Global X Infrastructure Development ex-U.S. ETF
ALTAR
Score™		 4.5% info Recommen-
dation		 NEUTRAL
2025E    2026E
P/E
ratio		 24.8x P/Sales
ratio		 1.6x
P/BV
ratio		 2.0x Div.
yield		 1.5%


  • 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) $2
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) $27,110
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
HEIDELBERGCEMENT AG 4.3 %
VINCI SA 3.4 %
NIPPON STEEL CORP 3.3 %
KOMATSU LTD 3.2 %
HOLCIM LTD-REG 3.2 %
GRUPO FERROVIAL 3.2 %
TATA STEEL LTD 3.0 %
POSCO 3.0 %
CELLNEX TELECOM S.A. 3.0 %
ARCELORMITTAL SA 3.0 %
Total 32.6 %

TOP COUNTRY EXPOSURE
INDIA 20.3 %
JAPAN 13.3 %
FRANCE 8.0 %
SPAIN 7.9 %
CANADA 6.9 %
LUXEMBOURG 6.0 %
ITALY 5.2 %
SOUTH KOREA 4.9 %
SWITZERLAND 4.7 %
SWEDEN 4.3 %

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.
2.7% -- -- -- -3.0%

Market Correlations
versus... Beta R-squared
S&P500 -- --
MSCI EAFE -- --
MSCI Emg. Mkts. -- --

Technical Indicators
Recent close $24.55
30d moving avg. $24.52
Annualized volatility 0.0%
Short interest (ETF) 1.0%
Relative strength (RSI) 53

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 389 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™: 4.5%


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 10.4 39 16 14.1 +9.7
MXI iShares Global Materials ETF 9.0 41 14 8.0 +3.6
ICOW Pacer Developed Markets International Cash Cows 100 ETF 8.7 65 -10 12.2 +7.7
NDIA Global X India Active ETF 8.2 75 -20 4.7 +0.2
NFTY First Trust India NIFTY 50 Equal Weight ETF 8.1 80 -25 4.8 +0.4
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 7.8 46 9 4.9 +0.4
FEUZ First Trust Eurozone AlphaDEX ETF 7.3 80 -25 9.2 +4.7
EWP iShares MSCI Spain ETF 6.8 50 5 7.8 +3.4
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 6.7 47 8 5.7 +1.2
PIN Invesco India ETF 6.6 78 -23 4.3 -0.2
JHID John Hancock International High Dividend ETF 6.5 46 9 10.3 +5.8
FEP First Trust Europe AlphaDEX Fund 6.5 80 -25 9.3 +4.8
BLLD JPMorgan Sustainable Infrastructure ETF 6.3 49 6 4.8 +0.3
FLIN Franklin FTSE India ETF 6.2 19 36 3.9 -0.6
SUPL ProShares Supply Chain Logistics ETF 6.2 58 -3 5.4 +0.9
FIDI Fidelity International High Dividend ETF 5.9 18 37 9.0 +4.5
AIVI WisdomTree International AI Enhanced Value Fund 5.9 58 -3 7.5 +3.0
OAIM OneAscent International Equity ETF 5.8 95 -40 6.2 +1.7
INDY iShares India 50 ETF 5.8 89 -34 4.6 +0.2
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 5.7 42 13 6.8 +2.3
INDA iShares MSCI India ETF 5.6 65 -10 4.3 -0.1
EPI WisdomTree India Earnings Fund 5.6 85 -30 4.7 +0.2
IVAL Alpha Architect International Quantitative Value ETF 5.5 49 6 10.6 +6.2
BBCA JPMorgan BetaBuilders Canada ETF 5.4 19 36 6.9 +2.4
FLCA Franklin FTSE Canada ETF 5.4 9 46 7.0 +2.6
SHPP Pacer Industrials and Logistics ETF 5.4 60 -5 5.1 +0.6
UIVM VictoryShares International Value Momentum ETF 5.4 35 20 9.5 +5.0
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF 5.3 9 46 9.2 +4.7
WTRE WisdomTree New Economy Real Estate Fund 5.2 58 -3 9.6 +5.1
SRVR Pacer Data & Infrastructure Real Estate ETF 5.2 55 0 1.1 -3.4
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 5.1 58 -3 5.5 +1.0
IDAT iShares Future Cloud 5G and Tech ETF 5.0 47 8 4.8 +0.3
TOLL Tema Monopolies and Oligopolies ETF 4.9 75 -20 3.8 -0.7
FDT First Trust Developed Markets ex-US AlphaDEX Fund 4.9 80 -25 10.0 +5.5
BKCI BNY Mellon Concentrated International ETF 4.9 80 -25 4.9 +0.5
DXJ WisdomTree Japan Hedged Equity Fund 4.8 48 7 8.4 +3.9
EWQ iShares MSCI France ETF 4.6 53 2 7.0 +2.5
OSEA Harbor International Compounders ETF 4.5 55 0 4.7 +0.2
FJP First Trust Japan AlphaDEX Fund 4.5 80 -25 10.3 +5.8
AVES Avantis Emerging Markets Value ETF 4.5 36 19 12.2 +7.7
FSZ First Trust Switzerland AlphaDEX Fund 4.5 80 -25 5.0 +0.6
FIVA Fidelity International Value Factor ETF 4.3 18 37 10.5 +6.0
JIG JPMorgan International Growth ETF 4.2 55 0 4.8 +0.3
TPIF Timothy Plan International ETF 4.2 62 -7 6.5 +2.1
IQRA IQ CBRE Real Assets ETF 4.2 65 -10 2.7 -1.8
LVHI Franklin International Low Volatility High Dividend Index ET 4.1 40 15 11.0 +6.5
SLX VanEck Steel ETF 4.1 56 -1 17.7 +13.3
FGM First Trust Germany AlphaDEX Fund 4.1 80 -25 9.0 +4.6
NXTG First Trust Indxx NextG ETF 3.9 70 -15 5.8 +1.4
TEMP JPMorgan Climate Change Solutions ETF 3.9 49 6 5.9 +1.4
PBD Invesco Global Clean Energy ETF 3.9 75 -20 0.4 -4.1
AVIV Avantis International Large Cap Value ETF 3.9 25 30 9.3 +4.8
DFEV Dimensional Emerging Markets Value ETF 3.8 43 12 14.5 +10.0
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 3.8 58 -3 7.1 +2.6
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 3.7 24 31 6.4 +2.0
IQDG WisdomTree International Quality Dividend Growth Fund 3.7 42 13 7.2 +2.7
CGIE Capital Group International Equity ETF 3.7 54 1 5.1 +0.7
FLSW Franklin FTSE Switzerland ETF 3.7 9 46 6.2 +1.7
VIDI Vident International Equity Strategy ETF 3.6 61 -6 12.0 +7.5
DSTX Distillate International Fundamental Stability & Value ETF 3.6 55 0 8.4 +4.0
FRNW Fidelity Clean Energy ETF 3.6 39 16 4.2 -0.3
EUSC WisdomTree Europe Hedged SmallCap Equity Fund 3.6 58 -3 9.0 +4.5
DFIV Dimensional International Value ETF 3.5 27 28 10.4 +5.9
HEDJ WisdomTree Europe Hedged Equity Fund 3.5 58 -3 6.6 +2.1
EWI iShares MSCI Italy ETF 3.5 50 5 10.0 +5.6
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 3.4 25 30 7.2 +2.8
SCHY Schwab International Dividend Equity ETF 3.4 14 41 9.8 +5.3
IVLU iShares MSCI Intl Value Factor ETF 3.4 30 25 11.1 +6.7
BINV Brandes International ETF 3.4 70 -15 9.5 +5.1
IEUS iShares MSCI Europe Small-Cap ETF 3.4 42 13 7.2 +2.7
JHMD John Hancock Multifactor Developed International ETF 3.4 39 16 7.8 +3.3
FLKR Franklin FTSE South Korea ETF 3.3 9 46 11.2 +6.7
GCOW Pacer Global Cash Cows Dividend ETF 3.3 60 -5 10.9 +6.5
TMFG Motley Fool Global Opportunities ETF 3.3 85 -30 3.5 -0.9
RFEU First Trust Riverfront Dynamic Europe ETF 3.3 83 -28 10.0 +5.6
RNEM First Trust Emerging Markets Equity Select ETF 3.3 75 -20 1.0 -3.5
ARKX ARK Space Exploration & Innovation ETF 3.2 75 -20 -0.3 -4.8
FPAG FPA Global Equity ETF 3.2 49 6 6.3 +1.8
EWL iShares MSCI Switzerland ETF 3.2 50 5 5.9 +1.4
FBOT Fidelity Disruptive Automation ETF 3.2 50 5 4.0 -0.5
EEMO Invesco S&P Emerging Markets Momentum ETF 3.1 29 26 6.2 +1.7
INTF iShares International Equity Factor ETF 3.1 15 40 8.1 +3.7
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 3.1 45 10 6.6 +2.2
JPXN iShares JPX-Nikkei 400 ETF 3.1 48 7 7.5 +3.0
AVDE Avantis International Equity ETF 3.1 23 32 8.0 +3.5
RODM Hartford Multifactor Developed Markets (ex-US) ETF 3.0 29 26 8.2 +3.7
DWX SPDR S&P International Dividend ETF 3.0 45 10 6.6 +2.1
BBJP JPMorgan BetaBuilders Japan ETF 3.0 19 36 7.6 +3.1
EZU iShares MSCI Eurozone ETF 3.0 52 3 6.8 +2.3
FNDF Schwab Fundamental International Large Co. Index ETF 3.0 25 30 10.1 +5.7
OIH VanEck Oil Services ETF 3.0 35 20 4.2 -0.3
DIM WisdomTree International MidCap Dividend Fund 2.9 58 -3 7.7 +3.2
EXI iShares Global Industrials ETF 2.9 42 13 4.9 +0.4
CIL VictoryShares International Volatility Wtd ETF 2.9 45 10 7.0 +2.5
DGT SPDR Global Dow ETF 2.9 50 5 7.5 +3.0
EWJ iShares MSCI Japan ETF 2.9 50 5 7.1 +2.7
NETZ TCW Transform Systems ETF 2.9 75 -20 3.4 -1.1
VWID Virtus WMC International Dividend ETF 2.9 49 6 8.8 +4.3
UEVM VictoryShares Emerging Markets Value Momentum ETF 2.9 45 10 11.1 +6.6
PPIE Putnam PanAgora ESG International Equity ETF 2.9 49 6 7.8 +3.3
KNO AXS Knowledge Leaders ETF 2.9 78 -23 6.1 +1.6
IDLV Invesco S&P International Developed Low Volatility ETF 2.8 25 30 6.3 +1.8
VIGI Vanguard International Dividend Appreciation ETF 2.8 15 40 6.2 +1.7
STXI Strive International Developed Markets ETF 2.8 29 26 5.9 +1.5
DBJP Xtrackers MSCI Japan Hedged Equity ETF 2.8 47 8 7.1 +2.7
JPIN J.P. Morgan Diversified Return International Equity ETF 2.8 37 18 8.9 +4.4
FLJP Franklin FTSE Japan ETF 2.8 9 46 7.0 +2.5
EWY iShares MSCI South Korea ETF 2.8 58 -3 10.5 +6.0
DMXF iShares ESG Advanced MSCI EAFE ETF 2.8 12 43 5.8 +1.3
FENI Fidelity Enhanced International ETF 2.8 28 27 7.0 +2.5
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 2.8 45 10 9.3 +4.9
EWJV iShares MSCI Japan Value ETF 2.8 15 40 9.8 +5.3
FLJH Franklin FTSE Japan Hedged ETF 2.7 9 46 6.7 +2.2
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 2.7 39 16 16.9 +12.4
XC WisdomTree Emerging Markets Ex-China Fund 2.7 32 23 5.5 +1.0
DISV Dimensional International Small Cap Value ETF 2.7 42 13 9.7 +5.2
EFV iShares MSCI EAFE Value ETF 2.7 34 21 9.4 +5.0
GSIE Goldman Sachs ActiveBeta International Equity ETF 2.7 25 30 7.5 +3.0
DOL WisdomTree International LargeCap Dividend Fund 2.7 48 7 7.5 +3.0
DTH WisdomTree International High Dividend Fund 2.7 58 -3 9.1 +4.6
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 2.6 50 5 11.6 +7.1
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 2.6 40 15 7.5 +3.1
FYLD Cambria Foreign Shareholder Yield ETF 2.6 59 -4 12.5 +8.0
IMOM Alpha Architect International Quantitative Momentum ETF 2.6 49 6 4.8 +0.3
DWM WisdomTree International Equity Fund 2.6 48 7 7.7 +3.2
DFIC Dimensional International Core Equity 2 ETF 2.6 23 32 7.9 +3.5
CEFA Global X S&P Catholic Values Developed ex-US ETF 2.6 35 20 5.9 +1.4
FAN First Trust Global Wind Energy ETF 2.6 60 -5 5.3 +0.8
DIVI Franklin International Core Dividend Tilt Index ETF 2.6 9 46 8.2 +3.8
DFAX Dimensional World ex U.S. Core Equity 2 ETF 2.5 30 25 8.6 +4.1
EWC iShares MSCI Canada ETF 2.5 50 5 6.6 +2.1
IDMO Invesco S&P International Developed Momentum ETF 2.5 25 30 5.7 +1.3
AVEM Avantis Emerging Markets Equity ETF 2.5 33 22 9.7 +5.2
WWJD Inspire International ETF 2.5 80 -25 7.6 +3.1
QINT American Century Quality Diversified International ETF 2.5 39 16 7.6 +3.2
FEM First Trust Emerging Markets AlphaDEX Fund 2.5 80 -25 13.8 +9.4
RGEF Rockefeller Global Equity ETF 2.5 55 0 5.2 +0.8
STXE Strive Emerging Markets Ex-China ETF 2.4 32 23 8.2 +3.7
BKIE BNY Mellon International Equity ETF 2.4 4 51 7.3 +2.9
DFAI Dimensional International Core Equity Market ETF 2.4 18 37 7.6 +3.1
FDD First Trust Stoxx European Select Dividend Index Fund 2.4 58 -3 12.4 +8.0
JHEM John Hancock Multifactor Emerging Markets ETF 2.4 49 6 10.5 +6.1
FDCF Fidelity Disruptive Communications ETF 2.4 50 5 3.3 -1.2
DWMF WisdomTree International Multifactor Fund 2.4 38 17 6.9 +2.5
SPEU SPDR Portfolio Europe ETF 2.4 7 48 7.5 +3.0
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 2.4 25 30 7.4 +2.9
FID First Trust S&P International Dividend Aristocrats ETF 2.4 60 -5 9.1 +4.6
VGK Vanguard FTSE Europe ETF 2.3 11 44 7.5 +3.0
IEUR iShares Core MSCI Europe ETF 2.3 11 44 7.4 +2.9
WDIV SPDR S&P Global Dividend ETF 2.3 40 15 9.6 +5.2
OEUR ALPS O'Shares Europe Quality Dividend ETF 2.3 48 7 5.9 +1.5
IBAT iShares Energy Storage & Materials ETF 2.3 47 8 5.3 +0.8
LIMI Themes Lithium & Battery Metal Miners ETF 2.3 35 20 0.0 -4.5
IMFL Invesco International Developed Dynamic Multifactor ETF 2.3 34 21 6.2 +1.7
EVLU iShares MSCI Emerging Markets Value Factor ETF 2.3 35 20 21.6 +17.1
VCLN Virtus Duff & Phelps Clean Energy ETF 2.3 59 -4 6.2 +1.7
IEV iShares Europe ETF 2.3 67 -12 6.9 +2.5
UMMA Wahed Dow Jones Islamic World ETF 2.3 65 -10 5.3 +0.8
SCZ iShares MSCI EAFE Small-Cap ETF 2.3 40 15 7.4 +2.9
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 2.3 20 35 6.6 +2.2
SPDW SPDR Portfolio Developed World ex-US ETF 2.2 3 52 7.5 +3.0
GXUS Goldman Sachs MarketBeta Total International Equity ETF 2.2 18 37 8.1 +3.6
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 2.2 49 6 7.3 +2.9
HFXI IQ FTSE International Equity Currency Neutral ETF 2.2 20 35 7.4 +2.9
VEA Vanguard FTSE Developed Markets ETF 2.2 5 50 7.6 +3.1
SCHF Schwab International Equity ETF 2.2 6 49 7.7 +3.3
DEHP Dimensional Emerging Markets High Profitability ETF 2.2 41 14 6.5 +2.1
IDEV iShares Core MSCI International Developed Markets ETF 2.2 4 51 7.4 +2.9
BKF iShares MSCI BIC ETF 2.2 69 -14 13.0 +8.5
EMM Global X Emerging Markets ex-China ETF 2.2 75 -20 5.0 +0.6
AVDV Avantis International Small Cap Value ETF 2.2 36 19 10.9 +6.5
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 2.2 32 23 9.6 +5.1
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 2.2 24 31 8.3 +3.9
DBEU Xtrackers MSCI Europe Hedged Equity ETF 2.2 46 9 6.8 +2.3
XCNY SPDR S&P Emerging Markets ex-China ETF 2.1 15 40 0.0 -4.5
PATN Pacer Nasdaq International Patent Leaders ETF 2.1 65 -10 4.0 -0.5
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 2.1 41 14 7.1 +2.6
FLEE Franklin FTSE Europe ETF 2.1 9 46 7.0 +2.6
IEFA iShares Core MSCI EAFE ETF 2.1 7 48 7.4 +2.9
GVAL Cambria Global Value ETF 2.1 68 -13 11.3 +6.8
EFA iShares MSCI EAFE ETF 2.1 35 20 7.0 +2.6
DFIS Dimensional International Small Cap ETF 2.1 39 16 7.9 +3.4
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 2.1 39 16 8.3 +3.9
DFAE Dimensional Emerging Core Equity Market ETF 2.1 35 20 10.2 +5.7
VEU Vanguard FTSE All-World ex-US Index Fund 2.1 8 47 8.5 +4.0
EWD iShares MSCI Sweden ETF 2.1 54 1 5.6 +1.1
DFEM Dimensional Emerging Markets Core Equity 2 ETF 2.1 38 17 9.9 +5.5
BBEU JPMorgan BetaBuilders Europe ETF 2.1 9 46 7.2 +2.8
CGW Invesco S&P Global Water Index ETF 2.1 57 -2 4.8 +0.3
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 2.1 58 -3 10.1 +5.7
JIRE JPMorgan International Research Enhanced Equity ETF 2.1 24 31 7.4 +2.9
VXUS Vanguard Total International Stock ETF 2.0 7 48 8.3 +3.8
VYMI Vanguard International High Dividend Yield ETF 2.0 22 33 10.0 +5.5
EMXC iShares MSCI Emerging Markets ex China ETF 2.0 25 30 8.0 +3.5
IXUS iShares Core MSCI Total International Stock ETF 2.0 7 48 8.3 +3.8
FLAX Franklin FTSE Asia Ex Japan ETF 2.0 19 36 10.8 +6.4
GSID Goldman Sachs MarketBeta International Equity ETF 2.0 20 35 7.1 +2.7
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 2.0 36 19 6.9 +2.4
EEMA iShares MSCI Emerging Markets Asia ETF 2.0 49 6 10.7 +6.3
ACWX iShares MSCI ACWI ex U.S. ETF 2.0 34 21 8.1 +3.7
FCA First Trust China AlphaDEX Fund 2.0 80 -25 11.3 +6.8
PIO Invesco Global Water ETF 1.9 75 -20 4.9 +0.5
VPL Vanguard FTSE Pacific ETF 1.9 8 47 7.7 +3.2
COPY Tweedy, Browne Insider + Value ETF 1.9 80 -25 12.6 +8.2
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 1.9 12 43 6.2 +1.7
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 1.9 80 -25 5.7 +1.2
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 1.9 32 23 7.0 +2.5
IQLT iShares MSCI Intl Quality Factor ETF 1.9 30 25 6.3 +1.9
IPAC iShares Core MSCI Pacific ETF 1.8 9 46 7.1 +2.6
FEZ SPDR EURO STOXX 50 ETF 1.8 29 26 7.2 +2.7
PXH Invesco FTSE RAFI Emerging Markets ETF 1.8 49 6 16.7 +12.2
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 1.8 14 41 6.0 +1.6
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 1.8 39 16 7.0 +2.5
ECON Columbia Emerging Markets Consumer ETF 1.8 49 6 12.9 +8.5
CWI SPDR MSCI ACWI ex-US ETF 1.8 30 25 8.2 +3.7
AAXJ iShares MSCI All Country Asia ex Japan ETF 1.8 70 -15 9.8 +5.4
DFSI Dimensional International Sustainability Core 1 ETF 1.8 24 31 6.6 +2.1
ROAM Hartford Multifactor Emerging Markets ETF 1.8 44 11 11.3 +6.8
BKEM BNY Mellon Emerging Markets Equity ETF 1.8 11 44 11.8 +7.3
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 1.7 15 40 10.8 +6.3
AVSD Avantis Responsible International Equity ETF 1.7 23 32 6.8 +2.4
QLVD FlexShares Developed Markets ex-US Quality Low Volatility In 1.7 32 23 6.1 +1.6
GNR SPDR S&P Global Natural Resources ETF 1.7 40 15 11.4 +7.0
SMIN iShares MSCI India Small Cap ETF 1.7 79 -24 3.3 -1.2
OBOR KraneShares MSCI One Belt One Road Index ETF 1.7 79 -24 7.7 +3.2
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 1.7 15 40 8.6 +4.1
FDEM Fidelity Emerging Markets Multifactor ETF 1.7 25 30 13.5 +9.1
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.7 36 19 11.2 +6.7
IDHQ Invesco S&P International Developed High Quality ETF 1.7 29 26 6.7 +2.2
EMGF iShares Emerging Markets Equity Factor ETF 1.7 25 30 12.4 +8.0
RODE Hartford Multifactor Diversified International ETF 1.7 29 26 9.9 +5.4
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 1.6 30 25 10.6 +6.1
CCNR ALPS CoreCommodity Natural Resources ETF 1.6 39 16 11.0 +6.5
NUDM Nuveen ESG International Developed Markets Equity ETF 1.6 31 24 6.6 +2.2
GMF SPDR S&P Emerging Asia Pacific ETF 1.6 49 6 10.0 +5.6
IEMG iShares Core MSCI Emerging Markets ETF 1.6 9 46 10.9 +6.5
ISCF iShares International SmallCap Equity Factor ETF 1.6 23 32 8.6 +4.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.6 66 -11 10.2 +5.7
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 1.6 45 10 11.0 +6.6
SCHE Schwab Emerging Markets Equity ETF 1.6 11 44 11.6 +7.1
IGRO iShares International Dividend Growth ETF 1.6 15 40 7.3 +2.8
VWO Vanguard FTSE Emerging Markets ETF 1.6 8 47 10.9 +6.4
EEMS iShares MSCI Emerging Markets Small Cap ETF 1.6 70 -15 7.8 +3.3
DLS WisdomTree International SmallCap Dividend Fund 1.6 58 -3 8.9 +4.4
EEM iShares MSCI Emerging Markets ETF 1.6 69 -14 10.7 +6.3
ESGD iShares ESG Aware MSCI EAFE ETF 1.6 20 35 7.1 +2.7
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.6 59 -4 13.7 +9.2
IDOG ALPS International Sector Dividend Dogs ETF 1.5 50 5 12.2 +7.8
DTCR Global X Data Center & Digital Infrastructure ETF 1.5 50 5 1.7 -2.7
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 1.5 80 -25 11.8 +7.3
FNDC Schwab Fundamental International Small Co. Index ETF 1.5 39 16 6.3 +1.8
EFG iShares MSCI EAFE Growth ETF 1.5 36 19 4.5 +0.0
DVYE iShares Emerging Markets Dividend ETF 1.5 49 6 18.9 +14.4
SCHC Schwab International Small-Cap Equity ETF 1.5 11 44 7.1 +2.6
SCJ iShares MSCI Japan Small-Cap ETF 1.5 50 5 6.8 +2.3
EWG iShares MSCI Germany ETF 1.5 50 5 6.5 +2.0
PID Invesco International Dividend Achievers ETF 1.5 53 2 5.8 +1.3
BLES Inspire Global Hope ETF 1.5 61 -6 6.8 +2.4
DAX Global X DAX Germany ETF 1.4 21 34 6.8 +2.3
IMTM iShares MSCI Intl Momentum Factor ETF 1.4 30 25 5.6 +1.2
PRAY FIS Christian Stock Fund 1.4 69 -14 5.5 +1.0
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 1.4 7 48 7.0 +2.6
QEFA SPDR MSCI EAFE StrategicFactors ETF 1.3 30 25 7.3 +2.8
EWT iShares MSCI Taiwan ETF 1.3 58 -3 6.8 +2.4
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 1.3 44 11 11.0 +6.6
GTEK Goldman Sachs Future Tech Leaders Equity ETF 1.3 75 -20 3.5 -1.0
FLGR Franklin FTSE Germany ETF 1.3 9 46 6.8 +2.4
EBLU Ecofin Global Water ESG Fund 1.3 40 15 4.4 -0.0
EMDM First Trust Bloomberg Emerging Market Democracies ETF 1.2 75 -20 10.3 +5.8
DFE WisdomTree Europe SmallCap Dividend Fund 1.2 58 -3 8.4 +3.9
EUDG WisdomTree Europe Quality Dividend Growth Fund 1.2 58 -3 6.5 +2.1
DEM WisdomTree Emerging Markets High Dividend Fund 1.2 63 -8 13.6 +9.1
EFAD ProShares MSCI EAFE Dividend Growers ETF 1.2 50 5 5.8 +1.4
EELV Invesco S&P Emerging Markets Low Volatility ETF 1.2 29 26 8.7 +4.2
SPEM SPDR Portfolio Emerging Markets ETF 1.2 7 48 10.9 +6.4
IQSI IQ Candriam International Equity ETF 1.2 15 40 6.7 +2.2
CGV Conductor Global Equity Value ETF 1.2 130 -75 9.2 +4.7
EYLD Cambria Emerging Shareholder Yield ETF 1.2 66 -11 13.1 +8.6
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 1.1 80 -25 13.6 +9.1
IQDF FlexShares International Quality Dividend Index Fund 1.1 47 8 9.5 +5.1
PIZ Invesco Dorsey Wright Developed Markets Momentum ETF 1.1 80 -25 4.9 +0.5
HAP VanEck Natural Resources ETF 1.1 50 5 10.0 +5.6
ESGG FlexShares STOXX Global ESG Select Index Fund 1.1 42 13 5.4 +1.0
VSGX Vanguard ESG International Stock ETF 1.1 12 43 8.2 +3.7
VRAI Virtus Real Asset Income ETF 1.1 55 0 7.5 +3.0
FLTW Franklin FTSE Taiwan ETF 1.1 19 36 7.0 +2.6
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.1 41 14 9.4 +4.9
XT iShares Exponential Technologies ETF 1.1 46 9 5.5 +1.0
EMMF WisdomTree Emerging Markets Multifactor Fund 1.1 48 7 7.8 +3.3
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 1.0 90 -35 8.4 +3.9
DIHP Dimensional International High Profitability ETF 1.0 29 26 7.4 +2.9
DGIN VanEck Digital India ETF 1.0 71 -16 1.9 -2.5
INEQ Columbia International Equity Income ETF 1.0 45 10 8.7 +4.2
LCTD BlackRock World ex U.S. Carbon Transition Readiness ETF 1.0 20 35 6.7 +2.3
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 1.0 30 25 9.3 +4.9
RFDI First Trust Riverfront Dynamic Developed International ETF 1.0 83 -28 10.0 +5.6
XCEM Columbia EM Core ex-China ETF 1.0 16 39 8.5 +4.0
SMOG VanEck Low Carbon Energy ETF 0.9 61 -6 1.5 -3.0
CGXU Capital Group International Focus Equity ETF 0.9 54 1 5.9 +1.4
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 0.9 88 -33 10.3 +5.8
GLIN VanEck India Growth Leaders ETF 0.9 77 -22 6.4 +1.9
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.9 47 8 9.0 +4.5
EDEN iShares MSCI Denmark ETF 0.9 53 2 6.9 +2.4
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.9 12 43 5.1 +0.7
FXI iShares China Large-Cap ETF 0.9 74 -19 18.1 +13.7
ILF iShares Latin America 40 ETF 0.9 48 7 13.5 +9.0
NDIV Amplify Natural Resources Dividend Income ETF 0.9 59 -4 10.2 +5.8
WLDR Affinity World Leaders Equity ETF 0.9 67 -12 8.3 +3.9
EWM iShares MSCI Malaysia ETF 0.8 50 5 6.6 +2.1
ECOW Pacer Emerging Markets Cash Cows 100 ETF 0.8 70 -15 15.8 +11.3
CGDG Capital Group Dividend Growers ETF 0.8 47 8 6.3 +1.9
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 0.8 80 -25 9.7 +5.2
FDEV Fidelity International Multifactor ETF 0.8 18 37 7.7 +3.2
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.8 33 22 10.6 +6.1
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.8 25 30 6.5 +2.0
VT Vanguard Total World Stock ETF 0.8 7 48 6.3 +1.8
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.8 9 46 6.1 +1.6
VOLT Tema Electrification ETF 0.8 75 -20 3.3 -1.2
CZAR Themes Natural Monopoly ETF 0.7 35 20 2.8 -1.7
EWN iShares MSCI Netherlands ETF 0.7 50 5 5.9 +1.4
FLCH Franklin FTSE China ETF 0.7 19 36 17.2 +12.7
ACWI iShares MSCI ACWI ETF 0.7 32 23 6.0 +1.5
ACWV iShares MSCI Global Min Vol Factor ETF 0.7 20 35 5.9 +1.4
GLOF iShares Global Equity Factor ETF 0.7 20 35 6.8 +2.3
IDV iShares International Select Dividend ETF 0.7 51 4 11.6 +7.1
GLBL Pacer MSCI World Industry Advantage ETF 0.7 65 -10 5.0 +0.5
GXC SPDR S&P China ETF 0.7 59 -4 16.7 +12.2
DEW WisdomTree Global High Dividend Fund 0.7 58 -3 7.7 +3.3
KLMT Invesco MSCI Global Climate 500 ETF 0.6 10 45 6.1 +1.6
DFJ WisdomTree Japan SmallCap Dividend Fund 0.6 58 -3 8.3 +3.9
DXJS WisdomTree Japan Hedged SmallCap Equity Fund 0.6 58 -3 7.7 +3.2
WRND IQ Global Equity R&D Leaders ETF 0.6 18 37 7.9 +3.4
MCHI iShares MSCI China ETF 0.6 59 -4 17.8 +13.4
URTH iShares MSCI World ETF 0.6 24 31 5.5 +1.0
RNWZ TrueShares Eagle Global Renewable Energy Income ETF 0.6 75 -20 7.3 +2.8
EWO iShares MSCI Austria ETF 0.6 50 5 11.9 +7.4
KNCT Invesco Next Gen Connectivity ETF 0.6 40 15 5.1 +0.6
WBAT WisdomTree Battery Value Chain and Innovation Fund 0.6 45 10 0.0 -4.5
KOKU Xtrackers MSCI Kokusai Equity ETF 0.6 9 46 5.5 +1.0
QWLD SPDR MSCI World StrategicFactors ETF 0.6 30 25 5.9 +1.5
AIA iShares Asia 50 ETF 0.5 50 5 14.7 +10.2
IXP iShares Global Comm Services ETF 0.5 42 13 6.7 +2.2
TOK iShares MSCI Kokusai ETF 0.5 26 29 5.2 +0.7
CVY Invesco Zacks Multi-Asset Income ETF 0.5 106 -51 10.9 +6.5
EAFG Pacer Developed Markets Cash Cows Growth Leaders ETF 0.5 65 -10 4.1 -0.4
OCEN IQ Clean Oceans ETF 0.5 45 10 5.7 +1.2
NUEM Nuveen ESG Emerging Markets Equity ETF 0.5 36 19 8.1 +3.7
KALL KraneShares MSCI All China Index ETF 0.5 49 6 15.3 +10.8
CLNR IQ Cleaner Transport ETF 0.5 45 10 7.3 +2.8
EPOL iShares MSCI Poland ETF 0.5 59 -4 11.6 +7.1
EFRA iShares Environmental Infrastructure and Industrials ETF 0.4 47 8 4.4 -0.1
GLOV Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF 0.4 25 30 6.0 +1.6
LDEM iShares ESG MSCI EM Leaders ETF 0.4 17 38 12.9 +8.4
EWX SPDR S&P Emerging Markets Small Cap ETF 0.4 65 -10 8.1 +3.6
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 0.4 40 15 5.6 +1.1
DTAN Sparkline International Intangible Value ETF 0.3 55 0 7.2 +2.8
CTEC Global X CleanTech ETF 0.3 50 5 2.2 -2.3
SNSR Global X Internet of Things ETF 0.3 68 -13 5.0 +0.5
APIE ActivePassive International Equity ETF 0.3 45 10 7.7 +3.2
TUR iShares MSCI Turkey ETF 0.3 58 -3 19.2 +14.7
JGLO JPMorgan Global Select Equity ETF 0.3 33 22 5.1 +0.7
EDIV SPDR S&P Emerging Markets Dividend ETF 0.3 49 6 11.6 +7.2
SMCF Themes US Small Cap Cash Flow Champions ETF 0.3 29 26 11.8 +7.3
GWX SPDR S&P International Small Cap ETF 0.3 40 15 6.7 +2.3
RAYD Rayliant Quantitative Developed Market Equity ETF 0.3 80 -25 4.7 +0.2
EFAV iShares MSCI EAFE Min Vol Factor ETF 0.3 22 33 5.8 +1.4
FLAU Franklin FTSE Australia ETF 0.3 9 46 6.4 +1.9
FLBR Franklin FTSE Brazil ETF 0.3 19 36 15.3 +10.9
EDOG ALPS Emerging Sector Dividend Dogs ETF 0.3 60 -5 11.0 +6.5
SDIV Global X Superdividend ETF 0.3 58 -3 13.9 +9.4
EWZS iShares MSCI Brazil Small-Cap ETF 0.3 59 -4 13.3 +8.8
ESGE iShares ESG Aware MSCI EM ETF 0.2 25 30 10.7 +6.2
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.2 20 35 6.0 +1.6
KOMP SPDR S&P Kensho New Economies Composite ETF 0.2 20 35 3.7 -0.8
EMXF iShares ESG Advanced MSCI EM ETF 0.2 16 39 8.4 +4.0
ECNS iShares MSCI China Small-Cap ETF 0.2 59 -4 10.8 +6.4
ISRA VanEck Israel ETF 0.2 59 -4 7.8 +3.3
EIS iShares MSCI Israel ETF 0.2 58 -3 8.6 +4.1
TRFK Pacer Data and Digital Revolution ETF 0.2 60 -5 3.9 -0.6
KLMN Invesco MSCI North America Climate ETF 0.2 9 46 5.3 +0.8
FRDM Freedom 100 Emerging Markets ETF 0.2 49 6 9.1 +4.6
NLR VanEck Uranium+Nuclear Energy ETF 0.2 61 -6 3.4 -1.1
URA Global X Uranium ETF 0.2 69 -14 3.5 -1.0
PRNT 3D Printing ETF 0.2 66 -11 1.5 -2.9
FLLA Franklin FTSE Latin America ETF 0.2 19 36 13.5 +9.0
ACVF American Conservative Values ETF 0.1 75 -20 4.5 +0.0
JSTC Adasina Social Justice All Cap Global ETF 0.1 89 -34 4.5 +0.0
ONEQ Fidelity Nasdaq Composite Index ETF 0.1 21 34 4.3 -0.2
IUS Invesco RAFI Strategic US ETF 0.1 19 36 7.1 +2.6

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:

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 10.0 %
Divided by: Fwd. P/BV 2.0 x
Less: Expense ratio 55 bp
Equals: ALTAR Score 4.5 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.58 CATEGORY
AVERAGE		 1.55
 
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.