ETF Research Center

Invesco Dorsey Wright Developed Markets Momentum ETF

ALTAR
Score™

5.1%

Recommen-
dation

AVOID

2025E 2026E
P/E ratio	17.3x	P/Sales ratio	2.2x
P/BV ratio	2.7x	Div. yield	2.4%

Description
Performance
Comps
Fundamentals
Valuation
Rating

Invesco DWA Developed Markets Technical Leaders Portfolio seeks investment results that correspond to the price and yield of the Dorsey Wright Developed Markets Technical Leaders Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Invesco
Website	www.invesco.com
Inception date	Dec 28, 2007
Assets (mns)	$274
Currency	USD
Expense ratio	80 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Momentum
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	98
Wgt avg mkt cap (mns)	$43,261
Large cap (>$10bn)	64.8%
Mid cap ($2-10bn)	34.7%
Small cap (<$2bn)	0.5%
Developed mkts	96.6%
Emerging mkts	3.4%

TOP TEN HOLDINGS
Total	26.4 %
CONSTELLATION SOFTWARE INC	3.2 %
RHEINMETALL AG	3.1 %
SAMSUNG TECHWIN CO LTD	3.1 %
FLUGHAFEN ZURICH AG	2.9 %
HALMA PLC	2.6 %
DOLLARAMA INC	2.6 %
MIZRAHI TEFAHOT BANK LTD	2.4 %
SINGAPORE EXCHANGE LTD	2.3 %
SCHINDLER HOLDING AG PREF	2.1 %
INTERMEDIATE CAPITAL GROUP PLC	2.0 %

TOP COUNTRY EXPOSURE
	CANADA	13.9 %
	SWITZERLAND	11.6 %
	GERMANY	10.3 %
	BRITAIN	9.0 %
	JAPAN	8.3 %
	SINGAPORE	6.1 %
	SOUTH KOREA	5.5 %
	ITALY	5.4 %
	FRANCE	4.9 %
	SWEDEN	4.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru April 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
13.8%	26.7%	12.6%	6.4%	4.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.02	78%
MSCI EAFE	0.99	77%
MSCI Emg. Mkts.	0.82	53%

Technical Indicators
Recent close	$42.92
30d moving avg.	$39.62
Annualized volatility	19.1%
Short interest (ETF)	0.6%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	83
Turnover	1.3%
Bid/Ask (% of price)	0.39%
ADV underlying (mns)	$7,536

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 413 potential alternatives to the Invesco Dorsey Wright Developed Markets Momentum ETF ETF based on the alternatives' overlap in portfolio holdings with PIZ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

PIZ

Expense:

80 bp

ALTAR Score™:

5.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PIZ
Ticker	Fund Name	Overlap¹ vs PIZ (%)	Expense ratio (bp)	Savings vs PIZ (bp)	ALTAR Score™ (%)	ALTAR vs PIZ (%)
IDMO	Invesco S&P International Developed Momentum ETF	26.0	25	55	5.5	+0.5
IMTM	iShares MSCI Intl Momentum Factor ETF	23.0	30	50	5.5	+0.4
INTF	iShares International Equity Factor ETF	18.9	15	65	7.9	+2.9
STXI	Strive International Developed Markets ETF	17.7	29	51	7.1	+2.1
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	17.3	80	0	10.5	+5.5
FEP	First Trust Europe AlphaDEX Fund	16.7	80	0	9.6	+4.6
GSIE	Goldman Sachs ActiveBeta International Equity ETF	16.5	25	55	7.4	+2.3
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	16.4	12	68	6.3	+1.2
TPIF	Timothy Plan International ETF	15.9	62	18	6.4	+1.4
IQLT	iShares MSCI Intl Quality Factor ETF	15.9	30	50	6.3	+1.2
FDEV	Fidelity International Multifactor ETF	15.8	18	62	7.7	+2.6
IEV	iShares Europe ETF	15.6	67	13	6.9	+1.9
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	15.4	20	60	6.5	+1.5
FEUZ	First Trust Eurozone AlphaDEX ETF	15.2	80	0	9.6	+4.6
IMOM	Alpha Architect International Quantitative Momentum ETF	15.1	49	31	4.6	-0.4
IMFL	Invesco International Developed Dynamic Multifactor ETF	15.0	34	46	6.0	+1.0
EFA	iShares MSCI EAFE ETF	15.0	35	45	7.0	+1.9
CIL	VictoryShares International Volatility Wtd ETF	14.8	45	35	6.8	+1.8
VGK	Vanguard FTSE Europe ETF	14.8	11	69	7.4	+2.4
IEUR	iShares Core MSCI Europe ETF	14.8	11	69	7.4	+2.4
BKIE	BNY Mellon International Equity ETF	14.8	4	76	7.3	+2.2
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	14.7	25	55	7.4	+2.3
SPEU	SPDR Portfolio Europe ETF	14.7	7	73	7.4	+2.4
IDEV	iShares Core MSCI International Developed Markets ETF	14.6	4	76	7.3	+2.2
EFG	iShares MSCI EAFE Growth ETF	14.6	36	44	4.4	-0.6
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	14.4	46	34	6.6	+1.6
BBEU	JPMorgan BetaBuilders Europe ETF	14.4	9	71	7.2	+2.1
HFXI	IQ FTSE International Equity Currency Neutral ETF	14.3	20	60	7.3	+2.2
VEA	Vanguard FTSE Developed Markets ETF	14.2	5	75	7.5	+2.5
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	14.1	32	48	6.0	+0.9
GSID	Goldman Sachs MarketBeta International Equity ETF	14.1	20	60	7.2	+2.1
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	14.1	36	44	6.7	+1.6
ESGD	iShares ESG Aware MSCI EAFE ETF	14.1	20	60	7.0	+2.0
SCHF	Schwab International Equity ETF	14.0	6	74	7.6	+2.5
SPDW	SPDR Portfolio Developed World ex-US ETF	14.0	3	77	7.4	+2.3
EZU	iShares MSCI Eurozone ETF	13.9	52	28	6.8	+1.7
IEFA	iShares Core MSCI EAFE ETF	13.8	7	73	7.3	+2.2
QEFA	SPDR MSCI EAFE StrategicFactors ETF	13.7	30	50	7.1	+2.1
FENI	Fidelity Enhanced International ETF	13.7	28	52	6.9	+1.8
IDHQ	Invesco S&P International Developed High Quality ETF	13.7	29	51	6.7	+1.6
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	13.6	39	41	6.9	+1.9
FICS	First Trust International Developed Capital Strength ETF	13.5	70	10	6.1	+1.1
DFAI	Dimensional International Core Equity Market ETF	13.2	18	62	7.5	+2.4
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	13.1	45	35	6.7	+1.7
EUFN	iShares MSCI Europe Financials ETF	13.0	51	29	8.3	+3.3
UIVM	VictoryShares International Value Momentum ETF	13.0	35	45	9.6	+4.6
CEFA	Global X S&P Catholic Values Developed ex-US ETF	12.9	35	45	6.8	+1.8
FLEE	Franklin FTSE Europe ETF	12.7	9	71	7.3	+2.2
DMXF	iShares ESG Advanced MSCI EAFE ETF	12.6	12	68	5.5	+0.5
DFSI	Dimensional International Sustainability Core 1 ETF	12.6	24	56	6.6	+1.6
DOL	WisdomTree International LargeCap Dividend Fund	12.5	48	32	7.5	+2.4
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	12.5	29	51	8.1	+3.0
IDLV	Invesco S&P International Developed Low Volatility ETF	12.4	25	55	6.6	+1.5
AVSD	Avantis Responsible International Equity ETF	12.4	23	57	5.9	+0.8
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	12.3	20	60	6.7	+1.7
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	12.3	45	35	9.2	+4.1
ACWX	iShares MSCI ACWI ex U.S. ETF	12.2	34	46	8.0	+2.9
IQSI	IQ Candriam International Equity ETF	12.2	15	65	6.7	+1.7
CWI	SPDR MSCI ACWI ex-US ETF	12.2	30	50	8.0	+2.9
DWMF	WisdomTree International Multifactor Fund	12.1	38	42	7.0	+2.0
DIHP	Dimensional International High Profitability ETF	11.9	29	51	7.3	+2.3
JHMD	John Hancock Multifactor Developed International ETF	11.9	39	41	7.8	+2.7
DIVI	Franklin International Core Dividend Tilt Index ETF	11.9	9	71	8.2	+3.2
DWM	WisdomTree International Equity Fund	11.7	48	32	7.7	+2.6
VIGI	Vanguard International Dividend Appreciation ETF	11.6	15	65	6.2	+1.2
EFAV	iShares MSCI EAFE Min Vol Factor ETF	11.6	22	58	5.8	+0.7
CGIE	Capital Group International Equity ETF	11.5	54	26	5.0	-0.0
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	11.4	40	40	7.7	+2.7
QINT	American Century Quality Diversified International ETF	11.4	39	41	7.6	+2.5
EWC	iShares MSCI Canada ETF	11.4	50	30	6.5	+1.4
VEU	Vanguard FTSE All-World ex-US Index Fund	11.4	8	72	8.4	+3.3
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	11.3	41	39	7.7	+2.7
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	11.2	18	62	8.0	+3.0
IXUS	iShares Core MSCI Total International Stock ETF	11.1	7	73	8.2	+3.1
VXUS	Vanguard Total International Stock ETF	11.1	7	73	8.2	+3.2
TTAI	FCF International Quality ETF	10.8	59	21	7.1	+2.1
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	10.8	80	0	5.5	+0.5
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	10.8	39	41	8.6	+3.5
VSGX	Vanguard ESG International Stock ETF	10.5	12	68	8.0	+3.0
DFIC	Dimensional International Core Equity 2 ETF	10.3	23	57	7.8	+2.8
BBCA	JPMorgan BetaBuilders Canada ETF	10.3	19	61	6.8	+1.7
EFV	iShares MSCI EAFE Value ETF	10.2	34	46	9.4	+4.4
IXG	iShares Global Financials ETF	10.1	42	38	6.8	+1.8
AVDE	Avantis International Equity ETF	10.0	23	57	7.9	+2.8
AVIV	Avantis International Large Cap Value ETF	9.9	25	55	9.1	+4.1
JIRE	JPMorgan International Research Enhanced Equity ETF	9.7	24	56	7.4	+2.3
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	9.6	24	56	7.7	+2.7
SHLD	Global X Defense Tech ETF	9.5	50	30	3.4	-1.7
VYMI	Vanguard International High Dividend Yield ETF	9.4	22	58	9.9	+4.9
FEZ	SPDR EURO STOXX 50 ETF	9.3	29	51	7.1	+2.1
DAX	Global X DAX Germany ETF	9.2	21	59	6.6	+1.6
EWG	iShares MSCI Germany ETF	9.2	50	30	6.3	+1.3
FLCA	Franklin FTSE Canada ETF	9.1	9	71	6.9	+1.9
FNDF	Schwab Fundamental International Large Co. Index ETF	9.1	25	55	10.0	+4.9
EUDV	ProShares MSCI Europe Dividend Growers ETF	9.1	55	25	5.8	+0.8
HEDJ	WisdomTree Europe Hedged Equity Fund	8.9	58	22	6.4	+1.4
IVLU	iShares MSCI Intl Value Factor ETF	8.7	30	50	11.0	+6.0
UMMA	Wahed Dow Jones Islamic World ETF	8.6	65	15	5.3	+0.2
EXI	iShares Global Industrials ETF	8.6	42	38	4.6	-0.4
RODE	Hartford Multifactor Diversified International ETF	8.6	29	51	11.0	+6.0
JPIN	J.P. Morgan Diversified Return International Equity ETF	8.5	37	43	8.8	+3.7
DTAN	Sparkline International Intangible Value ETF	8.3	55	25	8.4	+3.3
FSZ	First Trust Switzerland AlphaDEX Fund	8.3	80	0	4.9	-0.1
IGRO	iShares International Dividend Growth ETF	8.3	15	65	7.3	+2.3
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	8.1	14	66	6.4	+1.4
OEUR	ALPS O'Shares Europe Quality Dividend ETF	7.9	48	32	5.9	+0.9
IPKW	Invesco International BuyBack Achievers ETF	7.8	55	25	14.5	+9.5
FGM	First Trust Germany AlphaDEX Fund	7.8	80	0	8.3	+3.2
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	7.8	80	0	10.0	+4.9
DIM	WisdomTree International MidCap Dividend Fund	7.8	58	22	7.8	+2.7
VIDI	Vident International Equity Strategy ETF	7.7	61	19	11.3	+6.3
NUDM	Nuveen ESG International Developed Markets Equity ETF	7.6	31	49	6.5	+1.5
NATO	Themes Transatlantic Defense ETF	7.6	35	45	2.8	-2.3
EFAD	ProShares MSCI EAFE Dividend Growers ETF	7.5	50	30	5.9	+0.8
ABLG	Abacus FCF International Leaders ETF	7.4	59	21	6.2	+1.2
EUDG	WisdomTree Europe Quality Dividend Growth Fund	7.4	58	22	6.8	+1.7
CZAR	Themes Natural Monopoly ETF	7.4	35	45	5.6	+0.6
IQDG	WisdomTree International Quality Dividend Growth Fund	7.4	42	38	7.1	+2.0
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	7.3	30	50	8.4	+3.4
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	7.3	58	22	6.8	+1.8
FIDI	Fidelity International High Dividend ETF	7.3	18	62	9.2	+4.1
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	7.1	65	15	3.7	-1.3
RFEU	First Trust Riverfront Dynamic Europe ETF	7.1	83	-3	10.6	+5.5
JIG	JPMorgan International Growth ETF	7.0	55	25	4.7	-0.3
FIVA	Fidelity International Value Factor ETF	7.0	18	62	10.5	+5.4
GLOF	iShares Global Equity Factor ETF	6.8	20	60	6.9	+1.8
DFIV	Dimensional International Value ETF	6.7	27	53	10.2	+5.2
FLGR	Franklin FTSE Germany ETF	6.7	9	71	6.8	+1.7
RFDI	First Trust Riverfront Dynamic Developed International ETF	6.7	83	-3	9.8	+4.8
WWJD	Inspire International ETF	6.6	80	0	7.4	+2.3
IQDF	FlexShares International Quality Dividend Index Fund	6.6	47	33	9.3	+4.3
VWID	Virtus WMC International Dividend ETF	6.6	49	31	8.9	+3.8
JHID	John Hancock International High Dividend ETF	6.6	46	34	11.0	+6.0
DTH	WisdomTree International High Dividend Fund	6.5	58	22	9.1	+4.0
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	6.4	60	20	3.8	-1.3
FPXI	First Trust International Equity Opportunities ETF	6.2	70	10	3.6	-1.4
VPL	Vanguard FTSE Pacific ETF	6.2	8	72	7.5	+2.5
IPAC	iShares Core MSCI Pacific ETF	6.2	9	71	7.0	+2.0
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	6.1	47	33	8.6	+3.5
EWS	iShares MSCI Singapore ETF	6.1	50	30	5.2	+0.1
MOTG	VanEck Morningstar Global Wide Moat ETF	6.0	52	28	6.9	+1.8
FJP	First Trust Japan AlphaDEX Fund	6.0	80	0	10.1	+5.0
OAIM	OneAscent International Equity ETF	5.8	95	-15	6.2	+1.1
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	5.8	9	71	9.3	+4.3
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	5.6	25	55	6.0	+1.0
EWL	iShares MSCI Switzerland ETF	5.6	50	30	6.0	+0.9
QWLD	SPDR MSCI World StrategicFactors ETF	5.5	30	50	6.2	+1.1
ESGG	FlexShares STOXX Global ESG Select Index Fund	5.5	42	38	5.6	+0.6
FLSW	Franklin FTSE Switzerland ETF	5.5	9	71	6.2	+1.1
DGT	SPDR Global Dow ETF	5.5	50	30	7.5	+2.4
WLDR	Affinity World Leaders Equity ETF	5.4	67	13	7.9	+2.8
KNO	AXS Knowledge Leaders ETF	5.4	78	2	6.1	+1.0
EWI	iShares MSCI Italy ETF	5.4	50	30	10.0	+5.0
KLMT	Invesco MSCI Global Climate 500 ETF	5.4	10	70	6.0	+1.0
JPXN	iShares JPX-Nikkei 400 ETF	5.3	48	32	7.4	+2.3
EWY	iShares MSCI South Korea ETF	5.2	58	22	10.4	+5.3
FLJP	Franklin FTSE Japan ETF	5.1	9	71	7.0	+2.0
URTH	iShares MSCI World ETF	5.1	24	56	5.4	+0.3
FLJH	Franklin FTSE Japan Hedged ETF	5.0	9	71	6.8	+1.7
SCHC	Schwab International Small-Cap Equity ETF	5.0	11	69	7.1	+2.0
FLGB	Franklin FTSE United Kingdom ETF	5.0	9	71	8.0	+2.9
DEW	WisdomTree Global High Dividend Fund	4.9	58	22	8.8	+3.8
EWU	iShares MSCI United Kingdom ETF	4.9	50	30	8.6	+3.5
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	4.8	12	68	5.3	+0.3
RGEF	Rockefeller Global Equity ETF	4.8	55	25	5.1	+0.0
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	4.8	25	55	7.8	+2.7
BBJP	JPMorgan BetaBuilders Japan ETF	4.8	19	61	7.5	+2.5
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	4.7	47	33	6.9	+1.9
EWJ	iShares MSCI Japan ETF	4.7	50	30	6.9	+1.9
PATN	Pacer Nasdaq International Patent Leaders ETF	4.7	65	15	6.6	+1.6
LEGR	First Trust Indxx Innovative Transaction & Process ETF	4.7	65	15	8.2	+3.2
FEOE	First Eagle Overseas Equity ETF	4.7	79	1	8.4	+3.3
TOK	iShares MSCI Kokusai ETF	4.6	26	54	5.3	+0.2
CGDG	Capital Group Dividend Growers ETF	4.6	47	33	6.3	+1.3
EWD	iShares MSCI Sweden ETF	4.6	54	26	5.4	+0.4
ACWI	iShares MSCI ACWI ETF	4.6	32	48	5.8	+0.8
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	4.6	42	38	6.7	+1.7
SAGP	Strategas Global Policy Opportunities ETF	4.5	65	15	5.4	+0.3
MOTI	VanEck Morningstar International Moat ETF	4.5	58	22	12.9	+7.8
ISRA	VanEck Israel ETF	4.5	59	21	7.4	+2.4
RCGE	RockCreek Global Equality ETF	4.4	95	-15	6.4	+1.4
CGXU	Capital Group International Focus Equity ETF	4.4	54	26	5.8	+0.7
WBAT	WisdomTree Battery Value Chain and Innovation Fund	4.4	45	35	4.4	-0.6
EWQ	iShares MSCI France ETF	4.4	53	27	7.1	+2.1
INEQ	Columbia International Equity Income ETF	4.3	45	35	8.7	+3.7
KOKU	Xtrackers MSCI Kokusai Equity ETF	4.3	9	71	5.4	+0.3
IEUS	iShares MSCI Europe Small-Cap ETF	4.3	42	38	7.4	+2.4
VT	Vanguard Total World Stock ETF	4.2	7	73	6.2	+1.1
DXJ	WisdomTree Japan Hedged Equity Fund	4.2	48	32	8.3	+3.3
LVHI	Franklin International Low Volatility High Dividend Index ET	4.1	40	40	10.8	+5.8
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	4.1	9	71	6.1	+1.0
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	4.1	58	22	8.7	+3.6
CRBN	iShares MSCI ACWI Low Carbon Target ETF	4.0	20	60	5.9	+0.9
FLKR	Franklin FTSE South Korea ETF	4.0	9	71	10.9	+5.9
AIVI	WisdomTree International AI Enhanced Value Fund	3.9	58	22	7.4	+2.4
FEGE	First Eagle Global Equity ETF	3.8	79	1	7.2	+2.1
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	3.8	7	73	7.1	+2.0
AZTD	Aztlan Global Stock Selection DM SMID ETF	3.7	75	5	8.0	+3.0
EIS	iShares MSCI Israel ETF	3.6	58	22	8.2	+3.1
INFL	Horizon Kinetics Inflation Beneficiaries ETF	3.6	85	-5	3.9	-1.2
BCDF	Horizon Kinetics Blockchain Development ETF	3.6	85	-5	4.0	-1.1
IOO	iShares Global 100 ETF	3.5	41	39	5.2	+0.1
IDV	iShares International Select Dividend ETF	3.5	51	29	12.0	+6.9
BLES	Inspire Global Hope ETF	3.5	61	19	6.9	+1.8
GVAL	Cambria Global Value ETF	3.4	68	12	11.1	+6.0
PPIE	Putnam PanAgora ESG International Equity ETF	3.4	49	31	7.6	+2.6
EWUS	iShares MSCI United Kingdom Small Cap ETF	3.4	59	21	7.4	+2.4
FPXE	First Trust IPOX Europe Equity Opportunities ETF	3.4	70	10	4.9	-0.1
FNDC	Schwab Fundamental International Small Co. Index ETF	3.3	39	41	6.2	+1.1
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	3.3	49	31	7.4	+2.4
EPP	iShares MSCI Pacific ex-Japan ETF	3.3	47	33	5.5	+0.5
CGGO	Capital Group Global Growth Equity ETF	3.3	47	33	4.9	-0.2
XT	iShares Exponential Technologies ETF	3.2	46	34	5.6	+0.5
DFIS	Dimensional International Small Cap ETF	3.2	39	41	7.8	+2.7
SCZ	iShares MSCI EAFE Small-Cap ETF	3.2	40	40	7.4	+2.3
FYLD	Cambria Foreign Shareholder Yield ETF	3.1	59	21	12.1	+7.0
BOTT	Themes Robotics & Automation ETF	3.0	35	45	5.1	+0.0
FKU	First Trust United Kingdom AlphaDEX Fund	3.0	80	0	7.6	+2.5
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	3.0	19	61	6.2	+1.2
RXI	iShares Global Consumer Discretionary ETF	3.0	41	39	8.9	+3.9
DSTX	Distillate International Fundamental Stability & Value ETF	3.0	55	25	8.4	+3.3
GLBL	Pacer MSCI World Industry Advantage ETF	2.9	65	15	4.5	-0.6
JSTC	Adasina Social Justice All Cap Global ETF	2.8	89	-9	4.5	-0.6
JGLO	JPMorgan Global Select Equity ETF	2.8	33	47	5.1	+0.0
RAYD	Rayliant Quantitative Developed Market Equity ETF	2.8	80	0	4.6	-0.4
FAN	First Trust Global Wind Energy ETF	2.8	60	20	4.9	-0.2
AVDV	Avantis International Small Cap Value ETF	2.8	36	44	10.6	+5.5
ASEA	Global X FTSE Southeast Asia ETF	2.7	65	15	6.8	+1.7
KOCG	FIS Knights of Columbus Global Belief ETF	2.7	75	5	5.1	+0.0
PIO	Invesco Global Water ETF	2.6	75	5	4.8	-0.3
PSP	Invesco Global Listed Private Equity ETF	2.5	106	-26	5.8	+0.8
IQM	Franklin Intelligent Machines ETF	2.4	50	30	2.3	-2.8
DWX	SPDR S&P International Dividend ETF	2.4	45	35	6.2	+1.2
WRND	IQ Global Equity R&D Leaders ETF	2.4	18	62	8.9	+3.8
IXJ	iShares Global Healthcare ETF	2.3	42	38	7.2	+2.2
NORW	Global X MSCI Norway ETF	2.3	50	30	10.2	+5.2
ENOR	iShares MSCI Norway ETF	2.3	53	27	10.2	+5.1
OSEA	Harbor International Compounders ETF	2.2	55	25	4.7	-0.4
OBOR	KraneShares MSCI One Belt One Road Index ETF	2.2	79	1	8.9	+3.8
FDD	First Trust Stoxx European Select Dividend Index Fund	2.2	58	22	12.0	+6.9
FID	First Trust S&P International Dividend Aristocrats ETF	2.2	60	20	8.5	+3.5
IGF	iShares Global Infrastructure ETF	2.2	41	39	4.7	-0.3
GII	SPDR S&P Global Infrastructure ETF	2.2	40	40	4.7	-0.3
EEMO	Invesco S&P Emerging Markets Momentum ETF	2.1	29	51	6.7	+1.7
ISCF	iShares International SmallCap Equity Factor ETF	2.1	23	57	8.7	+3.7
SCJ	iShares MSCI Japan Small-Cap ETF	2.0	50	30	7.3	+2.2
AAXJ	iShares MSCI All Country Asia ex Japan ETF	2.0	70	10	9.7	+4.7
WDIV	SPDR S&P Global Dividend ETF	2.0	40	40	9.7	+4.7
GREK	Global X MSCI Greece ETF	1.9	57	23	11.5	+6.5
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	1.9	95	-15	13.0	+8.0
FGD	First Trust Dow Jones Global Select Dividend Index Fund	1.9	56	24	12.3	+7.3
SCHY	Schwab International Dividend Equity ETF	1.9	14	66	9.7	+4.7
IXN	iShares Global Tech ETF	1.8	41	39	4.1	-1.0
EWP	iShares MSCI Spain ETF	1.8	50	30	7.7	+2.6
FTHF	First Trust Emerging Markets Human Flourishing ETF	1.8	75	5	8.9	+3.8
WAR	U.S. Global Tech and Aerospace & Defense ETF	1.8	60	20	3.7	-1.3
PID	Invesco International Dividend Achievers ETF	1.8	53	27	5.7	+0.6
DIVD	Altrius Global Dividend ETF Altrius Global Divid ETF	1.8	49	31	9.7	+4.6
GINX	SGI Enhanced Global Income ETF	1.8	98	-18	7.4	+2.3
GSIB	Themes Global Systemically Important Banks ETF	1.8	35	45	10.3	+5.2
FLAX	Franklin FTSE Asia Ex Japan ETF	1.7	19	61	9.8	+4.8
SHPP	Pacer Industrials and Logistics ETF	1.7	60	20	8.3	+3.3
ACWV	iShares MSCI Global Min Vol Factor ETF	1.7	20	60	5.8	+0.8
NBCC	Neuberger Berman Next Generation Connected Consumer ETF	1.7	56	24	2.6	-2.4
BKCI	BNY Mellon Concentrated International ETF	1.7	80	0	5.1	0.0
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	1.7	65	15	12.1	+7.0
LUX	Tema Luxury ETF	1.6	75	5	4.3	-0.7
FINE	Themes European Luxury ETF	1.6	35	45	6.7	+1.7
EWJV	iShares MSCI Japan Value ETF	1.5	15	65	9.6	+4.5
CRTC	Xtrackers US National Critical Technologies ETF	1.5	35	45	5.1	+0.0
BINV	Brandes International ETF	1.5	70	10	9.9	+4.8
AIA	iShares Asia 50 ETF	1.5	50	30	14.3	+9.3
DVYA	iShares Asia/Pacific Dividend ETF	1.5	49	31	8.7	+3.7
NETZ	TCW Transform Systems ETF	1.5	75	5	3.0	-2.1
ETEC	iShares Breakthrough Environmental Solutions ETF	1.5	47	33	3.7	-1.3
EIRL	iShares MSCI Ireland ETF	1.4	50	30	8.8	+3.7
AVES	Avantis Emerging Markets Value ETF	1.4	36	44	12.0	+6.9
DISV	Dimensional International Small Cap Value ETF	1.3	42	38	9.8	+4.8
IPAV	Global X Infrastructure Development ex-U.S. ETF	1.3	55	25	7.9	+2.8
IDOG	ALPS International Sector Dividend Dogs ETF	1.3	50	30	12.6	+7.5
GINN	Goldman Sachs Innovate Equity ETF	1.3	52	28	4.1	-0.9
URA	Global X Uranium ETF	1.2	69	11	2.8	-2.3
QTUM	Defiance Quantum ETF	1.2	40	40	6.6	+1.5
AGQI	First Trust Active Global Quality Income ETF	1.2	85	-5	5.0	-0.1
IQRA	IQ CBRE Real Assets ETF	1.2	65	15	5.7	+0.6
AIQ	Global X Artificial Intelligence & Technology ETF	1.2	68	12	4.2	-0.9
CGGR	Capital Group Growth ETF	1.2	39	41	3.4	-1.7
MXI	iShares Global Materials ETF	1.2	41	39	8.0	+2.9
XDAT	Franklin Exponential Data ETF	1.2	50	30	2.0	-3.0
EFAS	Global X MSCI SuperDividend EAFE ETF	1.1	57	23	8.4	+3.3
SGDM	Sprott Gold Miners ETF	1.1	50	30	4.6	-0.5
RING	iShares MSCI Global Gold Miners ETF	1.1	39	41	6.2	+1.1
NANR	SPDR S&P North American Natural Resources ETF	1.1	35	45	8.7	+3.7
AUMI	Themes Gold Miners ETF	1.1	35	45	6.2	+1.1
CANC	Tema Oncology ETF	1.1	75	5	-2.6	-7.7
HRTS	Tema GLP-1 Obesity & Cardiometabolic ETF	1.1	75	5	1.0	-4.1
TEMP	JPMorgan Climate Change Solutions ETF	1.1	49	31	5.9	+0.8
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	1.1	46	34	5.5	+0.4
DEHP	Dimensional Emerging Markets High Profitability ETF	1.1	41	39	7.0	+2.0
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	1.1	33	47	10.5	+5.4
EMXC	iShares MSCI Emerging Markets ex China ETF	1.1	25	55	7.8	+2.8
DLS	WisdomTree International SmallCap Dividend Fund	1.1	58	22	8.8	+3.7
HART	IQ Healthy Hearts ETF	1.0	45	35	6.6	+1.6
EYLD	Cambria Emerging Shareholder Yield ETF	1.0	66	14	13.2	+8.1
FDTX	Fidelity Disruptive Technology ETF	1.0	50	30	2.8	-2.3
PCGG	Polen Capital Global Growth ETF	1.0	85	-5	3.7	-1.4
OGIG	ALPS O'Shares Global Internet Giants ETF	1.0	48	32	1.6	-3.4
BLKC	Invesco Alerian Galaxy Blockchain Users and Decentralized Co	1.0	61	19	1.4	-3.7
CLOD	Themes Cloud Computing ETF	1.0	35	45	3.0	-2.1
CGV	Conductor Global Equity Value ETF	1.0	130	-50	9.3	+4.3
KXI	iShares Global Consumer Staples ETF	1.0	41	39	5.4	+0.4
STXE	Strive Emerging Markets Ex-China ETF	1.0	32	48	7.9	+2.9
SDG	iShares MSCI Global Sustainable Development Goals ETF	1.0	49	31	6.3	+1.3
KLMN	Invesco MSCI North America Climate ETF	0.9	9	71	5.2	+0.2
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	0.9	32	48	6.9	+1.8
DFE	WisdomTree Europe SmallCap Dividend Fund	0.8	58	22	8.2	+3.1
ITEQ	BlueStar Israel Technology ETF	0.8	75	5	2.0	-3.0
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	0.8	75	5	10.2	+5.2
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	0.8	30	50	10.7	+5.6
UFO	Procure Space ETF	0.8	75	5	-1.8	-6.8
BOAT	SonicShares Global Shipping ETF	0.8	69	11	27.5	+22.5
EWK	iShares MSCI Belgium ETF	0.8	50	30	4.7	-0.4
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	0.8	45	35	10.9	+5.9
AVEM	Avantis Emerging Markets Equity ETF	0.7	33	47	9.4	+4.4
EEM	iShares MSCI Emerging Markets ETF	0.7	69	11	10.6	+5.6
BLLD	JPMorgan Sustainable Infrastructure ETF	0.7	49	31	6.2	+1.1
TOLL	Tema Monopolies and Oligopolies ETF	0.7	75	5	3.7	-1.3
XCEM	Columbia EM Core ex-China ETF	0.7	16	64	8.3	+3.3
EMGF	iShares Emerging Markets Equity Factor ETF	0.7	25	55	12.2	+7.2
EEMA	iShares MSCI Emerging Markets Asia ETF	0.7	49	31	10.6	+5.6
ICLN	iShares Global Clean Energy ETF	0.7	41	39	6.0	+1.0
DTEC	ALPS Disruptive Technologies ETF	0.7	50	30	3.8	-1.2
PEX	ProShares Global Listed Private Equity ETF	0.7	81	-1	10.6	+5.6
BLCN	Siren ETF Trust Siren Nasdaq NexGen Economy ETF	0.7	68	12	0.3	-4.8
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	0.7	66	14	10.3	+5.2
IEMG	iShares Core MSCI Emerging Markets ETF	0.6	9	71	10.8	+5.8
FLAU	Franklin FTSE Australia ETF	0.6	9	71	6.3	+1.3
ION	ProShares S&P Global Core Battery Metals ETF	0.6	58	22	12.6	+7.6
EWA	iShares MSCI Australia ETF	0.6	50	30	6.0	+0.9
VEGI	iShares MSCI Agriculture Producers ETF	0.6	39	41	8.6	+3.5
AGNG	Global X Aging Population ETF	0.6	50	30	5.0	-0.1
OZEM	Roundhill GLP-1 & Weight Loss ETF	0.6	59	21	-0.7	-5.7
THNR	Amplify Weight Loss Drug & Treatment ETF	0.6	59	21	6.1	+1.1
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.6	41	39	9.4	+4.4
CLNR	IQ Cleaner Transport ETF	0.6	45	35	6.9	+1.8
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	0.6	58	22	5.0	-0.0
NXTG	First Trust Indxx NextG ETF	0.6	70	10	5.6	+0.5
KNCT	Invesco Next Gen Connectivity ETF	0.6	40	40	5.2	+0.1
SLVP	iShares MSCI Global Silver Miners ETF	0.6	39	41	6.2	+1.1
FTWO	Strive FAANG 2.0 ETF	0.6	49	31	4.8	-0.2
DARP	Grizzle Growth ETF	0.6	75	5	3.8	-1.3
DFAE	Dimensional Emerging Core Equity Market ETF	0.6	35	45	10.0	+5.0
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.6	36	44	10.2	+5.2
DIVS	SmartETFs Dividend Builder ETF	0.6	65	15	5.0	-0.1
PICK	iShares MSCI Global Metals & Mining Producers ETF	0.6	39	41	14.0	+9.0
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	0.6	15	65	10.7	+5.6
BKEM	BNY Mellon Emerging Markets Equity ETF	0.6	11	69	10.4	+5.4
EDEN	iShares MSCI Denmark ETF	0.6	53	27	6.9	+1.9
EWO	iShares MSCI Austria ETF	0.5	50	30	11.2	+6.2
COPY	Tweedy, Browne Insider + Value ETF	0.5	80	0	12.6	+7.5
GOEX	Global X Gold Explorers ETF	0.5	65	15	4.8	-0.3
FFTY	Innovator IBD 50 ETF	0.5	80	0	-0.4	-5.4
LIVR	Intelligent Livermore ETF	0.5	69	11	6.5	+1.5
JETS	U.S. Global Jets ETF	0.5	60	20	3.8	-1.3
JXI	iShares Global Utilities ETF	0.5	43	37	5.9	+0.8
IVAL	Alpha Architect International Quantitative Value ETF	0.5	49	31	11.5	+6.5
WDNA	WisdomTree BioRevolution Fund	0.5	45	35	-1.7	-6.7
VCLN	Virtus Duff & Phelps Clean Energy ETF	0.5	59	21	5.8	+0.8
ARKX	ARK Space Exploration & Innovation ETF	0.5	75	5	-0.4	-5.4
CIBR	First Trust NASDAQ Cybersecurity ETF	0.5	60	20	3.9	-1.2
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	0.5	44	36	10.8	+5.7
EWN	iShares MSCI Netherlands ETF	0.5	50	30	5.6	+0.6
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.5	38	42	9.9	+4.8
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	0.5	78	2	9.9	+4.9
BITQ	Bitwise Crypto Industry Innovators ETF	0.5	85	-5	-2.6	-7.6
DFNL	Davis Select Financial ETF	0.5	63	17	7.8	+2.7
DINT	Davis Select International ETF	0.5	55	25	8.2	+3.1
FDFF	Fidelity Disruptive Finance ETF	0.5	50	30	4.1	-1.0
BLOK	Amplify Transformational Data Sharing ETF	0.5	75	5	0.3	-4.8
BJK	VanEck Gaming ETF	0.5	65	15	4.3	-0.7
ANEW	ProShares MSCI Transformational Changes ETF	0.5	45	35	6.2	+1.2
DFEV	Dimensional Emerging Markets Value ETF	0.4	43	37	14.0	+9.0
EMXF	iShares ESG Advanced MSCI EM ETF	0.4	16	64	8.5	+3.5
JHEM	John Hancock Multifactor Emerging Markets ETF	0.4	49	31	10.5	+5.4
IBOT	Vaneck Robotics ETF	0.4	47	33	4.7	-0.3
EFNL	iShares MSCI Finland ETF	0.4	56	24	7.2	+2.2
EMMF	WisdomTree Emerging Markets Multifactor Fund	0.4	48	32	8.0	+2.9
BOUT	Innovator IBD Breakout Opportunities ETF	0.4	81	-1	3.1	-2.0
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	0.4	88	-8	9.7	+4.7
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.4	50	30	11.8	+6.7
IGPT	Invesco AI and Next Gen Software ETF	0.4	60	20	4.8	-0.3
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.4	15	65	8.5	+3.4
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.4	59	21	12.2	+7.2
XC	WisdomTree Emerging Markets Ex-China Fund	0.3	32	48	6.1	+1.0
CCNR	ALPS CoreCommodity Natural Resources ETF	0.3	39	41	12.1	+7.0
RVRB	Reverb ETF	0.3	30	50	4.8	-0.3
ECON	Columbia Emerging Markets Consumer ETF	0.3	49	31	13.0	+7.9
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.3	32	48	9.5	+4.4
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.3	47	33	5.8	+0.7
LDEM	iShares ESG MSCI EM Leaders ETF	0.3	17	63	13.7	+8.7
BULD	Pacer BlueStar Engineering the Future ETF	0.3	60	20	1.6	-3.5
EVLU	iShares MSCI Emerging Markets Value Factor ETF	0.2	35	45	20.5	+15.4
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.2	30	50	10.1	+5.0
XCNY	SPDR S&P Emerging Markets ex-China ETF	0.2	15	65	7.5	+2.5
SCHE	Schwab Emerging Markets Equity ETF	0.2	11	69	11.5	+6.5
GGME	Invesco Next Gen Media and Gaming ETF	0.2	60	20	4.5	-0.5
VWO	Vanguard FTSE Emerging Markets ETF	0.2	8	72	10.9	+5.8
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	0.2	80	0	12.3	+7.3
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	0.1	39	41	16.8	+11.8
ONEQ	Fidelity Nasdaq Composite Index ETF	0.1	21	59	4.0	-1.1
SPEM	SPDR Portfolio Emerging Markets ETF	0.1	7	73	10.8	+5.7
FBCG	Fidelity Blue Chip Growth ETF	0.1	59	21	3.1	-1.9
GWX	SPDR S&P International Small Cap ETF	0.0	40	40	6.7	+1.7

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:	Invesco Dorsey Wright Developed Markets Momentum ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.2	%
Divided by: Fwd. P/BV	2.6	x
Less: Expense ratio	80	bp
Equals: ALTAR Score	5.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	CATEGORY AVERAGE	1.61

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.