ETF Research Center

Vanguard Global ex-U.S. Real Estate ETF

ALTAR
Score™

8.5%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	12.9x	P/Sales ratio	2.1x
P/BV ratio	0.8x	Div. yield	4.5%

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)	$3,217
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	714
Wgt avg mkt cap (mns)	$10,816
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	22.4 %
GOODMAN GROUP	4.4 %
MITSUBISHI ESTATE CO LTD	2.9 %
MITSUI FUDOSAN CO LTD	2.5 %
SUN HUNG KAI PROPERTIES	2.4 %
SUMITOMO REALTY & DEVELOPMNT	2.1 %
DEUTSCHE ANNINGTON IMMOBILIE	2.0 %
EMAAR PROPERTIES PJSC	1.9 %
DAIWA HOUSE INDUSTRY CO LTD	1.6 %
SCENTRE GROUP	1.4 %
UNIBAIL-RODAMCO-WESTFIELD STAPLED	1.3 %

TOP COUNTRY EXPOSURE
	JAPAN	20.5 %
	AUSTRALIA	10.6 %
	HONG KONG	10.3 %
	BRITAIN	5.7 %
	SINGAPORE	5.5 %
	ISRAEL	3.3 %
	UAE	3.0 %
	SWITZERLAND	3.0 %
	GERMANY	2.9 %
	SWEDEN	2.6 %

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.
3.0%	15.3%	0.3%	2.8%	3.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.59	32%
MSCI EAFE	0.75	71%
MSCI Emg. Mkts.	0.48	47%

Technical Indicators
Recent close	$45.28
30d moving avg.	$46.79
Annualized volatility	17.7%
Short interest (ETF)	1.0%
Relative strength (RSI)	47

Liquidity measures
Avg. volume (thou.)	252
Turnover	0.4%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$3,238

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 369 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™:

8.5%

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 (%)
IFGL	iShares International Developed Real Estate ETF	62.9	48	-36	7.2	-1.3
RWX	SPDR Dow Jones International Real Estate ETF	40.5	59	-47	7.2	-1.4
ERET	iShares Environmentally Aware Real Estate ETF	34.5	30	-18	6.9	-1.6
VGSR	Vert Global Sustainable Real Estate ETF	29.7	47	-35	7.0	-1.5
RWO	SPDR Dow Jones Global Real Estate ETF	26.0	50	-38	6.4	-2.1
AVRE	Avantis Real Estate ETF	25.5	17	-5	6.9	-1.7
REET	iShares Global REIT ETF	24.5	14	-2	7.1	-1.5
DFGR	Dimensional Global Real Estate ETF	22.8	22	-10	7.1	-1.4
GQRE	FlexShares Global Quality Real Estate Index Fund	21.9	45	-33	7.3	-1.2
JIVE	JPMorgan International Value ETF	12.4	55	-43	8.1	-0.4
IQRA	IQ CBRE Real Assets ETF	12.2	65	-53	5.9	-2.6
IDLV	Invesco S&P International Developed Low Volatility ETF	11.1	25	-13	6.4	-2.1
WTRE	WisdomTree New Economy Real Estate Fund	10.7	58	-46	-0.3	-8.9
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	8.8	80	-68	5.5	-3.0
SCZ	iShares MSCI EAFE Small-Cap ETF	8.7	40	-28	6.0	-2.5
ERTH	Invesco MSCI Sustainable Future ETF	8.6	62	-50	2.9	-5.7
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	8.1	19	-7	5.3	-3.2
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	8.0	49	-37	5.9	-2.6
JPIN	J.P. Morgan Diversified Return International Equity ETF	7.9	37	-25	6.9	-1.6
EPP	iShares MSCI Pacific ex-Japan ETF	7.6	47	-35	4.9	-3.6
EWH	iShares MSCI Hong Kong ETF	7.3	50	-38	5.1	-3.4
DIM	WisdomTree International MidCap Dividend Fund	7.2	58	-46	6.2	-2.3
IEUS	iShares MSCI Europe Small-Cap ETF	7.1	42	-30	6.5	-2.0
SCJ	iShares MSCI Japan Small-Cap ETF	7.0	50	-38	5.6	-3.0
DWX	SPDR S&P International Dividend ETF	7.0	45	-33	6.7	-1.8
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	6.2	12	0	5.2	-3.3
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	6.1	8	4	6.1	-2.4
DTRE	First Trust Alerian Disruptive Technology Real Estate ETF	6.0	60	-48	5.4	-3.1
SCHC	Schwab International Small-Cap Equity ETF	5.9	11	1	6.4	-2.1
FNDC	Schwab Fundamental International Small Co. Index ETF	5.9	39	-27	6.6	-1.9
FLAU	Franklin FTSE Australia ETF	5.8	9	3	5.7	-2.8
INDS	Pacer Industrial Real Estate ETF	5.6	55	-43	6.3	-2.3
GWX	SPDR S&P International Small Cap ETF	5.4	40	-28	5.6	-2.9
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	5.4	32	-20	5.4	-3.1
EWA	iShares MSCI Australia ETF	5.3	50	-38	5.2	-3.3
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	5.2	24	-12	6.8	-1.7
SPRE	SP Funds S&P Global REIT Sharia ETF	5.2	55	-43	5.4	-3.1
DWMF	WisdomTree International Multifactor Fund	5.2	38	-26	6.9	-1.6
EFAS	Global X MSCI SuperDividend EAFE ETF	5.2	57	-45	7.3	-1.2
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	5.1	80	-68	5.9	-2.6
DTH	WisdomTree International High Dividend Fund	5.0	58	-46	7.2	-1.3
SDG	iShares MSCI Global Sustainable Development Goals ETF	5.0	49	-37	4.4	-4.1
ISCF	iShares International SmallCap Equity Factor ETF	5.0	23	-11	7.1	-1.4
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	5.0	80	-68	6.2	-2.3
GVAL	Cambria Global Value ETF	4.9	68	-56	8.7	+0.2
IPAC	iShares Core MSCI Pacific ETF	4.9	9	3	5.4	-3.1
UIVM	VictoryShares International Value Momentum ETF	4.7	35	-23	8.0	-0.6
RCGE	RockCreek Global Equality ETF	4.5	95	-83	6.1	-2.5
FEP	First Trust Europe AlphaDEX Fund	4.3	80	-68	6.6	-1.9
JHID	John Hancock International High Dividend ETF	4.2	46	-34	7.8	-0.7
EEMS	iShares MSCI Emerging Markets Small Cap ETF	4.0	70	-58	6.0	-2.5
FID	First Trust S&P International Dividend Aristocrats ETF	3.9	60	-48	7.6	-1.0
BYRE	Principal Real Estate Active Opportunities ETF	3.9	65	-53	7.0	-1.5
EWUS	iShares MSCI United Kingdom Small Cap ETF	3.8	59	-47	7.2	-1.3
FEUZ	First Trust Eurozone AlphaDEX ETF	3.8	80	-68	6.3	-2.2
VPL	Vanguard FTSE Pacific ETF	3.7	7	5	4.9	-3.6
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	3.6	29	-17	6.9	-1.6
WDIV	SPDR S&P Global Dividend ETF	3.6	40	-28	8.9	+0.4
DLS	WisdomTree International SmallCap Dividend Fund	3.6	58	-46	7.3	-1.2
DMXF	iShares ESG Advanced MSCI EAFE ETF	3.4	12	0	4.8	-3.7
EWX	SPDR S&P Emerging Markets Small Cap ETF	3.4	65	-53	6.1	-2.4
AIVI	WisdomTree International AI Enhanced Value Fund	3.3	58	-46	6.2	-2.3
FLJH	Franklin FTSE Japan Hedged ETF	3.3	9	3	5.0	-3.5
FLJP	Franklin FTSE Japan ETF	3.3	9	3	5.3	-3.3
WSML	iShares MSCI World Small-Cap ETF	3.3	15	-3	5.2	-3.3
EIS	iShares MSCI Israel ETF	3.2	58	-46	5.9	-2.6
EFAD	ProShares MSCI EAFE Dividend Growers ETF	3.0	50	-38	5.6	-2.9
UAE	iShares MSCI UAE ETF	3.0	59	-47	0.0	-8.5
FKU	First Trust United Kingdom AlphaDEX Fund	2.8	80	-68	7.2	-1.4
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	2.8	12	0	4.3	-4.2
EFAV	iShares MSCI EAFE Min Vol Factor ETF	2.7	22	-10	5.7	-2.8
IEFA	iShares Core MSCI EAFE ETF	2.7	7	5	5.9	-2.6
DVYA	iShares Asia/Pacific Dividend ETF	2.7	49	-37	6.9	-1.7
FIDI	Fidelity International High Dividend ETF	2.7	18	-6	7.2	-1.3
FGM	First Trust Germany AlphaDEX Fund	2.7	80	-68	4.7	-3.8
BBJP	JPMorgan BetaBuilders Japan ETF	2.7	19	-7	5.2	-3.3
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	2.6	58	-46	8.0	-0.5
VSGX	Vanguard ESG International Stock ETF	2.6	10	2	6.3	-2.2
AVDS	Avantis International Small Cap Equity ETF	2.6	30	-18	5.8	-2.7
DWM	WisdomTree International Equity Fund	2.6	48	-36	5.5	-3.0
DISV	Dimensional International Small Cap Value ETF	2.6	42	-30	8.0	-0.6
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	2.6	39	-27	6.1	-2.4
AVEE	Avantis Emerging Markets Small Cap Equity ETF	2.6	42	-30	7.2	-1.4
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	2.6	59	-47	7.9	-0.6
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	2.5	40	-28	5.6	-2.9
INTF	iShares International Equity Factor ETF	2.5	15	-3	6.4	-2.1
TPIF	Timothy Plan International ETF	2.5	62	-50	5.5	-3.0
RAYJ	Rayliant SMDAM Japan Equity ETF	2.5	72	-60	2.8	-5.7
IDEV	iShares Core MSCI International Developed Markets ETF	2.5	4	8	5.9	-2.6
IMOM	Alpha Architect International Quantitative Momentum ETF	2.5	49	-37	4.0	-4.5
EFV	iShares MSCI EAFE Value ETF	2.5	34	-22	7.5	-1.0
HFXI	IQ FTSE International Equity Currency Neutral ETF	2.5	20	-8	5.4	-3.1
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	2.4	78	-66	9.3	+0.8
EWJV	iShares MSCI Japan Value ETF	2.4	15	-3	6.8	-1.7
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	2.4	39	-27	6.9	-1.7
IQSI	IQ Candriam International Equity ETF	2.4	15	-3	5.5	-3.0
IQDF	FlexShares International Quality Dividend Index Fund	2.3	47	-35	7.3	-1.2
VEA	Vanguard FTSE Developed Markets ETF	2.3	3	9	5.7	-2.8
JPXN	iShares JPX-Nikkei 400 ETF	2.3	48	-36	5.3	-3.2
WWJD	Inspire International ETF	2.3	80	-68	6.2	-2.3
RITA	ETFB Green SRI REITs ETF	2.3	50	-38	5.7	-2.9
AVSD	Avantis Responsible International Equity ETF	2.3	23	-11	5.8	-2.7
DFIS	Dimensional International Small Cap ETF	2.3	39	-27	6.0	-2.5
AVES	Avantis Emerging Markets Value ETF	2.3	36	-24	8.3	-0.2
DFEV	Dimensional Emerging Markets Value ETF	2.2	43	-31	8.7	+0.2
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	2.2	47	-35	4.5	-4.0
SPDW	SPDR Portfolio Developed World ex-US ETF	2.2	3	9	5.6	-2.9
VXUS	Vanguard Total International Stock ETF	2.1	5	7	6.4	-2.1
IXUS	iShares Core MSCI Total International Stock ETF	2.1	7	5	6.3	-2.2
ISRA	VanEck Israel ETF	2.1	59	-47	5.5	-3.0
REAI	Intelligent Real Estate ETF	2.1	59	-47	5.6	-2.9
GSID	Goldman Sachs MarketBeta International Equity ETF	2.1	20	-8	5.8	-2.8
XC	WisdomTree Emerging Markets Ex-China Fund	2.0	32	-20	6.4	-2.1
INEQ	Columbia International Equity Income ETF	2.0	45	-33	7.7	-0.8
CIL	VictoryShares International Volatility Wtd ETF	2.0	45	-33	5.8	-2.7
NUDM	Nuveen ESG International Developed Markets Equity ETF	1.9	31	-19	5.5	-3.0
EWJ	iShares MSCI Japan ETF	1.9	50	-38	4.8	-3.7
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	1.9	45	-33	6.5	-2.1
BLDG	Cambria Global Real Estate ETF	1.9	60	-48	11.3	+2.8
AVSE	Avantis Responsible Emerging Markets Equity ETF	1.9	33	-21	6.1	-2.4
HEWJ	iShares Currency Hedged MSCI Japan ETF	1.9	50	-38	5.3	-3.2
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	1.9	67	-55	12.3	+3.8
LVHI	Franklin International Low Volatility High Dividend Index ET	1.9	40	-28	7.6	-1.0
SCHF	Schwab International Equity ETF	1.9	6	6	5.7	-2.8
DEM	WisdomTree Emerging Markets High Dividend Fund	1.9	63	-51	9.8	+1.3
FLLA	Franklin FTSE Latin America ETF	1.8	19	-7	10.4	+1.9
BKIE	BNY Mellon International Equity ETF	1.8	4	8	5.9	-2.6
EFAX	SPDR MSCI EAFE Fossil Fuel Reserves Free ETF	1.8	20	-8	5.6	-2.9
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	1.8	14	-2	5.2	-3.3
FLAX	Franklin FTSE Asia Ex Japan ETF	1.8	19	-7	6.5	-2.0
VEU	Vanguard FTSE All-World ex-US Index Fund	1.7	4	8	6.5	-2.0
EWS	iShares MSCI Singapore ETF	1.7	50	-38	4.0	-4.5
FIVA	Fidelity International Value Factor ETF	1.7	18	-6	7.3	-1.3
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	1.7	41	-29	6.4	-2.1
XCNY	SPDR S&P Emerging Markets ex-China ETF	1.7	15	-3	5.4	-3.1
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	1.7	36	-24	5.3	-3.2
EFA	iShares MSCI EAFE ETF	1.7	35	-23	5.6	-2.9
HEFA	iShares Currency Hedged MSCI EAFE ETF	1.7	35	-23	5.7	-2.8
SRET	Global X SuperDividend REIT ETF	1.7	59	-47	12.6	+4.1
VWO	Vanguard FTSE Emerging Markets ETF	1.7	7	5	8.8	+0.3
EWW	iShares MSCI Mexico ETF	1.6	50	-38	8.0	-0.5
EEMO	Invesco S&P Emerging Markets Momentum ETF	1.6	29	-17	5.7	-2.9
ESGD	iShares ESG Aware MSCI EAFE ETF	1.6	20	-8	5.7	-2.9
EWK	iShares MSCI Belgium ETF	1.6	50	-38	3.8	-4.7
DFIV	Dimensional International Value ETF	1.6	27	-15	7.7	-0.8
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	1.5	80	-68	8.8	+0.3
FJP	First Trust Japan AlphaDEX Fund	1.5	80	-68	7.4	-1.2
QEFA	SPDR MSCI EAFE StrategicFactors ETF	1.5	30	-18	6.1	-2.4
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	1.5	18	-6	6.1	-2.4
IVLU	iShares MSCI Intl Value Factor ETF	1.5	30	-18	7.9	-0.6
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	1.5	20	-8	5.6	-2.9
SPEM	SPDR Portfolio Emerging Markets ETF	1.5	7	5	9.1	+0.6
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	1.5	25	-13	5.4	-3.1
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	1.5	58	-46	7.3	-1.2
DFSI	Dimensional International Sustainability Core 1 ETF	1.5	24	-12	5.6	-2.9
IQLT	iShares MSCI Intl Quality Factor ETF	1.5	30	-18	5.4	-3.1
FENI	Fidelity Enhanced International ETF	1.5	28	-16	5.7	-2.8
AVDE	Avantis International Equity ETF	1.5	23	-11	6.1	-2.4
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	1.4	30	-18	6.1	-2.4
FEOE	First Eagle Overseas Equity ETF	1.4	79	-67	6.0	-2.5
JHMD	John Hancock Multifactor Developed International ETF	1.4	39	-27	6.1	-2.4
EWQ	iShares MSCI France ETF	1.4	53	-41	6.4	-2.1
EMXF	iShares ESG Advanced MSCI EM ETF	1.4	16	-4	6.3	-2.2
BLES	Inspire Global Hope ETF	1.4	61	-49	5.7	-2.9
IEUR	iShares Core MSCI Europe ETF	1.4	11	1	6.3	-2.2
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	1.4	38	-26	6.4	-2.1
VGK	Vanguard FTSE Europe ETF	1.4	6	6	6.5	-2.0
FRGN	Horizon International Equity ETF	1.4	75	-63	7.4	-1.1
GXC	SPDR S & P China ETF	1.4	59	-47	18.2	+9.7
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	1.3	15	-3	8.2	-0.3
MCH	Matthews China Active ETF	1.3	79	-67	14.4	+5.8
IDV	iShares International Select Dividend ETF	1.3	51	-39	8.8	+0.3
DFIC	Dimensional International Core Equity 2 ETF	1.3	23	-11	6.1	-2.4
RFDI	First Trust Riverfront Dynamic Developed International ETF	1.3	83	-71	7.7	-0.8
FLGR	Franklin FTSE Germany ETF	1.3	9	3	6.3	-2.2
AAXJ	iShares MSCI All Country Asia ex Japan ETF	1.3	70	-58	6.3	-2.3
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	1.3	44	-32	9.2	+0.7
FGD	First Trust Dow Jones Global Select Dividend Index Fund	1.3	56	-44	9.5	+1.0
PXH	Invesco FTSE RAFI Emerging Markets ETF	1.3	49	-37	12.9	+4.4
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	1.3	41	-29	5.8	-2.7
CRBN	iShares MSCI ACWI Low Carbon Target ETF	1.3	20	-8	4.6	-4.0
FLSW	Franklin FTSE Switzerland ETF	1.3	9	3	5.7	-2.8
EVLU	iShares MSCI Emerging Markets Value Factor ETF	1.3	35	-23	9.5	+1.0
SPEU	SPDR Portfolio Europe ETF	1.3	7	5	6.4	-2.1
VEXC	Vanguard Emerging Markets Ex-China ETF	1.3	7	5	5.5	-3.1
FLCH	Franklin FTSE China ETF	1.3	19	-7	17.6	+9.1
ACWX	iShares MSCI ACWI ex U.S. ETF	1.3	34	-22	6.1	-2.4
FLIN	Franklin FTSE India ETF	1.2	19	-7	4.1	-4.4
IEMG	iShares Core MSCI Emerging Markets ETF	1.2	9	3	7.6	-1.0
XCEM	Columbia EM Core ex-China ETF	1.2	16	-4	4.5	-4.0
FLMX	Franklin FTSE Mexico ETF	1.2	19	-7	8.5	-0.0
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	1.2	39	-27	13.2	+4.6
EUDV	ProShares MSCI Europe Dividend Growers ETF	1.2	55	-43	5.6	-2.9
LDEM	iShares ESG MSCI EM Leaders ETF	1.2	17	-5	12.1	+3.5
DIVI	Franklin International Core Dividend Tilt Index ETF	1.2	9	3	6.5	-2.1
UEVM	VictoryShares Emerging Markets Value Momentum ETF	1.2	45	-33	9.3	+0.8
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	1.2	80	-68	11.5	+3.0
EWG	iShares MSCI Germany ETF	1.2	50	-38	5.7	-2.8
GSIE	Goldman Sachs ActiveBeta International Equity ETF	1.2	25	-13	6.1	-2.4
DFAI	Dimensional International Core Equity Market ETF	1.2	18	-6	6.0	-2.6
AVEM	Avantis Emerging Markets Equity ETF	1.2	33	-21	6.5	-2.1
MCHI	iShares MSCI China ETF	1.2	59	-47	19.9	+11.3
CEFA	Global X S&P Catholic Values Developed ex-US ETF	1.2	35	-23	5.6	-2.9
IDMO	Invesco S&P International Developed Momentum ETF	1.2	25	-13	5.1	-3.4
INDA	iShares MSCI India ETF	1.2	65	-53	4.6	-3.9
VYMI	Vanguard International High Dividend Yield ETF	1.1	17	-5	7.9	-0.6
FXI	iShares China Large-Cap ETF	1.1	74	-62	20.7	+12.1
JIRE	JPMorgan International Research Enhanced Equity ETF	1.1	24	-12	5.8	-2.7
DXIV	Dimensional International Vector Equity ETF	1.1	34	-22	6.5	-2.1
JADE	JPMorgan Active Developing Markets Equity ETF	1.1	65	-53	5.6	-2.9
DOL	WisdomTree International LargeCap Dividend Fund	1.1	48	-36	5.5	-3.0
ROAM	Hartford Multifactor Emerging Markets ETF	1.1	44	-32	7.0	-1.5
ECNS	iShares MSCI China Small-Cap ETF	1.1	59	-47	8.7	+0.2
SCHE	Schwab Emerging Markets Equity ETF	1.1	11	1	9.1	+0.6
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	1.1	50	-38	7.4	-1.2
DFAE	Dimensional Emerging Core Equity Market ETF	1.1	35	-23	6.4	-2.1
AVXC	Avantis Emerging Markets Ex-China Equity ETF	1.1	33	-21	5.6	-2.9
IMTM	iShares MSCI Intl Momentum Factor ETF	1.1	30	-18	4.6	-3.9
FDEM	Fidelity Emerging Markets Multifactor ETF	1.1	25	-13	9.6	+1.1
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	1.0	90	-78	3.4	-5.2
CWI	SPDR MSCI ACWI ex-US ETF	1.0	30	-18	6.3	-2.2
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	1.0	47	-35	7.0	-1.5
AVDV	Avantis International Small Cap Value ETF	1.0	36	-24	7.5	-1.0
ECON	Columbia Emerging Markets Consumer ETF	1.0	49	-37	6.0	-2.5
BKF	iShares MSCI BIC ETF	1.0	69	-57	14.5	+6.0
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	1.0	45	-33	5.5	-3.0
ASEA	Global X FTSE Southeast Asia ETF	1.0	65	-53	5.4	-3.1
VIGI	Vanguard International Dividend Appreciation ETF	1.0	10	2	6.0	-2.5
BKEM	BNY Mellon Emerging Markets Equity ETF	1.0	11	1	7.3	-1.3
DEXC	Dimensional Emerging Markets ex China Core EquityETF	0.9	53	-41	4.6	-3.9
FLN	First Trust Latin America AlphaDEX Fund	0.9	80	-68	9.9	+1.4
DEW	WisdomTree Global High Dividend Fund	0.9	58	-46	7.3	-1.2
PIN	Invesco India ETF	0.9	78	-66	4.8	-3.7
AVIV	Avantis International Large Cap Value ETF	0.9	25	-13	6.8	-1.7
DAX	Global X DAX Germany ETF	0.9	21	-9	6.0	-2.5
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.9	36	-24	7.0	-1.5
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	0.9	9	3	7.7	-0.8
EWL	iShares MSCI Switzerland ETF	0.9	50	-38	5.5	-3.1
PPIE	Putnam PanAgora ESG International Equity ETF	0.9	49	-37	6.2	-2.3
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	0.9	30	-18	7.3	-1.2
EPI	WisdomTree India Earnings Fund	0.9	85	-73	5.1	-3.4
GLOF	iShares Global Equity Factor ETF	0.9	20	-8	5.4	-3.2
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	0.8	66	-54	6.6	-1.9
EELV	Invesco S&P Emerging Markets Low Volatility ETF	0.8	29	-17	8.8	+0.3
FSZ	First Trust Switzerland AlphaDEX Fund	0.8	80	-68	5.1	-3.4
FLEE	Franklin FTSE Europe ETF	0.8	9	3	6.2	-2.3
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	0.8	24	-12	4.8	-3.7
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	0.8	15	-3	7.4	-1.1
EEM	iShares MSCI Emerging Markets ETF	0.8	69	-57	7.1	-1.4
HEEM	iShares Currency Hedged MSCI Emerging Markets ETF	0.8	69	-57	6.9	-1.7
EFG	iShares MSCI EAFE Growth ETF	0.8	36	-24	3.7	-4.8
BKCI	BNY Mellon Concentrated International ETF	0.8	80	-68	4.7	-3.8
VT	Vanguard Total World Stock ETF	0.8	6	6	4.8	-3.7
EDIV	SPDR S&P Emerging Markets Dividend ETF	0.8	49	-37	8.9	+0.3
WLDR	Affinity World Leaders Equity ETF	0.8	67	-55	5.4	-3.1
GMF	SPDR S&P Emerging Asia Pacific ETF	0.8	49	-37	8.3	-0.2
KOCG	FIS Knights of Columbus Global Belief ETF	0.8	75	-63	4.4	-4.1
EWD	iShares MSCI Sweden ETF	0.7	54	-42	5.0	-3.6
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.7	30	-18	7.2	-1.4
FRDM	Freedom 100 Emerging Markets ETF	0.7	49	-37	4.8	-3.8
DFE	WisdomTree Europe SmallCap Dividend Fund	0.7	58	-46	7.4	-1.1
EMGF	iShares Emerging Markets Equity Factor ETF	0.7	25	-13	8.1	-0.4
IMFL	Invesco International Developed Dynamic Multifactor ETF	0.7	34	-22	5.0	-3.6
QINT	American Century Quality Diversified International ETF	0.7	39	-27	6.5	-2.1
EMXC	iShares MSCI Emerging Markets ex China ETF	0.7	25	-13	4.6	-3.9
FLGB	Franklin FTSE United Kingdom ETF	0.7	9	3	6.8	-1.7
EZU	iShares MSCI Eurozone ETF	0.7	52	-40	5.5	-3.0
FNDF	Schwab Fundamental International Large Co. Index ETF	0.7	25	-13	7.1	-1.4
SMIN	iShares MSCI India Small Cap ETF	0.7	79	-67	3.4	-5.1
HEZU	iShares Currency Hedged MSCI Eurozone ETF	0.7	53	-41	5.4	-3.1
NUEM	Nuveen ESG Emerging Markets Equity ETF	0.7	36	-24	5.6	-2.9
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.6	32	-20	6.8	-1.7
FEM	First Trust Emerging Markets AlphaDEX Fund	0.6	80	-68	8.4	-0.1
EMM	Global X Emerging Markets ex-China ETF	0.6	75	-63	4.3	-4.2
EMC	Global X Emerging Markets Great Consumer ETF	0.6	75	-63	6.5	-2.0
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	0.6	45	-33	7.4	-1.1
KSA	iShares MSCI Saudi Arabia ETF	0.6	74	-62	0.0	-8.5
KLMT	Invesco MSCI Global Climate 500 ETF	0.6	10	2	4.8	-3.7
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.6	33	-21	6.2	-2.3
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	0.6	46	-34	5.5	-3.0
ECH	iShares MSCI Chile ETF	0.6	58	-46	7.3	-1.3
IEV	iShares Europe ETF	0.6	67	-55	5.8	-2.7
JHEM	John Hancock Multifactor Emerging Markets ETF	0.6	49	-37	6.9	-1.6
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	0.6	25	-13	6.2	-2.3
EEMA	iShares MSCI Emerging Markets Asia ETF	0.6	49	-37	6.9	-1.6
SCHY	Schwab International Dividend Equity ETF	0.6	14	-2	8.4	-0.2
EWU	iShares MSCI United Kingdom ETF	0.6	50	-38	7.2	-1.3
FEGE	First Eagle Global Equity ETF	0.6	79	-67	5.9	-2.6
STXI	Strive International Developed Markets ETF	0.6	29	-17	6.2	-2.3
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	0.6	32	-20	4.4	-4.1
RNEM	First Trust Emerging Markets Equity Select ETF	0.5	75	-63	8.1	-0.4
CGV	Conductor Global Equity Value ETF	0.5	130	-118	7.3	-1.2
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	0.5	25	-13	5.8	-2.8
ESGG	FlexShares STOXX Global ESG Select Index Fund	0.5	42	-30	3.9	-4.6
DFJ	WisdomTree Japan SmallCap Dividend Fund	0.5	58	-46	6.7	-1.8
EPHE	iShares MSCI Philippines ETF	0.5	59	-47	0.0	-8.5
AIA	iShares Asia 50 ETF	0.5	50	-38	6.9	-1.7
VIDI	Vident International Equity Strategy ETF	0.5	61	-49	7.6	-0.9
AGNG	Global X Aging Population ETF	0.5	50	-38	4.4	-4.1
IGRO	iShares International Dividend Growth ETF	0.5	15	-3	6.7	-1.8
FPXI	First Trust International Equity Opportunities ETF	0.5	70	-58	3.4	-5.1
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.5	9	3	4.7	-3.8
ILF	iShares Latin America 40 ETF	0.4	48	-36	9.5	+1.0
BINV	Brandes International ETF	0.4	70	-58	8.5	-0.0
JSTC	Adasina Social Justice All Cap Global ETF	0.4	89	-77	4.2	-4.3
ACWI	iShares MSCI ACWI ETF	0.4	32	-20	4.5	-4.0
UMMA	Wahed Dow Jones Islamic World ETF	0.4	65	-53	3.2	-5.3
URTH	iShares MSCI World ETF	0.4	24	-12	4.2	-4.3
MJSC	MUFG Japan Small Cap Active ETF	0.4	85	-73	4.5	-4.1
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	0.4	32	-20	13.4	+4.9
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	0.4	88	-76	8.4	-0.1
STXE	Strive Emerging Markets Ex-China ETF	0.4	32	-20	4.7	-3.8
DIHP	Dimensional International High Profitability ETF	0.4	29	-17	5.7	-2.8
ESGE	iShares ESG Aware MSCI EM ETF	0.4	25	-13	7.6	-0.9
BBEU	JPMorgan BetaBuilders Europe ETF	0.4	9	3	6.1	-2.4
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	0.4	25	-13	5.5	-3.0
OAIM	OneAscent International Equity ETF	0.3	95	-83	4.4	-4.1
SRVR	Pacer Data & Infrastructure Real Estate ETF	0.3	55	-43	3.7	-4.9
DTCR	Global X Data Center & Digital Infrastructure ETF	0.3	50	-38	3.0	-5.5
KOKU	Xtrackers MSCI Kokusai Equity ETF	0.3	9	3	4.3	-4.2
FDD	First Trust Stoxx European Select Dividend Index Fund	0.3	58	-46	9.5	+1.0
FLSA	Franklin FTSE Saudi Arabia ETF	0.3	39	-27	0.0	-8.5
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	0.3	58	-46	5.3	-3.2
IQDG	WisdomTree International Quality Dividend Growth Fund	0.3	42	-30	5.7	-2.9
DEHP	Dimensional Emerging Markets High Profitability ETF	0.3	41	-29	4.3	-4.2
TOK	iShares MSCI Kokusai ETF	0.3	26	-14	4.2	-4.4
SDIV	Global X Superdividend ETF	0.3	58	-46	13.4	+4.9
EPU	iShares MSCI Peru and Global Exposure ETF	0.3	59	-47	4.3	-4.2
IPKW	Invesco International BuyBack Achievers ETF	0.3	55	-43	8.0	-0.5
QWLD	SPDR MSCI World StrategicFactors ETF	0.3	30	-18	5.1	-3.4
ANEW	ProShares MSCI Transformational Changes ETF	0.2	45	-33	4.3	-4.2
NDIA	Global X India Active ETF	0.2	75	-63	5.2	-3.3
QAT	iShares MSCI Qatar ETF	0.2	59	-47	43.6	+35.1
AFK	VanEck Africa Index ETF	0.2	98	-86	10.6	+2.1
GLBL	Pacer MSCI World Industry Advantage ETF	0.2	65	-53	3.2	-5.3
ASHS	Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	0.2	65	-53	4.3	-4.2
ACWV	iShares MSCI Global Min Vol Factor ETF	0.2	20	-8	5.7	-2.8
FCA	First Trust China AlphaDEX Fund	0.2	80	-68	7.3	-1.2
ENZL	iShares MSCI New Zealand ETF	0.2	50	-38	3.7	-4.8
DVYE	iShares Emerging Markets Dividend ETF	0.2	49	-37	17.2	+8.7
EWO	iShares MSCI Austria ETF	0.2	50	-38	7.4	-1.1
EWZS	iShares MSCI Brazil Small-Cap ETF	0.2	59	-47	11.2	+2.7
EFNL	iShares MSCI Finland ETF	0.1	56	-44	5.2	-3.3
BRF	VanEck Brazil Small-Cap ETF	0.1	66	-54	10.7	+2.2
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	0.1	95	-83	9.4	+0.9
IVSI	Applied Finance IVS International Large ETF	0.1	65	-53	5.9	-2.6
IDHQ	Invesco S&P International Developed High Quality ETF	0.1	29	-17	5.1	-3.4
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.1	47	-35	4.9	-3.6
NORW	Global X MSCI Norway ETF	0.1	50	-38	7.3	-1.2
EYLD	Cambria Emerging Shareholder Yield ETF	0.1	66	-54	8.7	+0.2
IGPT	Invesco AI and Next Gen Software ETF	0.1	60	-48	2.0	-6.5
AQLT	iShares MSCI Global Quality Factor ETF	0.1	18	-6	0.0	-8.5
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	0.1	65	-53	6.0	-2.5
EWN	iShares MSCI Netherlands ETF	0.1	50	-38	4.4	-4.1
TUR	iShares MSCI Turkey ETF	0.1	58	-46	13.1	+4.5
EIDO	iShares MSCI Indonesia ETF	0.1	59	-47	10.4	+1.9
FLTW	Franklin FTSE Taiwan ETF	0.1	19	-7	3.1	-5.4
CNYA	iShares MSCI China A ETF	0.1	60	-48	6.2	-2.3
CUT	Invesco MSCI Global Timber ETF	0.1	61	-49	8.6	+0.1
EIRL	iShares MSCI Ireland ETF	0.1	50	-38	7.1	-1.4
GREK	Global X MSCI Greece ETF	0.1	57	-45	9.0	+0.5
IDX	VanEck Indonesia Index ETF	0.1	57	-45	9.8	+1.3
ENOR	iShares MSCI Norway ETF	0.1	53	-41	7.3	-1.2
FPXE	First Trust IPOX Europe Equity Opportunities ETF	0.1	70	-58	3.6	-4.9
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	0.0	40	-28	5.8	-2.7
KBA	KraneShares Bosera MSCI China A 50 Connect Index ETF	0.0	55	-43	6.2	-2.4
FLBR	Franklin FTSE Brazil ETF	0.0	19	-7	11.7	+3.2
BRAZ	Global X Brazil Active ETF	0.0	75	-63	10.2	+1.7
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.0	42	-30	4.0	-4.6

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	0.8	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	8.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	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.