ETF Research Center

Schwab International Dividend Equity ETF

ALTAR
Score™

8.8%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	13.2x	P/Sales ratio	1.3x
P/BV ratio	2.0x	Div. yield	4.5%

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)	$1,644
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)	$72,842
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	41.8 %
BHP BILLITON LTD	4.6 %
ROCHE HOLDING LTD	4.5 %
ONO PHARMACEUTICAL CO LTD	4.3 %
ENEL SPA	4.3 %
GSK PLC	4.2 %
VINCI SA	4.1 %
WESFARMERS LIMITED	4.1 %
TOTAL SA	4.0 %
UNILEVER PLC	3.9 %
BRITISH AMERICAN TOBACCO PLC	3.8 %

TOP COUNTRY EXPOSURE
	BRITAIN	15.6 %
	AUSTRALIA	13.3 %
	FRANCE	11.7 %
	ITALY	8.1 %
	JAPAN	6.4 %
	SWITZERLAND	4.9 %
	CANADA	3.8 %
	INDIA	3.5 %
	FINLAND	3.3 %
	GERMANY	3.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
34.0%	34.0%	--	--	7.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.35	29%
MSCI EAFE	0.66	75%
MSCI Emg. Mkts.	0.47	43%

Technical Indicators
Recent close	$30.03
30d moving avg.	$29.59
Annualized volatility	13.3%
Short interest (ETF)	0.9%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	451
Turnover	0.8%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$3,746

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 445 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™:

8.8%

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 (%)
JIVE	JPMorgan International Value ETF	35.8	55	-41	9.7	+0.9
IDV	iShares International Select Dividend ETF	21.7	51	-37	9.6	+0.8
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	21.0	9	5	8.3	-0.5
GCOW	Pacer Global Cash Cows Dividend ETF	20.2	60	-46	9.8	+0.9
VWID	Virtus WMC International Dividend ETF	19.1	49	-35	7.4	-1.4
DIVI	Franklin International Core Dividend Tilt Index ETF	18.6	9	5	6.9	-1.9
LVHI	Franklin International Low Volatility High Dividend Index ET	18.0	40	-26	9.2	+0.4
DTH	WisdomTree International High Dividend Fund	17.8	58	-44	7.5	-1.3
IDHQ	Invesco S&P International Developed High Quality ETF	17.2	29	-15	5.3	-3.5
VYMI	Vanguard International High Dividend Yield ETF	15.7	17	-3	8.3	-0.6
EFV	iShares MSCI EAFE Value ETF	15.7	34	-20	7.8	-1.0
IQLT	iShares MSCI Intl Quality Factor ETF	15.5	30	-16	5.3	-3.5
INEQ	Columbia International Equity Income ETF	14.9	45	-31	7.5	-1.3
IDOG	ALPS International Sector Dividend Dogs ETF	14.4	50	-36	10.6	+1.8
FIDI	Fidelity International High Dividend ETF	14.3	18	-4	7.4	-1.4
RFDI	First Trust Riverfront Dynamic Developed International ETF	14.2	83	-69	8.0	-0.8
EFAV	iShares MSCI EAFE Min Vol Factor ETF	14.0	22	-8	5.6	-3.3
IGRO	iShares International Dividend Growth ETF	13.8	15	-1	6.3	-2.6
IDLV	Invesco S&P International Developed Low Volatility ETF	13.7	25	-11	6.2	-2.6
FICS	First Trust International Developed Capital Strength ETF	13.6	70	-56	6.4	-2.4
QEFA	SPDR MSCI EAFE StrategicFactors ETF	13.3	30	-16	6.0	-2.8
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	13.2	19	-5	5.2	-3.7
DOL	WisdomTree International LargeCap Dividend Fund	13.1	48	-34	6.1	-2.7
EWA	iShares MSCI Australia ETF	13.1	50	-36	5.6	-3.2
EPP	iShares MSCI Pacific ex-Japan ETF	13.0	47	-33	5.0	-3.8
IVLU	iShares MSCI Intl Value Factor ETF	12.7	30	-16	8.7	-0.1
FDEV	Fidelity International Multifactor ETF	12.7	18	-4	6.6	-2.2
IMFL	Invesco International Developed Dynamic Multifactor ETF	12.6	34	-20	5.1	-3.8
FLAU	Franklin FTSE Australia ETF	12.6	9	5	6.0	-2.8
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	12.3	58	-44	7.4	-1.5
AIVI	WisdomTree International AI Enhanced Value Fund	12.3	58	-44	6.2	-2.6
DIHP	Dimensional International High Profitability ETF	12.1	29	-15	5.8	-3.0
IQDF	FlexShares International Quality Dividend Index Fund	12.1	47	-33	7.7	-1.2
TTAI	FCF International Quality ETF	11.9	59	-45	6.5	-2.4
IDMO	Invesco S&P International Developed Momentum ETF	11.6	25	-11	5.1	-3.7
FEZ	SPDR EURO STOXX 50 ETF	11.3	29	-15	5.6	-3.3
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	11.2	29	-15	6.9	-1.9
STXI	Strive International Developed Markets ETF	11.2	29	-15	5.7	-3.2
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	11.2	80	-66	5.5	-3.3
FNDF	Schwab Fundamental International Large Co. Index ETF	10.9	25	-11	8.2	-0.6
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	10.6	45	-31	7.5	-1.3
DWMF	WisdomTree International Multifactor Fund	10.4	38	-24	6.4	-2.5
IEV	iShares Europe ETF	10.4	67	-53	5.8	-3.1
EZU	iShares MSCI Eurozone ETF	10.2	52	-38	5.7	-3.2
IDNA	iShares Genomics Immunology and Healthcare ETF	10.1	47	-33	-2.9	-11.8
VGK	Vanguard FTSE Europe ETF	10.0	6	8	6.4	-2.4
FIVA	Fidelity International Value Factor ETF	10.0	18	-4	8.1	-0.7
DVYA	iShares Asia/Pacific Dividend ETF	10.0	49	-35	6.9	-1.9
FENI	Fidelity Enhanced International ETF	9.9	28	-14	5.6	-3.2
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	9.8	45	-31	6.0	-2.8
DEW	WisdomTree Global High Dividend Fund	9.8	58	-44	7.6	-1.2
DWM	WisdomTree International Equity Fund	9.8	48	-34	6.4	-2.5
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	9.7	47	-33	7.0	-1.8
PPIE	Putnam PanAgora ESG International Equity ETF	9.7	49	-35	6.9	-1.9
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	9.6	40	-26	6.4	-2.4
EWU	iShares MSCI United Kingdom ETF	9.5	50	-36	6.9	-1.9
EWQ	iShares MSCI France ETF	9.4	53	-39	6.1	-2.8
INTF	iShares International Equity Factor ETF	9.3	15	-1	6.6	-2.3
EFA	iShares MSCI EAFE ETF	9.3	35	-21	5.8	-3.1
EFAS	Global X MSCI SuperDividend EAFE ETF	9.3	57	-43	7.7	-1.1
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	9.3	25	-11	6.4	-2.4
JHMD	John Hancock Multifactor Developed International ETF	9.2	39	-25	6.5	-2.3
JIRE	JPMorgan International Research Enhanced Equity ETF	9.2	24	-10	6.3	-2.5
IEUR	iShares Core MSCI Europe ETF	9.2	11	3	6.3	-2.5
GNR	SPDR S&P Global Natural Resources ETF	9.1	40	-26	9.3	+0.4
FLGB	Franklin FTSE United Kingdom ETF	9.1	9	5	6.7	-2.2
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	9.0	65	-51	9.8	+1.0
SPEU	SPDR Portfolio Europe ETF	8.9	7	7	6.3	-2.5
CEFA	Global X S&P Catholic Values Developed ex-US ETF	8.9	35	-21	5.8	-3.1
JPIN	J.P. Morgan Diversified Return International Equity ETF	8.8	37	-23	7.3	-1.6
NUDM	Nuveen ESG International Developed Markets Equity ETF	8.7	31	-17	5.8	-3.1
BBEU	JPMorgan BetaBuilders Europe ETF	8.6	9	5	6.2	-2.6
SCHF	Schwab International Equity ETF	8.6	6	8	6.2	-2.6
FID	First Trust S&P International Dividend Aristocrats ETF	8.5	60	-46	7.3	-1.5
HFXI	IQ FTSE International Equity Currency Neutral ETF	8.5	20	-6	6.0	-2.9
ESGD	iShares ESG Aware MSCI EAFE ETF	8.3	20	-6	5.7	-3.1
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	8.3	46	-32	5.9	-2.9
UMMA	Wahed Dow Jones Islamic World ETF	8.3	65	-51	3.9	-5.0
EFAX	SPDR MSCI EAFE Fossil Fuel Reserves Free ETF	8.2	20	-6	5.4	-3.4
IMTM	iShares MSCI Intl Momentum Factor ETF	8.2	30	-16	4.7	-4.1
DWX	SPDR S&P International Dividend ETF	8.1	45	-31	6.8	-2.0
FLEE	Franklin FTSE Europe ETF	8.1	9	5	6.3	-2.6
CWI	SPDR MSCI ACWI ex-US ETF	8.1	30	-16	6.5	-2.4
EWI	iShares MSCI Italy ETF	8.1	50	-36	8.6	-0.2
CIL	VictoryShares International Volatility Wtd ETF	8.1	45	-31	5.8	-3.1
GSIE	Goldman Sachs ActiveBeta International Equity ETF	8.0	25	-11	6.2	-2.6
FGD	First Trust Dow Jones Global Select Dividend Index Fund	8.0	56	-42	10.1	+1.3
IEFA	iShares Core MSCI EAFE ETF	8.0	7	7	6.1	-2.7
VEA	Vanguard FTSE Developed Markets ETF	7.9	3	11	6.1	-2.7
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	7.9	36	-22	5.8	-3.0
GSID	Goldman Sachs MarketBeta International Equity ETF	7.9	20	-6	5.8	-3.0
IDEV	iShares Core MSCI International Developed Markets ETF	7.8	4	10	6.1	-2.8
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	7.7	32	-18	5.5	-3.4
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	7.7	39	-25	5.8	-3.0
JHID	John Hancock International High Dividend ETF	7.6	46	-32	8.5	-0.4
DFIV	Dimensional International Value ETF	7.5	27	-13	8.1	-0.7
BKIE	BNY Mellon International Equity ETF	7.4	4	10	6.0	-2.8
SPDW	SPDR Portfolio Developed World ex-US ETF	7.3	3	11	6.0	-2.8
ACWX	iShares MSCI ACWI ex U.S. ETF	7.3	34	-20	6.5	-2.3
DFAI	Dimensional International Core Equity Market ETF	7.3	18	-4	6.1	-2.8
WDIV	SPDR S&P Global Dividend ETF	7.3	40	-26	8.4	-0.5
PICK	iShares MSCI Global Metals & Mining Producers ETF	7.2	39	-25	9.0	+0.2
VEU	Vanguard FTSE All-World ex-US Index Fund	7.1	4	10	6.9	-2.0
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	7.1	24	-10	6.4	-2.4
AVIV	Avantis International Large Cap Value ETF	7.1	25	-11	7.5	-1.3
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	7.1	46	-32	8.5	-0.3
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	7.0	44	-30	9.5	+0.7
DMXF	iShares ESG Advanced MSCI EAFE ETF	7.0	12	2	5.0	-3.8
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	6.8	12	2	5.2	-3.6
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	6.8	41	-27	6.4	-2.4
DSTX	Distillate International Fundamental Stability & Value ETF	6.7	55	-41	6.7	-2.1
DTAN	Sparkline International Intangible Value ETF	6.6	55	-41	7.3	-1.5
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	6.6	65	-51	4.0	-4.8
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	6.6	25	-11	5.4	-3.4
VXUS	Vanguard Total International Stock ETF	6.5	5	9	6.8	-2.0
IQSI	IQ Candriam International Equity ETF	6.5	15	-1	5.6	-3.2
VIDI	Vident International Equity Strategy ETF	6.5	61	-47	9.3	+0.5
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	6.4	20	-6	5.6	-3.2
VSGX	Vanguard ESG International Stock ETF	6.4	10	4	6.7	-2.1
IPAC	iShares Core MSCI Pacific ETF	6.3	9	5	5.7	-3.1
IXUS	iShares Core MSCI Total International Stock ETF	6.3	7	7	6.7	-2.1
KXI	iShares Global Consumer Staples ETF	6.3	41	-27	5.3	-3.6
IQDG	WisdomTree International Quality Dividend Growth Fund	6.3	42	-28	6.0	-2.9
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	6.2	18	-4	6.5	-2.3
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	6.2	58	-44	5.8	-3.0
TPIF	Timothy Plan International ETF	6.2	62	-48	5.4	-3.4
EELV	Invesco S&P Emerging Markets Low Volatility ETF	6.1	29	-15	8.1	-0.7
DEM	WisdomTree Emerging Markets High Dividend Fund	6.1	63	-49	12.0	+3.2
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	6.1	14	0	5.5	-3.3
UIVM	VictoryShares International Value Momentum ETF	6.1	35	-21	7.6	-1.2
BKCI	BNY Mellon Concentrated International ETF	6.1	80	-66	4.5	-4.4
PATN	Pacer Nasdaq International Patent Leaders ETF	5.9	65	-51	4.6	-4.2
OAIM	OneAscent International Equity ETF	5.9	95	-81	4.6	-4.2
MXI	iShares Global Materials ETF	5.9	41	-27	6.3	-2.6
CGDG	Capital Group Dividend Growers ETF	5.8	47	-33	5.4	-3.5
DFIC	Dimensional International Core Equity 2 ETF	5.8	23	-9	6.4	-2.5
NXTG	First Trust Indxx NextG ETF	5.8	70	-56	4.4	-4.4
EVLU	iShares MSCI Emerging Markets Value Factor ETF	5.7	35	-21	11.9	+3.0
DXIV	Dimensional International Vector Equity ETF	5.6	34	-20	6.7	-2.2
EUDG	WisdomTree Europe Quality Dividend Growth Fund	5.5	58	-44	5.8	-3.1
AVSD	Avantis Responsible International Equity ETF	5.5	23	-9	4.7	-4.2
VPL	Vanguard FTSE Pacific ETF	5.4	7	7	5.8	-3.1
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	5.4	25	-11	5.9	-2.9
IXG	iShares Global Financials ETF	5.4	42	-28	5.8	-3.0
DGT	State Street SPDR Global Dow ETF	5.4	50	-36	6.0	-2.9
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	5.4	39	-25	6.8	-2.0
QINT	American Century Quality Diversified International ETF	5.4	39	-25	6.2	-2.7
ICPY	Tweedy, Browne International Insider Value ETF	5.4	80	-66	10.1	+1.3
IXC	iShares Global Energy ETF	5.3	44	-30	9.4	+0.6
WWJD	Inspire International ETF	5.3	80	-66	6.4	-2.4
IVAL	Alpha Architect International Quantitative Value ETF	5.2	49	-35	9.0	+0.2
RNWZ	TrueShares Eagle Global Renewable Energy Income ETF	5.1	75	-61	6.7	-2.1
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	5.1	39	-25	14.6	+5.8
EMXF	iShares ESG Advanced MSCI EM ETF	5.1	16	-2	7.2	-1.7
TOKE	Cambria Cannabis ETF	5.1	42	-28	1.9	-7.0
EDIV	SPDR S&P Emerging Markets Dividend ETF	5.1	49	-35	8.7	-0.1
IXJ	iShares Global Healthcare ETF	5.1	42	-28	5.7	-3.2
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	5.0	30	-16	7.6	-1.2
VIGI	Vanguard International Dividend Appreciation ETF	5.0	10	4	5.7	-3.1
EUFN	iShares MSCI Europe Financials ETF	5.0	51	-37	6.8	-2.0
DFSI	Dimensional International Sustainability Core 1 ETF	4.9	24	-10	5.5	-3.4
NUEM	Nuveen ESG Emerging Markets Equity ETF	4.9	36	-22	6.7	-2.2
JXI	iShares Global Utilities ETF	4.9	43	-29	5.4	-3.5
RCGE	RockCreek Global Equality ETF	4.9	95	-81	6.0	-2.8
AVDE	Avantis International Equity ETF	4.8	23	-9	6.4	-2.5
OEFA	ALPS O�Shares International Developed Quality Dividend ETF	4.8	48	-34	4.6	-4.2
MOTG	VanEck Morningstar Global Wide Moat ETF	4.7	52	-38	8.6	-0.2
ROAM	Hartford Multifactor Emerging Markets ETF	4.7	44	-30	10.4	+1.6
CGIE	Capital Group International Equity ETF	4.7	54	-40	4.2	-4.6
EV	Mast Global Battery Recycling & Production ETF	4.6	65	-51	7.2	-1.7
ICOP	iShares Copper and Metals Mining ETF	4.6	47	-33	5.9	-2.9
BATT	Amplify Lithium & Battery Technology ETF	4.6	59	-45	1.7	-7.1
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	4.6	46	-32	5.5	-3.4
MOTI	VanEck Morningstar International Moat ETF	4.5	58	-44	9.2	+0.4
PXH	Invesco FTSE RAFI Emerging Markets ETF	4.5	49	-35	13.7	+4.9
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	4.5	40	-26	6.1	-2.7
EWL	iShares MSCI Switzerland ETF	4.5	50	-36	5.1	-3.7
THNR	Amplify Weight Loss Drug & Treatment ETF	4.5	59	-45	5.7	-3.1
FEOE	First Eagle Overseas Equity ETF	4.3	79	-65	6.0	-2.8
COPY	Tweedy, Browne Insider + Value ETF	4.3	80	-66	10.3	+1.5
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	4.3	30	-16	6.6	-2.2
SMOG	VanEck Low Carbon Energy ETF	4.3	61	-47	1.5	-7.4
FYLD	Cambria Foreign Shareholder Yield ETF	4.2	59	-45	10.4	+1.6
OZEM	Roundhill GLP-1 & Weight Loss ETF	4.2	59	-45	3.9	-4.9
COPX	Global X Copper Miners ETF	4.1	65	-51	4.4	-4.4
FEUZ	First Trust Eurozone AlphaDEX ETF	4.1	80	-66	6.5	-2.3
AAXJ	iShares MSCI All Country Asia ex Japan ETF	4.1	70	-56	7.2	-1.6
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	4.1	24	-10	6.4	-2.4
WLDR	Affinity World Leaders Equity ETF	4.1	67	-53	6.4	-2.4
ESGE	iShares ESG Aware MSCI EM ETF	4.0	25	-11	8.5	-0.3
ECON	Columbia Emerging Markets Consumer ETF	4.0	49	-35	10.0	+1.2
JHEM	John Hancock Multifactor Emerging Markets ETF	3.9	49	-35	8.3	-0.5
EMGF	iShares Emerging Markets Equity Factor ETF	3.9	25	-11	9.5	+0.7
EMMF	WisdomTree Emerging Markets Multifactor Fund	3.9	48	-34	6.1	-2.8
FLAX	Franklin FTSE Asia Ex Japan ETF	3.8	19	-5	7.4	-1.4
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	3.8	88	-74	7.4	-1.5
GVAL	Cambria Global Value ETF	3.8	68	-54	9.4	+0.6
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	3.8	50	-36	9.4	+0.5
EUDV	ProShares MSCI Europe Dividend Growers ETF	3.8	55	-41	5.4	-3.5
RNEM	First Trust Emerging Markets Equity Select ETF	3.8	75	-61	7.8	-1.0
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	3.7	15	-1	8.5	-0.3
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	3.7	45	-31	8.5	-0.4
BKEM	BNY Mellon Emerging Markets Equity ETF	3.7	11	3	8.0	-0.8
ASEA	Global X FTSE Southeast Asia ETF	3.7	65	-51	5.6	-3.3
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	3.7	15	-1	6.6	-2.2
QWLD	SPDR MSCI World StrategicFactors ETF	3.6	30	-16	5.1	-3.7
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	3.6	30	-16	8.1	-0.7
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	3.6	36	-22	8.0	-0.8
STXE	Strive Emerging Markets Ex-China ETF	3.6	32	-18	6.2	-2.6
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	3.5	67	-53	13.6	+4.7
XCEM	Columbia EM Core ex-China ETF	3.5	16	-2	6.6	-2.3
EMXC	iShares MSCI Emerging Markets ex China ETF	3.5	25	-11	5.8	-3.0
GLOF	iShares Global Equity Factor ETF	3.5	20	-6	5.9	-2.9
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	3.5	66	-52	7.7	-1.1
CGDV	Capital Group Dividend Value ETF	3.5	33	-19	4.0	-4.8
SCHE	Schwab Emerging Markets Equity ETF	3.5	11	3	9.5	+0.7
NFTY	First Trust India NIFTY 50 Equal Weight ETF	3.5	80	-66	4.4	-4.4
LDEM	iShares ESG MSCI EM Leaders ETF	3.4	17	-3	11.4	+2.6
EEM	iShares MSCI Emerging Markets ETF	3.4	69	-55	8.1	-0.7
XCNY	SPDR S&P Emerging Markets ex-China ETF	3.4	15	-1	6.3	-2.5
HEDJ	WisdomTree Europe Hedged Equity Fund	3.4	58	-44	5.6	-3.3
AIA	iShares Asia 50 ETF	3.3	50	-36	10.5	+1.7
BKF	iShares MSCI BIC ETF	3.3	69	-55	11.8	+3.0
LEGR	First Trust Indxx Innovative Transaction & Process ETF	3.3	65	-51	7.1	-1.7
EFNL	iShares MSCI Finland ETF	3.3	56	-42	5.9	-2.9
COPA	Themes Copper Miners ETF	3.3	35	-21	3.7	-5.2
FDEM	Fidelity Emerging Markets Multifactor ETF	3.3	25	-11	10.8	+1.9
FLGR	Franklin FTSE Germany ETF	3.2	9	5	6.4	-2.4
DAX	Global X DAX Germany ETF	3.2	21	-7	6.2	-2.6
EPI	WisdomTree India Earnings Fund	3.2	85	-71	4.4	-4.4
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	3.1	78	-64	8.6	-0.3
GEW	Cambria Global EW ETF	3.1	29	-15	5.3	-3.5
EWN	iShares MSCI Netherlands ETF	3.1	50	-36	4.7	-4.1
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	3.1	33	-19	8.2	-0.7
KLMT	Invesco MSCI Global Climate 500 ETF	3.1	10	4	4.9	-3.9
VWO	Vanguard FTSE Emerging Markets ETF	3.1	7	7	9.1	+0.3
JADE	JPMorgan Active Developing Markets Equity ETF	3.0	65	-51	6.6	-2.3
INDY	iShares India 50 ETF	3.0	89	-75	5.0	-3.8
XT	iShares Exponential Technologies ETF	3.0	46	-32	4.2	-4.7
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	3.0	47	-33	5.8	-3.1
IEMG	iShares Core MSCI Emerging Markets ETF	3.0	9	5	8.5	-0.3
FEP	First Trust Europe AlphaDEX Fund	2.9	80	-66	6.9	-1.9
EWG	iShares MSCI Germany ETF	2.9	50	-36	5.8	-3.0
DEHP	Dimensional Emerging Markets High Profitability ETF	2.9	41	-27	5.3	-3.6
BLES	Inspire Global Hope ETF	2.9	61	-47	6.1	-2.7
DFAE	Dimensional Emerging Core Equity Market ETF	2.9	35	-21	7.5	-1.4
EFAD	ProShares MSCI EAFE Dividend Growers ETF	2.9	50	-36	5.4	-3.5
IPAV	Global X Infrastructure Development ex-U.S. ETF	2.9	55	-41	5.9	-2.9
ACWV	iShares MSCI Global Min Vol Factor ETF	2.9	20	-6	5.3	-3.5
FKU	First Trust United Kingdom AlphaDEX Fund	2.9	80	-66	6.6	-2.3
AVSE	Avantis Responsible Emerging Markets Equity ETF	2.9	33	-19	7.0	-1.8
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	2.9	59	-45	7.6	-1.3
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	2.8	32	-18	5.3	-3.5
OSEA	Harbor International Compounders ETF	2.8	55	-41	4.3	-4.5
FDD	First Trust Stoxx European Select Dividend Index Fund	2.8	58	-44	9.9	+1.1
XC	WisdomTree Emerging Markets Ex-China Fund	2.8	32	-18	5.5	-3.3
EWC	iShares MSCI Canada ETF	2.8	50	-36	5.2	-3.6
DIM	WisdomTree International MidCap Dividend Fund	2.7	58	-44	6.5	-2.4
PIN	Invesco India ETF	2.7	78	-64	4.6	-4.2
AGQI	First Trust Active Global Quality Income ETF	2.7	85	-71	4.6	-4.3
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	2.7	70	-56	11.8	+3.0
SLX	VanEck Steel ETF	2.7	56	-42	12.2	+3.3
EFG	iShares MSCI EAFE Growth ETF	2.7	36	-22	3.6	-5.2
SPEM	SPDR Portfolio Emerging Markets ETF	2.6	7	7	9.3	+0.5
DIVY	Sound Equity Dividend Income ETF	2.6	45	-31	9.1	+0.2
ACWI	iShares MSCI ACWI ETF	2.6	32	-18	4.7	-4.1
TOK	iShares MSCI Kokusai ETF	2.6	26	-12	4.3	-4.5
JIG	JPMorgan International Growth ETF	2.6	55	-41	4.0	-4.9
KOCG	FIS Knights of Columbus Global Belief ETF	2.6	75	-61	4.4	-4.4
IXP	iShares Global Comm Services ETF	2.6	42	-28	5.2	-3.6
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	2.6	38	-24	7.6	-1.3
AVEM	Avantis Emerging Markets Equity ETF	2.6	33	-19	7.3	-1.5
CRBN	iShares MSCI ACWI Low Carbon Target ETF	2.6	20	-6	4.8	-4.1
IOO	iShares Global 100 ETF	2.5	41	-27	3.9	-5.0
INDA	iShares MSCI India ETF	2.5	65	-51	4.1	-4.7
URTH	iShares MSCI World ETF	2.5	24	-10	4.4	-4.5
ESGG	FlexShares STOXX Global ESG Select Index Fund	2.5	42	-28	4.7	-4.1
EEMO	Invesco S&P Emerging Markets Momentum ETF	2.5	29	-15	7.0	-1.9
IGF	iShares Global Infrastructure ETF	2.5	41	-27	4.5	-4.4
GII	SPDR S&P Global Infrastructure ETF	2.5	40	-26	4.5	-4.4
EEMA	iShares MSCI Emerging Markets Asia ETF	2.4	49	-35	7.9	-0.9
VT	Vanguard Total World Stock ETF	2.4	6	8	5.1	-3.7
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	2.4	9	5	4.9	-4.0
BINV	Brandes International ETF	2.4	70	-56	8.2	-0.6
DEXC	Dimensional Emerging Markets ex China Core EquityETF	2.4	53	-39	6.1	-2.7
FLIN	Franklin FTSE India ETF	2.3	19	-5	3.6	-5.2
KOKU	Xtrackers MSCI Kokusai Equity ETF	2.2	9	5	4.5	-4.3
IPKW	Invesco International BuyBack Achievers ETF	2.2	55	-41	8.0	-0.8
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	2.2	41	-27	7.1	-1.7
GMF	SPDR S&P Emerging Asia Pacific ETF	2.2	49	-35	8.4	-0.4
DFEV	Dimensional Emerging Markets Value ETF	2.2	43	-29	10.6	+1.7
AVXC	Avantis Emerging Markets Ex-China Equity ETF	2.1	33	-19	6.9	-1.9
FLSA	Franklin FTSE Saudi Arabia ETF	2.1	39	-25	0.0	-8.8
KSA	iShares MSCI Saudi Arabia ETF	2.1	74	-60	0.0	-8.8
RGEF	Rockefeller Global Equity ETF	2.1	55	-41	3.9	-4.9
FAN	First Trust Global Wind Energy ETF	2.1	60	-46	3.8	-5.1
DIVD	Altrius Global Dividend ETF Altrius Global Divid ETF	2.1	49	-35	8.1	-0.7
CZAR	Themes Natural Monopoly ETF	2.1	35	-21	4.9	-4.0
DVYE	iShares Emerging Markets Dividend ETF	2.1	49	-35	17.0	+8.2
EIPI	FT Energy Income Partners Enhanced Income ETF	2.0	110	-96	6.5	-2.3
FPXE	First Trust IPOX Europe Equity Opportunities ETF	2.0	70	-56	3.3	-5.5
EIPX	FT Energy Income Partners Strategy ETF	2.0	95	-81	7.4	-1.4
EWS	iShares MSCI Singapore ETF	2.0	50	-36	4.1	-4.7
FLLA	Franklin FTSE Latin America ETF	2.0	19	-5	11.7	+2.8
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	1.9	80	-66	3.5	-5.4
URA	Global X Uranium ETF	1.9	69	-55	0.9	-8.0
AVES	Avantis Emerging Markets Value ETF	1.9	36	-22	9.6	+0.7
ITOL	Tema International Durable Quality ETF	1.9	60	-46	4.7	-4.1
EWZ	iShares MSCI Brazil ETF	1.9	58	-44	11.9	+3.1
GLBL	Pacer MSCI World Industry Advantage ETF	1.9	65	-51	3.5	-5.4
POW	VistaShares Electrification Supercycle ETF	1.9	75	-61	3.0	-5.8
FEGE	First Eagle Global Equity ETF	1.8	79	-65	5.6	-3.2
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	1.8	95	-81	10.3	+1.5
PRNT	3D Printing ETF	1.8	66	-52	1.6	-7.2
DXJ	WisdomTree Japan Hedged Equity Fund	1.8	48	-34	5.8	-3.1
WRND	IQ Global Equity R&D Leaders ETF	1.7	18	-4	6.6	-2.3
EWJV	iShares MSCI Japan Value ETF	1.7	15	-1	7.4	-1.4
UEVM	VictoryShares Emerging Markets Value Momentum ETF	1.7	45	-31	9.5	+0.6
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	1.7	75	-61	8.5	-0.4
JSTC	Adasina Social Justice All Cap Global ETF	1.7	89	-75	4.2	-4.6
EYLD	Cambria Emerging Shareholder Yield ETF	1.7	66	-52	10.7	+1.8
CGUS	Capital Group Core Equity ETF	1.7	33	-19	3.7	-5.1
FLBR	Franklin FTSE Brazil ETF	1.7	19	-5	13.6	+4.8
IQRA	IQ CBRE Real Assets ETF	1.6	65	-51	5.4	-3.4
CRTC	Xtrackers US National Critical Technologies ETF	1.6	35	-21	4.1	-4.8
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	1.6	80	-66	8.5	-0.3
DFNL	Davis Select Financial ETF	1.6	63	-49	6.5	-2.4
FDFF	Fidelity Disruptive Finance ETF	1.6	50	-36	3.9	-5.0
BBCA	JPMorgan BetaBuilders Canada ETF	1.6	19	-5	5.5	-3.3
DGIN	VanEck Digital India ETF	1.6	71	-57	1.2	-7.6
EMC	Global X Emerging Markets Great Consumer ETF	1.6	75	-61	7.0	-1.9
JGLO	JPMorgan Global Select Equity ETF	1.6	33	-19	4.3	-4.5
CGV	Conductor Global Equity Value ETF	1.5	130	-116	6.9	-1.9
ION	ProShares S&P Global Core Battery Metals ETF	1.5	58	-44	5.5	-3.3
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	1.4	32	-18	7.0	-1.8
CCNR	ALPS CoreCommodity Natural Resources ETF	1.4	39	-25	7.6	-1.2
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	1.4	12	2	4.3	-4.5
FLN	First Trust Latin America AlphaDEX Fund	1.4	80	-66	10.2	+1.4
EWP	iShares MSCI Spain ETF	1.4	50	-36	5.9	-2.9
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	1.4	20	-6	8.4	-0.4
FLCH	Franklin FTSE China ETF	1.4	19	-5	14.2	+5.4
MCH	Matthews China Active ETF	1.4	79	-65	12.6	+3.8
JCHI	JPMorgan Active China ETF	1.4	65	-51	13.0	+4.1
FXI	iShares China Large-Cap ETF	1.4	74	-60	16.0	+7.2
MCHI	iShares MSCI China ETF	1.4	59	-45	15.4	+6.6
GXC	SPDR S & P China ETF	1.4	59	-45	14.5	+5.6
GSIB	Themes Global Systemically Important Banks ETF	1.4	35	-21	8.3	-0.6
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	1.4	60	-46	3.3	-5.6
FLCA	Franklin FTSE Canada ETF	1.4	9	5	5.7	-3.1
QUVU	Hartford Quality Value ETF	1.4	46	-32	6.6	-2.2
RXI	iShares Global Consumer Discretionary ETF	1.3	41	-27	7.0	-1.8
NORW	Global X MSCI Norway ETF	1.3	50	-36	9.6	+0.8
ENOR	iShares MSCI Norway ETF	1.3	53	-39	9.4	+0.6
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	1.3	80	-66	7.4	-1.4
JPXN	iShares JPX-Nikkei 400 ETF	1.3	48	-34	5.7	-3.1
FGM	First Trust Germany AlphaDEX Fund	1.3	80	-66	5.8	-3.0
FTHF	First Trust Emerging Markets Human Flourishing ETF	1.3	75	-61	7.5	-1.4
DINT	Davis Select International ETF	1.2	55	-41	6.7	-2.1
BLOK	Amplify Transformational Data Sharing ETF	1.2	75	-61	0.3	-8.5
BITQ	Bitwise Crypto Industry Innovators ETF	1.2	85	-71	-2.0	-10.8
EXI	iShares Global Industrials ETF	1.2	42	-28	3.7	-5.1
QTUM	Defiance Quantum ETF	1.2	40	-26	4.3	-4.5
EWJ	iShares MSCI Japan ETF	1.1	50	-36	5.2	-3.6
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	1.0	47	-33	5.0	-3.9
EZA	iShares MSCI South Africa ETF	1.0	58	-44	8.1	-0.7
MEM	Matthews Emerging Markets Equity Active ETF	1.0	79	-65	6.4	-2.5
TIIV	AAM Todd International Intrinsic Value ETF	1.0	54	-40	9.9	+1.1
BBJP	JPMorgan BetaBuilders Japan ETF	1.0	19	-5	5.8	-3.0
KNCT	Invesco Next Gen Connectivity ETF	0.9	40	-26	3.9	-4.9
FLJP	Franklin FTSE Japan ETF	0.9	9	5	5.5	-3.4
FLJH	Franklin FTSE Japan Hedged ETF	0.9	9	5	5.4	-3.4
FLKR	Franklin FTSE South Korea ETF	0.9	9	5	5.7	-3.1
EWY	iShares MSCI South Korea ETF	0.9	58	-44	4.9	-3.9
TOLL	Tema Durable Quality ETF	0.9	75	-61	4.1	-4.7
GINN	Goldman Sachs Innovate Equity ETF	0.9	52	-38	3.2	-5.6
FEM	First Trust Emerging Markets AlphaDEX Fund	0.9	80	-66	10.3	+1.4
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	0.9	90	-76	4.5	-4.3
FFLC	Fidelity Fundamental Large Cap Core ETF	0.9	38	-24	3.9	-5.0
NUKZ	Range Nuclear Renaissance Index ETF	0.9	85	-71	1.0	-7.9
URAN	Themes Uranium & Nuclear ETF	0.9	35	-21	1.1	-7.7
QAT	iShares MSCI Qatar ETF	0.8	59	-45	35.0	+26.2
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.8	10	4	6.3	-2.5
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	0.8	25	-11	5.6	-3.2
IDX	VanEck Indonesia Index ETF	0.7	57	-43	6.8	-2.1
THD	iShares MSCI Thailand ETF	0.7	58	-44	0.0	-8.8
ISHP	First Trust Nasdaq Retail ETF	0.7	60	-46	5.0	-3.8
SUPL	ProShares Supply Chain Logistics ETF	0.7	58	-44	9.3	+0.5
AFK	VanEck Africa Index ETF	0.7	98	-84	11.2	+2.4
HAP	VanEck Natural Resources ETF	0.7	50	-36	7.9	-0.9
GINX	SGI Enhanced Global Income ETF	0.7	98	-84	7.0	-1.8
SHPP	Pacer Industrials and Logistics ETF	0.7	60	-46	7.6	-1.3
DFIS	Dimensional International Small Cap ETF	0.7	39	-25	6.2	-2.6
EIDO	iShares MSCI Indonesia ETF	0.6	59	-45	7.1	-1.7
FRDM	Freedom 100 Emerging Markets ETF	0.6	49	-35	5.9	-2.9
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.6	58	-44	8.6	-0.2
GQRE	FlexShares Global Quality Real Estate Index Fund	0.6	45	-31	7.6	-1.3
FNDC	Schwab Fundamental International Small Co. Index ETF	0.6	39	-25	5.3	-3.5
FTAG	First Trust Indxx Global Agriculture ETF	0.6	70	-56	7.6	-1.2
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.5	12	2	8.0	-0.9
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	0.5	60	-46	7.5	-1.3
INCO	Columbia India Consumer ETF	0.5	75	-61	1.5	-7.3
FCA	First Trust China AlphaDEX Fund	0.5	80	-66	8.6	-0.3
KLMN	Invesco MSCI North America Climate ETF	0.5	9	5	4.3	-4.5
KNO	AXS Knowledge Leaders ETF	0.5	78	-64	5.0	-3.8
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	0.5	58	-44	3.9	-5.0
SCJ	iShares MSCI Japan Small-Cap ETF	0.4	50	-36	5.9	-2.9
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.4	49	-35	6.2	-2.7
FDCF	Fidelity Disruptive Communications ETF	0.4	50	-36	3.3	-5.5
EDOG	ALPS Emerging Sector Dividend Dogs ETF	0.4	60	-46	9.9	+1.0
EWH	iShares MSCI Hong Kong ETF	0.4	50	-36	5.0	-3.9
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.4	70	-56	6.9	-2.0
FVD	First Trust Value Line Dividend Index Fund	0.4	65	-51	5.7	-3.1
ILF	iShares Latin America 40 ETF	0.4	48	-34	10.6	+1.8
CGXU	Capital Group International Focus Equity ETF	0.4	54	-40	4.7	-4.1
EMM	Global X Emerging Markets ex-China ETF	0.4	75	-61	5.6	-3.2
UAE	iShares MSCI UAE ETF	0.4	59	-45	0.0	-8.8
FLMX	Franklin FTSE Mexico ETF	0.4	19	-5	8.8	0.0
EWW	iShares MSCI Mexico ETF	0.4	50	-36	8.2	-0.7
OTGL	OTG Latin America ETF	0.4	269	-255	7.2	-1.7
EWM	iShares MSCI Malaysia ETF	0.3	50	-36	5.9	-3.0
SCZ	iShares MSCI EAFE Small-Cap ETF	0.3	40	-26	6.2	-2.6
SDIV	Global X Superdividend ETF	0.3	58	-44	15.5	+6.7
CUT	Invesco MSCI Global Timber ETF	0.3	61	-47	9.7	+0.9
WOOD	iShares Global Timber & Forestry ETF	0.3	42	-28	11.7	+2.9
BJK	VanEck Gaming ETF	0.3	65	-51	3.8	-5.1
ENZL	iShares MSCI New Zealand ETF	0.3	50	-36	3.5	-5.3
RWX	SPDR Dow Jones International Real Estate ETF	0.2	59	-45	6.5	-2.3
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.2	65	-51	7.1	-1.7
FLTW	Franklin FTSE Taiwan ETF	0.2	19	-5	5.2	-3.7
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.2	8	6	6.5	-2.3
OCEN	IQ Clean Oceans ETF	0.2	45	-31	5.0	-3.8
RNRG	Global X Renewable Energy Producers ETF	0.2	66	-52	5.0	-3.8
ICLN	iShares Global Clean Energy ETF	0.2	41	-27	2.9	-6.0
INFL	Horizon Kinetics Inflation Beneficiaries ETF	0.2	85	-71	3.1	-5.7
BCDF	Horizon Kinetics Blockchain Development ETF	0.2	85	-71	3.8	-5.0
RWO	SPDR Dow Jones Global Real Estate ETF	0.1	50	-36	6.6	-2.2
AVEE	Avantis Emerging Markets Small Cap Equity ETF	0.1	42	-28	8.6	-0.2
DISV	Dimensional International Small Cap Value ETF	0.1	42	-28	8.0	-0.8
EDEN	iShares MSCI Denmark ETF	0.1	53	-39	5.5	-3.4
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.1	49	-35	4.8	-4.1
RVRB	Reverb ETF	0.1	30	-16	3.9	-4.9
SCHC	Schwab International Small-Cap Equity ETF	0.1	11	3	6.8	-2.1
FPXI	First Trust International Equity Opportunities ETF	0.1	70	-56	3.5	-5.3
AVDS	Avantis International Small Cap Equity ETF	0.0	30	-16	6.0	-2.9
ISCF	iShares International SmallCap Equity Factor ETF	0.0	23	-9	7.4	-1.5

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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	2.0	x
Less: Expense ratio	14	bp
Equals: ALTAR Score	8.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.72	CATEGORY AVERAGE	1.64

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.