ETF Research Center

Global X MSCI SuperDividend Emerging Markets ETF

ALTAR
Score™

12.8%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	9.8x	P/Sales ratio	1.0x
P/BV ratio	0.9x	Div. yield	5.3%

Description
Performance
Comps
Fundamentals
Valuation
Rating

Global X SuperDividend Emerging Markets ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx SuperDividend Emerging Markets Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Global X ETFs/USA
Website	www.globalxfunds.com
Inception date	Mar 16, 2015
Assets (mns)	$46
Currency	USD
Expense ratio	67 bp
Distributions	Monthly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Brown Brothers Harriman & Co
Weighting	Equal
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	54
Wgt avg mkt cap (mns)	$44,776
Large cap (>$10bn)	39.9%
Mid cap ($2-10bn)	57.7%
Small cap (<$2bn)	0.6%
Developed mkts	8.3%
Emerging mkts	91.7%

TOP TEN HOLDINGS
Total	27.0 %
CHINA HONGQIAO GROUP LTD	3.9 %
GRUPO CIBEST SA	2.9 %
ABSA GROUP LTD	2.8 %
INNOLUX CORP	2.7 %
INTERCONEXION ELECTRICA SA	2.5 %
VIBRA ENERGIA SA	2.5 %
HYUNDAI MOTOR CO LTD-PRF	2.5 %
MONETA MONEY BANK AS	2.4 %
CPFL ENERGIA SA	2.4 %
ZHENGZHOU YUTONG BUS CO., LTD. CLA	2.4 %

TOP COUNTRY EXPOSURE
	CHINA	20.0 %
	BRAZIL	16.0 %
	INDONESIA	6.8 %
	COLOMBIA	5.8 %
	HONG KONG	5.3 %
	TAIWAN	4.6 %
	CZECH REPUBLIC	4.4 %
	INDIA	4.2 %
	THAILAND	4.1 %
	POLAND	3.9 %

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.
32.0%	32.0%	4.3%	4.6%	2.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.45	38%
MSCI EAFE	0.68	60%
MSCI Emg. Mkts.	0.66	65%

Technical Indicators
Recent close	$32.53
30d moving avg.	$30.54
Annualized volatility	13.7%
Short interest (ETF)	1.8%
Relative strength (RSI)	74

Liquidity measures
Avg. volume (thou.)	14
Turnover	1.0%
Bid/Ask (% of price)	0.22%
ADV underlying (mns)	$1,394

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 239 potential alternatives to the Global X MSCI SuperDividend Emerging Markets ETF ETF based on the alternatives' overlap in portfolio holdings with SDEM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SDEM

Expense:

67 bp

ALTAR Score™:

12.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SDEM
Ticker	Fund Name	Overlap¹ vs SDEM (%)	Expense ratio (bp)	Savings vs SDEM (bp)	ALTAR Score™ (%)	ALTAR vs SDEM (%)
JIVE	JPMorgan International Value ETF	26.6	55	12	9.3	-3.6
DVYE	iShares Emerging Markets Dividend ETF	16.5	49	18	16.0	+3.2
DEM	WisdomTree Emerging Markets High Dividend Fund	13.8	63	4	11.5	-1.3
EDOG	ALPS Emerging Sector Dividend Dogs ETF	12.2	60	7	9.4	-3.4
FEM	First Trust Emerging Markets AlphaDEX Fund	11.6	80	-13	10.0	-2.8
IQDF	FlexShares International Quality Dividend Index Fund	11.6	47	20	7.4	-5.4
EYLD	Cambria Emerging Shareholder Yield ETF	11.6	66	1	10.1	-2.7
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	11.0	39	28	14.0	+1.1
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	10.9	47	20	6.8	-6.0
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	10.0	70	-3	11.3	-1.5
UEVM	VictoryShares Emerging Markets Value Momentum ETF	9.8	45	22	9.2	-3.6
FLN	First Trust Latin America AlphaDEX Fund	9.7	80	-13	9.4	-3.5
ROAM	Hartford Multifactor Emerging Markets ETF	9.7	44	23	10.0	-2.9
PXH	Invesco FTSE RAFI Emerging Markets ETF	9.2	49	18	13.2	+0.4
FDEM	Fidelity Emerging Markets Multifactor ETF	8.9	25	42	10.4	-2.4
EVLU	iShares MSCI Emerging Markets Value Factor ETF	8.9	35	32	11.3	-1.5
GVAL	Cambria Global Value ETF	8.9	68	-1	8.8	-4.1
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	8.4	44	23	9.1	-3.7
FCA	First Trust China AlphaDEX Fund	8.3	80	-13	8.2	-4.6
EELV	Invesco S&P Emerging Markets Low Volatility ETF	8.0	29	38	7.8	-5.0
FXI	iShares China Large-Cap ETF	8.0	74	-7	16.0	+3.1
RNEM	First Trust Emerging Markets Equity Select ETF	7.9	75	-8	7.7	-5.1
ASEA	Global X FTSE Southeast Asia ETF	7.6	65	2	5.3	-7.5
EEMO	Invesco S&P Emerging Markets Momentum ETF	7.2	29	38	6.9	-5.9
COLO	Global X MSCI Colombia ETF	7.1	62	5	15.4	+2.5
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	7.1	88	-21	6.9	-5.9
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	7.0	50	17	8.8	-4.0
ECON	Columbia Emerging Markets Consumer ETF	7.0	49	18	9.6	-3.2
FLBR	Franklin FTSE Brazil ETF	7.0	19	48	12.1	-0.7
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	6.6	30	37	7.4	-5.5
FLLA	Franklin FTSE Latin America ETF	6.5	19	48	10.6	-2.2
EMMF	WisdomTree Emerging Markets Multifactor Fund	6.3	48	19	5.9	-7.0
DFEV	Dimensional Emerging Markets Value ETF	6.3	43	24	10.0	-2.8
EWZ	iShares MSCI Brazil ETF	6.2	58	9	10.6	-2.2
JCHI	JPMorgan Active China ETF	5.9	65	2	13.0	+0.2
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	5.7	25	42	5.8	-7.0
EMXF	iShares ESG Advanced MSCI EM ETF	5.6	16	51	6.9	-5.9
MCHI	iShares MSCI China ETF	5.5	59	8	15.5	+2.6
LDEM	iShares ESG MSCI EM Leaders ETF	5.3	17	50	11.1	-1.7
AVES	Avantis Emerging Markets Value ETF	5.3	36	31	9.3	-3.6
JADE	JPMorgan Active Developing Markets Equity ETF	5.3	65	2	6.3	-6.6
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	5.2	45	22	8.2	-4.6
JHEM	John Hancock Multifactor Emerging Markets ETF	5.1	49	18	8.1	-4.7
GSIB	Themes Global Systemically Important Banks ETF	5.1	35	32	8.1	-4.7
FLCH	Franklin FTSE China ETF	5.0	19	48	14.3	+1.4
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	5.0	78	-11	8.5	-4.3
GXC	SPDR S & P China ETF	5.0	59	8	14.4	+1.6
FTHF	First Trust Emerging Markets Human Flourishing ETF	4.9	75	-8	6.9	-5.9
NUEM	Nuveen ESG Emerging Markets Equity ETF	4.9	36	31	6.5	-6.3
BKF	iShares MSCI BIC ETF	4.8	69	-2	11.8	-1.0
AVEM	Avantis Emerging Markets Equity ETF	4.8	33	34	7.0	-5.8
EDIV	SPDR S&P Emerging Markets Dividend ETF	4.6	49	18	8.4	-4.4
IDX	VanEck Indonesia Index ETF	4.5	57	10	7.4	-5.5
VIDI	Vident International Equity Strategy ETF	4.5	61	6	8.9	-4.0
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	4.4	40	27	6.0	-6.8
EMGF	iShares Emerging Markets Equity Factor ETF	4.4	25	42	9.2	-3.6
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	4.2	66	1	7.5	-5.4
AIA	iShares Asia 50 ETF	4.1	50	17	10.0	-2.8
EPOL	iShares MSCI Poland ETF	4.1	59	8	9.3	-3.6
SPEM	SPDR Portfolio Emerging Markets ETF	4.1	7	60	9.2	-3.7
SCHE	Schwab Emerging Markets Equity ETF	4.0	11	56	9.4	-3.4
EEM	iShares MSCI Emerging Markets ETF	3.9	69	-2	7.9	-5.0
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	3.8	15	52	8.3	-4.5
EIDO	iShares MSCI Indonesia ETF	3.8	59	8	7.7	-5.1
BKEM	BNY Mellon Emerging Markets Equity ETF	3.8	11	56	7.7	-5.1
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	3.8	24	43	6.0	-6.8
DEHP	Dimensional Emerging Markets High Profitability ETF	3.8	41	26	5.1	-7.7
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	3.7	33	34	7.9	-4.9
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	3.7	36	31	7.7	-5.1
ESGE	iShares ESG Aware MSCI EM ETF	3.6	25	42	8.3	-4.6
DFAE	Dimensional Emerging Core Equity Market ETF	3.6	35	32	7.2	-5.6
AVSE	Avantis Responsible Emerging Markets Equity ETF	3.6	33	34	6.8	-6.1
SDIV	Global X Superdividend ETF	3.6	58	9	15.0	+2.2
SCHY	Schwab International Dividend Equity ETF	3.5	14	53	8.5	-4.4
MCH	Matthews China Active ETF	3.5	79	-12	12.7	-0.1
VWO	Vanguard FTSE Emerging Markets ETF	3.5	7	60	9.0	-3.9
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	3.4	38	29	7.3	-5.5
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	3.4	20	47	8.8	-4.1
SUPL	ProShares Supply Chain Logistics ETF	3.4	58	9	9.3	-3.6
EMIF	iShares Emerging Markets Infrastructure ETF	3.4	60	7	2.9	-9.9
MEM	Matthews Emerging Markets Equity Active ETF	3.4	79	-12	6.1	-6.7
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	3.4	32	35	5.2	-7.6
IEMG	iShares Core MSCI Emerging Markets ETF	3.4	9	58	8.3	-4.5
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	3.4	30	37	7.9	-5.0
GMF	SPDR S&P Emerging Asia Pacific ETF	3.3	49	18	8.4	-4.4
XC	WisdomTree Emerging Markets Ex-China Fund	3.3	32	35	5.4	-7.4
XCEM	Columbia EM Core ex-China ETF	3.3	16	51	6.3	-6.5
EEMA	iShares MSCI Emerging Markets Asia ETF	3.2	49	18	7.7	-5.1
BOAT	SonicShares Global Shipping ETF	3.2	69	-2	23.5	+10.7
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	3.1	59	8	7.2	-5.6
EPI	WisdomTree India Earnings Fund	3.1	85	-18	4.5	-8.3
EMXC	iShares MSCI Emerging Markets ex China ETF	2.9	25	42	5.6	-7.2
AVXC	Avantis Emerging Markets Ex-China Equity ETF	2.9	33	34	6.6	-6.2
XCNY	SPDR S&P Emerging Markets ex-China ETF	2.9	15	52	6.2	-6.7
AAXJ	iShares MSCI All Country Asia ex Japan ETF	2.9	70	-3	7.1	-5.8
FLAX	Franklin FTSE Asia Ex Japan ETF	2.8	19	48	7.3	-5.6
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	2.8	95	-28	9.9	-2.9
EZA	iShares MSCI South Africa ETF	2.8	58	9	7.9	-4.9
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	2.7	90	-23	4.3	-8.5
DSTX	Distillate International Fundamental Stability & Value ETF	2.6	55	12	6.6	-6.2
FID	First Trust S&P International Dividend Aristocrats ETF	2.6	60	7	7.0	-5.8
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	2.6	15	52	6.4	-6.4
WWJD	Inspire International ETF	2.6	80	-13	6.3	-6.6
FRDM	Freedom 100 Emerging Markets ETF	2.5	49	18	5.6	-7.2
VYMI	Vanguard International High Dividend Yield ETF	2.5	17	50	8.0	-4.9
STXE	Strive Emerging Markets Ex-China ETF	2.5	32	35	5.9	-6.9
LEGR	First Trust Indxx Innovative Transaction & Process ETF	2.5	65	2	7.0	-5.8
ILF	iShares Latin America 40 ETF	2.5	48	19	9.6	-3.3
CGRO	CoreValues Alpha Greater China Growth ETF	2.4	75	-8	3.1	-9.8
EPU	iShares MSCI Peru and Global Exposure ETF	2.3	59	8	4.0	-8.9
OAIM	OneAscent International Equity ETF	2.3	95	-28	4.5	-8.3
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	2.2	41	26	6.9	-5.9
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	2.2	80	-13	7.7	-5.2
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	2.1	75	-8	7.9	-5.0
DEXC	Dimensional Emerging Markets ex China Core EquityETF	2.1	53	14	5.9	-7.0
ICLN	iShares Global Clean Energy ETF	2.1	41	26	2.7	-10.1
WDIV	SPDR S&P Global Dividend ETF	2.1	40	27	8.1	-4.7
THD	iShares MSCI Thailand ETF	2.0	58	9	0.0	-12.8
IDOG	ALPS International Sector Dividend Dogs ETF	2.0	50	17	10.3	-2.5
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	2.0	60	7	7.5	-5.3
ACWV	iShares MSCI Global Min Vol Factor ETF	1.9	20	47	5.3	-7.5
FPXI	First Trust International Equity Opportunities ETF	1.9	70	-3	3.4	-9.4
CRAK	VanEck Oil Refiners ETF	1.9	61	6	10.4	-2.4
VNQI	Vanguard Global ex-U.S. Real Estate ETF	1.9	12	55	7.9	-5.0
UAE	iShares MSCI UAE ETF	1.8	59	8	0.0	-12.8
FLMX	Franklin FTSE Mexico ETF	1.7	19	48	8.3	-4.5
EWW	iShares MSCI Mexico ETF	1.7	50	17	7.7	-5.1
FTRI	First Trust Indxx Global Natural Resources Income ETF	1.7	70	-3	6.4	-6.5
NFTY	First Trust India NIFTY 50 Equal Weight ETF	1.7	80	-13	4.6	-8.2
GLIN	VanEck India Growth Leaders ETF	1.7	77	-10	5.0	-7.9
EPHE	iShares MSCI Philippines ETF	1.7	59	8	0.0	-12.8
ECH	iShares MSCI Chile ETF	1.7	58	9	5.8	-7.0
ISHP	First Trust Nasdaq Retail ETF	1.6	60	7	5.3	-7.6
DINT	Davis Select International ETF	1.6	55	12	6.8	-6.1
DWLD	Davis Select Worldwide ETF	1.6	63	4	6.5	-6.4
OTGL	OTG Latin America ETF	1.6	269	-202	6.5	-6.3
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	1.6	32	35	6.9	-5.9
EWT	iShares MSCI Taiwan ETF	1.6	58	9	4.9	-8.0
BRAZ	Global X Brazil Active ETF	1.6	75	-8	9.4	-3.5
FLSA	Franklin FTSE Saudi Arabia ETF	1.6	39	28	0.0	-12.8
KSA	iShares MSCI Saudi Arabia ETF	1.6	74	-7	0.0	-12.8
PICK	iShares MSCI Global Metals & Mining Producers ETF	1.5	39	28	8.4	-4.5
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	1.5	58	9	8.2	-4.6
FLTW	Franklin FTSE Taiwan ETF	1.4	19	48	5.0	-7.9
CHIQ	Global X MSCI China Consumer Discretionary ETF	1.4	65	2	11.5	-1.3
VCLN	Virtus Duff & Phelps Clean Energy ETF	1.4	59	8	3.5	-9.4
EMC	Global X Emerging Markets Great Consumer ETF	1.3	75	-8	6.8	-6.0
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	1.3	41	26	6.4	-6.4
CGV	Conductor Global Equity Value ETF	1.3	130	-63	6.6	-6.2
ETEC	iShares Breakthrough Environmental Solutions ETF	1.3	47	20	3.0	-9.8
BLES	Inspire Global Hope ETF	1.3	61	6	6.0	-6.8
ACWX	iShares MSCI ACWI ex U.S. ETF	1.2	34	33	6.4	-6.5
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	1.2	18	49	6.4	-6.5
AFK	VanEck Africa Index ETF	1.2	98	-31	11.0	-1.8
IXG	iShares Global Financials ETF	1.2	42	25	5.9	-6.9
PIN	Invesco India ETF	1.2	78	-11	4.8	-8.1
INDA	iShares MSCI India ETF	1.2	65	2	4.2	-8.6
GLOF	iShares Global Equity Factor ETF	1.1	20	47	5.9	-7.0
VEU	Vanguard FTSE All-World ex-US Index Fund	1.1	4	63	6.7	-6.1
FLIN	Franklin FTSE India ETF	1.1	19	48	3.7	-9.1
VSGX	Vanguard ESG International Stock ETF	1.1	10	57	6.6	-6.3
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	1.1	46	21	7.9	-4.9
FGD	First Trust Dow Jones Global Select Dividend Index Fund	1.1	56	11	9.7	-3.2
IXUS	iShares Core MSCI Total International Stock ETF	1.1	7	60	6.6	-6.2
VXUS	Vanguard Total International Stock ETF	1.1	5	62	6.7	-6.1
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	1.0	30	37	6.5	-6.4
FYLD	Cambria Foreign Shareholder Yield ETF	1.0	59	8	9.8	-3.1
CWI	SPDR MSCI ACWI ex-US ETF	0.9	30	37	6.4	-6.5
GCOW	Pacer Global Cash Cows Dividend ETF	0.9	60	7	9.3	-3.6
SHPP	Pacer Industrials and Logistics ETF	0.9	60	7	7.5	-5.3
CLNR	IQ Cleaner Transport ETF	0.9	45	22	4.9	-7.9
DEW	WisdomTree Global High Dividend Fund	0.8	58	9	7.3	-5.5
INDY	iShares India 50 ETF	0.8	89	-22	5.2	-7.7
IQRA	IQ CBRE Real Assets ETF	0.8	65	2	5.3	-7.5
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	0.8	32	35	11.5	-1.4
IXC	iShares Global Energy ETF	0.8	44	23	8.5	-4.3
ICPY	Tweedy, Browne International Insider Value ETF	0.7	80	-13	9.8	-3.0
OBOR	KraneShares MSCI One Belt One Road Index ETF	0.7	79	-12	6.9	-5.9
IGF	iShares Global Infrastructure ETF	0.6	41	26	4.3	-8.6
GII	SPDR S&P Global Infrastructure ETF	0.6	40	27	4.3	-8.6
GEW	Cambria Global EW ETF	0.6	29	38	5.3	-7.5
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	0.6	80	-13	7.0	-5.8
DGT	State Street SPDR Global Dow ETF	0.6	50	17	5.9	-7.0
NXTG	First Trust Indxx NextG ETF	0.5	70	-3	4.3	-8.5
COPY	Tweedy, Browne Insider + Value ETF	0.5	80	-13	10.1	-2.7
RCGE	RockCreek Global Equality ETF	0.5	95	-28	6.0	-6.8
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.5	20	47	4.8	-8.1
ACWI	iShares MSCI ACWI ETF	0.4	32	35	4.7	-8.1
SMOG	VanEck Low Carbon Energy ETF	0.4	61	6	1.4	-11.5
AVEE	Avantis Emerging Markets Small Cap Equity ETF	0.4	42	25	8.4	-4.5
VT	Vanguard Total World Stock ETF	0.4	6	61	5.1	-7.8
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.4	47	20	5.6	-7.2
HAP	VanEck Natural Resources ETF	0.4	50	17	7.4	-5.5
GNR	SPDR S&P Global Natural Resources ETF	0.3	40	27	8.7	-4.1
JSTC	Adasina Social Justice All Cap Global ETF	0.3	89	-22	4.3	-8.6
EWY	iShares MSCI South Korea ETF	0.3	58	9	4.3	-8.5
PATN	Pacer Nasdaq International Patent Leaders ETF	0.3	65	2	4.5	-8.4
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	0.3	46	21	5.2	-7.6
UIVM	VictoryShares International Value Momentum ETF	0.3	35	32	7.3	-5.5
KLMT	Invesco MSCI Global Climate 500 ETF	0.3	10	57	4.9	-7.9
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.3	9	58	4.9	-8.0
JPIN	J.P. Morgan Diversified Return International Equity ETF	0.3	37	30	7.1	-5.8
JXI	iShares Global Utilities ETF	0.3	43	24	5.2	-7.6
FLKR	Franklin FTSE South Korea ETF	0.3	9	58	5.1	-7.8
EFRA	iShares Environmental Infrastructure and Industrials ETF	0.2	47	20	4.8	-8.1
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	0.2	24	43	6.3	-6.6
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.2	12	55	4.4	-8.5
IQSI	IQ Candriam International Equity ETF	0.2	15	52	5.5	-7.3
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	0.2	65	2	6.3	-6.5
RFDI	First Trust Riverfront Dynamic Developed International ETF	0.2	83	-16	7.7	-5.1
DIVI	Franklin International Core Dividend Tilt Index ETF	0.2	9	58	6.8	-6.1
ASHS	Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	0.2	65	2	3.9	-8.9
BBEU	JPMorgan BetaBuilders Europe ETF	0.2	9	58	6.1	-6.7
CNYA	iShares MSCI China A ETF	0.2	60	7	6.3	-6.5
FNDF	Schwab Fundamental International Large Co. Index ETF	0.2	25	42	7.9	-4.9
FLEE	Franklin FTSE Europe ETF	0.2	9	58	6.2	-6.7
CCNR	ALPS CoreCommodity Natural Resources ETF	0.1	39	28	7.0	-5.9
VGK	Vanguard FTSE Europe ETF	0.1	6	61	6.3	-6.6
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.1	49	18	6.0	-6.9
SPEU	SPDR Portfolio Europe ETF	0.1	7	60	6.2	-6.6
GSID	Goldman Sachs MarketBeta International Equity ETF	0.1	20	47	5.8	-7.1
HFXI	IQ FTSE International Equity Currency Neutral ETF	0.1	20	47	5.9	-7.0
SCHF	Schwab International Equity ETF	0.1	6	61	6.1	-6.7
VEA	Vanguard FTSE Developed Markets ETF	0.1	3	64	6.0	-6.8
BKIE	BNY Mellon International Equity ETF	0.1	4	63	6.0	-6.9
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	0.1	45	22	7.2	-5.6
INEQ	Columbia International Equity Income ETF	0.1	45	22	7.3	-5.6
FNDC	Schwab Fundamental International Small Co. Index ETF	0.1	39	28	5.1	-7.7
VPL	Vanguard FTSE Pacific ETF	0.1	7	60	5.6	-7.3
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	0.1	39	28	6.7	-6.2
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.1	42	25	5.6	-7.2
IDMO	Invesco S&P International Developed Momentum ETF	0.1	25	42	5.1	-7.8
RXI	iShares Global Consumer Discretionary ETF	0.1	41	26	7.3	-5.6
ESGG	FlexShares STOXX Global ESG Select Index Fund	0.0	42	25	4.7	-8.2
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	0.0	39	28	5.7	-7.2
IMFL	Invesco International Developed Dynamic Multifactor ETF	0.0	34	33	4.9	-7.9
CEFA	Global X S&P Catholic Values Developed ex-US ETF	0.0	35	32	5.6	-7.2
SPDW	SPDR Portfolio Developed World ex-US ETF	0.0	3	64	5.9	-6.9
AVSD	Avantis Responsible International Equity ETF	0.0	23	44	4.6	-8.3

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:	Global X MSCI SuperDividend Emerging Markets 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	12.7	%
Divided by: Fwd. P/BV	0.9	x
Less: Expense ratio	67	bp
Equals: ALTAR Score	12.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	CATEGORY AVERAGE	1.54

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.