ETF Research Center

Vanguard Global ex-U.S. Real Estate ETF

ALTAR
Score™

8.0%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	13.4x	P/Sales ratio	2.6x
P/BV ratio	0.9x	Div. yield	4.2%

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)	$3,427
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	713
Wgt avg mkt cap (mns)	$10,294
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	21.9 %
GOODMAN GROUP	3.8 %
MITSUI FUDOSAN CO LTD	3.0 %
MITSUBISHI ESTATE CO LTD	2.9 %
DEUTSCHE ANNINGTON IMMOBILIE	2.3 %
EMAAR PROPERTIES PJSC	2.3 %
SUN HUNG KAI PROPERTIES	1.9 %
DAIWA HOUSE INDUSTRY CO LTD	1.9 %
SCENTRE GROUP	1.4 %
SEGRO PLC	1.2 %
UNIBAIL-RODAMCO-WESTFIELD STAPLED	1.2 %

TOP COUNTRY EXPOSURE
	JAPAN	21.6 %
	AUSTRALIA	10.7 %
	HONG KONG	9.0 %
	BRITAIN	5.7 %
	SINGAPORE	5.3 %
	UAE	3.5 %
	GERMANY	3.3 %
	SWITZERLAND	2.8 %
	ISRAEL	2.8 %
	SWEDEN	2.7 %

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.
21.4%	21.4%	0.7%	3.2%	3.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.40	35%
MSCI EAFE	0.67	71%
MSCI Emg. Mkts.	0.52	49%

Technical Indicators
Recent close	$47.31
30d moving avg.	$45.69
Annualized volatility	17.7%
Short interest (ETF)	1.0%
Relative strength (RSI)	64

Liquidity measures
Avg. volume (thou.)	279
Turnover	0.4%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$3,238

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 357 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	73.0	10	2	6.3	-1.6
IFGL	iShares International Developed Real Estate ETF	62.3	48	-36	6.5	-1.4
RWX	SPDR Dow Jones International Real Estate ETF	40.5	59	-47	6.5	-1.5
ERET	iShares Environmentally Aware Real Estate ETF	37.3	30	-18	6.9	-1.0
VGSR	Vert Global Sustainable Real Estate ETF	29.9	47	-35	7.1	-0.9
RWO	SPDR Dow Jones Global Real Estate ETF	28.1	50	-38	6.6	-1.4
AVRE	Avantis Real Estate ETF	27.5	17	-5	6.9	-1.1
REET	iShares Global REIT ETF	25.6	14	-2	7.2	-0.8
DFGR	Dimensional Global Real Estate ETF	24.7	22	-10	7.3	-0.6
GQRE	FlexShares Global Quality Real Estate Index Fund	20.9	45	-33	7.4	-0.5
JIVE	JPMorgan International Value ETF	12.7	55	-43	9.6	+1.6
IDLV	Invesco S&P International Developed Low Volatility ETF	11.6	25	-13	6.2	-1.7
IQRA	IQ CBRE Real Assets ETF	11.3	65	-53	5.4	-2.6
SCZ	iShares MSCI EAFE Small-Cap ETF	9.4	40	-28	6.2	-1.8
DWX	SPDR S&P International Dividend ETF	9.0	45	-33	6.8	-1.1
SCJ	iShares MSCI Japan Small-Cap ETF	8.8	50	-38	5.9	-2.0
ERTH	Invesco MSCI Sustainable Future ETF	8.4	62	-50	3.1	-4.9
JPIN	J.P. Morgan Diversified Return International Equity ETF	8.3	37	-25	7.2	-0.7
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	8.1	19	-7	5.1	-2.9
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	8.1	49	-37	6.1	-1.8
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	8.1	80	-68	5.5	-2.4
EPP	iShares MSCI Pacific ex-Japan ETF	7.6	47	-35	4.9	-3.0
IEUS	iShares MSCI Europe Small-Cap ETF	7.5	42	-30	6.5	-1.4
DIM	WisdomTree International MidCap Dividend Fund	7.4	58	-46	6.5	-1.5
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	6.6	12	0	5.1	-2.8
SCHC	Schwab International Small-Cap Equity ETF	6.6	11	1	6.7	-1.2
FLAU	Franklin FTSE Australia ETF	6.5	9	3	5.9	-2.0
EWH	iShares MSCI Hong Kong ETF	6.3	50	-38	4.8	-3.1
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	6.3	8	4	6.4	-1.5
FNDC	Schwab Fundamental International Small Co. Index ETF	6.1	39	-27	5.3	-2.7
GWX	SPDR S&P International Small Cap ETF	5.7	40	-28	5.9	-2.1
DTRE	First Trust Alerian Disruptive Technology Real Estate ETF	5.6	60	-48	5.3	-2.7
SDG	iShares MSCI Global Sustainable Development Goals ETF	5.6	49	-37	4.8	-3.2
INDS	Pacer Industrial Real Estate ETF	5.6	55	-43	6.0	-1.9
EWA	iShares MSCI Australia ETF	5.5	50	-38	5.5	-2.4
IPAC	iShares Core MSCI Pacific ETF	5.4	9	3	5.6	-2.3
BYRE	Principal Real Estate Active Opportunities ETF	5.4	65	-53	6.2	-1.7
UIVM	VictoryShares International Value Momentum ETF	5.3	35	-23	7.5	-0.4
DTH	WisdomTree International High Dividend Fund	5.2	58	-46	7.4	-0.5
DVYA	iShares Asia/Pacific Dividend ETF	5.1	49	-37	6.7	-1.2
SPRE	SP Funds S&P Global REIT Sharia ETF	5.0	55	-43	5.6	-2.4
AIVI	WisdomTree International AI Enhanced Value Fund	4.8	58	-46	6.2	-1.8
SRET	Global X SuperDividend REIT ETF	4.7	59	-47	11.1	+3.1
GVAL	Cambria Global Value ETF	4.7	68	-56	9.2	+1.3
ISCF	iShares International SmallCap Equity Factor ETF	4.7	23	-11	7.3	-0.6
RCGE	RockCreek Global Equality ETF	4.7	95	-83	6.0	-1.9
VPL	Vanguard FTSE Pacific ETF	4.5	7	5	5.7	-2.2
DWMF	WisdomTree International Multifactor Fund	4.5	38	-26	6.4	-1.6
FID	First Trust S&P International Dividend Aristocrats ETF	4.4	60	-48	7.3	-0.7
WDIV	SPDR S&P Global Dividend ETF	4.4	40	-28	8.3	+0.4
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	4.2	32	-20	5.5	-2.5
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	4.1	24	-12	6.4	-1.6
VWID	Virtus WMC International Dividend ETF	4.0	49	-37	7.4	-0.6
BLDG	Cambria Global Real Estate ETF	3.9	60	-48	10.9	+3.0
EWUS	iShares MSCI United Kingdom Small Cap ETF	3.9	59	-47	6.9	-1.0
EWX	SPDR S&P Emerging Markets Small Cap ETF	3.8	65	-53	7.0	-0.9
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	3.8	80	-68	8.2	+0.3
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	3.7	29	-17	6.9	-1.1
DMXF	iShares ESG Advanced MSCI EAFE ETF	3.6	12	0	5.0	-3.0
DLS	WisdomTree International SmallCap Dividend Fund	3.6	58	-46	7.2	-0.8
EEMS	iShares MSCI Emerging Markets Small Cap ETF	3.6	70	-58	6.8	-1.2
FLJP	Franklin FTSE Japan ETF	3.6	9	3	5.4	-2.5
FLJH	Franklin FTSE Japan Hedged ETF	3.6	9	3	5.4	-2.6
UAE	iShares MSCI UAE ETF	3.5	59	-47	0.0	-8.0
FEP	First Trust Europe AlphaDEX Fund	3.5	80	-68	6.9	-1.1
RITA	ETFB Green SRI REITs ETF	3.3	50	-38	5.5	-2.5
EFAS	Global X MSCI SuperDividend EAFE ETF	3.3	57	-45	7.7	-0.3
JHID	John Hancock International High Dividend ETF	3.2	46	-34	8.3	+0.4
EFAD	ProShares MSCI EAFE Dividend Growers ETF	3.1	50	-38	5.4	-2.6
RAYJ	Rayliant SMDAM Japan Equity ETF	3.0	72	-60	3.2	-4.7
IEFA	iShares Core MSCI EAFE ETF	3.0	7	5	6.1	-1.9
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	3.0	12	0	4.3	-3.6
VSGX	Vanguard ESG International Stock ETF	2.9	10	2	6.6	-1.3
AVEE	Avantis Emerging Markets Small Cap Equity ETF	2.9	42	-30	8.5	+0.6
FKU	First Trust United Kingdom AlphaDEX Fund	2.9	80	-68	6.5	-1.4
INTF	iShares International Equity Factor ETF	2.9	15	-3	6.5	-1.4
EWJV	iShares MSCI Japan Value ETF	2.9	15	-3	7.3	-0.7
JPXN	iShares JPX-Nikkei 400 ETF	2.8	48	-36	5.7	-2.3
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	2.8	59	-47	7.4	-0.5
FDEV	Fidelity International Multifactor ETF	2.8	18	-6	6.6	-1.4
EFAV	iShares MSCI EAFE Min Vol Factor ETF	2.8	22	-10	5.6	-2.4
BBJP	JPMorgan BetaBuilders Japan ETF	2.8	19	-7	5.7	-2.2
IDEV	iShares Core MSCI International Developed Markets ETF	2.7	4	8	6.1	-1.9
EFV	iShares MSCI EAFE Value ETF	2.7	34	-22	7.7	-0.2
EIS	iShares MSCI Israel ETF	2.7	58	-46	6.1	-1.9
DISV	Dimensional International Small Cap Value ETF	2.6	42	-30	8.0	+0.0
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	2.6	40	-28	6.4	-1.6
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	2.6	58	-46	8.5	+0.5
DWM	WisdomTree International Equity Fund	2.6	48	-36	6.3	-1.6
DFIS	Dimensional International Small Cap ETF	2.5	39	-27	6.2	-1.8
AVDS	Avantis International Small Cap Equity ETF	2.5	30	-18	5.9	-2.0
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	2.5	39	-27	6.8	-1.2
DFEV	Dimensional Emerging Markets Value ETF	2.5	43	-31	10.3	+2.4
VEA	Vanguard FTSE Developed Markets ETF	2.5	3	9	6.1	-1.9
IQSI	IQ Candriam International Equity ETF	2.5	15	-3	5.6	-2.4
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	2.5	39	-27	5.8	-2.2
FEUZ	First Trust Eurozone AlphaDEX ETF	2.5	80	-68	6.5	-1.4
HFXI	IQ FTSE International Equity Currency Neutral ETF	2.5	20	-8	5.9	-2.0
SPDW	SPDR Portfolio Developed World ex-US ETF	2.4	3	9	6.0	-2.0
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	2.4	78	-66	8.5	+0.6
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	2.4	80	-68	7.3	-0.7
EWJ	iShares MSCI Japan ETF	2.4	50	-38	5.2	-2.8
IXUS	iShares Core MSCI Total International Stock ETF	2.4	7	5	6.7	-1.3
VXUS	Vanguard Total International Stock ETF	2.3	5	7	6.8	-1.2
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	2.3	47	-35	4.9	-3.1
WWJD	Inspire International ETF	2.2	80	-68	6.4	-1.6
FIDI	Fidelity International High Dividend ETF	2.2	18	-6	7.4	-0.6
TPIF	Timothy Plan International ETF	2.1	62	-50	5.4	-2.6
AVSE	Avantis Responsible Emerging Markets Equity ETF	2.1	33	-21	6.9	-1.1
SCHF	Schwab International Equity ETF	2.1	6	6	6.2	-1.8
GSID	Goldman Sachs MarketBeta International Equity ETF	2.1	20	-8	5.8	-2.1
XCNY	SPDR S&P Emerging Markets ex-China ETF	2.1	15	-3	6.2	-1.7
REAI	Intelligent Real Estate ETF	2.1	59	-47	14.0	+6.1
LVHI	Franklin International Low Volatility High Dividend Index ET	2.0	40	-28	9.1	+1.2
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	2.0	41	-29	7.0	-0.9
AVSD	Avantis Responsible International Equity ETF	2.0	23	-11	4.6	-3.3
CIL	VictoryShares International Volatility Wtd ETF	2.0	45	-33	5.7	-2.2
EFAX	SPDR MSCI EAFE Fossil Fuel Reserves Free ETF	1.9	20	-8	5.4	-2.5
VEU	Vanguard FTSE All-World ex-US Index Fund	1.9	4	8	6.8	-1.2
DEM	WisdomTree Emerging Markets High Dividend Fund	1.9	63	-51	11.8	+3.9
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	1.9	45	-33	7.4	-0.5
XC	WisdomTree Emerging Markets Ex-China Fund	1.9	32	-20	5.4	-2.5
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	1.9	14	-2	5.5	-2.5
ISRA	VanEck Israel ETF	1.9	59	-47	5.7	-2.3
FLAX	Franklin FTSE Asia Ex Japan ETF	1.9	19	-7	7.3	-0.6
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	1.9	67	-55	13.1	+5.2
BKIE	BNY Mellon International Equity ETF	1.9	4	8	6.0	-2.0
NUDM	Nuveen ESG International Developed Markets Equity ETF	1.8	31	-19	5.8	-2.2
EFA	iShares MSCI EAFE ETF	1.8	35	-23	5.8	-2.2
EMXF	iShares ESG Advanced MSCI EM ETF	1.8	16	-4	7.1	-0.9
EWS	iShares MSCI Singapore ETF	1.8	50	-38	4.2	-3.8
VWO	Vanguard FTSE Emerging Markets ETF	1.8	7	5	9.0	+1.0
AVES	Avantis Emerging Markets Value ETF	1.8	36	-24	9.4	+1.4
DFIV	Dimensional International Value ETF	1.7	27	-15	8.0	+0.1
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	1.7	38	-26	7.4	-0.5
SPEM	SPDR Portfolio Emerging Markets ETF	1.7	7	5	9.2	+1.2
INEQ	Columbia International Equity Income ETF	1.7	45	-33	7.5	-0.5
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	1.7	36	-24	5.8	-2.2
IQDF	FlexShares International Quality Dividend Index Fund	1.6	47	-35	7.5	-0.4
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	1.6	30	-18	6.6	-1.4
FSZ	First Trust Switzerland AlphaDEX Fund	1.6	80	-68	5.6	-2.3
EEMO	Invesco S&P Emerging Markets Momentum ETF	1.6	29	-17	6.8	-1.1
IVLU	iShares MSCI Intl Value Factor ETF	1.6	30	-18	8.7	+0.7
DFSI	Dimensional International Sustainability Core 1 ETF	1.6	24	-12	5.5	-2.5
EWK	iShares MSCI Belgium ETF	1.6	50	-38	4.0	-4.0
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	1.6	18	-6	6.4	-1.5
RFDI	First Trust Riverfront Dynamic Developed International ETF	1.6	83	-71	8.0	+0.0
XCEM	Columbia EM Core ex-China ETF	1.6	16	-4	6.5	-1.5
QEFA	SPDR MSCI EAFE StrategicFactors ETF	1.5	30	-18	6.0	-1.9
UEVM	VictoryShares Emerging Markets Value Momentum ETF	1.5	45	-33	9.3	+1.4
AAXJ	iShares MSCI All Country Asia ex Japan ETF	1.5	70	-58	7.1	-0.8
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	1.5	25	-13	5.6	-2.4
IQLT	iShares MSCI Intl Quality Factor ETF	1.5	30	-18	5.3	-2.6
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	1.5	58	-46	7.3	-0.7
IEMG	iShares Core MSCI Emerging Markets ETF	1.5	9	3	8.4	+0.5
FIVA	Fidelity International Value Factor ETF	1.5	18	-6	8.0	+0.1
AVDE	Avantis International Equity ETF	1.5	23	-11	6.3	-1.6
ESGD	iShares ESG Aware MSCI EAFE ETF	1.5	20	-8	5.7	-2.2
MEM	Matthews Emerging Markets Equity Active ETF	1.5	79	-67	6.3	-1.7
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	1.5	50	-38	9.1	+1.2
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	1.5	15	-3	6.5	-1.5
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	1.5	20	-8	5.6	-2.4
IEUR	iShares Core MSCI Europe ETF	1.5	11	1	6.3	-1.7
CRBN	iShares MSCI ACWI Low Carbon Target ETF	1.4	20	-8	4.8	-3.2
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	1.4	44	-32	9.3	+1.4
JHMD	John Hancock Multifactor Developed International ETF	1.4	39	-27	6.5	-1.5
DFIC	Dimensional International Core Equity 2 ETF	1.4	23	-11	6.3	-1.6
ACWX	iShares MSCI ACWI ex U.S. ETF	1.4	34	-22	6.4	-1.5
IDV	iShares International Select Dividend ETF	1.4	51	-39	9.4	+1.5
EWG	iShares MSCI Germany ETF	1.4	50	-38	5.8	-2.1
VYMI	Vanguard International High Dividend Yield ETF	1.4	17	-5	8.2	+0.2
VGK	Vanguard FTSE Europe ETF	1.4	6	6	6.4	-1.6
FGD	First Trust Dow Jones Global Select Dividend Index Fund	1.4	56	-44	10.0	+2.1
FLGR	Franklin FTSE Germany ETF	1.4	9	3	6.5	-1.5
PXH	Invesco FTSE RAFI Emerging Markets ETF	1.4	49	-37	13.4	+5.5
SPEU	SPDR Portfolio Europe ETF	1.4	7	5	6.3	-1.6
FLLA	Franklin FTSE Latin America ETF	1.4	19	-7	11.5	+3.5
LDEM	iShares ESG MSCI EM Leaders ETF	1.4	17	-5	11.2	+3.2
DFAE	Dimensional Emerging Core Equity Market ETF	1.4	35	-23	7.4	-0.6
DEXC	Dimensional Emerging Markets ex China Core EquityETF	1.3	53	-41	6.0	-1.9
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	1.3	39	-27	14.2	+6.3
EVLU	iShares MSCI Emerging Markets Value Factor ETF	1.3	35	-23	11.6	+3.6
BLES	Inspire Global Hope ETF	1.3	61	-49	6.0	-1.9
EWQ	iShares MSCI France ETF	1.3	53	-41	6.2	-1.8
SDIV	Global X Superdividend ETF	1.3	58	-46	15.3	+7.3
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	1.3	47	-35	6.9	-1.0
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	1.3	41	-29	6.4	-1.6
DXIV	Dimensional International Vector Equity ETF	1.3	34	-22	6.6	-1.3
DFAI	Dimensional International Core Equity Market ETF	1.3	18	-6	6.0	-1.9
SCHE	Schwab Emerging Markets Equity ETF	1.3	11	1	9.4	+1.4
CEFA	Global X S&P Catholic Values Developed ex-US ETF	1.3	35	-23	5.7	-2.2
ECON	Columbia Emerging Markets Consumer ETF	1.2	49	-37	9.9	+2.0
GXC	SPDR S & P China ETF	1.2	59	-47	14.2	+6.2
EUDV	ProShares MSCI Europe Dividend Growers ETF	1.2	55	-43	5.4	-2.5
INDA	iShares MSCI India ETF	1.2	65	-53	4.1	-3.9
AVEM	Avantis Emerging Markets Equity ETF	1.2	33	-21	7.2	-0.8
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	1.2	80	-68	9.3	+1.4
FLSW	Franklin FTSE Switzerland ETF	1.2	9	3	5.5	-2.5
FLCH	Franklin FTSE China ETF	1.2	19	-7	14.0	+6.0
JIRE	JPMorgan International Research Enhanced Equity ETF	1.2	24	-12	6.3	-1.7
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	1.2	24	-12	6.3	-1.7
EWW	iShares MSCI Mexico ETF	1.2	50	-38	7.9	-0.0
IDMO	Invesco S&P International Developed Momentum ETF	1.2	25	-13	5.1	-2.8
CWI	SPDR MSCI ACWI ex-US ETF	1.2	30	-18	6.4	-1.6
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	1.1	30	-18	8.0	+0.0
FLIN	Franklin FTSE India ETF	1.1	19	-7	3.6	-4.3
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	1.1	66	-54	7.6	-0.4
BKEM	BNY Mellon Emerging Markets Equity ETF	1.1	11	1	7.9	-0.1
FEOE	First Eagle Overseas Equity ETF	1.1	79	-67	5.9	-2.1
ROAM	Hartford Multifactor Emerging Markets ETF	1.1	44	-32	10.2	+2.2
ECNS	iShares MSCI China Small-Cap ETF	1.1	59	-47	8.8	+0.9
DIVI	Franklin International Core Dividend Tilt Index ETF	1.1	9	3	6.9	-1.1
EMXC	iShares MSCI Emerging Markets ex China ETF	1.1	25	-13	5.8	-2.2
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	1.1	36	-24	7.9	-0.1
DOL	WisdomTree International LargeCap Dividend Fund	1.1	48	-36	6.1	-1.9
AVXC	Avantis Emerging Markets Ex-China Equity ETF	1.1	33	-21	6.8	-1.2
EEM	iShares MSCI Emerging Markets ETF	1.1	69	-57	8.0	+0.0
FLMX	Franklin FTSE Mexico ETF	1.1	19	-7	8.6	+0.6
GLOF	iShares Global Equity Factor ETF	1.0	20	-8	5.9	-2.1
DAX	Global X DAX Germany ETF	1.0	21	-9	6.3	-1.7
GSIE	Goldman Sachs ActiveBeta International Equity ETF	1.0	25	-13	6.2	-1.8
FDEM	Fidelity Emerging Markets Multifactor ETF	1.0	25	-13	10.6	+2.7
MCHI	iShares MSCI China ETF	1.0	59	-47	15.1	+7.1
ASEA	Global X FTSE Southeast Asia ETF	1.0	65	-53	5.5	-2.5
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	1.0	45	-33	6.0	-2.0
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	1.0	15	-3	8.3	+0.4
DEW	WisdomTree Global High Dividend Fund	1.0	58	-46	7.5	-0.4
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	1.0	90	-78	4.3	-3.6
DFE	WisdomTree Europe SmallCap Dividend Fund	1.0	58	-46	7.2	-0.7
PPIE	Putnam PanAgora ESG International Equity ETF	1.0	49	-37	6.9	-1.1
AVDV	Avantis International Small Cap Value ETF	1.0	36	-24	7.7	-0.3
PIN	Invesco India ETF	0.9	78	-66	4.6	-3.4
BKF	iShares MSCI BIC ETF	0.9	69	-57	11.7	+3.7
EMGF	iShares Emerging Markets Equity Factor ETF	0.9	25	-13	9.3	+1.4
NUEM	Nuveen ESG Emerging Markets Equity ETF	0.9	36	-24	6.6	-1.4
FXI	iShares China Large-Cap ETF	0.9	74	-62	15.7	+7.8
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	0.9	9	3	8.3	+0.4
EWD	iShares MSCI Sweden ETF	0.9	54	-42	4.5	-3.4
FLGB	Franklin FTSE United Kingdom ETF	0.9	9	3	6.6	-1.3
FNDF	Schwab Fundamental International Large Co. Index ETF	0.9	25	-13	8.1	+0.2
EFG	iShares MSCI EAFE Growth ETF	0.9	36	-24	3.6	-4.3
AVIV	Avantis International Large Cap Value ETF	0.9	25	-13	7.4	-0.5
VIGI	Vanguard International Dividend Appreciation ETF	0.9	10	2	5.7	-2.3
VT	Vanguard Total World Stock ETF	0.9	6	6	5.1	-2.9
EWL	iShares MSCI Switzerland ETF	0.9	50	-38	5.1	-2.8
FLEE	Franklin FTSE Europe ETF	0.9	9	3	6.3	-1.7
IMTM	iShares MSCI Intl Momentum Factor ETF	0.8	30	-18	4.7	-3.3
GMF	SPDR S&P Emerging Asia Pacific ETF	0.8	49	-37	8.3	+0.3
EPI	WisdomTree India Earnings Fund	0.8	85	-73	4.4	-3.6
EMC	Global X Emerging Markets Great Consumer ETF	0.8	75	-63	6.9	-1.1
FENI	Fidelity Enhanced International ETF	0.8	28	-16	5.6	-2.4
EELV	Invesco S&P Emerging Markets Low Volatility ETF	0.8	29	-17	8.0	+0.0
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.8	33	-21	8.1	+0.1
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	0.8	80	-68	12.5	+4.5
FLN	First Trust Latin America AlphaDEX Fund	0.8	80	-68	10.1	+2.1
BKCI	BNY Mellon Concentrated International ETF	0.8	80	-68	4.5	-3.5
EZU	iShares MSCI Eurozone ETF	0.8	52	-40	5.7	-2.3
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	0.8	45	-33	8.3	+0.4
EMM	Global X Emerging Markets ex-China ETF	0.8	75	-63	5.5	-2.5
SMIN	iShares MSCI India Small Cap ETF	0.8	79	-67	3.4	-4.5
KOCG	FIS Knights of Columbus Global Belief ETF	0.8	75	-63	4.4	-3.6
QINT	American Century Quality Diversified International ETF	0.7	39	-27	6.1	-1.8
IMFL	Invesco International Developed Dynamic Multifactor ETF	0.7	34	-22	5.0	-2.9
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	0.7	32	-20	5.3	-2.7
MCH	Matthews China Active ETF	0.7	79	-67	12.4	+4.5
KSA	iShares MSCI Saudi Arabia ETF	0.7	74	-62	0.0	-8.0
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.7	30	-18	7.5	-0.5
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.7	32	-20	6.9	-1.0
EDIV	SPDR S&P Emerging Markets Dividend ETF	0.7	49	-37	8.6	+0.7
EPHE	iShares MSCI Philippines ETF	0.7	59	-47	0.0	-8.0
EEMA	iShares MSCI Emerging Markets Asia ETF	0.7	49	-37	7.8	-0.2
IEV	iShares Europe ETF	0.6	67	-55	5.8	-2.2
STXE	Strive Emerging Markets Ex-China ETF	0.6	32	-20	6.1	-1.9
CGDG	Capital Group Dividend Growers ETF	0.6	47	-35	5.3	-2.6
EWU	iShares MSCI United Kingdom ETF	0.6	50	-38	6.9	-1.1
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	0.6	46	-34	5.9	-2.1
KLMT	Invesco MSCI Global Climate 500 ETF	0.6	10	2	5.0	-3.0
ESGG	FlexShares STOXX Global ESG Select Index Fund	0.6	42	-30	4.7	-3.2
IGRO	iShares International Dividend Growth ETF	0.6	15	-3	6.3	-1.7
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	0.6	25	-13	6.4	-1.6
AIA	iShares Asia 50 ETF	0.6	50	-38	10.3	+2.4
SCHY	Schwab International Dividend Equity ETF	0.5	14	-2	8.8	+0.8
STXI	Strive International Developed Markets ETF	0.5	29	-17	5.6	-2.3
CGV	Conductor Global Equity Value ETF	0.5	130	-118	6.8	-1.1
JHEM	John Hancock Multifactor Emerging Markets ETF	0.5	49	-37	8.2	+0.2
FEGE	First Eagle Global Equity ETF	0.5	79	-67	5.6	-2.4
DFJ	WisdomTree Japan SmallCap Dividend Fund	0.5	58	-46	6.4	-1.5
FLSA	Franklin FTSE Saudi Arabia ETF	0.5	39	-27	0.0	-8.0
ACWI	iShares MSCI ACWI ETF	0.5	32	-20	4.7	-3.3
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.5	9	3	4.9	-3.1
ECH	iShares MSCI Chile ETF	0.5	58	-46	6.0	-2.0
RNEM	First Trust Emerging Markets Equity Select ETF	0.5	75	-63	7.8	-0.2
MJSC	MUFG Japan Small Cap Active ETF	0.5	85	-73	5.2	-2.8
VIDI	Vident International Equity Strategy ETF	0.4	61	-49	9.2	+1.2
URTH	iShares MSCI World ETF	0.4	24	-12	4.4	-3.6
UMMA	Wahed Dow Jones Islamic World ETF	0.4	65	-53	3.8	-4.1
ESGE	iShares ESG Aware MSCI EM ETF	0.4	25	-13	8.4	+0.4
DEHP	Dimensional Emerging Markets High Profitability ETF	0.4	41	-29	5.2	-2.8
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	0.4	32	-20	11.1	+3.2
FEM	First Trust Emerging Markets AlphaDEX Fund	0.4	80	-68	10.1	+2.2
ILF	iShares Latin America 40 ETF	0.4	48	-36	10.4	+2.5
BINV	Brandes International ETF	0.4	70	-58	8.2	+0.3
BBEU	JPMorgan BetaBuilders Europe ETF	0.4	9	3	6.2	-1.7
FJP	First Trust Japan AlphaDEX Fund	0.4	80	-68	7.2	-0.8
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	0.4	88	-76	7.3	-0.7
IQDG	WisdomTree International Quality Dividend Growth Fund	0.4	42	-30	6.0	-2.0
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	0.3	58	-46	5.8	-2.1
KOKU	Xtrackers MSCI Kokusai Equity ETF	0.3	9	3	4.5	-3.4
TOK	iShares MSCI Kokusai ETF	0.3	26	-14	4.3	-3.6
DIHP	Dimensional International High Profitability ETF	0.3	29	-17	5.8	-2.2
SRVR	Pacer Data & Infrastructure Real Estate ETF	0.3	55	-43	4.1	-3.9
DTCR	Global X Data Center & Digital Infrastructure ETF	0.3	50	-38	3.1	-4.9
AGNG	Global X Aging Population ETF	0.3	50	-38	4.0	-4.0
QWLD	SPDR MSCI World StrategicFactors ETF	0.3	30	-18	5.1	-2.8
NDIA	Global X India Active ETF	0.3	75	-63	4.9	-3.1
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	0.3	25	-13	5.9	-2.1
IPKW	Invesco International BuyBack Achievers ETF	0.3	55	-43	7.9	-0.0
GLBL	Pacer MSCI World Industry Advantage ETF	0.3	65	-53	3.5	-4.5
EFNL	iShares MSCI Finland ETF	0.2	56	-44	5.8	-2.2
QAT	iShares MSCI Qatar ETF	0.2	59	-47	35.0	+27.1
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	0.2	25	-13	5.4	-2.5
AFK	VanEck Africa Index ETF	0.2	98	-86	10.9	+3.0
ASHS	Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	0.2	65	-53	3.9	-4.1
FCA	First Trust China AlphaDEX Fund	0.2	80	-68	8.5	+0.6
EPU	iShares MSCI Peru and Global Exposure ETF	0.2	59	-47	4.2	-3.8
ANEW	ProShares MSCI Transformational Changes ETF	0.2	45	-33	4.5	-3.4
WLDR	Affinity World Leaders Equity ETF	0.2	67	-55	6.4	-1.6
FRDM	Freedom 100 Emerging Markets ETF	0.2	49	-37	5.9	-2.1
JSTC	Adasina Social Justice All Cap Global ETF	0.2	89	-77	4.2	-3.7
EWO	iShares MSCI Austria ETF	0.2	50	-38	7.9	-0.0
WTRE	WisdomTree New Economy Real Estate Fund	0.2	58	-46	4.8	-3.2
ENZL	iShares MSCI New Zealand ETF	0.2	50	-38	3.5	-4.4
ACWV	iShares MSCI Global Min Vol Factor ETF	0.2	20	-8	5.3	-2.6
DVYE	iShares Emerging Markets Dividend ETF	0.1	49	-37	16.6	+8.6
FPXE	First Trust IPOX Europe Equity Opportunities ETF	0.1	70	-58	3.3	-4.6
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.1	47	-35	5.8	-2.2
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	0.1	95	-83	10.2	+2.2
FLTW	Franklin FTSE Taiwan ETF	0.1	19	-7	5.0	-2.9
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	0.1	65	-53	6.2	-1.8
BRF	VanEck Brazil Small-Cap ETF	0.1	66	-54	10.9	+3.0
TUR	iShares MSCI Turkey ETF	0.1	58	-46	11.9	+3.9
IDHQ	Invesco S&P International Developed High Quality ETF	0.1	29	-17	5.3	-2.6
EIDO	iShares MSCI Indonesia ETF	0.1	59	-47	7.0	-0.9
IGPT	Invesco AI and Next Gen Software ETF	0.1	60	-48	3.3	-4.6
EYLD	Cambria Emerging Shareholder Yield ETF	0.1	66	-54	10.5	+2.6
CNYA	iShares MSCI China A ETF	0.1	60	-48	6.2	-1.8
EWZS	iShares MSCI Brazil Small-Cap ETF	0.1	59	-47	11.2	+3.2
EWN	iShares MSCI Netherlands ETF	0.1	50	-38	4.6	-3.4
IDX	VanEck Indonesia Index ETF	0.1	57	-45	6.6	-1.3
CUT	Invesco MSCI Global Timber ETF	0.1	61	-49	9.6	+1.7
GREK	Global X MSCI Greece ETF	0.1	57	-45	9.3	+1.4
EIRL	iShares MSCI Ireland ETF	0.1	50	-38	7.1	-0.9
ENOR	iShares MSCI Norway ETF	0.1	53	-41	9.3	+1.4
NORW	Global X MSCI Norway ETF	0.1	50	-38	9.5	+1.5
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	0.1	40	-28	6.1	-1.9
KBA	KraneShares Bosera MSCI China A 50 Connect Index ETF	0.0	55	-43	6.3	-1.6
FLBR	Franklin FTSE Brazil ETF	0.0	19	-7	13.5	+5.5

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

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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	7.0	%
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	1.63	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.