ETF Research Center

Schwab International Dividend Equity ETF

ALTAR
Score™

9.9%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	12.0x	P/Sales ratio	1.2x
P/BV ratio	1.9x	Div. yield	4.8%

Description
Performance
Comps
Fundamentals
Valuation
Rating

SCHY tracks a modified market-cap-weighted index of 100 high-dividend-yielding stocks located outside of the US. Stocks are selected based on additional fundamental criteria and low volatility.

FUND BASICS
Category	International Equities
Fund Sponsor	Charles Schwab
Website	www.schwabassetmanagement.com/products/schy
Inception date	Apr 29, 2021
Assets (mns)	$1,358
Currency	USD
Expense ratio	14 bp
Distributions	Semi-annual

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	142
Wgt avg mkt cap (mns)	$67,035
Large cap (>$10bn)	89.1%
Mid cap ($2-10bn)	10.6%
Small cap (<$2bn)	0.3%
Developed mkts	83.4%
Emerging mkts	16.6%

TOP TEN HOLDINGS
Total	40.0 %
BRITISH AMERICAN TOBACCO PLC	4.5 %
WESFARMERS LIMITED	4.3 %
BHP BILLITON LTD	4.2 %
ONO PHARMACEUTICAL CO LTD	4.1 %
TOTAL SA	3.9 %
ROCHE HOLDING LTD	3.9 %
GSK PLC	3.8 %
ENEL SPA	3.8 %
UNILEVER PLC	3.8 %
VINCI SA	3.6 %

TOP COUNTRY EXPOSURE
	BRITAIN	14.8 %
	AUSTRALIA	12.3 %
	FRANCE	11.3 %
	ITALY	7.8 %
	JAPAN	6.0 %
	SWITZERLAND	4.5 %
	CANADA	3.6 %
	INDIA	3.5 %
	FINLAND	3.2 %
	NETHERLANDS	3.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru September 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
21.9%	7.7%	--	--	5.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.56	31%
MSCI EAFE	0.68	58%
MSCI Emg. Mkts.	0.57	46%

Technical Indicators
Recent close	$27.78
30d moving avg.	$27.93
Annualized volatility	13.4%
Short interest (ETF)	1.5%
Relative strength (RSI)	51

Liquidity measures
Avg. volume (thou.)	388
Turnover	0.8%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$3,746

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 444 potential alternatives to the Schwab International Dividend Equity ETF ETF based on the alternatives' overlap in portfolio holdings with SCHY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SCHY

Expense:

14 bp

ALTAR Score™:

9.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SCHY
Ticker	Fund Name	Overlap¹ vs SCHY (%)	Expense ratio (bp)	Savings vs SCHY (bp)	ALTAR Score™ (%)	ALTAR vs SCHY (%)
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	28.0	9	5	9.3	-0.5
VWID	Virtus WMC International Dividend ETF	22.8	49	-35	8.6	-1.2
DTH	WisdomTree International High Dividend Fund	22.3	58	-44	8.7	-1.2
IDV	iShares International Select Dividend ETF	21.9	51	-37	10.9	+1.1
LVHI	Franklin International Low Volatility High Dividend Index ET	21.9	40	-26	10.4	+0.5
DOL	WisdomTree International LargeCap Dividend Fund	19.3	48	-34	7.3	-2.6
GCOW	Pacer Global Cash Cows Dividend ETF	17.7	60	-46	11.2	+1.4
IDHQ	Invesco S&P International Developed High Quality ETF	17.5	29	-15	6.7	-3.2
RFEU	First Trust Riverfront Dynamic Europe ETF	17.3	83	-69	10.6	+0.8
OEUR	ALPS O'Shares Europe Quality Dividend ETF	17.1	48	-34	5.9	-4.0
DIVI	Franklin International Core Dividend Tilt Index ETF	17.0	9	5	8.1	-1.8
IQLT	iShares MSCI Intl Quality Factor ETF	16.8	30	-16	6.3	-3.6
IDOG	ALPS International Sector Dividend Dogs ETF	16.4	50	-36	12.5	+2.6
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	15.9	65	-51	12.3	+2.4
EFV	iShares MSCI EAFE Value ETF	15.8	34	-20	9.2	-0.7
VYMI	Vanguard International High Dividend Yield ETF	15.8	17	-3	9.8	-0.1
FIDI	Fidelity International High Dividend ETF	15.1	18	-4	8.7	-1.1
RFDI	First Trust Riverfront Dynamic Developed International ETF	14.8	83	-69	9.6	-0.3
IMFL	Invesco International Developed Dynamic Multifactor ETF	14.8	34	-20	6.2	-3.7
DWM	WisdomTree International Equity Fund	14.7	48	-34	7.5	-2.4
EFAV	iShares MSCI EAFE Min Vol Factor ETF	14.7	22	-8	5.9	-4.0
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	14.6	40	-26	7.5	-2.4
QEFA	SPDR MSCI EAFE StrategicFactors ETF	14.2	30	-16	7.1	-2.8
FDEV	Fidelity International Multifactor ETF	14.1	18	-4	7.6	-2.3
DWMF	WisdomTree International Multifactor Fund	14.0	38	-24	7.2	-2.6
FIVA	Fidelity International Value Factor ETF	13.5	18	-4	9.9	+0.0
FICS	First Trust International Developed Capital Strength ETF	13.4	70	-56	7.5	-2.3
EWU	iShares MSCI United Kingdom ETF	13.4	50	-36	8.2	-1.7
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	13.3	19	-5	6.0	-3.9
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	13.2	32	-18	6.2	-3.7
FLGB	Franklin FTSE United Kingdom ETF	13.0	9	5	7.6	-2.3
IVLU	iShares MSCI Intl Value Factor ETF	12.8	30	-16	10.6	+0.7
IDLV	Invesco S&P International Developed Low Volatility ETF	12.8	25	-11	6.5	-3.3
EPP	iShares MSCI Pacific ex-Japan ETF	12.4	47	-33	5.2	-4.6
AIVI	WisdomTree International AI Enhanced Value Fund	12.3	58	-44	7.3	-2.6
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	12.3	29	-15	7.9	-2.0
PPIE	Putnam PanAgora ESG International Equity ETF	12.2	49	-35	7.4	-2.4
EWA	iShares MSCI Australia ETF	12.2	50	-36	5.8	-4.1
DIHP	Dimensional International High Profitability ETF	12.2	29	-15	7.2	-2.6
FLAU	Franklin FTSE Australia ETF	12.2	9	5	6.2	-3.7
TTAI	FCF International Quality ETF	11.8	59	-45	7.4	-2.5
IEV	iShares Europe ETF	11.8	67	-53	6.9	-3.0
IQDF	FlexShares International Quality Dividend Index Fund	11.8	47	-33	9.1	-0.7
FEZ	SPDR EURO STOXX 50 ETF	11.7	29	-15	7.2	-2.7
STXI	Strive International Developed Markets ETF	11.5	29	-15	6.7	-3.2
DEW	WisdomTree Global High Dividend Fund	11.2	58	-44	8.6	-1.3
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	11.2	47	-33	8.5	-1.4
FENI	Fidelity Enhanced International ETF	11.2	28	-14	6.6	-3.3
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	11.2	80	-66	6.2	-3.7
IMTM	iShares MSCI Intl Momentum Factor ETF	11.0	30	-16	5.5	-4.4
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	10.9	45	-31	8.9	-0.9
FNDF	Schwab Fundamental International Large Co. Index ETF	10.9	25	-11	9.6	-0.2
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	10.7	45	-31	6.9	-3.0
IDMO	Invesco S&P International Developed Momentum ETF	10.7	25	-11	5.4	-4.5
JHMD	John Hancock Multifactor Developed International ETF	10.6	39	-25	7.7	-2.2
EZU	iShares MSCI Eurozone ETF	10.4	52	-38	6.7	-3.1
JPIN	J.P. Morgan Diversified Return International Equity ETF	10.4	37	-23	8.6	-1.3
JIRE	JPMorgan International Research Enhanced Equity ETF	10.3	24	-10	7.2	-2.7
RODE	Hartford Multifactor Diversified International ETF	10.3	29	-15	11.5	+1.6
BBEU	JPMorgan BetaBuilders Europe ETF	10.2	9	5	7.2	-2.6
JHID	John Hancock International High Dividend ETF	10.2	46	-32	9.6	-0.2
VGK	Vanguard FTSE Europe ETF	10.2	6	8	7.6	-2.3
IEUR	iShares Core MSCI Europe ETF	10.1	11	3	7.4	-2.5
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	10.1	46	-32	6.6	-3.3
SPEU	SPDR Portfolio Europe ETF	10.1	7	7	7.5	-2.4
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	10.1	25	-11	7.3	-2.5
KXI	iShares Global Consumer Staples ETF	10.0	41	-27	5.7	-4.2
EFA	iShares MSCI EAFE ETF	10.0	35	-21	6.8	-3.1
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	10.0	58	-44	7.1	-2.8
EUDG	WisdomTree Europe Quality Dividend Growth Fund	9.9	58	-44	7.0	-2.9
IQDG	WisdomTree International Quality Dividend Growth Fund	9.8	42	-28	7.4	-2.5
FLEE	Franklin FTSE Europe ETF	9.7	9	5	7.3	-2.6
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	9.6	39	-25	6.8	-3.0
EWQ	iShares MSCI France ETF	9.6	53	-39	7.4	-2.5
CIL	VictoryShares International Volatility Wtd ETF	9.5	45	-31	6.8	-3.1
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	9.4	36	-22	6.5	-3.4
DWX	SPDR S&P International Dividend ETF	9.4	45	-31	6.3	-3.5
ESGD	iShares ESG Aware MSCI EAFE ETF	9.4	20	-6	6.8	-3.1
CEFA	Global X S&P Catholic Values Developed ex-US ETF	9.3	35	-21	6.7	-3.2
GSID	Goldman Sachs MarketBeta International Equity ETF	9.3	20	-6	7.0	-2.9
DVYA	iShares Asia/Pacific Dividend ETF	9.2	49	-35	7.8	-2.1
HFXI	IQ FTSE International Equity Currency Neutral ETF	9.2	20	-6	7.1	-2.8
GNR	SPDR S&P Global Natural Resources ETF	9.1	40	-26	11.1	+1.3
EFAS	Global X MSCI SuperDividend EAFE ETF	8.9	57	-43	8.6	-1.3
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	8.9	20	-6	6.4	-3.5
INTF	iShares International Equity Factor ETF	8.8	15	-1	7.7	-2.2
GSIE	Goldman Sachs ActiveBeta International Equity ETF	8.8	25	-11	7.2	-2.7
SCHF	Schwab International Equity ETF	8.7	6	8	7.3	-2.6
BKIE	BNY Mellon International Equity ETF	8.7	4	10	7.1	-2.8
IGRO	iShares International Dividend Growth ETF	8.7	15	-1	7.4	-2.5
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	8.6	14	0	6.2	-3.6
CWI	SPDR MSCI ACWI ex-US ETF	8.6	30	-16	7.6	-2.3
IEFA	iShares Core MSCI EAFE ETF	8.5	7	7	7.1	-2.8
UMMA	Wahed Dow Jones Islamic World ETF	8.4	65	-51	5.3	-4.6
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	8.3	46	-32	10.0	+0.1
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	8.3	24	-10	7.7	-2.2
IDEV	iShares Core MSCI International Developed Markets ETF	8.2	4	10	7.0	-2.9
IDNA	iShares Genomics Immunology and Healthcare ETF	8.0	47	-33	-2.0	-11.9
INEQ	Columbia International Equity Income ETF	8.0	45	-31	8.3	-1.6
VEA	Vanguard FTSE Developed Markets ETF	8.0	3	11	7.3	-2.6
NUDM	Nuveen ESG International Developed Markets Equity ETF	7.9	31	-17	6.2	-3.6
ACWX	iShares MSCI ACWI ex U.S. ETF	7.8	34	-20	7.7	-2.2
SPDW	SPDR Portfolio Developed World ex-US ETF	7.8	3	11	7.0	-2.9
DFAI	Dimensional International Core Equity Market ETF	7.8	18	-4	7.2	-2.7
FGD	First Trust Dow Jones Global Select Dividend Index Fund	7.8	56	-42	11.2	+1.3
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	7.7	44	-30	10.8	+1.0
DFIV	Dimensional International Value ETF	7.6	27	-13	9.8	-0.1
FID	First Trust S&P International Dividend Aristocrats ETF	7.6	60	-46	8.1	-1.8
EWI	iShares MSCI Italy ETF	7.5	50	-36	10.9	+1.0
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	7.4	18	-4	8.0	-1.8
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	7.4	41	-27	7.4	-2.5
VEU	Vanguard FTSE All-World ex-US Index Fund	7.3	4	10	8.2	-1.7
IQSI	IQ Candriam International Equity ETF	7.3	15	-1	6.7	-3.2
ROAM	Hartford Multifactor Emerging Markets ETF	7.1	44	-30	12.2	+2.4
TPIF	Timothy Plan International ETF	7.0	62	-48	6.4	-3.5
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	6.8	20	-6	6.5	-3.4
CGDG	Capital Group Dividend Growers ETF	6.8	47	-33	6.4	-3.5
PICK	iShares MSCI Global Metals & Mining Producers ETF	6.8	39	-25	11.8	+2.0
IXUS	iShares Core MSCI Total International Stock ETF	6.7	7	7	7.9	-2.0
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	6.7	12	2	6.0	-3.9
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	6.7	25	-11	6.0	-3.9
VXUS	Vanguard Total International Stock ETF	6.7	5	9	7.9	-1.9
MOTI	VanEck Morningstar International Moat ETF	6.7	58	-44	12.0	+2.1
VSGX	Vanguard ESG International Stock ETF	6.6	10	4	7.7	-2.2
AVIV	Avantis International Large Cap Value ETF	6.6	25	-11	8.6	-1.3
DSTX	Distillate International Fundamental Stability & Value ETF	6.5	55	-41	7.9	-2.0
WDIV	SPDR S&P Global Dividend ETF	6.5	40	-26	9.5	-0.4
QINT	American Century Quality Diversified International ETF	6.4	39	-25	7.4	-2.5
MOTG	VanEck Morningstar Global Wide Moat ETF	6.4	52	-38	7.8	-2.0
VIDI	Vident International Equity Strategy ETF	6.4	61	-47	11.1	+1.2
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	6.4	39	-25	8.0	-1.9
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	6.2	40	-26	7.1	-2.7
IPAC	iShares Core MSCI Pacific ETF	6.1	9	5	6.5	-3.4
CGIE	Capital Group International Equity ETF	6.0	54	-40	5.1	-4.7
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	6.0	25	-11	6.7	-3.2
DFIC	Dimensional International Core Equity 2 ETF	6.0	23	-9	7.5	-2.4
BKCI	BNY Mellon Concentrated International ETF	6.0	80	-66	5.3	-4.6
EELV	Invesco S&P Emerging Markets Low Volatility ETF	5.8	29	-15	9.4	-0.4
DXIV	Dimensional International Vector Equity ETF	5.8	34	-20	8.0	-1.9
NXTG	First Trust Indxx NextG ETF	5.7	70	-56	5.2	-4.7
AVSD	Avantis Responsible International Equity ETF	5.7	23	-9	5.7	-4.2
DMXF	iShares ESG Advanced MSCI EAFE ETF	5.7	12	2	5.6	-4.3
WWJD	Inspire International ETF	5.6	80	-66	7.5	-2.4
DTAN	Sparkline International Intangible Value ETF	5.6	55	-41	8.7	-1.2
DEM	WisdomTree Emerging Markets High Dividend Fund	5.6	63	-49	14.1	+4.2
DGT	SPDR Global Dow ETF	5.6	50	-36	7.0	-2.9
IXG	iShares Global Financials ETF	5.6	42	-28	6.8	-3.1
TOKE	Cambria Cannabis ETF	5.6	42	-28	1.1	-8.8
PATN	Pacer Nasdaq International Patent Leaders ETF	5.5	65	-51	6.0	-3.9
FILL	iShares MSCI Global Energy Producers ETF	5.4	39	-25	12.1	+2.2
MXI	iShares Global Materials ETF	5.4	41	-27	7.6	-2.2
VPL	Vanguard FTSE Pacific ETF	5.4	7	7	7.0	-2.9
FYLD	Cambria Foreign Shareholder Yield ETF	5.4	59	-45	12.0	+2.1
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	5.4	15	-1	7.9	-2.0
EMXF	iShares ESG Advanced MSCI EM ETF	5.3	16	-2	8.6	-1.3
EVLU	iShares MSCI Emerging Markets Value Factor ETF	5.3	35	-21	18.1	+8.2
IXC	iShares Global Energy ETF	5.2	44	-30	10.5	+0.7
FEP	First Trust Europe AlphaDEX Fund	5.2	80	-66	9.1	-0.8
RNEM	First Trust Emerging Markets Equity Select ETF	5.2	75	-61	8.0	-1.9
OAIM	OneAscent International Equity ETF	5.2	95	-81	5.8	-4.1
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	5.2	30	-16	9.3	-0.6
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	5.1	39	-25	16.5	+6.6
FDEM	Fidelity Emerging Markets Multifactor ETF	5.1	25	-11	13.0	+3.1
NUEM	Nuveen ESG Emerging Markets Equity ETF	5.1	36	-22	7.9	-1.9
FEOE	First Eagle Overseas Equity ETF	5.1	79	-65	7.9	-2.0
EDIV	SPDR S&P Emerging Markets Dividend ETF	5.0	49	-35	12.3	+2.4
AVDE	Avantis International Equity ETF	5.0	23	-9	7.4	-2.5
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	4.8	50	-36	11.3	+1.4
ECON	Columbia Emerging Markets Consumer ETF	4.8	49	-35	12.2	+2.3
DFSI	Dimensional International Sustainability Core 1 ETF	4.8	24	-10	6.4	-3.5
FLAX	Franklin FTSE Asia Ex Japan ETF	4.7	19	-5	9.2	-0.7
JHEM	John Hancock Multifactor Emerging Markets ETF	4.7	49	-35	10.2	+0.3
RNWZ	TrueShares Eagle Global Renewable Energy Income ETF	4.7	75	-61	7.3	-2.5
FEUZ	First Trust Eurozone AlphaDEX ETF	4.7	80	-66	9.1	-0.7
UIVM	VictoryShares International Value Momentum ETF	4.7	35	-21	9.2	-0.7
EUFN	iShares MSCI Europe Financials ETF	4.6	51	-37	8.0	-1.9
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	4.5	15	-1	10.3	+0.4
IXJ	iShares Global Healthcare ETF	4.5	42	-28	7.1	-2.8
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	4.5	30	-16	8.0	-1.9
EMGF	iShares Emerging Markets Equity Factor ETF	4.5	25	-11	11.7	+1.9
AAXJ	iShares MSCI All Country Asia ex Japan ETF	4.5	70	-56	9.3	-0.6
RCGE	RockCreek Global Equality ETF	4.4	95	-81	6.9	-3.0
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	4.4	45	-31	10.3	+0.5
PXH	Invesco FTSE RAFI Emerging Markets ETF	4.4	49	-35	16.1	+6.2
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	4.4	42	-28	7.3	-2.6
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	4.4	24	-10	8.0	-1.9
CGDV	Capital Group Dividend Value ETF	4.4	33	-19	4.6	-5.2
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	4.4	36	-22	9.7	-0.1
BKEM	BNY Mellon Emerging Markets Equity ETF	4.3	11	3	10.1	+0.2
JXI	iShares Global Utilities ETF	4.3	43	-29	5.6	-4.3
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	4.3	66	-52	9.4	-0.5
COPY	Tweedy, Browne Insider + Value ETF	4.2	80	-66	12.1	+2.3
EV	Mast Global Battery Recycling & Production ETF	4.2	65	-51	10.6	+0.7
COPX	Global X Copper Miners ETF	4.2	65	-51	6.1	-3.8
ICOP	iShares Copper and Metals Mining ETF	4.2	47	-33	7.4	-2.5
BATT	Amplify Lithium & Battery Technology ETF	4.2	59	-45	3.1	-6.8
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	4.2	80	-66	9.3	-0.6
VIGI	Vanguard International Dividend Appreciation ETF	4.2	10	4	6.5	-3.4
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	4.1	32	-18	7.0	-2.9
XCEM	Columbia EM Core ex-China ETF	4.0	16	-2	8.2	-1.7
EFG	iShares MSCI EAFE Growth ETF	4.0	36	-22	4.4	-5.5
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	4.0	46	-32	5.7	-4.2
HEDJ	WisdomTree Europe Hedged Equity Fund	4.0	58	-44	6.6	-3.3
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	3.9	30	-16	10.3	+0.5
EMMF	WisdomTree Emerging Markets Multifactor Fund	3.9	48	-34	7.6	-2.3
SCHE	Schwab Emerging Markets Equity ETF	3.9	11	3	11.0	+1.1
EWL	iShares MSCI Switzerland ETF	3.9	50	-36	6.3	-3.6
OZEM	Roundhill GLP-1 & Weight Loss ETF	3.9	59	-45	0.4	-9.5
THNR	Amplify Weight Loss Drug & Treatment ETF	3.9	59	-45	6.6	-3.3
EUDV	ProShares MSCI Europe Dividend Growers ETF	3.9	55	-41	6.4	-3.5
EMXC	iShares MSCI Emerging Markets ex China ETF	3.8	25	-11	7.6	-2.3
STXE	Strive Emerging Markets Ex-China ETF	3.8	32	-18	7.7	-2.2
ESGE	iShares ESG Aware MSCI EM ETF	3.8	25	-11	10.1	+0.2
GSFP	Goldman Sachs Future Planet Equity ETF	3.8	75	-61	4.9	-5.0
SMOG	VanEck Low Carbon Energy ETF	3.8	61	-47	1.7	-8.2
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	3.8	65	-51	4.2	-5.7
EEM	iShares MSCI Emerging Markets ETF	3.7	69	-55	10.2	+0.4
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	3.7	33	-19	10.0	+0.2
ESGG	FlexShares STOXX Global ESG Select Index Fund	3.7	42	-28	5.4	-4.5
GVAL	Cambria Global Value ETF	3.7	68	-54	10.7	+0.8
XCNY	SPDR S&P Emerging Markets ex-China ETF	3.6	15	-1	7.8	-2.1
QWLD	SPDR MSCI World StrategicFactors ETF	3.6	30	-16	6.0	-3.9
LDEM	iShares ESG MSCI EM Leaders ETF	3.6	17	-3	14.1	+4.2
ASEA	Global X FTSE Southeast Asia ETF	3.5	65	-51	7.0	-2.9
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	3.5	67	-53	14.3	+4.4
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	3.5	20	-6	9.8	-0.0
NFTY	First Trust India NIFTY 50 Equal Weight ETF	3.4	80	-66	5.2	-4.6
BKF	iShares MSCI BIC ETF	3.4	69	-55	13.8	+3.9
BLES	Inspire Global Hope ETF	3.4	61	-47	6.9	-2.9
VWO	Vanguard FTSE Emerging Markets ETF	3.4	7	7	10.3	+0.4
EPI	WisdomTree India Earnings Fund	3.3	85	-71	5.4	-4.5
FPXE	First Trust IPOX Europe Equity Opportunities ETF	3.3	70	-56	5.0	-4.9
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	3.3	59	-45	9.0	-0.9
LEGR	First Trust Indxx Innovative Transaction & Process ETF	3.3	65	-51	8.0	-1.9
GLOF	iShares Global Equity Factor ETF	3.3	20	-6	6.6	-3.3
COPA	Themes Copper Miners ETF	3.3	35	-21	4.9	-5.0
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	3.3	80	-66	9.6	-0.2
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	3.3	47	-33	5.9	-4.0
INDY	iShares India 50 ETF	3.2	89	-75	5.2	-4.7
IEMG	iShares Core MSCI Emerging Markets ETF	3.2	9	5	10.5	+0.6
DIM	WisdomTree International MidCap Dividend Fund	3.2	58	-44	7.8	-2.1
EFNL	iShares MSCI Finland ETF	3.2	56	-42	7.0	-2.8
DFAE	Dimensional Emerging Core Equity Market ETF	3.2	35	-21	9.4	-0.5
KNO	AXS Knowledge Leaders ETF	3.2	78	-64	6.2	-3.7
AIA	iShares Asia 50 ETF	3.2	50	-36	12.2	+2.3
KLMT	Invesco MSCI Global Climate 500 ETF	3.1	10	4	5.8	-4.1
DEHP	Dimensional Emerging Markets High Profitability ETF	3.1	41	-27	6.7	-3.1
AVEM	Avantis Emerging Markets Equity ETF	3.1	33	-19	8.7	-1.2
BINV	Brandes International ETF	3.1	70	-56	9.4	-0.4
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	3.0	78	-64	9.7	-0.1
AVSE	Avantis Responsible Emerging Markets Equity ETF	3.0	33	-19	8.5	-1.4
DIVS	SmartETFs Dividend Builder ETF	3.0	65	-51	5.1	-4.8
WLDR	Affinity World Leaders Equity ETF	3.0	67	-53	7.5	-2.3
ACWV	iShares MSCI Global Min Vol Factor ETF	3.0	20	-6	6.3	-3.6
AGQI	First Trust Active Global Quality Income ETF	3.0	85	-71	4.9	-4.9
NBCC	Neuberger Berman Next Generation Connected Consumer ETF	3.0	56	-42	0.3	-9.6
FKU	First Trust United Kingdom AlphaDEX Fund	2.9	80	-66	7.4	-2.5
OSEA	Harbor International Compounders ETF	2.9	55	-41	4.9	-5.0
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	2.9	38	-24	9.3	-0.5
IOO	iShares Global 100 ETF	2.9	41	-27	4.7	-5.1
EWN	iShares MSCI Netherlands ETF	2.9	50	-36	5.3	-4.5
FDD	First Trust Stoxx European Select Dividend Index Fund	2.9	58	-44	11.7	+1.8
DAX	Global X DAX Germany ETF	2.9	21	-7	6.8	-3.1
SPEM	SPDR Portfolio Emerging Markets ETF	2.9	7	7	10.6	+0.7
FRNW	Fidelity Clean Energy ETF	2.9	39	-25	2.9	-7.0
IPAV	Global X Infrastructure Development ex-U.S. ETF	2.8	55	-41	7.8	-2.1
EFAD	ProShares MSCI EAFE Dividend Growers ETF	2.8	50	-36	6.2	-3.7
EEMA	iShares MSCI Emerging Markets Asia ETF	2.8	49	-35	10.2	+0.3
ACWI	iShares MSCI ACWI ETF	2.8	32	-18	5.6	-4.3
MEM	Matthews Emerging Markets Equity Active ETF	2.8	79	-65	7.9	-2.0
INDA	iShares MSCI India ETF	2.8	65	-51	4.8	-5.1
PIN	Invesco India ETF	2.8	78	-64	4.8	-5.0
TOK	iShares MSCI Kokusai ETF	2.8	26	-12	5.0	-4.8
FLIN	Franklin FTSE India ETF	2.7	19	-5	4.3	-5.6
FLGR	Franklin FTSE Germany ETF	2.7	9	5	7.1	-2.7
URTH	iShares MSCI World ETF	2.7	24	-10	5.1	-4.8
DEXC	Dimensional Emerging Markets ex China Core EquityETF	2.7	53	-39	7.9	-2.0
CRBN	iShares MSCI ACWI Low Carbon Target ETF	2.7	20	-6	5.7	-4.2
EWG	iShares MSCI Germany ETF	2.7	50	-36	6.4	-3.5
FEGE	First Eagle Global Equity ETF	2.6	79	-65	6.9	-3.0
KOKU	Xtrackers MSCI Kokusai Equity ETF	2.6	9	5	5.2	-4.6
EWC	iShares MSCI Canada ETF	2.6	50	-36	6.0	-3.9
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	2.5	9	5	5.7	-4.2
KOCG	FIS Knights of Columbus Global Belief ETF	2.5	75	-61	5.3	-4.6
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	2.5	70	-56	13.5	+3.6
VT	Vanguard Total World Stock ETF	2.4	6	8	5.9	-4.0
CGUS	Capital Group Core Equity ETF	2.4	33	-19	4.4	-5.5
IXP	iShares Global Comm Services ETF	2.3	42	-28	5.7	-4.2
GMF	SPDR S&P Emerging Asia Pacific ETF	2.3	49	-35	9.5	-0.4
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	2.3	41	-27	8.8	-1.1
IVAL	Alpha Architect International Quantitative Value ETF	2.3	49	-35	10.1	+0.2
FLSA	Franklin FTSE Saudi Arabia ETF	2.2	39	-25	0.0	-9.9
KSA	iShares MSCI Saudi Arabia ETF	2.2	74	-60	0.0	-9.9
URA	Global X Uranium ETF	2.2	69	-55	1.2	-8.6
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	2.2	80	-66	5.0	-4.8
IGF	iShares Global Infrastructure ETF	2.2	41	-27	4.7	-5.2
GII	SPDR S&P Global Infrastructure ETF	2.1	40	-26	4.7	-5.2
IPKW	Invesco International BuyBack Achievers ETF	2.1	55	-41	13.0	+3.1
DFEV	Dimensional Emerging Markets Value ETF	2.1	43	-29	13.5	+3.6
UEVM	VictoryShares Emerging Markets Value Momentum ETF	2.1	45	-31	11.2	+1.3
EWS	iShares MSCI Singapore ETF	2.1	50	-36	4.9	-5.0
FAN	First Trust Global Wind Energy ETF	2.1	60	-46	4.3	-5.6
CGGO	Capital Group Global Growth Equity ETF	2.1	47	-33	4.7	-5.2
DVYE	iShares Emerging Markets Dividend ETF	2.1	49	-35	19.5	+9.6
CZAR	Themes Natural Monopoly ETF	2.0	35	-21	5.8	-4.1
FLLA	Franklin FTSE Latin America ETF	2.0	19	-5	13.2	+3.4
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	2.0	60	-46	8.6	-1.3
XC	WisdomTree Emerging Markets Ex-China Fund	2.0	32	-18	6.4	-3.5
EWZ	iShares MSCI Brazil ETF	1.9	58	-44	13.7	+3.8
AVXC	Avantis Emerging Markets Ex-China Equity ETF	1.9	33	-19	8.7	-1.2
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	1.9	95	-81	12.0	+2.1
EEMO	Invesco S&P Emerging Markets Momentum ETF	1.8	29	-15	6.8	-3.1
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	1.8	75	-61	9.1	-0.8
CRTC	Xtrackers US National Critical Technologies ETF	1.8	35	-21	4.8	-5.1
JSTC	Adasina Social Justice All Cap Global ETF	1.8	89	-75	5.0	-4.9
JGLO	JPMorgan Global Select Equity ETF	1.8	33	-19	5.1	-4.8
GLBL	Pacer MSCI World Industry Advantage ETF	1.8	65	-51	4.2	-5.7
ION	ProShares S&P Global Core Battery Metals ETF	1.8	58	-44	8.7	-1.2
EWJV	iShares MSCI Japan Value ETF	1.7	15	-1	9.1	-0.8
FLBR	Franklin FTSE Brazil ETF	1.7	19	-5	15.0	+5.2
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	1.7	32	-18	9.2	-0.7
FEM	First Trust Emerging Markets AlphaDEX Fund	1.7	80	-66	11.6	+1.7
DXJ	WisdomTree Japan Hedged Equity Fund	1.7	48	-34	7.5	-2.4
EYLD	Cambria Emerging Shareholder Yield ETF	1.6	66	-52	13.0	+3.1
BLLD	JPMorgan Sustainable Infrastructure ETF	1.6	49	-35	6.2	-3.7
PRNT	3D Printing ETF	1.6	66	-52	1.3	-8.6
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	1.5	12	2	5.2	-4.7
DGIN	VanEck Digital India ETF	1.5	71	-57	2.2	-7.6
GLIN	VanEck India Growth Leaders ETF	1.5	77	-63	7.1	-2.8
AVES	Avantis Emerging Markets Value ETF	1.5	36	-22	11.3	+1.5
BBCA	JPMorgan BetaBuilders Canada ETF	1.5	19	-5	6.3	-3.6
RXI	iShares Global Consumer Discretionary ETF	1.5	41	-27	9.5	-0.4
JIG	JPMorgan International Growth ETF	1.5	55	-41	4.8	-5.1
DFNL	Davis Select Financial ETF	1.5	63	-49	7.8	-2.0
DINT	Davis Select International ETF	1.5	55	-41	8.0	-1.8
FDFF	Fidelity Disruptive Finance ETF	1.5	50	-36	4.6	-5.3
FLCH	Franklin FTSE China ETF	1.4	19	-5	15.9	+6.1
KALL	KraneShares MSCI All China Index ETF	1.4	49	-35	15.1	+5.2
MCH	Matthews China Active ETF	1.4	79	-65	14.2	+4.3
JCHI	JPMorgan Active China ETF	1.4	65	-51	15.2	+5.3
FXI	iShares China Large-Cap ETF	1.4	74	-60	19.1	+9.2
MCHI	iShares MSCI China ETF	1.4	59	-45	17.7	+7.8
GXC	SPDR S&P China ETF	1.4	59	-45	15.5	+5.6
GSIB	Themes Global Systemically Important Banks ETF	1.4	35	-21	9.5	-0.4
NORW	Global X MSCI Norway ETF	1.3	50	-36	10.9	+1.0
ENOR	iShares MSCI Norway ETF	1.3	53	-39	11.1	+1.3
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	1.3	25	-11	7.1	-2.7
FLN	First Trust Latin America AlphaDEX Fund	1.3	80	-66	10.7	+0.8
FTHF	First Trust Emerging Markets Human Flourishing ETF	1.3	75	-61	8.1	-1.8
FGM	First Trust Germany AlphaDEX Fund	1.3	80	-66	6.3	-3.6
FLCA	Franklin FTSE Canada ETF	1.3	9	5	6.4	-3.5
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	1.3	47	-33	6.1	-3.8
EXI	iShares Global Industrials ETF	1.2	42	-28	4.6	-5.3
QTUM	Defiance Quantum ETF	1.2	40	-26	5.1	-4.8
RAYD	Rayliant Quantitative Developed Market Equity ETF	1.2	80	-66	4.4	-5.5
JPXN	iShares JPX-Nikkei 400 ETF	1.2	48	-34	6.8	-3.1
BBJP	JPMorgan BetaBuilders Japan ETF	1.2	19	-5	6.9	-3.0
BITQ	Bitwise Crypto Industry Innovators ETF	1.1	85	-71	-2.1	-12.0
QUVU	Hartford Quality Value ETF	1.1	46	-32	7.3	-2.6
BLOK	Amplify Transformational Data Sharing ETF	1.1	75	-61	-0.4	-10.3
CCNR	ALPS CoreCommodity Natural Resources ETF	1.0	39	-25	10.5	+0.6
EWJ	iShares MSCI Japan ETF	1.0	50	-36	6.3	-3.6
FPXI	First Trust International Equity Opportunities ETF	1.0	70	-56	4.3	-5.6
FLJH	Franklin FTSE Japan Hedged ETF	1.0	9	5	6.0	-3.8
FLJP	Franklin FTSE Japan ETF	1.0	9	5	6.5	-3.4
KNCT	Invesco Next Gen Connectivity ETF	1.0	40	-26	4.7	-5.2
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	1.0	58	-44	8.6	-1.2
WRND	IQ Global Equity R&D Leaders ETF	1.0	18	-4	8.1	-1.7
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	1.0	90	-76	7.2	-2.6
GINN	Goldman Sachs Innovate Equity ETF	1.0	52	-38	3.6	-6.3
EDOG	ALPS Emerging Sector Dividend Dogs ETF	0.9	60	-46	11.0	+1.1
TOLL	Tema Durable Quality ETF	0.9	75	-61	5.3	-4.6
FLKR	Franklin FTSE South Korea ETF	0.9	9	5	8.7	-1.2
EZA	iShares MSCI South Africa ETF	0.9	58	-44	9.5	-0.4
NUKZ	Range Nuclear Renaissance Index ETF	0.9	85	-71	1.8	-8.1
EWP	iShares MSCI Spain ETF	0.9	50	-36	7.1	-2.7
URAN	Themes Uranium & Nuclear ETF	0.9	35	-21	1.2	-8.7
RGEF	Rockefeller Global Equity ETF	0.8	55	-41	4.8	-5.1
EWY	iShares MSCI South Korea ETF	0.8	58	-44	8.0	-1.9
FNDC	Schwab Fundamental International Small Co. Index ETF	0.8	39	-25	5.9	-4.0
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.7	10	4	8.3	-1.6
DFIS	Dimensional International Small Cap ETF	0.7	39	-25	7.4	-2.5
IDX	VanEck Indonesia Index ETF	0.7	57	-43	7.2	-2.6
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	0.7	60	-46	3.6	-6.3
QAT	iShares MSCI Qatar ETF	0.7	59	-45	49.1	+39.2
AFK	VanEck Africa Index ETF	0.7	98	-84	11.5	+1.6
THD	iShares MSCI Thailand ETF	0.7	58	-44	0.0	-9.9
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.6	58	-44	10.2	+0.4
HAP	VanEck Natural Resources ETF	0.6	50	-36	9.3	-0.5
SUPL	ProShares Supply Chain Logistics ETF	0.6	58	-44	12.5	+2.6
IQRA	IQ CBRE Real Assets ETF	0.6	65	-51	5.8	-4.1
EIDO	iShares MSCI Indonesia ETF	0.6	59	-45	8.6	-1.3
FRDM	Freedom 100 Emerging Markets ETF	0.6	49	-35	8.2	-1.6
GQRE	FlexShares Global Quality Real Estate Index Fund	0.6	45	-31	8.1	-1.8
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.6	12	2	8.2	-1.6
FCA	First Trust China AlphaDEX Fund	0.6	80	-66	8.3	-1.6
INCO	Columbia India Consumer ETF	0.6	75	-61	2.0	-7.9
SHPP	Pacer Industrials and Logistics ETF	0.6	60	-46	8.9	-1.0
XT	iShares Exponential Technologies ETF	0.5	46	-32	4.8	-5.1
KLMN	Invesco MSCI North America Climate ETF	0.5	9	5	5.0	-4.9
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.5	70	-56	7.9	-2.0
FTAG	First Trust Indxx Global Agriculture ETF	0.5	70	-56	8.9	-1.0
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.4	49	-35	7.0	-2.9
FDCF	Fidelity Disruptive Communications ETF	0.4	50	-36	2.8	-7.1
FLHK	Franklin FTSE Hong Kong ETF	0.4	9	5	6.7	-3.2
EWH	iShares MSCI Hong Kong ETF	0.4	50	-36	5.4	-4.5
CGV	Conductor Global Equity Value ETF	0.4	130	-116	8.5	-1.4
ILF	iShares Latin America 40 ETF	0.4	48	-34	13.0	+3.1
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	0.4	58	-44	4.6	-5.3
SCJ	iShares MSCI Japan Small-Cap ETF	0.4	50	-36	6.9	-3.0
EMC	Global X Emerging Markets Great Consumer ETF	0.3	75	-61	11.1	+1.2
EMM	Global X Emerging Markets ex-China ETF	0.3	75	-61	6.5	-3.4
FLMX	Franklin FTSE Mexico ETF	0.3	19	-5	10.3	+0.5
EWW	iShares MSCI Mexico ETF	0.3	50	-36	10.0	+0.1
CUT	Invesco MSCI Global Timber ETF	0.3	61	-47	11.5	+1.6
WOOD	iShares Global Timber & Forestry ETF	0.3	42	-28	13.3	+3.4
SDIV	Global X Superdividend ETF	0.3	58	-44	43.3	+33.4
ISHP	First Trust Nasdaq Retail ETF	0.3	60	-46	5.7	-4.1
UAE	iShares MSCI UAE ETF	0.3	59	-45	0.0	-9.9
EWM	iShares MSCI Malaysia ETF	0.3	50	-36	6.9	-3.0
BJK	VanEck Gaming ETF	0.3	65	-51	4.6	-5.3
FLTW	Franklin FTSE Taiwan ETF	0.3	19	-5	6.7	-3.2
MINV	Matthews Asia Innovators Active ETF	0.3	79	-65	7.2	-2.6
ENZL	iShares MSCI New Zealand ETF	0.2	50	-36	3.8	-6.1
ANEW	ProShares MSCI Transformational Changes ETF	0.2	45	-31	6.3	-3.6
SCZ	iShares MSCI EAFE Small-Cap ETF	0.2	40	-26	7.0	-2.9
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	0.2	88	-74	8.7	-1.2
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.2	65	-51	8.0	-1.9
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.2	8	6	6.2	-3.7
RWX	SPDR Dow Jones International Real Estate ETF	0.2	59	-45	7.1	-2.7
RNRG	Global X Renewable Energy Producers ETF	0.2	66	-52	1.3	-8.6
OCEN	IQ Clean Oceans ETF	0.2	45	-31	6.1	-3.8
ICLN	iShares Global Clean Energy ETF	0.2	41	-27	4.8	-5.1
DISV	Dimensional International Small Cap Value ETF	0.1	42	-28	9.1	-0.8
RWO	SPDR Dow Jones Global Real Estate ETF	0.1	50	-36	7.2	-2.6
EDEN	iShares MSCI Denmark ETF	0.1	53	-39	7.1	-2.8
INFL	Horizon Kinetics Inflation Beneficiaries ETF	0.1	85	-71	4.0	-5.9
BCDF	Horizon Kinetics Blockchain Development ETF	0.1	85	-71	4.1	-5.7
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.1	49	-35	5.9	-4.0
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	0.1	80	-66	10.8	+0.9
RVRB	Reverb ETF	0.1	30	-16	4.6	-5.3
SCHC	Schwab International Small-Cap Equity ETF	0.1	11	3	6.7	-3.2
AVDS	Avantis International Small Cap Equity ETF	0.1	30	-16	7.3	-2.5
ISCF	iShares International SmallCap Equity Factor ETF	0.0	23	-9	8.3	-1.6

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:	Schwab International Dividend Equity 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	17.9	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	14	bp
Equals: ALTAR Score	9.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.70	CATEGORY AVERAGE	1.63

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.