ETF Research Center

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

ALTAR
Score™

9.2%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	12.0x	P/Sales ratio	1.0x
P/BV ratio	1.6x	Div. yield	4.8%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF tracks a cap-weighted index of developed country stocks, ex-North America, selected by quality and dividend factors. The fund is currency hedged for USD investors.

FUND BASICS
Category	International Equities
Fund Sponsor	Deutsche Bank
Website	etfus.deutscheawm.com
Inception date	Aug 12, 2015
Assets (mns)	$2,113
Currency	USD
Expense ratio	9 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	135
Wgt avg mkt cap (mns)	$75,530
Large cap (>$10bn)	87.8%
Mid cap ($2-10bn)	6.8%
Small cap (<$2bn)	0.0%
Developed mkts	99.7%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	43.1 %
NOVARTIS AG	5.6 %
ROCHE HOLDING AG-BR	5.5 %
ALLIANZ SE-REG	5.4 %
UNILEVER PLC	5.0 %
TOTAL SA	4.4 %
BRITISH AMERICAN TOBACCO PLC	3.7 %
IBERDROLA SA	3.6 %
SANOFI-AVENTIS	3.6 %
ZURICH FINANCIAL SERVICES AG	3.5 %
AXA SA	2.8 %

TOP COUNTRY EXPOSURE
	SWITZERLAND	20.5 %
	BRITAIN	19.3 %
	FRANCE	16.5 %
	JAPAN	8.3 %
	GERMANY	7.0 %
	SINGAPORE	5.9 %
	AUSTRALIA	5.3 %
	SPAIN	4.6 %
	NETHERLANDS	3.0 %
	HONG KONG	2.5 %

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.
23.9%	14.2%	11.8%	7.4%	6.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.61	36%
MSCI EAFE	0.77	66%
MSCI Emg. Mkts.	0.71	59%

Technical Indicators
Recent close	$29.67
30d moving avg.	$29.70
Annualized volatility	15.5%
Short interest (ETF)	0.3%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	123
Turnover	0.2%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$4,550

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 373 potential alternatives to the Xtrackers MSCI EAFE High Dividend Yield Equity ETF ETF based on the alternatives' overlap in portfolio holdings with HDEF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

HDEF

Expense:

9 bp

ALTAR Score™:

9.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH HDEF
Ticker	Fund Name	Overlap¹ vs HDEF (%)	Expense ratio (bp)	Savings vs HDEF (bp)	ALTAR Score™ (%)	ALTAR vs HDEF (%)
VWID	Virtus WMC International Dividend ETF	41.5	49	-40	8.4	-0.8
LVHI	Franklin International Low Volatility High Dividend Index ET	36.5	40	-31	10.5	+1.3
DTH	WisdomTree International High Dividend Fund	33.5	58	-49	8.4	-0.8
DIVI	Franklin International Core Dividend Tilt Index ETF	32.7	9	0	7.9	-1.3
DOL	WisdomTree International LargeCap Dividend Fund	31.5	48	-39	7.2	-2.0
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	31.2	32	-23	6.0	-3.2
EFAV	iShares MSCI EAFE Min Vol Factor ETF	28.5	22	-13	5.7	-3.4
SCHY	Schwab International Dividend Equity ETF	28.0	14	-5	9.7	+0.5
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	25.8	29	-20	7.7	-1.5
DWM	WisdomTree International Equity Fund	25.1	48	-39	7.3	-1.9
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	24.9	40	-31	7.4	-1.8
EFV	iShares MSCI EAFE Value ETF	24.7	34	-25	9.0	-0.1
JHID	John Hancock International High Dividend ETF	24.7	46	-37	9.4	+0.3
NUDM	Nuveen ESG International Developed Markets Equity ETF	23.5	31	-22	6.2	-3.0
IQLT	iShares MSCI Intl Quality Factor ETF	22.7	30	-21	6.2	-2.9
RFDI	First Trust Riverfront Dynamic Developed International ETF	22.6	83	-74	9.2	+0.1
FIDI	Fidelity International High Dividend ETF	22.6	18	-9	8.6	-0.6
QEFA	SPDR MSCI EAFE StrategicFactors ETF	22.6	30	-21	7.0	-2.2
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	22.1	25	-16	7.3	-1.9
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	21.9	46	-37	6.7	-2.4
OEUR	ALPS O'Shares Europe Quality Dividend ETF	21.8	48	-39	6.1	-3.1
BBEU	JPMorgan BetaBuilders Europe ETF	21.7	9	0	7.2	-2.0
JHMD	John Hancock Multifactor Developed International ETF	21.6	39	-30	7.5	-1.7
GCOW	Pacer Global Cash Cows Dividend ETF	21.6	60	-51	11.0	+1.9
FENI	Fidelity Enhanced International ETF	21.3	28	-19	6.5	-2.7
RFEU	First Trust Riverfront Dynamic Europe ETF	21.2	83	-74	10.6	+1.4
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	21.1	14	-5	6.1	-3.0
DWMF	WisdomTree International Multifactor Fund	21.0	38	-29	7.0	-2.1
FLEE	Franklin FTSE Europe ETF	20.9	9	0	7.3	-1.9
FLSW	Franklin FTSE Switzerland ETF	20.5	9	0	6.4	-2.8
AIVI	WisdomTree International AI Enhanced Value Fund	19.7	58	-49	7.1	-2.1
EUDG	WisdomTree Europe Quality Dividend Growth Fund	19.7	58	-49	7.0	-2.2
PPIE	Putnam PanAgora ESG International Equity ETF	19.5	49	-40	7.4	-1.8
IDV	iShares International Select Dividend ETF	19.5	51	-42	10.7	+1.5
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	19.4	80	-71	5.9	-3.3
IMFL	Invesco International Developed Dynamic Multifactor ETF	19.4	34	-25	6.1	-3.1
JIRE	JPMorgan International Research Enhanced Equity ETF	18.9	24	-15	7.2	-2.0
VYMI	Vanguard International High Dividend Yield ETF	18.8	17	-8	9.4	+0.3
FLGB	Franklin FTSE United Kingdom ETF	18.6	9	0	7.5	-1.6
IVLU	iShares MSCI Intl Value Factor ETF	18.6	30	-21	10.3	+1.1
EUFN	iShares MSCI Europe Financials ETF	18.5	51	-42	7.8	-1.3
RODE	Hartford Multifactor Diversified International ETF	18.5	29	-20	11.4	+2.3
EWU	iShares MSCI United Kingdom ETF	18.5	50	-41	8.1	-1.0
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	18.4	36	-27	6.6	-2.6
IQDF	FlexShares International Quality Dividend Index Fund	18.2	47	-38	8.8	-0.4
FEZ	SPDR EURO STOXX 50 ETF	18.2	29	-20	7.2	-2.0
FIVA	Fidelity International Value Factor ETF	18.1	18	-9	9.8	+0.6
IEV	iShares Europe ETF	18.1	67	-58	6.9	-2.3
FDEV	Fidelity International Multifactor ETF	18.1	18	-9	7.4	-1.8
HFXI	IQ FTSE International Equity Currency Neutral ETF	18.0	20	-11	7.0	-2.2
CIL	VictoryShares International Volatility Wtd ETF	17.9	45	-36	6.6	-2.6
GSID	Goldman Sachs MarketBeta International Equity ETF	17.8	20	-11	6.8	-2.3
IDHQ	Invesco S&P International Developed High Quality ETF	17.8	29	-20	6.6	-2.5
IDLV	Invesco S&P International Developed Low Volatility ETF	17.7	25	-16	6.3	-2.9
AVIV	Avantis International Large Cap Value ETF	17.6	25	-16	8.5	-0.7
IQSI	IQ Candriam International Equity ETF	17.4	15	-6	6.6	-2.6
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	17.4	39	-30	6.6	-2.5
ESGD	iShares ESG Aware MSCI EAFE ETF	17.1	20	-11	6.7	-2.5
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	16.8	45	-36	7.0	-2.2
DFIV	Dimensional International Value ETF	16.7	27	-18	9.5	+0.3
GSIE	Goldman Sachs ActiveBeta International Equity ETF	16.5	25	-16	7.0	-2.2
JPIN	J.P. Morgan Diversified Return International Equity ETF	16.5	37	-28	8.2	-1.0
EWQ	iShares MSCI France ETF	16.5	53	-44	7.3	-1.9
IMTM	iShares MSCI Intl Momentum Factor ETF	16.5	30	-21	5.4	-3.7
EZU	iShares MSCI Eurozone ETF	16.2	52	-43	6.7	-2.4
INEQ	Columbia International Equity Income ETF	16.1	45	-36	8.0	-1.1
EFAS	Global X MSCI SuperDividend EAFE ETF	16.0	57	-48	8.2	-1.0
BKIE	BNY Mellon International Equity ETF	15.9	4	5	7.0	-2.2
VGK	Vanguard FTSE Europe ETF	15.9	6	3	7.5	-1.7
IEUR	iShares Core MSCI Europe ETF	15.9	11	-2	7.4	-1.8
TPIF	Timothy Plan International ETF	15.8	62	-53	6.2	-3.0
SPEU	SPDR Portfolio Europe ETF	15.6	7	2	7.4	-1.8
IDOG	ALPS International Sector Dividend Dogs ETF	15.5	50	-41	12.0	+2.9
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	15.4	24	-15	7.3	-1.8
EWL	iShares MSCI Switzerland ETF	15.3	50	-41	6.3	-2.9
EFA	iShares MSCI EAFE ETF	15.3	35	-26	6.7	-2.5
FICS	First Trust International Developed Capital Strength ETF	15.1	70	-61	7.4	-1.7
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	14.8	20	-11	6.3	-2.9
DMXF	iShares ESG Advanced MSCI EAFE ETF	14.8	12	-3	5.5	-3.7
QINT	American Century Quality Diversified International ETF	14.7	39	-30	7.3	-1.9
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	14.7	45	-36	8.7	-0.4
IDMO	Invesco S&P International Developed Momentum ETF	14.6	25	-16	5.3	-3.9
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	14.3	20	-11	6.4	-2.8
DWX	SPDR S&P International Dividend ETF	14.2	45	-36	6.1	-3.1
FNDF	Schwab Fundamental International Large Co. Index ETF	14.2	25	-16	9.5	+0.3
KXI	iShares Global Consumer Staples ETF	14.1	41	-32	5.6	-3.6
STXI	Strive International Developed Markets ETF	13.7	29	-20	6.6	-2.6
CEFA	Global X S&P Catholic Values Developed ex-US ETF	13.7	35	-26	6.6	-2.6
EPP	iShares MSCI Pacific ex-Japan ETF	13.7	47	-38	5.1	-4.1
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	13.6	19	-10	5.8	-3.4
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	13.3	47	-38	8.2	-1.0
UIVM	VictoryShares International Value Momentum ETF	13.3	35	-26	8.9	-0.3
IGRO	iShares International Dividend Growth ETF	13.2	15	-6	7.2	-1.9
INTF	iShares International Equity Factor ETF	13.1	15	-6	7.5	-1.6
IEFA	iShares Core MSCI EAFE ETF	13.0	7	2	7.0	-2.2
EUDV	ProShares MSCI Europe Dividend Growers ETF	12.9	55	-46	6.3	-2.9
DIM	WisdomTree International MidCap Dividend Fund	12.7	58	-49	7.5	-1.7
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	12.5	65	-56	11.9	+2.7
DEW	WisdomTree Global High Dividend Fund	12.2	58	-49	8.3	-0.9
AVDE	Avantis International Equity ETF	11.8	23	-14	7.3	-1.9
IDEV	iShares Core MSCI International Developed Markets ETF	11.5	4	5	6.9	-2.3
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	11.5	41	-32	7.4	-1.8
FYLD	Cambria Foreign Shareholder Yield ETF	11.4	59	-50	11.4	+2.2
DIHP	Dimensional International High Profitability ETF	11.3	29	-20	7.1	-2.1
DFAI	Dimensional International Core Equity Market ETF	11.3	18	-9	7.1	-2.1
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	11.2	18	-9	7.8	-1.3
SCHF	Schwab International Equity ETF	11.1	6	3	7.2	-2.0
VEA	Vanguard FTSE Developed Markets ETF	11.0	3	6	7.1	-2.1
SPDW	SPDR Portfolio Developed World ex-US ETF	10.9	3	6	6.9	-2.2
AVSD	Avantis Responsible International Equity ETF	10.8	23	-14	5.6	-3.6
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	10.8	39	-30	7.8	-1.3
DFIC	Dimensional International Core Equity 2 ETF	10.0	23	-14	7.3	-1.8
WWJD	Inspire International ETF	9.9	80	-71	7.2	-1.9
CGDG	Capital Group Dividend Growers ETF	9.9	47	-38	6.2	-3.0
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	9.9	80	-71	9.4	+0.2
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	9.9	25	-16	5.9	-3.3
FDD	First Trust Stoxx European Select Dividend Index Fund	9.9	58	-49	11.2	+2.1
TTAI	FCF International Quality ETF	9.8	59	-50	7.3	-1.9
CWI	SPDR MSCI ACWI ex-US ETF	9.7	30	-21	7.5	-1.7
DIVS	SmartETFs Dividend Builder ETF	9.5	65	-56	5.0	-4.1
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	9.5	12	-3	5.9	-3.2
ACWX	iShares MSCI ACWI ex U.S. ETF	9.4	34	-25	7.6	-1.6
FEOE	First Eagle Overseas Equity ETF	9.3	79	-70	7.8	-1.4
FGD	First Trust Dow Jones Global Select Dividend Index Fund	9.1	56	-47	10.5	+1.4
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	9.0	47	-38	5.8	-3.4
FEP	First Trust Europe AlphaDEX Fund	8.9	80	-71	9.0	-0.1
DFSI	Dimensional International Sustainability Core 1 ETF	8.9	24	-15	6.3	-2.9
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	8.9	46	-37	9.8	+0.6
VEU	Vanguard FTSE All-World ex-US Index Fund	8.8	4	5	8.0	-1.2
DVYA	iShares Asia/Pacific Dividend ETF	8.8	49	-40	7.6	-1.5
HART	IQ Healthy Hearts ETF	8.8	45	-36	6.7	-2.5
CGIE	Capital Group International Equity ETF	8.7	54	-45	5.1	-4.1
DXIV	Dimensional International Vector Equity ETF	8.7	34	-25	7.7	-1.4
DSTX	Distillate International Fundamental Stability & Value ETF	8.6	55	-46	7.7	-1.5
BKCI	BNY Mellon Concentrated International ETF	8.6	80	-71	5.2	-4.0
IPKW	Invesco International BuyBack Achievers ETF	8.3	55	-46	12.4	+3.2
EWJV	iShares MSCI Japan Value ETF	8.2	15	-6	8.6	-0.6
DTAN	Sparkline International Intangible Value ETF	8.1	55	-46	8.5	-0.6
VXUS	Vanguard Total International Stock ETF	8.1	5	4	7.7	-1.4
PATN	Pacer Nasdaq International Patent Leaders ETF	8.0	65	-56	6.0	-3.2
IXUS	iShares Core MSCI Total International Stock ETF	8.0	7	2	7.8	-1.4
EFAD	ProShares MSCI EAFE Dividend Growers ETF	8.0	50	-41	5.9	-3.2
VIDI	Vident International Equity Strategy ETF	8.0	61	-52	10.7	+1.6
UMMA	Wahed Dow Jones Islamic World ETF	7.9	65	-56	5.3	-3.9
FILL	iShares MSCI Global Energy Producers ETF	7.9	39	-30	11.5	+2.4
IXC	iShares Global Energy ETF	7.9	44	-35	10.1	+0.9
IPAC	iShares Core MSCI Pacific ETF	7.9	9	0	6.2	-3.0
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	7.8	80	-71	8.7	-0.4
CLNR	IQ Cleaner Transport ETF	7.8	45	-36	6.6	-2.5
WRND	IQ Global Equity R&D Leaders ETF	7.5	18	-9	8.0	-1.1
HEDJ	WisdomTree Europe Hedged Equity Fund	7.5	58	-49	6.7	-2.5
FEUZ	First Trust Eurozone AlphaDEX ETF	7.3	80	-71	9.1	-0.1
JXI	iShares Global Utilities ETF	7.2	43	-34	5.9	-3.3
VIGI	Vanguard International Dividend Appreciation ETF	7.2	10	-1	6.3	-2.8
VSGX	Vanguard ESG International Stock ETF	7.2	10	-1	7.5	-1.7
GNR	SPDR S&P Global Natural Resources ETF	7.1	40	-31	10.9	+1.7
EWG	iShares MSCI Germany ETF	7.0	50	-41	6.4	-2.7
ESGG	FlexShares STOXX Global ESG Select Index Fund	7.0	42	-33	5.4	-3.8
DAX	Global X DAX Germany ETF	6.9	21	-12	6.8	-2.3
FLGR	Franklin FTSE Germany ETF	6.8	9	0	7.2	-2.0
VPL	Vanguard FTSE Pacific ETF	6.7	7	2	6.7	-2.5
LEGR	First Trust Indxx Innovative Transaction & Process ETF	6.5	65	-56	7.8	-1.3
MXI	iShares Global Materials ETF	6.5	41	-32	7.5	-1.7
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	6.4	30	-21	7.7	-1.5
DGT	SPDR Global Dow ETF	6.4	50	-41	6.9	-2.3
CZAR	Themes Natural Monopoly ETF	6.3	35	-26	5.7	-3.5
OCEN	IQ Clean Oceans ETF	6.3	45	-36	6.0	-3.1
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	6.3	47	-38	6.1	-3.1
AGQI	First Trust Active Global Quality Income ETF	6.2	85	-76	4.8	-4.4
BBJP	JPMorgan BetaBuilders Japan ETF	6.2	19	-10	6.6	-2.5
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	6.1	65	-56	4.2	-5.0
FID	First Trust S&P International Dividend Aristocrats ETF	6.1	60	-51	7.8	-1.3
BLES	Inspire Global Hope ETF	6.1	61	-52	6.8	-2.4
QWLD	SPDR MSCI World StrategicFactors ETF	6.1	30	-21	5.9	-3.3
FSZ	First Trust Switzerland AlphaDEX Fund	6.1	80	-71	5.3	-3.9
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	6.0	46	-37	5.6	-3.5
JPXN	iShares JPX-Nikkei 400 ETF	6.0	48	-39	6.5	-2.7
BLLD	JPMorgan Sustainable Infrastructure ETF	6.0	49	-40	6.1	-3.0
WLDR	Affinity World Leaders Equity ETF	5.9	67	-58	7.4	-1.8
EWS	iShares MSCI Singapore ETF	5.9	50	-41	4.8	-4.4
IVAL	Alpha Architect International Quantitative Value ETF	5.9	49	-40	9.7	+0.5
HAP	VanEck Natural Resources ETF	5.9	50	-41	9.3	+0.1
FKU	First Trust United Kingdom AlphaDEX Fund	5.9	80	-71	7.3	-1.9
ASEA	Global X FTSE Southeast Asia ETF	5.8	65	-56	6.6	-2.6
WDIV	SPDR S&P Global Dividend ETF	5.7	40	-31	9.2	+0.0
TEMP	JPMorgan Climate Change Solutions ETF	5.7	49	-40	5.8	-3.3
EFG	iShares MSCI EAFE Growth ETF	5.6	36	-27	4.3	-4.9
FEGE	First Eagle Global Equity ETF	5.6	79	-70	6.8	-2.4
BINV	Brandes International ETF	5.5	70	-61	9.2	+0.1
EWJ	iShares MSCI Japan ETF	5.4	50	-41	6.0	-3.1
IGF	iShares Global Infrastructure ETF	5.4	41	-32	4.7	-4.5
IXG	iShares Global Financials ETF	5.4	42	-33	6.5	-2.7
GII	SPDR S&P Global Infrastructure ETF	5.3	40	-31	4.7	-4.4
EWA	iShares MSCI Australia ETF	5.3	50	-41	5.6	-3.6
RCGE	RockCreek Global Equality ETF	5.2	95	-86	6.6	-2.5
CGXU	Capital Group International Focus Equity ETF	5.2	54	-45	5.4	-3.7
FLJP	Franklin FTSE Japan ETF	5.2	9	0	6.2	-3.0
MOTI	VanEck Morningstar International Moat ETF	5.2	58	-49	11.7	+2.6
FLJH	Franklin FTSE Japan Hedged ETF	5.1	9	0	6.0	-3.2
DXJ	WisdomTree Japan Hedged Equity Fund	5.1	48	-39	7.3	-1.8
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	5.1	58	-49	7.1	-2.1
IQDG	WisdomTree International Quality Dividend Growth Fund	5.0	42	-33	7.2	-1.9
IXJ	iShares Global Healthcare ETF	4.9	42	-33	7.3	-1.9
TOKE	Cambria Cannabis ETF	4.9	42	-33	1.1	-8.1
IPAV	Global X Infrastructure Development ex-U.S. ETF	4.8	55	-46	7.6	-1.6
ACWV	iShares MSCI Global Min Vol Factor ETF	4.7	20	-11	6.2	-3.0
AIA	iShares Asia 50 ETF	4.7	50	-41	11.8	+2.6
SDG	iShares MSCI Global Sustainable Development Goals ETF	4.6	49	-40	5.7	-3.4
KOKU	Xtrackers MSCI Kokusai Equity ETF	4.6	9	0	5.2	-4.0
EWP	iShares MSCI Spain ETF	4.6	50	-41	7.0	-2.1
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	4.6	25	-16	6.8	-2.4
PICK	iShares MSCI Global Metals & Mining Producers ETF	4.4	39	-30	12.3	+3.1
CANC	Tema Oncology ETF	4.4	75	-66	-2.8	-11.9
GLOF	iShares Global Equity Factor ETF	4.3	20	-11	6.4	-2.8
IQRA	IQ CBRE Real Assets ETF	4.3	65	-56	5.7	-3.5
FLAU	Franklin FTSE Australia ETF	4.2	9	0	6.0	-3.1
KNO	AXS Knowledge Leaders ETF	4.1	78	-69	6.0	-3.2
KLMT	Invesco MSCI Global Climate 500 ETF	4.1	10	-1	5.6	-3.5
MOTG	VanEck Morningstar Global Wide Moat ETF	4.1	52	-43	7.5	-1.6
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	3.9	80	-71	4.9	-4.2
VCLN	Virtus Duff & Phelps Clean Energy ETF	3.9	59	-50	4.7	-4.4
JGLO	JPMorgan Global Select Equity ETF	3.9	33	-24	5.0	-4.2
CCNR	ALPS CoreCommodity Natural Resources ETF	3.9	39	-30	10.7	+1.5
RNWZ	TrueShares Eagle Global Renewable Energy Income ETF	3.8	75	-66	7.8	-1.4
SMOG	VanEck Low Carbon Energy ETF	3.8	61	-52	1.7	-7.5
ICLN	iShares Global Clean Energy ETF	3.8	41	-32	5.0	-4.2
CGDV	Capital Group Dividend Value ETF	3.7	33	-24	4.5	-4.6
OAIM	OneAscent International Equity ETF	3.7	95	-86	5.6	-3.6
IDNA	iShares Genomics Immunology and Healthcare ETF	3.7	47	-38	-2.1	-11.3
URTH	iShares MSCI World ETF	3.7	24	-15	5.0	-4.1
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	3.7	58	-49	4.6	-4.6
GSFP	Goldman Sachs Future Planet Equity ETF	3.6	75	-66	4.8	-4.3
SOLR	Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund	3.6	79	-70	4.9	-4.2
TOK	iShares MSCI Kokusai ETF	3.6	26	-17	5.0	-4.2
CGGO	Capital Group Global Growth Equity ETF	3.5	47	-38	4.6	-4.5
GVAL	Cambria Global Value ETF	3.4	68	-59	10.3	+1.2
BMED	Future Health ETF	3.4	85	-76	0.5	-8.7
ACWI	iShares MSCI ACWI ETF	3.3	32	-23	5.5	-3.7
IOO	iShares Global 100 ETF	3.3	41	-32	4.7	-4.5
NXTG	First Trust Indxx NextG ETF	3.3	70	-61	5.2	-4.0
IMOM	Alpha Architect International Quantitative Momentum ETF	3.2	49	-40	3.2	-6.0
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	3.2	9	0	5.6	-3.6
FLAX	Franklin FTSE Asia Ex Japan ETF	3.2	19	-10	8.9	-0.3
HRTS	Tema Heart & Health ETF	3.1	75	-66	1.3	-7.8
AAXJ	iShares MSCI All Country Asia ex Japan ETF	3.1	70	-61	8.9	-0.3
FDFF	Fidelity Disruptive Finance ETF	3.1	50	-41	4.2	-4.9
DRIV	Global X Autonomous & Electric Vehicles ETF	3.0	68	-59	4.8	-4.4
COPY	Tweedy, Browne Insider + Value ETF	3.0	80	-71	11.7	+2.6
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	3.0	12	-3	5.1	-4.1
EWN	iShares MSCI Netherlands ETF	3.0	50	-41	5.4	-3.8
VT	Vanguard Total World Stock ETF	3.0	6	3	5.8	-3.4
NBCC	Neuberger Berman Next Generation Connected Consumer ETF	3.0	56	-47	0.3	-8.9
AGNG	Global X Aging Population ETF	2.9	50	-41	4.9	-4.3
KOCG	FIS Knights of Columbus Global Belief ETF	2.8	75	-66	5.2	-3.9
DFIS	Dimensional International Small Cap ETF	2.8	39	-30	7.2	-2.0
DMAT	Global X Disruptive Materials ETF	2.7	59	-50	7.4	-1.8
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	2.7	78	-69	9.1	-0.1
BITQ	Bitwise Crypto Industry Innovators ETF	2.7	85	-76	-2.3	-11.5
DFNL	Davis Select Financial ETF	2.7	63	-54	7.4	-1.8
DINT	Davis Select International ETF	2.7	55	-46	7.7	-1.4
FJP	First Trust Japan AlphaDEX Fund	2.6	80	-71	8.7	-0.5
JIG	JPMorgan International Growth ETF	2.6	55	-46	4.7	-4.5
JSTC	Adasina Social Justice All Cap Global ETF	2.6	89	-80	4.8	-4.4
EWH	iShares MSCI Hong Kong ETF	2.5	50	-41	5.1	-4.1
EXI	iShares Global Industrials ETF	2.5	42	-33	4.5	-4.7
EWI	iShares MSCI Italy ETF	2.5	50	-41	10.5	+1.4
RXI	iShares Global Consumer Discretionary ETF	2.5	41	-32	9.0	-0.2
CRBN	iShares MSCI ACWI Low Carbon Target ETF	2.5	20	-11	5.6	-3.6
GLBL	Pacer MSCI World Industry Advantage ETF	2.5	65	-56	4.1	-5.1
VOLT	Tema Electrification ETF	2.4	75	-66	2.8	-6.3
FRNW	Fidelity Clean Energy ETF	2.4	39	-30	3.1	-6.1
CGUS	Capital Group Core Equity ETF	2.4	33	-24	4.3	-4.9
FLHK	Franklin FTSE Hong Kong ETF	2.4	9	0	6.7	-2.5
IXP	iShares Global Comm Services ETF	2.3	42	-33	5.3	-3.9
OSEA	Harbor International Compounders ETF	2.3	55	-46	4.9	-4.3
EFNL	iShares MSCI Finland ETF	2.2	56	-47	6.9	-2.3
ANEW	ProShares MSCI Transformational Changes ETF	2.2	45	-36	6.1	-3.1
FGM	First Trust Germany AlphaDEX Fund	2.1	80	-71	6.3	-2.9
ISRA	VanEck Israel ETF	2.1	59	-50	7.4	-1.8
EIS	iShares MSCI Israel ETF	2.1	58	-49	8.1	-1.0
FAN	First Trust Global Wind Energy ETF	2.1	60	-51	4.6	-4.6
FNDC	Schwab Fundamental International Small Co. Index ETF	2.1	39	-30	5.6	-3.5
GINN	Goldman Sachs Innovate Equity ETF	1.9	52	-43	3.6	-5.6
FPXI	First Trust International Equity Opportunities ETF	1.9	70	-61	4.2	-5.0
WDNA	WisdomTree BioRevolution Fund	1.9	45	-36	-1.4	-10.6
FPXE	First Trust IPOX Europe Equity Opportunities ETF	1.9	70	-61	4.8	-4.4
DISV	Dimensional International Small Cap Value ETF	1.9	42	-33	8.8	-0.3
OBOR	KraneShares MSCI One Belt One Road Index ETF	1.8	79	-70	8.8	-0.3
HTEC	ROBO Global Healthcare Technology and Innovation ETF	1.8	68	-59	2.4	-6.7
WBAT	WisdomTree Battery Value Chain and Innovation Fund	1.8	45	-36	4.0	-5.2
SAGP	Strategas Global Policy Opportunities ETF	1.7	65	-56	5.4	-3.8
RAYD	Rayliant Quantitative Developed Market Equity ETF	1.7	80	-71	4.4	-4.8
MOTO	SmartETFs Smart Transportation & Technology ETF	1.6	68	-59	7.2	-2.0
FPAG	FPA Global Equity ETF	1.5	49	-40	5.7	-3.5
RGEF	Rockefeller Global Equity ETF	1.3	55	-46	4.7	-4.5
VNQI	Vanguard Global ex-U.S. Real Estate ETF	1.3	12	-3	8.0	-1.2
FDRR	Fidelity Dividend ETF for Rising Rates	1.2	15	-6	7.0	-2.2
SHPP	Pacer Industrials and Logistics ETF	1.1	60	-51	8.7	-0.5
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	1.1	58	-49	8.7	-0.5
NORW	Global X MSCI Norway ETF	1.1	50	-41	10.3	+1.1
ENOR	iShares MSCI Norway ETF	1.1	53	-44	10.6	+1.4
BLOK	Amplify Transformational Data Sharing ETF	1.1	75	-66	-0.4	-9.6
FBOT	Fidelity Disruptive Automation ETF	1.1	50	-41	3.7	-5.5
ARKX	ARK Space Exploration & Innovation ETF	1.1	75	-66	-0.3	-9.5
KNCT	Invesco Next Gen Connectivity ETF	1.0	40	-31	4.7	-4.5
PSP	Invesco Global Listed Private Equity ETF	1.0	106	-97	5.7	-3.4
ISCF	iShares International SmallCap Equity Factor ETF	1.0	23	-14	8.1	-1.1
CARZ	First Trust NASDAQ Global Auto Index Fund	1.0	70	-61	4.6	-4.5
TOLL	Tema Durable Quality ETF	0.9	75	-66	5.1	-4.0
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	0.8	95	-86	11.4	+2.2
PRNT	3D Printing ETF	0.8	66	-57	1.3	-7.9
SUPL	ProShares Supply Chain Logistics ETF	0.8	58	-49	11.9	+2.8
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.7	42	-33	7.0	-2.1
XT	iShares Exponential Technologies ETF	0.7	46	-37	4.8	-4.3
CRTC	Xtrackers US National Critical Technologies ETF	0.7	35	-26	4.7	-4.5
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.7	49	-40	6.7	-2.5
CUT	Invesco MSCI Global Timber ETF	0.7	61	-52	10.5	+1.3
WOOD	iShares Global Timber & Forestry ETF	0.7	42	-33	12.1	+2.9
GQRE	FlexShares Global Quality Real Estate Index Fund	0.7	45	-36	7.8	-1.4
QTUM	Defiance Quantum ETF	0.6	40	-31	5.3	-3.9
FDVV	Fidelity High Dividend ETF	0.6	15	-6	7.5	-1.6
HAIL	SPDR S&P Kensho Smart Mobility ETF	0.6	45	-36	0.3	-8.8
DIVD	Altrius Global Dividend ETF Altrius Global Divid ETF	0.6	49	-40	9.4	+0.2
PBD	Invesco Global Clean Energy ETF	0.6	75	-66	-0.3	-9.5
EWD	iShares MSCI Sweden ETF	0.6	54	-45	5.3	-3.9
BOAT	SonicShares Global Shipping ETF	0.5	69	-60	25.9	+16.7
AVDV	Avantis International Small Cap Value ETF	0.5	36	-27	9.3	+0.1
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.5	10	-1	7.9	-1.3
VEGI	iShares MSCI Agriculture Producers ETF	0.5	39	-30	8.8	-0.4
EWO	iShares MSCI Austria ETF	0.4	50	-41	10.8	+1.7
GXC	SPDR S&P China ETF	0.4	59	-50	14.4	+5.3
BPAY	BlackRock Future Financial and Technology ETF	0.4	70	-61	7.6	-1.6
EEMO	Invesco S&P Emerging Markets Momentum ETF	0.4	29	-20	6.3	-2.8
EWK	iShares MSCI Belgium ETF	0.4	50	-41	4.5	-4.7
IFGL	iShares International Developed Real Estate ETF	0.3	48	-39	6.9	-2.2
EV	Mast Global Battery Recycling & Production ETF	0.3	65	-56	10.5	+1.3
COPX	Global X Copper Miners ETF	0.3	65	-56	7.0	-2.2
CRIT	Optica Rare Earths & Critical Materials ETF Optica Rare Eart	0.3	85	-76	8.8	-0.4
ION	ProShares S&P Global Core Battery Metals ETF	0.3	58	-49	9.2	+0.1
GMET	VanEck Green Metals ETF	0.3	63	-54	8.5	-0.7
SILJ	ETFMG Prime Junior Silver Miners ETF	0.3	69	-60	2.2	-7.0
COPA	Themes Copper Miners ETF	0.3	35	-26	5.5	-3.7
WAR	U.S. Global Tech and Aerospace & Defense ETF	0.3	60	-51	3.6	-5.5
EDEN	iShares MSCI Denmark ETF	0.3	53	-44	6.9	-2.3
FDEM	Fidelity Emerging Markets Multifactor ETF	0.3	25	-16	12.2	+3.1
CGV	Conductor Global Equity Value ETF	0.3	130	-121	8.0	-1.1
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	0.3	60	-51	3.7	-5.5
ISHP	First Trust Nasdaq Retail ETF	0.3	60	-51	5.2	-4.0
CRAK	VanEck Oil Refiners ETF	0.3	61	-52	13.2	+4.0
PRAY	FIS Christian Stock Fund	0.3	69	-60	5.2	-4.0
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.3	70	-61	7.5	-1.7
FINE	Themes European Luxury ETF	0.2	35	-26	3.6	-5.5
IDRV	iShares Self-driving EV & Tech ETF	0.2	47	-38	1.8	-7.4
BJK	VanEck Gaming ETF	0.2	65	-56	4.1	-5.1
GMF	SPDR S&P Emerging Asia Pacific ETF	0.2	49	-40	9.1	-0.0
AVDS	Avantis International Small Cap Equity ETF	0.2	30	-21	7.2	-2.0
ERET	iShares Environmentally Aware Real Estate ETF	0.2	30	-21	7.3	-1.9
SPEM	SPDR Portfolio Emerging Markets ETF	0.2	7	2	10.2	+1.0
RNRG	Global X Renewable Energy Producers ETF	0.2	66	-57	1.4	-7.8
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	0.2	32	-23	14.8	+5.6
DVYE	iShares Emerging Markets Dividend ETF	0.2	49	-40	18.4	+9.3
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.2	33	-24	9.7	+0.5
FTAG	First Trust Indxx Global Agriculture ETF	0.2	70	-61	8.4	-0.8
MOO	VanEck Agribusiness ETF	0.2	53	-44	10.5	+1.4
INFL	Horizon Kinetics Inflation Beneficiaries ETF	0.2	85	-76	3.9	-5.3
SCJ	iShares MSCI Japan Small-Cap ETF	0.2	50	-41	6.4	-2.7
SCZ	iShares MSCI EAFE Small-Cap ETF	0.1	40	-31	6.8	-2.4
BETZ	Roundhill Sports Betting & iGaming ETF	0.1	75	-66	2.7	-6.5
STXV	Strive 1000 Value ETF	0.1	18	-9	8.0	-1.2
KOMP	SPDR S&P Kensho New Economies Composite ETF	0.1	20	-11	2.4	-6.7
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.1	32	-23	8.8	-0.4
RVRB	Reverb ETF	0.0	30	-21	4.5	-4.7
STRV	Strive 500 ETF	0.0	5	4	4.8	-4.4

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:	Xtrackers MSCI EAFE High Dividend Yield Equity 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	14.0	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	9	bp
Equals: ALTAR Score	9.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.67	CATEGORY AVERAGE	1.63

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.