ETF Research Center

Vanguard Global ex-U.S. Real Estate ETF

ALTAR
Score™

8.3%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	13.3x	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)	$3,323
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	721
Wgt avg mkt cap (mns)	$10,411
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	22.1 %
GOODMAN GROUP	3.6 %
MITSUI FUDOSAN CO LTD	3.0 %
MITSUBISHI ESTATE CO LTD	2.5 %
DEUTSCHE ANNINGTON IMMOBILIE	2.3 %
EMAAR PROPERTIES PJSC	2.2 %
SUMITOMO REALTY & DEVELOPMNT	2.1 %
DAIWA HOUSE INDUSTRY CO LTD	1.9 %
SUN HUNG KAI PROPERTIES	1.9 %
LINK REIT	1.3 %
SCENTRE GROUP	1.3 %

TOP COUNTRY EXPOSURE
	JAPAN	22.1 %
	AUSTRALIA	10.3 %
	HONG KONG	9.4 %
	BRITAIN	5.4 %
	SINGAPORE	5.2 %
	UAE	3.4 %
	GERMANY	3.4 %
	SWITZERLAND	2.7 %
	SWEDEN	2.7 %
	INDIA	2.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
19.2%	8.0%	2.4%	2.2%	3.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.82	36%
MSCI EAFE	0.87	53%
MSCI Emg. Mkts.	0.78	50%

Technical Indicators
Recent close	$46.90
30d moving avg.	$47.57
Annualized volatility	17.7%
Short interest (ETF)	1.1%
Relative strength (RSI)	51

Liquidity measures
Avg. volume (thou.)	214
Turnover	0.3%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$3,238

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 366 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™:

8.3%

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	70.9	10	2	6.8	-1.6
IFGL	iShares International Developed Real Estate ETF	61.8	48	-36	7.0	-1.3
RWX	SPDR Dow Jones International Real Estate ETF	39.5	59	-47	7.0	-1.4
ERET	iShares Environmentally Aware Real Estate ETF	36.8	30	-18	7.3	-1.0
VGSR	Vert Global Sustainable Real Estate ETF	29.4	47	-35	7.8	-0.6
RWO	SPDR Dow Jones Global Real Estate ETF	27.9	50	-38	7.0	-1.3
AVRE	Avantis Real Estate ETF	25.8	17	-5	7.4	-0.9
REET	iShares Global REIT ETF	25.3	14	-2	7.7	-0.7
DFGR	Dimensional Global Real Estate ETF	24.5	22	-10	7.8	-0.5
GQRE	FlexShares Global Quality Real Estate Index Fund	22.4	45	-33	8.0	-0.3
IQRA	IQ CBRE Real Assets ETF	11.8	65	-53	5.7	-2.6
IDLV	Invesco S&P International Developed Low Volatility ETF	11.7	25	-13	6.6	-1.8
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	9.6	19	-7	5.6	-2.8
SCZ	iShares MSCI EAFE Small-Cap ETF	9.6	40	-28	7.0	-1.3
DIM	WisdomTree International MidCap Dividend Fund	9.2	58	-46	7.2	-1.1
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	9.0	80	-68	6.1	-2.2
SCJ	iShares MSCI Japan Small-Cap ETF	8.9	50	-38	6.8	-1.6
DWX	SPDR S&P International Dividend ETF	8.9	45	-33	7.3	-1.1
ERTH	Invesco MSCI Sustainable Future ETF	8.3	62	-50	3.5	-4.8
JPIN	J.P. Morgan Diversified Return International Equity ETF	8.3	37	-25	7.9	-0.4
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	8.1	49	-37	7.0	-1.3
IEUS	iShares MSCI Europe Small-Cap ETF	7.7	42	-30	7.5	-0.8
EPP	iShares MSCI Pacific ex-Japan ETF	7.6	47	-35	5.4	-3.0
FLHK	Franklin FTSE Hong Kong ETF	7.5	9	3	4.3	-4.0
FLAU	Franklin FTSE Australia ETF	7.5	9	3	6.4	-1.9
SCHC	Schwab International Small-Cap Equity ETF	6.9	11	1	7.7	-0.6
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	6.7	8	4	7.4	-0.9
FNDC	Schwab Fundamental International Small Co. Index ETF	6.5	39	-27	5.8	-2.5
EWH	iShares MSCI Hong Kong ETF	6.5	50	-38	5.2	-3.2
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	6.0	12	0	6.0	-2.4
GWX	SPDR S&P International Small Cap ETF	5.7	40	-28	6.9	-1.4
DTRE	First Trust Alerian Disruptive Technology Real Estate ETF	5.4	60	-48	6.0	-2.3
IPAC	iShares Core MSCI Pacific ETF	5.4	9	3	6.2	-2.1
SDG	iShares MSCI Global Sustainable Development Goals ETF	5.4	49	-37	5.1	-3.3
EWA	iShares MSCI Australia ETF	5.4	50	-38	6.1	-2.3
INDS	Pacer Industrial Real Estate ETF	5.4	55	-43	6.8	-1.5
DVYA	iShares Asia/Pacific Dividend ETF	4.9	49	-37	7.5	-0.9
ISCF	iShares International SmallCap Equity Factor ETF	4.9	23	-11	8.3	-0.1
GVAL	Cambria Global Value ETF	4.8	68	-56	10.7	+2.4
SRET	Global X SuperDividend REIT ETF	4.8	59	-47	12.3	+4.0
RCGE	RockCreek Global Equality ETF	4.8	95	-83	6.8	-1.6
DTH	WisdomTree International High Dividend Fund	4.8	58	-46	8.1	-0.3
VPL	Vanguard FTSE Pacific ETF	4.7	7	5	6.5	-1.8
SPRE	SP Funds S&P Global REIT Sharia ETF	4.7	55	-43	6.3	-2.1
AIVI	WisdomTree International AI Enhanced Value Fund	4.5	58	-46	6.9	-1.4
FID	First Trust S&P International Dividend Aristocrats ETF	4.4	60	-48	7.6	-0.7
WDIV	SPDR S&P Global Dividend ETF	4.4	40	-28	9.0	+0.6
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	4.2	58	-46	8.8	+0.5
EWJV	iShares MSCI Japan Value ETF	4.2	15	-3	8.2	-0.2
BLDG	Cambria Global Real Estate ETF	4.0	60	-48	11.7	+3.4
DMXF	iShares ESG Advanced MSCI EAFE ETF	3.9	12	0	5.4	-2.9
FLJP	Franklin FTSE Japan ETF	3.9	9	3	5.9	-2.4
FLJH	Franklin FTSE Japan Hedged ETF	3.9	9	3	5.8	-2.5
EWX	SPDR S&P Emerging Markets Small Cap ETF	3.7	65	-53	8.0	-0.3
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	3.7	80	-68	9.7	+1.3
EWUS	iShares MSCI United Kingdom Small Cap ETF	3.7	59	-47	7.8	-0.6
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	3.7	78	-66	9.1	+0.8
EEMS	iShares MSCI Emerging Markets Small Cap ETF	3.6	70	-58	7.7	-0.7
FEP	First Trust Europe AlphaDEX Fund	3.6	80	-68	8.3	-0.0
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	3.5	39	-27	7.8	-0.6
RITA	ETFB Green SRI REITs ETF	3.5	50	-38	5.8	-2.5
INEQ	Columbia International Equity Income ETF	3.4	45	-33	7.7	-0.7
UAE	iShares MSCI UAE ETF	3.4	59	-47	0.0	-8.3
DWM	WisdomTree International Equity Fund	3.3	48	-36	7.2	-1.2
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	3.3	40	-28	7.2	-1.2
UIVM	VictoryShares International Value Momentum ETF	3.3	35	-23	8.4	+0.1
JIVE	JPMorgan International Value ETF	3.2	55	-43	11.0	+2.7
EFAD	ProShares MSCI EAFE Dividend Growers ETF	3.2	50	-38	6.0	-2.4
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	3.2	12	0	5.2	-3.1
BBJP	JPMorgan BetaBuilders Japan ETF	3.1	19	-7	6.2	-2.1
EFV	iShares MSCI EAFE Value ETF	3.1	34	-22	8.7	+0.4
DLS	WisdomTree International SmallCap Dividend Fund	3.1	58	-46	8.3	-0.1
BLLD	JPMorgan Sustainable Infrastructure ETF	3.1	49	-37	5.9	-2.4
VSGX	Vanguard ESG International Stock ETF	3.0	10	2	7.6	-0.7
INTF	iShares International Equity Factor ETF	3.0	15	-3	7.5	-0.9
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	3.0	59	-47	8.7	+0.4
IEFA	iShares Core MSCI EAFE ETF	3.0	7	5	6.9	-1.5
HFXI	IQ FTSE International Equity Currency Neutral ETF	2.9	20	-8	6.7	-1.7
EFAV	iShares MSCI EAFE Min Vol Factor ETF	2.9	22	-10	5.9	-2.4
IQSI	IQ Candriam International Equity ETF	2.8	15	-3	6.3	-2.0
WWJD	Inspire International ETF	2.8	80	-68	7.2	-1.1
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	2.8	24	-12	7.3	-1.0
IDEV	iShares Core MSCI International Developed Markets ETF	2.8	4	8	6.8	-1.5
FKU	First Trust United Kingdom AlphaDEX Fund	2.8	80	-68	7.9	-0.5
FDEV	Fidelity International Multifactor ETF	2.7	18	-6	7.5	-0.8
JPXN	iShares JPX-Nikkei 400 ETF	2.7	48	-36	6.4	-1.9
EFAS	Global X MSCI SuperDividend EAFE ETF	2.7	57	-45	8.7	+0.4
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	2.7	58	-46	9.6	+1.3
DFIS	Dimensional International Small Cap ETF	2.7	39	-27	7.2	-1.1
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	2.6	47	-35	5.7	-2.6
VEA	Vanguard FTSE Developed Markets ETF	2.6	3	9	7.0	-1.4
DFEV	Dimensional Emerging Markets Value ETF	2.6	43	-31	12.1	+3.7
DISV	Dimensional International Small Cap Value ETF	2.6	42	-30	9.1	+0.7
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	2.6	29	-17	7.7	-0.7
FEUZ	First Trust Eurozone AlphaDEX ETF	2.5	80	-68	7.9	-0.4
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	2.5	39	-27	6.4	-1.9
AVDS	Avantis International Small Cap Equity ETF	2.5	30	-18	7.1	-1.2
SPDW	SPDR Portfolio Developed World ex-US ETF	2.5	3	9	6.8	-1.5
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	2.5	32	-20	6.0	-2.3
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	2.5	80	-68	8.8	+0.5
FIDI	Fidelity International High Dividend ETF	2.4	18	-6	8.3	-0.1
IXUS	iShares Core MSCI Total International Stock ETF	2.4	7	5	7.7	-0.7
VXUS	Vanguard Total International Stock ETF	2.4	5	7	7.8	-0.6
JHID	John Hancock International High Dividend ETF	2.4	46	-34	8.7	+0.4
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	2.4	14	-2	6.1	-2.3
EIS	iShares MSCI Israel ETF	2.4	58	-46	7.8	-0.5
EWJ	iShares MSCI Japan ETF	2.3	50	-38	5.7	-2.6
FLAX	Franklin FTSE Asia Ex Japan ETF	2.3	19	-7	8.5	+0.2
GSID	Goldman Sachs MarketBeta International Equity ETF	2.3	20	-8	6.6	-1.7
AVSD	Avantis Responsible International Equity ETF	2.3	23	-11	5.2	-3.2
VWID	Virtus WMC International Dividend ETF	2.2	49	-37	8.0	-0.3
SCHF	Schwab International Equity ETF	2.1	6	6	7.0	-1.4
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	2.1	41	-29	8.3	-0.0
BKIE	BNY Mellon International Equity ETF	2.1	4	8	6.8	-1.6
XCNY	SPDR S&P Emerging Markets ex-China ETF	2.1	15	-3	7.3	-1.0
FIVA	Fidelity International Value Factor ETF	2.1	18	-6	9.4	+1.1
DWMF	WisdomTree International Multifactor Fund	2.1	38	-26	7.0	-1.3
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	2.0	20	-8	6.2	-2.1
VEU	Vanguard FTSE All-World ex-US Index Fund	2.0	4	8	7.8	-0.5
AVEE	Avantis Emerging Markets Small Cap Equity ETF	2.0	42	-30	9.8	+1.5
JHMD	John Hancock Multifactor Developed International ETF	2.0	39	-27	7.3	-1.0
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	2.0	36	-24	6.4	-2.0
EFAX	SPDR MSCI EAFE Fossil Fuel Reserves Free ETF	1.9	20	-8	6.3	-2.1
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	1.9	50	-38	10.4	+2.1
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	1.9	45	-33	8.5	+0.2
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	1.9	18	-6	7.4	-0.9
VWO	Vanguard FTSE Emerging Markets ETF	1.8	7	5	10.3	+2.0
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	1.8	67	-55	14.8	+6.4
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	1.8	44	-32	10.5	+2.2
ECON	Columbia Emerging Markets Consumer ETF	1.8	49	-37	11.9	+3.5
EFA	iShares MSCI EAFE ETF	1.8	35	-23	6.5	-1.8
IQDF	FlexShares International Quality Dividend Index Fund	1.8	47	-35	8.6	+0.2
MEM	Matthews Emerging Markets Equity Active ETF	1.8	79	-67	7.5	-0.9
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	1.8	38	-26	8.7	+0.4
RODE	Hartford Multifactor Diversified International ETF	1.8	29	-17	10.3	+2.0
PPIE	Putnam PanAgora ESG International Equity ETF	1.7	49	-37	7.2	-1.1
AVDE	Avantis International Equity ETF	1.7	23	-11	7.2	-1.1
EWS	iShares MSCI Singapore ETF	1.7	50	-38	4.9	-3.4
DFIV	Dimensional International Value ETF	1.7	27	-15	9.1	+0.7
ESGD	iShares ESG Aware MSCI EAFE ETF	1.7	20	-8	6.6	-1.7
ISRA	VanEck Israel ETF	1.7	59	-47	7.1	-1.3
BLES	Inspire Global Hope ETF	1.7	61	-49	7.0	-1.4
IVLU	iShares MSCI Intl Value Factor ETF	1.7	30	-18	9.8	+1.5
LVHI	Franklin International Low Volatility High Dividend Index ET	1.7	40	-28	9.6	+1.3
SPEM	SPDR Portfolio Emerging Markets ETF	1.7	7	5	10.5	+2.2
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	1.7	30	-18	7.6	-0.7
RFDI	First Trust Riverfront Dynamic Developed International ETF	1.6	83	-71	9.1	+0.8
IQLT	iShares MSCI Intl Quality Factor ETF	1.6	30	-18	6.3	-2.0
NUDM	Nuveen ESG International Developed Markets Equity ETF	1.6	31	-19	6.1	-2.3
AAXJ	iShares MSCI All Country Asia ex Japan ETF	1.6	70	-58	8.6	+0.2
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	1.6	41	-29	7.2	-1.1
QEFA	SPDR MSCI EAFE StrategicFactors ETF	1.6	30	-18	6.9	-1.5
FLGR	Franklin FTSE Germany ETF	1.6	9	3	7.2	-1.1
EMXF	iShares ESG Advanced MSCI EM ETF	1.6	16	-4	8.1	-0.3
EEMO	Invesco S&P Emerging Markets Momentum ETF	1.6	29	-17	7.7	-0.7
TPIF	Timothy Plan International ETF	1.6	62	-50	6.1	-2.2
DFSI	Dimensional International Sustainability Core 1 ETF	1.6	24	-12	6.3	-2.1
AVSE	Avantis Responsible Emerging Markets Equity ETF	1.6	33	-21	8.1	-0.3
XCEM	Columbia EM Core ex-China ETF	1.6	16	-4	7.8	-0.6
FSZ	First Trust Switzerland AlphaDEX Fund	1.5	80	-68	6.5	-1.8
IEMG	iShares Core MSCI Emerging Markets ETF	1.5	9	3	9.9	+1.6
EWG	iShares MSCI Germany ETF	1.5	50	-38	6.5	-1.9
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	1.5	39	-27	15.6	+7.3
IEUR	iShares Core MSCI Europe ETF	1.5	11	1	7.2	-1.1
EWK	iShares MSCI Belgium ETF	1.5	50	-38	4.1	-4.2
AVES	Avantis Emerging Markets Value ETF	1.5	36	-24	10.9	+2.6
VYMI	Vanguard International High Dividend Yield ETF	1.5	17	-5	9.2	+0.9
BKEM	BNY Mellon Emerging Markets Equity ETF	1.5	11	1	9.4	+1.1
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	1.5	47	-35	8.0	-0.3
VGK	Vanguard FTSE Europe ETF	1.4	6	6	7.4	-1.0
AVDV	Avantis International Small Cap Value ETF	1.4	36	-24	9.1	+0.8
DFIC	Dimensional International Core Equity 2 ETF	1.4	23	-11	7.2	-1.1
DFAE	Dimensional Emerging Core Equity Market ETF	1.4	35	-23	8.7	+0.4
ACWX	iShares MSCI ACWI ex U.S. ETF	1.4	34	-22	7.5	-0.9
IDV	iShares International Select Dividend ETF	1.4	51	-39	10.2	+1.9
FGD	First Trust Dow Jones Global Select Dividend Index Fund	1.4	56	-44	10.6	+2.2
DEM	WisdomTree Emerging Markets High Dividend Fund	1.4	63	-51	13.0	+4.6
FLCH	Franklin FTSE China ETF	1.4	19	-7	15.7	+7.3
SPEU	SPDR Portfolio Europe ETF	1.4	7	5	7.3	-1.1
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	1.4	36	-24	9.2	+0.9
DEXC	Dimensional Emerging Markets ex China Core EquityETF	1.4	53	-41	7.3	-1.0
PXH	Invesco FTSE RAFI Emerging Markets ETF	1.4	49	-37	15.0	+6.7
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	1.4	66	-54	9.0	+0.7
JIRE	JPMorgan International Research Enhanced Equity ETF	1.4	24	-12	7.0	-1.3
EWQ	iShares MSCI France ETF	1.3	53	-41	6.9	-1.4
CRBN	iShares MSCI ACWI Low Carbon Target ETF	1.3	20	-8	5.6	-2.7
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	1.3	9	3	8.8	+0.5
DXIV	Dimensional International Vector Equity ETF	1.3	34	-22	7.7	-0.7
ROAM	Hartford Multifactor Emerging Markets ETF	1.3	44	-32	11.2	+2.9
CEFA	Global X S&P Catholic Values Developed ex-US ETF	1.3	35	-23	6.4	-1.9
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	1.3	45	-33	6.8	-1.5
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	1.3	15	-3	9.7	+1.4
SCHE	Schwab Emerging Markets Equity ETF	1.3	11	1	10.6	+2.3
SDIV	Global X Superdividend ETF	1.3	58	-46	42.2	+33.9
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	1.3	15	-3	7.6	-0.7
FLIN	Franklin FTSE India ETF	1.3	19	-7	4.0	-4.4
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	1.3	25	-13	6.3	-2.0
GXC	SPDR S & P China ETF	1.3	59	-47	16.0	+7.7
DFAI	Dimensional International Core Equity Market ETF	1.3	18	-6	6.9	-1.4
INDA	iShares MSCI India ETF	1.2	65	-53	4.6	-3.8
LDEM	iShares ESG MSCI EM Leaders ETF	1.2	17	-5	14.0	+5.7
CWI	SPDR MSCI ACWI ex-US ETF	1.2	30	-18	7.5	-0.8
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	1.2	80	-68	11.1	+2.8
FLSW	Franklin FTSE Switzerland ETF	1.2	9	3	6.3	-2.0
CIL	VictoryShares International Volatility Wtd ETF	1.2	45	-33	6.4	-1.9
AVEM	Avantis Emerging Markets Equity ETF	1.2	33	-21	8.3	+0.0
KALL	KraneShares MSCI All China Index ETF	1.2	49	-37	12.7	+4.4
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	1.2	33	-21	9.4	+1.1
EMC	Global X Emerging Markets Great Consumer ETF	1.2	75	-63	7.6	-0.7
EUDV	ProShares MSCI Europe Dividend Growers ETF	1.2	55	-43	6.3	-2.1
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	1.2	30	-18	9.8	+1.4
IDMO	Invesco S&P International Developed Momentum ETF	1.2	25	-13	6.0	-2.3
DIVI	Franklin International Core Dividend Tilt Index ETF	1.2	9	3	7.8	-0.6
ECNS	iShares MSCI China Small-Cap ETF	1.2	59	-47	9.4	+1.1
FEOE	First Eagle Overseas Equity ETF	1.2	79	-67	7.2	-1.2
EWW	iShares MSCI Mexico ETF	1.2	50	-38	9.5	+1.1
GLOF	iShares Global Equity Factor ETF	1.1	20	-8	6.8	-1.5
DAX	Global X DAX Germany ETF	1.1	21	-9	6.9	-1.5
EMXC	iShares MSCI Emerging Markets ex China ETF	1.1	25	-13	7.1	-1.3
XC	WisdomTree Emerging Markets Ex-China Fund	1.1	32	-20	5.5	-2.9
EVLU	iShares MSCI Emerging Markets Value Factor ETF	1.1	35	-23	16.5	+8.2
EEM	iShares MSCI Emerging Markets ETF	1.1	69	-57	9.6	+1.3
VIGI	Vanguard International Dividend Appreciation ETF	1.1	10	2	6.5	-1.9
DOL	WisdomTree International LargeCap Dividend Fund	1.1	48	-36	7.0	-1.3
DFE	WisdomTree Europe SmallCap Dividend Fund	1.0	58	-46	8.3	-0.0
WLDR	Affinity World Leaders Equity ETF	1.0	67	-55	7.4	-0.9
MCHI	iShares MSCI China ETF	1.0	59	-47	17.0	+8.7
CGDG	Capital Group Dividend Growers ETF	1.0	47	-35	6.1	-2.2
NUEM	Nuveen ESG Emerging Markets Equity ETF	1.0	36	-24	7.3	-1.0
GSIE	Goldman Sachs ActiveBeta International Equity ETF	1.0	25	-13	7.0	-1.4
FENI	Fidelity Enhanced International ETF	1.0	28	-16	6.3	-2.0
ASEA	Global X FTSE Southeast Asia ETF	1.0	65	-53	6.3	-2.0
EMGF	iShares Emerging Markets Equity Factor ETF	1.0	25	-13	10.9	+2.6
BKF	iShares MSCI BIC ETF	0.9	69	-57	13.1	+4.8
PIN	Invesco India ETF	0.9	78	-66	4.7	-3.7
FXI	iShares China Large-Cap ETF	0.9	74	-62	17.0	+8.7
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	0.9	90	-78	5.0	-3.3
FNDF	Schwab Fundamental International Large Co. Index ETF	0.9	25	-13	9.2	+0.8
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	0.9	32	-20	6.5	-1.8
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.9	32	-20	8.5	+0.2
FLEE	Franklin FTSE Europe ETF	0.9	9	3	7.1	-1.2
EPI	WisdomTree India Earnings Fund	0.9	85	-73	4.9	-3.5
EWD	iShares MSCI Sweden ETF	0.9	54	-42	5.5	-2.9
FLLA	Franklin FTSE Latin America ETF	0.9	19	-7	12.5	+4.2
FLGB	Franklin FTSE United Kingdom ETF	0.9	9	3	7.4	-1.0
VT	Vanguard Total World Stock ETF	0.9	6	6	5.9	-2.5
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	0.9	24	-12	7.4	-0.9
GMF	SPDR S&P Emerging Asia Pacific ETF	0.8	49	-37	9.6	+1.2
IMTM	iShares MSCI Intl Momentum Factor ETF	0.8	30	-18	5.6	-2.8
EZU	iShares MSCI Eurozone ETF	0.8	52	-40	6.6	-1.8
IGRO	iShares International Dividend Growth ETF	0.8	15	-3	7.1	-1.2
EMM	Global X Emerging Markets ex-China ETF	0.8	75	-63	7.3	-1.0
FLN	First Trust Latin America AlphaDEX Fund	0.8	80	-68	11.3	+3.0
SMIN	iShares MSCI India Small Cap ETF	0.8	79	-67	3.7	-4.6
BKCI	BNY Mellon Concentrated International ETF	0.8	80	-68	5.2	-3.1
EWL	iShares MSCI Switzerland ETF	0.8	50	-38	6.2	-2.2
KOCG	FIS Knights of Columbus Global Belief ETF	0.8	75	-63	4.9	-3.5
JHEM	John Hancock Multifactor Emerging Markets ETF	0.8	49	-37	9.6	+1.2
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	0.7	80	-68	14.3	+6.0
EELV	Invesco S&P Emerging Markets Low Volatility ETF	0.7	29	-17	9.0	+0.6
IMFL	Invesco International Developed Dynamic Multifactor ETF	0.7	34	-22	5.7	-2.6
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.7	30	-18	8.8	+0.5
ESGG	FlexShares STOXX Global ESG Select Index Fund	0.7	42	-30	5.4	-2.9
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	0.7	46	-34	6.6	-1.8
KSA	iShares MSCI Saudi Arabia ETF	0.7	74	-62	0.0	-8.3
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	0.7	25	-13	7.2	-1.1
EDIV	SPDR S&P Emerging Markets Dividend ETF	0.7	49	-37	9.4	+1.1
EEMA	iShares MSCI Emerging Markets Asia ETF	0.7	49	-37	9.2	+0.9
STXE	Strive Emerging Markets Ex-China ETF	0.7	32	-20	7.5	-0.9
IEV	iShares Europe ETF	0.7	67	-55	6.7	-1.7
STXI	Strive International Developed Markets ETF	0.7	29	-17	6.5	-1.9
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	0.7	45	-33	9.7	+1.4
DEW	WisdomTree Global High Dividend Fund	0.6	58	-46	8.3	+0.0
JIG	JPMorgan International Growth ETF	0.6	55	-43	4.8	-3.5
AVIV	Avantis International Large Cap Value ETF	0.6	25	-13	8.4	+0.1
AVXC	Avantis Emerging Markets Ex-China Equity ETF	0.6	33	-21	8.2	-0.1
FLMX	Franklin FTSE Mexico ETF	0.6	19	-7	10.0	+1.7
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	0.6	20	-8	9.9	+1.6
EWU	iShares MSCI United Kingdom ETF	0.6	50	-38	8.0	-0.4
KLMT	Invesco MSCI Global Climate 500 ETF	0.6	10	2	5.7	-2.6
CGGO	Capital Group Global Growth Equity ETF	0.6	47	-35	4.3	-4.0
EPHE	iShares MSCI Philippines ETF	0.6	59	-47	0.0	-8.3
FEGE	First Eagle Global Equity ETF	0.6	79	-67	6.7	-1.6
IVAL	Alpha Architect International Quantitative Value ETF	0.5	49	-37	10.6	+2.2
EFG	iShares MSCI EAFE Growth ETF	0.5	36	-24	4.4	-4.0
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	0.5	32	-20	13.9	+5.6
ACWI	iShares MSCI ACWI ETF	0.5	32	-20	5.5	-2.8
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.5	9	3	5.7	-2.7
DFJ	WisdomTree Japan SmallCap Dividend Fund	0.5	58	-46	7.3	-1.0
DXJS	WisdomTree Japan Hedged SmallCap Equity Fund	0.5	58	-46	7.4	-1.0
BBEU	JPMorgan BetaBuilders Europe ETF	0.5	9	3	7.1	-1.2
AIA	iShares Asia 50 ETF	0.5	50	-38	13.0	+4.7
SCHY	Schwab International Dividend Equity ETF	0.5	14	-2	9.4	+1.1
FLSA	Franklin FTSE Saudi Arabia ETF	0.5	39	-27	0.0	-8.3
VIDI	Vident International Equity Strategy ETF	0.5	61	-49	10.6	+2.3
URTH	iShares MSCI World ETF	0.4	24	-12	5.1	-3.2
UMMA	Wahed Dow Jones Islamic World ETF	0.4	65	-53	5.0	-3.4
DEHP	Dimensional Emerging Markets High Profitability ETF	0.4	41	-29	6.5	-1.9
RNEM	First Trust Emerging Markets Equity Select ETF	0.4	75	-63	8.5	+0.1
MJSC	MUFG Japan Small Cap Active ETF	0.4	85	-73	0.0	-8.3
FEM	First Trust Emerging Markets AlphaDEX Fund	0.4	80	-68	11.7	+3.4
KOKU	Xtrackers MSCI Kokusai Equity ETF	0.4	9	3	5.2	-3.1
ILF	iShares Latin America 40 ETF	0.4	48	-36	11.9	+3.6
BINV	Brandes International ETF	0.4	70	-58	9.2	+0.9
ESGE	iShares ESG Aware MSCI EM ETF	0.4	25	-13	9.4	+1.1
UEVM	VictoryShares Emerging Markets Value Momentum ETF	0.4	45	-33	10.3	+2.0
FJP	First Trust Japan AlphaDEX Fund	0.4	80	-68	8.4	+0.1
REAI	Intelligent Real Estate ETF	0.4	59	-47	4.7	-3.6
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	0.4	88	-76	8.1	-0.2
TOK	iShares MSCI Kokusai ETF	0.3	26	-14	5.1	-3.3
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	0.3	40	-28	6.7	-1.6
DIHP	Dimensional International High Profitability ETF	0.3	29	-17	6.8	-1.6
SRVR	Pacer Data & Infrastructure Real Estate ETF	0.3	55	-43	4.6	-3.8
DTCR	Global X Data Center & Digital Infrastructure ETF	0.3	50	-38	4.1	-4.3
MCH	Matthews China Active ETF	0.3	79	-67	14.3	+6.0
NDIA	Global X India Active ETF	0.3	75	-63	5.2	-3.1
ASHS	Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	0.3	65	-53	5.4	-3.0
QWLD	SPDR MSCI World StrategicFactors ETF	0.3	30	-18	5.9	-2.5
AGNG	Global X Aging Population ETF	0.3	50	-38	4.5	-3.8
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	0.3	25	-13	6.5	-1.9
IPKW	Invesco International BuyBack Achievers ETF	0.3	55	-43	9.1	+0.7
GLBL	Pacer MSCI World Industry Advantage ETF	0.3	65	-53	4.3	-4.0
FPXE	First Trust IPOX Europe Equity Opportunities ETF	0.3	70	-58	4.1	-4.2
EFNL	iShares MSCI Finland ETF	0.2	56	-44	6.5	-1.8
QAT	iShares MSCI Qatar ETF	0.2	59	-47	51.3	+43.0
FCA	First Trust China AlphaDEX Fund	0.2	80	-68	9.2	+0.9
AFK	VanEck Africa Index ETF	0.2	98	-86	15.0	+6.7
JRE	Janus Henderson U.S. Real Estate ETF	0.2	65	-53	8.0	-0.4
ANEW	ProShares MSCI Transformational Changes ETF	0.2	45	-33	5.4	-3.0
JSTC	Adasina Social Justice All Cap Global ETF	0.2	89	-77	5.2	-3.1
FRDM	Freedom 100 Emerging Markets ETF	0.2	49	-37	7.5	-0.8
ACWV	iShares MSCI Global Min Vol Factor ETF	0.2	20	-8	5.9	-2.4
ECH	iShares MSCI Chile ETF	0.2	58	-46	7.4	-0.9
EPU	iShares MSCI Peru and Global Exposure ETF	0.2	59	-47	6.2	-2.2
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	0.2	25	-13	6.0	-2.3
FLTW	Franklin FTSE Taiwan ETF	0.2	19	-7	6.2	-2.1
EWO	iShares MSCI Austria ETF	0.2	50	-38	10.1	+1.7
ENZL	iShares MSCI New Zealand ETF	0.2	50	-38	3.6	-4.7
QINT	American Century Quality Diversified International ETF	0.2	39	-27	6.9	-1.4
WTRE	WisdomTree New Economy Real Estate Fund	0.2	58	-46	8.2	-0.2
DVYE	iShares Emerging Markets Dividend ETF	0.1	49	-37	18.0	+9.7
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.1	47	-35	5.7	-2.6
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	0.1	65	-53	7.2	-1.2
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	0.1	95	-83	11.1	+2.8
BRF	VanEck Brazil Small-Cap ETF	0.1	66	-54	11.6	+3.2
BBCA	JPMorgan BetaBuilders Canada ETF	0.1	19	-7	6.3	-2.0
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.1	42	-30	6.5	-1.9
IDHQ	Invesco S&P International Developed High Quality ETF	0.1	29	-17	6.5	-1.8
EIDO	iShares MSCI Indonesia ETF	0.1	59	-47	7.8	-0.6
EYLD	Cambria Emerging Shareholder Yield ETF	0.1	66	-54	11.8	+3.5
TUR	iShares MSCI Turkey ETF	0.1	58	-46	17.1	+8.8
IGPT	Invesco AI and Next Gen Software ETF	0.1	60	-48	4.6	-3.7
EWZS	iShares MSCI Brazil Small-Cap ETF	0.1	59	-47	11.4	+3.1
CNYA	iShares MSCI China A ETF	0.1	60	-48	7.3	-1.1
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	0.1	58	-46	6.5	-1.8
IDX	VanEck Indonesia Index ETF	0.1	57	-45	7.2	-1.1
EWN	iShares MSCI Netherlands ETF	0.1	50	-38	5.5	-2.8
GREK	Global X MSCI Greece ETF	0.1	57	-45	10.8	+2.5
IQDG	WisdomTree International Quality Dividend Growth Fund	0.1	42	-30	6.7	-1.7
EIRL	iShares MSCI Ireland ETF	0.1	50	-38	8.1	-0.2
ENOR	iShares MSCI Norway ETF	0.1	53	-41	11.0	+2.6
NORW	Global X MSCI Norway ETF	0.1	50	-38	11.1	+2.8
KBA	KraneShares Bosera MSCI China A 50 Connect Index ETF	0.0	55	-43	7.4	-1.0
WAR	U.S. Global Tech and Aerospace & Defense ETF	0.0	60	-48	5.5	-2.8
FLBR	Franklin FTSE Brazil ETF	0.0	19	-7	14.0	+5.6
RAYC	Rayliant Quantamental China Equity ETF	0.0	80	-68	8.2	-0.2

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	7.0	%
Divided by: Fwd. P/BV	0.8	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	8.3	%

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.