ETF Research Center

Global X Infrastructure Development ex-U.S. ETF

ALTAR
Score™

7.7%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	14.8x	P/Sales ratio	0.8x
P/BV ratio	1.3x	Div. yield	2.5%

Description
Performance
Comps
Fundamentals
Valuation
Rating

FUND BASICS
Category	Global Equities
Fund Sponsor	Global X
Website	www.globalxetfs.com/ipav
Inception date	Aug 27, 2024
Assets (mns)	$4
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
Total	31.5 %
PRYSMIAN SPA	4.1 %
HEIDELBERGCEMENT AG	3.4 %
POSCO	3.4 %
KOMATSU LTD	3.3 %
GRUPO FERROVIAL	3.0 %
NIPPON STEEL CORP	2.9 %
VINCI SA	2.9 %
ULTRATECH CEMENT LTD	2.9 %
LARSEN & TOUBRO LIMITED	2.8 %
TATA STEEL LTD	2.8 %

TOP COUNTRY EXPOSURE
	INDIA	19.9 %
	JAPAN	14.4 %
	SPAIN	7.9 %
	ITALY	7.4 %
	CANADA	7.3 %
	FRANCE	7.0 %
	SOUTH KOREA	5.9 %
	SWEDEN	4.0 %
	CHINA	3.9 %
	GERMANY	3.2 %

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.
17.4%	--	--	--	11.0%

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

Technical Indicators
Recent close	$28.01
30d moving avg.	$27.75
Annualized volatility	0.0%
Short interest (ETF)	3.0%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	3
Turnover	1.9%
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™:

7.7%

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	10.0	39	16	12.7	+5.0
MXI	iShares Global Materials ETF	7.9	41	14	7.6	-0.2
IVAL	Alpha Architect International Quantitative Value ETF	7.5	49	6	9.8	+2.1
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	7.3	46	9	5.6	-2.1
NFTY	First Trust India NIFTY 50 Equal Weight ETF	7.0	80	-25	5.2	-2.5
EWP	iShares MSCI Spain ETF	6.7	50	5	7.1	-0.6
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	6.6	58	-3	4.7	-3.1
JHID	John Hancock International High Dividend ETF	6.5	46	9	9.5	+1.8
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	6.4	47	8	5.8	-1.9
PIN	Invesco India ETF	6.3	78	-23	4.8	-3.0
INDY	iShares India 50 ETF	6.2	89	-34	5.1	-2.7
FLIN	Franklin FTSE India ETF	6.2	19	36	4.2	-3.5
BLLD	JPMorgan Sustainable Infrastructure ETF	6.1	49	6	6.1	-1.6
NDIA	Global X India Active ETF	6.1	75	-20	5.0	-2.7
INDA	iShares MSCI India ETF	6.0	65	-10	4.8	-3.0
SUPL	ProShares Supply Chain Logistics ETF	5.9	58	-3	11.8	+4.1
OAIM	OneAscent International Equity ETF	5.9	95	-40	5.7	-2.0
DSTX	Distillate International Fundamental Stability & Value ETF	5.7	55	0	7.9	+0.2
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	5.5	42	13	7.2	-0.5
EPI	WisdomTree India Earnings Fund	5.4	85	-30	5.3	-2.4
PBD	Invesco Global Clean Energy ETF	5.3	75	-20	-0.3	-8.1
FIDI	Fidelity International High Dividend ETF	5.2	18	37	8.7	+0.9
BBCA	JPMorgan BetaBuilders Canada ETF	5.1	19	36	6.3	-1.4
FLCA	Franklin FTSE Canada ETF	5.1	9	46	6.5	-1.2
SHPP	Pacer Industrials and Logistics ETF	5.1	60	-5	8.6	+0.9
AIVI	WisdomTree International AI Enhanced Value Fund	5.1	58	-3	7.0	-0.7
WTRE	WisdomTree New Economy Real Estate Fund	5.1	58	-3	9.9	+2.1
SRVR	Pacer Data & Infrastructure Real Estate ETF	5.1	55	0	3.7	-4.0
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	5.0	9	46	9.1	+1.3
EWI	iShares MSCI Italy ETF	4.9	50	5	10.4	+2.7
DXJ	WisdomTree Japan Hedged Equity Fund	4.9	48	7	7.5	-0.2
BKCI	BNY Mellon Concentrated International ETF	4.9	80	-25	5.3	-2.5
TEMP	JPMorgan Climate Change Solutions ETF	4.8	49	6	5.8	-2.0
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	4.7	65	-10	12.1	+4.4
UIVM	VictoryShares International Value Momentum ETF	4.6	35	20	8.9	+1.2
TOLL	Tema Monopolies and Oligopolies ETF	4.5	75	-20	5.1	-2.6
OSEA	Harbor International Compounders ETF	4.5	55	0	4.8	-2.9
FEUZ	First Trust Eurozone AlphaDEX ETF	4.4	80	-25	9.1	+1.4
AVES	Avantis Emerging Markets Value ETF	4.4	36	19	11.1	+3.4
JIG	JPMorgan International Growth ETF	4.2	55	0	4.8	-3.0
IQRA	IQ CBRE Real Assets ETF	4.2	65	-10	5.7	-2.0
EWQ	iShares MSCI France ETF	4.2	53	2	7.3	-0.4
FRNW	Fidelity Clean Energy ETF	4.1	39	16	3.3	-4.5
NXTG	First Trust Indxx NextG ETF	4.1	70	-15	5.3	-2.5
AVIV	Avantis International Large Cap Value ETF	3.9	25	30	8.6	+0.8
RNEM	First Trust Emerging Markets Equity Select ETF	3.9	75	-20	7.7	-0.1
LVHI	Franklin International Low Volatility High Dividend Index ET	3.8	40	15	10.3	+2.6
TPIF	Timothy Plan International ETF	3.8	62	-7	6.2	-1.5
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	3.8	58	-3	8.8	+1.1
CGIE	Capital Group International Equity ETF	3.7	54	1	5.1	-2.6
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	3.6	58	-3	7.1	-0.6
HEDJ	WisdomTree Europe Hedged Equity Fund	3.6	58	-3	6.6	-1.2
IQDG	WisdomTree International Quality Dividend Growth Fund	3.6	42	13	7.3	-0.4
DFEV	Dimensional Emerging Markets Value ETF	3.5	43	12	13.4	+5.7
INTF	iShares International Equity Factor ETF	3.5	15	40	7.6	-0.1
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	3.4	24	31	7.4	-0.3
JHMD	John Hancock Multifactor Developed International ETF	3.4	39	16	7.6	-0.2
FIVA	Fidelity International Value Factor ETF	3.4	18	37	9.9	+2.1
BINV	Brandes International ETF	3.4	70	-15	9.4	+1.7
DFIV	Dimensional International Value ETF	3.4	27	28	9.6	+1.9
FLKR	Franklin FTSE South Korea ETF	3.3	9	46	9.4	+1.6
FAN	First Trust Global Wind Energy ETF	3.3	60	-5	4.5	-3.2
IDAT	iShares Future Cloud 5G and Tech ETF	3.3	47	8	4.7	-3.1
VCLN	Virtus Duff & Phelps Clean Energy ETF	3.2	59	-4	5.0	-2.7
FBOT	Fidelity Disruptive Automation ETF	3.2	50	5	3.6	-4.1
IEUS	iShares MSCI Europe Small-Cap ETF	3.2	42	13	7.2	-0.5
IVLU	iShares MSCI Intl Value Factor ETF	3.1	30	25	10.4	+2.6
EZU	iShares MSCI Eurozone ETF	3.1	52	3	6.8	-1.0
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	3.0	29	26	7.7	+0.0
FEP	First Trust Europe AlphaDEX Fund	3.0	80	-25	9.1	+1.4
SCHY	Schwab International Dividend Equity ETF	3.0	14	41	9.7	+2.0
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	3.0	45	10	6.9	-0.8
BBJP	JPMorgan BetaBuilders Japan ETF	3.0	19	36	6.8	-1.0
UEVM	VictoryShares Emerging Markets Value Momentum ETF	3.0	45	10	10.7	+3.0
FCA	First Trust China AlphaDEX Fund	2.9	80	-25	8.3	+0.6
AVDE	Avantis International Equity ETF	2.9	23	32	7.4	-0.3
FNDF	Schwab Fundamental International Large Co. Index ETF	2.9	25	30	9.6	+1.9
DMXF	iShares ESG Advanced MSCI EAFE ETF	2.9	12	43	5.5	-2.2
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	2.9	25	30	7.3	-0.4
PPIE	Putnam PanAgora ESG International Equity ETF	2.9	49	6	7.4	-0.3
KNO	AXS Knowledge Leaders ETF	2.9	78	-23	6.0	-1.8
DGT	SPDR Global Dow ETF	2.8	50	5	7.0	-0.7
JPXN	iShares JPX-Nikkei 400 ETF	2.8	48	7	6.7	-1.1
FLJP	Franklin FTSE Japan ETF	2.8	9	46	6.3	-1.4
GCOW	Pacer Global Cash Cows Dividend ETF	2.8	60	-5	10.9	+3.1
EXI	iShares Global Industrials ETF	2.8	42	13	4.5	-3.3
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	2.8	47	8	6.2	-1.5
JPIN	J.P. Morgan Diversified Return International Equity ETF	2.8	37	18	8.3	+0.6
FENI	Fidelity Enhanced International ETF	2.8	28	27	6.6	-1.1
FLJH	Franklin FTSE Japan Hedged ETF	2.8	9	46	6.1	-1.6
EWJV	iShares MSCI Japan Value ETF	2.7	15	40	8.8	+1.1
CIL	VictoryShares International Volatility Wtd ETF	2.7	45	10	6.6	-1.1
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	2.7	50	5	11.1	+3.3
TMFG	Motley Fool Global Opportunities ETF	2.7	85	-30	3.9	-3.9
CCNR	ALPS CoreCommodity Natural Resources ETF	2.7	39	16	11.0	+3.3
XC	WisdomTree Emerging Markets Ex-China Fund	2.7	32	23	6.3	-1.5
NETZ	TCW Transform Systems ETF	2.7	75	-20	2.5	-5.2
ASLV	Allspring Special Large Value ETF	2.7	35	20	6.4	-1.3
DOL	WisdomTree International LargeCap Dividend Fund	2.7	48	7	7.2	-0.6
EWJ	iShares MSCI Japan ETF	2.6	50	5	6.2	-1.6
FJP	First Trust Japan AlphaDEX Fund	2.6	80	-25	8.9	+1.1
AVDV	Avantis International Small Cap Value ETF	2.6	36	19	9.5	+1.8
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	2.6	40	15	7.4	-0.3
OEUR	ALPS O'Shares Europe Quality Dividend ETF	2.5	48	7	6.1	-1.7
DFIC	Dimensional International Core Equity 2 ETF	2.5	23	32	7.4	-0.3
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	2.5	80	-25	9.6	+1.9
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	2.5	45	10	8.8	+1.1
STXI	Strive International Developed Markets ETF	2.5	29	26	6.7	-1.1
IBAT	iShares Energy Storage & Materials ETF	2.5	47	8	3.8	-4.0
DWM	WisdomTree International Equity Fund	2.5	48	7	7.4	-0.4
AVXC	Avantis Emerging Markets Ex-China Equity ETF	2.5	33	22	8.8	+1.1
CEFA	Global X S&P Catholic Values Developed ex-US ETF	2.5	35	20	6.6	-1.1
QINT	American Century Quality Diversified International ETF	2.5	39	16	7.3	-0.4
WWJD	Inspire International ETF	2.5	80	-25	7.3	-0.4
RGEF	Rockefeller Global Equity ETF	2.5	55	0	4.8	-3.0
DIVI	Franklin International Core Dividend Tilt Index ETF	2.4	9	46	7.9	+0.2
AVEM	Avantis Emerging Markets Equity ETF	2.4	33	22	8.8	+1.1
JHEM	John Hancock Multifactor Emerging Markets ETF	2.4	49	6	10.3	+2.6
FDCF	Fidelity Disruptive Communications ETF	2.4	50	5	2.8	-5.0
BKIE	BNY Mellon International Equity ETF	2.4	4	51	7.0	-0.7
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	2.4	30	25	7.9	+0.2
EWY	iShares MSCI South Korea ETF	2.4	58	-3	8.7	+1.0
DTH	WisdomTree International High Dividend Fund	2.4	58	-3	8.4	+0.7
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	2.4	25	30	7.0	-0.8
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	2.4	49	6	6.8	-0.9
DFAI	Dimensional International Core Equity Market ETF	2.4	18	37	7.1	-0.6
ARKX	ARK Space Exploration & Innovation ETF	2.4	75	-20	-0.3	-8.1
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	2.4	39	16	7.9	+0.2
DXIV	Dimensional International Vector Equity ETF	2.3	34	21	7.8	+0.1
DISV	Dimensional International Small Cap Value ETF	2.3	42	13	9.1	+1.3
GSIE	Goldman Sachs ActiveBeta International Equity ETF	2.3	25	30	7.1	-0.6
EFG	iShares MSCI EAFE Growth ETF	2.3	36	19	4.4	-3.4
IDLV	Invesco S&P International Developed Low Volatility ETF	2.3	25	30	6.3	-1.5
IEUR	iShares Core MSCI Europe ETF	2.3	11	44	7.4	-0.3
SPEU	SPDR Portfolio Europe ETF	2.3	7	48	7.4	-0.3
VGK	Vanguard FTSE Europe ETF	2.3	6	49	7.5	-0.2
DIM	WisdomTree International MidCap Dividend Fund	2.3	58	-3	7.5	-0.2
VIDI	Vident International Equity Strategy ETF	2.2	61	-6	10.9	+3.2
SCHC	Schwab International Small-Cap Equity ETF	2.2	11	44	6.6	-1.1
IEV	iShares Europe ETF	2.2	67	-12	6.9	-0.8
DEXC	Dimensional Emerging Markets ex China Core EquityETF	2.2	53	2	7.9	+0.2
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	2.2	18	37	7.9	+0.1
GLIN	VanEck India Growth Leaders ETF	2.2	77	-22	7.1	-0.7
DFIS	Dimensional International Small Cap ETF	2.2	39	16	7.3	-0.4
IMOM	Alpha Architect International Quantitative Momentum ETF	2.2	49	6	3.3	-4.5
UMMA	Wahed Dow Jones Islamic World ETF	2.2	65	-10	5.4	-2.3
HFXI	IQ FTSE International Equity Currency Neutral ETF	2.2	20	35	7.1	-0.7
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	2.2	39	16	16.5	+8.8
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	2.2	24	31	8.2	+0.5
STXE	Strive Emerging Markets Ex-China ETF	2.1	32	23	7.9	+0.2
FLSW	Franklin FTSE Switzerland ETF	2.1	9	46	6.4	-1.4
FPAG	FPA Global Equity ETF	2.1	49	6	5.7	-2.0
FSZ	First Trust Switzerland AlphaDEX Fund	2.1	80	-25	5.3	-2.5
EWL	iShares MSCI Switzerland ETF	2.1	50	5	6.2	-1.5
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	2.1	32	23	9.3	+1.6
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	2.1	20	35	6.3	-1.4
SCZ	iShares MSCI EAFE Small-Cap ETF	2.1	40	15	6.9	-0.9
BKF	iShares MSCI BIC ETF	2.1	69	-14	13.8	+6.0
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	2.1	41	14	7.5	-0.3
XCNY	SPDR S&P Emerging Markets ex-China ETF	2.1	15	40	7.8	+0.1
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	2.1	58	-3	9.8	+2.0
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	2.1	46	9	6.7	-1.1
VEA	Vanguard FTSE Developed Markets ETF	2.1	3	52	7.2	-0.5
AZTD	Aztlan Global Stock Selection DM SMID ETF	2.1	75	-20	7.4	-0.4
SPDW	SPDR Portfolio Developed World ex-US ETF	2.1	3	52	7.0	-0.7
SCHF	Schwab International Equity ETF	2.1	6	49	7.3	-0.4
JIRE	JPMorgan International Research Enhanced Equity ETF	2.1	24	31	7.2	-0.6
IDEV	iShares Core MSCI International Developed Markets ETF	2.1	4	51	7.0	-0.8
FLEE	Franklin FTSE Europe ETF	2.0	9	46	7.3	-0.4
IEFA	iShares Core MSCI EAFE ETF	2.0	7	48	7.0	-0.7
EWC	iShares MSCI Canada ETF	2.0	50	5	6.1	-1.6
BBEU	JPMorgan BetaBuilders Europe ETF	2.0	9	46	7.2	-0.5
FLAX	Franklin FTSE Asia Ex Japan ETF	2.0	19	36	9.4	+1.7
PXH	Invesco FTSE RAFI Emerging Markets ETF	2.0	49	6	15.9	+8.2
EMXC	iShares MSCI Emerging Markets ex China ETF	2.0	25	30	7.8	+0.1
EFA	iShares MSCI EAFE ETF	2.0	35	20	6.7	-1.0
IMTM	iShares MSCI Intl Momentum Factor ETF	2.0	30	25	5.5	-2.3
EWD	iShares MSCI Sweden ETF	2.0	54	1	5.4	-2.4
GSID	Goldman Sachs MarketBeta International Equity ETF	2.0	20	35	6.9	-0.8
SMIN	iShares MSCI India Small Cap ETF	2.0	79	-24	4.1	-3.7
DFAE	Dimensional Emerging Core Equity Market ETF	2.0	35	20	9.4	+1.7
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	2.0	36	19	6.5	-1.2
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	2.0	12	43	6.0	-1.7
VXUS	Vanguard Total International Stock ETF	1.9	5	50	7.9	+0.2
IXUS	iShares Core MSCI Total International Stock ETF	1.9	7	48	7.9	+0.2
EVLU	iShares MSCI Emerging Markets Value Factor ETF	1.9	35	20	18.6	+10.9
VEU	Vanguard FTSE All-World ex-US Index Fund	1.9	4	51	8.1	+0.4
RFEU	First Trust Riverfront Dynamic Europe ETF	1.9	83	-28	10.6	+2.9
FEZ	SPDR EURO STOXX 50 ETF	1.9	29	26	7.2	-0.6
FEM	First Trust Emerging Markets AlphaDEX Fund	1.9	80	-25	11.2	+3.5
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	1.9	38	17	9.3	+1.6
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	1.9	8	47	6.1	-1.6
EEMA	iShares MSCI Emerging Markets Asia ETF	1.9	49	6	10.4	+2.7
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	1.9	32	23	7.0	-0.7
COPY	Tweedy, Browne Insider + Value ETF	1.9	80	-25	11.8	+4.1
PATN	Pacer Nasdaq International Patent Leaders ETF	1.8	65	-10	6.2	-1.5
DFSI	Dimensional International Sustainability Core 1 ETF	1.8	24	31	6.3	-1.4
ACWX	iShares MSCI ACWI ex U.S. ETF	1.8	34	21	7.8	+0.0
NUKZ	Range Nuclear Renaissance Index ETF	1.8	85	-30	2.1	-5.7
ECON	Columbia Emerging Markets Consumer ETF	1.8	49	6	12.6	+4.9
VWID	Virtus WMC International Dividend ETF	1.8	49	6	8.5	+0.7
VPL	Vanguard FTSE Pacific ETF	1.8	7	48	6.8	-0.9
CWI	SPDR MSCI ACWI ex-US ETF	1.8	30	25	7.7	-0.1
ROAM	Hartford Multifactor Emerging Markets ETF	1.8	44	11	12.2	+4.5
BKEM	BNY Mellon Emerging Markets Equity ETF	1.8	11	44	10.2	+2.4
DWMF	WisdomTree International Multifactor Fund	1.8	38	17	7.0	-0.7
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	1.8	39	16	6.7	-1.0
AVDS	Avantis International Small Cap Equity ETF	1.8	30	25	7.3	-0.4
FDEM	Fidelity Emerging Markets Multifactor ETF	1.8	25	30	13.0	+5.2
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	1.7	14	41	6.2	-1.5
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	1.7	15	40	10.4	+2.7
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	1.7	32	23	6.0	-1.7
FGM	First Trust Germany AlphaDEX Fund	1.7	80	-25	6.3	-1.4
OBOR	KraneShares MSCI One Belt One Road Index ETF	1.7	79	-24	9.0	+1.3
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	1.7	15	40	8.1	+0.3
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	1.7	36	19	10.0	+2.2
EWG	iShares MSCI Germany ETF	1.7	50	5	6.2	-1.5
AAXJ	iShares MSCI All Country Asia ex Japan ETF	1.7	70	-15	9.5	+1.7
EFV	iShares MSCI EAFE Value ETF	1.7	34	21	9.1	+1.3
VYMI	Vanguard International High Dividend Yield ETF	1.7	17	38	9.5	+1.8
AVSD	Avantis Responsible International Equity ETF	1.7	23	32	5.7	-2.1
RODE	Hartford Multifactor Diversified International ETF	1.7	29	26	11.4	+3.6
DIHP	Dimensional International High Profitability ETF	1.7	29	26	7.2	-0.6
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	1.7	80	-25	10.6	+2.8
FNDC	Schwab Fundamental International Small Co. Index ETF	1.7	39	16	5.8	-2.0
IPAC	iShares Core MSCI Pacific ETF	1.7	9	46	6.3	-1.4
DLS	WisdomTree International SmallCap Dividend Fund	1.7	58	-3	8.1	+0.3
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	1.6	90	-35	7.0	-0.7
SCJ	iShares MSCI Japan Small-Cap ETF	1.6	50	5	6.6	-1.2
DAX	Global X DAX Germany ETF	1.6	21	34	6.7	-1.1
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	1.6	66	-11	9.7	+2.0
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	1.6	45	10	10.5	+2.8
IQLT	iShares MSCI Intl Quality Factor ETF	1.6	30	25	6.3	-1.5
IDMO	Invesco S&P International Developed Momentum ETF	1.5	25	30	5.3	-2.4
IEMG	iShares Core MSCI Emerging Markets ETF	1.5	9	46	10.6	+2.9
GNR	SPDR S&P Global Natural Resources ETF	1.5	40	15	11.0	+3.2
EEMS	iShares MSCI Emerging Markets Small Cap ETF	1.5	70	-15	7.8	+0.0
EEM	iShares MSCI Emerging Markets ETF	1.5	69	-14	10.5	+2.8
VWO	Vanguard FTSE Emerging Markets ETF	1.5	7	48	10.3	+2.6
DTCR	Global X Data Center & Digital Infrastructure ETF	1.5	50	5	4.4	-3.3
SMOG	VanEck Low Carbon Energy ETF	1.5	61	-6	1.8	-5.9
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	1.5	59	-4	9.0	+1.2
SCHE	Schwab Emerging Markets Equity ETF	1.4	11	44	11.1	+3.4
BLES	Inspire Global Hope ETF	1.4	61	-6	6.8	-1.0
GMF	SPDR S&P Emerging Asia Pacific ETF	1.4	49	6	9.6	+1.9
DEHP	Dimensional Emerging Markets High Profitability ETF	1.4	41	14	6.8	-1.0
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	1.4	75	-20	9.7	+2.0
DVYE	iShares Emerging Markets Dividend ETF	1.4	49	6	18.5	+10.7
EYLD	Cambria Emerging Shareholder Yield ETF	1.4	66	-11	12.3	+4.5
DFE	WisdomTree Europe SmallCap Dividend Fund	1.4	58	-3	8.0	+0.3
PID	Invesco International Dividend Achievers ETF	1.3	53	2	5.5	-2.2
ISCF	iShares International SmallCap Equity Factor ETF	1.3	23	32	8.2	+0.4
VIGI	Vanguard International Dividend Appreciation ETF	1.3	10	45	6.3	-1.4
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	1.3	75	-20	3.1	-4.6
AGRW	Allspring LT Large Growth ETF	1.3	35	20	3.5	-4.3
ESGD	iShares ESG Aware MSCI EAFE ETF	1.3	20	35	6.7	-1.0
FDD	First Trust Stoxx European Select Dividend Index Fund	1.3	58	-3	11.3	+3.6
IGRO	iShares International Dividend Growth ETF	1.3	15	40	7.3	-0.5
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	1.3	30	25	10.6	+2.9
CZAR	Themes Natural Monopoly ETF	1.3	35	20	5.7	-2.0
FLGR	Franklin FTSE Germany ETF	1.3	9	46	7.0	-0.7
EWM	iShares MSCI Malaysia ETF	1.3	50	5	6.9	-0.8
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	1.3	44	11	10.7	+2.9
EMGF	iShares Emerging Markets Equity Factor ETF	1.2	25	30	11.9	+4.1
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	1.2	80	-25	5.0	-2.7
FPXE	First Trust IPOX Europe Equity Opportunities ETF	1.2	70	-15	4.8	-2.9
NUDM	Nuveen ESG International Developed Markets Equity ETF	1.2	31	24	6.3	-1.4
DEM	WisdomTree Emerging Markets High Dividend Fund	1.2	63	-8	13.3	+5.6
QEFA	SPDR MSCI EAFE StrategicFactors ETF	1.2	30	25	7.0	-0.7
CGV	Conductor Global Equity Value ETF	1.2	130	-75	8.3	+0.5
EFAD	ProShares MSCI EAFE Dividend Growers ETF	1.2	50	5	6.0	-1.8
IMFL	Invesco International Developed Dynamic Multifactor ETF	1.2	34	21	6.1	-1.7
IQSI	IQ Candriam International Equity ETF	1.2	15	40	6.6	-1.1
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	1.2	65	-10	4.3	-3.4
XT	iShares Exponential Technologies ETF	1.2	46	9	4.9	-2.8
SPEM	SPDR Portfolio Emerging Markets ETF	1.1	7	48	10.7	+2.9
EUDG	WisdomTree Europe Quality Dividend Growth Fund	1.1	58	-3	6.9	-0.8
FLTW	Franklin FTSE Taiwan ETF	1.1	19	36	6.8	-0.9
ESGG	FlexShares STOXX Global ESG Select Index Fund	1.1	42	13	5.4	-2.4
EMMF	WisdomTree Emerging Markets Multifactor Fund	1.1	48	7	7.5	-0.3
DGIN	VanEck Digital India ETF	1.0	71	-16	2.2	-5.6
EDEN	iShares MSCI Denmark ETF	1.0	53	2	7.0	-0.7
HAP	VanEck Natural Resources ETF	1.0	50	5	9.4	+1.6
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	1.0	41	14	8.7	+1.0
RFDI	First Trust Riverfront Dynamic Developed International ETF	1.0	83	-28	9.4	+1.7
RNWZ	TrueShares Eagle Global Renewable Energy Income ETF	1.0	75	-20	7.8	+0.0
EWT	iShares MSCI Taiwan ETF	1.0	58	-3	6.7	-1.0
DFJ	WisdomTree Japan SmallCap Dividend Fund	1.0	58	-3	7.4	-0.3
DXJS	WisdomTree Japan Hedged SmallCap Equity Fund	1.0	58	-3	7.5	-0.2
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	1.0	20	35	6.5	-1.3
XCEM	Columbia EM Core ex-China ETF	1.0	16	39	8.4	+0.7
CGXU	Capital Group International Focus Equity ETF	0.9	54	1	5.6	-2.1
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	0.9	88	-33	8.9	+1.2
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	0.9	80	-25	13.8	+6.1
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.9	30	25	9.2	+1.5
IQDF	FlexShares International Quality Dividend Index Fund	0.9	47	8	8.9	+1.2
EELV	Invesco S&P Emerging Markets Low Volatility ETF	0.9	29	26	9.2	+1.5
WLDR	Affinity World Leaders Equity ETF	0.9	67	-12	7.5	-0.2
AVEE	Avantis Emerging Markets Small Cap Equity ETF	0.9	42	13	9.7	+2.0
CGW	Invesco S&P Global Water Index ETF	0.8	57	-2	4.6	-3.2
EWUS	iShares MSCI United Kingdom Small Cap ETF	0.8	59	-4	7.5	-0.2
FYLD	Cambria Foreign Shareholder Yield ETF	0.8	59	-4	11.6	+3.9
CGDG	Capital Group Dividend Growers ETF	0.8	47	8	6.3	-1.5
FDEV	Fidelity International Multifactor ETF	0.8	18	37	7.5	-0.3
SLX	VanEck Steel ETF	0.8	56	-1	15.0	+7.3
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	0.8	70	-15	13.1	+5.4
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.8	33	22	10.2	+2.5
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.7	9	46	5.7	-2.0
EEMO	Invesco S&P Emerging Markets Momentum ETF	0.7	29	26	6.6	-1.1
VT	Vanguard Total World Stock ETF	0.7	6	49	5.9	-1.9
VSGX	Vanguard ESG International Stock ETF	0.7	10	45	7.7	-0.1
FLCH	Franklin FTSE China ETF	0.7	19	36	16.0	+8.3
INEQ	Columbia International Equity Income ETF	0.7	45	10	8.1	+0.3
GLOF	iShares Global Equity Factor ETF	0.7	20	35	6.5	-1.3
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.7	12	43	5.2	-2.6
EWO	iShares MSCI Austria ETF	0.7	50	5	10.7	+2.9
GVAL	Cambria Global Value ETF	0.7	68	-13	10.5	+2.7
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	0.7	60	-5	3.6	-4.1
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	0.7	47	8	8.4	+0.7
ACWI	iShares MSCI ACWI ETF	0.7	32	23	5.5	-2.2
DEW	WisdomTree Global High Dividend Fund	0.7	58	-3	8.4	+0.7
WRND	IQ Global Equity R&D Leaders ETF	0.6	18	37	8.2	+0.5
EWN	iShares MSCI Netherlands ETF	0.6	50	5	5.6	-2.1
EFRA	iShares Environmental Infrastructure and Industrials ETF	0.6	47	8	5.1	-2.6
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	0.6	80	-25	5.9	-1.8
IDHQ	Invesco S&P International Developed High Quality ETF	0.6	29	26	6.6	-1.1
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	0.6	80	-25	9.1	+1.4
ACWV	iShares MSCI Global Min Vol Factor ETF	0.6	20	35	6.2	-1.6
WBAT	WisdomTree Battery Value Chain and Innovation Fund	0.6	45	10	4.0	-3.8
KLMT	Invesco MSCI Global Climate 500 ETF	0.6	10	45	5.7	-2.0
LDEM	iShares ESG MSCI EM Leaders ETF	0.6	17	38	14.1	+6.3
URTH	iShares MSCI World ETF	0.6	24	31	5.1	-2.7
KOKU	Xtrackers MSCI Kokusai Equity ETF	0.6	9	46	5.2	-2.6
ILF	iShares Latin America 40 ETF	0.5	48	7	12.9	+5.2
ISRA	VanEck Israel ETF	0.5	59	-4	7.2	-0.5
EIS	iShares MSCI Israel ETF	0.5	58	-3	8.0	+0.2
AVSE	Avantis Responsible Emerging Markets Equity ETF	0.5	33	22	8.6	+0.8
CTEC	Global X CleanTech ETF	0.5	50	5	1.7	-6.1
SNSR	Global X Internet of Things ETF	0.5	68	-13	4.4	-3.3
OCEN	IQ Clean Oceans ETF	0.5	45	10	6.0	-1.7
NUEM	Nuveen ESG Emerging Markets Equity ETF	0.5	36	19	8.0	+0.3
GXC	SPDR S&P China ETF	0.5	59	-4	15.4	+7.7
EPOL	iShares MSCI Poland ETF	0.5	59	-4	11.3	+3.5
KALL	KraneShares MSCI All China Index ETF	0.5	49	6	14.9	+7.2
QWLD	SPDR MSCI World StrategicFactors ETF	0.5	30	25	5.9	-1.8
CLNR	IQ Cleaner Transport ETF	0.5	45	10	6.6	-1.1
ESGE	iShares ESG Aware MSCI EM ETF	0.4	25	30	10.4	+2.6
TOK	iShares MSCI Kokusai ETF	0.4	26	29	5.0	-2.7
GLBL	Pacer MSCI World Industry Advantage ETF	0.4	65	-10	4.1	-3.6
IXP	iShares Global Comm Services ETF	0.4	42	13	5.6	-2.1
EDIV	SPDR S&P Emerging Markets Dividend ETF	0.4	49	6	11.9	+4.1
GWX	SPDR S&P International Small Cap ETF	0.4	40	15	6.0	-1.7
FID	First Trust S&P International Dividend Aristocrats ETF	0.4	60	-5	7.9	+0.2
WDIV	SPDR S&P Global Dividend ETF	0.4	40	15	9.2	+1.5
DTAN	Sparkline International Intangible Value ETF	0.4	55	0	8.5	+0.8
MCHI	iShares MSCI China ETF	0.4	59	-4	17.7	+9.9
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	0.4	40	15	7.2	-0.6
KOMP	SPDR S&P Kensho New Economies Composite ETF	0.3	20	35	2.5	-5.2
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.3	65	-10	7.8	+0.0
EMXF	iShares ESG Advanced MSCI EM ETF	0.3	16	39	8.6	+0.9
GREK	Global X MSCI Greece ETF	0.3	57	-2	10.9	+3.1
KNCT	Invesco Next Gen Connectivity ETF	0.3	40	15	4.8	-2.9
JGLO	JPMorgan Global Select Equity ETF	0.3	33	22	4.9	-2.8
RAYD	Rayliant Quantitative Developed Market Equity ETF	0.3	80	-25	4.4	-3.3
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.3	20	35	5.6	-2.1
FLAU	Franklin FTSE Australia ETF	0.3	9	46	6.1	-1.7
NLR	VanEck Uranium+Nuclear Energy ETF	0.3	61	-6	1.8	-5.9
URA	Global X Uranium ETF	0.3	69	-14	1.7	-6.0
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	0.2	25	30	6.6	-1.2
ECNS	iShares MSCI China Small-Cap ETF	0.2	59	-4	8.0	+0.3
FRDM	Freedom 100 Emerging Markets ETF	0.2	49	6	8.5	+0.8
IPKW	Invesco International BuyBack Achievers ETF	0.2	55	0	12.5	+4.8
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	0.2	25	30	5.9	-1.9
GVLU	Gotham 1000 Value ETF	0.2	50	5	8.9	+1.1
EFAV	iShares MSCI EAFE Min Vol Factor ETF	0.2	22	33	5.8	-2.0
KLMN	Invesco MSCI North America Climate ETF	0.2	9	46	4.9	-2.8
TRFK	Pacer Data and Digital Revolution ETF	0.2	60	-5	3.0	-4.7
FLBR	Franklin FTSE Brazil ETF	0.2	19	36	14.5	+6.7
FLLA	Franklin FTSE Latin America ETF	0.2	19	36	12.9	+5.2
SDIV	Global X Superdividend ETF	0.2	58	-3	41.3	+33.6
EWZS	iShares MSCI Brazil Small-Cap ETF	0.2	59	-4	10.1	+2.4
ACVF	American Conservative Values ETF	0.1	75	-20	4.3	-3.4
TUR	iShares MSCI Turkey ETF	0.1	58	-3	17.0	+9.2
PRNT	3D Printing ETF	0.1	66	-11	1.3	-6.5
IUS	Invesco RAFI Strategic US ETF	0.1	19	36	6.9	-0.8
ONEQ	Fidelity Nasdaq Composite Index ETF	0.1	21	34	3.7	-4.0
JSTC	Adasina Social Justice All Cap Global ETF	0.0	89	-34	4.8	-3.0
APIE	ActivePassive International Equity ETF	0.0	45	10	7.6	-0.2

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:	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	7.7	%

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.