ETF Research Center

Schwab International Dividend Equity ETF

ALTAR
Score™

9.7%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	11.8x	P/Sales ratio	1.2x
P/BV ratio	1.9x	Div. yield	4.9%

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)	$1,036
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	138
Wgt avg mkt cap (mns)	$64,923
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	39.0 %
ENEL SPA	4.6 %
VINCI SA	4.2 %
WESFARMERS LIMITED	4.2 %
UNILEVER PLC	4.1 %
BRITISH AMERICAN TOBACCO PLC	3.8 %
ONO PHARMACEUTICAL CO LTD	3.7 %
TOTAL SA	3.7 %
BHP BILLITON LTD	3.6 %
GSK PLC	3.6 %
DEUTSCHE POST AG-REG	3.5 %

TOP COUNTRY EXPOSURE
	BRITAIN	14.9 %
	AUSTRALIA	12.1 %
	FRANCE	11.6 %
	ITALY	8.1 %
	JAPAN	5.9 %
	GERMANY	5.9 %
	SWITZERLAND	3.9 %
	INDIA	3.6 %
	CANADA	3.5 %
	FINLAND	3.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru April 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
14.1%	14.6%	--	--	4.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.61	44%
MSCI EAFE	0.81	81%
MSCI Emg. Mkts.	0.70	60%

Technical Indicators
Recent close	$26.69
30d moving avg.	$25.52
Annualized volatility	15.3%
Short interest (ETF)	0.7%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	355
Turnover	0.9%
Bid/Ask (% of price)	0.07%
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™:

9.7%

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	27.3	9	5	9.3	-0.4
VWID	Virtus WMC International Dividend ETF	21.6	49	-35	8.9	-0.9
LVHI	Franklin International Low Volatility High Dividend Index ET	21.1	40	-26	10.8	+1.1
IDV	iShares International Select Dividend ETF	21.1	51	-37	12.0	+2.3
DTH	WisdomTree International High Dividend Fund	20.2	58	-44	9.1	-0.7
OEUR	ALPS O'Shares Europe Quality Dividend ETF	18.1	48	-34	5.9	-3.8
RFEU	First Trust Riverfront Dynamic Europe ETF	17.6	83	-69	10.6	+0.8
DOL	WisdomTree International LargeCap Dividend Fund	17.6	48	-34	7.5	-2.3
IDOG	ALPS International Sector Dividend Dogs ETF	17.4	50	-36	12.6	+2.9
EFV	iShares MSCI EAFE Value ETF	16.5	34	-20	9.4	-0.3
VYMI	Vanguard International High Dividend Yield ETF	16.3	22	-8	9.9	+0.2
RFDI	First Trust Riverfront Dynamic Developed International ETF	15.5	83	-69	9.8	+0.1
IQLT	iShares MSCI Intl Quality Factor ETF	15.4	30	-16	6.3	-3.5
IDHQ	Invesco S&P International Developed High Quality ETF	15.3	29	-15	6.7	-3.1
DIVI	Franklin International Core Dividend Tilt Index ETF	15.3	9	5	8.2	-1.5
IDLV	Invesco S&P International Developed Low Volatility ETF	15.0	25	-11	6.6	-3.2
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	14.6	65	-51	12.1	+2.3
IMFL	Invesco International Developed Dynamic Multifactor ETF	14.1	34	-20	6.0	-3.7
EFAV	iShares MSCI EAFE Min Vol Factor ETF	14.1	22	-8	5.8	-4.0
QEFA	SPDR MSCI EAFE StrategicFactors ETF	13.9	30	-16	7.1	-2.6
FIDI	Fidelity International High Dividend ETF	13.7	18	-4	9.2	-0.6
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	13.5	80	-66	5.5	-4.2
IVLU	iShares MSCI Intl Value Factor ETF	13.4	30	-16	11.0	+1.3
DWM	WisdomTree International Equity Fund	13.1	48	-34	7.7	-2.1
DWMF	WisdomTree International Multifactor Fund	13.0	38	-24	7.0	-2.7
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	13.0	40	-26	7.7	-2.0
FEZ	SPDR EURO STOXX 50 ETF	12.9	29	-15	7.1	-2.6
FICS	First Trust International Developed Capital Strength ETF	12.8	70	-56	6.1	-3.6
PPIE	Putnam PanAgora ESG International Equity ETF	12.6	49	-35	7.6	-2.1
EWU	iShares MSCI United Kingdom ETF	12.6	50	-36	8.6	-1.2
FDEV	Fidelity International Multifactor ETF	12.5	18	-4	7.7	-2.1
DIHP	Dimensional International High Profitability ETF	12.3	29	-15	7.3	-2.4
IEV	iShares Europe ETF	12.0	67	-53	6.9	-2.8
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	12.0	32	-18	6.0	-3.8
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	11.9	45	-31	9.2	-0.6
TTAI	FCF International Quality ETF	11.8	59	-45	7.1	-2.6
EPP	iShares MSCI Pacific ex-Japan ETF	11.8	47	-33	5.5	-4.2
STXI	Strive International Developed Markets ETF	11.7	29	-15	7.1	-2.6
FLGB	Franklin FTSE United Kingdom ETF	11.7	9	5	8.0	-1.8
EWA	iShares MSCI Australia ETF	11.7	50	-36	6.0	-3.8
FNDF	Schwab Fundamental International Large Co. Index ETF	11.7	25	-11	10.0	+0.2
FIVA	Fidelity International Value Factor ETF	11.6	18	-4	10.5	+0.7
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	11.6	58	-44	6.8	-2.9
EZU	iShares MSCI Eurozone ETF	11.5	52	-38	6.8	-3.0
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	11.4	19	-5	6.2	-3.5
IQDG	WisdomTree International Quality Dividend Growth Fund	11.4	42	-28	7.1	-2.7
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	11.2	29	-15	8.1	-1.7
GCOW	Pacer Global Cash Cows Dividend ETF	11.2	60	-46	11.1	+1.4
AIVI	WisdomTree International AI Enhanced Value Fund	11.1	58	-44	7.4	-2.3
EUDG	WisdomTree Europe Quality Dividend Growth Fund	10.8	58	-44	6.8	-3.0
FLAU	Franklin FTSE Australia ETF	10.8	9	5	6.3	-3.4
IDMO	Invesco S&P International Developed Momentum ETF	10.7	25	-11	5.5	-4.2
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	10.6	45	-31	6.7	-3.0
IQDF	FlexShares International Quality Dividend Index Fund	10.6	47	-33	9.3	-0.4
FENI	Fidelity Enhanced International ETF	10.5	28	-14	6.9	-2.9
IEUR	iShares Core MSCI Europe ETF	10.5	11	3	7.4	-2.3
SPEU	SPDR Portfolio Europe ETF	10.4	7	7	7.4	-2.3
VGK	Vanguard FTSE Europe ETF	10.3	11	3	7.4	-2.3
EFA	iShares MSCI EAFE ETF	10.3	35	-21	7.0	-2.8
EFAS	Global X MSCI SuperDividend EAFE ETF	10.1	57	-43	8.4	-1.4
DEW	WisdomTree Global High Dividend Fund	10.0	58	-44	8.8	-0.9
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	10.0	47	-33	8.6	-1.2
JHMD	John Hancock Multifactor Developed International ETF	9.9	39	-25	7.8	-2.0
JIRE	JPMorgan International Research Enhanced Equity ETF	9.8	24	-10	7.4	-2.4
ESGD	iShares ESG Aware MSCI EAFE ETF	9.6	20	-6	7.0	-2.7
EWQ	iShares MSCI France ETF	9.6	53	-39	7.1	-2.6
RODE	Hartford Multifactor Diversified International ETF	9.6	29	-15	11.0	+1.3
KXI	iShares Global Consumer Staples ETF	9.5	41	-27	5.4	-4.3
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	9.5	25	-11	7.4	-2.4
CEFA	Global X S&P Catholic Values Developed ex-US ETF	9.5	35	-21	6.8	-2.9
BBEU	JPMorgan BetaBuilders Europe ETF	9.5	9	5	7.2	-2.6
MOTI	VanEck Morningstar International Moat ETF	9.4	58	-44	12.9	+3.1
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	9.3	46	-32	6.6	-3.1
JHID	John Hancock International High Dividend ETF	9.1	46	-32	11.0	+1.3
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	9.1	20	-6	6.5	-3.2
CWI	SPDR MSCI ACWI ex-US ETF	9.1	30	-16	8.0	-1.8
JPIN	J.P. Morgan Diversified Return International Equity ETF	9.1	37	-23	8.8	-1.0
IMTM	iShares MSCI Intl Momentum Factor ETF	9.0	30	-16	5.5	-4.3
SCHF	Schwab International Equity ETF	9.0	6	8	7.6	-2.2
GNR	SPDR S&P Global Natural Resources ETF	9.0	40	-26	11.7	+2.0
FLEE	Franklin FTSE Europe ETF	9.0	9	5	7.3	-2.5
IGRO	iShares International Dividend Growth ETF	8.9	15	-1	7.3	-2.4
IEFA	iShares Core MSCI EAFE ETF	8.8	7	7	7.3	-2.5
FID	First Trust S&P International Dividend Aristocrats ETF	8.8	60	-46	8.5	-1.2
INTF	iShares International Equity Factor ETF	8.8	15	-1	7.9	-1.8
CIL	VictoryShares International Volatility Wtd ETF	8.6	45	-31	6.8	-2.9
IDEV	iShares Core MSCI International Developed Markets ETF	8.6	4	10	7.3	-2.5
DVYA	iShares Asia/Pacific Dividend ETF	8.5	49	-35	8.7	-1.0
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	8.5	36	-22	6.7	-3.1
UMMA	Wahed Dow Jones Islamic World ETF	8.5	65	-51	5.3	-4.5
GSID	Goldman Sachs MarketBeta International Equity ETF	8.4	20	-6	7.2	-2.6
DFAI	Dimensional International Core Equity Market ETF	8.4	18	-4	7.5	-2.3
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	8.4	39	-25	6.9	-2.8
HFXI	IQ FTSE International Equity Currency Neutral ETF	8.3	20	-6	7.3	-2.5
ACWX	iShares MSCI ACWI ex U.S. ETF	8.3	34	-20	8.0	-1.8
VEA	Vanguard FTSE Developed Markets ETF	8.2	5	9	7.5	-2.2
EWI	iShares MSCI Italy ETF	8.1	50	-36	10.0	+0.3
SPDW	SPDR Portfolio Developed World ex-US ETF	8.1	3	11	7.4	-2.4
GSIE	Goldman Sachs ActiveBeta International Equity ETF	8.1	25	-11	7.4	-2.4
DFIV	Dimensional International Value ETF	8.0	27	-13	10.2	+0.5
IVAL	Alpha Architect International Quantitative Value ETF	7.9	49	-35	11.5	+1.8
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	7.9	14	0	6.4	-3.3
BKIE	BNY Mellon International Equity ETF	7.9	4	10	7.3	-2.5
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	7.9	12	2	6.3	-3.5
MOTG	VanEck Morningstar Global Wide Moat ETF	7.7	52	-38	6.9	-2.9
NUDM	Nuveen ESG International Developed Markets Equity ETF	7.7	31	-17	6.5	-3.2
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	7.7	46	-32	10.6	+0.9
VEU	Vanguard FTSE All-World ex-US Index Fund	7.6	8	6	8.4	-1.4
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	7.5	44	-30	10.8	+1.0
DSTX	Distillate International Fundamental Stability & Value ETF	7.5	55	-41	8.4	-1.4
IDNA	iShares Genomics Immunology and Healthcare ETF	7.5	47	-33	-2.1	-11.8
FGD	First Trust Dow Jones Global Select Dividend Index Fund	7.5	56	-42	12.3	+2.6
WDIV	SPDR S&P Global Dividend ETF	7.4	40	-26	9.7	0.0
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	7.4	24	-10	7.7	-2.0
INEQ	Columbia International Equity Income ETF	7.3	45	-31	8.7	-1.0
IXUS	iShares Core MSCI Total International Stock ETF	7.2	7	7	8.2	-1.6
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	7.0	42	-28	6.7	-3.0
VIDI	Vident International Equity Strategy ETF	7.0	61	-47	11.3	+1.6
VXUS	Vanguard Total International Stock ETF	7.0	7	7	8.2	-1.5
VSGX	Vanguard ESG International Stock ETF	7.0	12	2	8.0	-1.7
IQSI	IQ Candriam International Equity ETF	6.9	15	-1	6.7	-3.0
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	6.8	18	-4	8.0	-1.7
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	6.7	41	-27	7.7	-2.0
ROAM	Hartford Multifactor Emerging Markets ETF	6.6	44	-30	12.2	+2.4
TPIF	Timothy Plan International ETF	6.5	62	-48	6.4	-3.3
AVIV	Avantis International Large Cap Value ETF	6.5	25	-11	9.1	-0.6
DFIC	Dimensional International Core Equity 2 ETF	6.4	23	-9	7.8	-1.9
CGDG	Capital Group Dividend Growers ETF	6.4	47	-33	6.3	-3.4
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	6.4	40	-26	7.2	-2.6
DWX	SPDR S&P International Dividend ETF	6.4	45	-31	6.2	-3.5
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	6.3	25	-11	6.0	-3.7
PICK	iShares MSCI Global Metals & Mining Producers ETF	6.3	39	-25	14.0	+4.3
IPAC	iShares Core MSCI Pacific ETF	6.2	9	5	7.0	-2.7
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	6.2	20	-6	6.7	-3.0
EDIV	SPDR S&P Emerging Markets Dividend ETF	6.1	49	-35	11.8	+2.1
EELV	Invesco S&P Emerging Markets Low Volatility ETF	6.0	29	-15	8.5	-1.2
DMXF	iShares ESG Advanced MSCI EAFE ETF	6.0	12	2	5.5	-4.2
NXTG	First Trust Indxx NextG ETF	5.9	70	-56	5.6	-4.2
BKCI	BNY Mellon Concentrated International ETF	5.9	80	-66	5.1	-4.7
EVLU	iShares MSCI Emerging Markets Value Factor ETF	5.9	35	-21	20.5	+10.8
IXG	iShares Global Financials ETF	5.8	42	-28	6.8	-2.9
DGT	SPDR Global Dow ETF	5.8	50	-36	7.5	-2.3
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	5.8	39	-25	8.6	-1.2
DTAN	Sparkline International Intangible Value ETF	5.7	55	-41	8.4	-1.4
QINT	American Century Quality Diversified International ETF	5.7	39	-25	7.6	-2.2
FEP	First Trust Europe AlphaDEX Fund	5.7	80	-66	9.6	-0.1
CGIE	Capital Group International Equity ETF	5.6	54	-40	5.0	-4.7
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	5.6	25	-11	6.4	-3.3
EMXF	iShares ESG Advanced MSCI EM ETF	5.6	16	-2	8.5	-1.2
VPL	Vanguard FTSE Pacific ETF	5.5	8	6	7.5	-2.2
DEM	WisdomTree Emerging Markets High Dividend Fund	5.4	63	-49	13.5	+3.7
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	5.4	30	-16	10.1	+0.3
RNEM	First Trust Emerging Markets Equity Select ETF	5.4	75	-61	6.8	-2.9
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	5.4	39	-25	16.8	+7.1
FEUZ	First Trust Eurozone AlphaDEX ETF	5.3	80	-66	9.6	-0.1
TOKE	Cambria Cannabis ETF	5.3	42	-28	-0.3	-10.0
RNWZ	TrueShares Eagle Global Renewable Energy Income ETF	5.3	75	-61	8.1	-1.6
PATN	Pacer Nasdaq International Patent Leaders ETF	5.3	65	-51	6.6	-3.1
WWJD	Inspire International ETF	5.2	80	-66	7.4	-2.4
AVSD	Avantis Responsible International Equity ETF	5.2	23	-9	5.9	-3.9
FKU	First Trust United Kingdom AlphaDEX Fund	5.2	80	-66	7.6	-2.2
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	5.1	15	-1	8.5	-1.3
FILL	iShares MSCI Global Energy Producers ETF	5.1	39	-25	12.3	+2.5
IPKW	Invesco International BuyBack Achievers ETF	5.1	55	-41	14.5	+4.8
FDEM	Fidelity Emerging Markets Multifactor ETF	5.1	25	-11	13.4	+3.6
DFSI	Dimensional International Sustainability Core 1 ETF	5.1	24	-10	6.6	-3.1
FYLD	Cambria Foreign Shareholder Yield ETF	5.0	59	-45	12.1	+2.4
RCGE	RockCreek Global Equality ETF	5.0	95	-81	6.4	-3.3
IXC	iShares Global Energy ETF	4.9	44	-30	10.7	+0.9
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	4.9	30	-16	8.4	-1.3
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	4.9	47	-33	5.8	-4.0
NUEM	Nuveen ESG Emerging Markets Equity ETF	4.9	36	-22	8.1	-1.7
MXI	iShares Global Materials ETF	4.8	41	-27	8.0	-1.8
FLGR	Franklin FTSE Germany ETF	4.8	9	5	6.8	-3.0
EUFN	iShares MSCI Europe Financials ETF	4.8	51	-37	8.3	-1.4
AAXJ	iShares MSCI All Country Asia ex Japan ETF	4.7	70	-56	9.7	-0.0
EMGF	iShares Emerging Markets Equity Factor ETF	4.7	25	-11	12.2	+2.5
BINV	Brandes International ETF	4.6	70	-56	9.9	+0.1
FGM	First Trust Germany AlphaDEX Fund	4.6	80	-66	8.3	-1.5
COPY	Tweedy, Browne Insider + Value ETF	4.6	80	-66	12.6	+2.8
ECON	Columbia Emerging Markets Consumer ETF	4.6	49	-35	13.0	+3.2
AVDE	Avantis International Equity ETF	4.6	23	-9	7.9	-1.9
OAIM	OneAscent International Equity ETF	4.6	95	-81	6.2	-3.6
SMOG	VanEck Low Carbon Energy ETF	4.6	61	-47	1.6	-8.2
DAX	Global X DAX Germany ETF	4.5	21	-7	6.6	-3.1
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	4.5	46	-32	5.5	-4.3
EWG	iShares MSCI Germany ETF	4.5	50	-36	6.3	-3.4
STXE	Strive Emerging Markets Ex-China ETF	4.5	32	-18	7.9	-1.8
GVAL	Cambria Global Value ETF	4.5	68	-54	11.1	+1.3
PXH	Invesco FTSE RAFI Emerging Markets ETF	4.5	49	-35	16.6	+6.8
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	4.4	80	-66	10.0	+0.2
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	4.4	30	-16	10.7	+0.9
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	4.4	24	-10	8.4	-1.3
FLAX	Franklin FTSE Asia Ex Japan ETF	4.4	19	-5	9.8	+0.1
GSFP	Goldman Sachs Future Planet Equity ETF	4.4	75	-61	4.7	-5.1
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	4.4	50	-36	11.8	+2.0
JHEM	John Hancock Multifactor Emerging Markets ETF	4.4	49	-35	10.5	+0.7
IXJ	iShares Global Healthcare ETF	4.4	42	-28	7.2	-2.5
JXI	iShares Global Utilities ETF	4.3	43	-29	5.9	-3.8
EMXC	iShares MSCI Emerging Markets ex China ETF	4.3	25	-11	7.8	-1.9
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	4.3	15	-1	10.7	+1.0
FEOE	First Eagle Overseas Equity ETF	4.3	79	-65	8.4	-1.4
SCHE	Schwab Emerging Markets Equity ETF	4.2	11	3	11.5	+1.8
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	4.2	45	-31	10.9	+1.2
EEM	iShares MSCI Emerging Markets ETF	4.2	69	-55	10.6	+0.9
VIGI	Vanguard International Dividend Appreciation ETF	4.2	15	-1	6.2	-3.5
LDEM	iShares ESG MSCI EM Leaders ETF	4.1	17	-3	13.7	+4.0
BKEM	BNY Mellon Emerging Markets Equity ETF	4.1	11	3	10.4	+0.7
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	4.1	32	-18	6.9	-2.9
KROP	Global X AgTech & Food Innovation ETF	4.1	50	-36	6.3	-3.4
QWLD	SPDR MSCI World StrategicFactors ETF	4.1	30	-16	6.2	-3.6
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	4.1	36	-22	10.2	+0.5
XCEM	Columbia EM Core ex-China ETF	4.0	16	-2	8.3	-1.4
XCNY	SPDR S&P Emerging Markets ex-China ETF	4.0	15	-1	7.5	-2.2
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	4.0	66	-52	10.3	+0.6
ESGE	iShares ESG Aware MSCI EM ETF	3.9	25	-11	10.5	+0.8
UIVM	VictoryShares International Value Momentum ETF	3.9	35	-21	9.6	-0.1
EMMF	WisdomTree Emerging Markets Multifactor Fund	3.8	48	-34	8.0	-1.8
IPAV	Global X Infrastructure Development ex-U.S. ETF	3.8	55	-41	7.9	-1.9
EUDV	ProShares MSCI Europe Dividend Growers ETF	3.8	55	-41	5.8	-3.9
HEDJ	WisdomTree Europe Hedged Equity Fund	3.7	58	-44	6.4	-3.3
IEMG	iShares Core MSCI Emerging Markets ETF	3.7	9	5	10.8	+1.1
EFG	iShares MSCI EAFE Growth ETF	3.7	36	-22	4.4	-5.3
EV	Mast Global Battery Recycling & Production ETF	3.6	65	-51	10.8	+1.0
COPX	Global X Copper Miners ETF	3.6	65	-51	8.8	-0.9
ICOP	iShares Copper and Metals Mining ETF	3.6	47	-33	9.8	+0.1
BATT	Amplify Lithium & Battery Technology ETF	3.6	59	-45	3.7	-6.0
COPA	Themes Copper Miners ETF	3.6	35	-21	7.4	-2.4
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	3.6	33	-19	10.5	+0.7
VWO	Vanguard FTSE Emerging Markets ETF	3.6	8	6	10.9	+1.1
EPI	WisdomTree India Earnings Fund	3.6	85	-71	4.7	-5.0
NFTY	First Trust India NIFTY 50 Equal Weight ETF	3.6	80	-66	4.8	-5.0
DFAE	Dimensional Emerging Core Equity Market ETF	3.6	35	-21	10.0	+0.3
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	3.6	80	-66	10.5	+0.8
BKF	iShares MSCI BIC ETF	3.6	69	-55	13.5	+3.7
GLOF	iShares Global Equity Factor ETF	3.6	20	-6	6.9	-2.9
SUPL	ProShares Supply Chain Logistics ETF	3.5	58	-44	10.7	+1.0
KLMT	Invesco MSCI Global Climate 500 ETF	3.5	10	4	6.0	-3.7
DEHP	Dimensional Emerging Markets High Profitability ETF	3.5	41	-27	7.0	-2.7
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	3.4	65	-51	3.7	-6.0
EWL	iShares MSCI Switzerland ETF	3.4	50	-36	6.0	-3.8
OZEM	Roundhill GLP-1 & Weight Loss ETF	3.4	59	-45	-0.7	-10.4
THNR	Amplify Weight Loss Drug & Treatment ETF	3.4	59	-45	6.1	-3.6
ESGG	FlexShares STOXX Global ESG Select Index Fund	3.4	42	-28	5.6	-4.1
INDY	iShares India 50 ETF	3.4	89	-75	4.5	-5.3
ACWV	iShares MSCI Global Min Vol Factor ETF	3.4	20	-6	5.8	-3.9
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	3.4	38	-24	9.9	+0.1
IOO	iShares Global 100 ETF	3.3	41	-27	5.2	-4.6
LEGR	First Trust Indxx Innovative Transaction & Process ETF	3.3	65	-51	8.2	-1.5
ASEA	Global X FTSE Southeast Asia ETF	3.3	65	-51	6.8	-3.0
EFNL	iShares MSCI Finland ETF	3.3	56	-42	7.2	-2.5
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	3.2	20	-6	10.6	+0.9
SHPP	Pacer Industrials and Logistics ETF	3.2	60	-46	8.3	-1.4
CGDV	Capital Group Dividend Value ETF	3.2	33	-19	4.8	-4.9
SPEM	SPDR Portfolio Emerging Markets ETF	3.1	7	7	10.8	+1.0
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	3.1	67	-53	13.7	+4.0
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	3.1	59	-45	12.2	+2.5
BLES	Inspire Global Hope ETF	3.1	61	-47	6.9	-2.9
EWN	iShares MSCI Netherlands ETF	3.1	50	-36	5.6	-4.1
ACWI	iShares MSCI ACWI ETF	3.0	32	-18	5.8	-3.9
AVEM	Avantis Emerging Markets Equity ETF	3.0	33	-19	9.4	-0.3
EEMA	iShares MSCI Emerging Markets Asia ETF	3.0	49	-35	10.6	+0.9
FDD	First Trust Stoxx European Select Dividend Index Fund	3.0	58	-44	12.0	+2.2
DIM	WisdomTree International MidCap Dividend Fund	3.0	58	-44	7.8	-2.0
CRBN	iShares MSCI ACWI Low Carbon Target ETF	3.0	20	-6	5.9	-3.8
TOK	iShares MSCI Kokusai ETF	3.0	26	-12	5.3	-4.5
AIA	iShares Asia 50 ETF	3.0	50	-36	14.3	+4.6
KNO	AXS Knowledge Leaders ETF	2.9	78	-64	6.1	-3.7
INDA	iShares MSCI India ETF	2.9	65	-51	4.3	-5.4
URTH	iShares MSCI World ETF	2.9	24	-10	5.4	-4.4
ABLG	Abacus FCF International Leaders ETF	2.9	59	-45	6.2	-3.5
FLIN	Franklin FTSE India ETF	2.9	19	-5	3.9	-5.9
EFAD	ProShares MSCI EAFE Dividend Growers ETF	2.8	50	-36	5.9	-3.9
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	2.8	9	5	6.1	-3.7
PIN	Invesco India ETF	2.8	78	-64	4.2	-5.5
OSEA	Harbor International Compounders ETF	2.8	55	-41	4.7	-5.1
DIVS	SmartETFs Dividend Builder ETF	2.8	65	-51	5.0	-4.8
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	2.7	78	-64	9.9	+0.2
NBCC	Neuberger Berman Next Generation Connected Consumer ETF	2.7	56	-42	2.6	-7.1
KOCG	FIS Knights of Columbus Global Belief ETF	2.7	75	-61	5.1	-4.7
EWC	iShares MSCI Canada ETF	2.7	50	-36	6.5	-3.3
FRNW	Fidelity Clean Energy ETF	2.6	39	-25	4.3	-5.4
GLBL	Pacer MSCI World Industry Advantage ETF	2.6	65	-51	4.5	-5.3
VT	Vanguard Total World Stock ETF	2.6	7	7	6.2	-3.6
WLDR	Affinity World Leaders Equity ETF	2.6	67	-53	7.9	-1.9
MEM	Matthews Emerging Markets Equity Active ETF	2.6	79	-65	8.3	-1.4
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	2.5	41	-27	9.4	-0.3
IXP	iShares Global Comm Services ETF	2.5	42	-28	6.3	-3.5
FEGE	First Eagle Global Equity ETF	2.5	79	-65	7.2	-2.6
GMF	SPDR S&P Emerging Asia Pacific ETF	2.4	49	-35	9.9	+0.1
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	2.4	70	-56	15.4	+5.6
KOKU	Xtrackers MSCI Kokusai Equity ETF	2.4	9	5	5.4	-4.4
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	2.3	95	-81	13.0	+3.3
FAN	First Trust Global Wind Energy ETF	2.3	60	-46	4.9	-4.9
FLSA	Franklin FTSE Saudi Arabia ETF	2.2	39	-25	0.0	-9.7
KSA	iShares MSCI Saudi Arabia ETF	2.2	74	-60	0.0	-9.7
IGF	iShares Global Infrastructure ETF	2.2	41	-27	4.7	-5.0
GII	SPDR S&P Global Infrastructure ETF	2.2	40	-26	4.7	-5.0
FLLA	Franklin FTSE Latin America ETF	2.1	19	-5	13.2	+3.5
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	2.1	75	-61	10.2	+0.5
UEVM	VictoryShares Emerging Markets Value Momentum ETF	2.1	45	-31	10.7	+1.0
EWJV	iShares MSCI Japan Value ETF	2.1	15	-1	9.6	-0.2
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	2.1	12	2	5.3	-4.4
URA	Global X Uranium ETF	2.1	69	-55	2.8	-7.0
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	2.1	60	-46	7.1	-2.7
DFEV	Dimensional Emerging Markets Value ETF	2.1	43	-29	14.0	+4.3
AGQI	First Trust Active Global Quality Income ETF	2.1	85	-71	5.0	-4.8
EWS	iShares MSCI Singapore ETF	2.0	50	-36	5.2	-4.6
EWZ	iShares MSCI Brazil ETF	2.0	58	-44	13.3	+3.5
XC	WisdomTree Emerging Markets Ex-China Fund	2.0	32	-18	6.1	-3.7
DVYE	iShares Emerging Markets Dividend ETF	1.9	49	-35	18.6	+8.8
CGGO	Capital Group Global Growth Equity ETF	1.9	47	-33	4.9	-4.9
ION	ProShares S&P Global Core Battery Metals ETF	1.9	58	-44	12.6	+2.9
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	1.9	80	-66	5.1	-4.7
JSTC	Adasina Social Justice All Cap Global ETF	1.8	89	-75	4.5	-5.3
DXJ	WisdomTree Japan Hedged Equity Fund	1.8	48	-34	8.3	-1.4
FLBR	Franklin FTSE Brazil ETF	1.8	19	-5	15.3	+5.6
EXI	iShares Global Industrials ETF	1.8	42	-28	4.6	-5.1
EEMO	Invesco S&P Emerging Markets Momentum ETF	1.8	29	-15	6.7	-3.0
CGUS	Capital Group Core Equity ETF	1.7	33	-19	4.6	-5.2
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	1.7	32	-18	9.5	-0.3
AVES	Avantis Emerging Markets Value ETF	1.7	36	-22	12.0	+2.3
JGLO	JPMorgan Global Select Equity ETF	1.6	33	-19	5.1	-4.7
ISHP	First Trust Nasdaq Retail ETF	1.6	60	-46	5.8	-3.9
CRTC	Xtrackers US National Critical Technologies ETF	1.6	35	-21	5.1	-4.7
FJP	First Trust Japan AlphaDEX Fund	1.6	80	-66	10.1	+0.3
CCNR	ALPS CoreCommodity Natural Resources ETF	1.5	39	-25	12.1	+2.3
DGIN	VanEck Digital India ETF	1.5	71	-57	1.9	-7.9
GLIN	VanEck India Growth Leaders ETF	1.5	77	-63	6.2	-3.5
FEM	First Trust Emerging Markets AlphaDEX Fund	1.5	80	-66	11.9	+2.2
EYLD	Cambria Emerging Shareholder Yield ETF	1.5	66	-52	13.2	+3.5
FLN	First Trust Latin America AlphaDEX Fund	1.4	80	-66	10.1	+0.3
IMOM	Alpha Architect International Quantitative Momentum ETF	1.4	49	-35	4.6	-5.1
JIG	JPMorgan International Growth ETF	1.4	55	-41	4.7	-5.0
RXI	iShares Global Consumer Discretionary ETF	1.4	41	-27	8.9	-0.8
QTUM	Defiance Quantum ETF	1.4	40	-26	6.6	-3.2
DFNL	Davis Select Financial ETF	1.3	63	-49	7.8	-2.0
DINT	Davis Select International ETF	1.3	55	-41	8.2	-1.6
FDFF	Fidelity Disruptive Finance ETF	1.3	50	-36	4.1	-5.7
JPXN	iShares JPX-Nikkei 400 ETF	1.3	48	-34	7.4	-2.4
PRNT	3D Printing ETF	1.3	66	-52	1.4	-8.4
FBZ	First Trust Brazil AlphaDEX Fund	1.3	80	-66	12.5	+2.8
FTHF	First Trust Emerging Markets Human Flourishing ETF	1.3	75	-61	8.9	-0.8
BLLD	JPMorgan Sustainable Infrastructure ETF	1.3	49	-35	6.2	-3.6
BBCA	JPMorgan BetaBuilders Canada ETF	1.3	19	-5	6.8	-3.0
NORW	Global X MSCI Norway ETF	1.3	50	-36	10.2	+0.5
ENOR	iShares MSCI Norway ETF	1.3	53	-39	10.2	+0.5
FLCH	Franklin FTSE China ETF	1.3	19	-5	17.4	+7.6
KALL	KraneShares MSCI All China Index ETF	1.3	49	-35	14.9	+5.2
MCH	Matthews China Active ETF	1.3	79	-65	15.8	+6.1
JCHI	JPMorgan Active China ETF	1.3	65	-51	16.0	+6.2
FCA	First Trust China AlphaDEX Fund	1.3	80	-66	10.1	+0.4
FXI	iShares China Large-Cap ETF	1.3	74	-60	18.5	+8.7
MCHI	iShares MSCI China ETF	1.3	59	-45	18.3	+8.5
GXC	SPDR S&P China ETF	1.3	59	-45	17.1	+7.3
GSIB	Themes Global Systemically Important Banks ETF	1.3	35	-21	10.3	+0.5
EWJ	iShares MSCI Japan ETF	1.2	50	-36	6.9	-2.8
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	1.1	25	-11	7.8	-2.0
FLCA	Franklin FTSE Canada ETF	1.1	9	5	6.9	-2.8
KNCT	Invesco Next Gen Connectivity ETF	1.1	40	-26	5.2	-4.6
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	1.1	47	-33	6.9	-2.8
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	1.0	58	-44	8.7	-1.1
BITQ	Bitwise Crypto Industry Innovators ETF	1.0	85	-71	-2.6	-12.3
BLOK	Amplify Transformational Data Sharing ETF	1.0	75	-61	0.3	-9.4
RAYD	Rayliant Quantitative Developed Market Equity ETF	1.0	80	-66	4.6	-5.1
BBJP	JPMorgan BetaBuilders Japan ETF	1.0	19	-5	7.5	-2.2
WRND	IQ Global Equity R&D Leaders ETF	1.0	18	-4	8.9	-0.9
CZAR	Themes Natural Monopoly ETF	1.0	35	-21	5.6	-4.1
QUVU	Hartford Quality Value ETF	0.9	46	-32	7.3	-2.4
FPXE	First Trust IPOX Europe Equity Opportunities ETF	0.9	70	-56	4.9	-4.8
FPXI	First Trust International Equity Opportunities ETF	0.9	70	-56	3.6	-6.1
GINN	Goldman Sachs Innovate Equity ETF	0.9	52	-38	4.1	-5.6
EDOG	ALPS Emerging Sector Dividend Dogs ETF	0.9	60	-46	10.6	+0.9
RGEF	Rockefeller Global Equity ETF	0.9	55	-41	5.1	-4.7
FLKR	Franklin FTSE South Korea ETF	0.9	9	5	10.9	+1.2
EZA	iShares MSCI South Africa ETF	0.9	58	-44	10.5	+0.7
NLR	VanEck Uranium+Nuclear Energy ETF	0.8	61	-47	2.8	-7.0
EWP	iShares MSCI Spain ETF	0.8	50	-36	7.7	-2.1
URAN	Themes Uranium & Nuclear ETF	0.8	35	-21	2.2	-7.5
FLJP	Franklin FTSE Japan ETF	0.8	9	5	7.0	-2.7
FLJH	Franklin FTSE Japan Hedged ETF	0.8	9	5	6.8	-3.0
FSZ	First Trust Switzerland AlphaDEX Fund	0.8	80	-66	4.9	-4.8
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.8	10	4	8.4	-1.4
IDX	VanEck Indonesia Index ETF	0.8	57	-43	7.6	-2.2
EWY	iShares MSCI South Korea ETF	0.8	58	-44	10.4	+0.6
AFK	VanEck Africa Index ETF	0.8	98	-84	12.3	+2.6
DFIS	Dimensional International Small Cap ETF	0.8	39	-25	7.8	-2.0
FNDC	Schwab Fundamental International Small Co. Index ETF	0.7	39	-25	6.2	-3.6
HAP	VanEck Natural Resources ETF	0.7	50	-36	10.1	+0.4
FRDM	Freedom 100 Emerging Markets ETF	0.7	49	-35	8.8	-1.0
QAT	iShares MSCI Qatar ETF	0.7	59	-45	41.8	+32.0
INCO	Columbia India Consumer ETF	0.7	75	-61	1.7	-8.1
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.7	58	-44	9.9	+0.2
EIDO	iShares MSCI Indonesia ETF	0.7	59	-45	7.7	-2.0
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	0.6	60	-46	3.8	-6.0
GQRE	FlexShares Global Quality Real Estate Index Fund	0.6	45	-31	7.8	-2.0
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.6	12	2	8.3	-1.4
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.6	70	-56	7.9	-1.8
XT	iShares Exponential Technologies ETF	0.6	46	-32	5.6	-4.2
THD	iShares MSCI Thailand ETF	0.6	58	-44	0.0	-9.7
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	0.6	90	-76	8.1	-1.7
KLMN	Invesco MSCI North America Climate ETF	0.5	9	5	5.2	-4.5
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.5	49	-35	6.3	-3.4
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.5	49	-35	7.4	-2.3
IQRA	IQ CBRE Real Assets ETF	0.5	65	-51	5.7	-4.1
ILF	iShares Latin America 40 ETF	0.5	48	-34	13.0	+3.3
FTAG	First Trust Indxx Global Agriculture ETF	0.5	70	-56	8.4	-1.3
EMC	Global X Emerging Markets Great Consumer ETF	0.4	75	-61	8.2	-1.5
EMM	Global X Emerging Markets ex-China ETF	0.4	75	-61	6.0	-3.8
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	0.4	58	-44	5.0	-4.7
FDCF	Fidelity Disruptive Communications ETF	0.4	50	-36	3.3	-6.5
FLHK	Franklin FTSE Hong Kong ETF	0.4	9	5	7.0	-2.7
EWH	iShares MSCI Hong Kong ETF	0.4	50	-36	6.0	-3.8
CGV	Conductor Global Equity Value ETF	0.4	130	-116	9.3	-0.4
FLMX	Franklin FTSE Mexico ETF	0.4	19	-5	9.5	-0.2
EWW	iShares MSCI Mexico ETF	0.4	50	-36	9.3	-0.5
UAE	iShares MSCI UAE ETF	0.3	59	-45	0.0	-9.7
FLTW	Franklin FTSE Taiwan ETF	0.3	19	-5	6.7	-3.1
CUT	Invesco MSCI Global Timber ETF	0.3	61	-47	10.1	+0.3
WOOD	iShares Global Timber & Forestry ETF	0.3	42	-28	11.8	+2.1
BJK	VanEck Gaming ETF	0.3	65	-51	4.3	-5.4
IWTR	iShares MSCI Water Management Multisector ETF	0.3	47	-33	6.0	-3.7
EWM	iShares MSCI Malaysia ETF	0.3	50	-36	6.7	-3.0
MINV	Matthews Asia Innovators Active ETF	0.3	79	-65	7.6	-2.2
ENZL	iShares MSCI New Zealand ETF	0.2	50	-36	3.6	-6.2
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.2	7	7	7.1	-2.7
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.2	65	-51	8.2	-1.5
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	0.2	88	-74	9.7	0.0
RWX	SPDR Dow Jones International Real Estate ETF	0.2	59	-45	7.1	-2.6
OCEN	IQ Clean Oceans ETF	0.1	45	-31	6.6	-3.2
RNRG	Global X Renewable Energy Producers ETF	0.1	66	-52	5.9	-3.9
ICLN	iShares Global Clean Energy ETF	0.1	41	-27	6.0	-3.7
RWO	SPDR Dow Jones Global Real Estate ETF	0.1	50	-36	7.0	-2.8
SCZ	iShares MSCI EAFE Small-Cap ETF	0.1	40	-26	7.4	-2.4
INFL	Horizon Kinetics Inflation Beneficiaries ETF	0.1	85	-71	3.9	-5.9
BCDF	Horizon Kinetics Blockchain Development ETF	0.1	85	-71	4.0	-5.8
EDEN	iShares MSCI Denmark ETF	0.1	53	-39	6.9	-2.8
RVRB	Reverb ETF	0.1	30	-16	4.8	-4.9
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	0.1	80	-66	12.3	+2.6
DISV	Dimensional International Small Cap Value ETF	0.1	42	-28	9.8	+0.1
SCHC	Schwab International Small-Cap Equity ETF	0.1	11	3	7.1	-2.7
IEUS	iShares MSCI Europe Small-Cap ETF	0.1	42	-28	7.4	-2.3
ISCF	iShares International SmallCap Equity Factor ETF	0.0	23	-9	8.7	-1.0
SDIV	Global X Superdividend ETF	0.0	58	-44	42.2	+32.5

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	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	9.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.68	CATEGORY AVERAGE	1.61

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