Matthews Asia Innovators Active ETF
ALTAR
Score™		 7.7% info Recommen-
dation		 NEUTRAL
2025E    2026E
P/E
ratio		 12.1x P/Sales
ratio		 2.4x
P/BV
ratio		 2.5x Div.
yield		 0.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
MINV is actively managed to hold stocks of innovative companies in Asia. Holdings are fundamentally screened for sustainable growth.

FUND BASICS
Category International Equities
Fund Sponsor Matthews International Capital Management
Website www.matthewsasia.com/funds/etfs/asia-innovators-active-etf/
Inception date Jul 13, 2022
Assets (mns) $64
Currency USD
Expense ratio 79 bp
Distributions Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 51
Wgt avg mkt cap (mns) $162,450
Large cap (>$10bn) 89.7%
Mid cap ($2-10bn) 10.4%
Small cap (<$2bn) 0.0%
Developed mkts 15.1%
Emerging mkts 85.0%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR MANUFAC 9.5 %
SEA LTD. (SINGAPORE) SPONSORED ADR 7.7 %
TENCENT HOLDINGS LTD 6.3 %
ALIBABA GROUP HOLDING LTD. 5.3 %
MEITUAN DIANPING 4.5 %
PINDUODUO, INC. SPONSORED ADR CLAS 4.1 %
TRIP.COM GROUP LTD. SPONSORED ADR 3.6 %
ZOMATO LTD. 3.4 %
BEIJING SEVENSTAR ELECTRONICS CO., 2.3 %
ICICI BANK LTD 2.1 %
Total 48.7 %

TOP COUNTRY EXPOSURE
CHINA 43.3 %
INDIA 16.5 %
TAIWAN 15.8 %
SINGAPORE 8.8 %
SOUTH KOREA 7.2 %
VIETNAM 1.5 %
HONG KONG 0.9 %
INDONESIA 0.7 %



HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
14.0% 15.6% -- -- 8.1%

Market Correlations
versus... Beta R-squared
S&P500 0.83 32%
MSCI EAFE 0.86 39%
MSCI Emg. Mkts. 1.20 82%

Technical Indicators
Recent close $31.29
30d moving avg. $30.47
Annualized volatility 22.9%
Short interest (ETF) 0.4%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 5
Turnover 0.2%
Bid/Ask (% of price) 0.30%
ADV underlying (mns) $8,419

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 441 potential alternatives to the Matthews Asia Innovators Active ETF ETF based on the alternatives' overlap in portfolio holdings with MINV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: MINV Expense: 79 bp ALTAR Score™: 7.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH MINV
Ticker Fund
Name		 Overlap1
vs MINV
(%)		 Expense
ratio
(bp)		 Savings
vs MINV
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs MINV
(%)
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 39.6 20 59 10.8 +3.1
MEM Matthews Emerging Markets Equity Active ETF 38.6 79 0 8.1 +0.4
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 36.4 86 -7 13.6 +5.9
EEMA iShares MSCI Emerging Markets Asia ETF 33.7 49 30 10.2 +2.5
AIA iShares Asia 50 ETF 33.2 50 29 13.4 +5.8
FLAX Franklin FTSE Asia Ex Japan ETF 33.0 19 60 9.5 +1.8
AAXJ iShares MSCI All Country Asia ex Japan ETF 32.9 70 9 9.3 +1.7
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 32.5 33 46 10.2 +2.5
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 31.0 15 64 8.2 +0.5
FDNI First Trust Dow Jones International Internet ETF 30.7 65 14 18.7 +11.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 30.6 66 13 9.9 +2.3
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 30.3 30 49 10.4 +2.8
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 30.2 32 47 9.4 +1.7
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 30.2 60 19 10.4 +2.8
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 29.9 15 64 10.4 +2.8
BKEM BNY Mellon Emerging Markets Equity ETF 29.7 11 68 10.2 +2.6
MCH Matthews China Active ETF 29.4 79 0 15.1 +7.5
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 29.4 36 43 9.9 +2.3
EEM iShares MSCI Emerging Markets ETF 29.3 69 10 10.4 +2.7
ESGE iShares ESG Aware MSCI EM ETF 28.6 25 54 10.2 +2.5
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 28.3 45 34 10.6 +2.9
ECON Columbia Emerging Markets Consumer ETF 28.1 49 30 12.5 +4.8
CXSE WisdomTree China ex-State-Owned Enterprises Fund 27.2 32 47 17.3 +9.7
EMGF iShares Emerging Markets Equity Factor ETF 27.2 25 54 12.0 +4.3
EEMO Invesco S&P Emerging Markets Momentum ETF 27.1 29 50 6.6 -1.1
IEMG iShares Core MSCI Emerging Markets ETF 26.4 9 70 10.6 +2.9
DEHP Dimensional Emerging Markets High Profitability ETF 26.2 41 38 6.9 -0.7
SCHE Schwab Emerging Markets Equity ETF 25.4 11 68 11.2 +3.6
BKF iShares MSCI BIC ETF 24.7 69 10 13.4 +5.7
VWO Vanguard FTSE Emerging Markets ETF 24.2 7 72 10.6 +3.0
FDEM Fidelity Emerging Markets Multifactor ETF 24.1 25 54 12.8 +5.2
JHEM John Hancock Multifactor Emerging Markets ETF 23.9 49 30 10.5 +2.8
EMC Global X Emerging Markets Great Consumer ETF 23.9 75 4 8.9 +1.3
JCHI JPMorgan Active China ETF 23.8 65 14 15.8 +8.2
KWEB KraneShares CSI China Internet ETF 23.4 69 10 25.0 +17.4
NUEM Nuveen ESG Emerging Markets Equity ETF 23.4 36 43 7.9 +0.2
DFAE Dimensional Emerging Core Equity Market ETF 23.3 35 44 9.5 +1.9
FLCH Franklin FTSE China ETF 23.2 19 60 16.7 +9.1
STXE Strive Emerging Markets Ex-China ETF 23.1 32 47 7.9 +0.2
CGRO CoreValues Alpha Greater China Growth ETF 22.5 75 4 3.8 -3.9
MCHI iShares MSCI China ETF 22.2 59 20 17.8 +10.2
XC WisdomTree Emerging Markets Ex-China Fund 22.2 32 47 6.1 -1.5
LDEM iShares ESG MSCI EM Leaders ETF 22.1 17 62 13.3 +5.7
SPEM SPDR Portfolio Emerging Markets ETF 22.0 7 72 10.7 +3.0
KALL KraneShares MSCI All China Index ETF 21.8 49 30 14.8 +7.1
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 21.8 40 39 7.2 -0.5
PATN Pacer Nasdaq International Patent Leaders ETF 21.7 65 14 6.3 -1.4
EMXC iShares MSCI Emerging Markets ex China ETF 21.5 25 54 7.8 +0.1
EMDM First Trust Bloomberg Emerging Market Democracies ETF 21.5 75 4 10.0 +2.3
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 21.3 95 -16 12.8 +5.2
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 21.3 24 55 8.2 +0.6
GXC SPDR S&P China ETF 19.9 59 20 16.3 +8.7
FXI iShares China Large-Cap ETF 19.6 74 5 17.2 +9.5
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF 18.4 86 -7 0.9 -6.8
PXH Invesco FTSE RAFI Emerging Markets ETF 18.2 49 30 16.0 +8.4
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 17.8 32 47 6.9 -0.8
GMF SPDR S&P Emerging Asia Pacific ETF 17.7 49 30 9.6 +1.9
DFEM Dimensional Emerging Markets Core Equity 2 ETF 17.7 38 41 9.5 +1.8
TCHI iShares MSCI China Multisector Tech ETF 17.7 59 20 17.3 +9.6
KTEC KraneShares Hang Seng TECH Index ETF 17.6 69 10 18.8 +11.1
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 17.4 59 20 11.8 +4.1
XCEM Columbia EM Core ex-China ETF 17.2 16 63 8.2 +0.5
CHIQ Global X MSCI China Consumer Discretionary ETF 16.9 65 14 16.6 +8.9
XCNY SPDR S&P Emerging Markets ex-China ETF 16.7 15 64 7.7 +0.1
CQQQ Invesco China Technology ETF 16.4 70 9 10.2 +2.6
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 16.4 88 -9 9.4 +1.7
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 16.2 41 38 9.0 +1.3
FTHF First Trust Emerging Markets Human Flourishing ETF 15.4 75 4 8.6 +1.0
DINT Davis Select International ETF 15.4 55 24 8.1 +0.4
EMXF iShares ESG Advanced MSCI EM ETF 14.9 16 63 8.5 +0.8
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 14.4 30 49 9.9 +2.3
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 13.7 39 40 16.3 +8.6
DEXC Dimensional Emerging Markets ex China Core EquityETF 13.5 53 26 7.8 +0.1
EWT iShares MSCI Taiwan ETF 13.0 58 21 6.4 -1.2
FLTW Franklin FTSE Taiwan ETF 13.0 19 60 6.7 -1.0
AVSE Avantis Responsible Emerging Markets Equity ETF 12.9 33 46 8.7 +1.0
ISHP First Trust Nasdaq Retail ETF 12.7 60 19 5.3 -2.4
KNCT Invesco Next Gen Connectivity ETF 12.7 40 39 5.0 -2.7
DWLD Davis Select Worldwide ETF 12.4 63 16 7.5 -0.2
FDCF Fidelity Disruptive Communications ETF 12.4 50 29 3.0 -4.7
EMMF WisdomTree Emerging Markets Multifactor Fund 12.2 48 31 7.9 +0.2
EBIZ Global X E-Commerce ETF 12.2 50 29 4.1 -3.6
IVES Wedbush ETFMG Global Cloud Technology ETF 11.7 68 11 15.7 +8.1
SOCL Global X Social Media ETF 11.5 65 14 8.0 +0.4
AVEM Avantis Emerging Markets Equity ETF 11.3 33 46 9.2 +1.6
GAMR Wedbush ETFMG Video Game Tech ETF Wedbush ETFMG Video Game T 10.8 75 4 4.9 -2.7
CHAT Roundhill Generative AI & Technology ETF 10.8 75 4 8.0 +0.4
FLIN Franklin FTSE India ETF 10.6 19 60 4.0 -3.7
JIG JPMorgan International Growth ETF 10.5 55 24 4.7 -2.9
CGXU Capital Group International Focus Equity ETF 10.1 54 25 5.8 -1.9
RNEM First Trust Emerging Markets Equity Select ETF 9.8 75 4 7.1 -0.6
ACWX iShares MSCI ACWI ex U.S. ETF 9.5 34 45 7.9 +0.2
INDA iShares MSCI India ETF 9.5 65 14 4.5 -3.2
NFTY First Trust India NIFTY 50 Equal Weight ETF 9.2 80 -1 5.0 -2.6
GXUS Goldman Sachs MarketBeta Total International Equity ETF 9.2 18 61 7.9 +0.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 9.1 41 38 7.7 +0.1
VSGX Vanguard ESG International Stock ETF 9.0 10 69 8.0 +0.3
METV Roundhill Ball Metaverse ETF 9.0 59 20 5.4 -2.2
ONLN ProShares Online Retail ETF 8.9 58 21 2.3 -5.4
INDY iShares India 50 ETF 8.8 89 -10 4.7 -3.0
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 8.8 50 29 11.4 +3.7
EWS iShares MSCI Singapore ETF 8.8 50 29 5.3 -2.4
AIVC Amplify Bloomberg AI Value Chain ETF 8.8 59 20 6.0 -1.7
WRND IQ Global Equity R&D Leaders ETF 8.8 18 61 8.4 +0.7
EVLU iShares MSCI Emerging Markets Value Factor ETF 8.6 35 44 19.3 +11.7
VEU Vanguard FTSE All-World ex-US Index Fund 8.5 4 75 8.2 +0.6
PIN Invesco India ETF 8.4 78 1 4.4 -3.2
IXUS iShares Core MSCI Total International Stock ETF 8.2 7 72 8.1 +0.4
FBOT Fidelity Disruptive Automation ETF 8.1 50 29 3.7 -4.0
EMM Global X Emerging Markets ex-China ETF 8.1 75 4 6.1 -1.6
OGIG ALPS O'Shares Global Internet Giants ETF 8.1 48 31 1.6 -6.0
AIQ Global X Artificial Intelligence & Technology ETF 8.0 68 11 3.8 -3.8
GTEK Goldman Sachs Future Tech Leaders Equity ETF 7.9 75 4 3.1 -4.5
VXUS Vanguard Total International Stock ETF 7.8 5 74 8.1 +0.4
EPI WisdomTree India Earnings Fund 7.8 85 -6 4.9 -2.8
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 7.7 42 37 6.7 -0.9
MOTI VanEck Morningstar International Moat ETF 7.4 58 21 11.1 +3.4
FMET Fidelity Metaverse ETF 7.4 39 40 4.9 -2.8
FRDM Freedom 100 Emerging Markets ETF 7.3 49 30 8.8 +1.2
INDF Nifty India Financials ETF 7.3 75 4 6.4 -1.3
BUYZ Franklin Disruptive Commerce ETF 7.2 50 29 2.3 -5.3
IXN iShares Global Tech ETF 7.1 41 38 3.9 -3.8
ANEW ProShares MSCI Transformational Changes ETF 7.1 45 34 6.1 -1.6
UMMA Wahed Dow Jones Islamic World ETF 7.0 65 14 5.1 -2.5
AVXC Avantis Emerging Markets Ex-China Equity ETF 6.9 33 46 8.7 +1.1
DGIN VanEck Digital India ETF 6.7 71 8 2.0 -5.6
IWTR iShares MSCI Water Management Multisector ETF 6.7 47 32 5.7 -2.0
BNGE First Trust S-Network Streaming and Gaming ETF 6.7 70 9 2.8 -4.8
AADR AdvisorShares Dorsey Wright ADR ETF 6.6 110 -31 5.1 -2.5
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 6.6 55 24 8.0 +0.4
INQQ India Internet & Ecommerce ETF 6.5 86 -7 1.2 -6.4
VICE AdvisorShares Vice ETF 6.4 99 -20 6.0 -1.6
ODDS Pacer BlueStar Digital Entertainment ETF 6.3 60 19 2.1 -5.6
ESPO VanEck Video Gaming and eSports ETF 6.1 56 23 4.3 -3.3
RXI iShares Global Consumer Discretionary ETF 6.1 41 38 9.2 +1.5
WTAI WisdomTree Artificial Intelligence and Innovation Fund 6.1 45 34 2.9 -4.8
FDTX Fidelity Disruptive Technology ETF 6.0 50 29 2.6 -5.0
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 5.8 25 54 6.5 -1.2
OND ProShares On-Demand ETF 5.6 58 21 0.7 -6.9
LIT Global X Lithium & Battery Tech ETF 5.6 75 4 5.2 -2.4
BATT Amplify Lithium & Battery Technology ETF 5.6 59 20 3.7 -4.0
AWAY ETFMG Travel Tech ETF 5.6 76 3 0.0 -7.6
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 5.6 65 14 7.6 -0.0
NDIA Global X India Active ETF 5.5 75 4 4.8 -2.9
IXP iShares Global Comm Services ETF 5.3 42 37 5.7 -1.9
FLKR Franklin FTSE South Korea ETF 5.3 9 70 9.4 +1.8
EWY iShares MSCI South Korea ETF 5.3 58 21 8.9 +1.2
DFEV Dimensional Emerging Markets Value ETF 5.3 43 36 13.3 +5.6
ROAM Hartford Multifactor Emerging Markets ETF 5.3 44 35 12.0 +4.4
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 5.2 60 19 7.2 -0.5
IVRS iShares Future Metaverse Tech and Communications ETF 5.2 47 32 2.6 -5.0
CLNR IQ Cleaner Transport ETF 5.0 45 34 6.6 -1.1
IQDF FlexShares International Quality Dividend Index Fund 5.0 47 32 9.3 +1.6
ABLG Abacus FCF International Leaders ETF 4.9 59 20 6.5 -1.2
AGQI First Trust Active Global Quality Income ETF 4.9 85 -6 5.3 -2.4
MOTG VanEck Morningstar Global Wide Moat ETF 4.9 52 27 6.7 -0.9
CWI SPDR MSCI ACWI ex-US ETF 4.7 30 49 7.8 +0.2
XT iShares Exponential Technologies ETF 4.6 46 33 4.8 -2.8
IQDY FlexShares International Quality Dividend Dynamic Index Fund 4.5 47 32 8.5 +0.9
FEOE First Eagle Overseas Equity ETF 4.4 79 0 8.2 +0.6
RAYC Rayliant Quantamental China Equity ETF 4.3 80 -1 8.4 +0.8
INCO Columbia India Consumer ETF 4.3 75 4 2.0 -5.7
EPP iShares MSCI Pacific ex-Japan ETF 4.2 47 32 5.4 -2.2
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 4.0 90 -11 7.8 +0.1
IBUY Amplify Online Retail ETF 3.9 65 14 1.2 -6.4
TTAI FCF International Quality ETF 3.9 59 20 7.0 -0.7
ICOW Pacer Developed Markets International Cash Cows 100 ETF 3.9 65 14 11.6 +3.9
KLMT Invesco MSCI Global Climate 500 ETF 3.9 10 69 5.9 -1.8
PNQI Invesco NASDAQ Internet ETF 3.8 60 19 3.2 -4.4
VPL Vanguard FTSE Pacific ETF 3.8 7 72 7.3 -0.4
IPKW Invesco International BuyBack Achievers ETF 3.8 55 24 13.5 +5.9
WUGI AXS Esoterica NextG Economy ETF 3.8 75 4 2.5 -5.2
FEGE First Eagle Global Equity ETF 3.8 79 0 7.0 -0.6
DSTX Distillate International Fundamental Stability & Value ETF 3.7 55 24 8.2 +0.6
BEDZ AdvisorShares Hotel ETF 3.6 100 -21 6.6 -1.0
DFAX Dimensional World ex U.S. Core Equity 2 ETF 3.6 30 49 8.1 +0.5
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 3.6 80 -1 9.6 +2.0
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 3.6 44 35 11.0 +3.3
DTCR Global X Data Center & Digital Infrastructure ETF 3.5 50 29 4.4 -3.2
OAIM OneAscent International Equity ETF 3.4 95 -16 5.6 -2.0
ACWI iShares MSCI ACWI ETF 3.3 32 47 5.7 -2.0
KGRN KraneShares MSCI China Clean Technology Index ETF 3.3 79 0 3.5 -4.1
MILN Global X Millennial Consumer ETF 3.3 50 29 3.7 -4.0
IGPT Invesco AI and Next Gen Software ETF 3.3 60 19 4.2 -3.5
QTUM Defiance Quantum ETF 3.2 40 39 5.4 -2.2
ARTY iShares Future AI & Tech ETF 3.2 47 32 3.3 -4.4
IBLC iShares Blockchain and Tech ETF 3.2 47 32 -3.6 -11.2
NXTG First Trust Indxx NextG ETF 3.2 70 9 5.3 -2.3
PGJ Invesco Golden Dragon China ETF 3.1 70 9 9.8 +2.2
GINN Goldman Sachs Innovate Equity ETF 3.1 52 27 3.7 -4.0
DEM WisdomTree Emerging Markets High Dividend Fund 3.1 63 16 13.2 +5.5
GLIN VanEck India Growth Leaders ETF 3.1 77 2 6.5 -1.2
CRBN iShares MSCI ACWI Low Carbon Target ETF 3.1 20 59 5.8 -1.8
TOGA Tremblant Global ETF 3.0 69 10 1.5 -6.2
UEVM VictoryShares Emerging Markets Value Momentum ETF 3.0 45 34 10.8 +3.2
CARZ First Trust NASDAQ Global Auto Index Fund 2.9 70 9 5.2 -2.5
TRFM AAM Transformers ETF 2.9 49 30 1.5 -6.1
VT Vanguard Total World Stock ETF 2.9 6 73 6.0 -1.6
FEM First Trust Emerging Markets AlphaDEX Fund 2.7 80 -1 12.2 +4.6
XNTK SPDR NYSE Technology ETF 2.6 35 44 3.8 -3.9
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 2.6 12 67 5.2 -2.4
ARVR First Trust Indxx Metaverse ETF 2.6 70 9 4.1 -3.6
FNDF Schwab Fundamental International Large Co. Index ETF 2.6 25 54 9.6 +2.0
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 2.6 45 34 8.9 +1.3
IMFL Invesco International Developed Dynamic Multifactor ETF 2.5 34 45 6.0 -1.7
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 2.5 65 14 2.2 -5.4
QQJG Invesco ESG NASDAQ Next Gen 100 ETF 2.4 20 59 4.8 -2.9
QQQJ Invesco NASDAQ Next Gen 100 ETF 2.4 15 64 4.6 -3.1
AVES Avantis Emerging Markets Value ETF 2.4 36 43 11.6 +4.0
QTEC First Trust NASDAQ-100 Technology Sector Index Fund 2.2 57 22 3.6 -4.1
TEMP JPMorgan Climate Change Solutions ETF 2.2 49 30 5.7 -1.9
LEGR First Trust Indxx Innovative Transaction & Process ETF 2.1 65 14 7.4 -0.2
FDRV Fidelity Electric Vehicles and Future Transportation ETF 2.0 39 40 -0.9 -8.5
MOTO SmartETFs Smart Transportation & Technology ETF 2.0 68 11 7.2 -0.5
SMOG VanEck Low Carbon Energy ETF 2.0 61 18 1.6 -6.1
ERTH Invesco MSCI Sustainable Future ETF 2.0 62 17 3.6 -4.1
IDRV iShares Self-driving EV & Tech ETF 2.0 47 32 1.6 -6.1
CBSE Clough Select Equity ETF 2.0 85 -6 1.0 -6.6
AFK VanEck Africa Index ETF 2.0 98 -19 11.8 +4.2
IOO iShares Global 100 ETF 1.9 41 38 5.0 -2.7
GVIP Goldman Sachs Hedge Industry VIP ETF 1.9 45 34 3.5 -4.2
WLDR Affinity World Leaders Equity ETF 1.9 67 12 7.8 +0.1
MVPA Miller Value Partners Appreciation ETF 1.9 60 19 9.4 +1.8
ARKF ARK Fintech Innovation ETF 1.9 75 4 -0.5 -8.1
IGRO iShares International Dividend Growth ETF 1.8 15 64 7.3 -0.4
GLOF iShares Global Equity Factor ETF 1.8 20 59 6.7 -0.9
CGGO Capital Group Global Growth Equity ETF 1.8 47 32 4.7 -3.0
RGEF Rockefeller Global Equity ETF 1.8 55 24 4.9 -2.7
SCHF Schwab International Equity ETF 1.7 6 73 7.4 -0.2
FDT First Trust Developed Markets ex-US AlphaDEX Fund 1.7 80 -1 10.0 +2.3
HFXI IQ FTSE International Equity Currency Neutral ETF 1.7 20 59 7.2 -0.4
ACWV iShares MSCI Global Min Vol Factor ETF 1.7 20 59 6.0 -1.7
IDHQ Invesco S&P International Developed High Quality ETF 1.7 29 50 6.7 -1.0
QNXT iShares Nasdaq-100 ex Top 30 ETF 1.6 20 59 4.2 -3.4
SNSR Global X Internet of Things ETF 1.6 68 11 4.5 -3.2
IDAT iShares Future Cloud 5G and Tech ETF 1.6 47 32 4.7 -2.9
SPGM SPDR Portfolio MSCI Global Stock Market ETF 1.6 9 70 5.9 -1.8
JGLO JPMorgan Global Select Equity ETF 1.6 33 46 4.9 -2.7
VEA Vanguard FTSE Developed Markets ETF 1.5 3 76 7.3 -0.3
TMAT Main Thematic Innovation ETF 1.5 164 -85 -1.4 -9.0
KURE KraneShares MSCI All China Health Care Index ETF 1.5 65 14 3.0 -4.7
FCA First Trust China AlphaDEX Fund 1.5 80 -1 8.9 +1.3
OZEM Roundhill GLP-1 & Weight Loss ETF 1.5 59 20 -0.6 -8.2
THNR Amplify Weight Loss Drug & Treatment ETF 1.5 59 20 5.8 -1.8
LOUP Innovator Deepwater Frontier Tech ETF 1.4 70 9 1.1 -6.5
AIS VistaShares Artificial Intelligence Supercycle ETF 1.4 75 4 3.6 -4.1
FXD First Trust Consumer Discretionary AlphaDEX Fund 1.4 61 18 7.5 -0.2
BWEB Bitwise Web3 ETF 1.4 85 -6 0.0 -7.7
HERO Global X Video Games & Esports ETF 1.4 50 29 4.0 -3.6
VIGI Vanguard International Dividend Appreciation ETF 1.4 10 69 6.3 -1.4
RODE Hartford Multifactor Diversified International ETF 1.4 29 50 12.7 +5.0
JSTC Adasina Social Justice All Cap Global ETF 1.3 89 -10 4.8 -2.8
JETS U.S. Global Jets ETF 1.3 60 19 2.6 -5.0
GSFP Goldman Sachs Future Planet Equity ETF 1.3 75 4 4.6 -3.1
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 1.3 72 7 -0.8 -8.5
BLLD JPMorgan Sustainable Infrastructure ETF 1.3 49 30 6.1 -1.6
EV Mast Global Battery Recycling & Production ETF 1.3 65 14 10.6 +3.0
IWP iShares Russell Mid-Cap Growth ETF 1.3 23 56 3.5 -4.2
VYMI Vanguard International High Dividend Yield ETF 1.3 17 62 9.9 +2.2
KOCG FIS Knights of Columbus Global Belief ETF 1.2 75 4 5.1 -2.6
ADIV SmartETFs Asia Pacific Dividend Builder ETF 1.2 78 1 9.3 +1.7
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares 1.2 35 44 4.2 -3.5
DGT SPDR Global Dow ETF 1.2 50 29 7.3 -0.4
IDMO Invesco S&P International Developed Momentum ETF 1.2 25 54 5.4 -2.3
KOMP SPDR S&P Kensho New Economies Composite ETF 1.1 20 59 2.7 -4.9
KPOP KPOP and Korean Entertainment ETF 1.1 75 4 2.4 -5.3
EAFG Pacer Developed Markets Cash Cows Growth Leaders ETF 1.1 65 14 3.7 -4.0
IPAC iShares Core MSCI Pacific ETF 1.1 9 70 6.9 -0.8
GURU Global X Guru Index ETF 1.1 75 4 3.4 -4.2
BLKC Invesco Alerian Galaxy Blockchain Users and Decentralized Co 1.1 61 18 1.4 -6.3
CGIE Capital Group International Equity ETF 1.1 54 25 5.0 -2.6
KSTR KraneShares SSE STAR Market 50 Index ETF 1.1 89 -10 1.7 -5.9
SPDW SPDR Portfolio Developed World ex-US ETF 1.0 3 76 7.2 -0.4
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund 1.0 58 21 4.0 -3.7
HAIL SPDR S&P Kensho Smart Mobility ETF 1.0 45 34 1.0 -6.6
FTC First Trust Large Cap Growth AlphaDEX Fund 0.9 59 20 2.8 -4.8
BBAX JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF 0.9 19 60 6.0 -1.6
FLHK Franklin FTSE Hong Kong ETF 0.9 9 70 7.1 -0.6
EWH iShares MSCI Hong Kong ETF 0.9 50 29 5.5 -2.1
DRIV Global X Autonomous & Electric Vehicles ETF 0.9 68 11 5.4 -2.3
FENI Fidelity Enhanced International ETF 0.9 28 51 6.7 -0.9
WBAT WisdomTree Battery Value Chain and Innovation Fund 0.9 45 34 4.5 -3.1
EFG iShares MSCI EAFE Growth ETF 0.9 36 43 4.4 -3.3
SMOT VanEck Morningstar SMID Moat ETF 0.8 49 30 6.7 -0.9
JOET Virtus Terranova US Quality Momentum ETF 0.8 29 50 4.8 -2.9
APIE ActivePassive International Equity ETF 0.8 45 34 7.5 -0.1
IDX VanEck Indonesia Index ETF 0.7 57 22 9.3 +1.7
ASEA Global X FTSE Southeast Asia ETF 0.7 65 14 7.1 -0.6
SDEM Global X MSCI SuperDividend Emerging Markets ETF 0.7 67 12 13.9 +6.2
DVYE iShares Emerging Markets Dividend ETF 0.7 49 30 18.8 +11.1
EIDO iShares MSCI Indonesia ETF 0.7 59 20 9.7 +2.1
SATO Invesco Alerian Galaxy Crypto Economy ETF 0.7 61 18 -2.2 -9.9
PBD Invesco Global Clean Energy ETF 0.7 75 4 0.5 -7.1
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.7 70 9 7.8 +0.1
FCTR First Trust Lunt U.S. Factor Rotation ETF 0.7 65 14 3.5 -4.2
IMTM iShares MSCI Intl Momentum Factor ETF 0.7 30 49 5.5 -2.2
ECOW Pacer Emerging Markets Cash Cows 100 ETF 0.6 70 9 14.6 +6.9
DEW WisdomTree Global High Dividend Fund 0.6 58 21 8.7 +1.0
FMDE Fidelity Enhanced Mid Cap ETF 0.6 23 56 5.8 -1.8
NUDM Nuveen ESG International Developed Markets Equity ETF 0.6 31 48 6.4 -1.3
JPIN J.P. Morgan Diversified Return International Equity ETF 0.6 37 42 8.6 +1.0
IYC iShares U.S. Consumer Discretionary ETF 0.6 40 39 3.8 -3.9
CEFA Global X S&P Catholic Values Developed ex-US ETF 0.6 35 44 6.8 -0.9
CIL VictoryShares International Volatility Wtd ETF 0.6 45 34 6.7 -1.0
CZAR Themes Natural Monopoly ETF 0.6 35 44 5.5 -2.2
TPIF Timothy Plan International ETF 0.5 62 17 6.2 -1.4
ION ProShares S&P Global Core Battery Metals ETF 0.5 58 21 11.1 +3.5
UIVM VictoryShares International Value Momentum ETF 0.5 35 44 9.0 +1.3
FFLC Fidelity Fundamental Large Cap Core ETF 0.5 38 41 4.6 -3.0
IQDG WisdomTree International Quality Dividend Growth Fund 0.5 42 37 7.1 -0.6
JIRE JPMorgan International Research Enhanced Equity ETF 0.5 24 55 7.2 -0.5
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 0.5 20 59 6.5 -1.1
FCLD Fidelity Cloud Computing ETF 0.5 39 40 3.2 -4.4
ROBO ROBO Global Robotics & Automation Index ETF 0.5 95 -16 3.5 -4.1
FBCG Fidelity Blue Chip Growth ETF 0.5 59 20 2.9 -4.8
QGRW WisdomTree U.S. Quality Growth Fund 0.5 28 51 4.2 -3.4
GGME Invesco Next Gen Media and Gaming ETF 0.5 60 19 4.3 -3.3
ONEQ Fidelity Nasdaq Composite Index ETF 0.5 21 58 3.8 -3.8
EFA iShares MSCI EAFE ETF 0.5 35 44 6.9 -0.7
FAD First Trust Multi Cap Growth AlphaDEX Fund 0.5 64 15 2.4 -5.3
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.5 58 21 7.0 -0.6
TECB iShares U.S. Tech Breakthrough Multisector ETF 0.4 40 39 3.6 -4.1
FEX First Trust Large Cap Core AlphaDEX Fund 0.4 59 20 6.0 -1.6
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 0.4 36 43 6.9 -0.7
GSID Goldman Sachs MarketBeta International Equity ETF 0.4 20 59 7.0 -0.6
RAYD Rayliant Quantitative Developed Market Equity ETF 0.4 80 -1 4.4 -3.2
COPY Tweedy, Browne Insider + Value ETF 0.4 80 -1 11.7 +4.1
CGDG Capital Group Dividend Growers ETF 0.4 47 32 6.2 -1.4
VFMV Vanguard U.S. Minimum Volatility ETF 0.4 13 66 5.8 -1.9
WWJD Inspire International ETF 0.4 80 -1 7.3 -0.4
IMCG iShares Morningstar Mid-Cap Growth ETF 0.4 6 73 4.1 -3.5
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 0.4 12 67 6.2 -1.5
QQQ Invesco QQQ Trust Series I 0.4 20 59 4.1 -3.6
QQWZ Pacer Cash COWZ 100-Nasdaq100 Rotator ETF 0.4 49 30 4.3 -3.4
QQQM Invesco NASDAQ 100 ETF 0.4 15 64 4.1 -3.5
IEFA iShares Core MSCI EAFE ETF 0.4 7 72 7.2 -0.4
BKIE BNY Mellon International Equity ETF 0.4 4 75 7.1 -0.5
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 0.4 65 14 5.8 -1.9
IDEV iShares Core MSCI International Developed Markets ETF 0.3 4 75 7.2 -0.4
CGGR Capital Group Growth ETF 0.3 39 40 3.2 -4.4
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 0.3 58 21 4.8 -2.9
IMCB iShares Morningstar Mid-Cap ETF 0.3 4 75 6.1 -1.6
AVSD Avantis Responsible International Equity ETF 0.3 23 56 5.7 -2.0
IWR iShares Russell Midcap ETF 0.3 19 60 5.9 -1.8
SPYA Twin Oak Endure ETF 0.3 80 -1 -2.2 -9.8
PTL Inspire 500 ETF 0.3 9 70 5.4 -2.3
GSIE Goldman Sachs ActiveBeta International Equity ETF 0.3 25 54 7.2 -0.5
BUZZ VanEck Social Sentiment ETF 0.3 75 4 0.0 -7.6
DWMF WisdomTree International Multifactor Fund 0.3 38 41 7.1 -0.6
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.3 39 40 6.8 -0.8
ESGD iShares ESG Aware MSCI EAFE ETF 0.3 20 59 7.0 -0.7
STXI Strive International Developed Markets ETF 0.3 29 50 7.0 -0.6
SCHY Schwab International Dividend Equity ETF 0.2 14 65 9.6 +2.0
FNDA Schwab Fundamental US Small Co. Index ETF 0.2 25 54 8.0 +0.3
QQMG Invesco ESG NASDAQ 100 ETF 0.2 20 59 4.1 -3.5
JHMD John Hancock Multifactor Developed International ETF 0.2 39 40 7.7 +0.0
TPLC Timothy Plan Fund Timothy Plan US Large/Mid Cap Core Fund 0.2 52 27 5.5 -2.2
TPLE Timothy Plan Us Large/Mid Cap Core Enhanced ETF 0.2 58 21 5.4 -2.2
BLES Inspire Global Hope ETF 0.2 61 18 6.8 -0.9
IMCV iShares Morningstar Mid-Cap Value ETF 0.2 6 73 8.2 +0.6
DIHP Dimensional International High Profitability ETF 0.2 29 50 7.2 -0.4
TMFC Motley Fool 100 Index ETF 0.2 50 29 3.6 -4.1
IQLT iShares MSCI Intl Quality Factor ETF 0.2 30 49 6.3 -1.4
ONEO SPDR Russell 1000 Momentum Focus ETF 0.2 20 59 7.1 -0.6
DIVI Franklin International Core Dividend Tilt Index ETF 0.2 9 70 8.2 +0.5
EXI iShares Global Industrials ETF 0.2 42 37 4.5 -3.1
SDG iShares MSCI Global Sustainable Development Goals ETF 0.2 49 30 6.2 -1.4
SMLF iShares U.S. SmallCap Equity Factor ETF 0.2 15 64 6.3 -1.3
IQSI IQ Candriam International Equity ETF 0.2 15 64 6.7 -0.9
FNDC Schwab Fundamental International Small Co. Index ETF 0.2 39 40 5.9 -1.8
AVSU Avantis Responsible U.S. Equity ETF 0.2 15 64 6.1 -1.5
XMAG Defiance Large Cap ex-Mag 7 ETF 0.1 35 44 5.2 -2.5
AVLV Avantis U.S. Large Cap Value ETF 0.1 15 64 7.9 +0.3
VFMO Vanguard U.S. Momentum Factor ETF 0.1 13 66 3.2 -4.5
DMXF iShares ESG Advanced MSCI EAFE ETF 0.1 12 67 5.6 -2.1
CFA VictoryShares US 500 Volatility Wtd ETF 0.1 35 44 5.9 -1.8
CFO VictoryShares US 500 Enhanced Volatility Wtd ETF 0.1 40 39 5.8 -1.8
IWF iShares Russell 1000 Growth ETF 0.1 19 60 4.4 -3.2
TOK iShares MSCI Kokusai ETF 0.1 26 53 5.2 -2.5
LCTD BlackRock World ex U.S. Carbon Transition Readiness ETF 0.1 20 59 6.7 -1.0
GGUS Marketbeta Russell 1000 Growth Equity ETF 0.1 12 67 4.5 -3.1
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 0.1 14 65 6.3 -1.3
AVDE Avantis International Equity ETF 0.1 23 56 7.6 -0.0
URTH iShares MSCI World ETF 0.1 24 55 5.2 -2.4
VONG Vanguard Russell 1000 Growth ETF 0.1 7 72 4.6 -3.1
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 0.1 24 55 7.6 -0.1
KOKU Xtrackers MSCI Kokusai Equity ETF 0.1 9 70 5.3 -2.4
ESGV Vanguard ESG U.S. Stock ETF 0.1 9 70 4.8 -2.8
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.1 30 49 7.1 -0.6
IQSU IQ Candriam U.S. Large Cap Equity ETF 0.1 9 70 5.0 -2.7
QINT American Century Quality Diversified International ETF 0.1 39 40 7.4 -0.2
DOL WisdomTree International LargeCap Dividend Fund 0.1 48 31 7.4 -0.2
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 0.1 19 60 6.4 -1.2
RVRB Reverb ETF 0.1 30 49 4.7 -3.0
DFSI Dimensional International Sustainability Core 1 ETF 0.1 24 55 6.5 -1.2
ILCG iShares Morningstar Growth ETF 0.1 4 75 3.8 -3.9
DEUS Xtrackers Russell US Multifactor ETF 0.1 17 62 7.1 -0.6
AVIV Avantis International Large Cap Value ETF 0.1 25 54 8.9 +1.3
DWM WisdomTree International Equity Fund 0.1 48 31 7.5 -0.1
DFUS Dimensional U.S. Equity ETF 0.1 9 70 4.9 -2.7
DFAU Dimensional US Core Equity Market ETF 0.1 12 67 5.1 -2.5
DFSU Dimensional US Sustainability Core 1 ETF 0.1 18 61 5.5 -2.2
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.1 49 30 7.0 -0.7
LRGF iShares U.S. Equity Factor ETF 0.1 8 71 5.6 -2.1
AVUS Avantis U.S. Equity ETF 0.1 15 64 5.9 -1.8
DFAI Dimensional International Core Equity Market ETF 0.1 18 61 7.3 -0.4
ILCB iShares Morningstar U.S. Equity ETF 0.1 3 76 5.0 -2.7
IWB iShares Russell 1000 ETF 0.1 15 64 4.9 -2.7
IUS Invesco RAFI Strategic US ETF 0.1 19 60 6.8 -0.9
IWV iShares Russell 3000 ETF 0.1 20 59 4.8 -2.8
DFAC Dimensional U.S. Core Equity 2 ETF 0.1 17 62 5.6 -2.0
VONE Vanguard Russell 1000 ETF 0.1 7 72 5.0 -2.6
DCOR Dimensional US Core Equity 1 ETF 0.1 14 65 5.5 -2.2
DFIC Dimensional International Core Equity 2 ETF 0.1 23 56 7.6 -0.1
VTHR Vanguard Russell 3000 ETF 0.1 7 72 5.0 -2.7
EQAL Invesco Russell 1000 Equal Weight ETF 0.1 20 59 7.0 -0.7
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 0.1 29 50 4.5 -3.2
BBUS JP Morgan Betabuilders U.S. Equity ETF 0.1 2 77 5.0 -2.6
BKLC BNY Mellon US Large Cap Core Equity ETF 0.1 0 79 5.0 -2.7
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 0.1 7 72 4.9 -2.8
VOTE TCW Transform 500 ETF 0.1 5 74 5.0 -2.7
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF 0.1 11 68 5.0 -2.7
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.1 40 39 7.6 -0.1
ILCV iShares Morningstar Value ETF 0.0 4 75 6.7 -1.0
EPS WisdomTree U.S. LargeCap Fund 0.0 8 71 5.8 -1.8
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 0.0 29 50 6.5 -1.1
TILT FlexShares Morningstar US Market Factor Tilt Index Fund 0.0 25 54 5.8 -1.8
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.0 39 40 8.2 +0.5
PRF Invesco FTSE RAFI US 1000 ETF 0.0 39 40 6.9 -0.8
STXG Strive 1000 Growth ETF 0.0 18 61 3.9 -3.7
QWLD SPDR MSCI World StrategicFactors ETF 0.0 30 49 6.1 -1.5
STRV Strive 500 ETF 0.0 5 74 4.9 -2.7
DXIV Dimensional International Vector Equity ETF 0.0 34 45 8.0 +0.3
ESGG FlexShares STOXX Global ESG Select Index Fund 0.0 42 37 5.5 -2.2
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.0 39 40 6.6 -1.0
FNDB Schwab Fundamental US Broad Market Index ETF 0.0 25 54 7.3 -0.4
JHML John Hancock Multifactor Large Cap ETF 0.0 29 50 5.4 -2.2
IETC iShares U.S. Tech Independence Focused ETF 0.0 18 61 3.8 -3.9
DYNF BlackRock U.S. Equity Factor Rotation ETF 0.0 30 49 4.5 -3.1
AVMV Avantis U.S. Mid Cap Value ETF 0.0 20 59 8.8 +1.2
EBI Longview Advantage ETF 0.0 35 44 6.7 -1.0

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:		 Matthews Asia Innovators Active 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 19.2 %
Divided by: Fwd. P/BV 2.3 x
Less: Expense ratio 79 bp
Equals: ALTAR Score 7.7 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.39 CATEGORY
AVERAGE		 1.62
 
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.