 +2.9
FDNI First Trust Dow Jones International Internet ETF 14.4 65 -46 2.8 -8.6
EWEB Global X Emerging Markets Internet & E-commerce ETF 14.1 65 -46 3.8 -7.7
CHIC Global X MSCI China Communication Services ETF 13.9 65 -46 -2.5 -14.0
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF 13.9 44 -25 11.5 +0.0
EMGF iShares MSCI Emerging Markets Multifactor ETF 13.7 45 -26 13.4 +1.9
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 13.5 25 -6 8.8 -2.6
AVES Avantis Emerging Markets Value ETF 11.9 36 -17 16.7 +5.2
SOCL Global X Social Media ETF 11.9 65 -46 3.7 -7.8
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 11.3 49 -30 11.8 +0.4
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 10.0 40 -21 9.3 -2.2
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 9.4 45 -26 16.8 +5.3
KBUY KraneShares CICC China Consumer Leaders Index ETF 9.3 69 -50 5.3 -6.2
FDEM Fidelity Emerging Markets Multifactor ETF 8.9 45 -26 12.1 +0.7
GLCN VanEck China Growth Leaders ETF 8.6 60 -41 10.4 -1.0
VEU Vanguard FTSE All-World ex-US Index Fund 8.5 7 12 9.0 -2.5
ADIV SmartETFs Asia Pacific Dividend Builder ETF 8.4 78 -59 12.4 +1.0
ACWX iShares MSCI ACWI ex U.S. ETF 8.4 32 -13 8.7 -2.8
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 8.4 61 -42 12.6 +1.2
EDIV SPDR S&P Emerging Markets Dividend ETF 8.3 49 -30 21.8 +10.3
IXP iShares Global Comm Services ETF 8.3 43 -24 9.1 -2.4
EMMF WisdomTree Emerging Markets Multifactor Fund 8.3 48 -29 15.0 +3.5
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 8.1 41 -22 8.0 -3.5
KBA KraneShares Bosera MSCI China A Share ETF 8.0 56 -37 9.1 -2.4
AFTY Pacer CSOP FTSE China A50 ETF 7.9 70 -51 9.6 -1.9
VSGX Vanguard ESG International Stock ETF 7.8 12 7 8.6 -2.8
VXUS Vanguard Total International Stock ETF 7.6 7 12 8.9 -2.6
FPXI First Trust International Equity Opportunities ETF 7.5 70 -51 -1.6 -13.1
CWI SPDR MSCI ACWI ex-US ETF 7.5 30 -11 8.6 -2.9
IXUS ishares Core MSCI Total International Stock ETF 7.3 7 12 8.7 -2.8
OGIG O'Shares Global Internet Giants ETF 7.1 48 -29 0.0 -11.5
KGRN KraneShares MSCI China Clean Technology Index ETF 7.1 79 -60 9.2 -2.3
RXI iShares Global Consumer Discretionary ETF 7.0 43 -24 5.8 -5.6
RODE Hartford Multifactor Diversified International ETF 6.9 29 -10 13.4 +1.9
DFAX Dimensional World ex U.S. Core Equity 2 ETF 6.9 31 -12 10.5 -1.0
RAYE Rayliant Quantamental Emerging Market Equity ETF 6.9 80 -61 14.1 +2.6
FCA First Trust China AlphaDEX Fund 6.8 80 -61 27.4 +15.9
PGJ Invesco Golden Dragon China ETF 6.5 69 -50 1.9 -9.6
ESPO VanEck Video Gaming & eSports ETF 6.5 55 -36 5.3 -6.1
FNI First Trust Chindia ETF 6.5 59 -40 1.2 -10.3
UMMA Wahed Dow Jones Islamic World ETF 6.4 65 -46 6.5 -4.9
FEM First Trust Emerging Markets AlphaDEX Fund 6.3 80 -61 20.6 +9.1
SUBS Fount Subscription Economy ETF 6.3 70 -51 5.9 -5.6
ODDS Pacer BlueStar Digital Entertainment ETF 6.3 60 -41 5.4 -6.1
HDAW Xtrackers MSCI All World ex US High Dividend Yield Equity ET 6.3 20 -1 13.3 +1.9
GBUY Goldman Sachs Future Consumer Equity ETF 6.3 75 -56 3.7 -7.8
ACWF iShares MSCI Global Multifactor ETF 6.1 35 -16 10.8 -0.7
IGRO iShares International Dividend Growth ETF 6.1 15 4 9.5 -2.0
OBOR KraneShares MSCI One Belt One Road Index ETF 6.0 79 -60 10.2 -1.3
CEY VictoryShares Emerging Market High Dividend Volatility Wtd E 5.8 50 -31 17.0 +5.5
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 5.8 95 -76 17.1 +5.6
CHIS Global X MSCI China Consumer Staples ETF 5.8 65 -46 4.2 -7.3
DINT Davis Select International ETF 5.7 64 -45 8.1 -3.4
RNEM First Trust Emerging Markets Equity Select ETF 5.7 75 -56 11.0 -0.5
SDG iShares Sustainable MSCI Global Impact ETF 5.6 49 -30 9.3 -2.2
AIQ Global X Future Analytics Tech ETF 5.6 68 -49 6.0 -5.5
CHIH Global X MSCI China Health Care ETF 5.5 65 -46 3.4 -8.0
KURE KraneShares MSCI All China Health Care Index ETF 5.5 65 -46 3.5 -7.9
VR Global X Metaverse ETF 5.5 50 -31 5.4 -6.1
ISHP First Trust S-Network E-Commerce ETF 5.5 60 -41 4.6 -6.9
VYMI Vanguard International High Dividend Yield ETF 5.4 22 -3 12.5 +1.0
BATT Amplify Lithium & Battery Technology ETF 5.4 59 -40 2.6 -8.8
IRBO iShares Robotics and Artificial Intelligence Multisector ETF 5.4 47 -28 -0.1 -11.6
CHIK Global X MSCI China Information Technology ETF 5.4 65 -46 7.9 -3.5
EMFQ Amplify Emerging Markets FinTech ETF 5.3 69 -50 6.6 -4.9
MEM Matthews Emerging Markets Equity Active ETF 5.3 79 -60 7.3 -4.2
WUGI Esoterica NextG Economy ETF 5.3 75 -56 3.1 -8.4
IWFH iShares Virtual Work and Life Multisector ETF 5.3 47 -28 -1.4 -12.8
CHII Global X MSCI China Industrials ETF 5.2 66 -47 15.2 +3.7
DSTX Distillate International Fundamental Stability & Value ETF 5.0 55 -36 10.2 -1.3
BNGE First Trust S-Network Streaming and Gaming ETF 4.9 70 -51 1.0 -10.5
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 4.9 70 -51 2.8 -8.7
KMED KraneShares Emerging Markets Healthcare Index ETF 4.9 79 -60 2.9 -8.5
WRND IQ Global Equity R&D Leaders ETF 4.8 18 1 8.9 -2.6
SMOG VanEck Low Carbon Energy ETF 4.7 55 -36 2.1 -9.4
JIG JPMorgan International Growth ETF 4.7 55 -36 5.1 -6.3
FMET Fidelity Metaverse ETF 4.7 39 -20 6.6 -4.9
DVYE iShares Emerging Markets Dividend ETF 4.7 49 -30 35.1 +23.7
OND ProShares On-Demand ETF 4.6 58 -39 -6.3 -17.8
MOTI VanEck Morningstar International Moat ETF 4.6 57 -38 11.1 -0.4
ANEW ProShares MSCI Transformational Changes ETF 4.6 45 -26 4.9 -6.6
MTVR Fount Metaverse ETF 4.4 70 -51 7.7 -3.8
RAYC Rayliant Quantamental China Equity ETF 4.4 80 -61 10.8 -0.7
BYOB SoFi Be Your Own Boss ETF 4.4 59 -40 -7.1 -18.6
DWLD Davis Select Worldwide ETF 4.3 62 -43 8.3 -3.1
KOIN Innovation Shares NextGen Protocol ETF 4.2 75 -56 7.8 -3.7
EKAR Innovation Shares NextGen Vehicles & Technology ETF 4.2 65 -46 6.9 -4.6
IQDY FlexShares International Quality Dividend Dynamic Index Fund 4.1 47 -28 13.3 +1.9
BNE Blue Horizon BNE ETF 4.1 87 -68 2.3 -9.2
VIGI Vanguard International Dividend Appreciation ETF 4.1 15 4 6.9 -4.5
NERD Roundhill BITKRAFT Esports & Digital Entertainment ETF 4.0 50 -31 -17.0 -28.4
VIDI Vident International Equity Fund 4.0 61 -42 14.5 +3.1
CHNA Loncar China BioPharma ETF 3.9 79 -60 1.5 -9.9
LEGR First Trust Indxx Innovative Transaction & Process ETF 3.9 65 -46 11.9 +0.5
ACWV iShares MSCI Global Min Vol Factor ETF 3.9 20 -1 7.1 -4.4
GTEK Goldman Sachs Future Tech Leaders Equity ETF 3.8 75 -56 4.5 -7.0
CARZ First Trust NASDAQ Global Auto Index Fund 3.7 70 -51 6.9 -4.6
IBUY Amplify Online Retail ETF 3.7 65 -46 0.0 -11.5
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 3.7 65 -46 7.1 -4.4
EELV Invesco S&P Emerging Markets Low Volatility ETF 3.6 29 -10 10.7 -0.8
ERTH Invesco MSCI Sustainable Future ETF 3.6 55 -36 4.1 -7.4
GENY Principal Millennials Index ETF 3.6 45 -26 5.2 -6.2
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 3.5 30 -11 8.1 -3.4
CLNR IQ Cleaner Transport ETF 3.5 45 -26 8.6 -2.8
IQDF FlexShares International Quality Dividend Index Fund 3.5 47 -28 12.5 +1.1
CHIM Global X MSCI China Materials ETF 3.5 66 -47 14.6 +3.1
CRBN iShares MSCI ACWI Low Carbon Target ETF 3.4 20 -1 7.5 -4.0
CGXU Capital Group International Focus Equity ETF 3.4 54 -35 5.8 -5.7
TTAI TrimTabs All Cap International Free-Cash-Flow ETF 3.4 61 -42 9.2 -2.3
EEMO Invesco S&P Emerging Markets Momentum ETF 3.4 31 -12 9.1 -2.4
SDEM Global X MSCI SuperDividend Emerging Markets ETF 3.3 67 -48 21.8 +10.4
RBIN Nationwide Risk-Based International Equity ETF 3.2 42 -23 0.0 -11.5
ACWI iShares MSCI ACWI ETF 3.2 32 -13 7.2 -4.3
VT Vanguard Total World Stock ETF 3.0 7 12 7.4 -4.0
PIE Invesco DWA Emerging Markets Momentum ETF 3.0 90 -71 10.3 -1.2
GINN Goldman Sachs ETF Trust Goldman Sachs Innovate Equity ETF 3.0 50 -31 3.8 -7.7
CHIR Global X MSCI China Real Estate ETF 2.9 66 -47 26.2 +14.7
KFYP KraneShares CICC China Leaders 100 Index ETF 2.9 70 -51 16.8 +5.4
GCLN Goldman Sachs Bloomberg Clean Energy Equity ETF 2.9 45 -26 3.5 -8.0
MRAD SmartETFs Advertising & Marketing Technology ETF 2.9 68 -49 4.6 -6.9
QINT American Century Quality Diversified International ETF 2.9 39 -20 11.0 -0.5
TRFM AAM Transformers ETF 2.8 49 -30 0.0 -11.5
KFVG KraneShares CICC China 5G & Semiconductor Index ETF 2.8 65 -46 5.5 -6.0
ARVR First Trust Indxx Metaverse ETF 2.8 70 -51 6.3 -5.2
IDRV iShares Self-driving EV & Tech ETF 2.8 47 -28 8.6 -2.9
FDRV Fidelity Electric Vehicles and Future Transportation ETF 2.8 39 -20 -1.2 -12.7
IPOS Renaissance International IPO ETF 2.8 80 -61 -4.1 -15.6
DGT SPDR Global Dow ETF 2.7 50 -31 9.2 -2.3
DTOX Amplify Cleaner Living ETF 2.7 59 -40 -0.9 -12.4
XT iShares Exponential Technologies ETF 2.7 46 -27 4.9 -6.6
CHIU Global X MSCI China Utilities ETF 2.7 67 -48 11.3 -0.1
HAIL SPDR S&P Kensho Smart Mobility ETF 2.6 45 -26 -1.2 -12.6
SCHY Schwab International Dividend Equity ETF 2.6 14 5 10.5 -1.0
CHB Global X MSCI China Biotech Innovation ETF 2.6 67 -48 3.2 -8.3
ECOW Pacer Emerging Markets Cash Cows 100 ETF 2.6 70 -51 19.4 +8.0
PBD Invesco Global Clean Energy ETF 2.5 75 -56 -2.2 -13.7
CHIE Global X MSCI China Energy ETF 2.5 67 -48 11.3 -0.1
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 2.5 12 7 6.9 -4.6
DEW WisdomTree Global High Dividend Fund 2.5 58 -39 10.3 -1.1
LIT Global X Lithium & Battery Tech ETF 2.5 75 -56 3.6 -7.9
CNXT VanEck ChiNext ETF 2.5 65 -46 3.0 -8.4
VNQI Vanguard Global ex-U.S. Real Estate ETF 2.5 12 7 11.5 +0.0
BKES BNY Mellon Sustainable Global Emerging Markets ETF 2.5 11 8 5.4 -6.1
IXG iShares Global Financials ETF 2.5 43 -24 10.9 -0.6
DRIV Global X Autonomous & Electric Vehicles ETF 2.4 68 -49 5.6 -5.9
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 2.3 58 -39 8.6 -2.9
JSTC Adasina Social Justice All Cap Global ETF 2.3 89 -70 7.1 -4.4
SPGM SPDR Portfolio MSCI Global Stock Market ETF 2.3 9 10 7.0 -4.4
MVPS Amplify Thematic All-Stars ETF 2.3 49 -30 2.6 -8.9
IQDE FlexShares International Quality Dividend Defensive Index ET 2.2 47 -28 12.4 +0.9
IPO Renaissance IPO ETF 2.1 60 -41 -3.5 -14.9
EYLD Cambria Emerging Shareholder Yield ETF 2.0 65 -46 16.8 +5.3
DWX SPDR S&P International Dividend ETF 1.9 45 -26 10.2 -1.3
WTAI WisdomTree Artificial Intelligence and Innovation Fund 1.9 45 -26 2.6 -8.9
SPRX Spear Alpha ETF 1.9 75 -56 2.1 -9.4
QCLN First Trust Nasdaq Clean Edge Green Energy Index Fund 1.9 58 -39 -1.2 -12.6
EMIF iShares Emerging Markets Infrastructure ETF 1.9 60 -41 6.4 -5.1
GLIF AGFiQ Global Infrastructure ETF 1.8 45 -26 5.6 -5.8
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 1.8 47 -28 5.4 -6.0
KOCG FIS Knights of Columbus Global Belief ETF 1.8 75 -56 8.7 -2.7
PLAT WisdomTree Modern Tech Platforms Fund 1.8 20 -1 -0.1 -11.6
GRES IQ Global Resources ETF 1.8 30 -11 9.6 -1.9
ENRG SoFi Smart Energy ETF 1.7 59 -40 -1.7 -13.1
BTEK BlackRock Future Tech ETF 1.7 88 -69 0.8 -10.6
EBIZ Global X E-Commerce ETF 1.7 50 -31 2.8 -8.7
BFIT Global X Health & Wellness ETF 1.6 50 -31 7.0 -4.4
DUSA Davis Select U.S. Equity ETF 1.6 61 -42 10.0 -1.4
CGGO Capital Group Global Growth Equity ETF 1.6 47 -28 5.2 -6.3
BKIS BNY Mellon Sustainable International Equity ETF 1.6 70 -51 6.9 -4.6
BLCN Siren ETF Trust Siren Nasdaq NexGen Economy ETF 1.5 68 -49 5.2 -6.2
HAUZ Xtrackers International Real Estate ETF 1.5 10 9 9.7 -1.8
BBAX JPMorgan BetaBuilders Developed Asia ex-Japan ETF 1.5 19 0 7.5 -3.9
PBW Invesco WilderHill Clean Energy ETF 1.5 61 -42 -8.1 -19.5
IGF iShares Global Infrastructure ETF 1.5 43 -24 4.6 -6.8
GII SPDR S&P Global Infrastructure ETF 1.5 40 -21 4.7 -6.8
EEMD AAM S&P Emerging Markets High Dividend Value ETF 1.5 49 -30 32.1 +20.6
SDIV Global X SuperDividend ETF 1.5 59 -40 28.6 +17.2
QQQJ Invesco NASDAQ Next Gen 100 ETF 1.4 15 4 4.8 -6.6
NXTG First Trust Indxx NextG ETF 1.4 70 -51 8.2 -3.2
QQJG Invesco ESG NASDAQ Next Gen 100 ETF 1.4 20 -1 5.9 -5.5
THNQ ROBO Global Artificial Intelligence ETF 1.4 68 -49 3.6 -7.9
METV Roundhill Ball Metaverse ETF 1.3 59 -40 5.7 -5.8
SFYF SoFi 50 ETF 1.3 29 -10 -2.5 -14.0
ICLN iShares Global Clean Energy ETF 1.2 42 -23 1.7 -9.7
ARKQ Ark Autonomous Tech. & Robotics ETF 1.2 75 -56 -3.1 -14.5
FILL iShares MSCI Global Energy Producers ETF 1.2 39 -20 8.5 -2.9
DIM WisdomTree International MidCap Dividend Fund 1.2 58 -39 10.2 -1.3
WBAT WisdomTree Battery Value Chain and Innovation Fund 1.2 45 -26 6.0 -5.5
HAP VanEck Natural Resources ETF 1.2 49 -30 8.7 -2.7
SUBZ Roundhill Streaming Services & Technology ETF 1.1 75 -56 0.0 -11.5
TEMP JPMorgan Climate Change Solutions ETF 1.1 49 -30 5.4 -6.1
ONLN ProShares Online Retail ETF 1.1 58 -39 -23.3 -34.8
DFNL Davis Select Financial ETF 1.0 62 -43 10.0 -1.4
RAYS Global X Solar ETF 1.0 50 -31 2.3 -9.1
PNQI Invesco NASDAQ Internet ETF 1.0 60 -41 3.5 -7.9
BLKC Invesco Alerian Galaxy Blockchain Users and Decentralized Co 1.0 60 -41 3.1 -8.4
LUXE Emles Luxury Goods ETF 1.0 60 -41 4.5 -7.0
CGV Conductor Global Equity Value ETF 1.0 128 -109 10.7 -0.7
GAMR ETFMG Video Game Tech ETF 0.9 75 -56 7.9 -3.5
WDIV SPDR Global Dividend ETF 0.9 40 -21 11.1 -0.4
FID First Trust S&P International Dividend Aristocrats ETF 0.9 60 -41 10.9 -0.6
GSFP Goldman Sachs Future Planet Equity ETF 0.9 75 -56 4.6 -6.9
PICK iShares MSCI Global Metals & Mining Producers ETF 0.9 39 -20 14.2 +2.7
MOTG VanEck Morningstar Global Wide Moat ETF 0.9 52 -33 7.8 -3.6
FTRI First Trust Indxx Global Natural Resources Income ETF 0.9 70 -51 19.6 +8.1
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.9 46 -27 9.1 -2.3
QQXT First Trust Nasdaq-100 Ex-Technology Sector Index Fund 0.9 60 -41 6.1 -5.3
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF 0.9 58 -39 5.1 -6.3
WWJD Inspire International ESG ETF 0.8 69 -50 8.0 -3.5
AWAY ETFMG Travel Tech ETF 0.8 75 -56 -5.8 -17.3
DTH WisdomTree International High Dividend Fund 0.8 58 -39 11.5 -0.0
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.8 40 -21 9.4 -2.1
JRNY ALPS Global Travel Beneficiaries ETF 0.8 65 -46 1.1 -10.4
JETS US Global Jets ETF 0.8 60 -41 -6.4 -17.9
FPAG FPA Global Equity ETF 0.8 49 -30 7.9 -3.6
DWM WisdomTree International Equity Fund 0.8 48 -29 9.9 -1.6
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.7 47 -28 6.8 -4.6
ERSX ERShares NextGen Entrepreneurs ETF 0.7 75 -56 7.5 -4.0
KOMP SPDR Kensho New Economies Composite ETF 0.7 20 -1 1.0 -10.5
GRNR Global X Green Building ETF 0.7 45 -26 10.7 -0.7
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 0.7 65 -46 3.0 -8.4
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund 0.7 57 -38 6.4 -5.0
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares 0.7 35 -16 6.6 -4.9
FEMS First Trust Emerging Markets Small Cap Alphadex Fund 0.7 80 -61 24.6 +13.1
FRNW Fidelity Clean Energy ETF 0.7 39 -20 2.0 -9.5
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.6 58 -39 14.3 +2.9
MOO VanEck Agribusiness ETF 0.6 52 -33 7.5 -4.0
APXH Apex Healthcare ETF 0.6 90 -71 9.8 -1.7
GURU Global X Guru Index ETF 0.6 75 -56 2.7 -8.8
DTEC ALPS Disruptive Technologies ETF 0.6 50 -31 4.5 -6.9
VCLN Virtus Duff & Phelps Clean Energy ETF 0.6 59 -40 0.0 -11.5
MVP Roundhill Pro Sports Media & Apparel ETF 0.6 75 -56 0.0 -11.5
SOLR SmartETFs Sustainable Energy II Fund 0.6 79 -60 4.4 -7.1
EDOG ALPS Emerging Sector Dividend Dogs ETF 0.6 60 -41 13.6 +2.1
MOTO SmartETFs Smart Transportation & Technology ETF 0.6 68 -49 8.5 -3.0
CTEC Global X CleanTech ETF 0.6 50 -31 1.4 -10.1
ECNS iShares MSCI China Small-Cap ETF 0.5 59 -40 14.8 +3.3
SHPP Pacer Industrials and Logistics ETF 0.5 60 -41 10.8 -0.6
TRYP SonicShares Airlines, Hotels, Cruise Lines ETF 0.5 75 -56 0.0 -11.5
VEGI iShares MSCI Global Agriculture Producers ETF 0.5 39 -20 7.3 -4.2
HHH ETFMG Real Estate Tech ETF 0.5 75 -56 0.0 -11.5
BMED BlackRock Future Health ETF 0.5 85 -66 2.3 -9.2
CRUZ Defiance Hotel Airline and Cruise ETF 0.5 45 -26 -5.5 -17.0
FBCG Fidelity Blue Chip Growth ETF 0.5 59 -40 3.1 -8.4
IDNA iShares Genomics Immunology & Healthcare ETF 0.5 47 -28 -8.9 -20.4
SATO Invesco Alerian Galaxy Crypto Economy ETF 0.4 60 -41 -23.0 -34.4
FDHT Fidelity Digital Health ETF 0.4 39 -20 0.3 -11.2
EDOC Global X Telemedicine & Digital Health ETF 0.4 68 -49 -2.9 -14.4
IXJ iShares Global Healthcare ETF 0.4 43 -24 7.5 -3.9
JIDA JPMorgan ActiveBuilders International Equity ETF 0.4 25 -6 9.2 -2.3
RING iShares MSCI Global Gold Miners ETF 0.4 39 -20 8.2 -3.3
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.4 68 -49 7.8 -3.7
KSTR KraneShares SSE STAR Market 50 Index ETF 0.4 88 -69 3.1 -8.4
HOTL Kelly Hotel & Lodging Sector ETF 0.4 78 -59 3.5 -8.0
SPQQ Siren Large Cap Blend Index ETF 0.4 20 -1 0.0 -11.5
BLES Inspire Global Hope Large Cap ETF 0.4 49 -30 7.1 -4.4
COPX Global X Copper Miners ETF 0.4 65 -46 9.3 -2.2
TAN Invesco Solar ETF 0.4 69 -50 1.6 -9.9
GDX VanEck Gold Miners ETF 0.4 51 -32 6.4 -5.1
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure Inde 0.4 63 -44 4.8 -6.7
DMAT Global X Disruptive Materials ETF 0.4 59 -40 8.7 -2.8
GSID Goldman Sachs MarketBeta International Equity ETF 0.4 20 -1 8.5 -3.0
ONEQ Fidelity Nasdaq Composite Index Tracking Stock 0.3 21 -2 4.7 -6.8
WNDY Global X Wind Energy ETF 0.3 50 -31 3.6 -7.9
IQSI IQ Candriam ESG International Equity ETF 0.3 15 4 8.3 -3.2
FAN First Trust Global Wind Energy ETF 0.3 62 -43 4.4 -7.0
RFDI First Trust Riverfront Dynamic Developed International ETF 0.3 83 -64 11.9 +0.4
BOAT SonicShares Global Shipping ETF 0.3 69 -50 22.9 +11.5
EWX SPDR S&P Emerging Markets Small Cap ETF 0.3 65 -46 9.0 -2.4
DOL WisdomTree International LargeCap Dividend Fund 0.3 48 -29 9.7 -1.8
VPN Global X Data Center REITs & Digital Infrastructure ETF 0.3 50 -31 7.0 -4.4
BYTE Roundhill IO Digital Infrastructure ETF 0.3 76 -57 4.9 -6.5
WTRE WisdomTree New Economy Real Estate Fund 0.3 58 -39 4.5 -7.0
DRW WisdomTree Global ex-US Real Estate Fund 0.3 58 -39 4.5 -7.0
FYLD Cambria Foreign Shareholder Yield ETF 0.3 59 -40 14.9 +3.4
FCLD Fidelity Cloud Computing ETF 0.3 39 -20 5.4 -6.1
EDUT Global X Education ETF 0.3 50 -31 1.6 -9.9
HTEC ROBO Global Healthcare Technology & Innovation ETF 0.3 68 -49 -0.6 -12.0
CRIT Optica Rare Earths & Critical Materials ETF Optica Rare Eart 0.3 85 -66 6.5 -5.0
XITK SPDR FactSet Innovative Technology ETF 0.3 45 -26 -3.9 -15.4
EBLU Ecofin Global Water ESG Fund 0.3 40 -21 5.2 -6.3
IDOG ALPS International Sector Dividend Dogs ETF 0.2 50 -31 11.8 +0.4
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 0.2 80 -61 13.5 +2.1
FDT First Trust Developed Markets ex-US Alphadex Fund 0.2 80 -61 12.8 +1.3
RNRG Global X Renewable Energy Producers ETF 0.2 65 -46 2.9 -8.6
SEA U.S. Global Sea to Sky Cargo ETF 0.2 60 -41 32.3 +20.8
SUPL ProShares Supply Chain Logistics ETF 0.2 58 -39 17.4 +6.0
AQWA Global X Clean Water ETF 0.2 50 -31 5.2 -6.3
AIIQ AI Powered International Equity ETF 0.2 79 -60 0.0 -11.5
IDHQ Invesco S&P International Developed Quality ETF 0.2 29 -10 7.8 -3.7
QRMI Global X NASDAQ 100 Risk Managed Income ETF 0.2 60 -41 5.6 -5.9
QCLR Global X NASDAQ 100 Collar 95-110 ETF 0.2 60 -41 5.5 -6.0
BKIE BNY Mellon International Equity ETF 0.2 4 15 8.8 -2.7
PIO Invesco Global Water ETF 0.2 75 -56 5.6 -5.8
CGW Invesco S&P Global Water Index ETF 0.2 57 -38 5.4 -6.1
QYLD Global X NASDAQ 100 Covered Call ETF 0.2 60 -41 6.1 -5.4
MDEV First Trust Indxx Medical Devices ETF 0.2 70 -51 4.3 -7.2
QYLG Global X Nasdaq 100 Covered Call & Growth ETF 0.2 60 -41 6.1 -5.4
GBGR Global Beta Momentum-Growth ETF 0.2 29 -10 0.9 -10.6
QTR Global X NASDAQ 100 Tail Risk ETF 0.2 60 -41 6.0 -5.5
CGUS Capital Group Core Equity ETF 0.2 33 -14 7.1 -4.3
DLS WisdomTree International SmallCap Dividend Fund 0.2 58 -39 11.2 -0.2
DDLS WisdomTree Dynamic Currency Hedged International SmallCap Eq 0.2 38 -19 10.7 -0.8
IXN iShares Global Tech ETF 0.2 43 -24 6.6 -4.8
QQQM Invesco NASDAQ 100 ETF 0.2 15 4 6.8 -4.7
QQQ Invesco QQQ Trust 0.2 20 -1 6.5 -4.9
NUSI Nationwide Risk-Managed Income ETF 0.2 68 -49 5.2 -6.2
GNOM Global X Genomics & Biotechnology ETF 0.2 50 -31 -8.2 -19.6
ROBO Robo Global Robotics & Automation Index ETF 0.1 95 -76 4.2 -7.3
IBB iShares NASDAQ Biotechnology ETF 0.1 45 -26 -0.3 -11.8
IBBQ Invesco Nasdaq Biotechnology ETF 0.1 19 0 -0.5 -12.0
SBIO ALPS Medical Breakthroughs ETF 0.1 50 -31 -4.6 -16.1
GERM ETFMG Treatments Testing and Advancements ETF 0.1 68 -49 -15.6 -27.1
IBBJ Defiance Nasdaq Junior Biotechnology ETF 0.1 45 -26 0.0 -11.5
ARKX ARK Space Exploration & Innovation ETF 0.1 75 -56 3.1 -8.4
FTQI First Trust Nasdaq BuyWrite Income ETF 0.1 85 -66 4.6 -6.9
TDIV First Trust NASDAQ Technology Dividend Index Fund 0.1 50 -31 9.8 -1.7
CZA Invesco Zacks Mid-Cap ETF 0.1 69 -50 7.7 -3.8
FINX Global X FinTech Thematic ETF 0.1 68 -49 6.6 -4.8
AGNG Global X Aging Population ETF 0.1 50 -31 4.3 -7.2
SDGA Impact Shares Sustainable Development Goals Global ETF 0.1 75 -56 8.0 -3.5
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.1 39 -20 9.3 -2.1
NLR VanEck Uranium+Nuclear Energy ETF 0.1 60 -41 3.6 -7.9
URA Global X Uranium ETF 0.1 69 -50 3.0 -8.5
FDWM Fidelity Women's Leadership ETF 0.1 59 -40 7.0 -4.4
BBP BioShares Biotechnology Products Fund 0.1 79 -60 -3.2 -14.7
ISCF iShares Edge MSCI Multifactor Intl Small-Cap ETF 0.1 40 -21 10.7 -0.8
AVDV Avantis International Small Cap Value ETF 0.1 36 -17 9.6 -1.8
PDEV Principal International Multi-Factor Core Index ETF 0.1 25 -6 0.0 -11.5
RNDM First Trust Developed International Equity Select ETF 0.1 65 -46 8.1 -3.4
IQDG WisdomTree International Quality Dividend Growth Fund 0.1 42 -23 8.7 -2.8
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.1 58 -39 8.0 -3.5
QQMG Invesco ESG NASDAQ 100 ETF 0.1 20 -1 7.1 -4.4
AFK VanEck Africa Index ETF 0.1 77 -58 10.3 -1.2
CUT Invesco MSCI Global Timber ETF 0.1 61 -42 10.4 -1.1
REMX VanEck Rare Earth/Strategic Metals ETF 0.1 53 -34 4.5 -7.0
FEMA Procure Disaster Recovery Strategy ETF 0.1 75 -56 6.4 -5.0
SCZ iShares MSCI EAFE Small-Cap ETF 0.1 40 -21 7.0 -4.5
RODM Hartford Multifactor Developed Markets (ex-US) ETF 0.1 29 -10 10.7 -0.8
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 0.1 35 -16 8.0 -3.5
INTF iShares Edge MSCI Multifactor Intl ETF 0.1 15 4 9.8 -1.6
PSP Invesco Global Listed Private Equity ETF 0.1 144 -125 13.1 +1.6
PGAL Global X FTSE Portugal 20 ETF 0.1 58 -39 5.6 -5.8
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.1 39 -20 9.1 -2.4
GNR SPDR S&P Global Natural Resources ETF 0.1 40 -21 10.2 -1.3
IQIN IQ 500 International ETF 0.1 25 -6 9.6 -1.9
IDAT iShares Cloud 5G and Tech ETF 0.1 47 -28 7.6 -3.8
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.1 49 -30 6.6 -4.9
SPDW SPDR Portfolio Developed World ex-US ETF 0.1 4 15 8.3 -3.1
OCEN IQ Clean Oceans ETF 0.1 45 -26 8.2 -3.2
BECO BlackRock Future Climate and Sustainable Economy ETF 0.1 70 -51 6.0 -5.5
NIFE Direxion Fallen Knives ETF 0.1 50 -31 -5.7 -17.2
GDXJ VanEck Junior Gold Miners ETF 0.0 52 -33 7.0 -4.5
AVDE Avantis International Equity ETF 0.0 23 -4 9.8 -1.7
HART IQ Healthy Hearts ETF 0.0 45 -26 6.2 -5.3
GMET VanEck Green Metals ETF 0.0 59 -40 10.3 -1.2
IPAC iShares Core MSCI Pacific ETF 0.0 9 10 7.8 -3.7
AVIV Avantis International Large Cap Value ETF 0.0 25 -6 12.5 +1.0
GQRE FlexShares Global Quality Real Estate Index Fund 0.0 45 -26 7.5 -4.0
BBC Virtus LifeSci Biotech Clinical Trials ETF 0.0 79 -60 0.0 -11.5
CNCR Loncar Cancer Immunotherapy ETF 0.0 79 -60 -7.9 -19.4
GBLD Invesco MSCI Green Building ETF 0.0 39 -20 9.5 -2.0
IEFA iShares Core MSCI EAFE ETF 0.0 7 12 8.3 -3.1
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.0 7 12 7.2 -4.2
WKLY SoFi Weekly Dividend ETF 0.0 49 -30 9.3 -2.1
IVES Wedbush ETFMG Global Cloud Technology ETF 0.0 68 -49 4.4 -7.1
CLOU Global X Cloud Computing ETF 0.0 68 -49 2.2 -9.3
IDEV iShares Core MSCI International Developed Markets ETF 0.0 4 15 8.4 -3.0
KROP Global X AgTech & Food Innovation ETF 0.0 50 -31 0.8 -10.7
WFH Direxion Work From Home ETF 0.0 45 -26 6.0 -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

  2017 2018 2019 2020 2021 2022E 2023E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
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
  2021 2022E 2023E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Franklin FTSE China 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 11.0 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 19 bp
Equals: ALTAR Score 11.5 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.27 CATEGORY
AVERAGE		 1.39
 
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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.