Franklin FTSE Taiwan ETF
ALTAR
Score™		 4.8% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 21.7x P/Sales
ratio		 1.5x
P/BV
ratio		 2.8x Div.
yield		 2.3%


  • 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) $656
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 134
Wgt avg mkt cap (mns) $290,593
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 20.7 %
HON HAI PRECISION INDUSTRY 7.4 %
MEDIATEK INC 5.6 %
DELTA ELECTRONICS INC 4.9 %
CHINATRUST FINANCIAL HOLDING 2.4 %
FUBON FINANCIAL HOLDING CO 2.1 %
QUANTA COMPUTER INC 1.9 %
CATHAY FINANCIAL HOLDING CO 1.9 %
ADVANCED SEMICONDUCTOR ENGR 1.8 %
ACCTON TECHNOLOGY CORP 1.6 %
Total 50.2 %

TOP COUNTRY EXPOSURE
TAIWAN 99.8 %










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.
20.5% 57.8% 12.5% -- 13.4%

Market Correlations
versus... Beta R-squared
S&P500 1.00 53%
MSCI EAFE 1.13 50%
MSCI Emg. Mkts. 1.25 72%

Technical Indicators
Recent close $67.50
30d moving avg. $69.48
Annualized volatility 21.3%
Short interest (ETF) 0.2%
Relative strength (RSI) 51

Liquidity measures
Avg. volume (thou.) 392
Turnover 4.0%
Bid/Ask (% of price) 0.05%
ADV underlying (mns) $4,165

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 197 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™: 4.8%


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
(%)
VEXC Vanguard Emerging Markets Ex-China ETF 36.0 7 12 6.5 +1.7
XCNY SPDR S&P Emerging Markets ex-China ETF 31.8 15 4 6.4 +1.6
AIA iShares Asia 50 ETF 30.6 50 -31 9.6 +4.8
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 30.5 20 -1 -0.2 -5.0
EMXC iShares MSCI Emerging Markets ex China ETF 29.9 25 -6 6.1 +1.3
STXE Strive Emerging Markets Ex-China ETF 28.6 32 -13 6.4 +1.6
XCEM Columbia EM Core ex-China ETF 28.5 16 3 5.9 +1.1
EEMA iShares MSCI Emerging Markets Asia ETF 26.5 49 -30 8.7 +3.9
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 26.4 24 -5 6.3 +1.5
JIVE JPMorgan International Value ETF 25.6 55 -36 9.1 +4.3
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 25.6 32 -13 5.6 +0.8
AAXJ iShares MSCI All Country Asia ex Japan ETF 25.2 70 -51 8.0 +3.2
SCHE Schwab Emerging Markets Equity ETF 24.3 11 8 10.2 +5.4
ESGE iShares ESG Aware MSCI EM ETF 23.8 25 -6 9.4 +4.6
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 23.3 30 -11 9.2 +4.4
EMMF WisdomTree Emerging Markets Multifactor Fund 22.9 48 -29 9.5 +4.7
VWO Vanguard FTSE Emerging Markets ETF 22.5 7 12 9.9 +5.1
EEM iShares MSCI Emerging Markets ETF 22.2 69 -50 9.0 +4.1
FLAX Franklin FTSE Asia Ex Japan ETF 22.0 19 0 8.2 +3.3
SPEM SPDR Portfolio Emerging Markets ETF 21.9 7 12 10.3 +5.5
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 21.6 30 -11 8.6 +3.8
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 21.4 95 -76 11.2 +6.4
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 21.3 15 4 10.0 +5.2
NUEM Nuveen ESG Emerging Markets Equity ETF 21.2 36 -17 6.8 +2.0
DEHP Dimensional Emerging Markets High Profitability ETF 21.2 41 -22 5.6 +0.8
EMGF iShares Emerging Markets Equity Factor ETF 21.1 25 -6 10.2 +5.4
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 20.9 33 -14 7.7 +2.9
JADE JPMorgan Active Developing Markets Equity ETF 20.9 65 -46 6.9 +2.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 20.2 66 -47 8.2 +3.4
IEMG iShares Core MSCI Emerging Markets ETF 20.2 9 10 9.2 +4.4
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 20.0 32 -13 8.5 +3.6
BKEM BNY Mellon Emerging Markets Equity ETF 19.9 11 8 8.9 +4.1
DEXC Dimensional Emerging Markets ex China Core EquityETF 19.7 53 -34 6.0 +1.2
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 19.6 36 -17 8.6 +3.8
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 19.5 15 4 9.0 +4.2
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 19.5 88 -69 8.8 +4.0
DFAE Dimensional Emerging Core Equity Market ETF 19.4 35 -16 7.9 +3.1
ECON Columbia Emerging Markets Consumer ETF 19.4 49 -30 7.8 +3.0
EMM Global X Emerging Markets ex-China ETF 19.4 75 -56 5.7 +0.9
MINV Matthews Asia Innovators Active ETF 19.3 79 -60 6.8 +2.0
FTHF First Trust Emerging Markets Human Flourishing ETF 19.2 75 -56 7.2 +2.4
PXH Invesco FTSE RAFI Emerging Markets ETF 19.1 49 -30 14.5 +9.7
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 19.1 39 -20 14.8 +10.0
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 18.9 45 -26 9.2 +4.4
EMXF iShares ESG Advanced MSCI EM ETF 18.2 16 3 7.8 +3.0
EVLU iShares MSCI Emerging Markets Value Factor ETF 17.9 35 -16 12.3 +7.5
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 17.3 40 -21 7.0 +2.2
JHEM John Hancock Multifactor Emerging Markets ETF 17.2 49 -30 8.5 +3.7
GMF SPDR S&P Emerging Asia Pacific ETF 17.1 49 -30 9.5 +4.7
FDEM Fidelity Emerging Markets Multifactor ETF 16.7 25 -6 11.5 +6.7
MEM Matthews Emerging Markets Equity Active ETF 16.3 79 -60 9.7 +4.9
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 16.3 41 -22 7.7 +2.9
DFEM Dimensional Emerging Markets Core Equity 2 ETF 15.3 38 -19 7.9 +3.1
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 15.1 90 -71 4.5 -0.3
EMDM First Trust Bloomberg Emerging Market Democracies ETF 15.1 75 -56 7.5 +2.7
PATN Pacer Nasdaq International Patent Leaders ETF 14.9 65 -46 5.1 +0.3
EMC Global X Emerging Markets Great Consumer ETF 14.8 75 -56 8.2 +3.3
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 14.5 25 -6 6.9 +2.1
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 14.4 50 -31 9.2 +4.4
LDEM iShares ESG MSCI EM Leaders ETF 14.1 17 2 13.0 +8.2
DFEV Dimensional Emerging Markets Value ETF 13.8 43 -24 10.8 +6.0
FRDM Freedom 100 Emerging Markets ETF 13.5 49 -30 6.5 +1.7
FEM First Trust Emerging Markets AlphaDEX Fund 13.3 80 -61 9.7 +4.9
DEM WisdomTree Emerging Markets High Dividend Fund 13.0 63 -44 11.4 +6.6
ROAM Hartford Multifactor Emerging Markets ETF 13.0 44 -25 8.5 +3.7
AVES Avantis Emerging Markets Value ETF 12.6 36 -17 9.7 +4.9
AVXC Avantis Emerging Markets Ex-China Equity ETF 11.5 33 -14 7.2 +2.4
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 11.5 59 -40 9.5 +4.7
AVEM Avantis Emerging Markets Equity ETF 10.9 33 -14 8.0 +3.2
GTEK Goldman Sachs Future Tech Leaders Equity ETF 10.9 75 -56 2.5 -2.3
ARTY iShares Future AI & Tech ETF 10.7 47 -28 3.6 -1.2
CLNR IQ Cleaner Transport ETF 10.5 45 -26 3.9 -0.9
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 10.4 44 -25 9.9 +5.1
AVSE Avantis Responsible Emerging Markets Equity ETF 9.8 33 -14 7.6 +2.8
KNCT Invesco Next Gen Connectivity ETF 9.6 40 -21 4.0 -0.8
EELV Invesco S&P Emerging Markets Low Volatility ETF 9.2 29 -10 8.9 +4.1
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 9.1 42 -23 4.4 -0.4
AIVC Amplify Bloomberg AI Value Chain ETF 8.9 59 -40 5.2 +0.4
NXTG First Trust Indxx NextG ETF 8.5 70 -51 4.9 +0.1
VSGX Vanguard ESG International Stock ETF 8.4 10 9 7.4 +2.6
UEVM VictoryShares Emerging Markets Value Momentum ETF 8.3 45 -26 10.1 +5.3
RNEM First Trust Emerging Markets Equity Select ETF 8.1 75 -56 8.3 +3.5
WRND IQ Global Equity R&D Leaders ETF 7.4 18 1 4.5 -0.3
ECOW Pacer Emerging Markets Cash Cows 100 ETF 7.3 70 -51 9.8 +5.0
IXN iShares Global Tech ETF 7.2 41 -22 3.5 -1.4
AQLT iShares MSCI Global Quality Factor ETF 7.2 18 1 0.0 -4.8
IQDY FlexShares International Quality Dividend Dynamic Index Fund 7.2 47 -28 8.2 +3.4
ACWX iShares MSCI ACWI ex U.S. ETF 7.1 34 -15 7.0 +2.2
FBOT Fidelity Disruptive Automation ETF 7.0 50 -31 3.3 -1.5
IQDF FlexShares International Quality Dividend Index Fund 6.8 47 -28 8.3 +3.5
VEU Vanguard FTSE All-World ex-US Index Fund 6.6 4 15 7.4 +2.6
OCEN IQ Clean Oceans ETF 6.6 45 -26 4.5 -0.3
CGXU Capital Group International Focus Equity ETF 6.5 54 -35 4.5 -0.3
JIG JPMorgan International Growth ETF 6.4 55 -36 4.0 -0.8
IXUS iShares Core MSCI Total International Stock ETF 6.3 7 12 7.2 +2.4
GXUS Goldman Sachs MarketBeta Total International Equity ETF 6.2 18 1 7.0 +2.2
VXUS Vanguard Total International Stock ETF 6.2 5 14 7.3 +2.5
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 6.0 60 -41 9.7 +4.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 6.0 41 -22 6.7 +1.9
EEMS iShares MSCI Emerging Markets Small Cap ETF 6.0 70 -51 6.9 +2.1
DOL WisdomTree International LargeCap Dividend Fund 5.7 48 -29 6.2 +1.4
ADIV SmartETFs Asia Pacific Dividend Builder ETF 5.5 78 -59 10.3 +5.5
CHAT Roundhill Generative AI & Technology ETF 5.4 75 -56 5.8 +1.0
AGQI First Trust Active Global Quality Income ETF 5.0 85 -66 6.8 +2.0
POW VistaShares Electrification Supercycle ETF 4.9 75 -56 2.5 -2.3
CHPX Global X AI Semiconductor & Quantum ETF 4.9 50 -31 2.7 -2.1
EDIV SPDR S&P Emerging Markets Dividend ETF 4.9 49 -30 9.3 +4.5
QTUM Defiance Quantum ETF 4.7 40 -21 5.0 +0.2
DFAX Dimensional World ex U.S. Core Equity 2 ETF 4.6 30 -11 7.0 +2.2
JSTC Adasina Social Justice All Cap Global ETF 4.0 89 -70 4.9 +0.1
ACWV iShares MSCI Global Min Vol Factor ETF 4.0 20 -1 5.8 +1.0
IGRO iShares International Dividend Growth ETF 3.9 15 4 7.2 +2.4
VYMI Vanguard International High Dividend Yield ETF 3.9 17 2 8.7 +3.9
OAIM OneAscent International Equity ETF 3.8 95 -76 5.1 +0.3
ROBO ROBO Global Robotics & Automation Index ETF 3.7 95 -76 2.9 -1.9
EYLD Cambria Emerging Shareholder Yield ETF 3.7 66 -47 10.2 +5.3
MOTI VanEck Morningstar International Moat ETF 3.4 58 -39 10.0 +5.2
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 3.3 58 -39 8.9 +4.1
IGPT Invesco AI and Next Gen Software ETF 3.3 60 -41 3.7 -1.2
BAI iShares AI Innovation and Tech Active ETF 3.3 55 -36 1.4 -3.4
MOTG VanEck Morningstar Global Wide Moat ETF 3.1 52 -33 8.0 +3.2
AGIX KraneShares Artificial Intelligence and Technology ETF 3.0 99 -80 1.6 -3.2
CRBN iShares MSCI ACWI Low Carbon Target ETF 2.8 20 -1 5.2 +0.4
AIS VistaShares Artificial Intelligence Supercycle ETF 2.8 75 -56 1.9 -3.0
IBAT iShares Energy Storage & Materials ETF 2.8 47 -28 2.1 -2.7
VIDI Vident International Equity Strategy ETF 2.7 61 -42 9.1 +4.3
EEMO Invesco S&P Emerging Markets Momentum ETF 2.7 29 -10 8.2 +3.4
SNSR Global X Internet of Things ETF 2.6 68 -49 4.4 -0.4
KLMT Invesco MSCI Global Climate 500 ETF 2.6 10 9 5.5 +0.7
ACWI iShares MSCI ACWI ETF 2.6 32 -13 5.2 +0.4
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 2.5 12 7 4.9 +0.1
GLOF iShares Global Equity Factor ETF 2.5 20 -1 6.2 +1.3
SDG iShares MSCI Global Sustainable Development Goals ETF 2.4 49 -30 5.0 +0.2
DWX SPDR S&P International Dividend ETF 2.4 45 -26 7.0 +2.2
VT Vanguard Total World Stock ETF 2.4 6 13 5.5 +0.7
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 2.2 60 -41 6.7 +1.9
DSTX Distillate International Fundamental Stability & Value ETF 2.2 55 -36 7.0 +2.2
PBD Invesco Global Clean Energy ETF 2.2 75 -56 0.4 -4.5
DTCR Global X Data Center & Digital Infrastructure ETF 2.1 50 -31 4.2 -0.7
XT iShares Exponential Technologies ETF 2.1 46 -27 4.5 -0.3
FCLD Fidelity Cloud Computing ETF 2.0 39 -20 4.0 -0.8
CWI SPDR MSCI ACWI ex-US ETF 2.0 30 -11 7.1 +2.3
FDTX Fidelity Disruptive Technology ETF 2.0 50 -31 2.2 -2.6
JGLO JPMorgan Global Select Equity ETF 1.6 33 -14 4.6 -0.2
AIQ Global X Artificial Intelligence & Technology ETF 1.6 68 -49 3.6 -1.2
IHAK iShares Cybersecurity & Tech ETF 1.6 47 -28 4.5 -0.4
WWJD Inspire International ETF 1.5 80 -61 6.8 +2.0
SDEM Global X MSCI SuperDividend Emerging Markets ETF 1.4 67 -48 13.1 +8.3
DVYE iShares Emerging Markets Dividend ETF 1.4 49 -30 17.9 +13.1
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 1.1 65 -46 1.7 -3.1
EWX SPDR S&P Emerging Markets Small Cap ETF 1.1 65 -46 7.1 +2.3
SUPL ProShares Supply Chain Logistics ETF 1.1 58 -39 8.3 +3.5
GAMR Wedbush ETFMG Video Game Tech ETF Wedbush ETFMG Video Game T 1.0 75 -56 4.0 -0.9
BLES Inspire Global Hope ETF 0.9 61 -42 6.2 +1.4
RCGE RockCreek Global Equality ETF 0.9 95 -76 6.6 +1.8
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 0.8 80 -61 12.3 +7.4
SDIV Global X Superdividend ETF 0.8 58 -39 13.9 +9.1
FPXI First Trust International Equity Opportunities ETF 0.8 70 -51 4.6 -0.3
TTAI FCF International Quality ETF 0.7 59 -40 6.6 +1.8
AVEE Avantis Emerging Markets Small Cap Equity ETF 0.7 42 -23 8.2 +3.4
ANEW ProShares MSCI Transformational Changes ETF 0.7 45 -26 4.8 -0.0
FID First Trust S&P International Dividend Aristocrats ETF 0.7 60 -41 8.3 +3.5
WDIV SPDR S&P Global Dividend ETF 0.7 40 -21 9.6 +4.8
IPAV Global X Infrastructure Development ex-U.S. ETF 0.6 55 -36 6.4 +1.6
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 0.6 58 -39 3.9 -0.9
ESPO VanEck Video Gaming and eSports ETF 0.6 56 -37 6.5 +1.7
ODDS Pacer BlueStar Digital Entertainment ETF 0.6 60 -41 4.7 -0.1
IXG iShares Global Financials ETF 0.6 42 -23 6.8 +2.0
SLX VanEck Steel ETF 0.6 56 -37 12.6 +7.8
DEW WisdomTree Global High Dividend Fund 0.6 58 -39 7.6 +2.8
PICK iShares MSCI Global Metals & Mining Producers ETF 0.5 39 -20 9.5 +4.6
FDNI First Trust Dow Jones International Internet ETF 0.4 65 -46 23.6 +18.8
HERO Global X Video Games & Esports ETF 0.4 50 -31 5.8 +1.0
NERD Roundhill Video Games ETF 0.4 50 -31 7.7 +2.9
OND ProShares On-Demand ETF 0.4 58 -39 0.5 -4.3
ISHP First Trust Nasdaq Retail ETF 0.4 60 -41 5.5 +0.7
CGDG Capital Group Dividend Growers ETF 0.4 47 -28 5.4 +0.6
VIGI Vanguard International Dividend Appreciation ETF 0.4 10 9 6.5 +1.7
IXP iShares Global Comm Services ETF 0.4 42 -23 5.7 +0.9
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.3 9 10 5.4 +0.6
SRVR Pacer Data & Infrastructure Real Estate ETF 0.3 55 -36 4.0 -0.8
HAP VanEck Natural Resources ETF 0.2 50 -31 6.9 +2.1
WBAT WisdomTree Battery Value Chain and Innovation Fund 0.2 45 -26 -0.9 -5.8
ARVR First Trust Indxx Metaverse ETF 0.2 70 -51 4.6 -0.2
SCHY Schwab International Dividend Equity ETF 0.2 14 5 8.6 +3.8
CRAK VanEck Oil Refiners ETF 0.2 61 -42 9.2 +4.4
ERTH Invesco MSCI Sustainable Future ETF 0.2 62 -43 3.2 -1.6
HUMN Roundhill Humanoid Robotics ETF 0.2 75 -56 1.5 -3.3
HAUZ DBX ETF Trust - Xtrackers International Real Estate ETF 0.1 10 9 8.5 +3.7
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.1 12 7 8.7 +3.8
DRIV Global X Autonomous & Electric Vehicles ETF 0.1 68 -49 4.0 -0.8
IDRV iShares Self-driving EV & Tech ETF 0.1 47 -28 1.5 -3.3
ETEC iShares Breakthrough Environmental Solutions ETF 0.1 47 -28 3.0 -1.8
FTAG First Trust Indxx Global Agriculture ETF 0.1 70 -51 7.3 +2.5
MOO VanEck Agribusiness ETF 0.1 53 -34 8.9 +4.1
VEGI iShares MSCI Agriculture Producers ETF 0.1 39 -20 7.6 +2.8
GGME Invesco Next Gen Media and Gaming ETF 0.1 60 -41 5.1 +0.3

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:

AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 13.6 %
Divided by: Fwd. P/BV 2.7 x
Less: Expense ratio 19 bp
Equals: ALTAR Score 4.8 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.54 CATEGORY
AVERAGE		 1.52
 
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.