ETF Research Center

Vanguard Global ex-U.S. Real Estate ETF

ALTAR
Score™

8.0%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	13.3x	P/Sales ratio	2.5x
P/BV ratio	0.9x	Div. yield	4.1%

Description
Performance
Comps
Fundamentals
Valuation
Rating

Vanguard Global ex-U.S. Real Estate ETF seeks to track the S&P Global ex-US Property Index, which includes real estate companies in both developed and emerging markets.

FUND BASICS
Category	Global Equities
Fund Sponsor	Vanguard Group
Website	www.vanguard.com
Inception date	Nov 01, 2010
Assets (mns)	$3,359
Currency	USD
Expense ratio	12 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Brown Brothers Harriman & Co
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	682
Wgt avg mkt cap (mns)	$9,341
Large cap (>$10bn)	33.0%
Mid cap ($2-10bn)	44.9%
Small cap (<$2bn)	21.9%
Developed mkts	81.1%
Emerging mkts	18.9%

TOP TEN HOLDINGS
Total	23.9 %
GOODMAN GROUP	4.5 %
MITSUI FUDOSAN CO LTD	3.0 %
MITSUBISHI ESTATE CO LTD	2.8 %
DEUTSCHE ANNINGTON IMMOBILIE	2.5 %
EMAAR PROPERTIES PJSC	2.3 %
DAIWA HOUSE INDUSTRY CO LTD	2.2 %
SUMITOMO REALTY & DEVELOPMNT	2.0 %
SUN HUNG KAI PROPERTIES	1.8 %
SCENTRE GROUP	1.4 %
LINK REIT	1.4 %

TOP COUNTRY EXPOSURE
	JAPAN	22.8 %
	AUSTRALIA	11.9 %
	HONG KONG	9.2 %
	BRITAIN	5.4 %
	SINGAPORE	5.3 %
	UAE	3.7 %
	GERMANY	3.6 %
	SWEDEN	2.8 %
	SWITZERLAND	2.7 %
	CHINA	2.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru August 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
19.1%	5.7%	1.3%	2.7%	3.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.80	40%
MSCI EAFE	0.89	56%
MSCI Emg. Mkts.	0.89	61%

Technical Indicators
Recent close	$48.18
30d moving avg.	$47.09
Annualized volatility	19.2%
Short interest (ETF)	0.9%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	214
Turnover	0.3%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$3,238

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 365 potential alternatives to the Vanguard Global ex-U.S. Real Estate ETF ETF based on the alternatives' overlap in portfolio holdings with VNQI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

VNQI

Expense:

12 bp

ALTAR Score™:

8.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VNQI
Ticker	Fund Name	Overlap¹ vs VNQI (%)	Expense ratio (bp)	Savings vs VNQI (bp)	ALTAR Score™ (%)	ALTAR vs VNQI (%)
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	73.8	10	2	7.9	-0.1
IFGL	iShares International Developed Real Estate ETF	63.8	48	-36	6.9	-1.0
RWX	SPDR Dow Jones International Real Estate ETF	40.1	59	-47	6.8	-1.1
ERET	iShares Environmentally Aware Real Estate ETF	35.6	30	-18	7.3	-0.7
VGSR	Vert Global Sustainable Real Estate ETF	29.5	47	-35	7.3	-0.7
RWO	SPDR Dow Jones Global Real Estate ETF	27.4	50	-38	6.9	-1.0
REET	iShares Global REIT ETF	26.0	14	-2	7.5	-0.5
AVRE	Avantis Real Estate ETF	25.9	17	-5	7.2	-0.8
DFGR	Dimensional Global Real Estate ETF	24.2	22	-10	7.4	-0.5
GQRE	FlexShares Global Quality Real Estate Index Fund	22.3	45	-33	7.8	-0.2
IQRA	IQ CBRE Real Assets ETF	12.3	65	-53	5.7	-2.3
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	9.9	80	-68	5.9	-2.1
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	9.9	19	-7	5.8	-2.2
IDLV	Invesco S&P International Developed Low Volatility ETF	9.8	25	-13	6.3	-1.7
DIM	WisdomTree International MidCap Dividend Fund	9.5	58	-46	7.5	-0.5
SCZ	iShares MSCI EAFE Small-Cap ETF	9.3	40	-28	6.8	-1.2
DWX	SPDR S&P International Dividend ETF	9.0	45	-33	6.1	-1.9
SCJ	iShares MSCI Japan Small-Cap ETF	8.5	50	-38	6.4	-1.5
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	8.3	49	-37	6.7	-1.3
JPIN	J.P. Morgan Diversified Return International Equity ETF	8.3	37	-25	8.2	+0.2
ERTH	Invesco MSCI Sustainable Future ETF	8.1	62	-50	3.6	-4.4
EPP	iShares MSCI Pacific ex-Japan ETF	7.8	47	-35	5.1	-2.9
RITA	ETFB Green SRI REITs ETF	7.5	50	-38	6.0	-2.0
IEUS	iShares MSCI Europe Small-Cap ETF	7.5	42	-30	7.2	-0.7
FLAU	Franklin FTSE Australia ETF	7.5	9	3	6.0	-1.9
FLHK	Franklin FTSE Hong Kong ETF	7.3	9	3	6.7	-1.3
FNDC	Schwab Fundamental International Small Co. Index ETF	6.7	39	-27	5.6	-2.3
EWH	iShares MSCI Hong Kong ETF	6.3	50	-38	5.1	-2.9
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	6.1	12	0	5.9	-2.0
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	5.9	8	4	6.0	-2.0
EWA	iShares MSCI Australia ETF	5.8	50	-38	5.6	-2.4
SCHC	Schwab International Small-Cap Equity ETF	5.8	11	1	6.5	-1.5
GWX	SPDR S&P International Small Cap ETF	5.7	40	-28	5.9	-2.1
SPRE	SP Funds S&P Global REIT Sharia ETF	5.6	55	-43	6.1	-1.8
IPAC	iShares Core MSCI Pacific ETF	5.6	9	3	6.2	-1.8
SDG	iShares MSCI Global Sustainable Development Goals ETF	5.4	49	-37	5.7	-2.2
GVAL	Cambria Global Value ETF	5.2	68	-56	10.3	+2.4
DTRE	First Trust Alerian Disruptive Technology Real Estate ETF	5.2	60	-48	6.1	-1.9
VPL	Vanguard FTSE Pacific ETF	4.9	7	5	6.7	-1.3
DTH	WisdomTree International High Dividend Fund	4.8	58	-46	8.4	+0.4
ISCF	iShares International SmallCap Equity Factor ETF	4.8	23	-11	8.1	+0.1
SRET	Global X SuperDividend REIT ETF	4.8	59	-47	12.0	+4.0
INDS	Pacer Industrial Real Estate ETF	4.8	55	-43	6.8	-1.1
DVYA	iShares Asia/Pacific Dividend ETF	4.8	49	-37	7.6	-0.3
AIVI	WisdomTree International AI Enhanced Value Fund	4.6	58	-46	7.1	-0.9
FID	First Trust S&P International Dividend Aristocrats ETF	4.6	60	-48	7.8	-0.1
WDIV	SPDR S&P Global Dividend ETF	4.6	40	-28	9.2	+1.2
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	4.4	58	-46	8.7	+0.7
EWJV	iShares MSCI Japan Value ETF	4.4	15	-3	8.6	+0.6
EWX	SPDR S&P Emerging Markets Small Cap ETF	4.1	65	-53	7.6	-0.3
DMXF	iShares ESG Advanced MSCI EAFE ETF	4.1	12	0	5.5	-2.5
FLJP	Franklin FTSE Japan ETF	3.9	9	3	6.2	-1.8
RCGE	RockCreek Global Equality ETF	3.9	95	-83	6.6	-1.3
FLJH	Franklin FTSE Japan Hedged ETF	3.9	9	3	6.0	-2.0
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	3.8	78	-66	9.1	+1.1
UAE	iShares MSCI UAE ETF	3.7	59	-47	0.0	-8.0
EWUS	iShares MSCI United Kingdom Small Cap ETF	3.6	59	-47	7.5	-0.4
EEMS	iShares MSCI Emerging Markets Small Cap ETF	3.6	70	-58	7.5	-0.4
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	3.5	39	-27	7.8	-0.1
INEQ	Columbia International Equity Income ETF	3.4	45	-33	8.0	+0.1
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	3.4	40	-28	7.4	-0.6
DWM	WisdomTree International Equity Fund	3.4	48	-36	7.3	-0.7
BLLD	JPMorgan Sustainable Infrastructure ETF	3.3	49	-37	6.1	-1.8
UIVM	VictoryShares International Value Momentum ETF	3.3	35	-23	8.9	+0.9
EFV	iShares MSCI EAFE Value ETF	3.2	34	-22	9.0	+1.1
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	3.2	12	0	5.1	-2.9
VSGX	Vanguard ESG International Stock ETF	3.2	10	2	7.5	-0.5
EFAD	ProShares MSCI EAFE Dividend Growers ETF	3.2	50	-38	5.9	-2.0
DLS	WisdomTree International SmallCap Dividend Fund	3.2	58	-46	8.0	-0.0
BBJP	JPMorgan BetaBuilders Japan ETF	3.1	19	-7	6.6	-1.3
IEFA	iShares Core MSCI EAFE ETF	3.1	7	5	7.0	-1.0
INTF	iShares International Equity Factor ETF	3.0	15	-3	7.5	-0.4
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	3.0	59	-47	8.5	+0.6
EFAV	iShares MSCI EAFE Min Vol Factor ETF	3.0	22	-10	5.7	-2.2
HFXI	IQ FTSE International Equity Currency Neutral ETF	2.9	20	-8	7.0	-1.0
DFEV	Dimensional Emerging Markets Value ETF	2.9	43	-31	12.9	+4.9
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	2.9	80	-68	8.7	+0.8
WWJD	Inspire International ETF	2.9	80	-68	7.2	-0.7
IQSI	IQ Candriam International Equity ETF	2.9	15	-3	6.6	-1.4
FDEV	Fidelity International Multifactor ETF	2.9	18	-6	7.4	-0.6
JPXN	iShares JPX-Nikkei 400 ETF	2.8	48	-36	6.5	-1.5
IDEV	iShares Core MSCI International Developed Markets ETF	2.8	4	8	6.9	-1.1
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	2.8	24	-12	7.3	-0.6
EFAS	Global X MSCI SuperDividend EAFE ETF	2.8	57	-45	8.2	+0.2
FKU	First Trust United Kingdom AlphaDEX Fund	2.7	80	-68	7.3	-0.7
VEA	Vanguard FTSE Developed Markets ETF	2.7	3	9	7.1	-0.9
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	2.6	58	-46	9.5	+1.5
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	2.6	47	-35	6.1	-1.9
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	2.6	29	-17	7.7	-0.3
DFIS	Dimensional International Small Cap ETF	2.5	39	-27	7.2	-0.8
SPDW	SPDR Portfolio Developed World ex-US ETF	2.5	3	9	6.9	-1.0
FIDI	Fidelity International High Dividend ETF	2.5	18	-6	8.6	+0.6
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	2.5	39	-27	6.6	-1.3
VXUS	Vanguard Total International Stock ETF	2.5	5	7	7.7	-0.2
IXUS	iShares Core MSCI Total International Stock ETF	2.5	7	5	7.8	-0.2
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	2.5	32	-20	6.0	-2.0
AVDS	Avantis International Small Cap Equity ETF	2.5	30	-18	7.2	-0.8
BLDG	Cambria Global Real Estate ETF	2.5	60	-48	11.5	+3.5
EWJ	iShares MSCI Japan ETF	2.4	50	-38	6.0	-1.9
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	2.4	14	-2	6.1	-1.8
JHID	John Hancock International High Dividend ETF	2.4	46	-34	9.4	+1.5
FLAX	Franklin FTSE Asia Ex Japan ETF	2.4	19	-7	8.9	+0.9
AVSD	Avantis Responsible International Equity ETF	2.3	23	-11	5.6	-2.4
GSID	Goldman Sachs MarketBeta International Equity ETF	2.3	20	-8	6.8	-1.1
SCHF	Schwab International Equity ETF	2.2	6	6	7.2	-0.8
EWS	iShares MSCI Singapore ETF	2.2	50	-38	4.8	-3.2
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	2.2	41	-29	8.4	+0.4
DWMF	WisdomTree International Multifactor Fund	2.2	38	-26	7.0	-0.9
DISV	Dimensional International Small Cap Value ETF	2.2	42	-30	8.8	+0.9
VWID	Virtus WMC International Dividend ETF	2.2	49	-37	8.4	+0.4
EIS	iShares MSCI Israel ETF	2.2	58	-46	8.1	+0.2
XCNY	SPDR S&P Emerging Markets ex-China ETF	2.1	15	-3	7.5	-0.4
BKIE	BNY Mellon International Equity ETF	2.1	4	8	7.0	-1.0
VEU	Vanguard FTSE All-World ex-US Index Fund	2.1	4	8	8.0	-0.0
AVEE	Avantis Emerging Markets Small Cap Equity ETF	2.1	42	-30	9.4	+1.5
FIVA	Fidelity International Value Factor ETF	2.1	18	-6	9.8	+1.8
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	2.0	45	-33	8.7	+0.8
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	2.0	20	-8	6.4	-1.6
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	2.0	67	-55	13.5	+5.5
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	2.0	20	-8	6.3	-1.7
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	2.0	36	-24	6.6	-1.4
JHMD	John Hancock Multifactor Developed International ETF	2.0	39	-27	7.5	-0.5
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	2.0	50	-38	10.6	+2.7
ESGD	iShares ESG Aware MSCI EAFE ETF	2.0	20	-8	6.7	-1.3
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	2.0	39	-27	15.7	+7.8
VWO	Vanguard FTSE Emerging Markets ETF	2.0	7	5	9.8	+1.9
EFA	iShares MSCI EAFE ETF	1.9	35	-23	6.7	-1.3
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	1.9	18	-6	7.8	-0.1
NUDM	Nuveen ESG International Developed Markets Equity ETF	1.9	31	-19	6.2	-1.8
TPIF	Timothy Plan International ETF	1.9	62	-50	6.2	-1.8
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	1.9	38	-26	8.9	+0.9
ECON	Columbia Emerging Markets Consumer ETF	1.8	49	-37	11.9	+3.9
DFIV	Dimensional International Value ETF	1.8	27	-15	9.5	+1.5
IQDF	FlexShares International Quality Dividend Index Fund	1.8	47	-35	8.8	+0.8
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	1.8	44	-32	10.4	+2.4
MEM	Matthews Emerging Markets Equity Active ETF	1.8	79	-67	7.5	-0.5
EMXF	iShares ESG Advanced MSCI EM ETF	1.8	16	-4	8.3	+0.3
RODE	Hartford Multifactor Diversified International ETF	1.8	29	-17	11.4	+3.5
AAXJ	iShares MSCI All Country Asia ex Japan ETF	1.8	70	-58	8.9	+1.0
SPEM	SPDR Portfolio Emerging Markets ETF	1.8	7	5	10.2	+2.2
AVDE	Avantis International Equity ETF	1.8	23	-11	7.3	-0.7
PPIE	Putnam PanAgora ESG International Equity ETF	1.8	49	-37	7.4	-0.6
IVLU	iShares MSCI Intl Value Factor ETF	1.8	30	-18	10.3	+2.3
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	1.7	30	-18	7.7	-0.3
RFDI	First Trust Riverfront Dynamic Developed International ETF	1.7	83	-71	9.2	+1.3
EEMO	Invesco S&P Emerging Markets Momentum ETF	1.7	29	-17	6.3	-1.6
IQLT	iShares MSCI Intl Quality Factor ETF	1.7	30	-18	6.2	-1.7
LVHI	Franklin International Low Volatility High Dividend Index ET	1.7	40	-28	10.5	+2.5
QEFA	SPDR MSCI EAFE StrategicFactors ETF	1.7	30	-18	7.0	-1.0
BLES	Inspire Global Hope ETF	1.7	61	-49	6.8	-1.2
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	1.6	41	-29	7.4	-0.6
IEMG	iShares Core MSCI Emerging Markets ETF	1.6	9	3	10.1	+2.1
FLGR	Franklin FTSE Germany ETF	1.6	9	3	7.2	-0.8
FEP	First Trust Europe AlphaDEX Fund	1.6	80	-68	9.0	+1.1
ISRA	VanEck Israel ETF	1.6	59	-47	7.4	-0.6
DFSI	Dimensional International Sustainability Core 1 ETF	1.6	24	-12	6.3	-1.7
XCEM	Columbia EM Core ex-China ETF	1.6	16	-4	8.1	+0.1
AVES	Avantis Emerging Markets Value ETF	1.6	36	-24	10.7	+2.8
AVSE	Avantis Responsible Emerging Markets Equity ETF	1.6	33	-21	8.1	+0.2
EWG	iShares MSCI Germany ETF	1.6	50	-38	6.4	-1.5
DFAE	Dimensional Emerging Core Equity Market ETF	1.6	35	-23	9.0	+1.0
ACWX	iShares MSCI ACWI ex U.S. ETF	1.5	34	-22	7.6	-0.4
DEXC	Dimensional Emerging Markets ex China Core EquityETF	1.5	53	-41	7.6	-0.3
VYMI	Vanguard International High Dividend Yield ETF	1.5	17	-5	9.4	+1.5
FSZ	First Trust Switzerland AlphaDEX Fund	1.5	80	-68	5.3	-2.7
IEUR	iShares Core MSCI Europe ETF	1.5	11	1	7.4	-0.6
ASEA	Global X FTSE Southeast Asia ETF	1.5	65	-53	6.6	-1.4
EWK	iShares MSCI Belgium ETF	1.5	50	-38	4.5	-3.5
VGK	Vanguard FTSE Europe ETF	1.5	6	6	7.5	-0.5
AVDV	Avantis International Small Cap Value ETF	1.5	36	-24	9.3	+1.3
BKEM	BNY Mellon Emerging Markets Equity ETF	1.5	11	1	9.6	+1.6
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	1.5	47	-35	8.2	+0.2
DFIC	Dimensional International Core Equity 2 ETF	1.4	23	-11	7.3	-0.6
CIL	VictoryShares International Volatility Wtd ETF	1.4	45	-33	6.6	-1.4
FLCH	Franklin FTSE China ETF	1.4	19	-7	14.8	+6.9
SPEU	SPDR Portfolio Europe ETF	1.4	7	5	7.4	-0.6
DEM	WisdomTree Emerging Markets High Dividend Fund	1.4	63	-51	13.0	+5.0
FGD	First Trust Dow Jones Global Select Dividend Index Fund	1.4	56	-44	10.5	+2.6
IDV	iShares International Select Dividend ETF	1.4	51	-39	10.7	+2.7
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	1.4	80	-68	13.5	+5.5
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	1.4	36	-24	9.4	+1.5
PXH	Invesco FTSE RAFI Emerging Markets ETF	1.4	49	-37	15.1	+7.1
LDEM	iShares ESG MSCI EM Leaders ETF	1.4	17	-5	13.3	+5.4
CRBN	iShares MSCI ACWI Low Carbon Target ETF	1.4	20	-8	5.6	-2.4
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	1.4	66	-54	9.2	+1.2
SCHE	Schwab Emerging Markets Equity ETF	1.4	11	1	10.6	+2.6
JIRE	JPMorgan International Research Enhanced Equity ETF	1.4	24	-12	7.2	-0.8
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	1.3	9	3	9.2	+1.2
GXC	SPDR S&P China ETF	1.3	59	-47	14.4	+6.5
CEFA	Global X S&P Catholic Values Developed ex-US ETF	1.3	35	-23	6.6	-1.4
CWI	SPDR MSCI ACWI ex-US ETF	1.3	30	-18	7.5	-0.5
ROAM	Hartford Multifactor Emerging Markets ETF	1.3	44	-32	11.8	+3.9
EWQ	iShares MSCI France ETF	1.3	53	-41	7.3	-0.7
DXIV	Dimensional International Vector Equity ETF	1.3	34	-22	7.7	-0.2
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	1.3	45	-33	7.0	-1.0
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	1.3	15	-3	9.9	+1.9
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	1.3	90	-78	6.7	-1.2
KALL	KraneShares MSCI All China Index ETF	1.3	49	-37	15.0	+7.0
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	1.3	30	-18	10.0	+2.0
DFAI	Dimensional International Core Equity Market ETF	1.3	18	-6	7.1	-0.9
FLIN	Franklin FTSE India ETF	1.3	19	-7	4.2	-3.8
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	1.3	25	-13	6.8	-1.2
ECNS	iShares MSCI China Small-Cap ETF	1.3	59	-47	7.7	-0.3
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	1.3	15	-3	7.6	-0.4
SDIV	Global X Superdividend ETF	1.2	58	-46	40.8	+32.9
EVLU	iShares MSCI Emerging Markets Value Factor ETF	1.2	35	-23	17.5	+9.6
FEUZ	First Trust Eurozone AlphaDEX ETF	1.2	80	-68	9.1	+1.1
INDA	iShares MSCI India ETF	1.2	65	-53	4.6	-3.3
EMXC	iShares MSCI Emerging Markets ex China ETF	1.2	25	-13	7.5	-0.5
FLSW	Franklin FTSE Switzerland ETF	1.2	9	3	6.4	-1.6
AVEM	Avantis Emerging Markets Equity ETF	1.2	33	-21	8.4	+0.4
EMC	Global X Emerging Markets Great Consumer ETF	1.2	75	-63	10.6	+2.6
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	1.2	33	-21	9.7	+1.7
EEM	iShares MSCI Emerging Markets ETF	1.2	69	-57	9.9	+1.9
DIVI	Franklin International Core Dividend Tilt Index ETF	1.2	9	3	7.9	-0.1
DAX	Global X DAX Germany ETF	1.2	21	-9	6.8	-1.1
NUEM	Nuveen ESG Emerging Markets Equity ETF	1.1	36	-24	7.7	-0.3
DFE	WisdomTree Europe SmallCap Dividend Fund	1.1	58	-46	8.0	0.0
MCHI	iShares MSCI China ETF	1.1	59	-47	16.3	+8.3
PIN	Invesco India ETF	1.1	78	-66	4.7	-3.3
GLOF	iShares Global Equity Factor ETF	1.1	20	-8	6.4	-1.6
EWW	iShares MSCI Mexico ETF	1.1	50	-38	9.6	+1.6
XC	WisdomTree Emerging Markets Ex-China Fund	1.1	32	-20	6.2	-1.8
EUDV	ProShares MSCI Europe Dividend Growers ETF	1.1	55	-43	6.3	-1.7
CGDG	Capital Group Dividend Growers ETF	1.1	47	-35	6.2	-1.8
DOL	WisdomTree International LargeCap Dividend Fund	1.1	48	-36	7.2	-0.8
WLDR	Affinity World Leaders Equity ETF	1.0	67	-55	7.4	-0.6
BKF	iShares MSCI BIC ETF	1.0	69	-57	13.0	+5.0
VIGI	Vanguard International Dividend Appreciation ETF	1.0	10	2	6.3	-1.6
FXI	iShares China Large-Cap ETF	1.0	74	-62	17.4	+9.4
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	1.0	80	-68	9.4	+1.4
FNDF	Schwab Fundamental International Large Co. Index ETF	1.0	25	-13	9.5	+1.5
GSIE	Goldman Sachs ActiveBeta International Equity ETF	1.0	25	-13	7.0	-1.0
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	1.0	32	-20	6.8	-1.2
FENI	Fidelity Enhanced International ETF	1.0	28	-16	6.5	-1.5
FEOE	First Eagle Overseas Equity ETF	1.0	79	-67	7.8	-0.2
EWD	iShares MSCI Sweden ETF	0.9	54	-42	5.3	-2.7
GMF	SPDR S&P Emerging Asia Pacific ETF	0.9	49	-37	9.1	+1.2
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.9	32	-20	8.8	+0.8
FLEE	Franklin FTSE Europe ETF	0.9	9	3	7.3	-0.7
EPI	WisdomTree India Earnings Fund	0.9	85	-73	5.2	-2.8
VT	Vanguard Total World Stock ETF	0.9	6	6	5.8	-2.2
EMM	Global X Emerging Markets ex-China ETF	0.9	75	-63	6.3	-1.7
FLGB	Franklin FTSE United Kingdom ETF	0.9	9	3	7.5	-0.4
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	0.9	24	-12	7.8	-0.2
IMTM	iShares MSCI Intl Momentum Factor ETF	0.9	30	-18	5.4	-2.5
EPHE	iShares MSCI Philippines ETF	0.8	59	-47	0.0	-8.0
EZU	iShares MSCI Eurozone ETF	0.8	52	-40	6.7	-1.2
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	0.8	80	-68	10.3	+2.3
IGRO	iShares International Dividend Growth ETF	0.8	15	-3	7.2	-0.7
EMGF	iShares Emerging Markets Equity Factor ETF	0.8	25	-13	11.3	+3.3
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.8	30	-18	8.9	+1.0
FLLA	Franklin FTSE Latin America ETF	0.8	19	-7	12.4	+4.4
EWL	iShares MSCI Switzerland ETF	0.8	50	-38	6.3	-1.7
STXE	Strive Emerging Markets Ex-China ETF	0.8	32	-20	7.6	-0.4
KOCG	FIS Knights of Columbus Global Belief ETF	0.8	75	-63	5.2	-2.7
KSA	iShares MSCI Saudi Arabia ETF	0.8	74	-62	0.0	-8.0
EEMA	iShares MSCI Emerging Markets Asia ETF	0.8	49	-37	9.8	+1.8
BKCI	BNY Mellon Concentrated International ETF	0.8	80	-68	5.2	-2.8
JHEM	John Hancock Multifactor Emerging Markets ETF	0.8	49	-37	9.8	+1.9
FLN	First Trust Latin America AlphaDEX Fund	0.7	80	-68	10.0	+2.0
STXI	Strive International Developed Markets ETF	0.7	29	-17	6.6	-1.4
SMIN	iShares MSCI India Small Cap ETF	0.7	79	-67	3.9	-4.0
ESGG	FlexShares STOXX Global ESG Select Index Fund	0.7	42	-30	5.4	-2.6
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	0.7	46	-34	6.7	-1.2
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	0.7	25	-13	7.3	-0.7
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	0.7	20	-8	10.3	+2.3
FYLD	Cambria Foreign Shareholder Yield ETF	0.7	59	-47	11.4	+3.4
FLMX	Franklin FTSE Mexico ETF	0.7	19	-7	9.9	+1.9
IVAL	Alpha Architect International Quantitative Value ETF	0.7	49	-37	9.7	+1.7
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	0.7	45	-33	10.0	+2.0
DEW	WisdomTree Global High Dividend Fund	0.6	58	-46	8.3	+0.3
JIG	JPMorgan International Growth ETF	0.6	55	-43	4.7	-3.3
IEV	iShares Europe ETF	0.6	67	-55	6.9	-1.1
AVIV	Avantis International Large Cap Value ETF	0.6	25	-13	8.5	+0.5
AVXC	Avantis Emerging Markets Ex-China Equity ETF	0.6	33	-21	8.4	+0.5
KLMT	Invesco MSCI Global Climate 500 ETF	0.6	10	2	5.6	-2.3
FEM	First Trust Emerging Markets AlphaDEX Fund	0.6	80	-68	10.9	+3.0
EFG	iShares MSCI EAFE Growth ETF	0.6	36	-24	4.3	-3.7
CGGO	Capital Group Global Growth Equity ETF	0.6	47	-35	4.6	-3.3
SCHY	Schwab International Dividend Equity ETF	0.6	14	-2	9.7	+1.7
DXJS	WisdomTree Japan Hedged SmallCap Equity Fund	0.6	58	-46	7.2	-0.8
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	0.6	32	-20	14.8	+6.8
DFJ	WisdomTree Japan SmallCap Dividend Fund	0.6	58	-46	7.3	-0.7
EWU	iShares MSCI United Kingdom ETF	0.6	50	-38	8.1	+0.2
EDIV	SPDR S&P Emerging Markets Dividend ETF	0.6	49	-37	11.6	+3.7
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.6	9	3	5.6	-2.4
IDMO	Invesco S&P International Developed Momentum ETF	0.6	25	-13	5.3	-2.7
ACWI	iShares MSCI ACWI ETF	0.6	32	-20	5.5	-2.5
EELV	Invesco S&P Emerging Markets Low Volatility ETF	0.5	29	-17	9.1	+1.1
UMMA	Wahed Dow Jones Islamic World ETF	0.5	65	-53	5.3	-2.7
AIA	iShares Asia 50 ETF	0.5	50	-38	11.8	+3.8
RNEM	First Trust Emerging Markets Equity Select ETF	0.5	75	-63	7.5	-0.5
FLSA	Franklin FTSE Saudi Arabia ETF	0.5	39	-27	0.0	-8.0
BBEU	JPMorgan BetaBuilders Europe ETF	0.5	9	3	7.2	-0.8
FEGE	First Eagle Global Equity ETF	0.5	79	-67	6.8	-1.2
URTH	iShares MSCI World ETF	0.5	24	-12	5.0	-2.9
FPXE	First Trust IPOX Europe Equity Opportunities ETF	0.5	70	-58	4.8	-3.2
DVYE	iShares Emerging Markets Dividend ETF	0.4	49	-37	18.4	+10.5
IMFL	Invesco International Developed Dynamic Multifactor ETF	0.4	34	-22	6.1	-1.9
ILF	iShares Latin America 40 ETF	0.4	48	-36	12.3	+4.3
BINV	Brandes International ETF	0.4	70	-58	9.2	+1.3
ESGE	iShares ESG Aware MSCI EM ETF	0.4	25	-13	9.8	+1.8
KOKU	Xtrackers MSCI Kokusai Equity ETF	0.4	9	3	5.2	-2.8
UEVM	VictoryShares Emerging Markets Value Momentum ETF	0.4	45	-33	10.5	+2.6
DIHP	Dimensional International High Profitability ETF	0.4	29	-17	7.1	-0.9
VIDI	Vident International Equity Strategy ETF	0.4	61	-49	10.7	+2.8
TOK	iShares MSCI Kokusai ETF	0.4	26	-14	5.0	-3.0
MCH	Matthews China Active ETF	0.4	79	-67	13.2	+5.3
FJP	First Trust Japan AlphaDEX Fund	0.4	80	-68	8.7	+0.7
DEHP	Dimensional Emerging Markets High Profitability ETF	0.3	41	-29	6.5	-1.5
SRVR	Pacer Data & Infrastructure Real Estate ETF	0.3	55	-43	3.7	-4.3
DTCR	Global X Data Center & Digital Infrastructure ETF	0.3	50	-38	4.2	-3.8
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	0.3	88	-76	8.5	+0.5
QWLD	SPDR MSCI World StrategicFactors ETF	0.3	30	-18	5.9	-2.1
ASHS	Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	0.3	65	-53	4.7	-3.2
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	0.3	25	-13	6.5	-1.5
AGNG	Global X Aging Population ETF	0.3	50	-38	4.9	-3.1
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	0.3	40	-28	6.9	-1.1
FRDM	Freedom 100 Emerging Markets ETF	0.3	49	-37	8.1	+0.1
NDIA	Global X India Active ETF	0.3	75	-63	4.9	-3.0
FCA	First Trust China AlphaDEX Fund	0.3	80	-68	7.9	-0.1
GLBL	Pacer MSCI World Industry Advantage ETF	0.3	65	-53	4.1	-3.9
IPKW	Invesco International BuyBack Achievers ETF	0.3	55	-43	12.4	+4.4
EFNL	iShares MSCI Finland ETF	0.3	56	-44	6.9	-1.1
QAT	iShares MSCI Qatar ETF	0.3	59	-47	46.1	+38.1
JRE	Janus Henderson U.S. Real Estate ETF	0.2	65	-53	7.7	-0.3
GLIN	VanEck India Growth Leaders ETF	0.2	77	-65	6.7	-1.3
JSTC	Adasina Social Justice All Cap Global ETF	0.2	89	-77	4.8	-3.2
WTRE	WisdomTree New Economy Real Estate Fund	0.2	58	-46	9.3	+1.3
ANEW	ProShares MSCI Transformational Changes ETF	0.2	45	-33	6.1	-1.9
AFK	VanEck Africa Index ETF	0.2	98	-86	11.5	+3.5
FPXI	First Trust International Equity Opportunities ETF	0.2	70	-58	4.2	-3.8
EWO	iShares MSCI Austria ETF	0.2	50	-38	10.8	+2.9
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	0.2	25	-13	5.9	-2.1
FLTW	Franklin FTSE Taiwan ETF	0.2	19	-7	6.5	-1.5
ECH	iShares MSCI Chile ETF	0.2	58	-46	8.3	+0.3
EPU	iShares MSCI Peru and Global Exposure ETF	0.2	59	-47	6.2	-1.8
ACWV	iShares MSCI Global Min Vol Factor ETF	0.2	20	-8	6.2	-1.8
QINT	American Century Quality Diversified International ETF	0.2	39	-27	7.3	-0.7
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.1	47	-35	5.8	-2.2
EYLD	Cambria Emerging Shareholder Yield ETF	0.1	66	-54	12.2	+4.3
EIDO	iShares MSCI Indonesia ETF	0.1	59	-47	8.2	+0.3
IDX	VanEck Indonesia Index ETF	0.1	57	-45	7.2	-0.8
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	0.1	65	-53	6.8	-1.2
IDHQ	Invesco S&P International Developed High Quality ETF	0.1	29	-17	6.6	-1.3
ENZL	iShares MSCI New Zealand ETF	0.1	50	-38	3.7	-4.3
TUR	iShares MSCI Turkey ETF	0.1	58	-46	17.6	+9.6
BBCA	JPMorgan BetaBuilders Canada ETF	0.1	19	-7	6.2	-1.8
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.1	42	-30	7.0	-0.9
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	0.1	95	-83	11.4	+3.4
BRF	VanEck Brazil Small-Cap ETF	0.1	66	-54	10.7	+2.8
IGPT	Invesco AI and Next Gen Software ETF	0.1	60	-48	4.1	-3.9
ENOR	iShares MSCI Norway ETF	0.1	53	-41	10.6	+2.6
NORW	Global X MSCI Norway ETF	0.1	50	-38	10.3	+2.3
EWZS	iShares MSCI Brazil Small-Cap ETF	0.1	59	-47	9.5	+1.5
CNYA	iShares MSCI China A ETF	0.1	60	-48	6.1	-1.8
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	0.1	58	-46	7.1	-0.9
EWN	iShares MSCI Netherlands ETF	0.1	50	-38	5.4	-2.6
GREK	Global X MSCI Greece ETF	0.1	57	-45	10.9	+2.9
IQDG	WisdomTree International Quality Dividend Growth Fund	0.1	42	-30	7.2	-0.7
EIRL	iShares MSCI Ireland ETF	0.1	50	-38	8.6	+0.6
KBA	KraneShares Bosera MSCI China A 50 Connect Index ETF	0.1	55	-43	6.9	-1.1
FLBR	Franklin FTSE Brazil ETF	0.0	19	-7	13.9	+5.9
RAYC	Rayliant Quantamental China Equity ETF	0.0	80	-68	7.3	-0.7

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:	Vanguard Global ex-U.S. Real Estate 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	6.9	%
Divided by: Fwd. P/BV	0.9	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	8.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	CATEGORY AVERAGE	1.58

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.