ETF Research Center

iShares Europe ETF

ALTAR
Score™

6.9%

Recommen-
dation

NEUTRAL

2025E 2026E
P/E ratio	14.5x	P/Sales ratio	1.6x
P/BV ratio	2.1x	Div. yield	3.2%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The iShares S&P Europe 350 Index fund seeks investment results that correspond to the price and yield performance of Standard & Poor's Europe 350 Index. The index consists primarily of large cap stocks traded in Europe's developed-country equity markets.

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Jul 25, 2000
Assets (mns)	$2,324
Currency	USD
Expense ratio	67 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	365
Wgt avg mkt cap (mns)	$105,866
Large cap (>$10bn)	95.0%
Mid cap ($2-10bn)	4.7%
Small cap (<$2bn)	0.0%
Developed mkts	99.9%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	19.0 %
SAP AG	2.5 %
ASML HOLDING NV	2.4 %
NESTLE SA-REG	1.9 %
ASTRAZENECA PLC	1.9 %
HSBC HOLDINGS PLC	1.9 %
NOVARTIS AG	1.8 %
SHELL PLC	1.8 %
ROCHE HOLDING LTD	1.8 %
SIEMENS AG-REG	1.7 %
ALLIANZ SE-REG	1.4 %

TOP COUNTRY EXPOSURE
	BRITAIN	22.6 %
	FRANCE	15.4 %
	GERMANY	15.1 %
	SWITZERLAND	14.8 %
	NETHERLANDS	7.6 %
	SPAIN	5.5 %
	ITALY	4.8 %
	SWEDEN	4.7 %
	DENMARK	3.1 %
	FINLAND	1.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru July 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
18.5%	11.1%	10.8%	6.0%	4.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.86	54%
MSCI EAFE	0.97	77%
MSCI Emg. Mkts.	0.76	51%

Technical Indicators
Recent close	$64.37
30d moving avg.	$63.44
Annualized volatility	17.9%
Short interest (ETF)	0.1%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	306
Turnover	0.9%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$15,042

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 461 potential alternatives to the iShares Europe ETF ETF based on the alternatives' overlap in portfolio holdings with IEV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IEV

Expense:

67 bp

ALTAR Score™:

6.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IEV
Ticker	Fund Name	Overlap¹ vs IEV (%)	Expense ratio (bp)	Savings vs IEV (bp)	ALTAR Score™ (%)	ALTAR vs IEV (%)
IEUR	iShares Core MSCI Europe ETF	85.1	11	56	7.4	+0.5
VGK	Vanguard FTSE Europe ETF	83.6	6	61	7.5	+0.6
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	82.7	46	21	6.7	-0.3
SPEU	SPDR Portfolio Europe ETF	82.2	7	60	7.4	+0.5
BBEU	JPMorgan BetaBuilders Europe ETF	81.4	9	58	7.2	+0.3
FLEE	Franklin FTSE Europe ETF	78.7	9	58	7.3	+0.4
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	64.1	25	42	7.3	+0.4
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	62.4	20	47	6.3	-0.6
EFA	iShares MSCI EAFE ETF	62.1	35	32	6.7	-0.2
STXI	Strive International Developed Markets ETF	59.9	29	38	6.7	-0.2
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	57.3	36	31	6.5	-0.4
HFXI	IQ FTSE International Equity Currency Neutral ETF	55.8	20	47	7.1	+0.2
ESGD	iShares ESG Aware MSCI EAFE ETF	55.5	20	47	6.7	-0.2
QEFA	SPDR MSCI EAFE StrategicFactors ETF	54.4	30	37	7.0	+0.1
GSID	Goldman Sachs MarketBeta International Equity ETF	53.8	20	47	6.9	0.0
IEFA	iShares Core MSCI EAFE ETF	53.2	7	60	7.0	+0.1
EZU	iShares MSCI Eurozone ETF	52.6	52	15	6.8	-0.1
EFV	iShares MSCI EAFE Value ETF	51.9	34	33	9.1	+2.2
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	51.4	45	22	6.9	+0.0
DOL	WisdomTree International LargeCap Dividend Fund	51.3	48	19	7.2	+0.3
CEFA	Global X S&P Catholic Values Developed ex-US ETF	50.1	35	32	6.6	-0.3
IQSI	IQ Candriam International Equity ETF	49.3	15	52	6.6	-0.3
DIVI	Franklin International Core Dividend Tilt Index ETF	49.2	9	58	7.9	+1.0
EFG	iShares MSCI EAFE Growth ETF	49.2	36	31	4.4	-2.6
JHMD	John Hancock Multifactor Developed International ETF	49.0	39	28	7.6	+0.6
BKIE	BNY Mellon International Equity ETF	48.4	4	63	7.0	+0.1
IQLT	iShares MSCI Intl Quality Factor ETF	48.2	30	37	6.3	-0.6
IDEV	iShares Core MSCI International Developed Markets ETF	47.3	4	63	7.0	+0.1
JIRE	JPMorgan International Research Enhanced Equity ETF	47.2	24	43	7.2	+0.3
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	46.5	45	22	8.8	+1.9
DWM	WisdomTree International Equity Fund	45.2	48	19	7.4	+0.5
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	45.1	12	55	6.0	-0.9
SCHF	Schwab International Equity ETF	45.0	6	61	7.3	+0.4
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	44.9	40	27	7.4	+0.5
SPDW	SPDR Portfolio Developed World ex-US ETF	44.5	3	64	7.0	+0.1
VEA	Vanguard FTSE Developed Markets ETF	44.0	3	64	7.2	+0.3
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	43.8	14	53	6.2	-0.7
DFAI	Dimensional International Core Equity Market ETF	43.7	18	49	7.1	+0.2
IMTM	iShares MSCI Intl Momentum Factor ETF	42.3	30	37	5.5	-1.4
GSIE	Goldman Sachs ActiveBeta International Equity ETF	42.2	25	42	7.1	+0.2
DMXF	iShares ESG Advanced MSCI EAFE ETF	42.0	12	55	5.5	-1.4
FENI	Fidelity Enhanced International ETF	41.1	28	39	6.6	-0.3
IVLU	iShares MSCI Intl Value Factor ETF	40.9	30	37	10.4	+3.5
VYMI	Vanguard International High Dividend Yield ETF	40.3	17	50	9.5	+2.6
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	39.9	20	47	6.5	-0.5
CWI	SPDR MSCI ACWI ex-US ETF	39.6	30	37	7.7	+0.8
CIL	VictoryShares International Volatility Wtd ETF	39.0	45	22	6.6	-0.3
ACWX	iShares MSCI ACWI ex U.S. ETF	38.7	34	33	7.8	+0.8
FNDF	Schwab Fundamental International Large Co. Index ETF	38.4	25	42	9.6	+2.7
INTF	iShares International Equity Factor ETF	38.1	15	52	7.6	+0.7
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	35.9	41	26	7.5	+0.6
DFSI	Dimensional International Sustainability Core 1 ETF	35.8	24	43	6.3	-0.6
VEU	Vanguard FTSE All-World ex-US Index Fund	35.6	4	63	8.1	+1.2
FEZ	SPDR EURO STOXX 50 ETF	35.4	29	38	7.2	+0.3
IMFL	Invesco International Developed Dynamic Multifactor ETF	34.9	34	33	6.1	-0.9
OEUR	ALPS O'Shares Europe Quality Dividend ETF	34.8	48	19	6.1	-0.9
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	34.1	18	49	7.9	+1.0
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	33.4	39	28	6.7	-0.2
IXUS	iShares Core MSCI Total International Stock ETF	33.4	7	60	7.9	+1.0
EUDG	WisdomTree Europe Quality Dividend Growth Fund	33.2	58	9	6.9	+0.0
IDHQ	Invesco S&P International Developed High Quality ETF	32.3	29	38	6.6	-0.3
VXUS	Vanguard Total International Stock ETF	32.3	5	62	7.9	+1.0
FIVA	Fidelity International Value Factor ETF	32.0	18	49	9.9	+3.0
DFIC	Dimensional International Core Equity 2 ETF	31.9	23	44	7.4	+0.5
UMMA	Wahed Dow Jones Islamic World ETF	31.7	65	2	5.4	-1.5
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	31.4	39	28	7.9	+1.0
IDMO	Invesco S&P International Developed Momentum ETF	31.2	25	42	5.3	-1.6
NUDM	Nuveen ESG International Developed Markets Equity ETF	30.5	31	36	6.3	-0.6
VSGX	Vanguard ESG International Stock ETF	30.1	10	57	7.7	+0.8
AVDE	Avantis International Equity ETF	29.4	23	44	7.4	+0.5
DIHP	Dimensional International High Profitability ETF	29.3	29	38	7.2	+0.2
RFEU	First Trust Riverfront Dynamic Europe ETF	29.2	83	-16	10.6	+3.7
AVSD	Avantis Responsible International Equity ETF	29.0	23	44	5.7	-1.2
RFDI	First Trust Riverfront Dynamic Developed International ETF	28.5	83	-16	9.4	+2.5
TPIF	Timothy Plan International ETF	28.1	62	5	6.2	-0.7
DFIV	Dimensional International Value ETF	28.1	27	40	9.6	+2.7
EFAV	iShares MSCI EAFE Min Vol Factor ETF	27.6	22	45	5.8	-1.2
CGIE	Capital Group International Equity ETF	27.5	54	13	5.1	-1.8
DXIV	Dimensional International Vector Equity ETF	25.7	34	33	7.8	+0.9
DWMF	WisdomTree International Multifactor Fund	25.7	38	29	7.0	+0.1
QINT	American Century Quality Diversified International ETF	25.6	39	28	7.3	+0.4
DTH	WisdomTree International High Dividend Fund	25.5	58	9	8.4	+1.5
FDEV	Fidelity International Multifactor ETF	25.4	18	49	7.5	+0.6
HEDJ	WisdomTree Europe Hedged Equity Fund	25.4	58	9	6.6	-0.3
FEP	First Trust Europe AlphaDEX Fund	24.4	80	-13	9.1	+2.2
PATN	Pacer Nasdaq International Patent Leaders ETF	24.3	65	2	6.2	-0.7
EUFN	iShares MSCI Europe Financials ETF	24.3	51	16	7.9	+1.0
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	23.8	32	35	6.0	-0.9
JPIN	J.P. Morgan Diversified Return International Equity ETF	23.8	37	30	8.3	+1.4
LVHI	Franklin International Low Volatility High Dividend Index ET	22.7	40	27	10.3	+3.4
IXG	iShares Global Financials ETF	22.6	42	25	6.5	-0.4
EWU	iShares MSCI United Kingdom ETF	22.6	50	17	8.1	+1.2
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	22.1	30	37	7.9	+1.0
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	21.9	24	43	7.4	+0.5
ESGG	FlexShares STOXX Global ESG Select Index Fund	21.4	42	25	5.4	-1.5
DTAN	Sparkline International Intangible Value ETF	21.4	55	12	8.5	+1.6
IGRO	iShares International Dividend Growth ETF	21.4	15	52	7.3	+0.3
FLGB	Franklin FTSE United Kingdom ETF	21.2	9	58	7.6	+0.7
DGT	SPDR Global Dow ETF	21.0	50	17	7.0	+0.1
AVIV	Avantis International Large Cap Value ETF	20.6	25	42	8.6	+1.7
FEUZ	First Trust Eurozone AlphaDEX ETF	20.3	80	-13	9.1	+2.2
VWID	Virtus WMC International Dividend ETF	19.9	49	18	8.5	+1.6
IQDG	WisdomTree International Quality Dividend Growth Fund	19.8	42	25	7.3	+0.4
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	19.7	58	9	7.1	+0.2
FICS	First Trust International Developed Capital Strength ETF	19.5	70	-3	7.3	+0.4
IQDF	FlexShares International Quality Dividend Index Fund	19.4	47	20	8.9	+2.0
FIDI	Fidelity International High Dividend ETF	19.3	18	49	8.7	+1.8
IDLV	Invesco S&P International Developed Low Volatility ETF	19.3	25	42	6.3	-0.6
UIVM	VictoryShares International Value Momentum ETF	19.1	35	32	8.9	+2.0
EUDV	ProShares MSCI Europe Dividend Growers ETF	19.0	55	12	6.2	-0.7
VIGI	Vanguard International Dividend Appreciation ETF	18.7	10	57	6.3	-0.6
OSEA	Harbor International Compounders ETF	18.7	55	12	4.8	-2.1
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	18.5	29	38	7.7	+0.8
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	18.3	9	58	9.1	+2.2
JIG	JPMorgan International Growth ETF	18.2	55	12	4.8	-2.1
EXI	iShares Global Industrials ETF	18.0	42	25	4.5	-2.4
CGXU	Capital Group International Focus Equity ETF	18.0	54	13	5.6	-1.3
RCGE	RockCreek Global Equality ETF	18.0	95	-28	6.7	-0.2
QWLD	SPDR MSCI World StrategicFactors ETF	17.7	30	37	5.9	-1.0
GCOW	Pacer Global Cash Cows Dividend ETF	17.5	60	7	10.9	+4.0
PPIE	Putnam PanAgora ESG International Equity ETF	17.2	49	18	7.4	+0.5
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	17.1	47	20	8.4	+1.5
JHID	John Hancock International High Dividend ETF	17.0	46	21	9.5	+2.6
EWQ	iShares MSCI France ETF	16.6	53	14	7.3	+0.4
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	16.5	80	-13	5.9	-1.0
TTAI	FCF International Quality ETF	16.4	59	8	7.2	+0.3
DEW	WisdomTree Global High Dividend Fund	16.3	58	9	8.4	+1.5
EFAD	ProShares MSCI EAFE Dividend Growers ETF	16.1	50	17	6.0	-0.9
TOK	iShares MSCI Kokusai ETF	16.1	26	41	5.0	-1.9
KOKU	Xtrackers MSCI Kokusai Equity ETF	15.7	9	58	5.2	-1.7
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	15.5	80	-13	9.6	+2.7
EWG	iShares MSCI Germany ETF	15.3	50	17	6.2	-0.7
URTH	iShares MSCI World ETF	15.2	24	43	5.1	-1.8
WWJD	Inspire International ETF	15.2	80	-13	7.3	+0.4
DAX	Global X DAX Germany ETF	15.0	21	46	6.7	-0.2
KLMT	Invesco MSCI Global Climate 500 ETF	14.6	10	57	5.7	-1.2
LEGR	First Trust Indxx Innovative Transaction & Process ETF	14.5	65	2	8.1	+1.2
CGGO	Capital Group Global Growth Equity ETF	14.5	47	20	4.7	-2.2
IOO	iShares Global 100 ETF	14.5	41	26	4.8	-2.2
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	14.3	80	-13	5.0	-1.9
CGDG	Capital Group Dividend Growers ETF	13.8	47	20	6.3	-0.7
EWL	iShares MSCI Switzerland ETF	13.8	50	17	6.2	-0.7
FLGR	Franklin FTSE Germany ETF	13.8	9	58	7.0	+0.1
ACWI	iShares MSCI ACWI ETF	13.7	32	35	5.5	-1.4
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	13.4	65	2	4.3	-2.6
RODE	Hartford Multifactor Diversified International ETF	13.1	29	38	11.4	+4.5
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	12.9	9	58	5.7	-1.2
IXJ	iShares Global Healthcare ETF	12.8	42	25	7.3	+0.4
BKCI	BNY Mellon Concentrated International ETF	12.5	80	-13	5.3	-1.7
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	12.4	42	25	7.2	+0.3
CRBN	iShares MSCI ACWI Low Carbon Target ETF	12.4	20	47	5.6	-1.3
WRND	IQ Global Equity R&D Leaders ETF	12.4	18	49	8.2	+1.3
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	11.9	25	42	5.9	-1.0
FKU	First Trust United Kingdom AlphaDEX Fund	11.9	80	-13	7.3	+0.4
BLES	Inspire Global Hope ETF	11.9	61	6	6.8	-0.1
VT	Vanguard Total World Stock ETF	11.9	6	61	5.9	-1.1
SCHY	Schwab International Dividend Equity ETF	11.8	14	53	9.7	+2.8
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	11.5	65	2	12.1	+5.2
CZAR	Themes Natural Monopoly ETF	11.4	35	32	5.7	-1.2
GLOF	iShares Global Equity Factor ETF	11.3	20	47	6.5	-0.4
INEQ	Columbia International Equity Income ETF	11.2	45	22	8.1	+1.2
IDV	iShares International Select Dividend ETF	11.2	51	16	10.6	+3.7
AIVI	WisdomTree International AI Enhanced Value Fund	10.9	58	9	7.0	+0.1
IDOG	ALPS International Sector Dividend Dogs ETF	10.9	50	17	12.1	+5.2
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	10.8	12	55	5.2	-1.7
FLSW	Franklin FTSE Switzerland ETF	10.7	9	58	6.4	-0.5
JGLO	JPMorgan Global Select Equity ETF	10.6	33	34	4.9	-2.0
FEOE	First Eagle Overseas Equity ETF	10.4	79	-12	8.0	+1.1
IPKW	Invesco International BuyBack Achievers ETF	10.2	55	12	12.5	+5.6
MOTG	VanEck Morningstar Global Wide Moat ETF	9.7	52	15	7.7	+0.8
KXI	iShares Global Consumer Staples ETF	9.6	41	26	5.5	-1.4
DWX	SPDR S&P International Dividend ETF	9.6	45	22	6.1	-0.8
KOCG	FIS Knights of Columbus Global Belief ETF	9.5	75	-8	5.2	-1.7
AGQI	First Trust Active Global Quality Income ETF	9.1	85	-18	4.9	-2.0
DSTX	Distillate International Fundamental Stability & Value ETF	9.0	55	12	7.9	+1.0
FDD	First Trust Stoxx European Select Dividend Index Fund	8.8	58	9	11.3	+4.4
FYLD	Cambria Foreign Shareholder Yield ETF	8.7	59	8	11.6	+4.7
RXI	iShares Global Consumer Discretionary ETF	8.4	41	26	9.3	+2.4
DIVS	SmartETFs Dividend Builder ETF	8.3	65	2	5.0	-1.9
FEGE	First Eagle Global Equity ETF	8.3	79	-12	7.0	+0.1
EFAS	Global X MSCI SuperDividend EAFE ETF	8.2	57	10	8.3	+1.4
MOTI	VanEck Morningstar International Moat ETF	8.0	58	9	12.0	+5.1
WLDR	Affinity World Leaders Equity ETF	7.9	67	0	7.5	+0.6
DIM	WisdomTree International MidCap Dividend Fund	7.7	58	9	7.5	+0.6
JSTC	Adasina Social Justice All Cap Global ETF	7.6	89	-22	4.8	-2.1
VIDI	Vident International Equity Strategy ETF	7.6	61	6	10.9	+4.0
FGM	First Trust Germany AlphaDEX Fund	7.4	80	-13	6.3	-0.6
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	7.3	60	7	3.6	-3.3
BINV	Brandes International ETF	7.1	70	-3	9.4	+2.5
OCEN	IQ Clean Oceans ETF	7.1	45	22	6.0	-0.9
HART	IQ Healthy Hearts ETF	6.8	45	22	6.6	-0.3
RAYD	Rayliant Quantitative Developed Market Equity ETF	6.8	80	-13	4.4	-2.5
FSZ	First Trust Switzerland AlphaDEX Fund	6.7	80	-13	5.3	-1.6
RGEF	Rockefeller Global Equity ETF	6.6	55	12	4.8	-2.1
CLNR	IQ Cleaner Transport ETF	6.6	45	22	6.6	-0.3
FGD	First Trust Dow Jones Global Select Dividend Index Fund	6.6	56	11	10.7	+3.8
COPY	Tweedy, Browne Insider + Value ETF	6.5	80	-13	11.8	+4.9
EWN	iShares MSCI Netherlands ETF	6.5	50	17	5.6	-1.3
XT	iShares Exponential Technologies ETF	6.3	46	21	4.9	-2.0
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	6.3	58	9	4.7	-2.2
KNO	AXS Knowledge Leaders ETF	6.2	78	-11	6.0	-0.9
WBAT	WisdomTree Battery Value Chain and Innovation Fund	6.2	45	22	4.0	-2.9
TEMP	JPMorgan Climate Change Solutions ETF	5.9	49	18	5.8	-1.2
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	5.8	46	21	9.9	+3.0
GINN	Goldman Sachs Innovate Equity ETF	5.7	52	15	3.7	-3.2
OAIM	OneAscent International Equity ETF	5.6	95	-28	5.7	-1.2
FDTX	Fidelity Disruptive Technology ETF	5.6	50	17	2.7	-4.2
GNR	SPDR S&P Global Natural Resources ETF	5.4	40	27	11.0	+4.1
EWP	iShares MSCI Spain ETF	5.3	50	17	7.1	+0.2
IDNA	iShares Genomics Immunology and Healthcare ETF	5.3	47	20	-2.2	-9.1
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	5.2	47	20	5.8	-1.1
HRTS	Tema GLP-1 Obesity & Cardiometabolic ETF	5.1	75	-8	1.4	-5.5
MXI	iShares Global Materials ETF	5.1	41	26	7.6	+0.7
CRTC	Xtrackers US National Critical Technologies ETF	5.0	35	32	4.8	-2.1
GLBL	Pacer MSCI World Industry Advantage ETF	5.0	65	2	4.1	-2.8
PCGG	Polen Capital Global Growth ETF	5.0	85	-18	3.8	-3.1
EWI	iShares MSCI Italy ETF	4.9	50	17	10.4	+3.5
FPXE	First Trust IPOX Europe Equity Opportunities ETF	4.7	70	-3	4.8	-2.1
IXN	iShares Global Tech ETF	4.6	41	26	3.6	-3.3
IXC	iShares Global Energy ETF	4.6	44	23	10.0	+3.1
FILL	iShares MSCI Global Energy Producers ETF	4.6	39	28	11.6	+4.7
EWD	iShares MSCI Sweden ETF	4.5	54	13	5.4	-1.6
NATO	Themes Transatlantic Defense ETF	4.5	35	32	2.4	-4.5
GVAL	Cambria Global Value ETF	4.4	68	-1	10.5	+3.6
JXI	iShares Global Utilities ETF	4.4	43	24	5.9	-1.0
GSFP	Goldman Sachs Future Planet Equity ETF	4.3	75	-8	4.8	-2.1
IVAL	Alpha Architect International Quantitative Value ETF	4.3	49	18	9.8	+2.9
BLLD	JPMorgan Sustainable Infrastructure ETF	4.2	49	18	6.1	-0.8
ACWV	iShares MSCI Global Min Vol Factor ETF	4.1	20	47	6.2	-0.7
SHPP	Pacer Industrials and Logistics ETF	4.0	60	7	8.6	+1.7
FID	First Trust S&P International Dividend Aristocrats ETF	3.9	60	7	7.9	+1.0
SAGP	Strategas Global Policy Opportunities ETF	3.9	65	2	5.4	-1.5
CANC	Tema Oncology ETF	3.7	75	-8	-2.8	-9.7
WDIV	SPDR S&P Global Dividend ETF	3.7	40	27	9.2	+2.3
GDOC	Goldman Sachs Future Health Care Equity ETF	3.7	75	-8	2.8	-4.1
FNDC	Schwab Fundamental International Small Co. Index ETF	3.6	39	28	5.8	-1.2
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics ETF	3.6	65	2	2.1	-4.9
IBAT	iShares Energy Storage & Materials ETF	3.5	47	20	3.8	-3.1
FINE	Themes European Luxury ETF	3.5	35	32	3.5	-3.4
CLOD	Themes Cloud Computing ETF	3.5	35	32	3.2	-3.7
SDG	iShares MSCI Global Sustainable Development Goals ETF	3.4	49	18	5.8	-1.1
FPAG	FPA Global Equity ETF	3.4	49	18	5.7	-1.2
DFIS	Dimensional International Small Cap ETF	3.4	39	28	7.3	+0.4
IXP	iShares Global Comm Services ETF	3.3	42	25	5.6	-1.3
SOLR	Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund	3.2	79	-12	4.9	-2.0
MOTO	SmartETFs Smart Transportation & Technology ETF	3.2	68	-1	7.2	+0.3
FAN	First Trust Global Wind Energy ETF	3.1	60	7	4.5	-2.4
IMOM	Alpha Architect International Quantitative Momentum ETF	3.1	49	18	3.3	-3.6
VOLT	Tema Electrification ETF	3.0	75	-8	2.8	-4.1
EDEN	iShares MSCI Denmark ETF	3.0	53	14	7.0	+0.1
NXTG	First Trust Indxx NextG ETF	2.9	70	-3	5.3	-1.6
IQRA	IQ CBRE Real Assets ETF	2.9	65	2	5.7	-1.2
ROBO	ROBO Global Robotics & Automation Index ETF	2.9	95	-28	3.4	-3.5
NETZ	TCW Transform Systems ETF	2.9	75	-8	2.5	-4.4
AIQ	Global X Artificial Intelligence & Technology ETF	2.9	68	-1	3.8	-3.1
CARZ	First Trust NASDAQ Global Auto Index Fund	2.9	70	-3	4.8	-2.1
LOUP	Innovator Deepwater Frontier Tech ETF	2.8	70	-3	1.3	-5.6
CCNR	ALPS CoreCommodity Natural Resources ETF	2.8	39	28	11.0	+4.1
GII	SPDR S&P Global Infrastructure ETF	2.8	40	27	4.7	-2.2
IGF	iShares Global Infrastructure ETF	2.8	41	26	4.7	-2.2
KNCT	Invesco Next Gen Connectivity ETF	2.8	40	27	4.8	-2.1
RSHO	Tema American Reshoring ETF	2.8	75	-8	4.4	-2.5
AGNG	Global X Aging Population ETF	2.7	50	17	4.9	-2.0
PRNT	3D Printing ETF	2.7	66	1	1.3	-5.6
DTEC	ALPS Disruptive Technologies ETF	2.5	50	17	3.9	-3.0
QTUM	Defiance Quantum ETF	2.5	40	27	5.5	-1.4
SNSR	Global X Internet of Things ETF	2.4	68	-1	4.4	-2.5
ISCF	iShares International SmallCap Equity Factor ETF	2.4	23	44	8.2	+1.3
IVES	Wedbush ETFMG Global Cloud Technology ETF	2.4	68	-1	7.3	+0.4
TINY	ProShares Nanotechnology ETF	2.4	58	9	5.1	-1.8
BLKC	Invesco Alerian Galaxy Blockchain Users and Decentralized Co	2.3	61	6	1.5	-5.5
AIVC	Amplify Bloomberg AI Value Chain ETF	2.3	59	8	5.5	-1.4
RNWZ	TrueShares Eagle Global Renewable Energy Income ETF	2.3	75	-8	7.8	+0.9
VCLN	Virtus Duff & Phelps Clean Energy ETF	2.3	59	8	5.0	-1.9
HAP	VanEck Natural Resources ETF	2.2	50	17	9.4	+2.5
NBCC	Neuberger Berman Next Generation Connected Consumer ETF	2.2	56	11	0.3	-6.6
FBOT	Fidelity Disruptive Automation ETF	2.2	50	17	3.6	-3.3
IPAV	Global X Infrastructure Development ex-U.S. ETF	2.2	55	12	7.7	+0.8
GSIB	Themes Global Systemically Important Banks ETF	2.2	35	32	9.2	+2.3
WDNA	WisdomTree BioRevolution Fund	2.2	45	22	-1.4	-8.3
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	2.1	46	21	5.6	-1.3
OGIG	ALPS O'Shares Global Internet Giants ETF	2.1	48	19	1.6	-5.3
DISV	Dimensional International Small Cap Value ETF	2.1	42	25	9.1	+2.2
BWEB	Bitwise Web3 ETF	2.0	85	-18	-0.1	-7.0
SMOG	VanEck Low Carbon Energy ETF	2.0	61	6	1.8	-5.1
PAWZ	ProShares Pet Care ETF	1.9	50	17	3.7	-3.2
GNOM	Global X Genomics & Biotechnology ETF	1.9	50	17	-3.0	-9.9
OZEM	Roundhill GLP-1 & Weight Loss ETF	1.8	59	8	0.5	-6.4
THNR	Amplify Weight Loss Drug & Treatment ETF	1.8	59	8	6.8	-0.1
SHLD	Global X Defense Tech ETF	1.8	50	17	3.3	-3.6
FPXI	First Trust International Equity Opportunities ETF	1.8	70	-3	4.2	-2.7
ISHP	First Trust Nasdaq Retail ETF	1.7	60	7	5.4	-1.5
ABLG	Abacus FCF International Leaders ETF	1.7	59	8	6.9	-0.0
TOLL	Tema Monopolies and Oligopolies ETF	1.6	75	-8	5.1	-1.8
IVEG	iShares Emergent Food and AgTech Multisector ETF	1.6	47	20	9.2	+2.3
ICLN	iShares Global Clean Energy ETF	1.5	41	26	5.2	-1.7
IBOT	Vaneck Robotics ETF	1.5	47	20	4.3	-2.6
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	1.5	49	18	6.8	-0.1
EWK	iShares MSCI Belgium ETF	1.5	50	17	4.4	-2.5
FDNI	First Trust Dow Jones International Internet ETF	1.5	65	2	21.3	+14.4
TMFG	Motley Fool Global Opportunities ETF	1.4	85	-18	3.9	-3.1
DRIV	Global X Autonomous & Electric Vehicles ETF	1.4	68	-1	5.0	-1.9
BMED	Future Health ETF	1.4	85	-18	0.5	-6.4
FRNW	Fidelity Clean Energy ETF	1.3	39	28	3.3	-3.6
FDFF	Fidelity Disruptive Finance ETF	1.3	50	17	4.2	-2.7
INFL	Horizon Kinetics Inflation Beneficiaries ETF	1.3	85	-18	3.9	-3.0
DINT	Davis Select International ETF	1.3	55	12	8.1	+1.2
CGGR	Capital Group Growth ETF	1.3	39	28	3.1	-3.8
PICK	iShares MSCI Global Metals & Mining Producers ETF	1.3	39	28	12.7	+5.8
IDRV	iShares Self-driving EV & Tech ETF	1.2	47	20	1.8	-5.1
EFNL	iShares MSCI Finland ETF	1.2	56	11	7.1	+0.2
TOKE	Cambria Cannabis ETF	1.2	42	25	1.0	-5.9
DFNL	Davis Select Financial ETF	1.2	63	4	7.4	+0.5
MDEV	First Trust Indxx Medical Devices ETF	1.2	70	-3	4.5	-2.4
TEKX	SPDR Galaxy Transformative Tech Accelerators ETF	1.2	65	2	-1.5	-8.4
UFO	Procure Space ETF	1.2	75	-8	0.2	-6.7
ARKX	ARK Space Exploration & Innovation ETF	1.1	75	-8	-0.3	-7.2
BCDF	Horizon Kinetics Blockchain Development ETF	1.1	85	-18	4.1	-2.8
JETS	U.S. Global Jets ETF	1.1	60	7	2.6	-4.3
PBD	Invesco Global Clean Energy ETF	1.1	75	-8	-0.3	-7.2
DWLD	Davis Select Worldwide ETF	1.1	63	4	7.2	+0.3
CGUS	Capital Group Core Equity ETF	1.1	33	34	4.3	-2.6
AADR	AdvisorShares Dorsey Wright ADR ETF	1.0	110	-43	4.9	-2.0
FFND	Future Fund Active ETF	1.0	100	-33	4.2	-2.7
GINX	SGI Enhanced Global Income ETF	1.0	98	-31	7.1	+0.2
ANEW	ProShares MSCI Transformational Changes ETF	1.0	45	22	6.1	-0.8
HTEC	ROBO Global Healthcare Technology and Innovation ETF	1.0	68	-1	2.4	-4.5
IBUY	Amplify Online Retail ETF	1.0	65	2	0.9	-6.1
IDAT	iShares Future Cloud 5G and Tech ETF	1.0	47	20	4.7	-2.2
CGDV	Capital Group Dividend Value ETF	0.9	33	34	4.5	-2.4
APIE	ActivePassive International Equity ETF	0.9	45	22	7.6	+0.6
IEUS	iShares MSCI Europe Small-Cap ETF	0.9	42	25	7.2	+0.3
SCZ	iShares MSCI EAFE Small-Cap ETF	0.9	40	27	6.9	-0.0
BOTZ	Global X Robotics & Artificial Intelligence ETF	0.9	69	-2	2.4	-4.5
IQM	Franklin Intelligent Machines ETF	0.8	50	17	2.0	-4.9
NUKZ	Range Nuclear Renaissance Index ETF	0.8	85	-18	2.1	-4.9
PSP	Invesco Global Listed Private Equity ETF	0.8	106	-39	5.7	-1.2
HELX	Franklin Genomic Advancements ETF	0.8	50	17	-0.2	-7.1
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.8	33	34	10.2	+3.3
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	0.8	58	9	8.8	+1.9
ENOR	iShares MSCI Norway ETF	0.8	53	14	10.9	+4.0
NORW	Global X MSCI Norway ETF	0.8	50	17	10.6	+3.7
BPAY	BlackRock Future Financial and Technology ETF	0.7	70	-3	7.5	+0.5
EWUS	iShares MSCI United Kingdom Small Cap ETF	0.7	59	8	7.5	+0.6
PIO	Invesco Global Water ETF	0.7	75	-8	4.2	-2.7
DMAT	Global X Disruptive Materials ETF	0.7	59	8	7.8	+0.9
BUYZ	Franklin Disruptive Commerce ETF	0.7	50	17	2.2	-4.7
ETEC	iShares Breakthrough Environmental Solutions ETF	0.7	47	20	3.3	-3.6
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.7	10	57	8.0	+1.1
IFGL	iShares International Developed Real Estate ETF	0.7	48	19	7.0	+0.1
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.7	12	55	8.1	+1.2
ERET	iShares Environmentally Aware Real Estate ETF	0.7	30	37	7.3	+0.4
FFLC	Fidelity Fundamental Large Cap Core ETF	0.7	38	29	4.5	-2.4
FMED	Fidelity Disruptive Medicine ETF	0.7	50	17	-1.1	-8.0
BGRO	iShares Large Cap Growth Active ETF	0.7	55	12	3.0	-3.9
FTAG	First Trust Indxx Global Agriculture ETF	0.6	70	-3	8.2	+1.3
GGME	Invesco Next Gen Media and Gaming ETF	0.6	60	7	4.2	-2.7
EIRL	iShares MSCI Ireland ETF	0.6	50	17	8.6	+1.7
FINX	Global X FinTech ETF	0.6	68	-1	2.2	-4.7
LST	Leuthold Select Industries ETF	0.6	91	-24	5.1	-1.8
IPAY	ETFMG Prime Mobile Payments ETFMG Prime Mobile Payments Fund	0.6	75	-8	4.4	-2.5
CGW	Invesco S&P Global Water Index ETF	0.6	57	10	4.6	-2.3
EBLU	Ecofin Global Water ESG Fund	0.6	40	27	4.2	-2.8
SUPL	ProShares Supply Chain Logistics ETF	0.6	58	9	11.8	+4.9
FDRR	Fidelity Dividend ETF for Rising Rates	0.6	15	52	7.0	+0.1
EV	Mast Global Battery Recycling & Production ETF	0.5	65	2	10.5	+3.6
BULD	Pacer BlueStar Engineering the Future ETF	0.5	60	7	0.5	-6.5
IWTR	iShares MSCI Water Management Multisector ETF	0.5	47	20	5.8	-1.1
AZTD	Aztlan Global Stock Selection DM SMID ETF	0.5	75	-8	7.4	+0.5
GMET	VanEck Green Metals ETF	0.5	63	4	9.1	+2.2
IGPT	Invesco AI and Next Gen Software ETF	0.5	60	7	4.3	-2.7
TRFK	Pacer Data and Digital Revolution ETF	0.5	60	7	3.0	-3.9
AVDV	Avantis International Small Cap Value ETF	0.5	36	31	9.5	+2.6
COPX	Global X Copper Miners ETF	0.5	65	2	7.6	+0.7
COPA	Themes Copper Miners ETF	0.5	35	32	5.9	-1.0
ARKF	ARK Fintech Innovation ETF	0.5	75	-8	-0.4	-7.3
TOGA	Tremblant Global ETF	0.5	69	-2	1.8	-5.1
CGV	Conductor Global Equity Value ETF	0.5	130	-63	8.3	+1.4
TINT	ProShares Smart Materials ETF	0.5	58	9	7.1	+0.2
FDRV	Fidelity Electric Vehicles and Future Transportation ETF	0.4	39	28	-0.9	-7.8
RWO	SPDR Dow Jones Global Real Estate ETF	0.4	50	17	7.0	+0.1
RWX	SPDR Dow Jones International Real Estate ETF	0.4	59	8	6.9	-0.0
PEX	ProShares Global Listed Private Equity ETF	0.4	81	-14	10.7	+3.8
FDHT	Fidelity Digital Health ETF	0.4	39	28	0.9	-6.0
AVDS	Avantis International Small Cap Equity ETF	0.4	30	37	7.3	+0.4
ERTH	Invesco MSCI Sustainable Future ETF	0.4	62	5	3.7	-3.2
ION	ProShares S&P Global Core Battery Metals ETF	0.4	58	9	9.7	+2.8
ICOP	iShares Copper and Metals Mining ETF	0.4	47	20	8.6	+1.7
EWO	iShares MSCI Austria ETF	0.4	50	17	10.7	+3.8
MOO	VanEck Agribusiness ETF	0.4	53	14	10.3	+3.4
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	0.4	75	-8	3.1	-3.8
MNTL	Tema Neuroscience and Mental Health ETF	0.4	75	-8	-1.0	-7.9
RUNN	Running Oak Efficient Growth ETF	0.4	58	9	4.9	-2.1
BKWO	BNY Mellon Women's Opportunities ETF	0.4	50	17	3.6	-3.3
EFRA	iShares Environmental Infrastructure and Industrials ETF	0.4	47	20	5.1	-1.8
CUT	Invesco MSCI Global Timber ETF	0.3	61	6	10.3	+3.4
AIS	VistaShares Artificial Intelligence Supercycle ETF	0.3	75	-8	3.0	-3.9
RVRB	Reverb ETF	0.3	30	37	4.5	-2.4
BLCN	Siren ETF Trust Siren Nasdaq NexGen Economy ETF	0.3	68	-1	2.8	-4.1
AWAY	ETFMG Travel Tech ETF	0.3	76	-9	-0.9	-7.8
LRGE	ClearBridge Large Cap Growth ESG ETF	0.3	59	8	3.9	-3.0
FDVV	Fidelity High Dividend ETF	0.3	15	52	7.6	+0.6
REET	iShares Global REIT ETF	0.3	14	53	7.4	+0.5
DFGR	Dimensional Global Real Estate ETF	0.3	22	45	7.4	+0.5
VGSR	Vert Global Sustainable Real Estate ETF	0.3	47	20	7.4	+0.4
WOOD	iShares Global Timber & Forestry ETF	0.3	42	25	12.0	+5.1
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.3	70	-3	7.6	+0.7
KROP	Global X AgTech & Food Innovation ETF	0.2	50	17	6.6	-0.3
CTEC	Global X CleanTech ETF	0.2	50	17	1.7	-5.3
AVRE	Avantis Real Estate ETF	0.2	17	50	7.1	+0.2
ARTY	iShares Future AI & Tech ETF	0.2	47	20	3.6	-3.3
WNDY	Global X Wind Energy ETF	0.2	50	17	5.6	-1.4
BOTT	Themes Robotics & Automation ETF	0.2	35	32	4.1	-2.8
CIBR	First Trust NASDAQ Cybersecurity ETF	0.2	60	7	4.1	-2.8
WAR	U.S. Global Tech and Aerospace & Defense ETF	0.2	60	7	3.9	-3.1
CRAK	VanEck Oil Refiners ETF	0.2	61	6	13.7	+6.8
BETZ	Roundhill Sports Betting & iGaming ETF	0.2	75	-8	2.5	-4.4
BJK	VanEck Gaming ETF	0.2	65	2	3.9	-3.0
BNGE	First Trust S-Network Streaming and Gaming ETF	0.2	70	-3	2.6	-4.3
ODDS	Pacer BlueStar Digital Entertainment ETF	0.2	60	7	2.1	-4.8
HEAL	Global X HealthTech ETF	0.2	50	17	-0.7	-7.6
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	0.2	60	7	11.1	+4.2
FMET	Fidelity Metaverse ETF	0.2	39	28	4.7	-2.2
IVRS	iShares Future Metaverse Tech and Communications ETF	0.2	47	20	2.5	-4.4
SRVR	Pacer Data & Infrastructure Real Estate ETF	0.2	55	12	3.7	-3.2
WTRE	WisdomTree New Economy Real Estate Fund	0.2	58	9	9.9	+3.0
FDCF	Fidelity Disruptive Communications ETF	0.2	50	17	2.8	-4.1
SDIV	Global X Superdividend ETF	0.2	58	9	41.3	+34.4
AQWA	Global X Clean Water ETF	0.2	50	17	4.8	-2.1
CRIT	Optica Rare Earths & Critical Materials ETF Optica Rare Eart	0.2	85	-18	8.7	+1.8
RNRG	Global X Renewable Energy Producers ETF	0.1	66	1	5.5	-1.4
VEGI	iShares MSCI Agriculture Producers ETF	0.1	39	28	8.6	+1.7
BATT	Amplify Lithium & Battery Technology ETF	0.1	59	8	3.6	-3.3
ONEQ	Fidelity Nasdaq Composite Index ETF	0.1	21	46	3.7	-3.2
SCHC	Schwab International Small-Cap Equity ETF	0.1	11	56	6.6	-0.3
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.1	8	59	6.1	-0.8
FDIG	Fidelity Crypto Industry and Digital Payments ETF	0.1	39	28	-1.4	-8.3
SYNB	Putnam BioRevolution ETF	0.1	70	-3	2.9	-4.0
DTRE	First Trust Alerian Disruptive Technology Real Estate ETF	0.1	60	7	6.0	-0.9
INDS	Pacer Industrial Real Estate ETF	0.1	55	12	6.8	-0.1
URAN	Themes Uranium & Nuclear ETF	0.1	35	32	1.5	-5.4
BOAT	SonicShares Global Shipping ETF	0.1	69	-2	27.3	+20.4
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	0.1	40	27	7.2	+0.3
SILJ	ETFMG Prime Junior Silver Miners ETF	0.1	69	-2	2.6	-4.3
SETM	Sprott Energy Transition Materials ETF	0.1	65	2	2.8	-4.2
EMM	Global X Emerging Markets ex-China ETF	0.1	75	-8	6.5	-0.4
EMC	Global X Emerging Markets Great Consumer ETF	0.1	75	-8	11.0	+4.1
ECLN	First Trust EIP Carbon Impact ETF	0.1	96	-29	4.0	-2.9
GLCR	GlacierShares Nasdaq Iceland ETF	0.1	95	-28	4.2	-2.7
PTEC	Global X PropTech ETF	0.1	50	17	1.7	-5.2
PRAY	FIS Christian Stock Fund	0.1	69	-2	5.1	-1.8
NLR	VanEck Uranium+Nuclear Energy ETF	0.1	61	6	1.8	-5.1
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	0.1	86	-19	13.6	+6.7
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	0.1	86	-19	0.4	-6.5
OND	ProShares On-Demand ETF	0.1	58	9	0.7	-6.2
GQRE	FlexShares Global Quality Real Estate Index Fund	0.0	45	22	7.8	+0.9
IPOS	Renaissance International IPO ETF	0.0	80	-13	2.3	-4.6
KARS	KraneShares Electric Vehicles & Future Mobility Index ETF	0.0	72	-5	-0.9	-7.8
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	0.0	80	-13	10.6	+3.7
HYDR	Global X Hydrogen ETF	0.0	50	17	-4.1	-11.0
EBI	Longview Advantage ETF	0.0	35	32	6.5	-0.4

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

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	14.8	%
Divided by: Fwd. P/BV	2.0	x
Less: Expense ratio	67	bp
Equals: ALTAR Score	6.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	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.