ETF Research Center

Global X MSCI SuperDividend Emerging Markets ETF

ALTAR
Score™

13.8%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	8.3x	P/Sales ratio	0.8x
P/BV ratio	1.0x	Div. yield	5.8%

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)	$37
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)	$44,872
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	24.9 %
CHINA HONGQIAO GROUP LTD	3.2 %
CHOW TAI FOOK JEWELLERY GROU	3.0 %
GRUPO CIBEST SA	2.6 %
VIBRA ENERGIA SA	2.4 %
MONETA MONEY BANK AS	2.4 %
TIM SA (BRAZIL)	2.4 %
TUPRAS-TURKIYE PETROL RAFINE	2.3 %
ZHENGZHOU YUTONG BUS CO., LTD. CLA	2.3 %
ABSA GROUP LTD	2.2 %
INTERCONEXION ELECTRICA SA	2.2 %

TOP COUNTRY EXPOSURE
	CHINA	20.8 %
	BRAZIL	14.3 %
	HONG KONG	6.7 %
	INDONESIA	6.5 %
	TAIWAN	5.0 %
	COLOMBIA	4.8 %
	CZECH REPUBLIC	4.4 %
	THAILAND	4.0 %
	INDIA	3.8 %
	POLAND	3.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru September 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
22.1%	13.2%	6.7%	3.4%	2.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.51	18%
MSCI EAFE	0.74	48%
MSCI Emg. Mkts.	0.76	58%

Technical Indicators
Recent close	$28.13
30d moving avg.	$28.00
Annualized volatility	16.0%
Short interest (ETF)	0.2%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	10
Turnover	0.8%
Bid/Ask (% of price)	0.31%
ADV underlying (mns)	$1,394

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 236 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™:

13.8%

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 (%)
DVYE	iShares Emerging Markets Dividend ETF	16.5	49	18	18.8	+5.1
DEM	WisdomTree Emerging Markets High Dividend Fund	14.7	63	4	13.6	-0.2
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	14.5	70	-3	13.2	-0.6
EYLD	Cambria Emerging Shareholder Yield ETF	12.2	66	1	12.5	-1.3
ROAM	Hartford Multifactor Emerging Markets ETF	11.9	44	23	11.7	-2.1
FEM	First Trust Emerging Markets AlphaDEX Fund	11.4	80	-13	11.4	-2.4
UEVM	VictoryShares Emerging Markets Value Momentum ETF	11.2	45	22	10.7	-3.1
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	11.0	39	28	15.9	+2.1
FLN	First Trust Latin America AlphaDEX Fund	9.9	80	-13	10.4	-3.4
GVAL	Cambria Global Value ETF	9.8	68	-1	10.5	-3.3
EDOG	ALPS Emerging Sector Dividend Dogs ETF	9.7	60	7	10.8	-3.0
PXH	Invesco FTSE RAFI Emerging Markets ETF	9.6	49	18	15.4	+1.7
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	9.5	44	23	10.6	-3.2
EVLU	iShares MSCI Emerging Markets Value Factor ETF	9.0	35	32	17.2	+3.4
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	8.3	50	17	10.8	-3.0
EELV	Invesco S&P Emerging Markets Low Volatility ETF	8.0	29	38	9.2	-4.6
IQDF	FlexShares International Quality Dividend Index Fund	7.9	47	20	8.9	-4.9
EMMF	WisdomTree Emerging Markets Multifactor Fund	7.9	48	19	7.3	-6.5
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	7.8	47	20	8.2	-5.6
RNEM	First Trust Emerging Markets Equity Select ETF	7.7	75	-8	7.7	-6.1
FDEM	Fidelity Emerging Markets Multifactor ETF	7.6	25	42	12.5	-1.3
FCA	First Trust China AlphaDEX Fund	7.6	80	-13	8.0	-5.8
ASEA	Global X FTSE Southeast Asia ETF	7.4	65	2	6.8	-7.0
EEMO	Invesco S&P Emerging Markets Momentum ETF	7.4	29	38	6.6	-7.2
FLBR	Franklin FTSE Brazil ETF	7.2	19	48	14.6	+0.8
FXI	iShares China Large-Cap ETF	7.1	74	-7	18.3	+4.5
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	6.8	30	37	9.0	-4.8
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	6.7	40	27	6.8	-7.0
DFEV	Dimensional Emerging Markets Value ETF	6.7	43	24	13.0	-0.8
MEM	Matthews Emerging Markets Equity Active ETF	6.6	79	-12	7.6	-6.2
COLO	Global X MSCI Colombia ETF	6.5	62	5	16.1	+2.3
RODE	Hartford Multifactor Diversified International ETF	6.4	29	38	11.5	-2.3
FLLA	Franklin FTSE Latin America ETF	6.4	19	48	12.8	-1.0
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	6.1	45	22	9.9	-3.9
EWZ	iShares MSCI Brazil ETF	6.1	58	9	13.2	-0.6
EMXF	iShares ESG Advanced MSCI EM ETF	6.0	16	51	8.2	-5.6
AVES	Avantis Emerging Markets Value ETF	6.0	36	31	10.9	-2.9
JHEM	John Hancock Multifactor Emerging Markets ETF	5.9	49	18	9.7	-4.1
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	5.8	25	42	6.5	-7.3
ECON	Columbia Emerging Markets Consumer ETF	5.7	49	18	11.7	-2.1
FLCH	Franklin FTSE China ETF	5.7	19	48	15.5	+1.7
GSIB	Themes Global Systemically Important Banks ETF	5.6	35	32	9.2	-4.6
MCHI	iShares MSCI China ETF	5.6	59	8	17.1	+3.4
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	5.5	32	35	6.7	-7.1
JCHI	JPMorgan Active China ETF	5.5	65	2	14.9	+1.1
NUEM	Nuveen ESG Emerging Markets Equity ETF	5.5	36	31	7.5	-6.3
AVEM	Avantis Emerging Markets Equity ETF	5.3	33	34	8.3	-5.5
LDEM	iShares ESG MSCI EM Leaders ETF	5.3	17	50	13.5	-0.3
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	5.3	78	-11	9.5	-4.3
MCH	Matthews China Active ETF	5.2	79	-12	13.9	+0.2
GXC	SPDR S&P China ETF	5.2	59	8	15.1	+1.3
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	5.2	15	52	7.5	-6.3
XCEM	Columbia EM Core ex-China ETF	5.0	16	51	7.8	-6.0
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	5.0	66	1	9.0	-4.8
KALL	KraneShares MSCI All China Index ETF	4.9	49	18	15.1	+1.3
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	4.8	33	34	9.6	-4.2
BKF	iShares MSCI BIC ETF	4.7	69	-2	13.4	-0.4
FTHF	First Trust Emerging Markets Human Flourishing ETF	4.7	75	-8	7.7	-6.1
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	4.6	15	52	9.9	-3.9
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	4.6	36	31	9.3	-4.5
IDX	VanEck Indonesia Index ETF	4.6	57	10	7.4	-6.4
EDIV	SPDR S&P Emerging Markets Dividend ETF	4.5	49	18	12.1	-1.7
BKEM	BNY Mellon Emerging Markets Equity ETF	4.5	11	56	9.7	-4.1
AIA	iShares Asia 50 ETF	4.3	50	17	11.6	-2.2
EMGF	iShares Emerging Markets Equity Factor ETF	4.3	25	42	11.2	-2.6
VIDI	Vident International Equity Strategy ETF	4.2	61	6	10.8	-3.0
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	4.2	24	43	7.6	-6.2
SPEM	SPDR Portfolio Emerging Markets ETF	4.1	7	60	10.3	-3.5
CRAK	VanEck Oil Refiners ETF	4.1	61	6	13.5	-0.3
SCHE	Schwab Emerging Markets Equity ETF	4.1	11	56	10.6	-3.2
EEM	iShares MSCI Emerging Markets ETF	4.0	69	-2	9.8	-4.0
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	4.0	88	-21	8.4	-5.4
EMIF	iShares Emerging Markets Infrastructure ETF	3.8	60	7	4.9	-8.9
DEHP	Dimensional Emerging Markets High Profitability ETF	3.8	41	26	6.5	-7.3
SUPL	ProShares Supply Chain Logistics ETF	3.8	58	9	12.1	-1.7
EIDO	iShares MSCI Indonesia ETF	3.7	59	8	8.6	-5.2
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	3.7	20	47	9.9	-3.9
AVSE	Avantis Responsible Emerging Markets Equity ETF	3.7	33	34	8.2	-5.6
EPOL	iShares MSCI Poland ETF	3.7	59	8	11.1	-2.7
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	3.7	59	8	8.7	-5.1
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	3.7	60	7	8.3	-5.5
DFAE	Dimensional Emerging Core Equity Market ETF	3.6	35	32	9.0	-4.8
ESGE	iShares ESG Aware MSCI EM ETF	3.6	25	42	9.7	-4.1
FLAX	Franklin FTSE Asia Ex Japan ETF	3.6	19	48	8.8	-5.0
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	3.6	95	-28	11.5	-2.3
VWO	Vanguard FTSE Emerging Markets ETF	3.5	7	60	10.0	-3.8
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	3.5	38	29	9.0	-4.8
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	3.4	30	37	9.9	-3.9
IEMG	iShares Core MSCI Emerging Markets ETF	3.4	9	58	10.1	-3.7
SDIV	Global X Superdividend ETF	3.4	58	9	42.7	+28.9
BOAT	SonicShares Global Shipping ETF	3.4	69	-2	28.7	+14.9
GMF	SPDR S&P Emerging Asia Pacific ETF	3.3	49	18	9.2	-4.6
SCHY	Schwab International Dividend Equity ETF	3.3	14	53	9.7	-4.1
EEMA	iShares MSCI Emerging Markets Asia ETF	3.2	49	18	9.7	-4.1
FILL	iShares MSCI Global Energy Producers ETF	3.1	39	28	12.0	-1.8
EMXC	iShares MSCI Emerging Markets ex China ETF	3.0	25	42	7.2	-6.6
AAXJ	iShares MSCI All Country Asia ex Japan ETF	3.0	70	-3	8.9	-4.9
EPI	WisdomTree India Earnings Fund	2.9	85	-18	5.2	-8.6
STXE	Strive Emerging Markets Ex-China ETF	2.8	32	35	7.3	-6.5
FID	First Trust S&P International Dividend Aristocrats ETF	2.8	60	7	7.9	-5.9
XCNY	SPDR S&P Emerging Markets ex-China ETF	2.8	15	52	7.5	-6.3
LEGR	First Trust Indxx Innovative Transaction & Process ETF	2.7	65	2	7.7	-6.1
WWJD	Inspire International ETF	2.6	80	-13	7.3	-6.5
VYMI	Vanguard International High Dividend Yield ETF	2.6	17	50	9.6	-4.2
FPXI	First Trust International Equity Opportunities ETF	2.6	70	-3	4.2	-9.6
ILF	iShares Latin America 40 ETF	2.5	48	19	12.5	-1.3
DEW	WisdomTree Global High Dividend Fund	2.4	58	9	8.4	-5.4
AVXC	Avantis Emerging Markets Ex-China Equity ETF	2.4	33	34	8.4	-5.4
FRDM	Freedom 100 Emerging Markets ETF	2.4	49	18	7.8	-6.0
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	2.4	41	26	8.5	-5.3
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	2.4	80	-13	9.0	-4.8
TUR	iShares MSCI Turkey ETF	2.3	58	9	19.5	+5.8
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	2.3	90	-23	7.0	-6.8
WDIV	SPDR S&P Global Dividend ETF	2.3	40	27	9.3	-4.5
EZA	iShares MSCI South Africa ETF	2.2	58	9	9.2	-4.6
CGRO	CoreValues Alpha Greater China Growth ETF	2.2	75	-8	4.5	-9.3
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	2.1	75	-8	8.6	-5.2
EPU	iShares MSCI Peru and Global Exposure ETF	2.1	59	8	5.7	-8.1
ACWV	iShares MSCI Global Min Vol Factor ETF	2.1	20	47	6.2	-7.6
DEXC	Dimensional Emerging Markets ex China Core EquityETF	2.0	53	14	7.6	-6.2
THD	iShares MSCI Thailand ETF	2.0	58	9	0.0	-13.8
VNQI	Vanguard Global ex-U.S. Real Estate ETF	2.0	12	55	8.1	-5.7
ICLN	iShares Global Clean Energy ETF	2.0	41	26	4.5	-9.3
UAE	iShares MSCI UAE ETF	1.9	59	8	0.0	-13.8
FLSA	Franklin FTSE Saudi Arabia ETF	1.8	39	28	0.0	-13.8
KSA	iShares MSCI Saudi Arabia ETF	1.8	74	-7	0.0	-13.8
FLMX	Franklin FTSE Mexico ETF	1.8	19	48	10.1	-3.7
EWW	iShares MSCI Mexico ETF	1.8	50	17	9.7	-4.1
DSTX	Distillate International Fundamental Stability & Value ETF	1.8	55	12	7.6	-6.2
FTRI	First Trust Indxx Global Natural Resources Income ETF	1.8	70	-3	7.5	-6.3
GLIN	VanEck India Growth Leaders ETF	1.8	77	-10	6.9	-6.9
FLTW	Franklin FTSE Taiwan ETF	1.8	19	48	6.3	-7.5
XC	WisdomTree Emerging Markets Ex-China Fund	1.8	32	35	6.3	-7.5
CHIQ	Global X MSCI China Consumer Discretionary ETF	1.7	65	2	16.3	+2.5
ECH	iShares MSCI Chile ETF	1.7	58	9	8.4	-5.4
NFTY	First Trust India NIFTY 50 Equal Weight ETF	1.7	80	-13	5.1	-8.7
ISHP	First Trust Nasdaq Retail ETF	1.7	60	7	5.6	-8.2
VCLN	Virtus Duff & Phelps Clean Energy ETF	1.6	59	8	4.1	-9.7
EPHE	iShares MSCI Philippines ETF	1.6	59	8	0.0	-13.8
OAIM	OneAscent International Equity ETF	1.6	95	-28	5.7	-8.1
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	1.5	32	35	8.8	-5.0
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	1.5	46	21	9.8	-4.0
FGD	First Trust Dow Jones Global Select Dividend Index Fund	1.5	56	11	10.9	-2.9
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	1.4	41	26	7.2	-6.6
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	1.4	18	49	7.8	-6.0
EWT	iShares MSCI Taiwan ETF	1.4	58	9	6.2	-7.6
FLHK	Franklin FTSE Hong Kong ETF	1.4	9	58	6.7	-7.1
PICK	iShares MSCI Global Metals & Mining Producers ETF	1.4	39	28	11.5	-2.3
BLES	Inspire Global Hope ETF	1.3	61	6	6.8	-7.0
IXG	iShares Global Financials ETF	1.3	42	25	6.8	-7.0
ACWX	iShares MSCI ACWI ex U.S. ETF	1.3	34	33	7.5	-6.3
GLOF	iShares Global Equity Factor ETF	1.2	20	47	6.4	-7.4
PIN	Invesco India ETF	1.2	78	-11	4.7	-9.1
FLIN	Franklin FTSE India ETF	1.2	19	48	4.2	-9.6
VEU	Vanguard FTSE All-World ex-US Index Fund	1.1	4	63	7.9	-5.9
IXUS	iShares Core MSCI Total International Stock ETF	1.1	7	60	7.7	-6.1
GCOW	Pacer Global Cash Cows Dividend ETF	1.1	60	7	11.0	-2.8
VSGX	Vanguard ESG International Stock ETF	1.1	10	57	7.5	-6.3
VXUS	Vanguard Total International Stock ETF	1.0	5	62	7.7	-6.1
AFK	VanEck Africa Index ETF	1.0	98	-31	11.2	-2.6
FYLD	Cambria Foreign Shareholder Yield ETF	1.0	59	8	11.9	-1.9
INDA	iShares MSCI India ETF	1.0	65	2	4.7	-9.1
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	1.0	30	37	7.8	-6.0
CWI	SPDR MSCI ACWI ex-US ETF	1.0	30	37	7.4	-6.4
SHPP	Pacer Industrials and Logistics ETF	0.9	60	7	8.6	-5.2
ETEC	iShares Breakthrough Environmental Solutions ETF	0.9	47	20	3.2	-10.6
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	0.9	32	35	15.8	+2.0
IQRA	IQ CBRE Real Assets ETF	0.9	65	2	5.6	-8.2
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	0.8	65	2	11.8	-2.0
MINV	Matthews Asia Innovators Active ETF	0.8	79	-12	7.1	-6.7
INDY	iShares India 50 ETF	0.8	89	-22	5.0	-8.8
IXC	iShares Global Energy ETF	0.7	44	23	10.5	-3.3
CLNR	IQ Cleaner Transport ETF	0.7	45	22	6.7	-7.1
OBOR	KraneShares MSCI One Belt One Road Index ETF	0.7	79	-12	8.6	-5.2
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	0.7	80	-13	9.4	-4.4
IGF	iShares Global Infrastructure ETF	0.7	41	26	4.6	-9.2
GII	SPDR S&P Global Infrastructure ETF	0.7	40	27	4.6	-9.2
DGT	SPDR Global Dow ETF	0.6	50	17	6.8	-7.0
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.5	58	9	10.0	-3.8
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.5	20	47	5.5	-8.3
NXTG	First Trust Indxx NextG ETF	0.5	70	-3	5.0	-8.8
WRND	IQ Global Equity R&D Leaders ETF	0.5	18	49	8.0	-5.8
COPY	Tweedy, Browne Insider + Value ETF	0.5	80	-13	12.0	-1.8
RCGE	RockCreek Global Equality ETF	0.5	95	-28	6.7	-7.1
ACWI	iShares MSCI ACWI ETF	0.4	32	35	5.4	-8.4
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.4	47	20	5.7	-8.1
EMC	Global X Emerging Markets Great Consumer ETF	0.4	75	-8	10.9	-2.9
EMM	Global X Emerging Markets ex-China ETF	0.4	75	-8	6.2	-7.6
VT	Vanguard Total World Stock ETF	0.4	6	61	5.8	-8.0
FLKR	Franklin FTSE South Korea ETF	0.4	9	58	8.0	-5.8
SMOG	VanEck Low Carbon Energy ETF	0.4	61	6	1.6	-12.2
AVEE	Avantis Emerging Markets Small Cap Equity ETF	0.3	42	25	9.8	-4.0
EWY	iShares MSCI South Korea ETF	0.3	58	9	7.3	-6.5
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	0.3	46	21	5.6	-8.2
HAP	VanEck Natural Resources ETF	0.3	50	17	9.1	-4.7
KLMT	Invesco MSCI Global Climate 500 ETF	0.3	10	57	5.6	-8.2
JPIN	J.P. Morgan Diversified Return International Equity ETF	0.3	37	30	8.3	-5.5
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.3	9	58	5.6	-8.2
GNR	SPDR S&P Global Natural Resources ETF	0.2	40	27	10.9	-2.9
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.2	12	55	5.1	-8.7
PATN	Pacer Nasdaq International Patent Leaders ETF	0.2	65	2	5.7	-8.1
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	0.2	65	2	6.9	-6.9
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	0.2	24	43	7.5	-6.3
ASHS	Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	0.2	65	2	5.0	-8.8
EFRA	iShares Environmental Infrastructure and Industrials ETF	0.2	47	20	5.2	-8.6
JXI	iShares Global Utilities ETF	0.2	43	24	5.5	-8.3
JSTC	Adasina Social Justice All Cap Global ETF	0.2	89	-22	4.9	-8.9
RFDI	First Trust Riverfront Dynamic Developed International ETF	0.2	83	-16	9.4	-4.4
FNDC	Schwab Fundamental International Small Co. Index ETF	0.2	39	28	5.8	-8.0
BBEU	JPMorgan BetaBuilders Europe ETF	0.2	9	58	7.1	-6.7
DIVI	Franklin International Core Dividend Tilt Index ETF	0.2	9	58	7.9	-5.9
FLEE	Franklin FTSE Europe ETF	0.2	9	58	7.2	-6.6
FNDF	Schwab Fundamental International Large Co. Index ETF	0.1	25	42	9.3	-4.5
CNYA	iShares MSCI China A ETF	0.1	60	7	6.3	-7.5
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.1	49	18	6.9	-6.9
CCNR	ALPS CoreCommodity Natural Resources ETF	0.1	39	28	10.2	-3.6
GSID	Goldman Sachs MarketBeta International Equity ETF	0.1	20	47	6.8	-7.0
HFXI	IQ FTSE International Equity Currency Neutral ETF	0.1	20	47	6.9	-6.9
IQSI	IQ Candriam International Equity ETF	0.1	15	52	6.5	-7.3
VGK	Vanguard FTSE Europe ETF	0.1	6	61	7.4	-6.4
SPEU	SPDR Portfolio Europe ETF	0.1	7	60	7.3	-6.5
BKIE	BNY Mellon International Equity ETF	0.1	4	63	7.0	-6.8
SCHF	Schwab International Equity ETF	0.1	6	61	7.1	-6.7
VEA	Vanguard FTSE Developed Markets ETF	0.1	3	64	7.1	-6.7
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	0.1	45	22	8.7	-5.1
VPL	Vanguard FTSE Pacific ETF	0.1	7	60	6.7	-7.1
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	0.1	39	28	7.8	-6.0
IDMO	Invesco S&P International Developed Momentum ETF	0.1	25	42	5.4	-8.4
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	0.1	39	28	6.7	-7.1
RXI	iShares Global Consumer Discretionary ETF	0.0	41	26	9.2	-4.6
CEFA	Global X S&P Catholic Values Developed ex-US ETF	0.0	35	32	6.5	-7.3
ESGG	FlexShares STOXX Global ESG Select Index Fund	0.0	42	25	5.3	-8.5
IMFL	Invesco International Developed Dynamic Multifactor ETF	0.0	34	33	6.0	-7.8
SPDW	SPDR Portfolio Developed World ex-US ETF	0.0	3	64	6.9	-6.9
AVSD	Avantis Responsible International Equity ETF	0.0	23	44	5.6	-8.2
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.0	8	59	6.1	-7.7

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	13.1	%
Divided by: Fwd. P/BV	0.9	x
Less: Expense ratio	67	bp
Equals: ALTAR Score	13.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	CATEGORY AVERAGE	1.51

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.