ETF Research Center

Vanguard Global ex-U.S. Real Estate ETF

ALTAR
Score™

8.7%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	12.6x	P/Sales ratio	2.1x
P/BV ratio	0.8x	Div. yield	4.6%

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)	$3,169
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	718
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	23.1 %
MITSUBISHI ESTATE CO LTD	3.4 %
GOODMAN GROUP	3.4 %
MITSUI FUDOSAN CO LTD	3.0 %
SUMITOMO REALTY & DEVELOPMNT	2.6 %
SUN HUNG KAI PROPERTIES	2.4 %
DEUTSCHE ANNINGTON IMMOBILIE	2.1 %
DAIWA HOUSE INDUSTRY CO LTD	1.8 %
EMAAR PROPERTIES PJSC	1.8 %
SWISS PRIME SITE-REG	1.3 %
SCENTRE GROUP	1.2 %

TOP COUNTRY EXPOSURE
	JAPAN	23.1 %
	HONG KONG	9.8 %
	AUSTRALIA	9.6 %
	SINGAPORE	5.4 %
	BRITAIN	5.2 %
	SWITZERLAND	3.2 %
	GERMANY	3.1 %
	UAE	2.9 %
	ISRAEL	2.7 %
	SWEDEN	2.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
10.6%	31.7%	2.6%	4.7%	4.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.39	34%
MSCI EAFE	0.65	69%
MSCI Emg. Mkts.	0.49	47%

Technical Indicators
Recent close	$44.26
30d moving avg.	$48.59
Annualized volatility	17.7%
Short interest (ETF)	1.0%
Relative strength (RSI)	35

Liquidity measures
Avg. volume (thou.)	406
Turnover	0.6%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$3,238

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 363 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™:

8.7%

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	62.8	48	-36	7.4	-1.3
RWX	SPDR Dow Jones International Real Estate ETF	39.6	59	-47	7.2	-1.5
ERET	iShares Environmentally Aware Real Estate ETF	35.9	30	-18	7.2	-1.4
VGSR	Vert Global Sustainable Real Estate ETF	28.0	47	-35	7.5	-1.1
AVRE	Avantis Real Estate ETF	27.4	17	-5	7.3	-1.4
RWO	SPDR Dow Jones Global Real Estate ETF	26.8	50	-38	6.7	-1.9
REET	iShares Global REIT ETF	24.6	14	-2	7.5	-1.2
DFGR	Dimensional Global Real Estate ETF	22.7	22	-10	7.5	-1.2
GQRE	FlexShares Global Quality Real Estate Index Fund	22.2	45	-33	7.8	-0.9
JIVE	JPMorgan International Value ETF	13.6	55	-43	9.1	+0.5
IDLV	Invesco S&P International Developed Low Volatility ETF	11.4	25	-13	6.4	-2.2
IQRA	IQ CBRE Real Assets ETF	10.8	65	-53	6.1	-2.6
SCZ	iShares MSCI EAFE Small-Cap ETF	9.5	40	-28	6.7	-2.0
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	8.8	80	-68	5.7	-3.0
SCJ	iShares MSCI Japan Small-Cap ETF	8.3	50	-38	6.2	-2.5
JPIN	J.P. Morgan Diversified Return International Equity ETF	8.3	37	-25	7.5	-1.2
ERTH	Invesco MSCI Sustainable Future ETF	8.2	62	-50	3.2	-5.5
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	8.1	19	-7	5.5	-3.1
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	8.1	49	-37	6.5	-2.2
DWX	SPDR S&P International Dividend ETF	7.7	45	-33	7.0	-1.7
DIM	WisdomTree International MidCap Dividend Fund	7.5	58	-46	6.7	-1.9
IEUS	iShares MSCI Europe Small-Cap ETF	7.4	42	-30	7.4	-1.2
EPP	iShares MSCI Pacific ex-Japan ETF	7.4	47	-35	5.2	-3.5
EWH	iShares MSCI Hong Kong ETF	7.1	50	-38	5.3	-3.4
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	6.7	12	0	5.8	-2.9
FLAU	Franklin FTSE Australia ETF	6.5	9	3	6.1	-2.5
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	6.5	8	4	6.8	-1.9
SCHC	Schwab International Small-Cap Equity ETF	6.4	11	1	7.1	-1.6
FNDC	Schwab Fundamental International Small Co. Index ETF	6.1	39	-27	7.3	-1.3
DVYA	iShares Asia/Pacific Dividend ETF	5.8	49	-37	7.3	-1.4
IPAC	iShares Core MSCI Pacific ETF	5.4	9	3	6.0	-2.7
INDS	Pacer Industrial Real Estate ETF	5.4	55	-43	6.7	-2.0
DTRE	First Trust Alerian Disruptive Technology Real Estate ETF	5.4	60	-48	5.9	-2.8
GWX	SPDR S&P International Small Cap ETF	5.4	40	-28	6.3	-2.4
SDG	iShares MSCI Global Sustainable Development Goals ETF	5.4	49	-37	5.0	-3.7
UIVM	VictoryShares International Value Momentum ETF	5.4	35	-23	8.8	+0.2
BYRE	Principal Real Estate Active Opportunities ETF	5.3	65	-53	7.5	-1.2
DTH	WisdomTree International High Dividend Fund	5.1	58	-46	7.7	-0.9
AIVI	WisdomTree International AI Enhanced Value Fund	5.0	58	-46	6.8	-1.9
GVAL	Cambria Global Value ETF	4.8	68	-56	9.8	+1.2
ISCF	iShares International SmallCap Equity Factor ETF	4.7	23	-11	7.8	-0.9
RCGE	RockCreek Global Equality ETF	4.6	95	-83	6.6	-2.1
EWA	iShares MSCI Australia ETF	4.6	50	-38	5.5	-3.1
DWMF	WisdomTree International Multifactor Fund	4.5	38	-26	6.9	-1.7
SPRE	SP Funds S&P Global REIT Sharia ETF	4.4	55	-43	5.7	-2.9
EEMS	iShares MSCI Emerging Markets Small Cap ETF	4.4	70	-58	6.9	-1.7
FID	First Trust S&P International Dividend Aristocrats ETF	4.3	60	-48	8.3	-0.4
VPL	Vanguard FTSE Pacific ETF	4.3	7	5	6.0	-2.7
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	4.2	32	-20	5.5	-3.2
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	4.1	24	-12	7.3	-1.4
WDIV	SPDR S&P Global Dividend ETF	4.1	40	-28	9.6	+1.0
VWID	Virtus WMC International Dividend ETF	3.8	49	-37	7.8	-0.8
BLDG	Cambria Global Real Estate ETF	3.8	60	-48	11.9	+3.2
DMXF	iShares ESG Advanced MSCI EAFE ETF	3.8	12	0	5.5	-3.2
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	3.7	29	-17	7.4	-1.3
EWX	SPDR S&P Emerging Markets Small Cap ETF	3.6	65	-53	7.1	-1.5
EFAS	Global X MSCI SuperDividend EAFE ETF	3.6	57	-45	7.7	-0.9
WSML	iShares MSCI World Small-Cap ETF	3.6	15	-3	6.0	-2.7
DLS	WisdomTree International SmallCap Dividend Fund	3.6	58	-46	7.9	-0.7
FLJP	Franklin FTSE Japan ETF	3.6	9	3	6.0	-2.7
FLJH	Franklin FTSE Japan Hedged ETF	3.6	9	3	5.8	-2.9
EWUS	iShares MSCI United Kingdom Small Cap ETF	3.5	59	-47	7.9	-0.7
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	3.5	80	-68	7.9	-0.7
RITA	ETFB Green SRI REITs ETF	3.3	50	-38	5.9	-2.7
EFAD	ProShares MSCI EAFE Dividend Growers ETF	3.3	50	-38	6.1	-2.6
JHID	John Hancock International High Dividend ETF	3.2	46	-34	8.5	-0.2
FEP	First Trust Europe AlphaDEX Fund	3.2	80	-68	7.5	-1.1
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	3.1	12	0	4.9	-3.8
EWJV	iShares MSCI Japan Value ETF	3.1	15	-3	7.6	-1.1
EFAV	iShares MSCI EAFE Min Vol Factor ETF	3.0	22	-10	5.8	-2.9
FDEV	Fidelity International Multifactor ETF	3.0	18	-6	7.5	-1.2
IEFA	iShares Core MSCI EAFE ETF	3.0	7	5	6.6	-2.1
RAYJ	Rayliant SMDAM Japan Equity ETF	3.0	72	-60	3.4	-5.3
VSGX	Vanguard ESG International Stock ETF	2.9	10	2	7.4	-1.3
JPXN	iShares JPX-Nikkei 400 ETF	2.9	48	-36	6.0	-2.7
UAE	iShares MSCI UAE ETF	2.9	59	-47	0.0	-8.7
AVEE	Avantis Emerging Markets Small Cap Equity ETF	2.8	42	-30	8.2	-0.5
INTF	iShares International Equity Factor ETF	2.8	15	-3	7.0	-1.7
FGM	First Trust Germany AlphaDEX Fund	2.8	80	-68	5.5	-3.2
BBJP	JPMorgan BetaBuilders Japan ETF	2.8	19	-7	5.9	-2.8
EFV	iShares MSCI EAFE Value ETF	2.7	34	-22	8.2	-0.5
IDEV	iShares Core MSCI International Developed Markets ETF	2.7	4	8	6.5	-2.1
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	2.7	59	-47	9.5	+0.9
EIS	iShares MSCI Israel ETF	2.7	58	-46	6.5	-2.2
DISV	Dimensional International Small Cap Value ETF	2.7	42	-30	8.9	+0.2
FKU	First Trust United Kingdom AlphaDEX Fund	2.7	80	-68	7.8	-0.8
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	2.6	40	-28	6.1	-2.6
DFIS	Dimensional International Small Cap ETF	2.6	39	-27	6.7	-2.0
DWM	WisdomTree International Equity Fund	2.6	48	-36	6.0	-2.6
AVDS	Avantis International Small Cap Equity ETF	2.5	30	-18	6.6	-2.1
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	2.5	39	-27	7.6	-1.1
IQSI	IQ Candriam International Equity ETF	2.5	15	-3	6.1	-2.6
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	2.5	39	-27	6.6	-2.0
VEA	Vanguard FTSE Developed Markets ETF	2.5	3	9	6.6	-2.1
EWJ	iShares MSCI Japan ETF	2.5	50	-38	5.5	-3.1
HFXI	IQ FTSE International Equity Currency Neutral ETF	2.5	20	-8	6.3	-2.4
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	2.4	58	-46	8.9	+0.3
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	2.4	78	-66	10.3	+1.6
FEUZ	First Trust Eurozone AlphaDEX ETF	2.4	80	-68	7.2	-1.4
SPDW	SPDR Portfolio Developed World ex-US ETF	2.4	3	9	6.4	-2.2
IXUS	iShares Core MSCI Total International Stock ETF	2.3	7	5	7.2	-1.4
VXUS	Vanguard Total International Stock ETF	2.3	5	7	7.3	-1.4
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	2.3	47	-35	5.3	-3.4
DFEV	Dimensional Emerging Markets Value ETF	2.3	43	-31	10.8	+2.1
WWJD	Inspire International ETF	2.2	80	-68	6.8	-1.9
FIDI	Fidelity International High Dividend ETF	2.2	18	-6	7.5	-1.1
TPIF	Timothy Plan International ETF	2.1	62	-50	5.9	-2.7
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	2.1	80	-68	7.4	-1.3
GSID	Goldman Sachs MarketBeta International Equity ETF	2.1	20	-8	6.4	-2.3
AVSE	Avantis Responsible Emerging Markets Equity ETF	2.1	33	-21	7.6	-1.0
LVHI	Franklin International Low Volatility High Dividend Index ET	2.0	40	-28	7.8	-0.8
SCHF	Schwab International Equity ETF	2.0	6	6	6.6	-2.1
REAI	Intelligent Real Estate ETF	2.0	59	-47	6.1	-2.6
AVSD	Avantis Responsible International Equity ETF	2.0	23	-11	6.5	-2.1
EFAX	SPDR MSCI EAFE Fossil Fuel Reserves Free ETF	2.0	20	-8	6.1	-2.6
CIL	VictoryShares International Volatility Wtd ETF	2.0	45	-33	5.8	-2.9
XCNY	SPDR S&P Emerging Markets ex-China ETF	2.0	15	-3	6.4	-2.3
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	1.9	45	-33	7.5	-1.2
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	1.9	14	-2	5.8	-2.8
SRET	Global X SuperDividend REIT ETF	1.9	59	-47	13.3	+4.7
VEU	Vanguard FTSE All-World ex-US Index Fund	1.9	4	8	7.4	-1.3
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	1.9	41	-29	7.7	-1.0
XC	WisdomTree Emerging Markets Ex-China Fund	1.9	32	-20	6.6	-2.1
FLAX	Franklin FTSE Asia Ex Japan ETF	1.9	19	-7	8.2	-0.5
BKIE	BNY Mellon International Equity ETF	1.9	4	8	6.5	-2.2
EFA	iShares MSCI EAFE ETF	1.8	35	-23	6.2	-2.4
NUDM	Nuveen ESG International Developed Markets Equity ETF	1.8	31	-19	6.1	-2.6
DEM	WisdomTree Emerging Markets High Dividend Fund	1.8	63	-51	11.4	+2.8
ISRA	VanEck Israel ETF	1.8	59	-47	6.0	-2.6
FJP	First Trust Japan AlphaDEX Fund	1.8	80	-68	8.0	-0.7
EWS	iShares MSCI Singapore ETF	1.8	50	-38	4.4	-4.3
DFIV	Dimensional International Value ETF	1.8	27	-15	8.3	-0.3
AVES	Avantis Emerging Markets Value ETF	1.8	36	-24	9.7	+1.0
VWO	Vanguard FTSE Emerging Markets ETF	1.7	7	5	9.9	+1.3
IVLU	iShares MSCI Intl Value Factor ETF	1.7	30	-18	8.8	+0.2
QEFA	SPDR MSCI EAFE StrategicFactors ETF	1.7	30	-18	6.4	-2.2
ESGD	iShares ESG Aware MSCI EAFE ETF	1.7	20	-8	6.3	-2.4
INEQ	Columbia International Equity Income ETF	1.7	45	-33	8.1	-0.5
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	1.7	36	-24	5.9	-2.8
DFSI	Dimensional International Sustainability Core 1 ETF	1.6	24	-12	6.1	-2.6
IQDF	FlexShares International Quality Dividend Index Fund	1.6	47	-35	8.3	-0.3
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	1.6	30	-18	7.0	-1.7
SPEM	SPDR Portfolio Emerging Markets ETF	1.6	7	5	10.3	+1.6
AAXJ	iShares MSCI All Country Asia ex Japan ETF	1.6	70	-58	8.0	-0.6
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	1.6	38	-26	7.9	-0.8
EEMO	Invesco S&P Emerging Markets Momentum ETF	1.6	29	-17	8.2	-0.4
IQLT	iShares MSCI Intl Quality Factor ETF	1.6	30	-18	5.9	-2.8
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	1.6	18	-6	7.0	-1.7
EMXF	iShares ESG Advanced MSCI EM ETF	1.6	16	-4	7.8	-0.9
XCEM	Columbia EM Core ex-China ETF	1.6	16	-4	5.9	-2.8
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	1.5	25	-13	6.1	-2.6
FIVA	Fidelity International Value Factor ETF	1.5	18	-6	8.2	-0.5
AVDE	Avantis International Equity ETF	1.5	23	-11	6.7	-1.9
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	1.5	58	-46	7.8	-0.9
MEM	Matthews Emerging Markets Equity Active ETF	1.5	79	-67	9.7	+1.0
CRBN	iShares MSCI ACWI Low Carbon Target ETF	1.5	20	-8	5.2	-3.4
UEVM	VictoryShares Emerging Markets Value Momentum ETF	1.5	45	-33	10.1	+1.4
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	1.5	50	-38	9.2	+0.5
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	1.5	15	-3	10.0	+1.3
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	1.5	20	-8	6.0	-2.6
IEUR	iShares Core MSCI Europe ETF	1.5	11	1	6.9	-1.7
FGD	First Trust Dow Jones Global Select Dividend Index Fund	1.5	56	-44	10.4	+1.7
IDV	iShares International Select Dividend ETF	1.5	51	-39	9.6	+1.0
IEMG	iShares Core MSCI Emerging Markets ETF	1.5	9	3	9.2	+0.6
DFIC	Dimensional International Core Equity 2 ETF	1.4	23	-11	6.7	-1.9
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	1.4	44	-32	9.9	+1.2
JHMD	John Hancock Multifactor Developed International ETF	1.4	39	-27	6.7	-2.0
EWK	iShares MSCI Belgium ETF	1.4	50	-38	4.4	-4.2
RFDI	First Trust Riverfront Dynamic Developed International ETF	1.4	83	-71	8.3	-0.4
ACWX	iShares MSCI ACWI ex U.S. ETF	1.4	34	-22	7.0	-1.6
VEXC	Vanguard Emerging Markets Ex-China ETF	1.4	7	5	6.5	-2.2
VGK	Vanguard FTSE Europe ETF	1.4	6	6	7.1	-1.5
EWG	iShares MSCI Germany ETF	1.4	50	-38	6.5	-2.2
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	1.4	67	-55	13.1	+4.4
FLLA	Franklin FTSE Latin America ETF	1.4	19	-7	10.9	+2.2
FLGR	Franklin FTSE Germany ETF	1.4	9	3	7.1	-1.6
VYMI	Vanguard International High Dividend Yield ETF	1.4	17	-5	8.7	+0.0
SPEU	SPDR Portfolio Europe ETF	1.4	7	5	7.0	-1.7
PXH	Invesco FTSE RAFI Emerging Markets ETF	1.4	49	-37	14.5	+5.9
EWQ	iShares MSCI France ETF	1.3	53	-41	7.0	-1.6
EWW	iShares MSCI Mexico ETF	1.3	50	-38	8.8	+0.2
DFAI	Dimensional International Core Equity Market ETF	1.3	18	-6	6.5	-2.2
CEFA	Global X S&P Catholic Values Developed ex-US ETF	1.3	35	-23	6.2	-2.5
BLES	Inspire Global Hope ETF	1.3	61	-49	6.3	-2.4
DXIV	Dimensional International Vector Equity ETF	1.3	34	-22	7.1	-1.6
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	1.3	47	-35	8.2	-0.4
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	1.3	41	-29	6.7	-2.0
INDA	iShares MSCI India ETF	1.3	65	-53	4.7	-4.0
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	1.3	39	-27	14.8	+6.1
GXC	SPDR S & P China ETF	1.3	59	-47	18.0	+9.4
DFAE	Dimensional Emerging Core Equity Market ETF	1.3	35	-23	7.9	-0.8
VIGI	Vanguard International Dividend Appreciation ETF	1.2	10	2	6.5	-2.2
ECON	Columbia Emerging Markets Consumer ETF	1.2	49	-37	7.8	-0.8
LDEM	iShares ESG MSCI EM Leaders ETF	1.2	17	-5	13.0	+4.4
IMTM	iShares MSCI Intl Momentum Factor ETF	1.2	30	-18	5.2	-3.5
AVEM	Avantis Emerging Markets Equity ETF	1.2	33	-21	8.0	-0.6
EUDV	ProShares MSCI Europe Dividend Growers ETF	1.2	55	-43	6.0	-2.7
DEXC	Dimensional Emerging Markets ex China Core EquityETF	1.2	53	-41	6.0	-2.6
FLSW	Franklin FTSE Switzerland ETF	1.2	9	3	6.2	-2.5
JIRE	JPMorgan International Research Enhanced Equity ETF	1.2	24	-12	6.3	-2.3
FLCH	Franklin FTSE China ETF	1.2	19	-7	17.3	+8.6
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	1.2	24	-12	6.3	-2.3
FEOE	First Eagle Overseas Equity ETF	1.2	79	-67	6.7	-2.0
IDMO	Invesco S&P International Developed Momentum ETF	1.2	25	-13	5.7	-2.9
SCHE	Schwab Emerging Markets Equity ETF	1.2	11	1	10.2	+1.6
CWI	SPDR MSCI ACWI ex-US ETF	1.1	30	-18	7.1	-1.6
FLIN	Franklin FTSE India ETF	1.1	19	-7	4.2	-4.4
ECNS	iShares MSCI China Small-Cap ETF	1.1	59	-47	8.5	-0.1
EVLU	iShares MSCI Emerging Markets Value Factor ETF	1.1	35	-23	12.3	+3.7
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	1.1	66	-54	8.2	-0.4
BKEM	BNY Mellon Emerging Markets Equity ETF	1.1	11	1	8.9	+0.3
ROAM	Hartford Multifactor Emerging Markets ETF	1.1	44	-32	8.5	-0.1
DIVI	Franklin International Core Dividend Tilt Index ETF	1.1	9	3	7.2	-1.5
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	1.1	36	-24	8.6	-0.0
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	1.1	80	-68	9.6	+0.9
DOL	WisdomTree International LargeCap Dividend Fund	1.1	48	-36	6.2	-2.4
AVXC	Avantis Emerging Markets Ex-China Equity ETF	1.1	33	-21	7.2	-1.5
FLMX	Franklin FTSE Mexico ETF	1.1	19	-7	9.3	+0.6
DAX	Global X DAX Germany ETF	1.1	21	-9	6.7	-1.9
MCHI	iShares MSCI China ETF	1.0	59	-47	19.5	+10.9
GSIE	Goldman Sachs ActiveBeta International Equity ETF	1.0	25	-13	6.6	-2.0
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	1.0	30	-18	9.2	+0.5
GLOF	iShares Global Equity Factor ETF	1.0	20	-8	6.2	-2.5
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	1.0	45	-33	6.2	-2.4
FDEM	Fidelity Emerging Markets Multifactor ETF	1.0	25	-13	11.5	+2.8
FRGN	Horizon International Equity ETF	1.0	75	-63	8.9	+0.3
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	1.0	15	-3	9.0	+0.4
FXI	iShares China Large-Cap ETF	1.0	74	-62	20.5	+11.8
DEW	WisdomTree Global High Dividend Fund	1.0	58	-46	7.6	-1.0
ASEA	Global X FTSE Southeast Asia ETF	1.0	65	-53	5.6	-3.0
EWL	iShares MSCI Switzerland ETF	1.0	50	-38	5.9	-2.7
BKF	iShares MSCI BIC ETF	1.0	69	-57	14.4	+5.8
PPIE	Putnam PanAgora ESG International Equity ETF	1.0	49	-37	7.0	-1.6
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	1.0	90	-78	4.5	-4.1
EEM	iShares MSCI Emerging Markets ETF	0.9	69	-57	9.0	+0.3
AVDV	Avantis International Small Cap Value ETF	0.9	36	-24	8.5	-0.2
PIN	Invesco India ETF	0.9	78	-66	4.9	-3.8
DFE	WisdomTree Europe SmallCap Dividend Fund	0.9	58	-46	8.1	-0.6
EMXC	iShares MSCI Emerging Markets ex China ETF	0.9	25	-13	6.1	-2.6
NUEM	Nuveen ESG Emerging Markets Equity ETF	0.9	36	-24	6.8	-1.8
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	0.9	9	3	7.9	-0.7
EWD	iShares MSCI Sweden ETF	0.9	54	-42	5.5	-3.2
FLGB	Franklin FTSE United Kingdom ETF	0.9	9	3	7.2	-1.5
FSZ	First Trust Switzerland AlphaDEX Fund	0.9	80	-68	5.4	-3.3
FNDF	Schwab Fundamental International Large Co. Index ETF	0.9	25	-13	8.2	-0.5
VT	Vanguard Total World Stock ETF	0.9	6	6	5.5	-3.1
AVIV	Avantis International Large Cap Value ETF	0.9	25	-13	7.5	-1.2
EFG	iShares MSCI EAFE Growth ETF	0.9	36	-24	4.1	-4.5
FLEE	Franklin FTSE Europe ETF	0.9	9	3	6.8	-1.8
QINT	American Century Quality Diversified International ETF	0.8	39	-27	7.2	-1.4
GMF	SPDR S&P Emerging Asia Pacific ETF	0.8	49	-37	9.5	+0.9
EPI	WisdomTree India Earnings Fund	0.8	85	-73	5.2	-3.4
EMGF	iShares Emerging Markets Equity Factor ETF	0.8	25	-13	10.2	+1.6
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.8	30	-18	8.6	-0.1
FENI	Fidelity Enhanced International ETF	0.8	28	-16	6.3	-2.3
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.8	33	-21	7.7	-0.9
FLN	First Trust Latin America AlphaDEX Fund	0.8	80	-68	10.3	+1.6
FRDM	Freedom 100 Emerging Markets ETF	0.8	49	-37	6.6	-2.1
BKCI	BNY Mellon Concentrated International ETF	0.8	80	-68	5.3	-3.4
EELV	Invesco S&P Emerging Markets Low Volatility ETF	0.8	29	-17	8.9	+0.3
SMIN	iShares MSCI India Small Cap ETF	0.8	79	-67	3.8	-4.8
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	0.8	45	-33	9.2	+0.5
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	0.8	80	-68	12.3	+3.6
EZU	iShares MSCI Eurozone ETF	0.8	52	-40	6.2	-2.4
KOCG	FIS Knights of Columbus Global Belief ETF	0.8	75	-63	4.3	-4.3
IMFL	Invesco International Developed Dynamic Multifactor ETF	0.7	34	-22	5.5	-3.1
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	0.7	32	-20	5.6	-3.1
MCH	Matthews China Active ETF	0.7	79	-67	15.6	+6.9
AIA	iShares Asia 50 ETF	0.7	50	-38	9.6	+0.9
EDIV	SPDR S&P Emerging Markets Dividend ETF	0.7	49	-37	9.3	+0.7
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.7	32	-20	8.5	-0.2
EEMA	iShares MSCI Emerging Markets Asia ETF	0.7	49	-37	8.7	+0.0
EMC	Global X Emerging Markets Great Consumer ETF	0.7	75	-63	8.2	-0.5
KSA	iShares MSCI Saudi Arabia ETF	0.7	74	-62	0.0	-8.7
EMM	Global X Emerging Markets ex-China ETF	0.7	75	-63	5.7	-3.0
SCHY	Schwab International Dividend Equity ETF	0.6	14	-2	8.6	-0.0
IEV	iShares Europe ETF	0.6	67	-55	6.4	-2.2
CGDG	Capital Group Dividend Growers ETF	0.6	47	-35	5.4	-3.2
IGRO	iShares International Dividend Growth ETF	0.6	15	-3	7.2	-1.5
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	0.6	46	-34	6.0	-2.6
KLMT	Invesco MSCI Global Climate 500 ETF	0.6	10	2	5.5	-3.2
ESGG	FlexShares STOXX Global ESG Select Index Fund	0.6	42	-30	4.6	-4.0
EPHE	iShares MSCI Philippines ETF	0.6	59	-47	0.0	-8.7
FEGE	First Eagle Global Equity ETF	0.6	79	-67	6.4	-2.3
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	0.6	25	-13	6.9	-1.7
EWU	iShares MSCI United Kingdom ETF	0.6	50	-38	7.5	-1.1
ECH	iShares MSCI Chile ETF	0.6	58	-46	7.8	-0.8
STXI	Strive International Developed Markets ETF	0.6	29	-17	6.2	-2.5
CGV	Conductor Global Equity Value ETF	0.6	130	-118	8.0	-0.6
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	0.5	25	-13	6.9	-1.7
JHEM	John Hancock Multifactor Emerging Markets ETF	0.5	49	-37	8.5	-0.1
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.5	9	3	5.4	-3.3
ACWI	iShares MSCI ACWI ETF	0.5	32	-20	5.2	-3.5
DFJ	WisdomTree Japan SmallCap Dividend Fund	0.5	58	-46	7.1	-1.6
FLSA	Franklin FTSE Saudi Arabia ETF	0.5	39	-27	0.0	-8.7
STXE	Strive Emerging Markets Ex-China ETF	0.5	32	-20	6.4	-2.3
MJSC	MUFG Japan Small Cap Active ETF	0.5	85	-73	5.3	-3.4
URTH	iShares MSCI World ETF	0.5	24	-12	4.8	-3.9
VIDI	Vident International Equity Strategy ETF	0.4	61	-49	9.1	+0.5
RNEM	First Trust Emerging Markets Equity Select ETF	0.4	75	-63	8.3	-0.4
ESGE	iShares ESG Aware MSCI EM ETF	0.4	25	-13	9.4	+0.8
FEM	First Trust Emerging Markets AlphaDEX Fund	0.4	80	-68	9.7	+1.0
DIHP	Dimensional International High Profitability ETF	0.4	29	-17	6.1	-2.6
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	0.4	32	-20	13.8	+5.2
DEHP	Dimensional Emerging Markets High Profitability ETF	0.4	41	-29	5.6	-3.0
ILF	iShares Latin America 40 ETF	0.4	48	-36	9.9	+1.3
BINV	Brandes International ETF	0.4	70	-58	9.2	+0.5
BBEU	JPMorgan BetaBuilders Europe ETF	0.4	9	3	6.7	-1.9
UMMA	Wahed Dow Jones Islamic World ETF	0.4	65	-53	4.2	-4.4
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	0.4	88	-76	8.8	+0.1
IQDG	WisdomTree International Quality Dividend Growth Fund	0.4	42	-30	6.2	-2.5
TOK	iShares MSCI Kokusai ETF	0.3	26	-14	4.7	-3.9
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	0.3	58	-46	5.8	-2.8
KOKU	Xtrackers MSCI Kokusai Equity ETF	0.3	9	3	4.8	-3.8
SRVR	Pacer Data & Infrastructure Real Estate ETF	0.3	55	-43	4.0	-4.6
DTCR	Global X Data Center & Digital Infrastructure ETF	0.3	50	-38	4.2	-4.5
AGNG	Global X Aging Population ETF	0.3	50	-38	4.3	-4.3
GLBL	Pacer MSCI World Industry Advantage ETF	0.3	65	-53	3.9	-4.8
QWLD	SPDR MSCI World StrategicFactors ETF	0.3	30	-18	5.5	-3.2
IPKW	Invesco International BuyBack Achievers ETF	0.3	55	-43	8.5	-0.2
EPU	iShares MSCI Peru and Global Exposure ETF	0.3	59	-47	5.0	-3.7
QAT	iShares MSCI Qatar ETF	0.2	59	-47	42.4	+33.7
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	0.2	25	-13	5.8	-2.9
ASHS	Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	0.2	65	-53	4.8	-3.9
FCA	First Trust China AlphaDEX Fund	0.2	80	-68	7.2	-1.5
NDIA	Global X India Active ETF	0.2	75	-63	5.1	-3.5
AFK	VanEck Africa Index ETF	0.2	98	-86	11.7	+3.0
ANEW	ProShares MSCI Transformational Changes ETF	0.2	45	-33	4.8	-3.9
WLDR	Affinity World Leaders Equity ETF	0.2	67	-55	6.8	-1.8
ACWV	iShares MSCI Global Min Vol Factor ETF	0.2	20	-8	5.8	-2.9
SDIV	Global X Superdividend ETF	0.2	58	-46	13.9	+5.2
JSTC	Adasina Social Justice All Cap Global ETF	0.2	89	-77	4.9	-3.7
EFNL	iShares MSCI Finland ETF	0.2	56	-44	6.4	-2.3
ENZL	iShares MSCI New Zealand ETF	0.2	50	-38	4.0	-4.6
EWO	iShares MSCI Austria ETF	0.2	50	-38	9.0	+0.3
WTRE	WisdomTree New Economy Real Estate Fund	0.2	58	-46	-0.3	-8.9
DVYE	iShares Emerging Markets Dividend ETF	0.1	49	-37	17.9	+9.3
IVSI	Applied Finance IVS International LrgETF	0.1	65	-53	6.6	-2.0
EWZS	iShares MSCI Brazil Small-Cap ETF	0.1	59	-47	11.7	+3.1
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.1	47	-35	5.2	-3.5
FPXE	First Trust IPOX Europe Equity Opportunities ETF	0.1	70	-58	4.4	-4.2
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	0.1	95	-83	11.2	+2.6
BRF	VanEck Brazil Small-Cap ETF	0.1	66	-54	11.3	+2.6
FLTW	Franklin FTSE Taiwan ETF	0.1	19	-7	4.8	-3.8
AQLT	iShares MSCI Global Quality Factor ETF	0.1	18	-6	0.0	-8.7
IDHQ	Invesco S&P International Developed High Quality ETF	0.1	29	-17	6.0	-2.6
TUR	iShares MSCI Turkey ETF	0.1	58	-46	12.8	+4.1
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	0.1	65	-53	6.5	-2.1
CUT	Invesco MSCI Global Timber ETF	0.1	61	-49	8.6	-0.1
IGPT	Invesco AI and Next Gen Software ETF	0.1	60	-48	3.7	-5.0
EYLD	Cambria Emerging Shareholder Yield ETF	0.1	66	-54	10.2	+1.5
EIDO	iShares MSCI Indonesia ETF	0.1	59	-47	8.6	-0.0
EWN	iShares MSCI Netherlands ETF	0.1	50	-38	5.2	-3.4
CNYA	iShares MSCI China A ETF	0.1	60	-48	6.7	-2.0
IDX	VanEck Indonesia Index ETF	0.1	57	-45	8.0	-0.6
EIRL	iShares MSCI Ireland ETF	0.1	50	-38	8.1	-0.5
GREK	Global X MSCI Greece ETF	0.1	57	-45	10.7	+2.0
ENOR	iShares MSCI Norway ETF	0.1	53	-41	7.7	-1.0
NORW	Global X MSCI Norway ETF	0.1	50	-38	7.6	-1.1
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	0.1	40	-28	7.0	-1.7
KBA	KraneShares Bosera MSCI China A 50 Connect Index ETF	0.0	55	-43	7.0	-1.7
FLBR	Franklin FTSE Brazil ETF	0.0	19	-7	11.9	+3.3
BRAZ	Global X Brazil Active ETF	0.0	75	-63	10.2	+1.5

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%.

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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	8.7	%

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.