ETF Research Center

Schwab International Dividend Equity ETF

ALTAR
Score™

9.2%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	13.4x	P/Sales ratio	1.4x
P/BV ratio	2.0x	Div. yield	4.3%

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)	$1,547
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	133
Wgt avg mkt cap (mns)	$69,328
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	40.3 %
GSK PLC	4.6 %
ROCHE HOLDING LTD	4.5 %
ONO PHARMACEUTICAL CO LTD	4.4 %
ENEL SPA	4.3 %
TOTAL SA	4.0 %
VINCI SA	4.0 %
BRITISH AMERICAN TOBACCO PLC	3.9 %
UNILEVER PLC	3.6 %
BHP BILLITON LTD	3.6 %
WESFARMERS LIMITED	3.4 %

TOP COUNTRY EXPOSURE
	BRITAIN	15.6 %
	AUSTRALIA	11.2 %
	FRANCE	10.9 %
	ITALY	8.0 %
	JAPAN	6.6 %
	SWITZERLAND	4.9 %
	CANADA	3.7 %
	INDIA	3.4 %
	NETHERLANDS	3.0 %
	FINLAND	3.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
23.4%	15.9%	--	--	5.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.56	30%
MSCI EAFE	0.68	57%
MSCI Emg. Mkts.	0.59	50%

Technical Indicators
Recent close	$29.41
30d moving avg.	$28.53
Annualized volatility	13.3%
Short interest (ETF)	0.9%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	487
Turnover	0.9%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$3,746

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 448 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™:

9.2%

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	27.8	9	5	8.7	-0.5
VWID	Virtus WMC International Dividend ETF	22.6	49	-35	7.8	-1.4
DTH	WisdomTree International High Dividend Fund	22.2	58	-44	7.9	-1.3
LVHI	Franklin International Low Volatility High Dividend Index ET	21.8	40	-26	9.5	+0.3
IDV	iShares International Select Dividend ETF	21.4	51	-37	9.9	+0.7
DOL	WisdomTree International LargeCap Dividend Fund	19.2	48	-34	6.8	-2.4
GCOW	Pacer Global Cash Cows Dividend ETF	18.3	60	-46	10.3	+1.1
RFEU	First Trust Riverfront Dynamic Europe ETF	17.8	83	-69	10.0	+0.7
IDHQ	Invesco S&P International Developed High Quality ETF	17.2	29	-15	6.4	-2.8
IQLT	iShares MSCI Intl Quality Factor ETF	17.0	30	-16	6.2	-3.0
DIVI	Franklin International Core Dividend Tilt Index ETF	17.0	9	5	7.6	-1.6
IDOG	ALPS International Sector Dividend Dogs ETF	16.8	50	-36	11.4	+2.2
EFV	iShares MSCI EAFE Value ETF	16.2	34	-20	8.5	-0.7
VYMI	Vanguard International High Dividend Yield ETF	15.9	17	-3	9.0	-0.2
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	15.5	65	-51	10.2	+1.0
FIDI	Fidelity International High Dividend ETF	15.2	18	-4	8.1	-1.2
EFAV	iShares MSCI EAFE Min Vol Factor ETF	14.9	22	-8	5.9	-3.3
DWM	WisdomTree International Equity Fund	14.7	48	-34	7.0	-2.2
RFDI	First Trust Riverfront Dynamic Developed International ETF	14.7	83	-69	8.9	-0.3
QEFA	SPDR MSCI EAFE StrategicFactors ETF	14.7	30	-16	6.9	-2.4
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	14.5	40	-26	7.0	-2.2
FDEV	Fidelity International Multifactor ETF	14.1	18	-4	7.4	-1.8
DWMF	WisdomTree International Multifactor Fund	13.8	38	-24	6.9	-2.3
IDLV	Invesco S&P International Developed Low Volatility ETF	13.7	25	-11	6.5	-2.7
FIVA	Fidelity International Value Factor ETF	13.5	18	-4	9.1	-0.1
EWU	iShares MSCI United Kingdom ETF	13.2	50	-36	7.8	-1.4
IVLU	iShares MSCI Intl Value Factor ETF	13.2	30	-16	9.5	+0.3
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	13.1	32	-18	5.9	-3.3
FICS	First Trust International Developed Capital Strength ETF	13.0	70	-56	7.3	-1.9
FLGB	Franklin FTSE United Kingdom ETF	12.8	9	5	7.2	-2.0
DIHP	Dimensional International High Profitability ETF	12.6	29	-15	6.6	-2.6
IMFL	Invesco International Developed Dynamic Multifactor ETF	12.5	34	-20	5.6	-3.6
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	12.2	29	-15	7.5	-1.7
PPIE	Putnam PanAgora ESG International Equity ETF	12.2	49	-35	7.0	-2.2
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	12.2	19	-5	5.5	-3.8
IEV	iShares Europe ETF	12.0	67	-53	6.5	-2.7
TTAI	FCF International Quality ETF	11.8	59	-45	7.3	-1.9
IQDF	FlexShares International Quality Dividend Index Fund	11.8	47	-33	8.4	-0.8
STXI	Strive International Developed Markets ETF	11.8	29	-15	6.3	-2.9
FEZ	SPDR EURO STOXX 50 ETF	11.7	29	-15	6.4	-2.9
EPP	iShares MSCI Pacific ex-Japan ETF	11.6	47	-33	5.3	-4.0
AIVI	WisdomTree International AI Enhanced Value Fund	11.5	58	-44	6.8	-2.4
DEW	WisdomTree Global High Dividend Fund	11.2	58	-44	8.2	-1.0
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	11.1	47	-33	7.8	-1.4
FENI	Fidelity Enhanced International ETF	11.1	28	-14	6.1	-3.1
IMTM	iShares MSCI Intl Momentum Factor ETF	11.1	30	-16	5.4	-3.8
EWA	iShares MSCI Australia ETF	11.1	50	-36	6.0	-3.3
FNDF	Schwab Fundamental International Large Co. Index ETF	11.1	25	-11	8.9	-0.3
IDMO	Invesco S&P International Developed Momentum ETF	11.0	25	-11	5.8	-3.4
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	10.9	80	-66	6.0	-3.2
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	10.6	45	-31	6.7	-2.6
FLAU	Franklin FTSE Australia ETF	10.6	9	5	6.3	-2.9
JHMD	John Hancock Multifactor Developed International ETF	10.6	39	-25	7.2	-2.0
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	10.6	45	-31	8.3	-0.9
SPEU	SPDR Portfolio Europe ETF	10.5	7	7	7.1	-2.1
IEUR	iShares Core MSCI Europe ETF	10.4	11	3	7.0	-2.2
EZU	iShares MSCI Eurozone ETF	10.4	52	-38	6.4	-2.8
JPIN	J.P. Morgan Diversified Return International Equity ETF	10.4	37	-23	7.8	-1.4
JHID	John Hancock International High Dividend ETF	10.4	46	-32	8.6	-0.7
VGK	Vanguard FTSE Europe ETF	10.4	6	8	7.2	-2.0
JIRE	JPMorgan International Research Enhanced Equity ETF	10.3	24	-10	6.8	-2.4
RODE	Hartford Multifactor Diversified International ETF	10.3	29	-15	10.4	+1.1
BBEU	JPMorgan BetaBuilders Europe ETF	10.2	9	5	7.0	-2.2
EFA	iShares MSCI EAFE ETF	10.2	35	-21	6.4	-2.8
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	10.1	46	-32	6.5	-2.8
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	10.1	25	-11	7.0	-2.2
KXI	iShares Global Consumer Staples ETF	10.0	41	-27	5.7	-3.5
EUDG	WisdomTree Europe Quality Dividend Growth Fund	9.9	58	-44	6.5	-2.7
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	9.9	58	-44	6.4	-2.8
IQDG	WisdomTree International Quality Dividend Growth Fund	9.7	42	-28	6.5	-2.7
FLEE	Franklin FTSE Europe ETF	9.7	9	5	7.0	-2.3
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	9.6	39	-25	6.3	-2.9
JIVE	JPMorgan International Value ETF	9.5	55	-41	10.7	+1.5
CIL	VictoryShares International Volatility Wtd ETF	9.5	45	-31	6.3	-2.9
INTF	iShares International Equity Factor ETF	9.5	15	-1	7.3	-2.0
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	9.4	36	-22	6.3	-3.0
ESGD	iShares ESG Aware MSCI EAFE ETF	9.4	20	-6	6.5	-2.8
GSID	Goldman Sachs MarketBeta International Equity ETF	9.3	20	-6	6.5	-2.7
EWQ	iShares MSCI France ETF	9.3	53	-39	6.8	-2.4
IGRO	iShares International Dividend Growth ETF	9.3	15	-1	7.0	-2.2
EFAX	SPDR MSCI EAFE Fossil Fuel Reserves Free ETF	9.2	20	-6	6.2	-3.0
DWX	SPDR S&P International Dividend ETF	9.2	45	-31	7.2	-2.0
HFXI	IQ FTSE International Equity Currency Neutral ETF	9.2	20	-6	6.5	-2.7
CEFA	Global X S&P Catholic Values Developed ex-US ETF	9.1	35	-21	6.2	-3.0
GSIE	Goldman Sachs ActiveBeta International Equity ETF	8.8	25	-11	6.8	-2.4
GNR	SPDR S&P Global Natural Resources ETF	8.8	40	-26	10.2	+1.0
EFAS	Global X MSCI SuperDividend EAFE ETF	8.7	57	-43	8.6	-0.6
SCHF	Schwab International Equity ETF	8.7	6	8	6.8	-2.4
CWI	SPDR MSCI ACWI ex-US ETF	8.7	30	-16	7.5	-1.7
BKIE	BNY Mellon International Equity ETF	8.7	4	10	6.6	-2.6
IEFA	iShares Core MSCI EAFE ETF	8.7	7	7	6.7	-2.5
DVYA	iShares Asia/Pacific Dividend ETF	8.6	49	-35	7.3	-1.9
UMMA	Wahed Dow Jones Islamic World ETF	8.6	65	-51	4.8	-4.4
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	8.6	14	0	5.9	-3.3
IDEV	iShares Core MSCI International Developed Markets ETF	8.5	4	10	6.7	-2.5
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	8.2	24	-10	7.2	-2.1
IDNA	iShares Genomics Immunology and Healthcare ETF	8.2	47	-33	-2.1	-11.3
INEQ	Columbia International Equity Income ETF	8.1	45	-31	7.5	-1.7
FGD	First Trust Dow Jones Global Select Dividend Index Fund	8.1	56	-42	10.2	+1.0
FID	First Trust S&P International Dividend Aristocrats ETF	8.1	60	-46	7.5	-1.7
EWI	iShares MSCI Italy ETF	8.0	50	-36	10.7	+1.5
VEA	Vanguard FTSE Developed Markets ETF	8.0	3	11	6.8	-2.4
SPDW	SPDR Portfolio Developed World ex-US ETF	8.0	3	11	6.6	-2.6
ACWX	iShares MSCI ACWI ex U.S. ETF	8.0	34	-20	7.3	-1.9
DFAI	Dimensional International Core Equity Market ETF	7.9	18	-4	6.8	-2.5
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	7.8	46	-32	9.5	+0.2
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	7.8	44	-30	10.4	+1.2
NUDM	Nuveen ESG International Developed Markets Equity ETF	7.8	31	-17	5.9	-3.3
DFIV	Dimensional International Value ETF	7.6	27	-13	8.8	-0.4
DTAN	Sparkline International Intangible Value ETF	7.5	55	-41	8.0	-1.2
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	7.4	18	-4	7.2	-2.0
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	7.4	41	-27	7.1	-2.1
IQSI	IQ Candriam International Equity ETF	7.3	15	-1	6.2	-3.0
VEU	Vanguard FTSE All-World ex-US Index Fund	7.3	4	10	7.7	-1.6
ROAM	Hartford Multifactor Emerging Markets ETF	7.1	44	-30	11.1	+1.9
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	7.1	12	2	5.8	-3.4
DSTX	Distillate International Fundamental Stability & Value ETF	7.0	55	-41	7.5	-1.7
TPIF	Timothy Plan International ETF	6.9	62	-48	6.0	-3.2
WDIV	SPDR S&P Global Dividend ETF	6.9	40	-26	8.8	-0.4
CGDG	Capital Group Dividend Growers ETF	6.9	47	-33	6.0	-3.3
IXUS	iShares Core MSCI Total International Stock ETF	6.9	7	7	7.5	-1.7
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	6.8	20	-6	6.1	-3.1
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	6.8	65	-51	4.6	-4.6
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	6.7	25	-11	5.9	-3.4
VXUS	Vanguard Total International Stock ETF	6.7	5	9	7.6	-1.6
VSGX	Vanguard ESG International Stock ETF	6.6	10	4	7.5	-1.7
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	6.5	40	-26	6.6	-2.6
AVIV	Avantis International Large Cap Value ETF	6.5	25	-11	8.2	-1.0
VIDI	Vident International Equity Strategy ETF	6.5	61	-47	10.4	+1.2
QINT	American Century Quality Diversified International ETF	6.5	39	-25	6.7	-2.5
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	6.4	39	-25	7.5	-1.7
MOTG	VanEck Morningstar Global Wide Moat ETF	6.3	52	-38	8.9	-0.3
PICK	iShares MSCI Global Metals & Mining Producers ETF	6.3	39	-25	10.8	+1.5
MOTI	VanEck Morningstar International Moat ETF	6.2	58	-44	10.8	+1.6
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	6.2	25	-11	6.4	-2.8
IPAC	iShares Core MSCI Pacific ETF	6.1	9	5	6.1	-3.1
CGIE	Capital Group International Equity ETF	6.0	54	-40	4.9	-4.3
DFIC	Dimensional International Core Equity 2 ETF	6.0	23	-9	7.1	-2.2
EELV	Invesco S&P Emerging Markets Low Volatility ETF	6.0	29	-15	8.9	-0.4
PATN	Pacer Nasdaq International Patent Leaders ETF	5.9	65	-51	5.4	-3.9
BKCI	BNY Mellon Concentrated International ETF	5.8	80	-66	5.1	-4.1
DXIV	Dimensional International Vector Equity ETF	5.8	34	-20	7.4	-1.8
WWJD	Inspire International ETF	5.8	80	-66	7.0	-2.2
AVSD	Avantis Responsible International Equity ETF	5.7	23	-9	5.0	-4.2
DEM	WisdomTree Emerging Markets High Dividend Fund	5.6	63	-49	12.7	+3.5
IXG	iShares Global Financials ETF	5.6	42	-28	6.6	-2.6
DMXF	iShares ESG Advanced MSCI EAFE ETF	5.6	12	2	5.3	-3.9
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	5.5	15	-1	7.4	-1.8
NXTG	First Trust Indxx NextG ETF	5.5	70	-56	5.0	-4.2
IXC	iShares Global Energy ETF	5.4	44	-30	10.0	+0.7
ICPY	Tweedy, Browne International Insider Value ETF	5.4	80	-66	0.0	-9.2
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	5.4	30	-16	9.0	-0.2
DGT	State Street SPDR Global Dow ETF	5.3	50	-36	6.6	-2.7
EMXF	iShares ESG Advanced MSCI EM ETF	5.3	16	-2	7.9	-1.3
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	5.3	39	-25	15.4	+6.2
FDEM	Fidelity Emerging Markets Multifactor ETF	5.3	25	-11	12.0	+2.8
RNWZ	TrueShares Eagle Global Renewable Energy Income ETF	5.2	75	-61	6.9	-2.3
TOKE	Cambria Cannabis ETF	5.2	42	-28	2.3	-7.0
VPL	Vanguard FTSE Pacific ETF	5.2	7	7	6.3	-2.9
EVLU	iShares MSCI Emerging Markets Value Factor ETF	5.2	35	-21	16.2	+6.9
NUEM	Nuveen ESG Emerging Markets Equity ETF	5.2	36	-22	7.2	-2.0
OAIM	OneAscent International Equity ETF	5.2	95	-81	5.5	-3.8
DFSI	Dimensional International Sustainability Core 1 ETF	5.0	24	-10	6.1	-3.1
EDIV	SPDR S&P Emerging Markets Dividend ETF	5.0	49	-35	9.3	+0.1
AVDE	Avantis International Equity ETF	5.0	23	-9	7.0	-2.2
ECON	Columbia Emerging Markets Consumer ETF	5.0	49	-35	11.6	+2.4
VIGI	Vanguard International Dividend Appreciation ETF	4.9	10	4	6.4	-2.9
MXI	iShares Global Materials ETF	4.9	41	-27	7.1	-2.1
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	4.8	42	-28	6.3	-2.9
IXJ	iShares Global Healthcare ETF	4.8	42	-28	6.5	-2.7
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	4.8	50	-36	10.2	+1.0
FLAX	Franklin FTSE Asia Ex Japan ETF	4.7	19	-5	8.4	-0.8
JHEM	John Hancock Multifactor Emerging Markets ETF	4.7	49	-35	9.4	+0.1
FEOE	First Eagle Overseas Equity ETF	4.7	79	-65	7.0	-2.2
UIVM	VictoryShares International Value Momentum ETF	4.7	35	-21	8.2	-1.0
JXI	iShares Global Utilities ETF	4.6	43	-29	5.5	-3.8
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	4.5	30	-16	7.5	-1.8
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	4.5	15	-1	9.6	+0.4
PXH	Invesco FTSE RAFI Emerging Markets ETF	4.5	49	-35	14.8	+5.6
AAXJ	iShares MSCI All Country Asia ex Japan ETF	4.5	70	-56	8.4	-0.8
FYLD	Cambria Foreign Shareholder Yield ETF	4.5	59	-45	11.2	+2.0
EWL	iShares MSCI Switzerland ETF	4.5	50	-36	6.1	-3.1
OZEM	Roundhill GLP-1 & Weight Loss ETF	4.5	59	-45	3.2	-6.0
THNR	Amplify Weight Loss Drug & Treatment ETF	4.5	59	-45	6.7	-2.5
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	4.5	45	-31	9.5	+0.3
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	4.5	24	-10	7.2	-2.0
EUFN	iShares MSCI Europe Financials ETF	4.4	51	-37	7.7	-1.5
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	4.4	36	-22	9.0	-0.2
COPY	Tweedy, Browne Insider + Value ETF	4.3	80	-66	11.7	+2.5
BKEM	BNY Mellon Emerging Markets Equity ETF	4.3	11	3	9.2	+0.0
FEUZ	First Trust Eurozone AlphaDEX ETF	4.3	80	-66	7.7	-1.5
EMGF	iShares Emerging Markets Equity Factor ETF	4.3	25	-11	10.7	+1.5
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	4.3	46	-32	5.6	-3.6
GSFP	Goldman Sachs Future Planet Equity ETF	4.3	75	-61	4.2	-5.0
SMOG	VanEck Low Carbon Energy ETF	4.3	61	-47	1.6	-7.7
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	4.3	66	-52	8.9	-0.4
XCEM	Columbia EM Core ex-China ETF	4.2	16	-2	7.6	-1.6
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	4.2	32	-18	6.3	-2.9
RCGE	RockCreek Global Equality ETF	4.1	95	-81	6.6	-2.6
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	4.0	30	-16	9.8	+0.6
EMMF	WisdomTree Emerging Markets Multifactor Fund	4.0	48	-34	7.0	-2.2
HEDJ	WisdomTree Europe Hedged Equity Fund	4.0	58	-44	6.4	-2.8
SCHE	Schwab Emerging Markets Equity ETF	3.9	11	3	10.5	+1.3
EFG	iShares MSCI EAFE Growth ETF	3.9	36	-22	4.3	-5.0
RNEM	First Trust Emerging Markets Equity Select ETF	3.9	75	-61	8.3	-0.9
CGDV	Capital Group Dividend Value ETF	3.9	33	-19	4.5	-4.7
ESGE	iShares ESG Aware MSCI EM ETF	3.9	25	-11	9.3	+0.1
STXE	Strive Emerging Markets Ex-China ETF	3.9	32	-18	7.3	-1.9
EMXC	iShares MSCI Emerging Markets ex China ETF	3.8	25	-11	6.9	-2.3
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	3.8	33	-19	9.2	-0.0
EEM	iShares MSCI Emerging Markets ETF	3.8	69	-55	9.4	+0.2
ESGG	FlexShares STOXX Global ESG Select Index Fund	3.7	42	-28	5.3	-3.9
XCNY	SPDR S&P Emerging Markets ex-China ETF	3.7	15	-1	7.2	-2.0
QWLD	SPDR MSCI World StrategicFactors ETF	3.7	30	-16	5.8	-3.4
GVAL	Cambria Global Value ETF	3.6	68	-54	10.4	+1.2
LDEM	iShares ESG MSCI EM Leaders ETF	3.6	17	-3	13.8	+4.6
EV	Mast Global Battery Recycling & Production ETF	3.6	65	-51	6.8	-2.5
COPX	Global X Copper Miners ETF	3.6	65	-51	5.6	-3.6
ICOP	iShares Copper and Metals Mining ETF	3.6	47	-33	7.7	-1.6
BATT	Amplify Lithium & Battery Technology ETF	3.6	59	-45	2.8	-6.4
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	3.6	67	-53	14.6	+5.4
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	3.5	20	-6	9.8	+0.6
EUDV	ProShares MSCI Europe Dividend Growers ETF	3.5	55	-41	6.2	-3.1
BKF	iShares MSCI BIC ETF	3.5	69	-55	12.9	+3.7
ASEA	Global X FTSE Southeast Asia ETF	3.5	65	-51	6.2	-3.0
BLES	Inspire Global Hope ETF	3.4	61	-47	6.8	-2.4
COPA	Themes Copper Miners ETF	3.4	35	-21	4.4	-4.8
VWO	Vanguard FTSE Emerging Markets ETF	3.4	7	7	10.1	+0.9
NFTY	First Trust India NIFTY 50 Equal Weight ETF	3.4	80	-66	4.6	-4.6
GLOF	iShares Global Equity Factor ETF	3.3	20	-6	6.6	-2.6
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	3.3	59	-45	8.6	-0.7
KNO	AXS Knowledge Leaders ETF	3.3	78	-64	5.7	-3.5
IEMG	iShares Core MSCI Emerging Markets ETF	3.3	9	5	9.7	+0.5
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	3.3	47	-33	5.6	-3.6
DFAE	Dimensional Emerging Core Equity Market ETF	3.2	35	-21	8.6	-0.7
LEGR	First Trust Indxx Innovative Transaction & Process ETF	3.2	65	-51	8.1	-1.1
DIM	WisdomTree International MidCap Dividend Fund	3.2	58	-44	7.1	-2.2
AIA	iShares Asia 50 ETF	3.2	50	-36	12.7	+3.5
GEW	Cambria Global EW ETF	3.1	29	-15	0.0	-9.2
DEHP	Dimensional Emerging Markets High Profitability ETF	3.1	41	-27	6.4	-2.9
AVEM	Avantis Emerging Markets Equity ETF	3.1	33	-19	8.2	-1.1
FEP	First Trust Europe AlphaDEX Fund	3.1	80	-66	8.0	-1.2
EPI	WisdomTree India Earnings Fund	3.1	85	-71	4.8	-4.4
KLMT	Invesco MSCI Global Climate 500 ETF	3.1	10	4	5.6	-3.6
BINV	Brandes International ETF	3.0	70	-56	9.1	-0.2
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	3.0	78	-64	8.9	-0.3
ACWV	iShares MSCI Global Min Vol Factor ETF	3.0	20	-6	5.9	-3.3
INDY	iShares India 50 ETF	3.0	89	-75	4.9	-4.3
EWN	iShares MSCI Netherlands ETF	3.0	50	-36	5.3	-3.9
AVSE	Avantis Responsible Emerging Markets Equity ETF	3.0	33	-19	7.9	-1.4
DIVS	SmartETFs Dividend Builder ETF	3.0	65	-51	5.0	-4.2
WLDR	Affinity World Leaders Equity ETF	3.0	67	-53	7.2	-2.0
JADE	JPMorgan Active Developing Markets Equity ETF	3.0	65	-51	7.6	-1.6
OSEA	Harbor International Compounders ETF	3.0	55	-41	4.8	-4.4
FDD	First Trust Stoxx European Select Dividend Index Fund	3.0	58	-44	11.1	+1.9
EFNL	iShares MSCI Finland ETF	3.0	56	-42	6.4	-2.9
NBCC	Neuberger Berman Next Generation Connected Consumer ETF	3.0	56	-42	2.8	-6.4
SPEM	SPDR Portfolio Emerging Markets ETF	2.9	7	7	10.3	+1.1
AGQI	First Trust Active Global Quality Income ETF	2.9	85	-71	4.5	-4.7
DAX	Global X DAX Germany ETF	2.9	21	-7	6.7	-2.5
FKU	First Trust United Kingdom AlphaDEX Fund	2.9	80	-66	7.6	-1.7
IOO	iShares Global 100 ETF	2.9	41	-27	4.5	-4.7
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	2.9	38	-24	8.6	-0.7
IPAV	Global X Infrastructure Development ex-U.S. ETF	2.9	55	-41	6.8	-2.4
FRNW	Fidelity Clean Energy ETF	2.9	39	-25	2.3	-6.9
MEM	Matthews Emerging Markets Equity Active ETF	2.8	79	-65	7.3	-1.9
ACWI	iShares MSCI ACWI ETF	2.8	32	-18	5.4	-3.9
TOK	iShares MSCI Kokusai ETF	2.8	26	-12	5.0	-4.3
EEMA	iShares MSCI Emerging Markets Asia ETF	2.8	49	-35	9.0	-0.2
PIN	Invesco India ETF	2.7	78	-64	4.6	-4.6
URTH	iShares MSCI World ETF	2.7	24	-10	5.0	-4.3
EWG	iShares MSCI Germany ETF	2.7	50	-36	6.3	-3.0
CRBN	iShares MSCI ACWI Low Carbon Target ETF	2.7	20	-6	5.5	-3.7
EWC	iShares MSCI Canada ETF	2.7	50	-36	5.8	-3.4
FLGR	Franklin FTSE Germany ETF	2.7	9	5	7.0	-2.2
FLIN	Franklin FTSE India ETF	2.7	19	-5	4.0	-5.3
KOKU	Xtrackers MSCI Kokusai Equity ETF	2.6	9	5	5.1	-4.2
INDA	iShares MSCI India ETF	2.6	65	-51	4.5	-4.7
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	2.6	70	-56	11.8	+2.6
DEXC	Dimensional Emerging Markets ex China Core EquityETF	2.6	53	-39	7.2	-2.0
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	2.6	9	5	5.6	-3.6
EEMO	Invesco S&P Emerging Markets Momentum ETF	2.5	29	-15	7.5	-1.7
EFAD	ProShares MSCI EAFE Dividend Growers ETF	2.5	50	-36	5.9	-3.4
KOCG	FIS Knights of Columbus Global Belief ETF	2.5	75	-61	4.9	-4.4
VT	Vanguard Total World Stock ETF	2.5	6	8	5.7	-3.5
IXP	iShares Global Comm Services ETF	2.4	42	-28	5.8	-3.5
CGUS	Capital Group Core Equity ETF	2.4	33	-19	4.4	-4.8
IGF	iShares Global Infrastructure ETF	2.4	41	-27	4.5	-4.7
GII	SPDR S&P Global Infrastructure ETF	2.4	40	-26	4.6	-4.7
GMF	SPDR S&P Emerging Asia Pacific ETF	2.3	49	-35	9.4	+0.2
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	2.3	41	-27	8.2	-1.1
FEGE	First Eagle Global Equity ETF	2.2	79	-65	6.5	-2.7
DFEV	Dimensional Emerging Markets Value ETF	2.2	43	-29	11.9	+2.7
FAN	First Trust Global Wind Energy ETF	2.2	60	-46	4.1	-5.1
IVAL	Alpha Architect International Quantitative Value ETF	2.2	49	-35	10.3	+1.0
CZAR	Themes Natural Monopoly ETF	2.2	35	-21	5.6	-3.6
EWS	iShares MSCI Singapore ETF	2.1	50	-36	4.8	-4.4
IPKW	Invesco International BuyBack Achievers ETF	2.1	55	-41	8.8	-0.4
FLLA	Franklin FTSE Latin America ETF	2.1	19	-5	12.2	+3.0
UEVM	VictoryShares Emerging Markets Value Momentum ETF	2.1	45	-31	10.1	+0.9
FLSA	Franklin FTSE Saudi Arabia ETF	2.1	39	-25	0.0	-9.2
KSA	iShares MSCI Saudi Arabia ETF	2.1	74	-60	0.0	-9.2
DVYE	iShares Emerging Markets Dividend ETF	2.0	49	-35	17.7	+8.5
XC	WisdomTree Emerging Markets Ex-China Fund	2.0	32	-18	5.4	-3.8
ITOL	Tema International Durable Quality ETF	2.0	60	-46	5.7	-3.5
URA	Global X Uranium ETF	2.0	69	-55	1.3	-7.9
CGGO	Capital Group Global Growth Equity ETF	2.0	47	-33	4.2	-5.0
EWZ	iShares MSCI Brazil ETF	2.0	58	-44	11.7	+2.5
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	2.0	75	-61	9.5	+0.3
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	1.9	80	-66	4.2	-5.0
EWJV	iShares MSCI Japan Value ETF	1.9	15	-1	8.0	-1.3
AVXC	Avantis Emerging Markets Ex-China Equity ETF	1.9	33	-19	8.0	-1.2
DXJ	WisdomTree Japan Hedged Equity Fund	1.9	48	-34	6.6	-2.6
GLBL	Pacer MSCI World Industry Advantage ETF	1.9	65	-51	4.1	-5.1
XT	iShares Exponential Technologies ETF	1.9	46	-32	4.6	-4.6
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	1.9	95	-81	10.9	+1.7
JSTC	Adasina Social Justice All Cap Global ETF	1.8	89	-75	5.0	-4.2
CRTC	Xtrackers US National Critical Technologies ETF	1.8	35	-21	4.8	-4.4
FLBR	Franklin FTSE Brazil ETF	1.8	19	-5	13.4	+4.2
PRNT	3D Printing ETF	1.8	66	-52	1.9	-7.3
JGLO	JPMorgan Global Select Equity ETF	1.8	33	-19	5.0	-4.2
CCNR	ALPS CoreCommodity Natural Resources ETF	1.8	39	-25	9.1	-0.1
ION	ProShares S&P Global Core Battery Metals ETF	1.8	58	-44	7.2	-2.0
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	1.7	60	-46	7.9	-1.3
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	1.7	32	-18	8.4	-0.8
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	1.6	12	2	5.1	-4.1
BLLD	JPMorgan Sustainable Infrastructure ETF	1.6	49	-35	5.9	-3.3
DGIN	VanEck Digital India ETF	1.6	71	-57	1.8	-7.4
EYLD	Cambria Emerging Shareholder Yield ETF	1.6	66	-52	11.6	+2.4
BBCA	JPMorgan BetaBuilders Canada ETF	1.6	19	-5	6.1	-3.1
JIG	JPMorgan International Growth ETF	1.5	55	-41	4.7	-4.5
FLN	First Trust Latin America AlphaDEX Fund	1.5	80	-66	10.9	+1.7
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	1.5	80	-66	9.5	+0.3
AVES	Avantis Emerging Markets Value ETF	1.5	36	-22	10.7	+1.5
POW	VistaShares Electrification Supercycle ETF	1.5	75	-61	3.5	-5.7
DFNL	Davis Select Financial ETF	1.5	63	-49	7.4	-1.8
DINT	Davis Select International ETF	1.5	55	-41	7.7	-1.5
FDFF	Fidelity Disruptive Finance ETF	1.5	50	-36	4.6	-4.6
FLCH	Franklin FTSE China ETF	1.4	19	-5	15.4	+6.2
KALL	KraneShares MSCI All China Index ETF	1.4	49	-35	12.7	+3.5
MCH	Matthews China Active ETF	1.4	79	-65	14.0	+4.8
JCHI	JPMorgan Active China ETF	1.4	65	-51	14.4	+5.2
FXI	iShares China Large-Cap ETF	1.4	74	-60	16.7	+7.5
MCHI	iShares MSCI China ETF	1.4	59	-45	16.7	+7.5
GXC	SPDR S & P China ETF	1.4	59	-45	15.8	+6.6
GSIB	Themes Global Systemically Important Banks ETF	1.4	35	-21	9.1	-0.1
RXI	iShares Global Consumer Discretionary ETF	1.4	41	-27	8.3	-0.9
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	1.4	80	-66	8.5	-0.7
FLCA	Franklin FTSE Canada ETF	1.3	9	5	6.2	-3.0
FGM	First Trust Germany AlphaDEX Fund	1.3	80	-66	6.8	-2.4
JPXN	iShares JPX-Nikkei 400 ETF	1.3	48	-34	6.2	-3.0
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	1.3	25	-11	6.2	-3.0
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	1.3	60	-46	4.0	-5.3
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	1.3	47	-33	5.6	-3.6
FTHF	First Trust Emerging Markets Human Flourishing ETF	1.2	75	-61	9.1	-0.1
EXI	iShares Global Industrials ETF	1.2	42	-28	4.4	-4.8
RAYD	Rayliant Quantitative Developed Market Equity ETF	1.2	80	-66	4.5	-4.8
BBJP	JPMorgan BetaBuilders Japan ETF	1.2	19	-5	6.1	-3.1
QUVU	Hartford Quality Value ETF	1.2	46	-32	7.4	-1.8
BITQ	Bitwise Crypto Industry Innovators ETF	1.2	85	-71	-2.1	-11.3
BLOK	Amplify Transformational Data Sharing ETF	1.2	75	-61	0.4	-8.8
EWJ	iShares MSCI Japan ETF	1.1	50	-36	5.6	-3.6
NORW	Global X MSCI Norway ETF	1.1	50	-36	11.0	+1.8
ENOR	iShares MSCI Norway ETF	1.1	53	-39	10.8	+1.6
QTUM	Defiance Quantum ETF	1.1	40	-26	5.4	-3.8
EDOG	ALPS Emerging Sector Dividend Dogs ETF	1.0	60	-46	10.7	+1.5
FEM	First Trust Emerging Markets AlphaDEX Fund	1.0	80	-66	11.4	+2.2
RGEF	Rockefeller Global Equity ETF	1.0	55	-41	4.5	-4.7
FLJH	Franklin FTSE Japan Hedged ETF	1.0	9	5	5.7	-3.6
FLJP	Franklin FTSE Japan ETF	1.0	9	5	5.8	-3.4
WRND	IQ Global Equity R&D Leaders ETF	1.0	18	-4	7.5	-1.7
NUKZ	Range Nuclear Renaissance Index ETF	1.0	85	-71	1.4	-7.9
EWP	iShares MSCI Spain ETF	1.0	50	-36	6.6	-2.6
URAN	Themes Uranium & Nuclear ETF	1.0	35	-21	1.4	-7.8
GINN	Goldman Sachs Innovate Equity ETF	1.0	52	-38	3.7	-5.6
KNCT	Invesco Next Gen Connectivity ETF	0.9	40	-26	4.6	-4.6
FLKR	Franklin FTSE South Korea ETF	0.9	9	5	7.2	-2.0
TOLL	Tema Durable Quality ETF	0.9	75	-61	5.1	-4.1
EZA	iShares MSCI South Africa ETF	0.9	58	-44	9.4	+0.2
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	0.9	90	-76	4.9	-4.3
HAP	VanEck Natural Resources ETF	0.8	50	-36	8.8	-0.5
EWY	iShares MSCI South Korea ETF	0.8	58	-44	6.5	-2.8
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	0.8	58	-44	8.6	-0.6
FPXE	First Trust IPOX Europe Equity Opportunities ETF	0.8	70	-56	4.0	-5.2
FPXI	First Trust International Equity Opportunities ETF	0.8	70	-56	4.3	-4.9
QAT	iShares MSCI Qatar ETF	0.8	59	-45	51.1	+41.9
FNDC	Schwab Fundamental International Small Co. Index ETF	0.8	39	-25	5.7	-3.5
IDX	VanEck Indonesia Index ETF	0.7	57	-43	7.0	-2.2
DFIS	Dimensional International Small Cap ETF	0.7	39	-25	7.0	-2.2
AFK	VanEck Africa Index ETF	0.7	98	-84	14.3	+5.1
SUPL	ProShares Supply Chain Logistics ETF	0.7	58	-44	10.2	+1.0
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.7	10	4	6.6	-2.6
FRDM	Freedom 100 Emerging Markets ETF	0.6	49	-35	7.2	-2.0
THD	iShares MSCI Thailand ETF	0.6	58	-44	0.0	-9.2
SHPP	Pacer Industrials and Logistics ETF	0.6	60	-46	8.1	-1.1
IQRA	IQ CBRE Real Assets ETF	0.6	65	-51	5.6	-3.6
EIDO	iShares MSCI Indonesia ETF	0.6	59	-45	7.6	-1.7
FCA	First Trust China AlphaDEX Fund	0.6	80	-66	9.0	-0.2
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.6	58	-44	9.4	+0.2
INCO	Columbia India Consumer ETF	0.6	75	-61	1.7	-7.5
FTAG	First Trust Indxx Global Agriculture ETF	0.6	70	-56	8.4	-0.9
GQRE	FlexShares Global Quality Real Estate Index Fund	0.5	45	-31	7.9	-1.3
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.5	12	2	8.2	-1.0
KLMN	Invesco MSCI North America Climate ETF	0.5	9	5	4.9	-4.3
FDCF	Fidelity Disruptive Communications ETF	0.5	50	-36	4.3	-4.9
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.4	70	-56	7.5	-1.7
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.4	49	-35	6.8	-2.4
FLHK	Franklin FTSE Hong Kong ETF	0.4	9	5	4.3	-4.9
EWH	iShares MSCI Hong Kong ETF	0.4	50	-36	5.0	-4.2
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	0.4	58	-44	4.4	-4.8
SCJ	iShares MSCI Japan Small-Cap ETF	0.4	50	-36	6.6	-2.6
CGV	Conductor Global Equity Value ETF	0.4	130	-116	7.8	-1.4
EMM	Global X Emerging Markets ex-China ETF	0.4	75	-61	7.1	-2.1
ILF	iShares Latin America 40 ETF	0.4	48	-34	11.5	+2.3
EWM	iShares MSCI Malaysia ETF	0.4	50	-36	6.3	-2.9
UAE	iShares MSCI UAE ETF	0.3	59	-45	0.0	-9.2
FLMX	Franklin FTSE Mexico ETF	0.3	19	-5	9.8	+0.6
EWW	iShares MSCI Mexico ETF	0.3	50	-36	9.2	+0.0
OTGL	OTG Latin America ETF	0.3	269	-255	8.2	-1.0
BJK	VanEck Gaming ETF	0.3	65	-51	4.5	-4.7
ISHP	First Trust Nasdaq Retail ETF	0.3	60	-46	5.7	-3.6
CUT	Invesco MSCI Global Timber ETF	0.3	61	-47	10.9	+1.7
WOOD	iShares Global Timber & Forestry ETF	0.3	42	-28	13.2	+4.0
SDIV	Global X Superdividend ETF	0.3	58	-44	41.6	+32.4
MINV	Matthews Asia Innovators Active ETF	0.2	79	-65	7.0	-2.2
SCZ	iShares MSCI EAFE Small-Cap ETF	0.2	40	-26	6.8	-2.4
ANEW	ProShares MSCI Transformational Changes ETF	0.2	45	-31	5.2	-4.0
FLTW	Franklin FTSE Taiwan ETF	0.2	19	-5	6.0	-3.2
ENZL	iShares MSCI New Zealand ETF	0.2	50	-36	3.5	-5.7
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.2	65	-51	7.9	-1.3
EMC	Global X Emerging Markets Great Consumer ETF	0.2	75	-61	7.4	-1.8
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.2	8	6	7.2	-2.0
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	0.2	88	-74	7.8	-1.4
RWX	SPDR Dow Jones International Real Estate ETF	0.2	59	-45	6.8	-2.4
OCEN	IQ Clean Oceans ETF	0.2	45	-31	5.1	-4.1
RNRG	Global X Renewable Energy Producers ETF	0.2	66	-52	5.1	-4.1
ICLN	iShares Global Clean Energy ETF	0.2	41	-27	3.2	-6.0
INFL	Horizon Kinetics Inflation Beneficiaries ETF	0.1	85	-71	3.7	-5.5
BCDF	Horizon Kinetics Blockchain Development ETF	0.1	85	-71	3.8	-5.4
RWO	SPDR Dow Jones Global Real Estate ETF	0.1	50	-36	6.9	-2.3
DISV	Dimensional International Small Cap Value ETF	0.1	42	-28	8.7	-0.5
EDEN	iShares MSCI Denmark ETF	0.1	53	-39	6.3	-2.9
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.1	49	-35	4.9	-4.3
RVRB	Reverb ETF	0.1	30	-16	4.5	-4.7
SCHC	Schwab International Small-Cap Equity ETF	0.1	11	3	7.5	-1.8
AVDS	Avantis International Small Cap Equity ETF	0.1	30	-16	6.9	-2.3
ISCF	iShares International SmallCap Equity Factor ETF	0.0	23	-9	8.0	-1.2
GINX	SGI Enhanced Global Income ETF	0.0	98	-84	7.9	-1.3

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	1.9	x
Less: Expense ratio	14	bp
Equals: ALTAR Score	9.2	%

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.