ETF Research Center

First Trust Switzerland AlphaDEX Fund

ALTAR
Score™

6.3%

Recommen-
dation

UNDERWEIGHT

2025E 2026E
P/E ratio	16.0x	P/Sales ratio	1.0x
P/BV ratio	1.9x	Div. yield	3.0%

Description
Performance
Comps
Fundamentals
Valuation
Rating

First Trust Switzerland AlphaDEX Fund is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the Defined Switzerland Index.

FUND BASICS
Category	International Equities
Fund Sponsor	First Trust Advisors LP
Website	www.ftportfolios.com
Inception date	Feb 14, 2012
Assets (mns)	$43
Currency	USD
Expense ratio	80 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Brown Brothers Harriman & Co
Weighting	Tiered
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	42
Wgt avg mkt cap (mns)	$21,047
Large cap (>$10bn)	43.7%
Mid cap ($2-10bn)	53.1%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	42.0 %
HOLCIM LTD-REG	4.9 %
HELVETIA HOLDING AG-REG	4.5 %
SWISSQUOTE GROUP HOLDING-REG	4.3 %
ADECCO SA-REG	4.2 %
SWATCH GROUP LTD. BEARER	4.2 %
DUFRY GROUP-REG	4.0 %
SANDOZ GROUP AG	4.0 %
BELIMO HOLDING AG	4.0 %
BKW AG	4.0 %
SFS GROUP AG	3.9 %

TOP COUNTRY EXPOSURE
	SWITZERLAND	100.0 %

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.
22.8%	15.6%	10.2%	8.7%	9.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.76	37%
MSCI EAFE	0.83	59%
MSCI Emg. Mkts.	0.71	50%

Technical Indicators
Recent close	$78.77
30d moving avg.	$76.92
Annualized volatility	16.1%
Short interest (ETF)	1.7%
Relative strength (RSI)	45

Liquidity measures
Avg. volume (thou.)	28
Turnover	5.1%
Bid/Ask (% of price)	0.52%
ADV underlying (mns)	$1,538

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 249 potential alternatives to the First Trust Switzerland AlphaDEX Fund ETF based on the alternatives' overlap in portfolio holdings with FSZ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FSZ

Expense:

80 bp

ALTAR Score™:

6.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FSZ
Ticker	Fund Name	Overlap¹ vs FSZ (%)	Expense ratio (bp)	Savings vs FSZ (bp)	ALTAR Score™ (%)	ALTAR vs FSZ (%)
EWL	iShares MSCI Switzerland ETF	21.3	50	30	6.0	-0.2
FLSW	Franklin FTSE Switzerland ETF	20.9	9	71	6.2	-0.1
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	8.3	80	0	4.2	-2.1
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	7.4	25	55	7.0	+0.7
EFAV	iShares MSCI EAFE Min Vol Factor ETF	7.2	22	58	5.9	-0.4
FLEE	Franklin FTSE Europe ETF	7.0	9	71	6.9	+0.6
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	7.0	46	34	6.4	+0.1
IEUR	iShares Core MSCI Europe ETF	6.9	11	69	6.9	+0.7
IEV	iShares Europe ETF	6.9	67	13	6.4	+0.1
VGK	Vanguard FTSE Europe ETF	6.7	6	74	7.1	+0.9
SPEU	SPDR Portfolio Europe ETF	6.7	7	73	7.0	+0.8
FPXE	First Trust IPOX Europe Equity Opportunities ETF	6.7	70	10	3.9	-2.3
EUDV	ProShares MSCI Europe Dividend Growers ETF	6.6	55	25	6.1	-0.2
BBEU	JPMorgan BetaBuilders Europe ETF	6.6	9	71	6.9	+0.6
FDEV	Fidelity International Multifactor ETF	6.5	18	62	7.4	+1.1
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	6.2	9	71	8.7	+2.4
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	6.1	65	15	4.6	-1.6
QEFA	SPDR MSCI EAFE StrategicFactors ETF	5.9	30	50	6.7	+0.5
ESGD	iShares ESG Aware MSCI EAFE ETF	5.8	20	60	6.4	+0.1
DIVI	Franklin International Core Dividend Tilt Index ETF	5.8	9	71	7.5	+1.3
DMXF	iShares ESG Advanced MSCI EAFE ETF	5.7	12	68	5.2	-1.0
DOL	WisdomTree International LargeCap Dividend Fund	5.6	48	32	6.8	+0.5
DWM	WisdomTree International Equity Fund	5.5	48	32	7.0	+0.7
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	5.5	40	40	7.0	+0.8
JHMD	John Hancock Multifactor Developed International ETF	5.5	39	41	7.1	+0.9
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	5.5	32	48	5.9	-0.4
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	5.3	36	44	6.2	-0.0
HFXI	IQ FTSE International Equity Currency Neutral ETF	5.3	20	60	6.5	+0.2
LVHI	Franklin International Low Volatility High Dividend Index ET	5.2	40	40	9.6	+3.3
EFAX	SPDR MSCI EAFE Fossil Fuel Reserves Free ETF	5.2	20	60	6.1	-0.2
EFV	iShares MSCI EAFE Value ETF	5.2	34	46	8.5	+2.2
IQLT	iShares MSCI Intl Quality Factor ETF	5.2	30	50	6.1	-0.1
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	5.2	14	66	5.9	-0.4
INTF	iShares International Equity Factor ETF	5.1	15	65	7.3	+1.0
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	5.1	12	68	5.8	-0.5
FICS	First Trust International Developed Capital Strength ETF	5.0	70	10	7.3	+1.1
FENI	Fidelity Enhanced International ETF	5.0	28	52	6.1	-0.2
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	5.0	20	60	6.0	-0.2
EFA	iShares MSCI EAFE ETF	4.9	35	45	6.3	+0.1
GSIE	Goldman Sachs ActiveBeta International Equity ETF	4.9	25	55	6.8	+0.5
FID	First Trust S&P International Dividend Aristocrats ETF	4.9	60	20	7.5	+1.3
IQSI	IQ Candriam International Equity ETF	4.8	15	65	6.2	-0.1
EFAD	ProShares MSCI EAFE Dividend Growers ETF	4.8	50	30	5.8	-0.4
DFIV	Dimensional International Value ETF	4.8	27	53	8.8	+2.6
STXI	Strive International Developed Markets ETF	4.8	29	51	6.3	+0.0
GSID	Goldman Sachs MarketBeta International Equity ETF	4.6	20	60	6.4	+0.2
IEFA	iShares Core MSCI EAFE ETF	4.6	7	73	6.6	+0.4
AVIV	Avantis International Large Cap Value ETF	4.6	25	55	8.2	+1.9
IDHQ	Invesco S&P International Developed High Quality ETF	4.5	29	51	6.3	+0.1
EUFN	iShares MSCI Europe Financials ETF	4.5	51	29	7.6	+1.4
RFDI	First Trust Riverfront Dynamic Developed International ETF	4.5	83	-3	8.9	+2.7
FPAG	FPA Global Equity ETF	4.4	49	31	5.8	-0.5
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	4.4	80	0	6.0	-0.3
VYMI	Vanguard International High Dividend Yield ETF	4.3	17	63	9.0	+2.7
FIVA	Fidelity International Value Factor ETF	4.3	18	62	9.2	+2.9
BKIE	BNY Mellon International Equity ETF	4.2	4	76	6.6	+0.3
FINE	Themes European Luxury ETF	4.2	35	45	3.8	-2.4
IDEV	iShares Core MSCI International Developed Markets ETF	4.2	4	76	6.7	+0.4
EFG	iShares MSCI EAFE Growth ETF	4.2	36	44	4.2	-2.1
VIGI	Vanguard International Dividend Appreciation ETF	4.2	10	70	6.4	+0.1
VWID	Virtus WMC International Dividend ETF	4.1	49	31	7.9	+1.6
AVDE	Avantis International Equity ETF	4.1	23	57	7.0	+0.8
WDIV	SPDR S&P Global Dividend ETF	4.1	40	40	8.8	+2.6
EUDG	WisdomTree Europe Quality Dividend Growth Fund	4.0	58	22	6.5	+0.3
JIRE	JPMorgan International Research Enhanced Equity ETF	4.0	24	56	6.8	+0.5
FPXI	First Trust International Equity Opportunities ETF	4.0	70	10	4.2	-2.0
AGNG	Global X Aging Population ETF	4.0	50	30	4.6	-1.7
VEA	Vanguard FTSE Developed Markets ETF	3.9	3	77	6.8	+0.5
FIDI	Fidelity International High Dividend ETF	3.9	18	62	8.0	+1.8
SPDW	SPDR Portfolio Developed World ex-US ETF	3.9	3	77	6.6	+0.4
RFEU	First Trust Riverfront Dynamic Europe ETF	3.9	83	-3	9.8	+3.6
IEUS	iShares MSCI Europe Small-Cap ETF	3.8	42	38	7.3	+1.0
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	3.8	29	51	7.5	+1.3
DWMF	WisdomTree International Multifactor Fund	3.8	38	42	7.0	+0.7
TPIF	Timothy Plan International ETF	3.8	62	18	6.0	-0.3
IMOM	Alpha Architect International Quantitative Momentum ETF	3.7	49	31	4.5	-1.8
GCOW	Pacer Global Cash Cows Dividend ETF	3.7	60	20	10.3	+4.0
CIL	VictoryShares International Volatility Wtd ETF	3.7	45	35	6.3	+0.0
UMMA	Wahed Dow Jones Islamic World ETF	3.7	65	15	4.8	-1.5
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	3.7	39	41	6.3	+0.0
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	3.7	41	39	7.0	+0.8
VSGX	Vanguard ESG International Stock ETF	3.7	10	70	7.4	+1.2
AVSD	Avantis Responsible International Equity ETF	3.6	23	57	5.0	-1.2
IQDF	FlexShares International Quality Dividend Index Fund	3.5	47	33	8.3	+2.1
MOTI	VanEck Morningstar International Moat ETF	3.5	58	22	10.5	+4.3
IMFL	Invesco International Developed Dynamic Multifactor ETF	3.5	34	46	5.5	-0.7
VIDI	Vident International Equity Strategy ETF	3.5	61	19	10.3	+4.0
PIO	Invesco Global Water ETF	3.4	75	5	4.4	-1.9
IGRO	iShares International Dividend Growth ETF	3.4	15	65	7.0	+0.7
DFNL	Davis Select Financial ETF	3.3	63	17	7.5	+1.2
DINT	Davis Select International ETF	3.3	55	25	7.5	+1.3
DWLD	Davis Select Worldwide ETF	3.3	63	17	7.1	+0.9
PPIE	Putnam PanAgora ESG International Equity ETF	3.3	49	31	7.0	+0.7
ISCF	iShares International SmallCap Equity Factor ETF	3.3	23	57	8.1	+1.8
ACWX	iShares MSCI ACWI ex U.S. ETF	3.3	34	46	7.2	+1.0
CWI	SPDR MSCI ACWI ex-US ETF	3.3	30	50	7.3	+1.0
DFIS	Dimensional International Small Cap ETF	3.3	39	41	7.0	+0.8
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	3.2	45	35	8.3	+2.0
DFAI	Dimensional International Core Equity Market ETF	3.2	18	62	6.7	+0.5
DFSI	Dimensional International Sustainability Core 1 ETF	3.2	24	56	6.1	-0.2
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	3.2	18	62	7.2	+0.9
NUDM	Nuveen ESG International Developed Markets Equity ETF	3.2	31	49	5.8	-0.4
DFIC	Dimensional International Core Equity 2 ETF	3.2	23	57	7.0	+0.8
TTAI	FCF International Quality ETF	3.1	59	21	7.2	+1.0
VEU	Vanguard FTSE All-World ex-US Index Fund	3.1	4	76	7.6	+1.3
IDLV	Invesco S&P International Developed Low Volatility ETF	3.1	25	55	6.5	+0.3
IMTM	iShares MSCI Intl Momentum Factor ETF	3.1	30	50	5.4	-0.9
DWX	SPDR S&P International Dividend ETF	3.1	45	35	7.2	+0.9
IXUS	iShares Core MSCI Total International Stock ETF	3.0	7	73	7.4	+1.2
VXUS	Vanguard Total International Stock ETF	2.9	5	75	7.5	+1.3
DXIV	Dimensional International Vector Equity ETF	2.9	34	46	7.5	+1.2
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	2.9	47	33	7.7	+1.5
DTAN	Sparkline International Intangible Value ETF	2.8	55	25	7.9	+1.6
IXJ	iShares Global Healthcare ETF	2.8	42	38	6.7	+0.4
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	2.8	39	41	7.6	+1.3
DISV	Dimensional International Small Cap Value ETF	2.7	42	38	8.8	+2.6
PATN	Pacer Nasdaq International Patent Leaders ETF	2.7	65	15	5.3	-1.0
DIM	WisdomTree International MidCap Dividend Fund	2.6	58	22	7.1	+0.8
AIVI	WisdomTree International AI Enhanced Value Fund	2.5	58	22	6.7	+0.5
CEFA	Global X S&P Catholic Values Developed ex-US ETF	2.5	35	45	6.2	-0.1
AVDV	Avantis International Small Cap Value ETF	2.4	36	44	8.9	+2.6
RWX	SPDR Dow Jones International Real Estate ETF	2.4	59	21	6.8	+0.6
CZAR	Themes Natural Monopoly ETF	2.4	35	45	5.6	-0.7
WWJD	Inspire International ETF	2.4	80	0	7.0	+0.8
IVLU	iShares MSCI Intl Value Factor ETF	2.4	30	50	9.5	+3.3
IXG	iShares Global Financials ETF	2.3	42	38	6.6	+0.3
QWLD	SPDR MSCI World StrategicFactors ETF	2.3	30	50	5.8	-0.5
IGF	iShares Global Infrastructure ETF	2.3	41	39	4.6	-1.7
DTH	WisdomTree International High Dividend Fund	2.3	58	22	7.9	+1.6
GII	SPDR S&P Global Infrastructure ETF	2.3	40	40	4.6	-1.6
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	2.3	24	56	7.1	+0.9
QINT	American Century Quality Diversified International ETF	2.2	39	41	6.7	+0.5
IPAV	Global X Infrastructure Development ex-U.S. ETF	2.2	55	25	6.8	+0.6
SUPL	ProShares Supply Chain Logistics ETF	2.2	58	22	10.3	+4.0
FDD	First Trust Stoxx European Select Dividend Index Fund	2.1	58	22	11.0	+4.8
AZTD	Aztlan Global Stock Selection DM SMID ETF	2.1	75	5	10.1	+3.8
RODE	Hartford Multifactor Diversified International ETF	2.1	29	51	10.3	+4.1
FEP	First Trust Europe AlphaDEX Fund	2.1	80	0	7.9	+1.7
LEGR	First Trust Indxx Innovative Transaction & Process ETF	2.0	65	15	8.0	+1.7
MXI	iShares Global Materials ETF	2.0	41	39	7.1	+0.9
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	2.0	30	50	7.4	+1.2
DGT	State Street SPDR Global Dow ETF	2.0	50	30	6.5	+0.3
SDG	iShares MSCI Global Sustainable Development Goals ETF	1.9	49	31	4.9	-1.4
FAN	First Trust Global Wind Energy ETF	1.9	60	20	4.0	-2.2
IOO	iShares Global 100 ETF	1.9	41	39	4.5	-1.7
IFGL	iShares International Developed Real Estate ETF	1.9	48	32	6.9	+0.7
JPIN	J.P. Morgan Diversified Return International Equity ETF	1.8	37	43	7.8	+1.5
IDMO	Invesco S&P International Developed Momentum ETF	1.8	25	55	5.7	-0.5
ESGG	FlexShares STOXX Global ESG Select Index Fund	1.8	42	38	5.3	-1.0
CGW	Invesco S&P Global Water Index ETF	1.8	57	23	4.7	-1.6
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	1.8	10	70	6.7	+0.5
JGLO	JPMorgan Global Select Equity ETF	1.8	33	47	4.9	-1.3
HART	IQ Healthy Hearts ETF	1.8	45	35	6.4	+0.1
WDNA	WisdomTree BioRevolution Fund	1.8	45	35	-2.3	-8.5
CANC	Tema Oncology ETF	1.8	75	5	-2.6	-8.8
HRTS	Tema Heart & Health ETF	1.8	75	5	2.1	-4.1
IDV	iShares International Select Dividend ETF	1.7	51	29	9.9	+3.6
WRND	IQ Global Equity R&D Leaders ETF	1.6	18	62	7.6	+1.3
SCZ	iShares MSCI EAFE Small-Cap ETF	1.6	40	40	6.8	+0.6
ACWV	iShares MSCI Global Min Vol Factor ETF	1.6	20	60	5.9	-0.3
SCHF	Schwab International Equity ETF	1.6	6	74	6.8	+0.5
VNQI	Vanguard Global ex-U.S. Real Estate ETF	1.6	12	68	8.2	+2.0
KOKU	Xtrackers MSCI Kokusai Equity ETF	1.6	9	71	5.1	-1.2
IQDG	WisdomTree International Quality Dividend Growth Fund	1.5	42	38	6.5	+0.2
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	1.5	58	22	6.4	+0.1
JHID	John Hancock International High Dividend ETF	1.5	46	34	8.5	+2.3
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	1.5	12	68	5.0	-1.2
MDEV	First Trust Indxx Medical Devices ETF	1.4	70	10	4.7	-1.5
FNDC	Schwab Fundamental International Small Co. Index ETF	1.4	39	41	5.7	-0.5
KXI	iShares Global Consumer Staples ETF	1.4	41	39	5.8	-0.5
DSTX	Distillate International Fundamental Stability & Value ETF	1.4	55	25	7.5	+1.3
TOK	iShares MSCI Kokusai ETF	1.4	26	54	5.0	-1.3
CUT	Invesco MSCI Global Timber ETF	1.4	61	19	11.0	+4.7
GLBL	Pacer MSCI World Industry Advantage ETF	1.4	65	15	4.2	-2.1
GLOF	iShares Global Equity Factor ETF	1.4	20	60	6.7	+0.4
SHPP	Pacer Industrials and Logistics ETF	1.4	60	20	8.2	+2.0
DEW	WisdomTree Global High Dividend Fund	1.4	58	22	8.2	+2.0
URTH	iShares MSCI World ETF	1.3	24	56	5.0	-1.3
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	1.3	58	22	4.3	-1.9
RWO	SPDR Dow Jones Global Real Estate ETF	1.3	50	30	7.0	+0.8
KLMT	Invesco MSCI Global Climate 500 ETF	1.3	10	70	5.6	-0.7
FGD	First Trust Dow Jones Global Select Dividend Index Fund	1.3	56	24	10.3	+4.0
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	1.3	25	55	5.9	-0.3
DIHP	Dimensional International High Profitability ETF	1.2	29	51	6.6	+0.4
CGGO	Capital Group Global Growth Equity ETF	1.2	47	33	4.2	-2.1
BLES	Inspire Global Hope ETF	1.2	61	19	6.8	+0.6
ERET	iShares Environmentally Aware Real Estate ETF	1.2	30	50	7.3	+1.1
ACWI	iShares MSCI ACWI ETF	1.2	32	48	5.4	-0.9
AVDS	Avantis International Small Cap Equity ETF	1.1	30	50	6.9	+0.7
JSTC	Adasina Social Justice All Cap Global ETF	1.1	89	-9	5.0	-1.2
MOO	VanEck Agribusiness ETF	1.1	53	27	10.7	+4.5
GQRE	FlexShares Global Quality Real Estate Index Fund	1.1	45	35	8.0	+1.8
BMED	Future Health ETF	1.1	85	-5	0.3	-5.9
VT	Vanguard Total World Stock ETF	1.1	6	74	5.7	-0.5
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	1.0	9	71	5.5	-0.7
MOTG	VanEck Morningstar Global Wide Moat ETF	1.0	52	28	8.8	+2.5
XT	iShares Exponential Technologies ETF	1.0	46	34	4.6	-1.6
SCHC	Schwab International Small-Cap Equity ETF	1.0	11	69	7.5	+1.3
FTAG	First Trust Indxx Global Agriculture ETF	1.0	70	10	8.3	+2.0
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.9	47	33	5.7	-0.6
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.9	49	31	6.9	+0.6
AADR	AdvisorShares Dorsey Wright ADR ETF	0.9	110	-30	4.7	-1.5
FFND	Future Fund Active ETF	0.9	100	-20	3.8	-2.5
BINV	Brandes International ETF	0.9	70	10	8.9	+2.7
GSIB	Themes Global Systemically Important Banks ETF	0.9	35	45	9.1	+2.8
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.9	20	60	5.5	-0.8
FNDF	Schwab Fundamental International Large Co. Index ETF	0.8	25	55	8.9	+2.7
EFAS	Global X MSCI SuperDividend EAFE ETF	0.8	57	23	8.5	+2.2
DIVS	SmartETFs Dividend Builder ETF	0.8	65	15	5.0	-1.3
PAWZ	ProShares Pet Care ETF	0.8	50	30	3.8	-2.5
OSEA	Harbor International Compounders ETF	0.8	55	25	4.8	-1.5
CGDG	Capital Group Dividend Growers ETF	0.8	47	33	6.0	-0.3
CGIE	Capital Group International Equity ETF	0.8	54	26	4.8	-1.4
BLKC	Invesco Alerian Galaxy Blockchain Users and Decentralized Co	0.8	61	19	2.2	-4.1
FEGE	First Eagle Global Equity ETF	0.8	79	1	6.5	+0.3
FEOE	First Eagle Overseas Equity ETF	0.8	79	1	7.0	+0.7
GSFP	Goldman Sachs Future Planet Equity ETF	0.8	75	5	4.2	-2.1
ICLN	iShares Global Clean Energy ETF	0.8	41	39	3.2	-3.1
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.8	8	72	7.2	+1.0
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	0.8	80	0	8.5	+2.3
FDHT	Fidelity Digital Health ETF	0.7	39	41	1.5	-4.7
GGME	Invesco Next Gen Media and Gaming ETF	0.7	60	20	4.6	-1.6
RUNN	Running Oak Efficient Growth ETF	0.7	58	22	5.2	-1.1
BKWO	BNY Mellon Women's Opportunities ETF	0.7	50	30	3.7	-2.5
GNR	SPDR S&P Global Natural Resources ETF	0.7	40	40	10.3	+4.0
KNO	AXS Knowledge Leaders ETF	0.6	78	2	5.7	-0.5
IQRA	IQ CBRE Real Assets ETF	0.6	65	15	5.7	-0.5
NXTG	First Trust Indxx NextG ETF	0.5	70	10	4.9	-1.3
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.5	42	38	6.2	-0.0
RCGE	RockCreek Global Equality ETF	0.5	95	-15	6.6	+0.4
FDNI	First Trust Dow Jones International Internet ETF	0.5	65	15	21.6	+15.4
UIVM	VictoryShares International Value Momentum ETF	0.5	35	45	8.2	+1.9
GINN	Goldman Sachs Innovate Equity ETF	0.5	52	28	3.7	-2.6
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	0.4	46	34	5.6	-0.7
IXP	iShares Global Comm Services ETF	0.4	42	38	5.9	-0.3
WLDR	Affinity World Leaders Equity ETF	0.3	67	13	7.2	+1.0
GINX	SGI Enhanced Global Income ETF	0.3	98	-18	7.9	+1.7
LRGE	ClearBridge Large Cap Growth ESG ETF	0.3	59	21	4.2	-2.1
ANEW	ProShares MSCI Transformational Changes ETF	0.3	45	35	5.2	-1.0
APIE	ActivePassive International Equity ETF	0.2	45	35	7.0	+0.8
RAYD	Rayliant Quantitative Developed Market Equity ETF	0.2	80	0	4.4	-1.9
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	0.2	65	15	10.1	+3.8
RVRB	Reverb ETF	0.2	30	50	4.6	-1.7
KNCT	Invesco Next Gen Connectivity ETF	0.2	40	40	4.5	-1.7
EXI	iShares Global Industrials ETF	0.2	42	38	4.4	-1.9
CCNR	ALPS CoreCommodity Natural Resources ETF	0.1	39	41	9.2	+2.9
RXI	iShares Global Consumer Discretionary ETF	0.1	41	39	8.2	+2.0
IXN	iShares Global Tech ETF	0.1	41	39	3.4	-2.8
EBI	Longview Advantage ETF	0.0	35	45	6.7	+0.5

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

	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:	First Trust Switzerland AlphaDEX Fund
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	12.3	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	80	bp
Equals: ALTAR Score	6.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.72	CATEGORY AVERAGE	1.64

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.