FlexShares Developed Markets ex-US Quality Low Volatility Idx
ALTAR
Score™		 7.1% info Recommen-
dation		 UNDERWEIGHT
2023E    2024E
P/E
ratio		 14.1x P/Sales
ratio		 1.1x
P/BV
ratio		 1.8x Div.
yield		 3.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The FlexShares Developed Markets ex-US Quality Low Volatility Index ETF tracks a multi-factor selected index of large- and mid-cap equities from developed markets excluding the United States.

FUND BASICS
Category International Equities
Fund Sponsor Northern Trust
Website www.flexshares.com
Inception date Jul 15, 2019
Assets (mns) $78
Currency USD
Expense ratio 32 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 167
Wgt avg mkt cap (mns) $35,808
Large cap (>$10bn) 32.6%
Mid cap ($2-10bn) 16.9%
Small cap (<$2bn) 0.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NESTLE SA-REG 4.5 %
ROCHE HOLDING LTD 3.7 %
NOVO NORDISK A/S-B 2.8 %
UNILEVER PLC 2.6 %
SANOFI-AVENTIS 2.6 %
ROYAL BANK OF CANADA 2.1 %
AIR LIQUIDE SA 1.9 %
SHELL PLC 1.8 %
SUMITOMO MITSUI FINANCIAL GR 1.2 %
KDDI CORPORATION 1.2 %
Total 24.5 %

TOP COUNTRY EXPOSURE
JAPAN 22.7 %
SWITZERLAND 12.9 %
BRITAIN 10.2 %
CANADA 9.9 %
FRANCE 7.7 %
HONG KONG 6.9 %
SINGAPORE 3.9 %
GERMANY 3.8 %
ISRAEL 3.5 %
NETHERLANDS 3.4 %

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.
1.9% -4.7% -- -- 2.5%

Market Correlations
versus... Beta R-squared
S&P500 0.64 79%
MSCI EAFE 0.71 93%
MSCI Emg. Mkts. 0.53 61%

Technical Indicators
Recent close $25.08
30d moving avg. $24.72
Annualized volatility 15.2%
Short interest (ETF) 2.3%
Relative strength (RSI) 48

Liquidity measures
Avg. volume (thou.) 6
Turnover 0.2%
Bid/Ask (% of price) 0.33%
ADV underlying (mns) $8,833

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 444 potential alternatives to the FlexShares Developed Markets ex-US Quality Low Volatility Idx ETF based on the alternatives' overlap in portfolio holdings with QLVD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: QLVD Expense: 32 bp ALTAR Score™: 7.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH QLVD
Ticker Fund
Name		 Overlap1
vs QLVD
(%)		 Expense
ratio
(bp)		 Savings
vs QLVD
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs QLVD
(%)
EFAV iShares Edge MSCI Min Vol EAFE ETF 48.9 20 12 6.6 -0.4
QEFA SPDR MSCI EAFE Quality Mix ETF 38.3 30 2 7.8 +0.7
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 34.7 80 -48 6.1 -0.9
DWMF WisdomTree International Multifactor Fund 33.1 38 -6 9.3 +2.3
FDEV Fidelity Targeted International Factor ETF 32.2 39 -7 7.9 +0.9
IDLV Invesco S&P International Developed Low Volatility ETF 31.0 25 7 6.7 -0.4
DOL WisdomTree International LargeCap Dividend Fund 29.9 48 -16 9.6 +2.5
IQDE FlexShares International Quality Dividend Defensive Index ET 29.6 47 -15 10.7 +3.6
IMFL Invesco International Developed Dynamic Multifactor ETF 29.5 34 -2 11.2 +4.2
RESD WisdomTree International ESG Fund 29.3 30 2 7.8 +0.7
RODM Hartford Multifactor Developed Markets (ex-US) ETF 28.9 29 3 10.1 +3.1
IQSI IQ Candriam ESG International Equity ETF 28.6 15 17 7.8 +0.8
PXUS Principal International Adaptive Multi-Factor ETF 28.3 24 8 7.7 +0.6
EUDG WisdomTree Europe Quality Dividend Growth Fund 28.0 58 -26 6.5 -0.6
BKIE BNY Mellon International Equity ETF 28.0 4 28 8.4 +1.3
IQLT iShares Edge MSCI Intl Quality Factor ETF 27.8 30 2 8.2 +1.2
GSIE Goldman Sachs ActiveBeta International Equity ETF 27.5 25 7 8.9 +1.9
IGRO iShares International Dividend Growth ETF 27.3 15 17 9.4 +2.3
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 26.0 40 -8 9.6 +2.5
DWM WisdomTree International Equity Fund 25.9 48 -16 9.4 +2.3
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 25.8 25 7 8.2 +1.1
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 25.8 35 -3 7.8 +0.8
RNDM First Trust Developed International Equity Select ETF 25.4 65 -33 7.1 +0.0
IMTM iShares Edge MSCI Intl Momentum Factor ETF 25.4 30 2 8.5 +1.4
GSID Goldman Sachs MarketBeta International Equity ETF 25.4 20 12 7.9 +0.9
EFA iShares MSCI EAFE ETF 25.3 32 0 7.7 +0.6
BBEU JPMorgan BetaBuilders Europe ETF 25.2 9 23 8.0 +1.0
DBEU Xtrackers MSCI Europe Hedged Equity ETF 25.2 46 -14 7.7 +0.7
FLEH Franklin FTSE Europe Hedged ETF 25.1 9 23 8.2 +1.1
ESGD iShares MSCI EAFE ESG Optimized ETF 25.0 20 12 7.5 +0.4
JIDA JPMorgan ActiveBuilders International Equity ETF 24.9 25 7 7.6 +0.6
JHMD John Hancock Multifactor Developed International ETF 24.9 39 -7 8.6 +1.5
FLEE Franklin FTSE Europe ETF 24.8 9 23 8.0 +0.9
IEV iShares Europe ETF 24.8 58 -26 7.4 +0.3
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 24.6 39 -7 9.0 +2.0
HFXI IQ 50 Percent Hedged FTSE International ETF 24.6 20 12 8.1 +1.1
CIL VictoryShares International Volatility Weighted Index ETF 24.5 45 -13 7.9 +0.9
RFEU First Trust Riverfront Dynamic Europe ETF 24.4 83 -51 8.7 +1.7
JIRE JPMorgan International Research Enhanced Equity ETF 24.2 24 8 7.8 +0.8
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 24.1 20 12 7.4 +0.3
EFG iShares MSCI EAFE Growth ETF 23.9 35 -3 5.2 -1.8
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 23.9 58 -26 5.9 -1.2
IQDG WisdomTree International Quality Dividend Growth Fund 23.9 42 -10 5.9 -1.1
OEUR ALPS O'shares Europe Quality Dividend ETF 23.6 48 -16 8.3 +1.2
RDMX SPDR Bloomberg SASB Developed Markets EX US ESG Select ETF 23.4 12 20 7.6 +0.5
IDEV iShares Core MSCI International Developed Markets ETF 23.4 4 28 7.8 +0.7
LCTD BlackRock World ex U.S. Carbon Transition Readiness ETF 23.2 20 12 7.2 +0.2
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 23.2 7 25 8.0 +1.0
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 23.2 14 18 7.3 +0.3
IDHQ Invesco S&P International Developed Quality ETF 22.9 29 3 8.3 +1.2
INTF iShares Edge MSCI Multifactor Intl ETF 22.8 15 17 9.1 +2.1
VIGI Vanguard International Dividend Appreciation ETF 22.8 15 17 6.6 -0.4
IEUR iShares Core MSCI Europe ETF 22.7 9 23 7.7 +0.6
IEFA iShares Core MSCI EAFE ETF 22.5 7 25 7.7 +0.6
VEA Vanguard FTSE Developed Markets ETF 22.3 5 27 8.0 +0.9
SCHF Schwab International Equity ETF 22.3 6 26 8.2 +1.2
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 22.2 45 -13 9.2 +2.1
IQIN IQ 500 International ETF 22.2 25 7 8.7 +1.6
SPDW SPDR Portfolio Developed World ex-US ETF 21.9 4 28 7.6 +0.6
TPIF Timothy Plan International ETF 21.6 62 -30 7.4 +0.4
VGK Vanguard FTSE Europe ETF 21.5 8 24 7.8 +0.8
SPEU SPDR Portfolio Europe ETF 21.3 9 23 7.6 +0.6
FIVA Fidelity International Value Factor ETF 21.1 39 -7 11.3 +4.2
UMMA Wahed Dow Jones Islamic World ETF 20.9 65 -33 5.3 -1.8
CWI SPDR MSCI ACWI ex-US ETF 20.8 30 2 8.1 +1.0
JPIN JPMorgan Diversified Return International Equity ETF 20.8 37 -5 9.5 +2.5
VYMI Vanguard International High Dividend Yield ETF 20.8 22 10 11.3 +4.3
DFAI Dimensional International Core Equity Market ETF 20.7 18 14 7.9 +0.8
IQDF FlexShares International Quality Dividend Index Fund 20.6 47 -15 11.9 +4.8
FNDF Schwab Fundamental International Large Co. Index ETF 20.5 25 7 9.6 +2.5
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 20.4 41 -9 8.2 +1.1
HDEF Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF 20.3 20 12 10.5 +3.4
ACWX iShares MSCI ACWI ex U.S. ETF 20.1 32 0 8.1 +1.0
EFV iShares MSCI EAFE Value ETF 19.9 35 -3 10.3 +3.2
IVLU iShares Edge MSCI Intl Value Factor ETF 19.2 30 2 12.1 +5.1
PIZ Invesco DWA Developed Markets Momentum ETF 19.1 80 -48 6.3 -0.7
HDAW Xtrackers MSCI All World ex US High Dividend Yield Equity ET 18.9 20 12 12.7 +5.6
RFDI First Trust Riverfront Dynamic Developed International ETF 18.8 83 -51 12.3 +5.2
VEU Vanguard FTSE All-World ex-US Index Fund 18.7 7 25 8.3 +1.2
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 18.7 35 -3 7.8 +0.7
IDMO Invesco S&P International Developed Momentum ETF 18.7 25 7 9.5 +2.4
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 18.6 24 8 8.9 +1.8
DMXF iShares ESG Advanced MSCI EAFE ETF 18.3 12 20 6.6 -0.5
JIG JPMorgan International Growth ETF 18.1 55 -23 5.2 -1.9
TTAI TrimTabs All Cap International Free-Cash-Flow ETF 18.1 61 -29 9.3 +2.2
NUDM Nuveen ESG International Developed Markets Equity ETF 17.9 30 2 8.6 +1.6
RODE Hartford Multifactor Diversified International ETF 17.9 29 3 13.6 +6.6
QINT American Century Quality Diversified International ETF 17.8 39 -7 9.6 +2.5
UIVM VictoryShares USAA MSCI International Value Momentum ETF 17.8 35 -3 10.3 +3.3
IXUS ishares Core MSCI Total International Stock ETF 17.7 7 25 8.0 +1.0
GLOV Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF 17.6 25 7 7.8 +0.7
DIHP Dimensional International High Profitability ETF 17.5 29 3 9.0 +1.9
VSGX Vanguard ESG International Stock ETF 17.5 12 20 7.8 +0.8
ISZE iShares Edge MSCI Intl Size Factor ETF 17.5 30 2 7.4 +0.4
VWID Virtus WMC International Dividend ETF 17.4 49 -17 10.3 +3.3
VXUS Vanguard Total International Stock ETF 17.3 7 25 8.1 +1.1
WKLY SoFi Weekly Dividend ETF 17.2 49 -17 9.4 +2.4
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 17.1 42 -10 6.6 -0.4
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 17.0 39 -7 8.6 +1.5
DTH WisdomTree International High Dividend Fund 16.9 58 -26 11.4 +4.4
FICS First Trust International Developed Capital Strength ETF 16.9 70 -38 7.0 -0.0
EUDV ProShares MSCI Europe Dividend Growers ETF 16.3 56 -24 6.2 -0.8
QWLD SPDR MSCI World StrategicFactors ETF 16.3 30 2 7.6 +0.5
BKCI BNY Mellon Concentrated International ETF 16.2 80 -48 4.5 -2.6
ACWV iShares MSCI Global Min Vol Factor ETF 15.6 20 12 8.3 +1.2
EFAD ProShares MSCI EAFE Dividend Growers ETF 15.5 51 -19 6.6 -0.5
IPAC iShares Core MSCI Pacific ETF 15.3 9 23 7.6 +0.5
EZU iShares MSCI Eurozone ETF 15.2 50 -18 7.4 +0.4
SCHY Schwab International Dividend Equity ETF 15.2 14 18 9.2 +2.1
LVHI Legg Mason International Low Volatility High Dividend ETF 14.5 40 -8 9.9 +2.8
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 14.5 25 7 9.0 +1.9
DBJP Xtrackers MSCI Japan Hedged Equity ETF 14.5 46 -14 8.5 +1.4
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 14.4 47 -15 7.5 +0.5
EWJ iShares MSCI Japan ETF 14.4 50 -18 8.2 +1.1
AVDE Avantis International Equity ETF 14.2 23 9 9.3 +2.2
BBJP JPMorgan BetaBuilders Japan ETF 14.1 19 13 8.3 +1.3
ESGN Columbia Sustainable International Equity Income ETF 13.9 45 -13 9.0 +1.9
FLJH Franklin FTSE Japan Hedged ETF 13.8 9 23 8.6 +1.6
WWJD Inspire International ESG ETF 13.7 69 -37 7.6 +0.6
FLJP Franklin FTSE Japan ETF 13.6 9 23 8.3 +1.2
VPL Vanguard FTSE Pacific ETF 13.2 8 24 7.9 +0.8
DFIC Dimensional International Core Equity 2 ETF 13.1 23 9 8.4 +1.3
DIVS SmartETFs Dividend Builder ETF 12.7 65 -33 5.9 -1.2
VMAT V-Shares MSCI World ESG Materiality and Carbon Transition ET 12.6 39 -7 6.8 -0.3
EWJV iShares MSCI Japan Value ETF 12.6 15 17 10.1 +3.0
FLSW Franklin FTSE Switzerland ETF 12.3 9 23 5.9 -1.1
DWX SPDR S&P International Dividend ETF 12.2 45 -13 8.8 +1.7
AVIV Avantis International Large Cap Value ETF 12.1 25 7 10.3 +3.2
JPXN iShares JPX-Nikkei 400 ETF 12.0 48 -16 8.9 +1.9
EWL iShares MSCI Switzerland ETF 11.9 50 -18 5.3 -1.8
EPP iShares MSCI Pacific ex-Japan ETF 11.6 47 -15 6.3 -0.8
CID VictoryShares Intl High Dividend Volatility Wtd Index ETF 11.5 45 -13 10.9 +3.8
KXI iShares Global Consumer Staples ETF 11.4 40 -8 5.7 -1.3
HEDJ WisdomTree Europe Hedged Equity Fund 11.1 58 -26 9.7 +2.6
BKIS BNY Mellon Sustainable International Equity ETF 11.1 70 -38 5.6 -1.5
ESGG FlexShares STOXX Global ESG Impact Index Fund 11.1 42 -10 7.1 +0.0
FIDI Fidelity International High Dividend ETF 11.0 39 -7 13.2 +6.1
DIM WisdomTree International MidCap Dividend Fund 11.0 58 -26 9.8 +2.7
FEZ SPDR EURO STOXX 50 ETF 11.0 29 3 13.6 +6.5
BBAX JPMorgan BetaBuilders Developed Asia ex-Japan ETF 10.8 19 13 6.8 -0.3
DFIV Dimensional International Value ETF 10.5 30 2 10.0 +2.9
AIVI WisdomTree International AI Enhanced Value Fund 10.4 58 -26 8.9 +1.9
FLGB Franklin FTSE United Kingdom ETF 10.2 9 23 9.3 +2.2
DGT SPDR Global Dow ETF 10.2 50 -18 8.4 +1.3
URTH iShares MSCI World ETF 10.1 24 8 7.1 +0.0
DFAX Dimensional World ex U.S. Core Equity 2 ETF 9.9 31 1 8.9 +1.8
DWCR Arrow DWA Country Rotation ETF 9.5 111 -79 6.3 -0.8
KOKU Xtrackers MSCI Kokusai Equity ETF 9.4 9 23 7.2 +0.1
EWC iShares MSCI Canada ETF 9.4 50 -18 8.7 +1.6
BBCA JPMorgan BetaBuilders Canada ETF 9.3 19 13 8.9 +1.8
TOK iShares MSCI Kokusai ETF 9.3 25 7 7.0 -0.1
IOO iShares Global 100 ETF 9.1 40 -8 7.2 +0.2
ACWI iShares MSCI ACWI ETF 9.0 32 0 7.2 +0.1
MOTG VanEck Morningstar Global Wide Moat ETF 8.9 52 -20 7.1 +0.0
FLCA Franklin FTSE Canada ETF 8.9 9 23 9.5 +2.4
CRBN iShares MSCI ACWI Low Carbon Target ETF 8.9 20 12 7.5 +0.5
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 8.6 47 -15 6.3 -0.7
EWU iShares MSCI United Kingdom ETF 8.4 50 -18 8.9 +1.9
SPGM SPDR Portfolio MSCI Global Stock Market ETF 8.3 9 23 7.0 -0.0
IDOG ALPS International Sector Dividend Dogs ETF 8.2 50 -18 13.6 +6.6
IXJ iShares Global Healthcare ETF 8.2 40 -8 8.2 +1.1
DEW WisdomTree Global High Dividend Fund 8.0 58 -26 11.0 +3.9
BLES Inspire Global Hope Large Cap ETF 7.9 49 -17 7.2 +0.2
VT Vanguard Total World Stock ETF 7.9 7 25 7.3 +0.2
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 7.9 12 20 6.7 -0.4
KOCG FIS Knights of Columbus Global Belief ETF 7.8 75 -43 8.0 +1.0
DSTX Distillate International Fundamental Stability & Value ETF 7.7 55 -23 8.6 +1.5
EWQ iShares MSCI France ETF 7.7 50 -18 7.2 +0.1
FLFR Franklin FTSE France ETF 7.7 9 23 7.5 +0.5
ACWF iShares MSCI Global Multifactor ETF 7.5 35 -3 9.8 +2.8
UPWD JPMorgan Social Advancement ETF 7.5 49 -17 6.7 -0.3
FEUZ First Trust Eurozone AlphaDEX ETF 7.4 80 -48 8.9 +1.8
IXG iShares Global Financials ETF 7.4 40 -8 10.4 +3.4
LEGR First Trust Indxx Innovative Transaction & Process ETF 7.4 65 -33 9.0 +1.9
IQDY FlexShares International Quality Dividend Dynamic Index Fund 7.4 47 -15 11.6 +4.6
FEP First Trust Europe AlphaDEX Fund 7.3 80 -48 9.8 +2.8
EWH iShares MSCI Hong Kong ETF 7.3 50 -18 6.4 -0.6
FLHK Franklin FTSE Hong Kong ETF 7.2 9 23 6.7 -0.4
DXJ WisdomTree Japan Hedged Equity Fund 7.1 48 -16 12.1 +5.0
NTZG Nuveen Global Net Zero Transition ETF 7.0 55 -23 6.1 -1.0
WRND IQ Global Equity R&D Leaders ETF 7.0 18 14 8.5 +1.4
FDT First Trust Developed Markets ex-US Alphadex Fund 7.0 80 -48 11.3 +4.3
FJP First Trust Japan AlphaDEX Fund 7.0 80 -48 13.0 +6.0
WLDR Affinity World Leaders Equity ETF 6.9 67 -35 10.6 +3.6
EXI iShares Global Industrials ETF 6.8 40 -8 6.5 -0.5
WDIV SPDR Global Dividend ETF 6.7 40 -8 11.8 +4.8
FID First Trust S&P International Dividend Aristocrats ETF 6.7 60 -28 11.5 +4.4
CGXU Capital Group International Focus Equity ETF 6.6 54 -22 4.3 -2.8
ICOW Pacer Developed Markets International Cash Cows 100 ETF 6.5 65 -33 16.8 +9.7
GCOW Pacer Global High Dividend ETF 6.5 60 -28 16.1 +9.0
NXTG First Trust Indxx NextG ETF 6.4 70 -38 6.9 -0.2
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 6.4 45 -13 7.9 +0.9
IDV iShares International Select Dividend ETF 6.3 49 -17 16.3 +9.3
IDNA iShares Genomics Immunology & Healthcare ETF 6.3 47 -15 -8.3 -15.3
CGGO Capital Group Global Growth Equity ETF 6.2 47 -15 4.9 -2.2
IXP iShares Global Comm Services ETF 6.0 40 -8 8.0 +0.9
EFAS Global X MSCI SuperDividend EAFE ETF 5.9 55 -23 12.1 +5.0
CIRC JPMorgan Sustainable Consumption ETF 5.7 49 -17 5.8 -1.3
KDIV KraneShares S&P Pan Asia Dividend Aristocrats Index ETF 5.7 69 -37 10.3 +3.3
IPKW Invesco International BuyBack Achievers ETF 5.3 55 -23 11.6 +4.6
FSZ First Trust Switzerland AlphaDEX Fund 5.3 80 -48 5.0 -2.1
HART IQ Healthy Hearts ETF 5.2 45 -13 6.2 -0.9
FKU First Trust United Kingdom AlphaDEX Fund 5.2 80 -48 10.1 +3.0
DMDV AAM S&P Developed Markets High Dividend Value ETF 5.2 39 -7 18.9 +11.8
VIDI Vident International Equity Fund 4.9 61 -29 12.3 +5.2
AAXJ iShares MSCI All Country Asia ex Japan ETF 4.8 69 -37 7.7 +0.6
JXI iShares Global Utilities ETF 4.8 40 -8 6.4 -0.7
MOTI VanEck Morningstar International Moat ETF 4.8 57 -25 9.1 +2.1
DVYA iShares Asia/Pacific Dividend ETF 4.7 49 -17 13.7 +6.6
SAGP Strategas Global Policy Opportunities ETF 4.7 65 -33 7.7 +0.7
HAP VanEck Natural Resources ETF 4.7 49 -17 9.4 +2.3
PAWZ ProShares Pet Care ETF 4.5 50 -18 4.3 -2.7
FLAX Franklin FTSE Asia Ex Japan ETF 4.4 19 13 8.5 +1.4
IVAL Alpha Architect International Quantitative Value ETF 4.4 60 -28 13.1 +6.1
FGD First Trust Dow Jones Global Select Dividend Index Fund 4.4 57 -25 14.0 +6.9
SDG iShares Sustainable MSCI Global Impact ETF 4.3 49 -17 7.2 +0.1
KOIN Innovation Shares NextGen Protocol ETF 4.3 75 -43 7.6 +0.6
RAYD Rayliant Quantitative Developed Market Equity ETF 4.2 80 -48 9.5 +2.5
JSTC Adasina Social Justice All Cap Global ETF 4.1 89 -57 6.7 -0.4
SYNB Putnam BioRevolution ETF 4.0 70 -38 3.8 -3.3
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 4.0 80 -48 9.1 +2.1
AIA iShares Asia 50 ETF 4.0 50 -18 9.6 +2.5
PID Invesco International Dividend Achievers ETF 3.9 56 -24 8.3 +1.3
RXI iShares Global Consumer Discretionary ETF 3.9 40 -8 6.7 -0.4
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 3.8 46 -14 10.0 +3.0
EWS iShares MSCI Singapore ETF 3.8 50 -18 5.3 -1.8
GNR SPDR S&P Global Natural Resources ETF 3.8 40 -8 10.5 +3.5
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 3.8 47 -15 5.6 -1.4
DBGR Xtrackers MSCI Germany Hedged Equity ETF 3.7 45 -13 8.3 +1.2
EWG iShares MSCI Germany ETF 3.7 50 -18 8.1 +1.0
FLGR Franklin FTSE Germany ETF 3.7 9 23 8.8 +1.7
GVAL Cambria Global Value ETF 3.6 71 -39 14.5 +7.4
GLIF AGFiQ Global Infrastructure ETF 3.5 45 -13 6.2 -0.8
EIS iShares MSCI Israel ETF 3.5 57 -25 11.1 +4.1
EUFN iShares MSCI Europe Financials ETF 3.5 48 -16 11.4 +4.4
EWN iShares MSCI Netherlands ETF 3.4 50 -18 5.4 -1.7
DXGE WisdomTree Germany Hedged Equity Fund 3.4 48 -16 10.5 +3.4
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure Inde 3.3 63 -31 5.1 -2.0
MXI iShares Global Materials ETF 3.3 40 -8 8.3 +1.3
AGNG Global X Aging Population ETF 3.3 50 -18 4.4 -2.6
IFGL iShares International Developed Real Estate ETF 3.2 48 -16 7.9 +0.8
SHPP Pacer Industrials and Logistics ETF 3.1 60 -28 10.9 +3.8
SANE Subversive Mental Health ETF 3.1 75 -43 6.3 -0.8
SUBS Fount Subscription Economy ETF 3.0 70 -38 5.4 -1.7
DAX Global X DAX Germany ETF 3.0 20 12 8.1 +1.1
ERET iShares Environmentally Aware Real Estate ETF 3.0 30 2 7.6 +0.5
KROP Global X AgTech & Food Innovation ETF 2.9 50 -18 -2.1 -9.1
BLKC Invesco Alerian Galaxy Blockchain Users and Decentralized Co 2.9 60 -28 2.9 -4.2
FPXE First Trust IPOX Europe Equity Opportunities ETF 2.9 70 -38 6.2 -0.9
DKRB Subversive Decarbonization ETF 2.8 75 -43 5.1 -2.0
XT iShares Exponential Technologies ETF 2.8 46 -14 3.8 -3.3
EWA iShares MSCI Australia ETF 2.8 50 -18 6.5 -0.5
IXC iShares Global Energy ETF 2.8 40 -8 9.5 +2.4
EDEN iShares MSCI Denmark Capped ETF 2.8 53 -21 5.8 -1.3
HJEN Direxion Hydrogen ETF 2.8 45 -13 -0.0 -7.1
FILL iShares MSCI Global Energy Producers ETF 2.7 39 -7 10.5 +3.5
FLAU Franklin FTSE Australia ETF 2.7 9 23 7.0 -0.1
WPS iShares International Developed Property ETF 2.7 48 -16 8.1 +1.0
VNQI Vanguard Global ex-U.S. Real Estate ETF 2.7 12 20 10.5 +3.5
HAUZ Xtrackers International Real Estate ETF 2.7 10 22 9.3 +2.2
YUMY VanEck Future of Food ETF 2.7 69 -37 4.1 -3.0
IMOM Alpha Architect International Quantitative Momentum ETF 2.7 60 -28 9.0 +1.9
KLDW Gavekal Knowledge Leaders Developed World ETF 2.7 75 -43 5.3 -1.8
XDNA Strategic CRISPR & Gene Editing Technology ETF 2.7 78 -46 -3.3 -10.4
EWP iShares MSCI Spain ETF 2.6 50 -18 8.7 +1.7
QTUM Defiance Quantum ETF 2.6 40 -8 4.7 -2.4
GCLN Goldman Sachs Bloomberg Clean Energy Equity ETF 2.5 45 -13 4.8 -2.3
EFNL iShares MSCI Finland Capped ETF 2.5 55 -23 7.2 +0.2
OBOR KraneShares MSCI One Belt One Road Index ETF 2.4 78 -46 11.2 +4.1
ADIV SmartETFs Asia Pacific Dividend Builder ETF 2.4 78 -46 10.5 +3.4
ISRA VanEck Israel ETF 2.4 59 -27 9.0 +1.9
ASEA Global X Southeast Asia ETF 2.3 65 -33 7.9 +0.9
SUPL ProShares Supply Chain Logistics ETF 2.3 58 -26 16.3 +9.2
FYLD Cambria Foreign Shareholder Yield ETF 2.3 59 -27 14.1 +7.1
GINN Goldman Sachs ETF Trust Goldman Sachs Innovate Equity ETF 2.2 50 -18 3.7 -3.4
DIVD Altrius Global Dividend ETF 2.1 49 -17 12.1 +5.0
DINT Davis Select International ETF 2.1 64 -32 8.0 +1.0
FNDC Schwab Fundamental International Small Co. Index ETF 2.1 39 -7 7.2 +0.2
IXN iShares Global Tech ETF 2.1 40 -8 5.9 -1.2
GQRE FlexShares Global Quality Real Estate Index Fund 2.0 45 -13 7.7 +0.6
CGUS Capital Group Core Equity ETF 2.0 33 -1 6.7 -0.3
HDRO Defiance Next Gen H2 ETF 1.9 30 2 -6.7 -13.8
INFL Horizon Kinetics Inflation Beneficiaries ETF 1.9 85 -53 6.1 -1.0
ANEW ProShares MSCI Transformational Changes ETF 1.9 45 -13 6.0 -1.1
CGGR Capital Group Growth ETF 1.9 39 -7 5.0 -2.1
FPXI First Trust International Equity Opportunities ETF 1.9 70 -38 -0.6 -7.7
BLCN Siren ETF Trust Siren Nasdaq NexGen Economy ETF 1.9 68 -36 0.6 -6.5
GENY Principal Millennials Index ETF 1.8 45 -13 6.7 -0.3
BCDF Horizon Kinetics Blockchain Development ETF 1.8 85 -53 1.4 -5.6
FDRR Fidelity Dividend ETF for Rising Rates 1.6 29 3 9.8 +2.8
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 1.6 49 -17 6.2 -0.8
IGF iShares Global Infrastructure ETF 1.6 40 -8 4.8 -2.3
GII SPDR S&P Global Infrastructure ETF 1.6 40 -8 4.8 -2.3
DUSA Davis Select U.S. Equity ETF 1.5 61 -29 10.3 +3.2
DWLD Davis Select Worldwide ETF 1.5 62 -30 9.2 +2.1
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 1.5 75 -43 7.7 +0.7
ECLN First Trust EIP Carbon Impact ETF 1.4 95 -63 4.6 -2.5
FDD First Trust Stoxx European Select Dividend Index Fund 1.4 58 -26 14.4 +7.4
BLLD JPMorgan Sustainable Infrastructure ETF 1.4 49 -17 5.5 -1.6
RNWZ TrueShares Eagle Global Renewable Energy Income ETF 1.4 75 -43 5.9 -1.1
FEMA Procure Disaster Recovery Strategy ETF 1.4 75 -43 5.9 -1.2
TINY ProShares Nanotechnology ETF 1.3 58 -26 1.8 -5.3
FLIY Franklin FTSE Italy ETF 1.3 9 23 10.2 +3.2
EWI iShares MSCI Italy ETF 1.3 50 -18 10.5 +3.5
HTEC ROBO Global Healthcare Technology & Innovation ETF 1.3 68 -36 0.0 -7.1
VRAI Virtus Real Asset Income ETF 1.3 55 -23 8.4 +1.3
BKES BNY Mellon Sustainable Global Emerging Markets ETF 1.2 11 21 5.1 -2.0
URA Global X Uranium ETF 1.2 69 -37 3.0 -4.1
AIQ Global X Future Analytics Tech ETF 1.2 68 -36 5.3 -1.8
GRNR Global X Green Building ETF 1.2 45 -13 9.2 +2.2
CLNR IQ Cleaner Transport ETF 1.2 45 -13 7.2 +0.1
FPAG FPA Global Equity ETF 1.1 49 -17 6.8 -0.2
MEM Matthews Emerging Markets Equity Active ETF 1.1 79 -47 6.8 -0.3
BNE Blue Horizon BNE ETF 1.1 87 -55 5.2 -1.8
RVRB Reverb ETF 1.1 30 2 6.7 -0.3
BITQ Bitwise Crypto Industry Innovators ETF 1.1 85 -53 -21.4 -28.5
DFNL Davis Select Financial ETF 1.1 62 -30 9.9 +2.9
SEA U.S. Global Sea to Sky Cargo ETF 1.1 60 -28 31.5 +24.5
JEMA JPMorgan Emerging Markets Equity Core ETF 1.1 39 -7 8.0 +1.0
BTEK BlackRock Future Tech ETF 1.0 88 -56 0.8 -6.3
IBLC iShares Blockchain and Tech ETF 1.0 47 -15 -29.5 -36.6
DTEC ALPS Disruptive Technologies ETF 1.0 50 -18 4.5 -2.5
ISCF iShares Edge MSCI Multifactor Intl Small-Cap ETF 1.0 40 -8 10.6 +3.5
BMED BlackRock Future Health ETF 1.0 85 -53 2.1 -5.0
NDIV Amplify Natural Resources Dividend Income ETF 0.9 59 -27 15.8 +8.8
GBUY Goldman Sachs Future Consumer Equity ETF 0.9 75 -43 3.2 -3.9
HACK ETFMG Prime Cyber Security ETF 0.9 60 -28 4.9 -2.1
ARKX ARK Space Exploration & Innovation ETF 0.9 75 -43 2.2 -4.8
CIBR First Trust NASDAQ CEA Cybersecurity ETF 0.9 60 -28 5.1 -2.0
EWK iShares MSCI Belgium Capped ETF 0.9 50 -18 7.6 +0.6
FGM First Trust Germany AlphaDEX Fund 0.9 80 -48 11.0 +4.0
ION ProShares S&P Global Core Battery Metals ETF 0.8 58 -26 10.1 +3.0
BFIT Global X Health & Wellness ETF 0.8 50 -18 6.0 -1.1
INNO Harbor Disruptive Innovation ETF 0.8 75 -43 -3.6 -10.7
LOUP Innovator Loup Frontier Tech ETF 0.8 70 -38 2.1 -5.0
EUSC WisdomTree Europe Hedged SmallCap Equity Fund 0.8 58 -26 9.5 +2.4
CRAK VanEck Oil Refiners ETF 0.8 59 -27 11.3 +4.2
IEUS iShares MSCI Europe Small-Cap ETF 0.8 40 -8 6.3 -0.8
IVES Wedbush ETFMG Global Cloud Technology ETF 0.8 68 -36 4.1 -3.0
IRBO iShares Robotics and Artificial Intelligence Multisector ETF 0.8 47 -15 -0.9 -7.9
NANR SPDR S&P North American Natural Resources ETF 0.8 35 -3 7.6 +0.5
RWX SPDR Dow Jones International Real Estate ETF 0.8 59 -27 6.6 -0.5
RWO SPDR Dow Jones Global Real Estate ETF 0.8 50 -18 7.1 0.0
DFIS Dimensional International Small Cap ETF 0.7 39 -7 6.4 -0.7
JRNY ALPS Global Travel Beneficiaries ETF 0.7 65 -33 0.8 -6.2
TMFG Motley Fool Global Opportunities ETF 0.7 85 -53 4.5 -2.6
GREI Goldman Sachs Future Real Estate and Infrastructure Equity E 0.7 75 -43 3.6 -3.5
CZA Invesco Zacks Mid-Cap ETF 0.7 69 -37 7.8 +0.7
VEGI iShares MSCI Global Agriculture Producers ETF 0.7 39 -7 9.0 +1.9
EATV VegTech Plant-based Innovation & Climate ETF 0.7 75 -43 5.1 -2.0
FTAG First Trust Indxx Global Agriculture ETF 0.7 70 -38 10.3 +3.3
FCLD Fidelity Cloud Computing ETF 0.7 39 -7 4.9 -2.2
TEMP JPMorgan Climate Change Solutions ETF 0.7 49 -17 4.6 -2.5
VCLN Virtus Duff & Phelps Clean Energy ETF 0.7 59 -27 4.0 -3.1
FAN First Trust Global Wind Energy ETF 0.7 62 -30 5.0 -2.1
TRFK Pacer Data and Digital Revolution ETF 0.6 60 -28 5.8 -1.3
SMOG VanEck Low Carbon Energy ETF 0.6 55 -23 3.4 -3.7
GSFP Goldman Sachs Future Planet Equity ETF 0.6 75 -43 4.0 -3.0
ICLN iShares Global Clean Energy ETF 0.6 40 -8 3.6 -3.5
OCEN IQ Clean Oceans ETF 0.6 45 -13 6.8 -0.3
SOLR SmartETFs Sustainable Energy II Fund 0.6 79 -47 3.8 -3.3
SGDM Sprott Gold Miners ETF 0.6 50 -18 5.3 -1.8
GURU Global X Guru Index ETF 0.6 75 -43 5.0 -2.0
PHO Invesco Water Resources ETF 0.6 60 -28 5.0 -2.0
PIO Invesco Global Water ETF 0.6 75 -43 5.7 -1.3
EBLU Ecofin Global Water ESG Fund 0.6 40 -8 4.5 -2.6
AMID Argent Mid Cap ETF 0.6 52 -20 10.7 +3.7
AQWA Global X Clean Water ETF 0.6 50 -18 5.1 -1.9
MBOX Freedom Day Dividend ETF 0.6 39 -7 9.1 +2.0
IWFH iShares Virtual Work and Life Multisector ETF 0.5 47 -15 -1.3 -8.3
MVPS Amplify Thematic All-Stars ETF 0.5 49 -17 2.1 -4.9
GVLU Gotham 1000 Value ETF 0.5 50 -18 12.1 +5.0
DISV Dimensional International Small Cap Value ETF 0.5 42 -10 10.3 +3.2
SCHC Schwab International Small-Cap Equity ETF 0.5 11 21 6.6 -0.5
OGIG O'Shares Global Internet Giants ETF 0.5 48 -16 0.5 -6.6
FDVV Fidelity Core Dividend ETF 0.5 29 3 12.1 +5.0
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.5 51 -19 10.8 +3.8
ROBO Robo Global Robotics & Automation Index ETF 0.5 95 -63 3.4 -3.7
IVEG iShares Emergent Food and AgTech Multisector ETF 0.5 47 -15 9.0 +2.0
PSYK PSYK ETF 0.5 75 -43 -173.5 -180.6
SCZ iShares MSCI EAFE Small-Cap ETF 0.4 39 -7 6.5 -0.6
RNEM First Trust Emerging Markets Equity Select ETF 0.4 75 -43 11.6 +4.5
PGAL Global X FTSE Portugal 20 ETF 0.4 58 -26 7.3 +0.3
EMGF iShares MSCI Emerging Markets Multifactor ETF 0.4 45 -13 12.9 +5.8
AZTD Aztlan Global Stock Selection DM SMID ETF 0.4 75 -43 7.2 +0.2
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.4 7 25 6.9 -0.2
WDNA WisdomTree BioRevolution Fund 0.4 45 -13 -4.2 -11.2
MTVR Fount Metaverse ETF 0.4 70 -38 6.6 -0.5
ERTH Invesco MSCI Sustainable Future ETF 0.3 56 -24 4.4 -2.7
AVRE Avantis Real Estate ETF 0.3 17 15 6.7 -0.4
REET iShares Global REIT ETF 0.3 14 18 7.5 +0.4
RITA ETFB Green SRI REITs ETF 0.3 50 -18 5.2 -1.8
CGV Conductor Global Equity Value ETF 0.3 128 -96 13.4 +6.3
UFO Procure Space ETF 0.3 75 -43 1.2 -5.8
ODDS Pacer BlueStar Digital Entertainment ETF 0.3 60 -28 6.0 -1.1
PICK iShares MSCI Global Metals & Mining Producers ETF 0.3 39 -7 12.8 +5.8
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.2 15 17 9.3 +2.2
EMLP First Trust North American Energy Infrastructure Fund 0.2 95 -63 5.9 -1.2
SDIV Global X SuperDividend ETF 0.2 58 -26 19.7 +12.6
COPX Global X Copper Miners ETF 0.2 65 -33 8.1 +1.0
ARB AltShares Merger Arbitrage ETF 0.2 67 -35 7.8 +0.8
GVIP Goldman Sachs Hedge Industry VIP ETF 0.2 45 -13 5.6 -1.5
IVRA Invesco Real Assets ESG ETF 0.2 59 -27 7.2 +0.1
TPYP Tortoise North American Pipeline Fund 0.2 40 -8 5.7 -1.4
USAI Pacer American Energy Independence ETF 0.2 75 -43 3.7 -3.3
ENFR Alerian Energy Infrastructure ETF 0.2 35 -3 5.2 -1.9
UMI USCF Midstream Energy Income Fund ETF 0.2 85 -53 3.4 -3.6
AVDV Avantis International Small Cap Value ETF 0.2 36 -4 10.3 +3.2
BKEM BNY Mellon Emerging Markets Equity ETF 0.2 11 21 9.2 +2.1
GDOC Goldman Sachs Future Health Care Equity ETF 0.2 75 -43 1.8 -5.3
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.2 36 -4 8.6 +1.5
DRIV Global X Autonomous & Electric Vehicles ETF 0.2 68 -36 5.0 -2.1
HYDR Global X Hydrogen ETF 0.2 50 -18 -6.9 -14.0
MOTO SmartETFs Smart Transportation & Technology ETF 0.2 68 -36 7.7 +0.6
WBAT WisdomTree Battery Value Chain and Innovation Fund 0.2 45 -13 3.2 -3.8
CARZ First Trust NASDAQ Global Auto Index Fund 0.2 70 -38 6.6 -0.5
HERO Global X Video Games & Esports ETF 0.2 50 -18 10.4 +3.3
VR Global X Metaverse ETF 0.2 50 -18 6.7 -0.4
GAMR ETFMG Video Game Tech ETF 0.2 75 -43 7.0 -0.1
FMET Fidelity Metaverse ETF 0.2 39 -7 5.7 -1.3
METV Roundhill Ball Metaverse ETF 0.2 59 -27 4.8 -2.3
ARVR First Trust Indxx Metaverse ETF 0.2 70 -38 4.7 -2.3
NERD Roundhill BITKRAFT Esports & Digital Entertainment ETF 0.2 50 -18 19.5 +12.4
BNGE First Trust S-Network Streaming and Gaming ETF 0.2 70 -38 0.7 -6.4
ESPO VanEck Video Gaming & eSports ETF 0.2 55 -23 7.2 +0.1
OAIE Optimize AI Smart Sentiment Event-Driven ETF 0.1 100 -68 4.8 -2.3
JZRO Janus Henderson Net Zero Transition Resources ETF 0.1 60 -28 7.7 +0.6
VNSE Natixis Vaughan Nelson Select ETF 0.1 80 -48 4.5 -2.6
EPU iShares MSCI All Peru Capped ETF 0.1 57 -25 5.6 -1.5
RING iShares MSCI Global Gold Miners ETF 0.1 39 -7 6.2 -0.8
SLVP iShares MSCI Global Silver Miners ETF 0.1 39 -7 3.7 -3.3
GOAU U.S. Global GO GOLD & Precious Metal Miners ETF 0.1 60 -28 6.5 -0.5
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.1 59 -27 11.8 +4.7
BJK VanEck Gaming ETF 0.1 62 -30 1.4 -5.6
BETZ Roundhill Sports Betting & iGaming ETF 0.1 75 -43 0.9 -6.1
STXV Strive 1000 Value ETF 0.1 18 14 9.3 +2.3
PBUS Invesco PureBeta MSCI USA ETF 0.1 4 28 6.8 -0.3
IQM Franklin Intelligent Machines ETF 0.1 50 -18 4.1 -3.0
STXG Strive 1000 Growth ETF 0.0 18 14 5.8 -1.3
EDUT Global X Education ETF 0.0 50 -18 1.8 -5.3
KOMP SPDR Kensho New Economies Composite ETF 0.0 20 12 -1.3 -8.4
PBD Invesco Global Clean Energy ETF 0.0 75 -43 -1.3 -8.4
ENRG SoFi Smart Energy ETF 0.0 59 -27 -1.7 -8.7
ENZL iShares MSCI New Zealand Capped ETF 0.0 50 -18 3.6 -3.5

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

  2018 2019 2020 2021 2022 2023E 2024E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2022 2023E 2024E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 FlexShares Developed Markets ex-US Quality Low Volatility Idx
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.8 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 32 bp
Equals: ALTAR Score 7.1 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.57 CATEGORY
AVERAGE		 1.53
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.