Global X Infrastructure Development ex-U.S. ETF
ALTAR
Score™		 7.6% info Recommen-
dation		 SPECULATIVE
2025E    2026E
P/E
ratio		 15.2x P/Sales
ratio		 0.8x
P/BV
ratio		 1.3x Div.
yield		 2.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating

FUND BASICS
Category Global Equities
Fund Sponsor Global X
Website www.globalxetfs.com/ipav
Inception date Aug 27, 2024
Assets (mns) $5
Currency USD
Expense ratio 55 bp
Distributions

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting
Index replication
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 100
Wgt avg mkt cap (mns) $23,138
Large cap (>$10bn) 68.0%
Mid cap ($2-10bn) 27.6%
Small cap (<$2bn) 4.1%
Developed mkts 63.9%
Emerging mkts 35.6%

TOP TEN HOLDINGS
PRYSMIAN SPA 4.1 %
KOMATSU LTD 3.4 %
HEIDELBERGCEMENT AG 3.3 %
POSCO 3.2 %
GRUPO FERROVIAL 3.2 %
NIPPON STEEL CORP 3.1 %
ULTRATECH CEMENT LTD 3.0 %
SHIN-ETSU CHEMICAL CO LTD 2.8 %
LARSEN & TOUBRO LIMITED 2.8 %
ARCELORMITTAL SA 2.8 %
Total 31.6 %

TOP COUNTRY EXPOSURE
INDIA 19.8 %
JAPAN 14.8 %
SPAIN 7.8 %
CANADA 7.5 %
ITALY 7.4 %
FRANCE 6.3 %
SOUTH KOREA 5.8 %
CHINA 4.0 %
SWEDEN 4.0 %
GERMANY 3.3 %

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.
21.1% 12.1% -- -- 12.6%

Market Correlations
versus... Beta R-squared
S&P500 0.38 17%
MSCI EAFE 0.29 10%
MSCI Emg. Mkts. 0.34 8%

Technical Indicators
Recent close $28.63
30d moving avg. $27.90
Annualized volatility 11.6%
Short interest (ETF) 3.2%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.00%
ADV underlying (mns) $1,343

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 388 potential alternatives to the Global X Infrastructure Development ex-U.S. ETF ETF based on the alternatives' overlap in portfolio holdings with IPAV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: IPAV Expense: 55 bp ALTAR Score™: 7.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH IPAV
Ticker Fund
Name		 Overlap1
vs IPAV
(%)		 Expense
ratio
(bp)		 Savings
vs IPAV
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs IPAV
(%)
PICK iShares MSCI Global Metals & Mining Producers ETF 9.7 39 16 12.2 +4.6
MXI iShares Global Materials ETF 7.7 41 14 7.5 -0.1
IVAL Alpha Architect International Quantitative Value ETF 7.5 49 6 9.6 +2.0
JHID John Hancock International High Dividend ETF 7.3 46 9 9.4 +1.8
NFTY First Trust India NIFTY 50 Equal Weight ETF 7.0 80 -25 5.1 -2.5
EWP iShares MSCI Spain ETF 6.9 50 5 7.0 -0.6
FLIN Franklin FTSE India ETF 6.9 19 36 4.2 -3.4
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 6.7 58 -3 4.6 -3.0
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 6.6 47 8 5.8 -1.8
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 6.5 46 9 5.6 -1.9
BLLD JPMorgan Sustainable Infrastructure ETF 6.3 49 6 6.1 -1.4
OAIM OneAscent International Equity ETF 6.3 95 -40 5.6 -2.0
PIN Invesco India ETF 6.3 78 -23 4.7 -2.9
INDY iShares India 50 ETF 6.2 89 -34 5.0 -2.6
NDIA Global X India Active ETF 6.1 75 -20 5.0 -2.6
SUPL ProShares Supply Chain Logistics ETF 6.1 58 -3 11.8 +4.3
EPI WisdomTree India Earnings Fund 6.0 85 -30 5.2 -2.4
INDA iShares MSCI India ETF 5.9 65 -10 4.7 -2.9
TEMP JPMorgan Climate Change Solutions ETF 5.9 49 6 5.8 -1.8
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 5.5 42 13 7.0 -0.6
DSTX Distillate International Fundamental Stability & Value ETF 5.3 55 0 7.7 +0.1
FLCA Franklin FTSE Canada ETF 5.3 9 46 6.3 -1.2
SHPP Pacer Industrials and Logistics ETF 5.3 60 -5 8.6 +1.1
FIDI Fidelity International High Dividend ETF 5.3 18 37 8.5 +1.0
DXJ WisdomTree Japan Hedged Equity Fund 5.2 48 7 7.3 -0.3
BBCA JPMorgan BetaBuilders Canada ETF 5.2 19 36 6.2 -1.4
WTRE WisdomTree New Economy Real Estate Fund 5.1 58 -3 9.3 +1.8
SRVR Pacer Data & Infrastructure Real Estate ETF 5.1 55 0 3.7 -3.9
EWI iShares MSCI Italy ETF 5.0 50 5 10.3 +2.8
AIVI WisdomTree International AI Enhanced Value Fund 5.0 58 -3 7.0 -0.6
BKCI BNY Mellon Concentrated International ETF 5.0 80 -25 5.2 -2.4
UIVM VictoryShares International Value Momentum ETF 4.9 35 20 8.8 +1.3
IQRA IQ CBRE Real Assets ETF 4.8 65 -10 5.7 -1.9
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF 4.8 9 46 9.1 +1.5
OSEA Harbor International Compounders ETF 4.8 55 0 4.9 -2.7
PBD Invesco Global Clean Energy ETF 4.7 75 -20 -0.3 -7.9
AVES Avantis Emerging Markets Value ETF 4.6 36 19 10.8 +3.2
JIG JPMorgan International Growth ETF 4.6 55 0 4.7 -2.9
HEDJ WisdomTree Europe Hedged Equity Fund 4.6 58 -3 6.7 -0.9
ICOW Pacer Developed Markets International Cash Cows 100 ETF 4.5 65 -10 11.9 +4.3
BINV Brandes International ETF 4.4 70 -15 9.2 +1.6
FEUZ First Trust Eurozone AlphaDEX ETF 4.4 80 -25 9.0 +1.4
VCLN Virtus Duff & Phelps Clean Energy ETF 4.4 59 -4 4.7 -2.9
EUSC WisdomTree Europe Hedged SmallCap Equity Fund 4.3 58 -3 8.6 +1.1
AVIV Avantis International Large Cap Value ETF 4.2 25 30 8.5 +0.9
FRNW Fidelity Clean Energy ETF 4.2 39 16 3.2 -4.4
TPIF Timothy Plan International ETF 4.2 62 -7 6.2 -1.4
NXTG First Trust Indxx NextG ETF 4.1 70 -15 5.2 -2.4
EWQ iShares MSCI France ETF 4.0 53 2 7.2 -0.4
IMOM Alpha Architect International Quantitative Momentum ETF 4.0 49 6 3.2 -4.4
LVHI Franklin International Low Volatility High Dividend Index ET 3.8 40 15 10.4 +2.8
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 3.8 58 -3 7.1 -0.5
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 3.7 24 31 7.3 -0.3
RNEM First Trust Emerging Markets Equity Select ETF 3.7 75 -20 7.5 -0.1
IQDG WisdomTree International Quality Dividend Growth Fund 3.7 42 13 7.2 -0.4
CGIE Capital Group International Equity ETF 3.7 54 1 5.0 -2.6
TOLL Tema Durable Quality ETF 3.6 75 -20 5.2 -2.4
FAN First Trust Global Wind Energy ETF 3.6 60 -5 4.6 -3.0
KNO AXS Knowledge Leaders ETF 3.6 78 -23 6.0 -1.6
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 3.5 45 10 7.0 -0.6
INTF iShares International Equity Factor ETF 3.5 15 40 7.5 -0.1
JHMD John Hancock Multifactor Developed International ETF 3.5 39 16 7.5 -0.1
FBOT Fidelity Disruptive Automation ETF 3.5 50 5 3.6 -4.0
FLKR Franklin FTSE South Korea ETF 3.5 9 46 8.6 +1.0
FIVA Fidelity International Value Factor ETF 3.5 18 37 9.7 +2.1
DFEV Dimensional Emerging Markets Value ETF 3.5 43 12 12.9 +5.3
DFIV Dimensional International Value ETF 3.4 27 28 9.5 +1.9
RODM Hartford Multifactor Developed Markets (ex-US) ETF 3.4 29 26 7.7 +0.1
IEUS iShares MSCI Europe Small-Cap ETF 3.3 42 13 7.2 -0.4
UEVM VictoryShares Emerging Markets Value Momentum ETF 3.3 45 10 10.6 +3.0
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 3.2 25 30 7.3 -0.3
AVDE Avantis International Equity ETF 3.1 23 32 7.3 -0.3
BBJP JPMorgan BetaBuilders Japan ETF 3.1 19 36 6.6 -1.0
JPXN iShares JPX-Nikkei 400 ETF 3.1 48 7 6.5 -1.1
EZU iShares MSCI Eurozone ETF 3.1 52 3 6.7 -0.9
IVLU iShares MSCI Intl Value Factor ETF 3.1 30 25 10.2 +2.6
FEP First Trust Europe AlphaDEX Fund 3.0 80 -25 8.9 +1.4
AVDV Avantis International Small Cap Value ETF 3.0 36 19 9.2 +1.6
FENI Fidelity Enhanced International ETF 3.0 28 27 6.5 -1.1
CIL VictoryShares International Volatility Wtd ETF 3.0 45 10 6.6 -1.0
DMXF iShares ESG Advanced MSCI EAFE ETF 3.0 12 43 5.5 -2.1
QINT American Century Quality Diversified International ETF 2.9 39 16 7.2 -0.4
FLJP Franklin FTSE Japan ETF 2.9 9 46 6.2 -1.4
FCA First Trust China AlphaDEX Fund 2.9 80 -25 7.9 +0.3
DBJP Xtrackers MSCI Japan Hedged Equity ETF 2.9 47 8 6.1 -1.5
EWJV iShares MSCI Japan Value ETF 2.9 15 40 8.6 +1.0
FLJH Franklin FTSE Japan Hedged ETF 2.9 9 46 6.0 -1.6
XC WisdomTree Emerging Markets Ex-China Fund 2.9 32 23 6.2 -1.4
FNDF Schwab Fundamental International Large Co. Index ETF 2.9 25 30 9.4 +1.8
CCNR ALPS CoreCommodity Natural Resources ETF 2.9 39 16 10.6 +3.0
JPIN J.P. Morgan Diversified Return International Equity ETF 2.8 37 18 8.2 +0.6
SCHY Schwab International Dividend Equity ETF 2.8 14 41 9.6 +2.0
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 2.8 50 5 10.6 +3.0
EXI iShares Global Industrials ETF 2.8 42 13 4.5 -3.1
DGT SPDR Global Dow ETF 2.8 50 5 6.9 -0.7
GCOW Pacer Global Cash Cows Dividend ETF 2.8 60 -5 11.0 +3.4
PPIE Putnam PanAgora ESG International Equity ETF 2.8 49 6 7.3 -0.3
DOL WisdomTree International LargeCap Dividend Fund 2.7 48 7 7.1 -0.5
TMFG Motley Fool Global Opportunities ETF 2.7 85 -30 3.9 -3.7
FJP First Trust Japan AlphaDEX Fund 2.7 80 -25 8.6 +1.0
NETZ TCW Transform Systems ETF 2.7 75 -20 2.4 -5.2
ASLV Allspring Special Large Value ETF 2.7 35 20 6.4 -1.2
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 2.7 40 15 7.4 -0.2
DWM WisdomTree International Equity Fund 2.6 48 7 7.3 -0.3
AVEM Avantis Emerging Markets Equity ETF 2.6 33 22 8.4 +0.8
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 2.6 39 16 7.8 +0.2
EWJ iShares MSCI Japan ETF 2.6 50 5 6.0 -1.6
AVXC Avantis Emerging Markets Ex-China Equity ETF 2.6 33 22 8.4 +0.8
DTH WisdomTree International High Dividend Fund 2.5 58 -3 8.3 +0.7
DIM WisdomTree International MidCap Dividend Fund 2.5 58 -3 7.4 -0.2
ARKX ARK Space Exploration & Innovation ETF 2.5 75 -20 -0.3 -7.9
FDT First Trust Developed Markets ex-US AlphaDEX Fund 2.5 80 -25 9.3 +1.7
FDCF Fidelity Disruptive Communications ETF 2.5 50 5 2.7 -4.9
DFIC Dimensional International Core Equity 2 ETF 2.5 23 32 7.3 -0.3
JHEM John Hancock Multifactor Emerging Markets ETF 2.5 49 6 9.9 +2.3
WWJD Inspire International ETF 2.5 80 -25 7.2 -0.4
GSIE Goldman Sachs ActiveBeta International Equity ETF 2.5 25 30 7.0 -0.6
BKIE BNY Mellon International Equity ETF 2.5 4 51 7.0 -0.6
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 2.5 45 10 8.7 +1.1
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 2.4 25 30 6.8 -0.8
CEFA Global X S&P Catholic Values Developed ex-US ETF 2.4 35 20 6.6 -1.0
STXI Strive International Developed Markets ETF 2.4 29 26 6.6 -1.0
OEUR ALPS O'Shares Europe Quality Dividend ETF 2.4 48 7 6.0 -1.5
RGEF Rockefeller Global Equity ETF 2.4 55 0 4.7 -2.9
DFAI Dimensional International Core Equity Market ETF 2.4 18 37 7.0 -0.6
DIVI Franklin International Core Dividend Tilt Index ETF 2.4 9 46 7.9 +0.3
DFAX Dimensional World ex U.S. Core Equity 2 ETF 2.3 30 25 7.7 +0.1
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 2.3 49 6 6.7 -0.9
DXIV Dimensional International Vector Equity ETF 2.3 34 21 7.7 +0.1
DISV Dimensional International Small Cap Value ETF 2.3 42 13 8.8 +1.2
EWC iShares MSCI Canada ETF 2.3 50 5 5.9 -1.7
JIRE JPMorgan International Research Enhanced Equity ETF 2.3 24 31 7.1 -0.5
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 2.3 32 23 8.9 +1.3
IEUR iShares Core MSCI Europe ETF 2.3 11 44 7.4 -0.2
IDLV Invesco S&P International Developed Low Volatility ETF 2.3 25 30 6.2 -1.3
IBAT iShares Energy Storage & Materials ETF 2.3 47 8 3.5 -4.1
SPEU SPDR Portfolio Europe ETF 2.3 7 48 7.4 -0.2
VGK Vanguard FTSE Europe ETF 2.3 6 49 7.5 -0.1
HFXI IQ FTSE International Equity Currency Neutral ETF 2.3 20 35 7.0 -0.6
GXUS Goldman Sachs MarketBeta Total International Equity ETF 2.3 18 37 7.8 +0.2
SCHC Schwab International Small-Cap Equity ETF 2.2 11 44 6.5 -1.1
GLIN VanEck India Growth Leaders ETF 2.2 77 -22 6.8 -0.8
VIDI Vident International Equity Strategy ETF 2.2 61 -6 10.6 +3.0
EFG iShares MSCI EAFE Growth ETF 2.2 36 19 4.3 -3.3
FLAX Franklin FTSE Asia Ex Japan ETF 2.2 19 36 8.9 +1.4
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 2.2 32 23 6.8 -0.8
IMTM iShares MSCI Intl Momentum Factor ETF 2.2 30 25 5.4 -2.2
DBEU Xtrackers MSCI Europe Hedged Equity ETF 2.2 46 9 6.7 -0.9
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 2.2 58 -3 9.5 +1.9
IEV iShares Europe ETF 2.2 67 -12 6.9 -0.7
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 2.2 39 16 15.8 +8.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 2.2 41 14 7.4 -0.2
DFIS Dimensional International Small Cap ETF 2.2 39 16 7.2 -0.4
EWY iShares MSCI South Korea ETF 2.2 58 -3 8.0 +0.4
SCZ iShares MSCI EAFE Small-Cap ETF 2.2 40 15 6.8 -0.8
DEXC Dimensional Emerging Markets ex China Core EquityETF 2.2 53 2 7.6 +0.0
BBEU JPMorgan BetaBuilders Europe ETF 2.1 9 46 7.2 -0.4
FLEE Franklin FTSE Europe ETF 2.1 9 46 7.2 -0.3
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 2.1 24 31 7.8 +0.2
FLSW Franklin FTSE Switzerland ETF 2.1 9 46 6.4 -1.2
FPAG FPA Global Equity ETF 2.1 49 6 5.7 -1.9
FSZ First Trust Switzerland AlphaDEX Fund 2.1 80 -25 5.3 -2.3
EWL iShares MSCI Switzerland ETF 2.1 50 5 6.3 -1.3
UMMA Wahed Dow Jones Islamic World ETF 2.1 65 -10 5.3 -2.3
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 2.1 36 19 6.5 -1.1
VEA Vanguard FTSE Developed Markets ETF 2.1 3 52 7.1 -0.5
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 2.1 20 35 6.3 -1.3
GSID Goldman Sachs MarketBeta International Equity ETF 2.1 20 35 6.8 -0.8
XCNY SPDR S&P Emerging Markets ex-China ETF 2.1 15 40 7.6 -0.0
STXE Strive Emerging Markets Ex-China ETF 2.1 32 23 7.6 -0.0
EWD iShares MSCI Sweden ETF 2.1 54 1 5.3 -2.3
SPDW SPDR Portfolio Developed World ex-US ETF 2.1 3 52 6.9 -0.7
IDEV iShares Core MSCI International Developed Markets ETF 2.0 4 51 6.9 -0.7
AZTD Aztlan Global Stock Selection DM SMID ETF 2.0 75 -20 7.4 -0.2
SCHF Schwab International Equity ETF 2.0 6 49 7.2 -0.4
VWID Virtus WMC International Dividend ETF 2.0 49 6 8.3 +0.7
IEFA iShares Core MSCI EAFE ETF 2.0 7 48 6.9 -0.7
BKF iShares MSCI BIC ETF 2.0 69 -14 13.1 +5.5
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 2.0 12 43 5.9 -1.7
FNDC Schwab Fundamental International Small Co. Index ETF 2.0 39 16 5.6 -2.0
EFA iShares MSCI EAFE ETF 2.0 35 20 6.6 -1.0
SMIN iShares MSCI India Small Cap ETF 2.0 79 -24 4.0 -3.6
PXH Invesco FTSE RAFI Emerging Markets ETF 1.9 49 6 15.2 +7.6
ROAM Hartford Multifactor Emerging Markets ETF 1.9 44 11 11.8 +4.3
AVDS Avantis International Small Cap Equity ETF 1.9 30 25 7.2 -0.4
VXUS Vanguard Total International Stock ETF 1.9 5 50 7.7 +0.1
DLS WisdomTree International SmallCap Dividend Fund 1.9 58 -3 7.9 +0.3
BKEM BNY Mellon Emerging Markets Equity ETF 1.9 11 44 9.6 +2.1
EMXC iShares MSCI Emerging Markets ex China ETF 1.9 25 30 7.5 -0.1
VEU Vanguard FTSE All-World ex-US Index Fund 1.9 4 51 7.9 +0.4
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 1.9 14 41 6.1 -1.5
IXUS iShares Core MSCI Total International Stock ETF 1.9 7 48 7.7 +0.2
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 1.9 8 47 6.0 -1.6
AVSD Avantis Responsible International Equity ETF 1.9 23 32 5.6 -2.0
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 1.9 15 40 9.9 +2.3
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 1.9 39 16 6.6 -1.0
ECON Columbia Emerging Markets Consumer ETF 1.9 49 6 11.9 +4.4
EVLU iShares MSCI Emerging Markets Value Factor ETF 1.9 35 20 17.6 +10.0
RODE Hartford Multifactor Diversified International ETF 1.9 29 26 11.4 +3.8
COPY Tweedy, Browne Insider + Value ETF 1.9 80 -25 11.7 +4.1
DFAE Dimensional Emerging Core Equity Market ETF 1.8 35 20 9.0 +1.4
DWMF WisdomTree International Multifactor Fund 1.8 38 17 7.0 -0.6
FEM First Trust Emerging Markets AlphaDEX Fund 1.8 80 -25 10.9 +3.3
RFEU First Trust Riverfront Dynamic Europe ETF 1.8 83 -28 10.6 +3.0
ACWX iShares MSCI ACWI ex U.S. ETF 1.8 34 21 7.6 -0.0
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.8 38 17 8.9 +1.4
DFSI Dimensional International Sustainability Core 1 ETF 1.8 24 31 6.3 -1.3
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.8 36 19 9.5 +1.9
FEZ SPDR EURO STOXX 50 ETF 1.8 29 26 7.1 -0.5
VPL Vanguard FTSE Pacific ETF 1.8 7 48 6.7 -0.9
PATN Pacer Nasdaq International Patent Leaders ETF 1.8 65 -10 6.0 -1.6
OBOR KraneShares MSCI One Belt One Road Index ETF 1.8 79 -24 8.8 +1.2
NUKZ Range Nuclear Renaissance Index ETF 1.8 85 -30 2.0 -5.6
EEMA iShares MSCI Emerging Markets Asia ETF 1.7 49 6 9.8 +2.3
CWI SPDR MSCI ACWI ex-US ETF 1.7 30 25 7.5 -0.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.7 66 -11 9.2 +1.6
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 1.7 15 40 7.6 +0.0
FDEM Fidelity Emerging Markets Multifactor ETF 1.7 25 30 12.3 +4.8
EFV iShares MSCI EAFE Value ETF 1.7 34 21 9.0 +1.4
EWG iShares MSCI Germany ETF 1.7 50 5 6.4 -1.2
QLVD FlexShares Developed Markets ex-US Quality Low Volatility In 1.7 32 23 6.0 -1.6
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 1.7 45 10 10.0 +2.4
FGM First Trust Germany AlphaDEX Fund 1.7 80 -25 6.2 -1.3
VYMI Vanguard International High Dividend Yield ETF 1.7 17 38 9.4 +1.9
DIHP Dimensional International High Profitability ETF 1.6 29 26 7.1 -0.5
FLGR Franklin FTSE Germany ETF 1.6 9 46 7.2 -0.4
IPAC iShares Core MSCI Pacific ETF 1.6 9 46 6.2 -1.4
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 1.6 90 -35 6.7 -0.9
SCJ iShares MSCI Japan Small-Cap ETF 1.6 50 5 6.4 -1.2
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 1.6 80 -25 10.2 +2.6
IQLT iShares MSCI Intl Quality Factor ETF 1.6 30 25 6.2 -1.4
AAXJ iShares MSCI All Country Asia ex Japan ETF 1.6 70 -15 8.9 +1.4
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.6 59 -4 8.6 +1.0
DAX Global X DAX Germany ETF 1.6 21 34 6.8 -0.8
IDMO Invesco S&P International Developed Momentum ETF 1.5 25 30 5.3 -2.3
DVYE iShares Emerging Markets Dividend ETF 1.5 49 6 18.5 +10.9
DTCR Global X Data Center & Digital Infrastructure ETF 1.5 50 5 4.2 -3.4
DFE WisdomTree Europe SmallCap Dividend Fund 1.5 58 -3 7.9 +0.4
BLES Inspire Global Hope ETF 1.5 61 -6 6.7 -0.8
VWO Vanguard FTSE Emerging Markets ETF 1.4 7 48 9.9 +2.3
SMOG VanEck Low Carbon Energy ETF 1.4 61 -6 1.7 -5.9
IEMG iShares Core MSCI Emerging Markets ETF 1.4 9 46 10.1 +2.6
EEM iShares MSCI Emerging Markets ETF 1.4 69 -14 9.9 +2.3
NUDM Nuveen ESG International Developed Markets Equity ETF 1.4 31 24 6.2 -1.4
GNR SPDR S&P Global Natural Resources ETF 1.4 40 15 10.8 +3.2
DEHP Dimensional Emerging Markets High Profitability ETF 1.4 41 14 6.5 -1.1
SCHE Schwab Emerging Markets Equity ETF 1.4 11 44 10.6 +3.0
GMF SPDR S&P Emerging Asia Pacific ETF 1.4 49 6 9.2 +1.6
EEMS iShares MSCI Emerging Markets Small Cap ETF 1.4 70 -15 7.5 -0.1
GTEK Goldman Sachs Future Tech Leaders Equity ETF 1.4 75 -20 3.0 -4.6
IQSI IQ Candriam International Equity ETF 1.3 15 40 6.6 -1.0
ISCF iShares International SmallCap Equity Factor ETF 1.3 23 32 8.0 +0.4
EMDM First Trust Bloomberg Emerging Market Democracies ETF 1.3 75 -20 9.1 +1.5
PID Invesco International Dividend Achievers ETF 1.3 53 2 5.5 -2.1
FDD First Trust Stoxx European Select Dividend Index Fund 1.3 58 -3 11.2 +3.6
EUDG WisdomTree Europe Quality Dividend Growth Fund 1.3 58 -3 6.9 -0.7
EYLD Cambria Emerging Shareholder Yield ETF 1.3 66 -11 12.1 +4.5
VIGI Vanguard International Dividend Appreciation ETF 1.3 10 45 6.3 -1.3
ESGD iShares ESG Aware MSCI EAFE ETF 1.3 20 35 6.7 -0.9
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 1.3 44 11 10.4 +2.8
EWM iShares MSCI Malaysia ETF 1.3 50 5 6.8 -0.8
IGRO iShares International Dividend Growth ETF 1.3 15 40 7.2 -0.4
FPXE First Trust IPOX Europe Equity Opportunities ETF 1.3 70 -15 4.8 -2.8
PIZ Invesco Dorsey Wright Developed Markets Momentum ETF 1.2 80 -25 4.9 -2.7
CZAR Themes Natural Monopoly ETF 1.2 35 20 5.7 -1.9
AGRW Allspring LT Large Growth ETF 1.2 35 20 3.5 -4.1
QEFA SPDR MSCI EAFE StrategicFactors ETF 1.2 30 25 6.9 -0.7
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 1.2 30 25 10.0 +2.5
DEM WisdomTree Emerging Markets High Dividend Fund 1.2 63 -8 13.0 +5.4
CGV Conductor Global Equity Value ETF 1.2 130 -75 8.0 +0.4
DFJ WisdomTree Japan SmallCap Dividend Fund 1.2 58 -3 7.2 -0.4
IMFL Invesco International Developed Dynamic Multifactor ETF 1.2 34 21 6.0 -1.6
EAFG Pacer Developed Markets Cash Cows Growth Leaders ETF 1.2 65 -10 4.2 -3.4
EMGF iShares Emerging Markets Equity Factor ETF 1.2 25 30 11.3 +3.7
EFAD ProShares MSCI EAFE Dividend Growers ETF 1.2 50 5 5.9 -1.7
DXJS WisdomTree Japan Hedged SmallCap Equity Fund 1.2 58 -3 7.2 -0.4
EDEN iShares MSCI Denmark ETF 1.1 53 2 6.9 -0.7
ESGG FlexShares STOXX Global ESG Select Index Fund 1.1 42 13 5.3 -2.3
WLDR Affinity World Leaders Equity ETF 1.1 67 -12 7.4 -0.2
SPEM SPDR Portfolio Emerging Markets ETF 1.1 7 48 10.3 +2.7
HAP VanEck Natural Resources ETF 1.1 50 5 9.3 +1.7
DGIN VanEck Digital India ETF 1.1 71 -16 2.1 -5.5
INEQ Columbia International Equity Income ETF 1.0 45 10 8.0 +0.4
LCTD BlackRock World ex U.S. Carbon Transition Readiness ETF 1.0 20 35 6.4 -1.2
XT iShares Exponential Technologies ETF 1.0 46 9 4.8 -2.7
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 1.0 80 -25 13.5 +5.9
RNWZ TrueShares Eagle Global Renewable Energy Income ETF 1.0 75 -20 7.8 +0.2
XCEM Columbia EM Core ex-China ETF 1.0 16 39 8.1 +0.5
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.0 41 14 8.4 +0.8
AVEE Avantis Emerging Markets Small Cap Equity ETF 1.0 42 13 9.4 +1.9
EMMF WisdomTree Emerging Markets Multifactor Fund 1.0 48 7 7.3 -0.3
EWT iShares MSCI Taiwan ETF 0.9 58 -3 6.3 -1.2
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 0.9 88 -33 8.5 +0.9
RFDI First Trust Riverfront Dynamic Developed International ETF 0.9 83 -28 9.2 +1.6
IQDF FlexShares International Quality Dividend Index Fund 0.9 47 8 8.8 +1.2
CGXU Capital Group International Focus Equity ETF 0.9 54 1 5.4 -2.2
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.9 30 25 9.0 +1.4
EWUS iShares MSCI United Kingdom Small Cap ETF 0.9 59 -4 7.5 -0.0
FYLD Cambria Foreign Shareholder Yield ETF 0.9 59 -4 11.3 +3.7
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.9 33 22 9.7 +2.1
CGW Invesco S&P Global Water Index ETF 0.8 57 -2 4.7 -2.9
FLTW Franklin FTSE Taiwan ETF 0.8 19 36 6.4 -1.1
SLX VanEck Steel ETF 0.8 56 -1 14.7 +7.2
EELV Invesco S&P Emerging Markets Low Volatility ETF 0.8 29 26 9.1 +1.5
CGDG Capital Group Dividend Growers ETF 0.8 47 8 6.2 -1.4
FDEV Fidelity International Multifactor ETF 0.7 18 37 7.4 -0.2
ECOW Pacer Emerging Markets Cash Cows 100 ETF 0.7 70 -15 13.0 +5.4
FOWF Pacer Solactive Whitney Fututre of Warfare ETF 0.7 60 -5 3.7 -3.9
FLCH Franklin FTSE China ETF 0.7 19 36 15.1 +7.5
EWO iShares MSCI Austria ETF 0.7 50 5 10.8 +3.2
GVAL Cambria Global Value ETF 0.7 68 -13 10.3 +2.7
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.7 9 46 5.6 -2.0
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.7 12 43 5.1 -2.5
VSGX Vanguard ESG International Stock ETF 0.7 10 45 7.5 -0.1
DEW WisdomTree Global High Dividend Fund 0.7 58 -3 8.3 +0.7
OCEN IQ Clean Oceans ETF 0.7 45 10 6.0 -1.6
EEMO Invesco S&P Emerging Markets Momentum ETF 0.7 29 26 6.3 -1.2
VT Vanguard Total World Stock ETF 0.7 6 49 5.8 -1.8
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.7 47 8 8.2 +0.6
CLNR IQ Cleaner Transport ETF 0.7 45 10 6.6 -0.9
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 0.7 80 -25 5.8 -1.8
GLOF iShares Global Equity Factor ETF 0.7 20 35 6.3 -1.2
ACWI iShares MSCI ACWI ETF 0.6 32 23 5.5 -2.1
WBAT WisdomTree Battery Value Chain and Innovation Fund 0.6 45 10 4.0 -3.6
IDHQ Invesco S&P International Developed High Quality ETF 0.6 29 26 6.6 -1.0
NUEM Nuveen ESG Emerging Markets Equity ETF 0.6 36 19 7.7 +0.1
WRND IQ Global Equity R&D Leaders ETF 0.6 18 37 8.0 +0.4
EFRA iShares Environmental Infrastructure and Industrials ETF 0.6 47 8 5.2 -2.3
EWN iShares MSCI Netherlands ETF 0.6 50 5 5.4 -2.2
KOKU Xtrackers MSCI Kokusai Equity ETF 0.6 9 46 5.1 -2.4
KLMT Invesco MSCI Global Climate 500 ETF 0.6 10 45 5.6 -2.0
URTH iShares MSCI World ETF 0.6 24 31 5.0 -2.6
LDEM iShares ESG MSCI EM Leaders ETF 0.6 17 38 13.4 +5.8
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 0.6 80 -25 8.7 +1.1
ILF iShares Latin America 40 ETF 0.5 48 7 12.3 +4.7
EIS iShares MSCI Israel ETF 0.5 58 -3 7.9 +0.3
AVSE Avantis Responsible Emerging Markets Equity ETF 0.5 33 22 8.2 +0.6
ISRA VanEck Israel ETF 0.5 59 -4 7.2 -0.3
ACWV iShares MSCI Global Min Vol Factor ETF 0.5 20 35 6.2 -1.4
KALL KraneShares MSCI All China Index ETF 0.5 49 6 15.0 +7.4
CTEC Global X CleanTech ETF 0.5 50 5 -0.1 -7.7
SNSR Global X Internet of Things ETF 0.5 68 -13 4.5 -3.1
QWLD SPDR MSCI World StrategicFactors ETF 0.5 30 25 5.9 -1.7
TOK iShares MSCI Kokusai ETF 0.4 26 29 5.0 -2.6
GLBL Pacer MSCI World Industry Advantage ETF 0.4 65 -10 4.1 -3.5
GXC SPDR S&P China ETF 0.4 59 -4 14.6 +7.0
EPOL iShares MSCI Poland ETF 0.4 59 -4 11.1 +3.6
EDIV SPDR S&P Emerging Markets Dividend ETF 0.4 49 6 11.6 +4.1
FID First Trust S&P International Dividend Aristocrats ETF 0.4 60 -5 7.8 +0.2
WDIV SPDR S&P Global Dividend ETF 0.4 40 15 9.1 +1.6
ESGE iShares ESG Aware MSCI EM ETF 0.4 25 30 9.8 +2.2
EMXF iShares ESG Advanced MSCI EM ETF 0.4 16 39 8.3 +0.7
GWX SPDR S&P International Small Cap ETF 0.4 40 15 5.8 -1.8
IXP iShares Global Comm Services ETF 0.4 42 13 5.3 -2.3
DTAN Sparkline International Intangible Value ETF 0.4 55 0 8.5 +0.9
MCHI iShares MSCI China ETF 0.3 59 -4 16.5 +9.0
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 0.3 40 15 6.9 -0.7
KOMP SPDR S&P Kensho New Economies Composite ETF 0.3 20 35 2.4 -5.1
APIE ActivePassive International Equity ETF 0.3 45 10 7.4 -0.2
GREK Global X MSCI Greece ETF 0.3 57 -2 10.8 +3.2
EWX SPDR S&P Emerging Markets Small Cap ETF 0.3 65 -10 7.6 +0.1
CVY Invesco Zacks Multi-Asset Income ETF 0.3 106 -51 12.3 +4.7
JGLO JPMorgan Global Select Equity ETF 0.3 33 22 5.0 -2.6
KNCT Invesco Next Gen Connectivity ETF 0.3 40 15 4.7 -2.9
RAYD Rayliant Quantitative Developed Market Equity ETF 0.3 80 -25 4.4 -3.2
FLAU Franklin FTSE Australia ETF 0.3 9 46 6.0 -1.6
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.3 20 35 5.6 -2.0
URA Global X Uranium ETF 0.2 69 -14 1.6 -6.0
NLR VanEck Uranium+Nuclear Energy ETF 0.2 61 -6 1.7 -5.9
IPKW Invesco International BuyBack Achievers ETF 0.2 55 0 12.3 +4.7
ECNS iShares MSCI China Small-Cap ETF 0.2 59 -4 7.7 +0.1
FRDM Freedom 100 Emerging Markets ETF 0.2 49 6 8.1 +0.5
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.2 25 30 6.5 -1.1
TRFK Pacer Data and Digital Revolution ETF 0.2 60 -5 2.9 -4.7
GVLU Gotham 1000 Value ETF 0.2 50 5 8.9 +1.4
GLOV Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF 0.2 25 30 5.9 -1.7
EFAV iShares MSCI EAFE Min Vol Factor ETF 0.2 22 33 5.7 -1.9
KLMN Invesco MSCI North America Climate ETF 0.2 9 46 4.9 -2.7
SDIV Global X Superdividend ETF 0.2 58 -3 40.9 +33.3
FLBR Franklin FTSE Brazil ETF 0.2 19 36 14.0 +6.4
EWZS iShares MSCI Brazil Small-Cap ETF 0.2 59 -4 9.6 +2.0
FLLA Franklin FTSE Latin America ETF 0.2 19 36 12.4 +4.8
ONEQ Fidelity Nasdaq Composite Index ETF 0.1 21 34 3.6 -4.0
ACVF American Conservative Values ETF 0.1 75 -20 4.3 -3.2
TUR iShares MSCI Turkey ETF 0.1 58 -3 17.5 +9.9
PRNT 3D Printing ETF 0.1 66 -11 1.3 -6.3
IUS Invesco RAFI Strategic US ETF 0.1 19 36 6.8 -0.8
JSTC Adasina Social Justice All Cap Global ETF 0.0 89 -34 4.8 -2.8

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Global X Infrastructure Development ex-U.S. 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 10.0 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 55 bp
Equals: ALTAR Score 7.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.55 CATEGORY
AVERAGE		 1.58
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.