Franklin FTSE Taiwan ETF
ALTAR
Score™		 6.9% info Recommen-
dation		 UNDERWEIGHT
2025E    2026E
P/E
ratio		 15.5x P/Sales
ratio		 1.2x
P/BV
ratio		 2.1x Div.
yield		 3.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
FLTW tracks a market-cap-weighted index of large- and midcap Taiwanese companies.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Franklin Templeton
Website www.libertyshares.com
Inception date Nov 02, 2017
Assets (mns) $579
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 No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 131
Wgt avg mkt cap (mns) $153,588
Large cap (>$10bn) 65.4%
Mid cap ($2-10bn) 32.9%
Small cap (<$2bn) 1.8%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR MANUFAC 19.1 %
MEDIATEK INC 7.0 %
HON HAI PRECISION INDUSTRY 6.6 %
DELTA ELECTRONICS INC 2.6 %
FUBON FINANCIAL HOLDING CO 2.4 %
QUANTA COMPUTER INC 2.2 %
CHINATRUST FINANCIAL HOLDING 2.1 %
CATHAY FINANCIAL HOLDING CO 2.0 %
ADVANCED SEMICONDUCTOR ENGR 1.7 %
UNITED MICROELECTRONICS CORP 1.7 %
Total 47.4 %

TOP COUNTRY EXPOSURE
TAIWAN 98.3 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 30)
Year-to-date 1 year 5 years 10 years Since Incep.
1.2% 6.3% 15.3% -- 10.8%

Market Correlations
versus... Beta R-squared
S&P500 1.04 54%
MSCI EAFE 0.88 40%
MSCI Emg. Mkts. 1.09 61%

Technical Indicators
Recent close $47.85
30d moving avg. $46.14
Annualized volatility 23.9%
Short interest (ETF) 0.2%
Relative strength (RSI) 55

Liquidity measures
Avg. volume (thou.) 111
Turnover 0.9%
Bid/Ask (% of price) 0.10%
ADV underlying (mns) $4,165

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 188 potential alternatives to the Franklin FTSE Taiwan ETF ETF based on the alternatives' overlap in portfolio holdings with FLTW. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: FLTW Expense: 19 bp ALTAR Score™: 6.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FLTW
Ticker Fund
Name		 Overlap1
vs FLTW
(%)		 Expense
ratio
(bp)		 Savings
vs FLTW
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs FLTW
(%)
EWT iShares MSCI Taiwan ETF 86.0 58 -39 6.7 -0.2
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 30.1 24 -5 8.5 +1.6
XC WisdomTree Emerging Markets Ex-China Fund 29.0 32 -13 6.2 -0.8
AIA iShares Asia 50 ETF 28.6 50 -31 14.7 +7.8
XCEM Columbia EM Core ex-China ETF 28.4 16 3 8.4 +1.5
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 27.2 15 4 8.6 +1.7
EMXC iShares MSCI Emerging Markets ex China ETF 26.5 25 -6 8.0 +1.0
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 26.4 20 -1 10.8 +3.9
XCNY SPDR S&P Emerging Markets ex-China ETF 23.5 15 4 7.7 +0.7
EEMA iShares MSCI Emerging Markets Asia ETF 23.1 49 -30 10.9 +4.0
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 22.8 88 -69 9.8 +2.9
STXE Strive Emerging Markets Ex-China ETF 22.4 32 -13 8.0 +1.1
AAXJ iShares MSCI All Country Asia ex Japan ETF 21.0 70 -51 9.9 +3.0
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 20.8 32 -13 7.0 +0.0
FTHF First Trust Emerging Markets Human Flourishing ETF 20.7 75 -56 8.9 +2.0
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 20.3 32 -13 9.7 +2.8
ESGE iShares ESG Aware MSCI EM ETF 19.9 25 -6 10.7 +3.8
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 19.6 30 -11 10.9 +4.0
EEMO Invesco S&P Emerging Markets Momentum ETF 19.4 29 -10 6.8 -0.1
NUEM Nuveen ESG Emerging Markets Equity ETF 19.2 36 -17 8.2 +1.3
FLAX Franklin FTSE Asia Ex Japan ETF 19.2 19 0 10.0 +3.1
SCHE Schwab Emerging Markets Equity ETF 18.7 11 8 11.8 +4.9
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 18.4 33 -14 10.7 +3.7
EMXF iShares ESG Advanced MSCI EM ETF 18.3 16 3 8.6 +1.7
EEM iShares MSCI Emerging Markets ETF 18.2 69 -50 10.8 +3.9
ECON Columbia Emerging Markets Consumer ETF 18.2 49 -30 13.3 +6.3
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 18.1 50 -31 11.9 +5.0
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 17.9 15 4 10.9 +4.0
EMGF iShares Emerging Markets Equity Factor ETF 17.8 25 -6 12.3 +5.4
BKEM BNY Mellon Emerging Markets Equity ETF 17.7 11 8 10.6 +3.7
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 17.6 45 -26 11.1 +4.2
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 17.6 66 -47 10.5 +3.6
DEHP Dimensional Emerging Markets High Profitability ETF 17.6 41 -22 7.2 +0.3
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 17.5 36 -17 10.4 +3.5
PXH Invesco FTSE RAFI Emerging Markets ETF 17.5 49 -30 17.0 +10.1
JHEM John Hancock Multifactor Emerging Markets ETF 17.5 49 -30 10.7 +3.7
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 17.4 39 -20 17.2 +10.2
EVLU iShares MSCI Emerging Markets Value Factor ETF 17.2 35 -16 20.9 +14.0
VWO Vanguard FTSE Emerging Markets ETF 17.0 8 11 11.1 +4.2
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 16.7 30 -11 10.2 +3.3
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 16.7 95 -76 13.3 +6.4
SPEM SPDR Portfolio Emerging Markets ETF 16.7 7 12 11.0 +4.1
MEM Matthews Emerging Markets Equity Active ETF 16.6 79 -60 8.5 +1.6
IEMG iShares Core MSCI Emerging Markets ETF 16.2 9 10 11.0 +4.1
EMMF WisdomTree Emerging Markets Multifactor Fund 16.2 48 -29 8.1 +1.2
DFAE Dimensional Emerging Core Equity Market ETF 16.1 35 -16 10.2 +3.3
EMDM First Trust Bloomberg Emerging Market Democracies ETF 16.0 75 -56 10.3 +3.4
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 15.6 40 -21 7.3 +0.4
GMF SPDR S&P Emerging Asia Pacific ETF 14.9 49 -30 10.1 +3.2
FDEM Fidelity Emerging Markets Multifactor ETF 14.9 25 -6 13.6 +6.7
LDEM iShares ESG MSCI EM Leaders ETF 14.3 17 2 14.0 +7.1
ROAM Hartford Multifactor Emerging Markets ETF 14.1 44 -25 12.3 +5.3
AVES Avantis Emerging Markets Value ETF 13.6 36 -17 12.0 +5.0
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 13.5 41 -22 9.5 +2.6
MINV Matthews Asia Innovators Active ETF 13.0 79 -60 7.8 +0.9
EELV Invesco S&P Emerging Markets Low Volatility ETF 12.8 29 -10 8.6 +1.7
DFEV Dimensional Emerging Markets Value ETF 12.7 43 -24 14.1 +7.2
DFEM Dimensional Emerging Markets Core Equity 2 ETF 12.5 38 -19 10.0 +3.0
UEVM VictoryShares Emerging Markets Value Momentum ETF 12.3 45 -26 10.8 +3.9
PATN Pacer Nasdaq International Patent Leaders ETF 12.1 65 -46 6.6 -0.4
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 12.0 42 -23 6.8 -0.2
FRDM Freedom 100 Emerging Markets ETF 11.5 49 -30 8.9 +2.0
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 11.3 90 -71 8.1 +1.2
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 11.3 25 -6 6.5 -0.4
AVEM Avantis Emerging Markets Equity ETF 10.7 33 -14 9.5 +2.6
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 10.3 59 -40 12.3 +5.4
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 10.3 44 -25 10.9 +4.0
IWTR iShares MSCI Water Management Multisector ETF 9.9 47 -28 6.1 -0.9
ECOW Pacer Emerging Markets Cash Cows 100 ETF 9.7 70 -51 15.5 +8.6
RNEM First Trust Emerging Markets Equity Select ETF 9.5 75 -56 7.0 +0.1
KNCT Invesco Next Gen Connectivity ETF 9.5 40 -21 5.2 -1.7
IVES Wedbush ETFMG Global Cloud Technology ETF 9.3 68 -49 8.4 +1.4
AIVC Amplify Bloomberg AI Value Chain ETF 8.2 59 -40 6.8 -0.2
DEM WisdomTree Emerging Markets High Dividend Fund 8.0 63 -44 13.6 +6.7
NXTG First Trust Indxx NextG ETF 7.9 70 -51 5.6 -1.3
GTEK Goldman Sachs Future Tech Leaders Equity ETF 7.2 75 -56 3.3 -3.7
EMM Global X Emerging Markets ex-China ETF 7.0 75 -56 6.1 -0.9
FBOT Fidelity Disruptive Automation ETF 6.8 50 -31 3.9 -3.1
IQDF FlexShares International Quality Dividend Index Fund 6.4 47 -28 9.3 +2.4
VSGX Vanguard ESG International Stock ETF 6.3 12 7 8.0 +1.0
IQDY FlexShares International Quality Dividend Dynamic Index Fund 6.2 47 -28 8.5 +1.6
IXN iShares Global Tech ETF 6.0 41 -22 4.2 -2.7
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 5.8 60 -41 12.7 +5.8
RODE Hartford Multifactor Diversified International ETF 5.8 29 -10 11.0 +4.0
ADIV SmartETFs Asia Pacific Dividend Builder ETF 5.6 78 -59 9.8 +2.9
CLNR IQ Cleaner Transport ETF 5.5 45 -26 6.9 -0.0
ACWX iShares MSCI ACWI ex U.S. ETF 5.3 34 -15 7.9 +1.0
EDIV SPDR S&P Emerging Markets Dividend ETF 5.3 49 -30 11.9 +5.0
GXUS Goldman Sachs MarketBeta Total International Equity ETF 5.2 18 1 8.0 +1.1
AGQI First Trust Active Global Quality Income ETF 5.1 85 -66 4.9 -2.0
VEU Vanguard FTSE All-World ex-US Index Fund 5.0 8 11 8.3 +1.4
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 5.0 41 -22 7.8 +0.9
CHAT Roundhill Generative AI & Technology ETF 4.8 75 -56 7.0 +0.1
IXUS iShares Core MSCI Total International Stock ETF 4.8 7 12 8.1 +1.2
JIG JPMorgan International Growth ETF 4.7 55 -36 4.7 -2.2
FEM First Trust Emerging Markets AlphaDEX Fund 4.7 80 -61 12.0 +5.1
ACWV iShares MSCI Global Min Vol Factor ETF 4.7 20 -1 5.8 -1.1
VXUS Vanguard Total International Stock ETF 4.6 7 12 8.2 +1.3
EYLD Cambria Emerging Shareholder Yield ETF 4.4 66 -47 13.0 +6.1
EMC Global X Emerging Markets Great Consumer ETF 4.3 75 -56 8.4 +1.5
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 4.0 58 -39 9.9 +3.0
QTUM Defiance Quantum ETF 4.0 40 -21 6.6 -0.3
GGME Invesco Next Gen Media and Gaming ETF 3.9 60 -41 4.6 -2.3
VYMI Vanguard International High Dividend Yield ETF 3.9 22 -3 9.8 +2.9
OCEN IQ Clean Oceans ETF 3.9 45 -26 6.6 -0.3
AIS VistaShares Artificial Intelligence Supercycle ETF 3.8 75 -56 4.0 -2.9
XT iShares Exponential Technologies ETF 3.7 46 -27 5.7 -1.3
EEMS iShares MSCI Emerging Markets Small Cap ETF 3.5 70 -51 7.8 +0.9
DWX SPDR S&P International Dividend ETF 3.5 45 -26 6.1 -0.9
DFAX Dimensional World ex U.S. Core Equity 2 ETF 3.5 30 -11 8.3 +1.4
IDAT iShares Future Cloud 5G and Tech ETF 3.5 47 -28 5.2 -1.7
ROBO ROBO Global Robotics & Automation Index ETF 3.4 95 -76 3.9 -3.1
CGXU Capital Group International Focus Equity ETF 3.1 54 -35 5.8 -1.2
SNSR Global X Internet of Things ETF 3.1 68 -49 4.8 -2.2
OAIM OneAscent International Equity ETF 2.7 95 -76 6.1 -0.8
GSFP Goldman Sachs Future Planet Equity ETF 2.5 75 -56 4.7 -2.2
KLMT Invesco MSCI Global Climate 500 ETF 2.4 10 9 6.0 -0.9
VIDI Vident International Equity Strategy ETF 2.3 61 -42 11.2 +4.3
PBD Invesco Global Clean Energy ETF 2.3 75 -56 0.5 -6.4
ARTY iShares Future AI & Tech ETF 2.2 47 -28 3.7 -3.3
JSTC Adasina Social Justice All Cap Global ETF 2.1 89 -70 4.5 -2.4
DTCR Global X Data Center & Digital Infrastructure ETF 2.1 50 -31 4.7 -2.2
CRBN iShares MSCI ACWI Low Carbon Target ETF 2.1 20 -1 6.0 -0.9
DVYE iShares Emerging Markets Dividend ETF 2.1 49 -30 18.7 +11.7
MOTG VanEck Morningstar Global Wide Moat ETF 2.0 52 -33 6.8 -0.1
CWI SPDR MSCI ACWI ex-US ETF 2.0 30 -11 7.9 +1.0
ACWI iShares MSCI ACWI ETF 1.9 32 -13 5.9 -1.1
FCLD Fidelity Cloud Computing ETF 1.9 39 -20 3.2 -3.8
WTAI WisdomTree Artificial Intelligence and Innovation Fund 1.9 45 -26 3.1 -3.9
GLOF iShares Global Equity Factor ETF 1.9 20 -1 6.9 -0.0
WWJD Inspire International ETF 1.8 80 -61 7.3 +0.4
VT Vanguard Total World Stock ETF 1.7 7 12 6.2 -0.7
DEW WisdomTree Global High Dividend Fund 1.7 58 -39 8.8 +1.9
WRND IQ Global Equity R&D Leaders ETF 1.7 18 1 8.9 +2.0
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 1.6 60 -41 7.1 +0.2
GAMR Wedbush ETFMG Video Game Tech ETF Wedbush ETFMG Video Game T 1.5 75 -56 5.2 -1.7
SDG iShares MSCI Global Sustainable Development Goals ETF 1.5 49 -30 6.4 -0.5
SUPL ProShares Supply Chain Logistics ETF 1.4 58 -39 11.0 +4.1
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 1.4 12 7 5.3 -1.6
IBAT iShares Energy Storage & Materials ETF 1.4 47 -28 5.7 -1.2
JGLO JPMorgan Global Select Equity ETF 1.4 33 -14 5.2 -1.8
MOTI VanEck Morningstar International Moat ETF 1.4 58 -39 12.8 +5.9
EWX SPDR S&P Emerging Markets Small Cap ETF 1.3 65 -46 8.3 +1.4
RCGE RockCreek Global Equality ETF 1.2 95 -76 6.4 -0.5
IGPT Invesco AI and Next Gen Software ETF 1.2 60 -41 5.0 -2.0
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 1.1 80 -61 15.1 +8.2
IPAV Global X Infrastructure Development ex-U.S. ETF 1.1 55 -36 7.9 +0.9
ABLG Abacus FCF International Leaders ETF 1.1 59 -40 6.2 -0.7
IHAK iShares Cybersecurity & Tech ETF 1.1 47 -28 3.6 -3.3
BLES Inspire Global Hope ETF 0.9 61 -42 7.0 +0.1
AIQ Global X Artificial Intelligence & Technology ETF 0.9 68 -49 4.3 -2.7
PICK iShares MSCI Global Metals & Mining Producers ETF 0.8 39 -20 14.1 +7.2
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 0.8 58 -39 5.0 -1.9
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 0.8 65 -46 3.3 -3.7
TTAI FCF International Quality ETF 0.7 59 -40 7.1 +0.2
ANEW ProShares MSCI Transformational Changes ETF 0.7 45 -26 6.3 -0.6
IGRO iShares International Dividend Growth ETF 0.6 15 4 7.1 +0.2
IXG iShares Global Financials ETF 0.6 42 -23 6.8 -0.1
OND ProShares On-Demand ETF 0.6 58 -39 0.8 -6.1
FDNI First Trust Dow Jones International Internet ETF 0.6 65 -46 19.9 +13.0
HERO Global X Video Games & Esports ETF 0.6 50 -31 4.2 -2.7
ISHP First Trust Nasdaq Retail ETF 0.6 60 -41 6.0 -0.9
SAGP Strategas Global Policy Opportunities ETF 0.5 65 -46 5.4 -1.5
CGDG Capital Group Dividend Growers ETF 0.4 47 -28 6.3 -0.6
ESPO VanEck Video Gaming and eSports ETF 0.4 56 -37 4.4 -2.5
ODDS Pacer BlueStar Digital Entertainment ETF 0.4 60 -41 2.3 -4.7
IXP iShares Global Comm Services ETF 0.4 42 -23 6.3 -0.7
HAP VanEck Natural Resources ETF 0.4 50 -31 10.1 +3.2
HART IQ Healthy Hearts ETF 0.4 45 -26 6.6 -0.3
ARVR First Trust Indxx Metaverse ETF 0.3 70 -51 4.5 -2.4
SCHY Schwab International Dividend Equity ETF 0.3 14 5 9.6 +2.7
VIGI Vanguard International Dividend Appreciation ETF 0.3 15 4 6.1 -0.8
FID First Trust S&P International Dividend Aristocrats ETF 0.3 60 -41 8.3 +1.3
WDIV SPDR S&P Global Dividend ETF 0.3 40 -21 9.6 +2.6
WBAT WisdomTree Battery Value Chain and Innovation Fund 0.2 45 -26 4.5 -2.4
HAUZ DBX ETF Trust - Xtrackers International Real Estate ETF 0.2 10 9 8.3 +1.3
ERTH Invesco MSCI Sustainable Future ETF 0.2 62 -43 3.6 -3.3
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.2 9 10 6.1 -0.8
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.2 12 7 8.2 +1.3
CRAK VanEck Oil Refiners ETF 0.2 61 -42 15.9 +9.0
FTAG First Trust Indxx Global Agriculture ETF 0.1 70 -51 8.5 +1.6
MOO VanEck Agribusiness ETF 0.1 53 -34 10.6 +3.6
VEGI iShares MSCI Agriculture Producers ETF 0.1 39 -20 8.7 +1.8
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 0.1 86 -67 14.1 +7.1
DRIV Global X Autonomous & Electric Vehicles ETF 0.1 68 -49 6.9 -0.0
ETEC iShares Breakthrough Environmental Solutions ETF 0.1 47 -28 3.9 -3.1
IDRV iShares Self-driving EV & Tech ETF 0.1 47 -28 2.7 -4.3
BATT Amplify Lithium & Battery Technology ETF 0.1 59 -40 3.8 -3.2

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 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
  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 Taiwan ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 14.4 %
Divided by: Fwd. P/BV 2.0 x
Less: Expense ratio 19 bp
Equals: ALTAR Score 6.9 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.57 CATEGORY
AVERAGE		 1.50
 
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.