ETF Research Center

Franklin FTSE South Korea ETF

ALTAR
Score™

11.2%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	8.7x	P/Sales ratio	0.7x
P/BV ratio	0.7x	Div. yield	2.3%

Description
Performance
Comps
Fundamentals
Valuation
Rating

FLKR tracks a market-cap-weighted index of large- and midcap South Korean companies. lf

FUND BASICS
Category	International Equities
Fund Sponsor	Franklin Templeton
Website	www.libertyshares.com
Inception date	Nov 02, 2017
Assets (mns)	$119
Currency	USD
Expense ratio	9 bp
Distributions	Semi-annual

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	163
Wgt avg mkt cap (mns)	$69,724
Large cap (>$10bn)	69.9%
Mid cap ($2-10bn)	25.3%
Small cap (<$2bn)	4.8%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	45.6 %
SAMSUNG ELECTRONICS CO LTD	16.1 %
HYNIX SEMICONDUCTOR INC	9.9 %
NHN CORP	2.8 %
CELLTRION INC	2.7 %
HYUNDAI MOTOR CO	2.6 %
KB FINANCIAL GROUP INC	2.4 %
SAMSUNG ELECTRONICS-PFD	2.4 %
KIA MOTORS CORPORATION	2.3 %
POSCO	2.3 %
SAMSUNG TECHWIN CO LTD	2.2 %

TOP COUNTRY EXPOSURE
	SOUTH KOREA	93.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
7.3%	-11.9%	2.6%	--	-1.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.30	66%
MSCI EAFE	1.37	75%
MSCI Emg. Mkts.	1.33	71%

Technical Indicators
Recent close	$18.61
30d moving avg.	$19.21
Annualized volatility	27.4%
Short interest (ETF)	0.3%
Relative strength (RSI)	47

Liquidity measures
Avg. volume (thou.)	23
Turnover	0.4%
Bid/Ask (% of price)	0.28%
ADV underlying (mns)	$3,710

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 236 potential alternatives to the Franklin FTSE South Korea ETF ETF based on the alternatives' overlap in portfolio holdings with FLKR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FLKR

Expense:

9 bp

ALTAR Score™:

11.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FLKR
Ticker	Fund Name	Overlap¹ vs FLKR (%)	Expense ratio (bp)	Savings vs FLKR (bp)	ALTAR Score™ (%)	ALTAR vs FLKR (%)
EWY	iShares MSCI South Korea ETF	83.2	58	-49	10.5	-0.7
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	25.0	80	-71	9.7	-1.5
FTHF	First Trust Emerging Markets Human Flourishing ETF	17.9	75	-66	9.8	-1.4
FRDM	Freedom 100 Emerging Markets ETF	15.9	49	-40	9.1	-2.1
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	15.9	24	-15	8.3	-2.9
AIA	iShares Asia 50 ETF	14.1	50	-41	14.7	+3.5
STXE	Strive Emerging Markets Ex-China ETF	13.3	32	-23	8.2	-3.0
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	13.2	75	-66	10.3	-0.9
EMXC	iShares MSCI Emerging Markets ex China ETF	12.7	25	-16	8.0	-3.2
XCEM	Columbia EM Core ex-China ETF	11.5	16	-7	8.5	-2.7
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	11.2	88	-79	10.3	-0.9
XC	WisdomTree Emerging Markets Ex-China Fund	11.1	32	-23	5.5	-5.7
EEMA	iShares MSCI Emerging Markets Asia ETF	10.8	49	-40	10.7	-0.5
JHEM	John Hancock Multifactor Emerging Markets ETF	10.1	49	-40	10.5	-0.7
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	10.0	33	-24	10.6	-0.6
AAXJ	iShares MSCI All Country Asia ex Japan ETF	9.9	70	-61	9.8	-1.4
FLAX	Franklin FTSE Asia Ex Japan ETF	9.7	19	-10	10.8	-0.4
EMGF	iShares Emerging Markets Equity Factor ETF	9.6	25	-16	12.4	+1.2
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	9.4	50	-41	11.6	+0.4
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	9.3	15	-6	8.6	-2.6
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	9.2	30	-21	10.6	-0.6
VPL	Vanguard FTSE Pacific ETF	9.2	8	1	7.7	-3.5
ESGE	iShares ESG Aware MSCI EM ETF	9.1	25	-16	10.7	-0.5
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	9.1	32	-23	9.6	-1.6
EVLU	iShares MSCI Emerging Markets Value Factor ETF	9.0	35	-26	21.6	+10.4
ECON	Columbia Emerging Markets Consumer ETF	8.8	49	-40	12.9	+1.8
BKEM	BNY Mellon Emerging Markets Equity ETF	8.7	11	-2	11.8	+0.6
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	8.7	32	-23	7.0	-4.2
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	8.7	45	-36	11.0	-0.2
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	8.7	36	-27	11.2	-0.0
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	8.6	60	-51	13.3	+2.1
EEM	iShares MSCI Emerging Markets ETF	8.5	69	-60	10.7	-0.5
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	8.3	15	-6	10.8	-0.4
FMET	Fidelity Metaverse ETF	8.2	39	-30	5.1	-6.1
NUEM	Nuveen ESG Emerging Markets Equity ETF	8.2	36	-27	8.1	-3.1
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	8.1	66	-57	10.2	-1.0
ROAM	Hartford Multifactor Emerging Markets ETF	8.1	44	-35	11.3	+0.1
CARZ	First Trust NASDAQ Global Auto Index Fund	8.0	70	-61	6.0	-5.2
IEMG	iShares Core MSCI Emerging Markets ETF	7.9	9	0	10.9	-0.3
JPIN	J.P. Morgan Diversified Return International Equity ETF	7.7	37	-28	8.9	-2.3
AVES	Avantis Emerging Markets Value ETF	7.7	36	-27	12.2	+1.0
FDEM	Fidelity Emerging Markets Multifactor ETF	7.6	25	-16	13.5	+2.3
DFEV	Dimensional Emerging Markets Value ETF	7.4	43	-34	14.5	+3.3
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	7.2	80	-71	10.0	-1.2
DFAE	Dimensional Emerging Core Equity Market ETF	7.2	35	-26	10.2	-1.0
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	7.0	59	-50	13.7	+2.5
DEHP	Dimensional Emerging Markets High Profitability ETF	6.9	41	-32	6.5	-4.7
EYLD	Cambria Emerging Shareholder Yield ETF	6.9	66	-57	13.1	+1.9
EEMO	Invesco S&P Emerging Markets Momentum ETF	6.8	29	-20	6.2	-5.0
UIVM	VictoryShares International Value Momentum ETF	6.5	35	-26	9.5	-1.7
AVEM	Avantis Emerging Markets Equity ETF	6.4	33	-24	9.7	-1.5
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	6.4	38	-29	9.9	-1.3
EMM	Global X Emerging Markets ex-China ETF	6.4	75	-66	5.0	-6.2
LOUP	Innovator Deepwater Frontier Tech ETF	6.4	70	-61	1.8	-9.4
EMXF	iShares ESG Advanced MSCI EM ETF	6.3	16	-7	8.4	-2.8
IMFL	Invesco International Developed Dynamic Multifactor ETF	6.3	34	-25	6.2	-5.0
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	6.2	41	-32	9.4	-1.8
PATN	Pacer Nasdaq International Patent Leaders ETF	6.1	65	-56	4.0	-7.2
AIS	VistaShares Artificial Intelligence Supercycle ETF	5.9	75	-66	4.6	-6.6
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	5.8	30	-21	9.3	-1.9
FGD	First Trust Dow Jones Global Select Dividend Index Fund	5.7	56	-47	12.6	+1.4
WTAI	WisdomTree Artificial Intelligence and Innovation Fund	5.6	45	-36	3.5	-7.7
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	5.6	20	-11	11.3	+0.1
MEM	Matthews Emerging Markets Equity Active ETF	5.6	79	-70	8.5	-2.7
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	5.5	49	-40	7.3	-3.9
LDEM	iShares ESG MSCI EM Leaders ETF	5.5	17	-8	12.9	+1.7
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	5.3	65	-56	12.2	+1.0
MINV	Matthews Asia Innovators Active ETF	5.3	79	-70	7.7	-3.5
AIVC	Amplify Bloomberg AI Value Chain ETF	5.3	59	-50	8.6	-2.6
IVES	Wedbush ETFMG Global Cloud Technology ETF	5.1	68	-59	9.3	-1.9
IDRV	iShares Self-driving EV & Tech ETF	5.0	47	-38	2.5	-8.7
EMMF	WisdomTree Emerging Markets Multifactor Fund	5.0	48	-39	7.8	-3.4
FNDF	Schwab Fundamental International Large Co. Index ETF	4.9	25	-16	10.1	-1.1
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	4.9	86	-77	0.4	-10.8
VIDI	Vident International Equity Strategy ETF	4.8	61	-52	12.0	+0.8
DRIV	Global X Autonomous & Electric Vehicles ETF	4.8	68	-59	6.8	-4.4
EV	Mast Global Battery Recycling & Production ETF	4.8	65	-56	11.6	+0.4
METV	Roundhill Ball Metaverse ETF	4.7	59	-50	8.3	-2.9
AIQ	Global X Artificial Intelligence & Technology ETF	4.6	68	-59	4.7	-6.5
WRND	IQ Global Equity R&D Leaders ETF	4.5	18	-9	7.9	-3.3
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	4.5	58	-49	10.1	-1.1
DINT	Davis Select International ETF	4.4	55	-46	8.3	-2.9
MOTO	SmartETFs Smart Transportation & Technology ETF	4.3	68	-59	7.8	-3.4
KPOP	KPOP and Korean Entertainment ETF	4.2	75	-66	1.2	-10.0
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	4.2	95	-86	13.1	+1.9
SOCL	Global X Social Media ETF	4.2	65	-56	12.9	+1.7
DSTX	Distillate International Fundamental Stability & Value ETF	4.1	55	-46	8.4	-2.8
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	4.0	40	-31	5.6	-5.6
HFXI	IQ FTSE International Equity Currency Neutral ETF	4.0	20	-11	7.4	-3.8
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	4.0	86	-77	13.7	+2.5
FNDC	Schwab Fundamental International Small Co. Index ETF	3.8	39	-30	6.3	-4.9
KNCT	Invesco Next Gen Connectivity ETF	3.7	40	-31	5.1	-6.1
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	3.7	80	-71	11.8	+0.6
EEMS	iShares MSCI Emerging Markets Small Cap ETF	3.7	70	-61	7.8	-3.4
IBAT	iShares Energy Storage & Materials ETF	3.7	47	-38	5.3	-5.9
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	3.6	24	-15	6.4	-4.8
CHAT	Roundhill Generative AI & Technology ETF	3.6	75	-66	14.8	+3.6
COPY	Tweedy, Browne Insider + Value ETF	3.6	80	-71	12.6	+1.4
DEM	WisdomTree Emerging Markets High Dividend Fund	3.6	63	-54	13.6	+2.4
KARS	KraneShares Electric Vehicles & Future Mobility Index ETF	3.5	72	-63	-1.2	-12.4
DWLD	Davis Select Worldwide ETF	3.5	63	-54	8.5	-2.7
RODE	Hartford Multifactor Diversified International ETF	3.5	29	-20	9.9	-1.3
IPAV	Global X Infrastructure Development ex-U.S. ETF	3.3	55	-46	4.5	-6.7
SCHF	Schwab International Equity ETF	3.3	6	3	7.7	-3.5
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	3.3	25	-16	6.5	-4.7
UMMA	Wahed Dow Jones Islamic World ETF	3.2	65	-56	5.3	-5.9
IDV	iShares International Select Dividend ETF	3.2	51	-42	11.6	+0.4
VEA	Vanguard FTSE Developed Markets ETF	3.1	5	4	7.6	-3.6
LIT	Global X Lithium & Battery Tech ETF	3.1	75	-66	5.9	-5.3
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	3.0	45	-36	9.3	-1.9
BATT	Amplify Lithium & Battery Technology ETF	2.9	59	-50	3.8	-7.4
FDNI	First Trust Dow Jones International Internet ETF	2.9	65	-56	19.5	+8.3
CGXU	Capital Group International Focus Equity ETF	2.8	54	-45	5.9	-5.3
SHLD	Global X Defense Tech ETF	2.7	50	-41	3.8	-7.4
IGPT	Invesco AI and Next Gen Software ETF	2.7	60	-51	4.9	-6.3
PBD	Invesco Global Clean Energy ETF	2.6	75	-66	0.4	-10.8
TPIF	Timothy Plan International ETF	2.6	62	-53	6.5	-4.7
FDTX	Fidelity Disruptive Technology ETF	2.6	50	-41	3.0	-8.2
VSGX	Vanguard ESG International Stock ETF	2.6	12	-3	8.2	-3.0
ACWX	iShares MSCI ACWI ex U.S. ETF	2.6	34	-25	8.1	-3.1
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	2.5	18	-9	8.1	-3.1
AGNG	Global X Aging Population ETF	2.5	50	-41	4.2	-7.0
URA	Global X Uranium ETF	2.5	69	-60	3.5	-7.7
FDRV	Fidelity Electric Vehicles and Future Transportation ETF	2.5	39	-30	-1.1	-12.3
VEU	Vanguard FTSE All-World ex-US Index Fund	2.4	8	1	8.5	-2.7
SPDW	SPDR Portfolio Developed World ex-US ETF	2.4	3	6	7.5	-3.7
IXUS	iShares Core MSCI Total International Stock ETF	2.4	7	2	8.3	-2.9
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics ETF	2.4	65	-56	3.5	-7.7
AGQI	First Trust Active Global Quality Income ETF	2.4	85	-76	6.6	-4.6
WBAT	WisdomTree Battery Value Chain and Innovation Fund	2.3	45	-36	0.0	-11.2
VXUS	Vanguard Total International Stock ETF	2.3	7	2	8.3	-2.9
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	2.3	41	-32	7.1	-4.1
SOLR	Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund	2.2	79	-70	5.9	-5.3
CIL	VictoryShares International Volatility Wtd ETF	2.1	45	-36	7.0	-4.2
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	2.1	58	-49	5.5	-5.7
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	2.1	75	-66	3.5	-7.7
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	2.1	30	-21	8.6	-2.6
XT	iShares Exponential Technologies ETF	2.0	46	-37	5.5	-5.7
IPKW	Invesco International BuyBack Achievers ETF	2.0	55	-46	15.3	+4.1
IXN	iShares Global Tech ETF	2.0	41	-32	4.5	-6.7
IDHQ	Invesco S&P International Developed High Quality ETF	2.0	29	-20	6.7	-4.5
FDCF	Fidelity Disruptive Communications ETF	1.9	50	-41	3.3	-7.9
PICK	iShares MSCI Global Metals & Mining Producers ETF	1.9	39	-30	14.1	+2.9
DTCR	Global X Data Center & Digital Infrastructure ETF	1.9	50	-41	1.7	-9.5
CLNR	IQ Cleaner Transport ETF	1.9	45	-36	7.3	-3.9
CWI	SPDR MSCI ACWI ex-US ETF	1.8	30	-21	8.2	-3.0
HERO	Global X Video Games & Esports ETF	1.7	50	-41	4.6	-6.6
NERD	Roundhill Video Games ETF	1.7	50	-41	3.9	-7.3
GLOF	iShares Global Equity Factor ETF	1.7	20	-11	7.0	-4.2
HELX	Franklin Genomic Advancements ETF	1.7	50	-41	0.1	-11.1
NXTG	First Trust Indxx NextG ETF	1.7	70	-61	5.8	-5.4
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	1.7	80	-71	4.9	-6.3
FID	First Trust S&P International Dividend Aristocrats ETF	1.7	60	-51	9.1	-2.1
WWJD	Inspire International ETF	1.6	80	-71	7.6	-3.6
ISHP	First Trust Nasdaq Retail ETF	1.6	60	-51	5.5	-5.7
GCOW	Pacer Global Cash Cows Dividend ETF	1.6	60	-51	10.9	-0.3
WDIV	SPDR S&P Global Dividend ETF	1.6	40	-31	9.6	-1.6
RGEF	Rockefeller Global Equity ETF	1.6	55	-46	5.2	-6.0
FPAG	FPA Global Equity ETF	1.5	49	-40	6.3	-4.9
ESPO	VanEck Video Gaming and eSports ETF	1.5	56	-47	4.8	-6.4
ODDS	Pacer BlueStar Digital Entertainment ETF	1.5	60	-51	4.9	-6.3
GINN	Goldman Sachs Innovate Equity ETF	1.5	52	-43	4.4	-6.8
BLKC	Invesco Alerian Galaxy Blockchain Users and Decentralized Co	1.5	61	-52	1.4	-9.8
DWX	SPDR S&P International Dividend ETF	1.5	45	-36	6.6	-4.6
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	1.5	60	-51	8.0	-3.2
OND	ProShares On-Demand ETF	1.4	58	-49	1.5	-9.7
EELV	Invesco S&P Emerging Markets Low Volatility ETF	1.4	29	-20	8.7	-2.5
SMOG	VanEck Low Carbon Energy ETF	1.3	61	-52	1.5	-9.7
ERTH	Invesco MSCI Sustainable Future ETF	1.3	62	-53	2.5	-8.7
SDG	iShares MSCI Global Sustainable Development Goals ETF	1.3	49	-40	6.0	-5.2
SATO	Invesco Alerian Galaxy Crypto Economy ETF	1.3	61	-52	-1.1	-12.2
CRAK	VanEck Oil Refiners ETF	1.3	61	-52	15.4	+4.2
IVRS	iShares Future Metaverse Tech and Communications ETF	1.2	47	-38	2.8	-8.4
BNGE	First Trust S-Network Streaming and Gaming ETF	1.2	70	-61	3.6	-7.6
FPXI	First Trust International Equity Opportunities ETF	1.2	70	-61	3.9	-7.3
VYMI	Vanguard International High Dividend Yield ETF	1.2	22	-13	10.0	-1.2
GWX	SPDR S&P International Small Cap ETF	1.1	40	-31	6.7	-4.5
CTEC	Global X CleanTech ETF	1.1	50	-41	2.2	-9.0
SHPP	Pacer Industrials and Logistics ETF	1.1	60	-51	5.1	-6.1
MXI	iShares Global Materials ETF	1.0	41	-32	8.1	-3.1
EMC	Global X Emerging Markets Great Consumer ETF	1.0	75	-66	8.5	-2.7
BLES	Inspire Global Hope ETF	1.0	61	-52	6.9	-4.3
CGGO	Capital Group Global Growth Equity ETF	1.0	47	-38	5.0	-6.2
LEGR	First Trust Indxx Innovative Transaction & Process ETF	0.9	65	-56	8.6	-2.6
ACWI	iShares MSCI ACWI ETF	0.9	32	-23	6.1	-5.1
JIG	JPMorgan International Growth ETF	0.9	55	-46	4.8	-6.4
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.9	20	-11	6.3	-4.9
VT	Vanguard Total World Stock ETF	0.9	7	2	6.4	-4.8
OCEN	IQ Clean Oceans ETF	0.8	45	-36	5.7	-5.5
GGME	Invesco Next Gen Media and Gaming ETF	0.8	60	-51	5.0	-6.2
CGV	Conductor Global Equity Value ETF	0.8	130	-121	9.2	-2.0
JSTC	Adasina Social Justice All Cap Global ETF	0.7	89	-80	4.5	-6.7
RXI	iShares Global Consumer Discretionary ETF	0.7	41	-32	9.2	-2.0
CRUZ	Defiance Hotel Airline and Cruise ETF	0.7	45	-36	3.1	-8.1
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.7	12	-3	5.2	-6.0
IOO	iShares Global 100 ETF	0.6	41	-32	5.4	-5.8
BOAT	SonicShares Global Shipping ETF	0.6	69	-60	31.6	+20.4
SUPL	ProShares Supply Chain Logistics ETF	0.6	58	-49	5.4	-5.8
DEW	WisdomTree Global High Dividend Fund	0.6	58	-49	7.7	-3.5
IXP	iShares Global Comm Services ETF	0.5	42	-33	6.7	-4.5
SCHY	Schwab International Dividend Equity ETF	0.5	14	-5	9.8	-1.4
VIGI	Vanguard International Dividend Appreciation ETF	0.5	15	-6	6.2	-5.0
KLMT	Invesco MSCI Global Climate 500 ETF	0.5	10	-1	6.1	-5.1
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.5	9	0	6.0	-5.2
SIL	Global X Silver Miners ETF	0.5	65	-56	3.4	-7.8
TTAI	FCF International Quality ETF	0.4	59	-50	6.9	-4.3
AQWA	Global X Clean Water ETF	0.4	50	-41	5.0	-6.2
CGW	Invesco S&P Global Water Index ETF	0.4	57	-48	4.8	-6.4
PIO	Invesco Global Water ETF	0.4	75	-66	4.9	-6.3
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.4	42	-33	6.8	-4.4
TINT	ProShares Smart Materials ETF	0.4	58	-49	3.1	-8.1
FILL	iShares MSCI Global Energy Producers ETF	0.4	39	-30	11.4	+0.2
ILIT	iShares Lithium Miners and Producers ETF	0.4	47	-38	7.0	-4.2
CGGR	Capital Group Growth ETF	0.3	39	-30	3.7	-7.5
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	0.3	67	-58	13.3	+2.1
IXG	iShares Global Financials ETF	0.3	42	-33	8.1	-3.1
IBRN	iShares Neuroscience and Healthcare ETF	0.3	47	-38	-2.5	-13.7
IXJ	iShares Global Healthcare ETF	0.3	42	-33	6.6	-4.6
IGRO	iShares International Dividend Growth ETF	0.2	15	-6	7.3	-3.9
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.2	46	-37	10.4	-0.8
ICLN	iShares Global Clean Energy ETF	0.2	41	-32	6.4	-4.8
RAYS	Global X Solar ETF	0.2	51	-42	6.3	-4.9
ARTY	iShares Future AI & Tech ETF	0.2	47	-38	4.1	-7.1
DGT	SPDR Global Dow ETF	0.2	50	-41	8.1	-3.1
JGLO	JPMorgan Global Select Equity ETF	0.2	33	-24	5.1	-6.1
BJK	VanEck Gaming ETF	0.2	65	-56	3.9	-7.3
IQDF	FlexShares International Quality Dividend Index Fund	0.2	47	-38	9.5	-1.7
OZEM	Roundhill GLP-1 & Weight Loss ETF	0.2	59	-50	1.1	-10.1
THNR	Amplify Weight Loss Drug & Treatment ETF	0.2	59	-50	5.8	-5.4
EXI	iShares Global Industrials ETF	0.1	42	-33	4.9	-6.3
IDNA	iShares Genomics Immunology and Healthcare ETF	0.1	47	-38	-2.1	-13.3
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	0.1	47	-38	9.0	-2.2
ACWV	iShares MSCI Global Min Vol Factor ETF	0.1	20	-11	7.6	-3.6
FINX	Global X FinTech ETF	0.1	68	-59	2.6	-8.6
ARVR	First Trust Indxx Metaverse ETF	0.1	70	-61	5.9	-5.3
ZSB	USCF Sustainable Battery Metals Strategy Fund	0.0	61	-52	17.4	+6.2

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:	Franklin FTSE South Korea 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	7.6	%
Divided by: Fwd. P/BV	0.7	x
Less: Expense ratio	9	bp
Equals: ALTAR Score	11.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.44	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.