ETF Research Center

VanEck Morningstar International Moat ETF

ALTAR
Score™

12.8%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	9.5x	P/Sales ratio	1.5x
P/BV ratio	1.8x	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)	$168
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	55
Wgt avg mkt cap (mns)	$72,428
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	31.7 %
RHEINMETALL AG	5.4 %
ALIBABA GROUP HOLDING LTD.	3.6 %
HARMONIC DRIVE SYSTEMS INC	3.2 %
JD.COM, INC. CLASS A	3.1 %
TENCENT HOLDINGS LTD	3.0 %
YUM CHINA HOLDINGS, INC.	2.8 %
DAIFUKU CO LTD	2.8 %
LUZHOU LAOJIAO COMPANY LIMITED CLA	2.7 %
SF HOLDING CO LTD	2.6 %
JULIUS BAER GRUPPE AG	2.5 %

TOP COUNTRY EXPOSURE
	CHINA	18.4 %
	BRITAIN	14.7 %
	JAPAN	14.0 %
	FRANCE	9.6 %
	SWITZERLAND	8.7 %
	AUSTRALIA	3.8 %
	GERMANY	3.7 %
	NETHERLANDS	3.5 %
	LUXEMBOURG	2.7 %
	BELGIUM	2.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
10.3%	10.0%	6.1%	--	3.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.84	49%
MSCI EAFE	1.11	86%
MSCI Emg. Mkts.	1.07	81%

Technical Indicators
Recent close	$33.19
30d moving avg.	$33.91
Annualized volatility	20.7%
Short interest (ETF)	0.3%
Relative strength (RSI)	52

Liquidity measures
Avg. volume (thou.)	27
Turnover	0.5%
Bid/Ask (% of price)	0.45%
ADV underlying (mns)	$2,974

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 412 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™:

12.8%

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	34.8	52	6	6.7	-6.1
FDNI	First Trust Dow Jones International Internet ETF	14.2	65	-7	19.5	+6.6
KWEB	KraneShares CSI China Internet ETF	12.2	69	-11	25.8	+12.9
TCHI	iShares MSCI China Multisector Tech ETF	12.2	59	-1	22.4	+9.5
KTEC	KraneShares Hang Seng TECH Index ETF	12.1	69	-11	19.6	+6.8
FXI	iShares China Large-Cap ETF	12.1	74	-16	18.1	+5.3
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	12.0	60	-2	13.3	+0.4
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	11.9	86	-28	13.7	+0.9
IDOG	ALPS International Sector Dividend Dogs ETF	11.4	50	8	12.2	-0.6
MCH	Matthews China Active ETF	10.9	79	-21	15.3	+2.5
PATN	Pacer Nasdaq International Patent Leaders ETF	10.6	65	-7	4.0	-8.9
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	10.6	32	26	17.8	+4.9
MCHI	iShares MSCI China ETF	10.5	59	-1	17.8	+5.0
FLCH	Franklin FTSE China ETF	10.2	19	39	17.2	+4.4
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	10.0	20	38	11.3	-1.5
GXC	SPDR S&P China ETF	9.9	59	-1	16.7	+3.9
KALL	KraneShares MSCI All China Index ETF	9.6	49	9	15.3	+2.4
AIA	iShares Asia 50 ETF	9.5	50	8	14.7	+1.9
CHIQ	Global X MSCI China Consumer Discretionary ETF	9.5	65	-7	13.7	+0.9
LDEM	iShares ESG MSCI EM Leaders ETF	9.4	17	41	12.9	+0.0
PXH	Invesco FTSE RAFI Emerging Markets ETF	9.3	49	9	16.7	+3.8
BKF	iShares MSCI BIC ETF	9.1	69	-11	13.0	+0.2
CHAT	Roundhill Generative AI & Technology ETF	9.1	75	-17	14.8	+2.0
IVLU	iShares MSCI Intl Value Factor ETF	9.1	30	28	11.1	-1.7
SCHY	Schwab International Dividend Equity ETF	9.0	14	44	9.8	-3.1
ROBO	ROBO Global Robotics & Automation Index ETF	8.7	95	-37	4.0	-8.9
ECON	Columbia Emerging Markets Consumer ETF	8.5	49	9	12.9	+0.1
EWU	iShares MSCI United Kingdom ETF	8.5	50	8	8.6	-4.3
ANEW	ProShares MSCI Transformational Changes ETF	8.4	45	13	7.0	-5.8
EMC	Global X Emerging Markets Great Consumer ETF	8.2	75	-17	8.5	-4.4
EEMA	iShares MSCI Emerging Markets Asia ETF	8.1	49	9	10.7	-2.1
AAXJ	iShares MSCI All Country Asia ex Japan ETF	8.1	70	-12	9.8	-3.0
FLGB	Franklin FTSE United Kingdom ETF	8.1	9	49	8.0	-4.8
GMF	SPDR S&P Emerging Asia Pacific ETF	8.1	49	9	10.0	-2.8
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	8.0	30	28	10.6	-2.3
FLAX	Franklin FTSE Asia Ex Japan ETF	8.0	19	39	10.8	-2.0
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	8.0	39	19	16.9	+4.1
SCHE	Schwab Emerging Markets Equity ETF	7.9	11	47	11.6	-1.3
EEM	iShares MSCI Emerging Markets ETF	7.9	69	-11	10.7	-2.1
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	7.8	15	43	10.8	-2.1
IEV	iShares Europe ETF	7.8	67	-9	6.9	-5.9
ESGE	iShares ESG Aware MSCI EM ETF	7.7	25	33	10.7	-2.2
JHEM	John Hancock Multifactor Emerging Markets ETF	7.6	49	9	10.5	-2.3
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	7.6	32	26	9.6	-3.2
MEM	Matthews Emerging Markets Equity Active ETF	7.6	79	-21	8.5	-4.3
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	7.6	66	-8	10.2	-2.7
IPKW	Invesco International BuyBack Achievers ETF	7.5	55	3	15.3	+2.5
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	7.5	36	22	11.2	-1.7
BKEM	BNY Mellon Emerging Markets Equity ETF	7.5	11	47	11.8	-1.1
VWO	Vanguard FTSE Emerging Markets ETF	7.4	8	50	10.9	-2.0
OEUR	ALPS O'Shares Europe Quality Dividend ETF	7.4	48	10	5.9	-6.9
FDEM	Fidelity Emerging Markets Multifactor ETF	7.4	25	33	13.5	+0.7
DIHP	Dimensional International High Profitability ETF	7.3	29	29	7.4	-5.4
DSTX	Distillate International Fundamental Stability & Value ETF	7.3	55	3	8.4	-4.4
IDNA	iShares Genomics Immunology and Healthcare ETF	7.3	47	11	-2.1	-14.9
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	7.3	9	49	9.2	-3.7
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	7.2	45	13	11.0	-1.8
IEMG	iShares Core MSCI Emerging Markets ETF	7.2	9	49	10.9	-1.9
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	7.1	33	25	10.6	-2.2
DTAN	Sparkline International Intangible Value ETF	7.1	55	3	7.2	-5.6
SPEM	SPDR Portfolio Emerging Markets ETF	7.1	7	51	10.9	-1.9
EFV	iShares MSCI EAFE Value ETF	6.9	34	24	9.4	-3.4
EMGF	iShares Emerging Markets Equity Factor ETF	6.9	25	33	12.4	-0.4
KXI	iShares Global Consumer Staples ETF	6.8	41	17	5.4	-7.4
IEUR	iShares Core MSCI Europe ETF	6.8	11	47	7.4	-5.4
SPEU	SPDR Portfolio Europe ETF	6.8	7	51	7.5	-5.4
VGK	Vanguard FTSE Europe ETF	6.7	11	47	7.5	-5.4
EUDV	ProShares MSCI Europe Dividend Growers ETF	6.7	55	3	6.9	-6.0
MINV	Matthews Asia Innovators Active ETF	6.6	79	-21	7.7	-5.1
JCHI	JPMorgan Active China ETF	6.6	65	-7	16.8	+4.0
ACWX	iShares MSCI ACWI ex U.S. ETF	6.5	34	24	8.1	-4.7
CWI	SPDR MSCI ACWI ex-US ETF	6.5	30	28	8.2	-4.6
DFAE	Dimensional Emerging Core Equity Market ETF	6.3	35	23	10.2	-2.7
QEFA	SPDR MSCI EAFE StrategicFactors ETF	6.3	30	28	7.3	-5.6
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	6.3	59	-1	13.7	+0.8
RFEU	First Trust Riverfront Dynamic Europe ETF	6.3	83	-25	10.0	-2.8
NATO	Themes Transatlantic Defense ETF	6.3	35	23	3.2	-9.7
AIVI	WisdomTree International AI Enhanced Value Fund	6.2	58	0	7.5	-5.3
VIGI	Vanguard International Dividend Appreciation ETF	6.2	15	43	6.2	-6.6
XT	iShares Exponential Technologies ETF	6.2	46	12	5.5	-7.3
EVLU	iShares MSCI Emerging Markets Value Factor ETF	6.1	35	23	21.6	+8.7
IGRO	iShares International Dividend Growth ETF	6.1	15	43	7.3	-5.5
CGRO	CoreValues Alpha Greater China Growth ETF	6.1	75	-17	4.0	-8.9
EFAV	iShares MSCI EAFE Min Vol Factor ETF	6.1	22	36	5.8	-7.0
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	6.0	95	-37	13.1	+0.2
UMMA	Wahed Dow Jones Islamic World ETF	6.0	65	-7	5.3	-7.6
VEU	Vanguard FTSE All-World ex-US Index Fund	6.0	8	50	8.5	-4.4
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	5.9	20	38	6.6	-6.2
METV	Roundhill Ball Metaverse ETF	5.9	59	-1	8.2	-4.6
EZU	iShares MSCI Eurozone ETF	5.9	52	6	6.8	-6.0
IQLT	iShares MSCI Intl Quality Factor ETF	5.9	30	28	6.3	-6.5
HEDJ	WisdomTree Europe Hedged Equity Fund	5.8	58	0	6.6	-6.3
IQDG	WisdomTree International Quality Dividend Growth Fund	5.8	42	16	7.2	-5.7
VWID	Virtus WMC International Dividend ETF	5.7	49	9	8.8	-4.0
FEZ	SPDR EURO STOXX 50 ETF	5.7	29	29	7.2	-5.7
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	5.7	58	0	7.1	-5.8
STXI	Strive International Developed Markets ETF	5.7	29	29	5.9	-6.9
WRND	IQ Global Equity R&D Leaders ETF	5.7	18	40	7.9	-5.0
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	5.6	65	-7	4.1	-8.7
IXUS	iShares Core MSCI Total International Stock ETF	5.6	7	51	8.3	-4.5
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	5.6	41	17	9.4	-3.5
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	5.6	12	46	6.2	-6.7
IMTM	iShares MSCI Intl Momentum Factor ETF	5.6	30	28	5.6	-7.2
IDHQ	Invesco S&P International Developed High Quality ETF	5.5	29	29	6.7	-6.2
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	5.5	38	20	9.9	-2.9
BBEU	JPMorgan BetaBuilders Europe ETF	5.5	9	49	7.2	-5.6
EFA	iShares MSCI EAFE ETF	5.5	35	23	7.0	-5.8
CQQQ	Invesco China Technology ETF	5.5	70	-12	18.3	+5.5
VXUS	Vanguard Total International Stock ETF	5.4	7	51	8.3	-4.5
FGM	First Trust Germany AlphaDEX Fund	5.4	80	-22	9.0	-3.8
SHLD	Global X Defense Tech ETF	5.4	50	8	3.8	-9.0
IXJ	iShares Global Healthcare ETF	5.4	42	16	6.6	-6.2
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	5.4	41	17	7.1	-5.7
TTAI	FCF International Quality ETF	5.4	59	-1	6.9	-5.9
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	5.3	45	13	6.6	-6.2
EUDG	WisdomTree Europe Quality Dividend Growth Fund	5.3	58	0	6.5	-6.3
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	5.3	46	12	6.8	-6.1
QINT	American Century Quality Diversified International ETF	5.3	39	19	7.6	-5.2
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	5.2	18	40	8.1	-4.7
DOL	WisdomTree International LargeCap Dividend Fund	5.2	48	10	7.5	-5.4
FLEE	Franklin FTSE Europe ETF	5.1	9	49	7.0	-5.8
JHID	John Hancock International High Dividend ETF	5.1	46	12	10.3	-2.5
JIG	JPMorgan International Growth ETF	5.0	55	3	4.8	-8.0
DIVI	Franklin International Core Dividend Tilt Index ETF	5.0	9	49	8.2	-4.6
BINV	Brandes International ETF	5.0	70	-12	9.5	-3.3
IMFL	Invesco International Developed Dynamic Multifactor ETF	4.9	34	24	6.2	-6.6
EFAD	ProShares MSCI EAFE Dividend Growers ETF	4.9	50	8	5.8	-7.0
TMFG	Motley Fool Global Opportunities ETF	4.9	85	-27	3.5	-9.3
FDEV	Fidelity International Multifactor ETF	4.8	18	40	7.7	-5.1
IEFA	iShares Core MSCI EAFE ETF	4.8	7	51	7.4	-5.5
RXI	iShares Global Consumer Discretionary ETF	4.7	41	17	9.2	-3.6
VYMI	Vanguard International High Dividend Yield ETF	4.7	22	36	10.0	-2.8
BOTZ	Global X Robotics & Artificial Intelligence ETF	4.6	69	-11	2.6	-10.2
ESGD	iShares ESG Aware MSCI EAFE ETF	4.6	20	38	7.1	-5.7
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	4.6	80	-22	4.9	-7.9
DFEV	Dimensional Emerging Markets Value ETF	4.5	43	15	14.5	+1.6
CGIE	Capital Group International Equity ETF	4.5	54	4	5.1	-7.7
SCHF	Schwab International Equity ETF	4.5	6	52	7.7	-5.1
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	4.4	32	26	6.1	-6.7
EWN	iShares MSCI Netherlands ETF	4.4	50	8	5.9	-7.0
VSGX	Vanguard ESG International Stock ETF	4.4	12	46	8.2	-4.7
IDEV	iShares Core MSCI International Developed Markets ETF	4.3	4	54	7.4	-5.5
DWMF	WisdomTree International Multifactor Fund	4.3	38	20	6.9	-5.9
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	4.3	45	13	9.3	-3.5
EWQ	iShares MSCI France ETF	4.2	53	5	7.0	-5.8
FIDI	Fidelity International High Dividend ETF	4.2	18	40	9.0	-3.9
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	4.2	20	38	6.7	-6.1
LVHI	Franklin International Low Volatility High Dividend Index ET	4.2	40	18	11.0	-1.8
DFAI	Dimensional International Core Equity Market ETF	4.2	18	40	7.6	-5.3
FICS	First Trust International Developed Capital Strength ETF	4.2	70	-12	5.7	-7.1
SPDW	SPDR Portfolio Developed World ex-US ETF	4.1	3	55	7.5	-5.3
VEA	Vanguard FTSE Developed Markets ETF	4.1	5	53	7.6	-5.3
FNDF	Schwab Fundamental International Large Co. Index ETF	4.1	25	33	10.1	-2.7
RFDI	First Trust Riverfront Dynamic Developed International ETF	4.0	83	-25	10.0	-2.8
DTH	WisdomTree International High Dividend Fund	4.0	58	0	9.1	-3.8
IMOM	Alpha Architect International Quantitative Momentum ETF	4.0	49	9	4.8	-8.1
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	4.0	36	22	6.9	-5.9
GSID	Goldman Sachs MarketBeta International Equity ETF	3.9	20	38	7.1	-5.7
HFXI	IQ FTSE International Equity Currency Neutral ETF	3.9	20	38	7.4	-5.4
EFG	iShares MSCI EAFE Growth ETF	3.8	36	22	4.5	-8.3
JHMD	John Hancock Multifactor Developed International ETF	3.8	39	19	7.8	-5.0
JIRE	JPMorgan International Research Enhanced Equity ETF	3.7	24	34	7.4	-5.4
DAX	Global X DAX Germany ETF	3.7	21	37	6.8	-6.1
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	3.7	40	18	7.5	-5.3
IXP	iShares Global Comm Services ETF	3.6	42	16	6.7	-6.1
EWG	iShares MSCI Germany ETF	3.6	50	8	6.5	-6.3
IVES	Wedbush ETFMG Global Cloud Technology ETF	3.6	68	-10	9.3	-3.6
AIVC	Amplify Bloomberg AI Value Chain ETF	3.6	59	-1	8.6	-4.2
IDLV	Invesco S&P International Developed Low Volatility ETF	3.6	25	33	6.3	-6.5
EFAS	Global X MSCI SuperDividend EAFE ETF	3.6	57	1	8.5	-4.3
IDV	iShares International Select Dividend ETF	3.6	51	7	11.6	-1.3
TOKE	Cambria Cannabis ETF	3.6	42	16	1.5	-11.3
DWM	WisdomTree International Equity Fund	3.5	48	10	7.7	-5.1
EWL	iShares MSCI Switzerland ETF	3.5	50	8	5.9	-6.9
BKIE	BNY Mellon International Equity ETF	3.5	4	54	7.3	-5.5
CGXU	Capital Group International Focus Equity ETF	3.5	54	4	5.9	-7.0
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	3.5	47	11	9.0	-3.9
FSZ	First Trust Switzerland AlphaDEX Fund	3.5	80	-22	5.0	-7.8
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	3.4	25	33	7.2	-5.6
AVEM	Avantis Emerging Markets Equity ETF	3.4	33	25	9.7	-3.2
RNEM	First Trust Emerging Markets Equity Select ETF	3.4	75	-17	1.0	-11.8
FIVA	Fidelity International Value Factor ETF	3.4	18	40	10.5	-2.3
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	3.3	42	16	6.8	-6.1
INTF	iShares International Equity Factor ETF	3.3	15	43	8.1	-4.7
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	3.3	15	43	8.6	-4.2
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	3.3	75	-17	3.5	-9.3
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	3.2	30	28	8.6	-4.2
IOO	iShares Global 100 ETF	3.1	41	17	5.4	-7.5
DFIC	Dimensional International Core Equity 2 ETF	3.1	23	35	7.9	-4.9
DGT	SPDR Global Dow ETF	3.0	50	8	7.5	-5.4
DFSI	Dimensional International Sustainability Core 1 ETF	3.0	24	34	6.6	-6.2
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	3.0	30	28	9.3	-3.5
CGDG	Capital Group Dividend Growers ETF	3.0	47	11	6.3	-6.5
IQDF	FlexShares International Quality Dividend Index Fund	3.0	47	11	9.5	-3.3
FMET	Fidelity Metaverse ETF	3.0	39	19	5.1	-7.7
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	3.0	40	18	5.6	-7.3
DEHP	Dimensional Emerging Markets High Profitability ETF	3.0	41	17	6.5	-6.3
ARVR	First Trust Indxx Metaverse ETF	3.0	70	-12	5.9	-6.9
BNGE	First Trust S-Network Streaming and Gaming ETF	3.0	70	-12	3.6	-9.2
ESPO	VanEck Video Gaming and eSports ETF	3.0	56	2	4.8	-8.1
AIQ	Global X Artificial Intelligence & Technology ETF	3.0	68	-10	4.7	-8.2
SOCL	Global X Social Media ETF	3.0	65	-7	12.9	+0.1
IBLC	iShares Blockchain and Tech ETF	3.0	47	11	-4.1	-16.9
IVRS	iShares Future Metaverse Tech and Communications ETF	3.0	47	11	2.8	-10.0
GAMR	Wedbush ETFMG Video Game Tech ETF Wedbush ETFMG Video Game T	3.0	75	-17	5.9	-6.9
ODDS	Pacer BlueStar Digital Entertainment ETF	3.0	60	-2	4.9	-7.9
IBUY	Amplify Online Retail ETF	3.0	65	-7	3.7	-9.2
IQSI	IQ Candriam International Equity ETF	3.0	15	43	6.7	-6.2
CIL	VictoryShares International Volatility Wtd ETF	3.0	45	13	7.0	-5.9
RGEF	Rockefeller Global Equity ETF	2.9	55	3	5.2	-7.6
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	2.9	39	19	7.0	-5.9
KLMT	Invesco MSCI Global Climate 500 ETF	2.8	10	48	6.1	-6.8
FLGR	Franklin FTSE Germany ETF	2.8	9	49	6.8	-6.0
EATZ	AdvisorShares Restaurant ETF	2.8	101	-43	5.7	-7.1
PGJ	Invesco Golden Dragon China ETF	2.8	70	-12	13.9	+1.1
NEWZ	StockSnips AI-Powered Sentiment US All Cap ETF	2.8	65	-7	5.0	-7.9
BOTT	Themes Robotics & Automation ETF	2.8	35	23	4.5	-8.4
DFIV	Dimensional International Value ETF	2.8	27	31	10.4	-2.5
DWX	SPDR S&P International Dividend ETF	2.7	45	13	6.6	-6.3
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	2.6	29	29	8.2	-4.6
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	2.6	24	34	6.4	-6.4
FBOT	Fidelity Disruptive Automation ETF	2.6	50	8	4.0	-8.9
FKU	First Trust United Kingdom AlphaDEX Fund	2.6	80	-22	7.9	-4.9
DFNL	Davis Select Financial ETF	2.5	63	-5	8.4	-4.5
DINT	Davis Select International ETF	2.5	55	3	8.3	-4.5
DWLD	Davis Select Worldwide ETF	2.5	63	-5	7.8	-5.0
OZEM	Roundhill GLP-1 & Weight Loss ETF	2.5	59	-1	1.1	-11.7
THNR	Amplify Weight Loss Drug & Treatment ETF	2.5	59	-1	5.8	-7.0
EWS	iShares MSCI Singapore ETF	2.5	50	8	5.2	-7.7
INFL	Horizon Kinetics Inflation Beneficiaries ETF	2.5	85	-27	3.9	-8.9
BCDF	Horizon Kinetics Blockchain Development ETF	2.5	85	-27	4.5	-8.4
CZAR	Themes Natural Monopoly ETF	2.5	35	23	2.8	-10.0
HART	IQ Healthy Hearts ETF	2.5	45	13	6.6	-6.3
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	2.5	65	-7	12.2	-0.7
AVIV	Avantis International Large Cap Value ETF	2.4	25	33	9.3	-3.6
FDFF	Fidelity Disruptive Finance ETF	2.4	50	8	4.1	-8.7
ARKF	ARK Fintech Innovation ETF	2.4	75	-17	-0.3	-13.1
FINX	Global X FinTech ETF	2.4	68	-10	2.6	-10.2
IPAY	ETFMG Prime Mobile Payments ETFMG Prime Mobile Payments Fund	2.4	75	-17	4.5	-8.3
LOUP	Innovator Deepwater Frontier Tech ETF	2.4	70	-12	1.8	-11.1
DMXF	iShares ESG Advanced MSCI EAFE ETF	2.4	12	46	5.8	-7.1
EWK	iShares MSCI Belgium ETF	2.4	50	8	4.6	-8.3
NUDM	Nuveen ESG International Developed Markets Equity ETF	2.4	31	27	6.6	-6.2
FLBR	Franklin FTSE Brazil ETF	2.4	19	39	15.3	+2.5
EWZ	iShares MSCI Brazil ETF	2.4	58	0	13.7	+0.8
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics ETF	2.4	65	-7	3.5	-9.4
DIVS	SmartETFs Dividend Builder ETF	2.4	65	-7	4.9	-7.9
SUPL	ProShares Supply Chain Logistics ETF	2.3	58	0	5.4	-7.5
EIRL	iShares MSCI Ireland ETF	2.3	50	8	8.5	-4.3
CGDV	Capital Group Dividend Value ETF	2.3	33	25	4.9	-7.9
TEMP	JPMorgan Climate Change Solutions ETF	2.3	49	9	5.9	-7.0
ACWI	iShares MSCI ACWI ETF	2.3	32	26	6.0	-6.9
EUFN	iShares MSCI Europe Financials ETF	2.3	51	7	8.5	-4.4
MDEV	First Trust Indxx Medical Devices ETF	2.3	70	-12	1.2	-11.7
TPIF	Timothy Plan International ETF	2.3	62	-4	6.5	-6.3
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	2.3	86	-28	0.4	-12.5
EPOL	iShares MSCI Poland ETF	2.3	59	-1	11.6	-1.3
CRBN	iShares MSCI ACWI Low Carbon Target ETF	2.3	20	38	6.0	-6.8
GSIE	Goldman Sachs ActiveBeta International Equity ETF	2.2	25	33	7.5	-5.4
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	2.2	9	49	6.1	-6.8
FEM	First Trust Emerging Markets AlphaDEX Fund	2.2	80	-22	13.8	+1.0
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	2.2	39	19	8.3	-4.5
IBOT	Vaneck Robotics ETF	2.1	47	11	4.6	-8.2
FTAG	First Trust Indxx Global Agriculture ETF	2.1	70	-12	8.1	-4.8
MOO	VanEck Agribusiness ETF	2.1	53	5	10.8	-2.0
KROP	Global X AgTech & Food Innovation ETF	2.1	50	8	7.0	-5.8
IVEG	iShares Emergent Food and AgTech Multisector ETF	2.1	47	11	8.5	-4.3
VEGI	iShares MSCI Agriculture Producers ETF	2.1	39	19	8.8	-4.1
LYLD	Cambria Large Cap Shareholder Yield ETF	2.1	59	-1	9.8	-3.0
PIO	Invesco Global Water ETF	2.1	75	-17	4.9	-7.9
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	2.1	60	-2	8.0	-4.9
FCA	First Trust China AlphaDEX Fund	2.1	80	-22	11.3	-1.5
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	2.1	80	-22	5.7	-7.2
DTEC	ALPS Disruptive Technologies ETF	2.1	50	8	4.0	-8.8
EMXF	iShares ESG Advanced MSCI EM ETF	2.0	16	42	8.4	-4.4
JGLO	JPMorgan Global Select Equity ETF	2.0	33	25	5.1	-7.7
VT	Vanguard Total World Stock ETF	2.0	7	51	6.3	-6.6
AVSD	Avantis Responsible International Equity ETF	2.0	23	35	6.8	-6.0
GSFP	Goldman Sachs Future Planet Equity ETF	2.0	75	-17	4.8	-8.0
GINN	Goldman Sachs Innovate Equity ETF	1.9	52	6	4.4	-8.5
FMED	Fidelity Disruptive Medicine ETF	1.9	50	8	-1.1	-14.0
GCOW	Pacer Global Cash Cows Dividend ETF	1.9	60	-2	10.9	-1.9
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	1.9	14	44	6.0	-6.8
NUEM	Nuveen ESG Emerging Markets Equity ETF	1.9	36	22	8.1	-4.7
BLKC	Invesco Alerian Galaxy Blockchain Users and Decentralized Co	1.8	61	-3	1.4	-11.5
LUX	Tema Luxury ETF	1.8	75	-17	2.6	-10.2
QWLD	SPDR MSCI World StrategicFactors ETF	1.8	30	28	5.9	-6.9
EXI	iShares Global Industrials ETF	1.8	42	16	4.9	-8.0
FGD	First Trust Dow Jones Global Select Dividend Index Fund	1.8	56	2	12.6	-0.2
FENI	Fidelity Enhanced International ETF	1.8	28	30	7.0	-5.8
CEFA	Global X S&P Catholic Values Developed ex-US ETF	1.8	35	23	5.9	-7.0
FDCF	Fidelity Disruptive Communications ETF	1.8	50	8	3.3	-9.5
ISHP	First Trust Nasdaq Retail ETF	1.8	60	-2	5.5	-7.3
FLLA	Franklin FTSE Latin America ETF	1.7	19	39	13.5	+0.7
CGUS	Capital Group Core Equity ETF	1.7	33	25	4.6	-8.2
ROAM	Hartford Multifactor Emerging Markets ETF	1.7	44	14	11.3	-1.5
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	1.7	12	46	5.1	-7.7
BPAY	BlackRock Future Financial and Technology ETF	1.7	70	-12	7.5	-5.4
JPXN	iShares JPX-Nikkei 400 ETF	1.7	48	10	7.5	-5.3
EATV	VegTech Plant-based Innovation & Climate ETF	1.6	75	-17	5.4	-7.4
JPIN	J.P. Morgan Diversified Return International Equity ETF	1.6	37	21	8.9	-3.9
AVDE	Avantis International Equity ETF	1.6	23	35	8.0	-4.9
EWA	iShares MSCI Australia ETF	1.6	50	8	6.1	-6.7
RODE	Hartford Multifactor Diversified International ETF	1.6	29	29	9.9	-3.0
SATO	Invesco Alerian Galaxy Crypto Economy ETF	1.5	61	-3	-1.1	-13.9
EWJV	iShares MSCI Japan Value ETF	1.5	15	43	9.8	-3.1
BBJP	JPMorgan BetaBuilders Japan ETF	1.5	19	39	7.6	-5.3
ESGG	FlexShares STOXX Global ESG Select Index Fund	1.5	42	16	5.4	-7.4
PRNT	3D Printing ETF	1.5	66	-8	1.5	-11.3
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	1.5	19	39	6.3	-6.5
KOCG	FIS Knights of Columbus Global Belief ETF	1.5	75	-17	5.4	-7.5
VIDI	Vident International Equity Strategy ETF	1.5	61	-3	12.0	-0.8
UIVM	VictoryShares International Value Momentum ETF	1.5	35	23	9.5	-3.4
EPP	iShares MSCI Pacific ex-Japan ETF	1.5	47	11	5.7	-7.1
IDMO	Invesco S&P International Developed Momentum ETF	1.5	25	33	5.7	-7.1
CGGO	Capital Group Global Growth Equity ETF	1.4	47	11	5.0	-7.8
EWJ	iShares MSCI Japan ETF	1.4	50	8	7.1	-5.7
DEW	WisdomTree Global High Dividend Fund	1.4	58	0	7.7	-5.1
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	1.4	47	11	7.1	-5.7
BWEB	Bitwise Web3 ETF	1.4	85	-27	0.1	-12.7
URTH	iShares MSCI World ETF	1.4	24	34	5.5	-7.3
TOK	iShares MSCI Kokusai ETF	1.4	26	32	5.2	-7.7
FPAG	FPA Global Equity ETF	1.4	49	9	6.3	-6.5
DXJ	WisdomTree Japan Hedged Equity Fund	1.4	48	10	8.4	-4.4
FJP	First Trust Japan AlphaDEX Fund	1.3	80	-22	10.3	-2.5
FLAU	Franklin FTSE Australia ETF	1.3	9	49	6.4	-6.5
TOGA	Tremblant Global ETF	1.3	69	-11	2.5	-10.4
BUYZ	Franklin Disruptive Commerce ETF	1.3	50	8	2.6	-10.3
COPY	Tweedy, Browne Insider + Value ETF	1.3	80	-22	12.6	-0.2
FDIG	Fidelity Crypto Industry and Digital Payments ETF	1.3	39	19	-0.5	-13.3
FLJH	Franklin FTSE Japan Hedged ETF	1.3	9	49	6.7	-6.2
FLJP	Franklin FTSE Japan ETF	1.2	9	49	7.0	-5.9
IVAL	Alpha Architect International Quantitative Value ETF	1.2	49	9	10.6	-2.2
OCEN	IQ Clean Oceans ETF	1.2	45	13	5.7	-7.1
IPAC	iShares Core MSCI Pacific ETF	1.2	9	49	7.1	-5.7
WUGI	AXS Esoterica NextG Economy ETF	1.2	75	-17	2.9	-9.9
IBAT	iShares Energy Storage & Materials ETF	1.2	47	11	5.3	-7.5
IDAT	iShares Future Cloud 5G and Tech ETF	1.2	47	11	4.8	-8.1
HAP	VanEck Natural Resources ETF	1.1	50	8	10.0	-2.8
FYLD	Cambria Foreign Shareholder Yield ETF	1.1	59	-1	12.5	-0.4
OAIM	OneAscent International Equity ETF	1.1	95	-37	6.2	-6.7
FEP	First Trust Europe AlphaDEX Fund	1.1	80	-22	9.3	-3.5
WWJD	Inspire International ETF	1.0	80	-22	7.6	-5.3
FDLS	Inspire Fidelis Multi Factor ETF	1.0	76	-18	5.8	-7.1
VPL	Vanguard FTSE Pacific ETF	1.0	8	50	7.7	-5.2
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	1.0	80	-22	9.7	-3.1
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	1.0	25	33	6.0	-6.8
KOKU	Xtrackers MSCI Kokusai Equity ETF	1.0	9	49	5.5	-7.4
LEGR	First Trust Indxx Innovative Transaction & Process ETF	1.0	65	-7	8.6	-4.3
IQSM	IQ Candriam U.S. Mid Cap Equity ETF	1.0	15	43	5.8	-7.0
PKW	Invesco Buyback Achievers ETF	1.0	62	-4	8.0	-4.9
FLSW	Franklin FTSE Switzerland ETF	1.0	9	49	6.2	-6.7
GLBL	Pacer MSCI World Industry Advantage ETF	0.9	65	-7	5.0	-7.9
MXI	iShares Global Materials ETF	0.9	41	17	8.0	-4.8
JOET	Virtus Terranova US Quality Momentum ETF	0.9	29	29	5.0	-7.8
FDTX	Fidelity Disruptive Technology ETF	0.9	50	8	3.0	-9.8
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	0.9	80	-22	10.0	-2.8
OGIG	ALPS O'Shares Global Internet Giants ETF	0.8	48	10	1.9	-11.0
DIM	WisdomTree International MidCap Dividend Fund	0.8	58	0	7.7	-5.1
FID	First Trust S&P International Dividend Aristocrats ETF	0.8	60	-2	9.1	-3.8
FEUZ	First Trust Eurozone AlphaDEX ETF	0.8	80	-22	9.2	-3.6
GLOF	iShares Global Equity Factor ETF	0.8	20	38	6.8	-6.0
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	0.8	25	33	7.4	-5.4
FNDC	Schwab Fundamental International Small Co. Index ETF	0.8	39	19	6.3	-6.5
GDOC	Goldman Sachs Future Health Care Equity ETF	0.8	75	-17	2.7	-10.2
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.8	50	8	11.6	-1.3
BULD	Pacer BlueStar Engineering the Future ETF	0.8	60	-2	2.0	-10.8
KNO	AXS Knowledge Leaders ETF	0.7	78	-20	6.1	-6.7
ACWV	iShares MSCI Global Min Vol Factor ETF	0.7	20	38	5.9	-7.0
CCNR	ALPS CoreCommodity Natural Resources ETF	0.7	39	19	11.0	-1.8
FLN	First Trust Latin America AlphaDEX Fund	0.7	80	-22	10.6	-2.3
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	0.7	75	-17	10.3	-2.6
WDIV	SPDR S&P Global Dividend ETF	0.6	40	18	9.6	-3.2
IGPT	Invesco AI and Next Gen Software ETF	0.6	60	-2	4.9	-7.9
IXG	iShares Global Financials ETF	0.6	42	16	7.2	-5.6
SHPP	Pacer Industrials and Logistics ETF	0.6	60	-2	5.1	-7.8
BKMC	BNY Mellon US Mid Cap Core Equity ETF	0.6	4	54	6.1	-6.7
DEM	WisdomTree Emerging Markets High Dividend Fund	0.6	63	-5	13.6	+0.8
EELV	Invesco S&P Emerging Markets Low Volatility ETF	0.5	29	29	8.7	-4.1
BLES	Inspire Global Hope ETF	0.5	61	-3	6.8	-6.0
WLDR	Affinity World Leaders Equity ETF	0.5	67	-9	8.3	-4.5
CRTC	Xtrackers US National Critical Technologies ETF	0.5	35	23	5.3	-7.6
RAYD	Rayliant Quantitative Developed Market Equity ETF	0.5	80	-22	4.7	-8.1
QQQS	Invesco NASDAQ Future Gen 200 ETF	0.5	20	38	-9.4	-22.2
STXE	Strive Emerging Markets Ex-China ETF	0.5	32	26	8.2	-4.7
XC	WisdomTree Emerging Markets Ex-China Fund	0.4	32	26	5.5	-7.3
EMMF	WisdomTree Emerging Markets Multifactor Fund	0.4	48	10	7.8	-5.1
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	0.4	25	33	6.5	-6.4
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	0.3	44	14	11.0	-1.8
DFIS	Dimensional International Small Cap ETF	0.3	39	19	7.9	-5.0
SCJ	iShares MSCI Japan Small-Cap ETF	0.3	50	8	6.8	-6.0
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	0.3	24	34	8.3	-4.5
EMXC	iShares MSCI Emerging Markets ex China ETF	0.3	25	33	8.0	-4.9
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.3	49	9	7.3	-5.5
IXN	iShares Global Tech ETF	0.3	41	17	4.5	-8.3
XCEM	Columbia EM Core ex-China ETF	0.2	16	42	8.5	-4.4
AGNG	Global X Aging Population ETF	0.2	50	8	4.2	-8.7
XCNY	SPDR S&P Emerging Markets ex-China ETF	0.2	15	43	0.0	-12.8
SCZ	iShares MSCI EAFE Small-Cap ETF	0.2	40	18	7.4	-5.5
DLS	WisdomTree International SmallCap Dividend Fund	0.2	58	0	8.9	-3.9
IEUS	iShares MSCI Europe Small-Cap ETF	0.2	42	16	7.2	-5.7
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	0.2	32	26	7.0	-5.8
SCHC	Schwab International Small-Cap Equity ETF	0.1	11	47	7.1	-5.7
ISCF	iShares International SmallCap Equity Factor ETF	0.1	23	35	8.6	-4.2
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.1	7	51	7.0	-5.8
XMAG	Defiance Large Cap ex-Mag 7 ETF	0.1	35	23	4.6	-8.2
JSTC	Adasina Social Justice All Cap Global ETF	0.0	89	-31	4.5	-8.4
GUSA	Goldman Sachs MarketBeta U.S. 1000 Equity ETF	0.0	11	47	5.2	-7.6
AVES	Avantis Emerging Markets Value ETF	0.0	36	22	12.2	-0.6
AVDV	Avantis International Small Cap Value ETF	0.0	36	22	10.9	-1.9
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	37	4.3	-8.6
APIE	ActivePassive International Equity ETF	0.0	45	13	7.7	-5.2

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:	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	23.3	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	58	bp
Equals: ALTAR Score	12.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	CATEGORY AVERAGE	1.60

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.