ETF Research Center

iShares MSCI Europe Small-Cap ETF

ALTAR
Score™

7.4%

Recommen-
dation

OVERWEIGHT

2025E 2026E
P/E ratio	13.7x	P/Sales ratio	0.9x
P/BV ratio	1.4x	Div. yield	3.6%

Description
Performance
Comps
Fundamentals
Valuation
Rating

iShares FTSE Developed Small Cap ex-North America Index Fund seeks investment results that correspond to the FTSE Developed Small Cap ex-North America Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Nov 12, 2007
Assets (mns)	$173
Currency	USD
Expense ratio	42 bp
Distributions	Semi-annual

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	840
Wgt avg mkt cap (mns)	$4,001
Large cap (>$10bn)	1.0%
Mid cap ($2-10bn)	74.4%
Small cap (<$2bn)	24.2%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	6.1 %
BEAZLEY PLC	0.7 %
WEIR GROUP PLC/THE	0.7 %
PSP SWISS PROPERTY AG-REG	0.6 %
DIPLOMA PLC	0.6 %
ST JAMES'S PLACE PLC	0.6 %
ACCELLERON INDUSTRIES AG	0.6 %
IMI PLC	0.6 %
GAZTRANSPORT & TECHNIGAZ SA	0.6 %
INTERMEDIATE CAPITAL GROUP PLC	0.6 %
SPIE SA	0.5 %

TOP COUNTRY EXPOSURE
	BRITAIN	23.7 %
	SWITZERLAND	8.6 %
	SWEDEN	7.1 %
	FRANCE	6.9 %
	GERMANY	6.7 %
	ITALY	5.2 %
	DENMARK	4.0 %
	NORWAY	3.9 %
	SPAIN	3.2 %
	BELGIUM	3.1 %

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.
6.6%	33.4%	5.6%	8.8%	5.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.81	61%
MSCI EAFE	1.12	84%
MSCI Emg. Mkts.	0.84	57%

Technical Indicators
Recent close	$64.21
30d moving avg.	$69.10
Annualized volatility	18.0%
Short interest (ETF)	0.2%
Relative strength (RSI)	38

Liquidity measures
Avg. volume (thou.)	44
Turnover	1.6%
Bid/Ask (% of price)	0.37%
ADV underlying (mns)	$5,272

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 398 potential alternatives to the iShares MSCI Europe Small-Cap ETF ETF based on the alternatives' overlap in portfolio holdings with IEUS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IEUS

Expense:

42 bp

ALTAR Score™:

7.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IEUS
Ticker	Fund Name	Overlap¹ vs IEUS (%)	Expense ratio (bp)	Savings vs IEUS (bp)	ALTAR Score™ (%)	ALTAR vs IEUS (%)
SCHC	Schwab International Small-Cap Equity ETF	32.7	11	31	7.1	-0.4
DFIS	Dimensional International Small Cap ETF	31.0	39	3	6.7	-0.8
AVDS	Avantis International Small Cap Equity ETF	29.4	30	12	6.5	-0.9
EWUS	iShares MSCI United Kingdom Small Cap ETF	24.8	59	-17	8.0	+0.6
DISV	Dimensional International Small Cap Value ETF	24.8	42	0	8.7	+1.3
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	24.1	8	34	6.8	-0.6
ISCF	iShares International SmallCap Equity Factor ETF	23.9	23	19	7.8	+0.4
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	22.7	49	-7	6.5	-0.9
AVDV	Avantis International Small Cap Value ETF	21.2	36	6	8.4	+1.0
FNDC	Schwab Fundamental International Small Co. Index ETF	20.6	39	3	7.3	-0.1
DLS	WisdomTree International SmallCap Dividend Fund	16.4	58	-16	8.0	+0.5
DIM	WisdomTree International MidCap Dividend Fund	16.3	58	-16	6.7	-0.7
DFE	WisdomTree Europe SmallCap Dividend Fund	13.8	58	-16	8.1	+0.7
FEP	First Trust Europe AlphaDEX Fund	13.4	80	-38	7.5	+0.1
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	13.3	39	3	7.5	+0.1
GWX	SPDR S&P International Small Cap ETF	13.3	40	2	6.3	-1.1
WSML	iShares MSCI World Small-Cap ETF	12.7	15	27	5.9	-1.5
DXIV	Dimensional International Vector Equity ETF	12.5	34	8	7.1	-0.4
JIVE	JPMorgan International Value ETF	9.4	55	-13	9.1	+1.7
DFSI	Dimensional International Sustainability Core 1 ETF	9.3	24	18	6.1	-1.3
DFIC	Dimensional International Core Equity 2 ETF	9.0	23	19	6.7	-0.7
FKU	First Trust United Kingdom AlphaDEX Fund	8.7	80	-38	7.8	+0.4
AVSD	Avantis Responsible International Equity ETF	8.6	23	19	6.5	-0.9
DTH	WisdomTree International High Dividend Fund	8.5	58	-16	7.7	+0.3
IEUR	iShares Core MSCI Europe ETF	8.4	11	31	6.9	-0.5
AVDE	Avantis International Equity ETF	8.3	23	19	6.7	-0.7
SPEU	SPDR Portfolio Europe ETF	8.0	7	35	7.0	-0.4
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	7.8	10	32	8.7	+1.3
VGK	Vanguard FTSE Europe ETF	7.8	6	36	7.1	-0.3
FEUZ	First Trust Eurozone AlphaDEX ETF	7.4	80	-38	7.2	-0.2
VNQI	Vanguard Global ex-U.S. Real Estate ETF	7.4	12	30	8.9	+1.4
IFGL	iShares International Developed Real Estate ETF	7.3	48	-6	7.6	+0.2
EUDG	WisdomTree Europe Quality Dividend Growth Fund	7.1	58	-16	6.9	-0.6
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	6.7	39	3	6.6	-0.8
INTF	iShares International Equity Factor ETF	6.6	15	27	7.0	-0.5
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	6.1	80	-38	7.4	-0.0
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	6.0	30	12	7.0	-0.4
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	6.0	80	-38	9.6	+2.2
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	6.0	45	-3	6.2	-1.2
HEDJ	WisdomTree Europe Hedged Equity Fund	5.9	58	-16	6.5	-0.9
VIDI	Vident International Equity Strategy ETF	5.8	61	-19	9.1	+1.6
COPY	Tweedy, Browne Insider + Value ETF	5.8	80	-38	16.2	+8.8
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	5.8	40	2	6.0	-1.4
DWM	WisdomTree International Equity Fund	5.8	48	-6	6.0	-1.4
ICPY	Tweedy, Browne International Insider Value ETF	5.7	80	-38	23.1	+15.7
ERET	iShares Environmentally Aware Real Estate ETF	5.6	30	12	7.3	-0.1
AVIV	Avantis International Large Cap Value ETF	5.3	25	17	7.4	-0.0
IEFA	iShares Core MSCI EAFE ETF	5.3	7	35	6.6	-0.9
QINT	American Century Quality Diversified International ETF	5.2	39	3	7.2	-0.3
FYLD	Cambria Foreign Shareholder Yield ETF	5.1	59	-17	10.6	+3.1
RWX	SPDR Dow Jones International Real Estate ETF	5.0	59	-17	7.4	+0.0
RWO	SPDR Dow Jones Global Real Estate ETF	4.7	50	-8	6.9	-0.6
IDEV	iShares Core MSCI International Developed Markets ETF	4.7	4	38	6.5	-0.9
ENOR	iShares MSCI Norway ETF	4.7	53	-11	7.8	+0.3
NORW	Global X MSCI Norway ETF	4.7	50	-8	7.7	+0.3
JPIN	J.P. Morgan Diversified Return International Equity ETF	4.6	37	5	7.5	+0.1
DFAI	Dimensional International Core Equity Market ETF	4.6	18	24	6.5	-0.9
FDEV	Fidelity International Multifactor ETF	4.5	18	24	7.4	0.0
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	4.2	80	-38	4.0	-3.4
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	4.2	24	18	7.3	-0.2
RCGE	RockCreek Global Equality ETF	4.2	95	-53	6.6	-0.9
DTAN	Sparkline International Intangible Value ETF	4.1	55	-13	7.8	+0.4
FLGB	Franklin FTSE United Kingdom ETF	4.1	9	33	7.1	-0.3
CCNR	ALPS CoreCommodity Natural Resources ETF	4.1	39	3	8.1	+0.6
FSZ	First Trust Switzerland AlphaDEX Fund	4.0	80	-38	5.4	-2.1
VEA	Vanguard FTSE Developed Markets ETF	4.0	3	39	6.6	-0.9
EDEN	iShares MSCI Denmark ETF	3.9	53	-11	7.0	-0.5
FPXE	First Trust IPOX Europe Equity Opportunities ETF	3.8	70	-28	4.4	-3.0
SPDW	SPDR Portfolio Developed World ex-US ETF	3.7	3	39	6.4	-1.0
REET	iShares Global REIT ETF	3.7	14	28	7.6	+0.2
AVRE	Avantis Real Estate ETF	3.5	17	25	7.4	-0.1
IPAV	Global X Infrastructure Development ex-U.S. ETF	3.5	55	-13	6.4	-1.0
RFDI	First Trust Riverfront Dynamic Developed International ETF	3.5	83	-41	8.3	+0.8
VGSR	Vert Global Sustainable Real Estate ETF	3.4	47	-5	7.7	+0.3
WWJD	Inspire International ETF	3.3	80	-38	6.7	-0.7
IXUS	iShares Core MSCI Total International Stock ETF	3.3	7	35	7.2	-0.2
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	3.2	58	-16	5.8	-1.6
DFGR	Dimensional Global Real Estate ETF	3.2	22	20	7.6	+0.2
EWK	iShares MSCI Belgium ETF	3.1	50	-8	4.4	-3.0
VSGX	Vanguard ESG International Stock ETF	3.1	10	32	7.4	0.0
IDV	iShares International Select Dividend ETF	3.1	51	-9	9.5	+2.1
IQDG	WisdomTree International Quality Dividend Growth Fund	3.0	42	0	6.2	-1.2
BLES	Inspire Global Hope ETF	3.0	61	-19	6.2	-1.2
GQRE	FlexShares Global Quality Real Estate Index Fund	3.0	45	-3	7.9	+0.5
VXUS	Vanguard Total International Stock ETF	2.9	5	37	7.3	-0.1
EWN	iShares MSCI Netherlands ETF	2.9	50	-8	5.3	-2.1
FGM	First Trust Germany AlphaDEX Fund	2.8	80	-38	5.4	-2.0
IPKW	Invesco International BuyBack Achievers ETF	2.8	55	-13	8.6	+1.1
PBD	Invesco Global Clean Energy ETF	2.7	75	-33	0.3	-7.1
FLSW	Franklin FTSE Switzerland ETF	2.7	9	33	6.1	-1.3
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	2.6	45	-3	7.5	+0.1
FID	First Trust S&P International Dividend Aristocrats ETF	2.6	60	-18	8.3	+0.9
WDIV	SPDR S&P Global Dividend ETF	2.6	40	2	9.6	+2.2
ERTH	Invesco MSCI Sustainable Future ETF	2.6	62	-20	3.2	-4.2
PICK	iShares MSCI Global Metals & Mining Producers ETF	2.4	39	3	9.1	+1.7
FLEE	Franklin FTSE Europe ETF	2.4	9	33	6.8	-0.6
IBOT	Vaneck Robotics ETF	2.2	47	-5	4.0	-3.4
EFNL	iShares MSCI Finland ETF	2.2	56	-14	6.4	-1.0
FGD	First Trust Dow Jones Global Select Dividend Index Fund	2.1	56	-14	10.3	+2.9
FNDF	Schwab Fundamental International Large Co. Index ETF	2.0	25	17	8.1	+0.7
IGRO	iShares International Dividend Growth ETF	1.9	15	27	7.2	-0.3
JSTC	Adasina Social Justice All Cap Global ETF	1.9	89	-47	5.0	-2.4
EWO	iShares MSCI Austria ETF	1.9	50	-8	8.8	+1.4
IQRA	IQ CBRE Real Assets ETF	1.9	65	-23	6.1	-1.4
VIGI	Vanguard International Dividend Appreciation ETF	1.8	10	32	6.5	-0.9
FDD	First Trust Stoxx European Select Dividend Index Fund	1.7	58	-16	10.9	+3.5
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	1.6	58	-16	4.0	-3.5
OCEN	IQ Clean Oceans ETF	1.5	45	-3	4.5	-2.9
OAIM	OneAscent International Equity ETF	1.5	95	-53	5.1	-2.4
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	1.4	29	13	7.4	-0.1
CGW	Invesco S&P Global Water Index ETF	1.4	57	-15	4.5	-2.9
DWX	SPDR S&P International Dividend ETF	1.4	45	-3	7.0	-0.4
DIVI	Franklin International Core Dividend Tilt Index ETF	1.4	9	33	7.2	-0.3
INDS	Pacer Industrial Real Estate ETF	1.4	55	-13	6.7	-0.7
BULD	Pacer BlueStar Engineering the Future ETF	1.3	60	-18	0.5	-6.9
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	1.2	46	-4	5.1	-2.3
FIDI	Fidelity International High Dividend ETF	1.2	18	24	7.4	+0.0
SMOG	VanEck Low Carbon Energy ETF	1.2	61	-19	1.4	-6.1
IDLV	Invesco S&P International Developed Low Volatility ETF	1.2	25	17	6.5	-0.9
CUT	Invesco MSCI Global Timber ETF	1.2	61	-19	8.3	+0.9
DIHP	Dimensional International High Profitability ETF	1.2	29	13	6.1	-1.3
SHPP	Pacer Industrials and Logistics ETF	1.2	60	-18	7.7	+0.2
EIRL	iShares MSCI Ireland ETF	1.1	50	-8	8.1	+0.6
SCHF	Schwab International Equity ETF	1.1	6	36	6.6	-0.8
FDFF	Fidelity Disruptive Finance ETF	1.1	50	-8	5.9	-1.5
VCLN	Virtus Duff & Phelps Clean Energy ETF	1.1	59	-17	2.7	-4.7
KNO	AXS Knowledge Leaders ETF	1.1	78	-36	4.8	-2.6
CLNR	IQ Cleaner Transport ETF	1.1	45	-3	3.9	-3.6
IEV	iShares Europe ETF	1.1	67	-25	6.4	-1.0
IMOM	Alpha Architect International Quantitative Momentum ETF	1.1	49	-7	4.7	-2.8
TTAI	FCF International Quality ETF	1.1	59	-17	6.6	-0.8
IVAL	Alpha Architect International Quantitative Value ETF	1.1	49	-7	8.0	+0.6
JHID	John Hancock International High Dividend ETF	1.1	46	-4	8.4	+1.0
ROBO	ROBO Global Robotics & Automation Index ETF	1.1	95	-53	3.0	-4.4
IQSI	IQ Candriam International Equity ETF	1.1	15	27	6.1	-1.3
EFRA	iShares Environmental Infrastructure and Industrials ETF	1.1	47	-5	5.1	-2.3
VT	Vanguard Total World Stock ETF	1.1	6	36	5.6	-1.8
DTRE	First Trust Alerian Disruptive Technology Real Estate ETF	1.1	60	-18	6.0	-1.4
AIVI	WisdomTree International AI Enhanced Value Fund	1.1	58	-16	6.7	-0.7
IGF	iShares Global Infrastructure ETF	1.0	41	1	4.2	-3.2
GII	SPDR S&P Global Infrastructure ETF	1.0	40	2	4.2	-3.2
FRNW	Fidelity Clean Energy ETF	1.0	39	3	2.0	-5.4
DSTX	Distillate International Fundamental Stability & Value ETF	1.0	55	-13	7.0	-0.4
HFXI	IQ FTSE International Equity Currency Neutral ETF	1.0	20	22	6.3	-1.2
AZTD	Aztlan Global Stock Selection DM SMID ETF	1.0	75	-33	4.6	-2.8
SDIV	Global X Superdividend ETF	1.0	58	-16	13.7	+6.3
GVAL	Cambria Global Value ETF	1.0	68	-26	9.7	+2.3
AAUM	Tema Alternative Asset Managers ETF	1.0	99	-57	5.7	-1.7
VEGI	iShares MSCI Agriculture Producers ETF	1.0	39	3	7.4	+0.0
MXI	iShares Global Materials ETF	1.0	41	1	6.3	-1.1
FLGR	Franklin FTSE Germany ETF	1.0	9	33	7.1	-0.3
FINE	Themes European Luxury ETF	0.9	35	7	3.7	-3.7
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics ETF	0.9	65	-23	1.8	-5.6
CTEC	Global X CleanTech ETF	0.9	50	-8	0.0	-7.4
GINN	Goldman Sachs Innovate Equity ETF	0.9	52	-10	4.3	-3.1
MOO	VanEck Agribusiness ETF	0.9	53	-11	8.6	+1.2
AGNG	Global X Aging Population ETF	0.9	50	-8	4.3	-3.1
ESGG	FlexShares STOXX Global ESG Select Index Fund	0.9	42	0	4.7	-2.7
VEU	Vanguard FTSE All-World ex-US Index Fund	0.8	4	38	7.4	-0.0
SLX	VanEck Steel ETF	0.8	56	-14	12.2	+4.8
CGXU	Capital Group International Focus Equity ETF	0.8	54	-12	4.5	-3.0
PIO	Invesco Global Water ETF	0.8	75	-33	4.5	-2.9
CGV	Conductor Global Equity Value ETF	0.8	130	-88	7.9	+0.5
RNRG	Global X Renewable Energy Producers ETF	0.8	66	-24	4.6	-2.9
LVHI	Franklin International Low Volatility High Dividend Index ET	0.8	40	2	7.7	+0.3
GSID	Goldman Sachs MarketBeta International Equity ETF	0.7	20	22	6.4	-1.1
DEW	WisdomTree Global High Dividend Fund	0.7	58	-16	7.6	+0.2
HART	IQ Healthy Hearts ETF	0.7	45	-3	5.7	-1.7
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	0.7	25	17	6.0	-1.5
ICLN	iShares Global Clean Energy ETF	0.7	41	1	2.0	-5.4
VYMI	Vanguard International High Dividend Yield ETF	0.7	17	25	8.6	+1.2
GPZ	VanEck Alternative Asset Manager ETF	0.7	40	2	5.7	-1.8
PSP	Invesco Global Listed Private Equity ETF	0.7	106	-64	7.3	-0.1
BKIE	BNY Mellon International Equity ETF	0.7	4	38	6.5	-1.0
SRET	Global X SuperDividend REIT ETF	0.7	59	-17	13.4	+6.0
GDFN	Tema International Defense Innov ETF	0.7	75	-33	2.8	-4.6
FAN	First Trust Global Wind Energy ETF	0.7	60	-18	2.9	-4.5
FEOE	First Eagle Overseas Equity ETF	0.6	79	-37	6.6	-0.8
BYRE	Principal Real Estate Active Opportunities ETF	0.6	65	-23	7.6	+0.2
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.6	46	-4	7.4	0.0
ETEC	iShares Breakthrough Environmental Solutions ETF	0.6	47	-5	3.0	-4.4
BPAY	BlackRock Future Financial and Technology ETF	0.6	70	-28	6.3	-1.1
GNR	SPDR S&P Global Natural Resources ETF	0.6	40	2	8.2	+0.8
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.6	47	-5	5.1	-2.3
RW	Rainwater Equity ETF	0.6	125	-83	3.2	-4.2
SHLD	Global X Defense Tech ETF	0.6	50	-8	2.7	-4.8
IMFL	Invesco International Developed Dynamic Multifactor ETF	0.6	34	8	5.6	-1.9
GMET	VanEck Green Metals ETF	0.6	63	-21	0.4	-7.0
WBAT	WisdomTree Battery Value Chain and Innovation Fund	0.6	45	-3	-0.9	-8.4
AIQ	Global X Artificial Intelligence & Technology ETF	0.6	68	-26	3.8	-3.7
BOTZ	Global X Robotics & Artificial Intelligence ETF	0.6	69	-27	2.2	-5.2
DTEC	ALPS Disruptive Technologies ETF	0.6	50	-8	4.1	-3.3
SNSR	Global X Internet of Things ETF	0.5	68	-26	4.5	-2.9
AFK	VanEck Africa Index ETF	0.5	98	-56	11.6	+4.2
DFIV	Dimensional International Value ETF	0.5	27	15	8.3	+0.9
INEQ	Columbia International Equity Income ETF	0.5	45	-3	8.0	+0.6
JIG	JPMorgan International Growth ETF	0.5	55	-13	4.1	-3.4
FINX	Global X FinTech ETF	0.5	68	-26	3.4	-4.1
MOTI	VanEck Morningstar International Moat ETF	0.5	58	-16	10.3	+2.9
PPIE	Putnam PanAgora ESG International Equity ETF	0.5	49	-7	7.0	-0.4
AESR	Anfield U.S. Equity Sector Rotation ETF	0.5	108	-66	3.5	-3.9
DIV	Global X SuperDividend US ETF	0.5	45	-3	9.8	+2.4
FFND	Future Fund Active ETF	0.5	100	-58	4.9	-2.6
COLO	Global X MSCI Colombia ETF	0.5	62	-20	16.6	+9.2
IYZ	iShares U.S. Telecommunications ETF	0.5	40	2	6.1	-1.3
TDIV	First Trust NASDAQ Technology Dividend Index Fund	0.5	50	-8	5.8	-1.6
FFOX	FundX Future Fund Opportunities ETF	0.5	100	-58	2.7	-4.7
JADE	JPMorgan Active Developing Markets Equity ETF	0.5	65	-23	7.0	-0.4
BBEU	JPMorgan BetaBuilders Europe ETF	0.5	9	33	6.7	-0.7
RITA	ETFB Green SRI REITs ETF	0.5	50	-8	6.0	-1.4
FDIG	Fidelity Crypto Industry and Digital Payments ETF	0.5	39	3	-1.4	-8.9
PRNT	3D Printing ETF	0.5	66	-24	1.6	-5.9
NATO	Themes Transatlantic Defense ETF	0.5	35	7	1.9	-5.5
GDXJ	VanEck Junior Gold Miners ETF	0.5	52	-10	2.8	-4.7
GOEX	Global X Gold Explorers ETF	0.5	65	-23	2.0	-5.4
SGDJ	Sprott Junior Gold Miners ETF	0.5	50	-8	2.2	-5.2
AUAU	Global X Gold Miners ETF	0.5	35	7	2.5	-4.9
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	0.5	9	33	7.9	+0.4
BOAT	SonicShares Global Shipping ETF	0.4	69	-27	22.0	+14.6
WOOD	iShares Global Timber & Forestry ETF	0.4	42	0	11.2	+3.8
EVX	VanEck Environmental Services ETF	0.4	55	-13	4.2	-3.2
TINT	ProShares Smart Materials ETF	0.4	58	-16	6.2	-1.2
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.4	18	24	7.0	-0.4
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.4	9	33	5.4	-2.0
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	0.4	25	17	6.9	-0.5
EXI	iShares Global Industrials ETF	0.4	42	0	3.9	-3.6
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	0.4	65	-23	8.2	+0.8
SEIV	SEI Enhanced U.S. Large Cap Value Factor ETF	0.4	15	27	8.9	+1.4
PEX	ProShares Global Listed Private Equity ETF	0.4	81	-39	12.8	+5.4
UIVM	VictoryShares International Value Momentum ETF	0.4	35	7	8.8	+1.4
STCE	Schwab Crypto Thematic ETF	0.4	30	12	3.4	-4.0
IDHQ	Invesco S&P International Developed High Quality ETF	0.4	29	13	6.1	-1.3
WDNA	WisdomTree BioRevolution Fund	0.4	45	-3	-2.4	-9.9
FTAG	First Trust Indxx Global Agriculture ETF	0.4	70	-28	7.0	-0.4
TAN	Invesco Solar ETF	0.4	67	-25	4.5	-2.9
BETZ	Roundhill Sports Betting & iGaming ETF	0.4	75	-33	3.8	-3.6
COPX	Global X Copper Miners ETF	0.4	65	-23	4.8	-2.6
COPA	Themes Copper Miners ETF	0.4	35	7	3.7	-3.7
ISRA	VanEck Israel ETF	0.4	59	-17	6.3	-1.1
EQAL	Invesco Russell 1000 Equal Weight ETF	0.4	20	22	6.5	-1.0
FDNI	First Trust Dow Jones International Internet ETF	0.4	65	-23	24.0	+16.6
TRFK	Pacer Data and Digital Revolution ETF	0.4	60	-18	3.0	-4.4
EFAD	ProShares MSCI EAFE Dividend Growers ETF	0.4	50	-8	6.1	-1.3
EUDV	ProShares MSCI Europe Dividend Growers ETF	0.4	55	-13	6.0	-1.4
EBLU	Ecofin Global Water ESG Fund	0.4	40	2	4.6	-2.9
TBLU	Tortoise Global Water ESG ETF	0.4	40	2	4.6	-2.8
FPAG	FPA Global Equity ETF	0.4	49	-7	6.5	-0.9
MOTG	VanEck Morningstar Global Wide Moat ETF	0.4	52	-10	8.2	+0.8
PRAY	FIS Christian Stock Fund	0.4	69	-27	4.4	-3.1
GSIE	Goldman Sachs ActiveBeta International Equity ETF	0.4	25	17	6.6	-0.8
SRVR	Pacer Data & Infrastructure Real Estate ETF	0.4	55	-13	4.1	-3.3
JDOC	JPMorgan Healthcare Leaders ETF	0.3	65	-23	3.7	-3.8
GLCR	GlacierShares Nasdaq Iceland ETF	0.3	95	-53	2.9	-4.5
PIEL	Pacer International Export Leaders ETF	0.3	60	-18	4.7	-2.7
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity ETF	0.3	24	18	7.6	+0.1
VFMF	Vanguard U.S. Multifactor ETF	0.3	18	24	7.2	-0.2
VFMO	Vanguard U.S. Momentum Factor ETF	0.3	13	29	1.9	-5.5
UFO	Procure Space ETF	0.3	75	-33	0.1	-7.3
ISHP	First Trust Nasdaq Retail ETF	0.3	60	-18	5.7	-1.8
JEDI	Defiance Drone and Modern Warfare ETF	0.3	69	-27	1.4	-6.0
BINV	Brandes International ETF	0.3	70	-28	9.1	+1.6
RXI	iShares Global Consumer Discretionary ETF	0.3	41	1	8.6	+1.2
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	0.3	58	-16	7.9	+0.5
REAI	Intelligent Real Estate ETF	0.3	59	-17	6.2	-1.2
IBUY	Amplify Online Retail ETF	0.3	65	-23	2.5	-4.9
NUDM	Nuveen ESG International Developed Markets Equity ETF	0.3	31	11	6.1	-1.3
HYDR	Global X Hydrogen ETF	0.3	50	-8	-7.8	-15.2
MOTO	SmartETFs Smart Transportation & Technology ETF	0.3	68	-26	6.4	-1.1
SOLR	Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund	0.3	79	-37	4.3	-3.1
TOGA	Tremblant Global ETF	0.3	69	-27	-0.1	-7.6
FIVA	Fidelity International Value Factor ETF	0.3	18	24	8.1	+0.7
BJK	VanEck Gaming ETF	0.3	65	-23	4.6	-2.9
FDRV	Fidelity Electric Vehicles and Future Transportation ETF	0.3	39	3	1.2	-6.2
IHAK	iShares Cybersecurity & Tech ETF	0.3	47	-5	4.7	-2.7
PAWZ	ProShares Pet Care ETF	0.3	50	-8	4.0	-3.4
ITEQ	BlueStar Israel Technology ETF	0.3	75	-33	1.3	-6.1
AUMI	Themes Gold Miners ETF	0.3	35	7	3.1	-4.4
FBOT	Fidelity Disruptive Automation ETF	0.3	50	-8	3.4	-4.0
BATT	Amplify Lithium & Battery Technology ETF	0.3	59	-17	2.1	-5.3
KARS	KraneShares Electric Vehicles & Future Mobility Index ETF	0.3	72	-30	2.3	-5.2
EV	Mast Global Battery Recycling & Production ETF	0.3	65	-23	6.2	-1.2
ONEY	State Street SPDR Russell 1000 Yield Focus ETF	0.2	20	22	9.1	+1.7
IQSM	IQ Candriam U.S. Mid Cap Equity ETF	0.2	15	27	5.6	-1.8
JHMD	John Hancock Multifactor Developed International ETF	0.2	39	3	6.6	-0.8
HTEC	ROBO Global Healthcare Technology and Innovation ETF	0.2	68	-26	2.7	-4.7
SOCL	Global X Social Media ETF	0.2	65	-23	13.4	+6.0
BLDG	Cambria Global Real Estate ETF	0.2	60	-18	12.2	+4.8
IBAT	iShares Energy Storage & Materials ETF	0.2	47	-5	2.1	-5.3
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.2	70	-28	6.3	-1.1
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.2	33	9	7.8	+0.4
ONEO	State Street SPDR Russell 1000 Momentum Focus ETF	0.2	20	22	6.6	-0.8
ODDS	Pacer BlueStar Digital Entertainment ETF	0.2	60	-18	4.9	-2.6
QTUM	Defiance Quantum ETF	0.2	40	2	5.2	-2.2
ZSB	USCF Sustainable Battery Metals Strategy Fund	0.2	61	-19	6.8	-0.7
IDMO	Invesco S&P International Developed Momentum ETF	0.2	25	17	5.7	-1.7
VWID	Virtus WMC International Dividend ETF	0.2	49	-7	7.7	+0.3
IXG	iShares Global Financials ETF	0.2	42	0	6.9	-0.5
EPU	iShares MSCI Peru and Global Exposure ETF	0.2	59	-17	4.8	-2.6
RING	iShares MSCI Global Gold Miners ETF	0.2	39	3	3.3	-4.1
SIL	Global X Silver Miners ETF	0.2	65	-23	1.7	-5.7
SILJ	ETFMG Prime Junior Silver Miners ETF	0.2	69	-27	0.4	-7.0
SLVP	iShares MSCI Global Silver Miners ETF	0.2	39	3	4.0	-3.4
AGMI	Themes Silver Miners ETF	0.2	35	7	4.1	-3.4
VFVA	Vanguard U.S. Value Factor ETF	0.2	13	29	10.2	+2.8
GLOF	iShares Global Equity Factor ETF	0.2	20	22	6.3	-1.2
STXM	Strive Mid-Cap ETF	0.2	18	24	5.7	-1.7
CARZ	First Trust NASDAQ Global Auto Index Fund	0.2	70	-28	3.3	-4.1
SPAM	Themes Cybersecurity ETF	0.2	35	7	2.9	-4.5
ARB	AltShares Merger Arbitrage ETF	0.2	77	-35	2.6	-4.8
BMED	Future Health ETF	0.2	85	-43	1.3	-6.2
HRTS	Tema Heart & Health ETF	0.2	75	-33	3.0	-4.4
OZEM	Roundhill GLP-1 & Weight Loss ETF	0.2	59	-17	5.4	-2.0
THNR	Amplify Weight Loss Drug & Treatment ETF	0.2	59	-17	5.9	-1.5
CRTC	Xtrackers US National Critical Technologies ETF	0.2	35	7	4.5	-2.9
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	0.2	46	-4	6.0	-1.4
IXP	iShares Global Comm Services ETF	0.2	42	0	6.0	-1.4
FPXI	First Trust International Equity Opportunities ETF	0.2	70	-28	4.6	-2.8
FLQM	Franklin U.S. Mid Cap Multifactor Index ETF	0.2	30	12	7.8	+0.4
JPUS	JPMorgan Diversified Return U.S. Equity ETF	0.2	18	24	7.2	-0.2
MDEV	First Trust Indxx Medical Devices ETF	0.2	70	-28	5.1	-2.4
BLKC	Invesco Alerian Galaxy Blockchain Users and Decentralized Co	0.2	61	-19	1.5	-6.0
SATO	Invesco Alerian Galaxy Crypto Economy ETF	0.2	61	-19	-0.8	-8.2
BCOR	Grayscale Bitcoin Adopters ETF	0.2	59	-17	2.1	-5.3
JXI	iShares Global Utilities ETF	0.2	43	-1	5.1	-2.4
TINY	ProShares Nanotechnology ETF	0.2	58	-16	1.9	-5.6
EMM	Global X Emerging Markets ex-China ETF	0.2	75	-33	5.8	-1.7
EMC	Global X Emerging Markets Great Consumer ETF	0.2	75	-33	8.3	+0.8
DRIV	Global X Autonomous & Electric Vehicles ETF	0.2	68	-26	4.0	-3.5
JETS	U.S. Global Jets ETF	0.2	60	-18	2.9	-4.5
AIRL	Themes Airlines ETF	0.2	35	7	1.6	-5.9
AIS	VistaShares Artificial Intelligence Supercycle ETF	0.2	75	-33	2.0	-5.5
BKMC	BNY Mellon US Mid Cap Core Equity ETF	0.2	4	38	6.0	-1.4
DEUS	Xtrackers Russell US Multifactor ETF	0.2	17	25	6.8	-0.6
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.2	41	1	6.6	-0.8
IXC	iShares Global Energy ETF	0.1	44	-2	6.7	-0.7
IVSI	Applied Finance IVS International LrgETF	0.1	65	-23	6.6	-0.9
HERO	Global X Video Games & Esports ETF	0.1	50	-8	5.9	-1.5
GGME	Invesco Next Gen Media and Gaming ETF	0.1	60	-18	5.3	-2.1
NLR	VanEck Uranium+Nuclear Energy ETF	0.1	61	-19	1.5	-5.9
URA	Global X Uranium ETF	0.1	69	-27	0.8	-6.6
URAN	Themes Uranium & Nuclear ETF	0.1	35	7	0.9	-6.5
IPAY	ETFMG Prime Mobile Payments ETFMG Prime Mobile Payments Fund	0.1	75	-33	6.7	-0.8
SAGP	Strategas Global Policy Opportunities ETF	0.1	65	-23	5.0	-2.4
ONEV	State Street SPDR Russell 1000 Low Volatility Focus ETF	0.1	20	22	7.7	+0.3
IDRV	iShares Self-driving EV & Tech ETF	0.1	47	-5	1.4	-6.0
INFL	Horizon Kinetics Inflation Beneficiaries ETF	0.1	85	-43	2.7	-4.7
OBOR	KraneShares MSCI One Belt One Road Index ETF	0.1	79	-37	7.2	-0.2
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	0.1	36	6	5.8	-1.6
LIT	Global X Lithium & Battery Tech ETF	0.1	75	-33	5.4	-2.0
REMX	VanEck Rare Earth/Strategic Metals ETF	0.1	54	-12	2.8	-4.7
ION	ProShares S&P Global Core Battery Metals ETF	0.1	58	-16	5.7	-1.7
LIMI	Themes Lithium & Battery Metal Miners ETF	0.1	35	7	3.0	-4.5
WTRE	WisdomTree New Economy Real Estate Fund	0.1	58	-16	-0.3	-7.7
JMOM	JPMorgan U.S. Momentum Factor ETF	0.1	12	30	3.9	-3.5
SETM	Sprott Energy Transition Materials ETF	0.1	65	-23	1.8	-5.7
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	0.1	24	18	6.4	-1.0
DEEP	Roundhill Acquirers Deep Value ETF	0.1	80	-38	17.3	+9.9
FLQL	Franklin LibertyQ U.S. Equity ETF	0.1	15	27	5.1	-2.3
SMMD	iShares Russell 2500 ETF	0.1	15	27	6.3	-1.2
IXJ	iShares Global Healthcare ETF	0.1	42	0	6.5	-1.0
AWAY	ETFMG Travel Tech ETF	0.1	76	-34	1.3	-6.2
FDHT	Fidelity Digital Health ETF	0.1	39	3	1.7	-5.7
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	0.1	14	28	5.9	-1.6
FENI	Fidelity Enhanced International ETF	0.1	28	14	6.3	-1.1
COPJ	Sprott Junior Copper Miners ETF	0.1	75	-33	-1.5	-8.9
ICOP	iShares Copper and Metals Mining ETF	0.1	47	-5	6.3	-1.1
IWS	iShares Russell Mid-Cap Value ETF	0.1	23	19	6.6	-0.8
BNGE	First Trust S-Network Streaming and Gaming ETF	0.1	70	-28	3.2	-4.3
NERD	Roundhill Video Games ETF	0.1	50	-8	7.8	+0.4
IWR	iShares Russell Midcap ETF	0.1	19	23	5.9	-1.6
TMFG	Motley Fool Global Opportunities ETF	0.1	85	-43	4.2	-3.2
BUYZ	Franklin Disruptive Commerce ETF	0.1	50	-8	2.6	-4.8
IDNA	iShares Genomics Immunology and Healthcare ETF	0.1	47	-5	-0.2	-7.7
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	0.1	20	22	6.0	-1.4
XT	iShares Exponential Technologies ETF	0.0	46	-4	4.6	-2.8
IBRN	iShares Neuroscience and Healthcare ETF	0.0	47	-5	0.0	-7.4
STXV	Strive 1000 Value ETF	0.0	18	24	7.2	-0.2
KOKU	Xtrackers MSCI Kokusai Equity ETF	0.0	9	33	4.9	-2.5
CIBR	First Trust NASDAQ Cybersecurity ETF	0.0	60	-18	5.1	-2.3
CEFA	Global X S&P Catholic Values Developed ex-US ETF	0.0	35	7	6.2	-1.2
WRND	IQ Global Equity R&D Leaders ETF	0.0	18	24	4.6	-2.8
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	21	3.4	-4.0
ARVR	First Trust Indxx Metaverse ETF	0.0	70	-28	4.7	-2.7
FMET	Fidelity Metaverse ETF	0.0	39	3	5.3	-2.2
IVRS	iShares Future Metaverse Tech and Communications ETF	0.0	47	-5	5.8	-1.7
IXN	iShares Global Tech ETF	0.0	41	1	3.6	-3.8
INQQ	India Internet & Ecommerce ETF	0.0	86	-44	0.7	-6.7
IWD	iShares Russell 1000 Value ETF	0.0	19	23	5.9	-1.5
VONV	Vanguard Russell 1000 Value ETF	0.0	7	35	6.0	-1.4
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	0.0	32	10	5.5	-1.9
GVUS	Marketbeta Russell 1000 Value Equity ETF	0.0	12	30	6.0	-1.5
IWB	iShares Russell 1000 ETF	0.0	15	27	4.7	-2.7
IWV	iShares Russell 3000 ETF	0.0	20	22	4.5	-2.9
VONE	Vanguard Russell 1000 ETF	0.0	7	35	4.7	-2.7
VTHR	Vanguard Russell 3000 ETF	0.0	7	35	4.7	-2.8
GUSA	Goldman Sachs MarketBeta U.S. 1000 Equity ETF	0.0	11	31	4.7	-2.8
OMFL	Invesco Russell 1000 Dynamic Multifactor ETF	0.0	29	13	4.4	-3.0
ECNS	iShares MSCI China Small-Cap ETF	0.0	59	-17	8.6	+1.1

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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:	iShares MSCI Europe Small-Cap ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.6	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	42	bp
Equals: ALTAR Score	7.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	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.