ETF Research Center

VanEck Morningstar International Moat ETF

ALTAR
Score™

10.6%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	13.4x	P/Sales ratio	1.5x
P/BV ratio	2.2x	Div. yield	2.3%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The VanEck Vectors Morningstar International Moat ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar Global ex-US Moat Focus Index

FUND BASICS
Category	International Equities
Fund Sponsor	Van Eck Associates
Website	www.vaneck.com
Inception date	Jul 13, 2015
Assets (mns)	$200
Currency	USD
Expense ratio	58 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Bank of New York Mellon
Weighting	Equal
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	61
Wgt avg mkt cap (mns)	$97,662
Large cap (>$10bn)	69.8%
Mid cap ($2-10bn)	27.5%
Small cap (<$2bn)	2.7%
Developed mkts	76.3%
Emerging mkts	23.7%

TOP TEN HOLDINGS
Total	27.7 %
TAIWAN SEMICONDUCTOR MANUFAC	3.1 %
BAIDU, INC. CLASS A	3.0 %
YASKAWA ELECTRIC CORP	3.0 %
BARRY CALLEBAUT AG-REG	3.0 %
GSK PLC	2.8 %
TENCENT HOLDINGS LTD	2.7 %
KONINKLIIJKE ELECTRONICS NV	2.6 %
OMRON CORP	2.5 %
AMBEV-SA	2.5 %
SPIRAX-SARCO ENGINEERING PLC	2.5 %

TOP COUNTRY EXPOSURE
	JAPAN	17.4 %
	CHINA	16.5 %
	FRANCE	11.3 %
	BRITAIN	9.0 %
	SWITZERLAND	8.5 %
	NETHERLANDS	7.6 %
	GERMANY	5.5 %
	DENMARK	3.3 %
	TAIWAN	3.1 %
	AUSTRALIA	3.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
25.3%	16.2%	8.5%	5.9%	4.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.87	38%
MSCI EAFE	0.98	63%
MSCI Emg. Mkts.	0.93	66%

Technical Indicators
Recent close	$37.29
30d moving avg.	$38.02
Annualized volatility	18.3%
Short interest (ETF)	0.3%
Relative strength (RSI)	49

Liquidity measures
Avg. volume (thou.)	10
Turnover	0.2%
Bid/Ask (% of price)	0.71%
ADV underlying (mns)	$2,974

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 430 potential alternatives to the VanEck Morningstar International Moat ETF ETF based on the alternatives' overlap in portfolio holdings with MOTI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

MOTI

Expense:

58 bp

ALTAR Score™:

10.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH MOTI
Ticker	Fund Name	Overlap¹ vs MOTI (%)	Expense ratio (bp)	Savings vs MOTI (bp)	ALTAR Score™ (%)	ALTAR vs MOTI (%)
MOTG	VanEck Morningstar Global Wide Moat ETF	42.8	52	6	8.8	-1.8
PATN	Pacer Nasdaq International Patent Leaders ETF	13.5	65	-7	5.3	-5.3
JIG	JPMorgan International Growth ETF	12.6	55	3	4.6	-6.0
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	12.1	60	-2	10.0	-0.6
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	11.5	42	16	6.3	-4.3
FDNI	First Trust Dow Jones International Internet ETF	11.3	65	-7	21.4	+10.8
IDHQ	Invesco S&P International Developed High Quality ETF	10.3	29	29	6.4	-4.2
ACWX	iShares MSCI ACWI ex U.S. ETF	10.3	34	24	7.3	-3.3
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	10.1	20	38	9.6	-1.0
EFAD	ProShares MSCI EAFE Dividend Growers ETF	9.9	50	8	5.9	-4.7
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	9.9	41	17	7.1	-3.5
VEU	Vanguard FTSE All-World ex-US Index Fund	9.8	4	54	7.7	-2.9
EUDV	ProShares MSCI Europe Dividend Growers ETF	9.7	55	3	6.2	-4.4
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	9.7	18	40	7.2	-3.4
KWEB	KraneShares CSI China Internet ETF	9.5	69	-11	24.5	+13.9
TCHI	iShares MSCI China Multisector Tech ETF	9.5	59	-1	15.8	+5.2
FXI	iShares China Large-Cap ETF	9.4	74	-16	16.4	+5.8
CHAT	Roundhill Generative AI & Technology ETF	9.4	75	-17	7.4	-3.2
IQLT	iShares MSCI Intl Quality Factor ETF	9.3	30	28	6.2	-4.4
AIA	iShares Asia 50 ETF	9.3	50	8	12.3	+1.7
IXUS	iShares Core MSCI Total International Stock ETF	9.3	7	51	7.5	-3.1
IQDG	WisdomTree International Quality Dividend Growth Fund	9.3	42	16	6.6	-4.0
EWN	iShares MSCI Netherlands ETF	9.2	50	8	5.3	-5.3
VXUS	Vanguard Total International Stock ETF	9.2	5	53	7.6	-3.0
KTEC	KraneShares Hang Seng TECH Index ETF	9.1	69	-11	18.9	+8.3
LDEM	iShares ESG MSCI EM Leaders ETF	9.1	17	41	13.7	+3.1
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	9.1	58	0	6.5	-4.2
UMMA	Wahed Dow Jones Islamic World ETF	9.0	65	-7	4.8	-5.8
ECON	Columbia Emerging Markets Consumer ETF	9.0	49	9	11.5	+0.9
DIHP	Dimensional International High Profitability ETF	8.9	29	29	6.7	-3.9
FDEM	Fidelity Emerging Markets Multifactor ETF	8.8	25	33	11.9	+1.3
MDEV	First Trust Indxx Medical Devices ETF	8.8	70	-12	4.8	-5.8
PXH	Invesco FTSE RAFI Emerging Markets ETF	8.7	49	9	14.6	+4.0
IEV	iShares Europe ETF	8.7	67	-9	6.6	-4.0
DTAN	Sparkline International Intangible Value ETF	8.6	55	3	8.1	-2.5
VSGX	Vanguard ESG International Stock ETF	8.5	10	48	7.5	-3.1
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	8.5	32	26	8.3	-2.4
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	8.5	39	19	15.3	+4.7
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	8.4	66	-8	8.8	-1.8
FLAX	Franklin FTSE Asia Ex Japan ETF	8.4	19	39	8.3	-2.3
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	8.4	15	43	9.5	-1.1
JHEM	John Hancock Multifactor Emerging Markets ETF	8.4	49	9	9.3	-1.3
XT	iShares Exponential Technologies ETF	8.3	46	12	4.6	-6.0
SCHE	Schwab Emerging Markets Equity ETF	8.3	11	47	10.3	-0.3
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	8.3	36	22	8.9	-1.7
EEMA	iShares MSCI Emerging Markets Asia ETF	8.2	49	9	8.9	-1.7
EUDG	WisdomTree Europe Quality Dividend Growth Fund	8.2	58	0	6.7	-3.9
BKEM	BNY Mellon Emerging Markets Equity ETF	8.2	11	47	9.1	-1.5
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	8.2	30	28	9.4	-1.2
SPEM	SPDR Portfolio Emerging Markets ETF	8.2	7	51	10.2	-0.4
VWO	Vanguard FTSE Emerging Markets ETF	8.2	7	51	10.0	-0.6
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	8.2	86	-28	13.6	+3.0
AAXJ	iShares MSCI All Country Asia ex Japan ETF	8.2	70	-12	8.3	-2.4
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	8.2	45	13	9.4	-1.2
EEM	iShares MSCI Emerging Markets ETF	8.2	69	-11	9.3	-1.3
GCOW	Pacer Global Cash Cows Dividend ETF	8.1	60	-2	10.5	-0.1
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	8.1	59	-1	8.5	-2.2
MEM	Matthews Emerging Markets Equity Active ETF	8.1	79	-21	7.2	-3.4
IEMG	iShares Core MSCI Emerging Markets ETF	8.0	9	49	9.6	-1.0
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	8.0	47	11	7.8	-2.8
ESGE	iShares ESG Aware MSCI EM ETF	7.9	25	33	9.2	-1.4
WRND	IQ Global Equity R&D Leaders ETF	7.9	18	40	7.6	-3.0
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	7.9	33	25	9.2	-1.4
CGXU	Capital Group International Focus Equity ETF	7.7	54	4	5.4	-5.2
IEUR	iShares Core MSCI Europe ETF	7.7	11	47	7.1	-3.5
VIGI	Vanguard International Dividend Appreciation ETF	7.7	10	48	6.5	-4.2
QEFA	SPDR MSCI EAFE StrategicFactors ETF	7.7	30	28	6.8	-3.8
MCH	Matthews China Active ETF	7.6	79	-21	13.5	+2.9
EMGF	iShares Emerging Markets Equity Factor ETF	7.6	25	33	10.6	-0.0
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	7.6	38	20	8.5	-2.2
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	7.5	32	26	13.0	+2.4
VGK	Vanguard FTSE Europe ETF	7.5	6	52	7.3	-3.3
SPEU	SPDR Portfolio Europe ETF	7.5	7	51	7.2	-3.5
DFAE	Dimensional Emerging Core Equity Market ETF	7.5	35	23	8.5	-2.1
EFAX	SPDR MSCI EAFE Fossil Fuel Reserves Free ETF	7.4	20	38	6.1	-4.5
IXJ	iShares Global Healthcare ETF	7.4	42	16	7.0	-3.7
FICS	First Trust International Developed Capital Strength ETF	7.3	70	-12	7.4	-3.2
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	7.3	41	17	8.1	-2.6
IQDF	FlexShares International Quality Dividend Index Fund	7.3	47	11	8.5	-2.1
MINV	Matthews Asia Innovators Active ETF	7.3	79	-21	6.8	-3.8
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	7.3	95	-37	10.9	+0.3
CWI	SPDR MSCI ACWI ex-US ETF	7.2	30	28	7.3	-3.3
FLCH	Franklin FTSE China ETF	7.2	19	39	14.9	+4.3
GMF	SPDR S&P Emerging Asia Pacific ETF	7.1	49	9	9.3	-1.3
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	7.1	12	46	5.9	-4.8
BBEU	JPMorgan BetaBuilders Europe ETF	7.1	9	49	7.0	-3.6
IDOG	ALPS International Sector Dividend Dogs ETF	7.0	50	8	11.5	+0.9
IBOT	Vaneck Robotics ETF	7.0	47	11	4.1	-6.5
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	6.9	46	12	6.5	-4.1
EFA	iShares MSCI EAFE ETF	6.9	35	23	6.4	-4.2
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	6.8	20	38	6.1	-4.5
GXC	SPDR S & P China ETF	6.7	59	-1	15.2	+4.6
EFG	iShares MSCI EAFE Growth ETF	6.7	36	22	4.2	-6.4
MCHI	iShares MSCI China ETF	6.7	59	-1	16.2	+5.6
KALL	KraneShares MSCI All China Index ETF	6.7	49	9	12.7	+2.1
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	6.7	65	-7	4.7	-5.9
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	6.6	45	13	6.7	-3.9
FLEE	Franklin FTSE Europe ETF	6.6	9	49	7.1	-3.6
EFV	iShares MSCI EAFE Value ETF	6.6	34	24	8.6	-2.0
STXI	Strive International Developed Markets ETF	6.6	29	29	6.3	-4.3
DEHP	Dimensional Emerging Markets High Profitability ETF	6.6	41	17	6.3	-4.3
EZU	iShares MSCI Eurozone ETF	6.4	52	6	6.4	-4.2
TTAI	FCF International Quality ETF	6.4	59	-1	7.2	-3.4
FEOE	First Eagle Overseas Equity ETF	6.4	79	-21	7.1	-3.5
IDNA	iShares Genomics Immunology and Healthcare ETF	6.4	47	11	-2.3	-12.9
IGRO	iShares International Dividend Growth ETF	6.2	15	43	7.1	-3.5
ROBO	ROBO Global Robotics & Automation Index ETF	6.2	95	-37	3.2	-7.4
CHIQ	Global X MSCI China Consumer Discretionary ETF	6.2	65	-7	13.9	+3.3
BOTZ	Global X Robotics & Artificial Intelligence ETF	6.1	69	-11	2.1	-8.6
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	6.1	36	22	6.3	-4.3
DIVI	Franklin International Core Dividend Tilt Index ETF	6.1	9	49	7.6	-3.0
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	6.1	15	43	7.3	-3.3
ESGD	iShares ESG Aware MSCI EAFE ETF	6.0	20	38	6.5	-4.2
JIRE	JPMorgan International Research Enhanced Equity ETF	6.0	24	34	6.9	-3.8
IEFA	iShares Core MSCI EAFE ETF	6.0	7	51	6.7	-3.9
RFEU	First Trust Riverfront Dynamic Europe ETF	6.0	83	-25	10.0	-0.6
HEDJ	WisdomTree Europe Hedged Equity Fund	5.9	58	0	6.5	-4.1
GSID	Goldman Sachs MarketBeta International Equity ETF	5.9	20	38	6.5	-4.1
BKF	iShares MSCI BIC ETF	5.9	69	-11	12.7	+2.1
HFXI	IQ FTSE International Equity Currency Neutral ETF	5.8	20	38	6.6	-4.0
BULD	Pacer BlueStar Engineering the Future ETF	5.8	60	-2	0.4	-10.2
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	5.8	40	18	6.6	-4.0
AIVI	WisdomTree International AI Enhanced Value Fund	5.7	58	0	6.9	-3.7
CQQQ	Invesco China Technology ETF	5.7	70	-12	14.6	+4.0
EWU	iShares MSCI United Kingdom ETF	5.6	50	8	7.8	-2.8
SCHY	Schwab International Dividend Equity ETF	5.6	14	44	9.4	-1.2
FLGB	Franklin FTSE United Kingdom ETF	5.6	9	49	7.2	-3.4
FBOT	Fidelity Disruptive Automation ETF	5.6	50	8	3.4	-7.2
JHMD	John Hancock Multifactor Developed International ETF	5.6	39	19	7.2	-3.4
JPXN	iShares JPX-Nikkei 400 ETF	5.5	48	10	6.2	-4.4
SCHF	Schwab International Equity ETF	5.4	6	52	6.9	-3.8
IDEV	iShares Core MSCI International Developed Markets ETF	5.3	4	54	6.7	-3.9
BKIE	BNY Mellon International Equity ETF	5.3	4	54	6.6	-4.0
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	5.3	30	28	8.6	-2.0
FEGE	First Eagle Global Equity ETF	5.2	79	-21	6.7	-4.0
EWQ	iShares MSCI France ETF	5.2	53	5	6.9	-3.7
AIVC	Amplify Bloomberg AI Value Chain ETF	5.2	59	-1	5.5	-5.1
FENI	Fidelity Enhanced International ETF	5.2	28	30	6.2	-4.4
DFAI	Dimensional International Core Equity Market ETF	5.1	18	40	6.8	-3.8
DMXF	iShares ESG Advanced MSCI EAFE ETF	5.1	12	46	5.3	-5.3
EWJ	iShares MSCI Japan ETF	5.1	50	8	5.6	-5.0
DTEC	ALPS Disruptive Technologies ETF	5.1	50	8	3.7	-7.0
IVLU	iShares MSCI Intl Value Factor ETF	5.0	30	28	9.7	-0.9
JGLO	JPMorgan Global Select Equity ETF	5.0	33	25	5.0	-5.6
SPDW	SPDR Portfolio Developed World ex-US ETF	5.0	3	55	6.7	-3.9
VEA	Vanguard FTSE Developed Markets ETF	5.0	3	55	6.9	-3.7
CEFA	Global X S&P Catholic Values Developed ex-US ETF	5.0	35	23	6.2	-4.4
DOL	WisdomTree International LargeCap Dividend Fund	4.9	48	10	6.9	-3.7
DFSI	Dimensional International Sustainability Core 1 ETF	4.9	24	34	6.2	-4.4
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	4.9	14	44	6.0	-4.7
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	4.9	47	11	5.7	-4.9
CGRO	CoreValues Alpha Greater China Growth ETF	4.9	75	-17	3.4	-7.2
BBJP	JPMorgan BetaBuilders Japan ETF	4.8	19	39	6.1	-4.5
FDHT	Fidelity Digital Health ETF	4.8	39	19	1.5	-9.1
DWMF	WisdomTree International Multifactor Fund	4.8	38	20	7.0	-3.6
BKCI	BNY Mellon Concentrated International ETF	4.8	80	-22	5.1	-5.5
ANEW	ProShares MSCI Transformational Changes ETF	4.8	45	13	5.2	-5.4
QINT	American Century Quality Diversified International ETF	4.7	39	19	6.9	-3.8
FEZ	SPDR EURO STOXX 50 ETF	4.6	29	29	6.4	-4.2
HUMN	Roundhill Humanoid Robotics ETF	4.6	75	-17	1.8	-8.8
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	4.6	25	33	7.1	-3.5
IQSI	IQ Candriam International Equity ETF	4.6	15	43	6.2	-4.4
KLMT	Invesco MSCI Global Climate 500 ETF	4.5	10	48	5.6	-5.0
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics ETF	4.5	65	-7	1.9	-8.7
TPIF	Timothy Plan International ETF	4.5	62	-4	6.1	-4.6
EVLU	iShares MSCI Emerging Markets Value Factor ETF	4.4	35	23	15.9	+5.3
CGIE	Capital Group International Equity ETF	4.4	54	4	4.9	-5.7
IVES	Wedbush ETFMG Global Cloud Technology ETF	4.4	68	-10	5.8	-4.8
NUEM	Nuveen ESG Emerging Markets Equity ETF	4.3	36	22	7.2	-3.4
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	4.2	30	28	7.5	-3.1
CIL	VictoryShares International Volatility Wtd ETF	4.2	45	13	6.4	-4.2
JCHI	JPMorgan Active China ETF	4.2	65	-7	13.8	+3.2
EMC	Global X Emerging Markets Great Consumer ETF	4.2	75	-17	7.3	-3.3
METV	Roundhill Ball Metaverse ETF	4.2	59	-1	8.9	-1.7
FLJP	Franklin FTSE Japan ETF	4.2	9	49	5.8	-4.8
OAIM	OneAscent International Equity ETF	4.2	95	-37	5.5	-5.1
LVHI	Franklin International Low Volatility High Dividend Index ET	4.2	40	18	9.8	-0.8
INTF	iShares International Equity Factor ETF	4.1	15	43	7.4	-3.3
IXN	iShares Global Tech ETF	4.1	41	17	3.4	-7.2
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	4.1	45	13	8.5	-2.2
FLJH	Franklin FTSE Japan Hedged ETF	4.1	9	49	5.8	-4.8
EFAV	iShares MSCI EAFE Min Vol Factor ETF	4.0	22	36	5.9	-4.7
NATO	Themes Transatlantic Defense ETF	4.0	35	23	2.3	-8.3
EMXF	iShares ESG Advanced MSCI EM ETF	4.0	16	42	7.8	-2.8
CRBN	iShares MSCI ACWI Low Carbon Target ETF	3.9	20	38	5.5	-5.1
FLGR	Franklin FTSE Germany ETF	3.9	9	49	7.0	-3.6
WWJD	Inspire International ETF	3.9	80	-22	7.1	-3.5
VYMI	Vanguard International High Dividend Yield ETF	3.8	17	41	9.1	-1.5
EWG	iShares MSCI Germany ETF	3.8	50	8	6.3	-4.4
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	3.8	39	19	6.4	-4.2
EWL	iShares MSCI Switzerland ETF	3.8	50	8	6.3	-4.3
ACWI	iShares MSCI ACWI ETF	3.8	32	26	5.4	-5.2
KXI	iShares Global Consumer Staples ETF	3.8	41	17	5.8	-4.8
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	3.8	12	46	5.1	-5.6
FNDF	Schwab Fundamental International Large Co. Index ETF	3.8	25	33	9.1	-1.5
DAX	Global X DAX Germany ETF	3.7	21	37	6.7	-3.9
HTEC	ROBO Global Healthcare Technology and Innovation ETF	3.7	68	-10	2.3	-8.3
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	3.7	75	-17	9.7	-0.9
OSEA	Harbor International Compounders ETF	3.7	55	3	4.9	-5.8
FMET	Fidelity Metaverse ETF	3.7	39	19	4.7	-5.9
IVRS	iShares Future Metaverse Tech and Communications ETF	3.7	47	11	3.2	-7.4
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	3.7	25	33	6.2	-4.4
SHLD	Global X Defense Tech ETF	3.6	50	8	3.1	-7.5
BINV	Brandes International ETF	3.6	70	-12	9.1	-1.5
FIVA	Fidelity International Value Factor ETF	3.5	18	40	9.4	-1.2
NUDM	Nuveen ESG International Developed Markets Equity ETF	3.5	31	27	5.9	-4.7
GINN	Goldman Sachs Innovate Equity ETF	3.5	52	6	3.6	-7.0
FSZ	First Trust Switzerland AlphaDEX Fund	3.5	80	-22	6.5	-4.1
EMMF	WisdomTree Emerging Markets Multifactor Fund	3.5	48	10	7.0	-3.6
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	3.5	75	-17	2.8	-7.8
GDOC	Goldman Sachs Future Health Care Equity ETF	3.4	75	-17	2.7	-7.9
IXP	iShares Global Comm Services ETF	3.4	42	16	5.9	-4.7
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	3.4	24	34	7.3	-3.3
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	3.4	40	18	7.1	-3.5
IDMO	Invesco S&P International Developed Momentum ETF	3.4	25	33	5.8	-4.8
TMFG	Motley Fool Global Opportunities ETF	3.4	85	-27	4.1	-6.5
XC	WisdomTree Emerging Markets Ex-China Fund	3.4	32	26	5.4	-5.2
JHID	John Hancock International High Dividend ETF	3.4	46	12	8.7	-1.9
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	3.4	70	-12	11.6	+1.0
RCGE	RockCreek Global Equality ETF	3.4	95	-37	6.7	-3.9
VT	Vanguard Total World Stock ETF	3.3	6	52	5.7	-4.9
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	3.3	32	26	6.0	-4.6
XCEM	Columbia EM Core ex-China ETF	3.3	16	42	7.6	-3.0
EDEN	iShares MSCI Denmark ETF	3.3	53	5	6.5	-4.1
DWM	WisdomTree International Equity Fund	3.3	48	10	7.1	-3.5
GSIE	Goldman Sachs ActiveBeta International Equity ETF	3.3	25	33	6.9	-3.7
AVSE	Avantis Responsible Emerging Markets Equity ETF	3.3	33	25	7.9	-2.7
HART	IQ Healthy Hearts ETF	3.3	45	13	6.4	-4.2
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	3.3	80	-22	4.2	-6.4
STXE	Strive Emerging Markets Ex-China ETF	3.3	32	26	7.3	-3.3
DIVS	SmartETFs Dividend Builder ETF	3.3	65	-7	5.1	-5.5
EMXC	iShares MSCI Emerging Markets ex China ETF	3.3	25	33	6.9	-3.7
IPAC	iShares Core MSCI Pacific ETF	3.3	9	49	6.1	-4.5
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	3.3	32	26	6.4	-4.2
XCNY	SPDR S&P Emerging Markets ex-China ETF	3.3	15	43	7.2	-3.4
AIQ	Global X Artificial Intelligence & Technology ETF	3.2	68	-10	3.6	-7.0
DFIC	Dimensional International Core Equity 2 ETF	3.2	23	35	7.2	-3.5
PCGG	Polen Capital Global Growth ETF	3.2	85	-27	4.1	-6.5
FDEV	Fidelity International Multifactor ETF	3.2	18	40	7.5	-3.1
AVSD	Avantis Responsible International Equity ETF	3.2	23	35	5.1	-5.5
DEXC	Dimensional Emerging Markets ex China Core EquityETF	3.1	53	5	7.2	-3.4
RFDI	First Trust Riverfront Dynamic Developed International ETF	3.1	83	-25	9.0	-1.6
DXJ	WisdomTree Japan Hedged Equity Fund	3.1	48	10	6.8	-3.8
IMFL	Invesco International Developed Dynamic Multifactor ETF	3.1	34	24	5.6	-5.0
CLNR	IQ Cleaner Transport ETF	3.1	45	13	5.0	-5.6
FLTW	Franklin FTSE Taiwan ETF	3.1	19	39	5.9	-4.7
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	3.1	88	-30	7.9	-2.7
KNCT	Invesco Next Gen Connectivity ETF	3.1	40	18	4.6	-6.0
AGQI	First Trust Active Global Quality Income ETF	3.1	85	-27	4.6	-6.0
FTHF	First Trust Emerging Markets Human Flourishing ETF	3.1	75	-17	9.1	-1.5
EWT	iShares MSCI Taiwan ETF	3.1	58	0	5.7	-4.9
DINT	Davis Select International ETF	3.1	55	3	7.7	-2.9
PPIE	Putnam PanAgora ESG International Equity ETF	3.1	49	9	7.0	-3.6
OCEN	IQ Clean Oceans ETF	3.1	45	13	5.1	-5.5
AVIV	Avantis International Large Cap Value ETF	3.1	25	33	8.3	-2.3
FDTX	Fidelity Disruptive Technology ETF	3.0	50	8	2.5	-8.1
AVEM	Avantis Emerging Markets Equity ETF	3.0	33	25	8.1	-2.5
FCA	First Trust China AlphaDEX Fund	3.0	80	-22	8.9	-1.7
ETEC	iShares Breakthrough Environmental Solutions ETF	3.0	47	11	3.5	-7.2
RNEM	First Trust Emerging Markets Equity Select ETF	3.0	75	-17	8.4	-2.2
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	2.9	90	-32	4.9	-5.8
GSFP	Goldman Sachs Future Planet Equity ETF	2.9	75	-17	4.2	-6.4
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	2.9	39	19	7.7	-2.9
VPL	Vanguard FTSE Pacific ETF	2.8	7	51	6.3	-4.3
FEUZ	First Trust Eurozone AlphaDEX ETF	2.8	80	-22	7.8	-2.8
DSTX	Distillate International Fundamental Stability & Value ETF	2.8	55	3	7.7	-2.9
IOO	iShares Global 100 ETF	2.8	41	17	4.6	-6.0
OGIG	ALPS O'Shares Global Internet Giants ETF	2.7	48	10	2.2	-8.4
AVDE	Avantis International Equity ETF	2.7	23	35	7.1	-3.5
IMTM	iShares MSCI Intl Momentum Factor ETF	2.7	30	28	5.4	-5.2
ARTY	iShares Future AI & Tech ETF	2.7	47	11	3.5	-7.1
ESGG	FlexShares STOXX Global ESG Select Index Fund	2.7	42	16	5.3	-5.3
EEMO	Invesco S&P Emerging Markets Momentum ETF	2.7	29	29	7.5	-3.1
BNGE	First Trust S-Network Streaming and Gaming ETF	2.7	70	-12	2.8	-7.9
ESPO	VanEck Video Gaming and eSports ETF	2.7	56	2	5.1	-5.5
SOCL	Global X Social Media ETF	2.7	65	-7	10.9	+0.3
IBLC	iShares Blockchain and Tech ETF	2.7	47	11	-1.5	-12.1
GAMR	Wedbush ETFMG Video Game Tech ETF Wedbush ETFMG Video Game T	2.7	75	-17	3.3	-7.3
ODDS	Pacer BlueStar Digital Entertainment ETF	2.7	60	-2	2.7	-7.9
DWX	SPDR S&P International Dividend ETF	2.7	45	13	7.3	-3.3
ARVR	First Trust Indxx Metaverse ETF	2.7	70	-12	4.1	-6.6
HEAL	Global X HealthTech ETF	2.6	50	8	-0.6	-11.2
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	2.6	29	29	7.6	-3.0
EXI	iShares Global Industrials ETF	2.6	42	16	4.3	-6.3
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	2.5	44	14	10.4	-0.3
FLBR	Franklin FTSE Brazil ETF	2.5	19	39	13.8	+3.2
EWZ	iShares MSCI Brazil ETF	2.5	58	0	12.1	+1.5
EDIV	SPDR S&P Emerging Markets Dividend ETF	2.5	49	9	9.3	-1.3
DXIV	Dimensional International Vector Equity ETF	2.5	34	24	7.6	-3.0
OZEM	Roundhill GLP-1 & Weight Loss ETF	2.4	59	-1	3.7	-6.9
THNR	Amplify Weight Loss Drug & Treatment ETF	2.4	59	-1	7.5	-3.1
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	2.4	9	49	8.8	-1.8
EATZ	AdvisorShares Restaurant ETF	2.4	101	-43	8.1	-2.5
PGJ	Invesco Golden Dragon China ETF	2.4	70	-12	13.2	+2.6
VWID	Virtus WMC International Dividend ETF	2.4	49	9	8.0	-2.6
IPKW	Invesco International BuyBack Achievers ETF	2.3	55	3	8.9	-1.7
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	2.3	50	8	10.2	-0.4
FGM	First Trust Germany AlphaDEX Fund	2.3	80	-22	6.8	-3.8
ARKX	ARK Space Exploration & Innovation ETF	2.3	75	-17	0.2	-10.4
DFIV	Dimensional International Value ETF	2.3	27	31	9.0	-1.6
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	2.3	60	-2	8.0	-2.6
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	2.3	9	49	5.5	-5.1
RXI	iShares Global Consumer Discretionary ETF	2.2	41	17	8.2	-2.4
DGT	State Street SPDR Global Dow ETF	2.2	50	8	6.6	-4.0
EWJV	iShares MSCI Japan Value ETF	2.2	15	43	8.1	-2.5
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	2.1	25	33	6.4	-4.3
IQM	Franklin Intelligent Machines ETF	2.1	50	8	2.0	-8.6
GLOF	iShares Global Equity Factor ETF	2.1	20	38	6.7	-3.9
QWLD	SPDR MSCI World StrategicFactors ETF	2.0	30	28	5.8	-4.8
BLES	Inspire Global Hope ETF	2.0	61	-3	6.8	-3.8
FDCF	Fidelity Disruptive Communications ETF	2.0	50	8	4.2	-6.4
IMOM	Alpha Architect International Quantitative Momentum ETF	1.9	49	9	4.6	-6.0
KOCG	FIS Knights of Columbus Global Belief ETF	1.9	75	-17	4.8	-5.8
BGRO	iShares Large Cap Growth Active ETF	1.9	55	3	2.8	-7.8
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	1.8	24	34	7.3	-3.3
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	1.8	60	-2	3.8	-6.8
EUFN	iShares MSCI Europe Financials ETF	1.8	51	7	7.8	-2.8
KNO	AXS Knowledge Leaders ETF	1.8	78	-20	5.8	-4.8
FLLA	Franklin FTSE Latin America ETF	1.7	19	39	12.3	+1.7
JPIN	J.P. Morgan Diversified Return International Equity ETF	1.7	37	21	7.9	-2.7
FLAU	Franklin FTSE Australia ETF	1.7	9	49	6.2	-4.4
LYLD	Cambria Large Cap Shareholder Yield ETF	1.7	59	-1	9.9	-0.7
MXI	iShares Global Materials ETF	1.7	41	17	7.3	-3.3
IBAT	iShares Energy Storage & Materials ETF	1.7	47	11	2.5	-8.1
URTH	iShares MSCI World ETF	1.7	24	34	5.0	-5.6
CRTC	Xtrackers US National Critical Technologies ETF	1.6	35	23	4.7	-5.9
CGGO	Capital Group Global Growth Equity ETF	1.6	47	11	4.2	-6.4
IBUY	Amplify Online Retail ETF	1.6	65	-7	2.7	-7.9
DFEV	Dimensional Emerging Markets Value ETF	1.6	43	15	11.8	+1.2
ROAM	Hartford Multifactor Emerging Markets ETF	1.5	44	14	11.1	+0.5
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	1.5	80	-22	6.0	-4.6
TOK	iShares MSCI Kokusai ETF	1.5	26	32	5.0	-5.6
IGPT	Invesco AI and Next Gen Software ETF	1.4	60	-2	4.2	-6.4
DTH	WisdomTree International High Dividend Fund	1.4	58	0	8.0	-2.6
FLN	First Trust Latin America AlphaDEX Fund	1.4	80	-22	11.1	+0.5
EWA	iShares MSCI Australia ETF	1.4	50	8	5.8	-4.8
BWEB	Bitwise Web3 ETF	1.4	85	-27	-0.1	-10.7
FPAG	FPA Global Equity ETF	1.4	49	9	5.8	-4.8
FTAG	First Trust Indxx Global Agriculture ETF	1.4	70	-12	8.5	-2.1
MOO	VanEck Agribusiness ETF	1.4	53	5	11.0	+0.4
KROP	Global X AgTech & Food Innovation ETF	1.4	50	8	6.9	-3.7
VEGI	iShares MSCI Agriculture Producers ETF	1.4	39	19	9.2	-1.4
KOKU	Xtrackers MSCI Kokusai Equity ETF	1.4	9	49	5.1	-5.5
FEP	First Trust Europe AlphaDEX Fund	1.3	80	-22	8.1	-2.5
WUGI	AXS Esoterica NextG Economy ETF	1.3	75	-17	2.3	-8.3
FMED	Fidelity Disruptive Medicine ETF	1.3	50	8	-0.7	-11.3
BUYZ	Franklin Disruptive Commerce ETF	1.3	50	8	2.5	-8.1
CIBR	First Trust NASDAQ Cybersecurity ETF	1.3	60	-2	4.1	-6.5
QTUM	Defiance Quantum ETF	1.3	40	18	5.2	-5.4
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	1.3	19	39	5.4	-5.2
FLSW	Franklin FTSE Switzerland ETF	1.3	9	49	6.4	-4.2
AGNG	Global X Aging Population ETF	1.3	50	8	4.8	-5.8
CGDG	Capital Group Dividend Growers ETF	1.3	47	11	6.1	-4.5
FDIG	Fidelity Crypto Industry and Digital Payments ETF	1.3	39	19	-0.8	-11.4
DFNL	Davis Select Financial ETF	1.2	63	-5	7.5	-3.1
DWLD	Davis Select Worldwide ETF	1.2	63	-5	7.2	-3.4
RAYD	Rayliant Quantitative Developed Market Equity ETF	1.2	80	-22	4.4	-6.2
HAP	VanEck Natural Resources ETF	1.2	50	8	9.0	-1.6
ISHP	First Trust Nasdaq Retail ETF	1.2	60	-2	5.5	-5.1
BPAY	BlackRock Future Financial and Technology ETF	1.2	70	-12	6.7	-3.9
FDFF	Fidelity Disruptive Finance ETF	1.2	50	8	4.5	-6.1
ARKF	ARK Fintech Innovation ETF	1.2	75	-17	0.2	-10.4
FINX	Global X FinTech ETF	1.2	68	-10	2.9	-7.7
IPAY	ETFMG Prime Mobile Payments ETFMG Prime Mobile Payments Fund	1.2	75	-17	5.9	-4.7
LOUP	Innovator Deepwater Frontier Tech ETF	1.2	70	-12	1.2	-9.4
ACWV	iShares MSCI Global Min Vol Factor ETF	1.1	20	38	6.0	-4.6
SCJ	iShares MSCI Japan Small-Cap ETF	1.1	50	8	6.7	-3.9
RODE	Hartford Multifactor Diversified International ETF	1.1	29	29	10.3	-0.3
FJP	First Trust Japan AlphaDEX Fund	1.1	80	-22	8.3	-2.3
SYNB	Putnam BioRevolution ETF	1.0	70	-12	2.6	-8.0
GGME	Invesco Next Gen Media and Gaming ETF	1.0	60	-2	4.6	-6.0
PRNT	3D Printing ETF	1.0	66	-8	1.8	-8.8
CZAR	Themes Natural Monopoly ETF	1.0	35	23	5.7	-5.0
HRTS	Tema Heart & Health ETF	1.0	75	-17	2.3	-8.3
FIDI	Fidelity International High Dividend ETF	1.0	18	40	8.1	-2.5
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	1.0	65	-7	10.3	-0.3
SAGP	Strategas Global Policy Opportunities ETF	1.0	65	-7	5.5	-5.1
FDLS	Inspire Fidelis Multi Factor ETF	0.9	76	-18	4.7	-5.9
JSTC	Adasina Social Justice All Cap Global ETF	0.9	89	-31	5.1	-5.6
GLBL	Pacer MSCI World Industry Advantage ETF	0.9	65	-7	4.2	-6.4
IQSM	IQ Candriam U.S. Mid Cap Equity ETF	0.9	15	43	6.2	-4.4
EPP	iShares MSCI Pacific ex-Japan ETF	0.9	47	11	5.2	-5.5
IDLV	Invesco S&P International Developed Low Volatility ETF	0.9	25	33	6.6	-4.0
JOET	Virtus Terranova US Quality Momentum ETF	0.8	29	29	4.9	-5.7
RGEF	Rockefeller Global Equity ETF	0.8	55	3	4.6	-6.0
CZA	Invesco Zacks Mid-Cap ETF	0.8	72	-14	7.5	-3.1
DIM	WisdomTree International MidCap Dividend Fund	0.8	58	0	7.2	-3.4
UEVM	VictoryShares Emerging Markets Value Momentum ETF	0.8	45	13	10.0	-0.6
WTAI	WisdomTree Artificial Intelligence and Innovation Fund	0.8	45	13	2.5	-8.2
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	0.8	25	33	6.0	-4.6
LEGR	First Trust Indxx Innovative Transaction & Process ETF	0.7	65	-7	8.1	-2.6
FID	First Trust S&P International Dividend Aristocrats ETF	0.7	60	-2	7.7	-3.0
FNDC	Schwab Fundamental International Small Co. Index ETF	0.7	39	19	5.8	-4.8
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	0.7	80	-22	8.7	-2.0
CLOD	Themes Cloud Computing ETF	0.6	35	23	3.4	-7.2
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.6	49	9	7.0	-3.7
WDIV	SPDR S&P Global Dividend ETF	0.6	40	18	8.9	-1.7
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.6	49	9	4.9	-5.7
INEQ	Columbia International Equity Income ETF	0.6	45	13	7.6	-3.0
COPY	Tweedy, Browne Insider + Value ETF	0.6	80	-22	12.0	+1.4
DEM	WisdomTree Emerging Markets High Dividend Fund	0.6	63	-5	12.7	+2.1
SCZ	iShares MSCI EAFE Small-Cap ETF	0.6	40	18	6.9	-3.7
DFIS	Dimensional International Small Cap ETF	0.5	39	19	7.1	-3.5
BKMC	BNY Mellon US Mid Cap Core Equity ETF	0.5	4	54	6.1	-4.6
TEMP	JPMorgan Climate Change Solutions ETF	0.5	49	9	5.6	-5.0
IXG	iShares Global Financials ETF	0.5	42	16	6.6	-4.0
QQQS	Invesco NASDAQ Future Gen 200 ETF	0.5	20	38	-4.7	-15.3
UFO	Procure Space ETF	0.4	75	-17	0.2	-10.4
VIDI	Vident International Equity Strategy ETF	0.4	61	-3	10.4	-0.2
EELV	Invesco S&P Emerging Markets Low Volatility ETF	0.4	29	29	8.8	-1.8
SHPP	Pacer Industrials and Logistics ETF	0.4	60	-2	8.2	-2.4
FEM	First Trust Emerging Markets AlphaDEX Fund	0.4	80	-22	11.3	+0.7
DEW	WisdomTree Global High Dividend Fund	0.4	58	0	8.4	-2.3
ISCF	iShares International SmallCap Equity Factor ETF	0.3	23	35	8.1	-2.5
GVLU	Gotham 1000 Value ETF	0.3	50	8	9.1	-1.5
WLDR	Affinity World Leaders Equity ETF	0.3	67	-9	7.2	-3.4
MMSC	First Trust Multi-Manager Small Cap Opportunities ETF	0.3	95	-37	0.2	-10.4
DISV	Dimensional International Small Cap Value ETF	0.2	42	16	9.0	-1.7
SCHC	Schwab International Small-Cap Equity ETF	0.2	11	47	7.6	-3.0
DLS	WisdomTree International SmallCap Dividend Fund	0.1	58	0	8.2	-2.5
CGGR	Capital Group Growth ETF	0.1	39	19	3.4	-7.2
IEUS	iShares MSCI Europe Small-Cap ETF	0.1	42	16	7.4	-3.2
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.1	8	50	7.3	-3.3
AVDS	Avantis International Small Cap Equity ETF	0.1	30	28	7.0	-3.6
GWX	SPDR S&P International Small Cap ETF	0.1	40	18	6.8	-3.8
GUSA	Goldman Sachs MarketBeta U.S. 1000 Equity ETF	0.0	11	47	4.9	-5.7
AVES	Avantis Emerging Markets Value ETF	0.0	36	22	10.7	+0.1
AVDV	Avantis International Small Cap Value ETF	0.0	36	22	9.0	-1.6
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	37	3.7	-6.9
EBI	Longview Advantage ETF	0.0	35	23	6.7	-3.9

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:	VanEck Morningstar International Moat 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	22.0	%
Divided by: Fwd. P/BV	2.0	x
Less: Expense ratio	58	bp
Equals: ALTAR Score	10.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	CATEGORY AVERAGE	1.64

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.