ETF Research Center

Virtus WMC International Dividend ETF

ALTAR
Score™

8.6%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	11.8x	P/Sales ratio	1.0x
P/BV ratio	1.6x	Div. yield	5.5%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The Fund invests primarily in equity securities of U.S. and foreign issuers, including emerging markets issuers, of any market capitalization.

FUND BASICS
Category	Global Equities
Fund Sponsor	Virtus
Website	www.virtus.com
Inception date	Oct 10, 2017
Assets (mns)	$13
Currency	USD
Expense ratio	49 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	151
Wgt avg mkt cap (mns)	$62,746
Large cap (>$10bn)	85.8%
Mid cap ($2-10bn)	12.8%
Small cap (<$2bn)	0.0%
Developed mkts	99.4%
Emerging mkts	0.6%

TOP TEN HOLDINGS
Total	21.6 %
NOVARTIS AG	3.3 %
ALLIANZ SE-REG	2.8 %
BRITISH AMERICAN TOBACCO PLC	2.5 %
INTESA SANPAOLO S.P.A.	2.0 %
TOTAL SA	2.0 %
CRITERIA CAIXACORP SA	1.9 %
RIO TINTO PLC	1.8 %
CAN IMPERIAL BK OF COMMERCE	1.8 %
IMPERIAL TOBACCO GROUP PLC	1.8 %
ACS ACTIVIDADES CONS Y SERV	1.7 %

TOP COUNTRY EXPOSURE
	JAPAN	21.0 %
	BRITAIN	14.4 %
	CANADA	13.7 %
	FRANCE	10.3 %
	SWITZERLAND	8.2 %
	GERMANY	7.9 %
	ITALY	6.9 %
	SPAIN	5.5 %
	SINGAPORE	5.2 %
	AUSTRALIA	4.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru September 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
27.5%	17.0%	12.3%	--	7.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.54	30%
MSCI EAFE	0.66	54%
MSCI Emg. Mkts.	0.57	46%

Technical Indicators
Recent close	$33.05
30d moving avg.	$33.54
Annualized volatility	13.4%
Short interest (ETF)	0.1%
Relative strength (RSI)	49

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.8%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$15,381

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 436 potential alternatives to the Virtus WMC International Dividend ETF ETF based on the alternatives' overlap in portfolio holdings with VWID. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

VWID

Expense:

49 bp

ALTAR Score™:

8.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VWID
Ticker	Fund Name	Overlap¹ vs VWID (%)	Expense ratio (bp)	Savings vs VWID (bp)	ALTAR Score™ (%)	ALTAR vs VWID (%)
DIVI	Franklin International Core Dividend Tilt Index ETF	43.6	9	40	8.1	-0.6
LVHI	Franklin International Low Volatility High Dividend Index ET	42.9	40	9	10.4	+1.7
DOL	WisdomTree International LargeCap Dividend Fund	42.1	48	1	7.3	-1.3
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	41.5	9	40	9.3	+0.7
DTH	WisdomTree International High Dividend Fund	38.5	58	-9	8.7	+0.0
FIDI	Fidelity International High Dividend ETF	38.2	18	31	8.7	+0.1
DWM	WisdomTree International Equity Fund	34.4	48	1	7.5	-1.1
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	34.2	40	9	7.5	-1.1
EFV	iShares MSCI EAFE Value ETF	32.5	34	15	9.2	+0.5
IDV	iShares International Select Dividend ETF	32.2	51	-2	10.9	+2.3
JHID	John Hancock International High Dividend ETF	32.0	46	3	9.6	+1.0
IVLU	iShares MSCI Intl Value Factor ETF	30.7	30	19	10.6	+1.9
FIVA	Fidelity International Value Factor ETF	30.5	18	31	9.9	+1.3
VYMI	Vanguard International High Dividend Yield ETF	28.2	17	32	9.8	+1.1
JHMD	John Hancock Multifactor Developed International ETF	27.7	39	10	7.7	-1.0
BKIE	BNY Mellon International Equity ETF	27.5	4	45	7.1	-1.5
IQDF	FlexShares International Quality Dividend Index Fund	27.4	47	2	9.1	+0.5
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	26.9	36	13	6.5	-2.2
HFXI	IQ FTSE International Equity Currency Neutral ETF	26.7	20	29	7.1	-1.6
GSID	Goldman Sachs MarketBeta International Equity ETF	26.5	20	29	7.0	-1.7
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	26.4	45	4	8.9	+0.3
FENI	Fidelity Enhanced International ETF	26.2	28	21	6.6	-2.0
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	26.1	29	20	7.9	-0.8
EFAS	Global X MSCI SuperDividend EAFE ETF	26.1	57	-8	8.6	-0.1
IDOG	ALPS International Sector Dividend Dogs ETF	25.7	50	-1	12.5	+3.8
QEFA	SPDR MSCI EAFE StrategicFactors ETF	25.5	30	19	7.1	-1.6
STXI	Strive International Developed Markets ETF	25.4	29	20	6.7	-1.9
GSIE	Goldman Sachs ActiveBeta International Equity ETF	25.3	25	24	7.2	-1.4
FNDF	Schwab Fundamental International Large Co. Index ETF	25.2	25	24	9.6	+1.0
GCOW	Pacer Global Cash Cows Dividend ETF	24.6	60	-11	11.2	+2.6
RFDI	First Trust Riverfront Dynamic Developed International ETF	24.5	83	-34	9.6	+1.0
AIVI	WisdomTree International AI Enhanced Value Fund	24.3	58	-9	7.3	-1.4
JIRE	JPMorgan International Research Enhanced Equity ETF	24.1	24	25	7.2	-1.4
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	23.7	46	3	6.6	-2.1
BBEU	JPMorgan BetaBuilders Europe ETF	23.6	9	40	7.2	-1.4
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	23.4	20	29	6.5	-2.2
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	23.3	14	35	6.2	-2.4
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	23.1	32	17	6.2	-2.4
EFAV	iShares MSCI EAFE Min Vol Factor ETF	22.9	22	27	5.9	-2.8
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	22.9	47	2	8.5	-0.2
SCHY	Schwab International Dividend Equity ETF	22.8	14	35	9.9	+1.2
DWMF	WisdomTree International Multifactor Fund	22.8	38	11	7.2	-1.4
FLEE	Franklin FTSE Europe ETF	22.8	9	40	7.3	-1.4
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	22.4	25	24	7.3	-1.3
EFA	iShares MSCI EAFE ETF	22.4	35	14	6.8	-1.9
QINT	American Century Quality Diversified International ETF	22.2	39	10	7.4	-1.3
CIL	VictoryShares International Volatility Wtd ETF	22.2	45	4	6.8	-1.9
ESGD	iShares ESG Aware MSCI EAFE ETF	21.7	20	29	6.8	-1.9
DFIV	Dimensional International Value ETF	21.7	27	22	9.8	+1.2
IMTM	iShares MSCI Intl Momentum Factor ETF	21.6	30	19	5.5	-3.1
RFEU	First Trust Riverfront Dynamic Europe ETF	21.4	83	-34	10.6	+2.0
IQSI	IQ Candriam International Equity ETF	21.3	15	34	6.7	-1.9
NUDM	Nuveen ESG International Developed Markets Equity ETF	21.2	31	18	6.2	-2.4
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	21.0	39	10	6.8	-1.8
CEFA	Global X S&P Catholic Values Developed ex-US ETF	20.9	35	14	6.7	-1.9
IQLT	iShares MSCI Intl Quality Factor ETF	20.9	30	19	6.3	-2.4
DEW	WisdomTree Global High Dividend Fund	20.7	58	-9	8.6	-0.0
RODE	Hartford Multifactor Diversified International ETF	20.5	29	20	11.5	+2.8
IDLV	Invesco S&P International Developed Low Volatility ETF	20.4	25	24	6.5	-2.1
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	20.3	39	10	8.0	-0.6
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	20.2	18	31	8.0	-0.6
SCHF	Schwab International Equity ETF	20.2	6	43	7.3	-1.3
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	20.1	41	8	7.4	-1.3
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	20.1	20	29	6.4	-2.2
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	20.0	45	4	6.9	-1.8
IEV	iShares Europe ETF	19.9	67	-18	6.9	-1.7
IDEV	iShares Core MSCI International Developed Markets ETF	19.9	4	45	7.0	-1.7
IDMO	Invesco S&P International Developed Momentum ETF	19.9	25	24	5.4	-3.3
FDEV	Fidelity International Multifactor ETF	19.8	18	31	7.6	-1.1
IEFA	iShares Core MSCI EAFE ETF	19.5	7	42	7.1	-1.6
FGD	First Trust Dow Jones Global Select Dividend Index Fund	19.5	56	-7	11.2	+2.5
SPDW	SPDR Portfolio Developed World ex-US ETF	19.5	3	46	7.0	-1.6
EZU	iShares MSCI Eurozone ETF	19.3	52	-3	6.7	-1.9
VEA	Vanguard FTSE Developed Markets ETF	19.3	3	46	7.3	-1.4
INTF	iShares International Equity Factor ETF	19.0	15	34	7.7	-1.0
AVIV	Avantis International Large Cap Value ETF	18.2	25	24	8.6	-0.0
PPIE	Putnam PanAgora ESG International Equity ETF	18.1	49	0	7.4	-1.2
JPIN	J.P. Morgan Diversified Return International Equity ETF	17.9	37	12	8.6	-0.1
DFAI	Dimensional International Core Equity Market ETF	17.6	18	31	7.2	-1.4
IEUR	iShares Core MSCI Europe ETF	17.4	11	38	7.4	-1.2
VGK	Vanguard FTSE Europe ETF	17.4	6	43	7.6	-1.1
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	17.4	80	-31	6.2	-2.4
IMFL	Invesco International Developed Dynamic Multifactor ETF	17.4	34	15	6.2	-2.5
IDHQ	Invesco S&P International Developed High Quality ETF	17.3	29	20	6.7	-2.0
SPEU	SPDR Portfolio Europe ETF	17.2	7	42	7.5	-1.2
DIHP	Dimensional International High Profitability ETF	17.2	29	20	7.2	-1.4
CWI	SPDR MSCI ACWI ex-US ETF	17.0	30	19	7.6	-1.0
DMXF	iShares ESG Advanced MSCI EAFE ETF	17.0	12	37	5.6	-3.1
FEZ	SPDR EURO STOXX 50 ETF	16.9	29	20	7.2	-1.5
IPAC	iShares Core MSCI Pacific ETF	16.7	9	40	6.5	-2.2
UIVM	VictoryShares International Value Momentum ETF	16.6	35	14	9.2	+0.5
ACWX	iShares MSCI ACWI ex U.S. ETF	16.5	34	15	7.7	-0.9
BBJP	JPMorgan BetaBuilders Japan ETF	16.1	19	30	6.9	-1.7
TPIF	Timothy Plan International ETF	16.1	62	-13	6.4	-2.3
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	16.1	47	2	6.1	-2.6
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	16.1	65	-16	12.3	+3.6
FID	First Trust S&P International Dividend Aristocrats ETF	16.0	60	-11	8.1	-0.6
VEU	Vanguard FTSE All-World ex-US Index Fund	15.7	4	45	8.2	-0.5
DXJ	WisdomTree Japan Hedged Equity Fund	15.6	48	1	7.5	-1.2
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	15.5	25	24	7.1	-1.5
VPL	Vanguard FTSE Pacific ETF	15.5	7	42	7.0	-1.7
FDD	First Trust Stoxx European Select Dividend Index Fund	15.4	58	-9	11.7	+3.0
EWJ	iShares MSCI Japan ETF	15.3	50	-1	6.3	-2.4
DWX	SPDR S&P International Dividend ETF	15.3	45	4	6.3	-2.3
FLJH	Franklin FTSE Japan Hedged ETF	15.1	9	40	6.0	-2.6
FLJP	Franklin FTSE Japan ETF	15.1	9	40	6.5	-2.2
WDIV	SPDR S&P Global Dividend ETF	15.0	40	9	9.5	+0.8
EFAD	ProShares MSCI EAFE Dividend Growers ETF	15.0	50	-1	6.2	-2.5
EWJV	iShares MSCI Japan Value ETF	14.7	15	34	9.1	+0.4
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	14.7	12	37	6.0	-2.7
JPXN	iShares JPX-Nikkei 400 ETF	14.5	48	1	6.8	-1.8
EUFN	iShares MSCI Europe Financials ETF	14.5	51	-2	8.0	-0.6
VXUS	Vanguard Total International Stock ETF	14.4	5	44	7.9	-0.7
IXUS	iShares Core MSCI Total International Stock ETF	14.3	7	42	7.9	-0.7
IGRO	iShares International Dividend Growth ETF	14.3	15	34	7.4	-1.3
AVDE	Avantis International Equity ETF	14.2	23	26	7.4	-1.2
DGT	SPDR Global Dow ETF	14.2	50	-1	7.0	-1.6
AVSD	Avantis Responsible International Equity ETF	13.9	23	26	5.7	-3.0
DFIC	Dimensional International Core Equity 2 ETF	13.7	23	26	7.5	-1.1
FEP	First Trust Europe AlphaDEX Fund	13.5	80	-31	9.1	+0.4
FYLD	Cambria Foreign Shareholder Yield ETF	13.3	59	-10	12.0	+3.4
FEUZ	First Trust Eurozone AlphaDEX ETF	13.2	80	-31	9.1	+0.5
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	13.1	24	25	7.7	-0.9
DTAN	Sparkline International Intangible Value ETF	13.0	55	-6	8.7	+0.1
FICS	First Trust International Developed Capital Strength ETF	13.0	70	-21	7.5	-1.1
INEQ	Columbia International Equity Income ETF	13.0	45	4	8.3	-0.4
EUDV	ProShares MSCI Europe Dividend Growers ETF	12.8	55	-6	6.4	-2.3
ESGG	FlexShares STOXX Global ESG Select Index Fund	12.6	42	7	5.4	-3.2
VSGX	Vanguard ESG International Stock ETF	12.5	10	39	7.7	-0.9
IXG	iShares Global Financials ETF	12.4	42	7	6.8	-1.9
PATN	Pacer Nasdaq International Patent Leaders ETF	12.0	65	-16	6.0	-2.7
FLGB	Franklin FTSE United Kingdom ETF	12.0	9	40	7.6	-1.1
DFSI	Dimensional International Sustainability Core 1 ETF	12.0	24	25	6.4	-2.2
DXIV	Dimensional International Vector Equity ETF	11.8	34	15	8.0	-0.7
BBCA	JPMorgan BetaBuilders Canada ETF	11.7	19	30	6.3	-2.4
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	11.7	80	-31	9.6	+1.0
OEUR	ALPS O'Shares Europe Quality Dividend ETF	11.1	48	1	5.9	-2.7
FLCA	Franklin FTSE Canada ETF	11.0	9	40	6.4	-2.2
WRND	IQ Global Equity R&D Leaders ETF	10.9	18	31	8.1	-0.5
EWU	iShares MSCI United Kingdom ETF	10.7	50	-1	8.2	-0.4
BINV	Brandes International ETF	10.5	70	-21	9.4	+0.8
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	10.3	25	24	6.0	-2.6
EWC	iShares MSCI Canada ETF	9.9	50	-1	6.0	-2.7
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	9.6	30	19	8.0	-0.7
UMMA	Wahed Dow Jones Islamic World ETF	9.6	65	-16	5.3	-3.3
QWLD	SPDR MSCI World StrategicFactors ETF	9.5	30	19	6.0	-2.6
EUDG	WisdomTree Europe Quality Dividend Growth Fund	9.5	58	-9	7.0	-1.6
EWQ	iShares MSCI France ETF	9.4	53	-4	7.4	-1.3
WWJD	Inspire International ETF	9.0	80	-31	7.5	-1.2
EPP	iShares MSCI Pacific ex-Japan ETF	9.0	47	2	5.2	-3.4
RCGE	RockCreek Global Equality ETF	8.9	95	-46	6.9	-1.8
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	8.8	47	2	5.9	-2.8
CGDG	Capital Group Dividend Growers ETF	8.7	47	2	6.4	-2.3
DIM	WisdomTree International MidCap Dividend Fund	8.3	58	-9	7.8	-0.9
FJP	First Trust Japan AlphaDEX Fund	8.2	80	-31	9.3	+0.6
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	8.2	19	30	6.0	-2.6
WLDR	Affinity World Leaders Equity ETF	8.1	67	-18	7.5	-1.1
VIDI	Vident International Equity Strategy ETF	8.0	61	-12	11.1	+2.4
KLMT	Invesco MSCI Global Climate 500 ETF	8.0	10	39	5.8	-2.9
EFG	iShares MSCI EAFE Growth ETF	8.0	36	13	4.4	-4.3
VIGI	Vanguard International Dividend Appreciation ETF	7.9	10	39	6.5	-2.2
CGIE	Capital Group International Equity ETF	7.9	54	-5	5.1	-3.5
FLSW	Franklin FTSE Switzerland ETF	7.9	9	40	6.3	-2.3
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	7.5	46	3	5.7	-2.9
TTAI	FCF International Quality ETF	7.2	59	-10	7.4	-1.3
IXC	iShares Global Energy ETF	7.2	44	5	10.5	+1.9
URTH	iShares MSCI World ETF	7.2	24	25	5.1	-3.5
IGF	iShares Global Infrastructure ETF	7.1	41	8	4.7	-4.0
GII	SPDR S&P Global Infrastructure ETF	7.1	40	9	4.7	-3.9
LEGR	First Trust Indxx Innovative Transaction & Process ETF	7.0	65	-16	8.0	-0.7
EWG	iShares MSCI Germany ETF	7.0	50	-1	6.4	-2.3
KOKU	Xtrackers MSCI Kokusai Equity ETF	6.9	9	40	5.2	-3.4
EWI	iShares MSCI Italy ETF	6.9	50	-1	10.9	+2.3
DSTX	Distillate International Fundamental Stability & Value ETF	6.8	55	-6	7.9	-0.8
FLGR	Franklin FTSE Germany ETF	6.7	9	40	7.1	-1.5
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	6.7	46	3	10.0	+1.3
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	6.6	9	40	5.7	-2.9
DAX	Global X DAX Germany ETF	6.5	21	28	6.8	-1.9
KXI	iShares Global Consumer Staples ETF	6.5	41	8	5.7	-2.9
ACWI	iShares MSCI ACWI ETF	6.5	32	17	5.6	-3.1
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	6.4	65	-16	4.2	-4.4
DVYA	iShares Asia/Pacific Dividend ETF	6.4	49	0	7.8	-0.9
PID	Invesco International Dividend Achievers ETF	6.4	53	-4	5.6	-3.0
EWL	iShares MSCI Switzerland ETF	6.4	50	-1	6.3	-2.4
IVAL	Alpha Architect International Quantitative Value ETF	6.2	49	0	10.1	+1.5
COPY	Tweedy, Browne Insider + Value ETF	6.2	80	-31	12.1	+3.5
IOO	iShares Global 100 ETF	6.1	41	8	4.7	-3.9
IPKW	Invesco International BuyBack Achievers ETF	6.0	55	-6	13.0	+4.3
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	5.9	80	-31	9.3	+0.6
VT	Vanguard Total World Stock ETF	5.8	6	43	5.9	-2.7
IQDG	WisdomTree International Quality Dividend Growth Fund	5.8	42	7	7.4	-1.2
IXJ	iShares Global Healthcare ETF	5.8	42	7	7.1	-1.5
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	5.8	58	-9	7.1	-1.6
GVAL	Cambria Global Value ETF	5.8	68	-19	10.7	+2.1
KNO	AXS Knowledge Leaders ETF	5.7	78	-29	6.2	-2.5
GLOF	iShares Global Equity Factor ETF	5.7	20	29	6.6	-2.1
OAIM	OneAscent International Equity ETF	5.6	95	-46	5.8	-2.9
GLBL	Pacer MSCI World Industry Advantage ETF	5.6	65	-16	4.2	-4.5
DRIV	Global X Autonomous & Electric Vehicles ETF	5.5	68	-19	4.8	-3.8
EWP	iShares MSCI Spain ETF	5.4	50	-1	7.1	-1.5
TOK	iShares MSCI Kokusai ETF	5.4	26	23	5.0	-3.6
BLES	Inspire Global Hope ETF	5.4	61	-12	6.9	-1.7
EXI	iShares Global Industrials ETF	5.3	42	7	4.6	-4.1
FKU	First Trust United Kingdom AlphaDEX Fund	5.3	80	-31	7.4	-1.3
JXI	iShares Global Utilities ETF	5.3	43	6	5.6	-3.1
EWS	iShares MSCI Singapore ETF	5.2	50	-1	4.9	-3.8
FEOE	First Eagle Overseas Equity ETF	5.2	79	-30	7.9	-0.8
CGXU	Capital Group International Focus Equity ETF	5.2	54	-5	5.5	-3.2
ASEA	Global X FTSE Southeast Asia ETF	5.1	65	-16	7.0	-1.7
MOTG	VanEck Morningstar Global Wide Moat ETF	5.0	52	-3	7.8	-0.8
HEDJ	WisdomTree Europe Hedged Equity Fund	5.0	58	-9	6.6	-2.0
CGGO	Capital Group Global Growth Equity ETF	4.9	47	2	4.7	-4.0
CRBN	iShares MSCI ACWI Low Carbon Target ETF	4.9	20	29	5.7	-3.0
GNR	SPDR S&P Global Natural Resources ETF	4.8	40	9	11.1	+2.5
HART	IQ Healthy Hearts ETF	4.7	45	4	6.7	-1.9
NXTG	First Trust Indxx NextG ETF	4.7	70	-21	5.2	-3.5
ACWV	iShares MSCI Global Min Vol Factor ETF	4.5	20	29	6.3	-2.4
BKCI	BNY Mellon Concentrated International ETF	4.5	80	-31	5.3	-3.4
IMOM	Alpha Architect International Quantitative Momentum ETF	4.3	49	0	3.2	-5.4
IQRA	IQ CBRE Real Assets ETF	4.3	65	-16	5.8	-2.8
TOKE	Cambria Cannabis ETF	4.3	42	7	1.1	-7.6
SDG	iShares MSCI Global Sustainable Development Goals ETF	4.3	49	0	5.9	-2.7
MXI	iShares Global Materials ETF	4.2	41	8	7.6	-1.0
MOTO	SmartETFs Smart Transportation & Technology ETF	4.2	68	-19	7.5	-1.2
CZAR	Themes Natural Monopoly ETF	4.2	35	14	5.8	-2.8
CLNR	IQ Cleaner Transport ETF	4.1	45	4	6.7	-2.0
FILL	iShares MSCI Global Energy Producers ETF	4.1	39	10	12.1	+3.4
FEGE	First Eagle Global Equity ETF	4.0	79	-30	6.9	-1.7
FSZ	First Trust Switzerland AlphaDEX Fund	4.0	80	-31	5.5	-3.1
MOTI	VanEck Morningstar International Moat ETF	3.9	58	-9	12.0	+3.4
FGM	First Trust Germany AlphaDEX Fund	3.9	80	-31	6.3	-2.4
KOCG	FIS Knights of Columbus Global Belief ETF	3.9	75	-26	5.3	-3.4
CGDV	Capital Group Dividend Value ETF	3.8	33	16	4.6	-4.0
JGLO	JPMorgan Global Select Equity ETF	3.7	33	16	5.1	-3.6
UMI	USCF Midstream Energy Income Fund ETF	3.6	85	-36	5.0	-3.6
ENFR	Alerian Energy Infrastructure ETF	3.6	35	14	5.4	-3.3
IVRA	Invesco Real Assets ESG ETF	3.6	59	-10	6.4	-2.2
USAI	Pacer American Energy Independence ETF	3.6	75	-26	4.8	-3.9
BLLD	JPMorgan Sustainable Infrastructure ETF	3.5	49	0	6.2	-2.5
EWA	iShares MSCI Australia ETF	3.5	50	-1	5.8	-2.9
JSTC	Adasina Social Justice All Cap Global ETF	3.5	89	-40	5.0	-3.7
GINN	Goldman Sachs Innovate Equity ETF	3.5	52	-3	3.6	-5.0
RXI	iShares Global Consumer Discretionary ETF	3.4	41	8	9.5	+0.9
WBAT	WisdomTree Battery Value Chain and Innovation Fund	3.4	45	4	4.0	-4.6
CANC	Tema Oncology ETF	3.3	75	-26	-2.6	-11.2
FLAU	Franklin FTSE Australia ETF	3.3	9	40	6.2	-2.5
NORW	Global X MSCI Norway ETF	3.3	50	-1	10.9	+2.2
ENOR	iShares MSCI Norway ETF	3.3	53	-4	11.1	+2.5
PICK	iShares MSCI Global Metals & Mining Producers ETF	3.3	39	10	11.8	+3.2
DIVS	SmartETFs Dividend Builder ETF	3.3	65	-16	5.1	-3.6
FPXE	First Trust IPOX Europe Equity Opportunities ETF	3.3	70	-21	5.0	-3.6
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	3.2	80	-31	5.0	-3.6
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	3.2	12	37	5.2	-3.5
JIG	JPMorgan International Growth ETF	3.2	55	-6	4.8	-3.9
CCNR	ALPS CoreCommodity Natural Resources ETF	3.2	39	10	10.5	+1.8
AIA	iShares Asia 50 ETF	3.2	50	-1	12.2	+3.6
GINX	SGI Enhanced Global Income ETF	3.1	98	-49	7.2	-1.4
OBOR	KraneShares MSCI One Belt One Road Index ETF	3.1	79	-30	8.6	-0.1
HRTS	Tema Heart & Health ETF	3.1	75	-26	1.2	-7.4
FLAX	Franklin FTSE Asia Ex Japan ETF	3.1	19	30	9.2	+0.6
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	3.0	78	-29	9.7	+1.1
AAXJ	iShares MSCI All Country Asia ex Japan ETF	3.0	70	-21	9.3	+0.6
AGQI	First Trust Active Global Quality Income ETF	3.0	85	-36	4.9	-3.7
FLHK	Franklin FTSE Hong Kong ETF	2.9	9	40	6.7	-1.9
EWH	iShares MSCI Hong Kong ETF	2.9	50	-1	5.4	-3.3
WDNA	WisdomTree BioRevolution Fund	2.9	45	4	-1.3	-9.9
IXP	iShares Global Comm Services ETF	2.7	42	7	5.7	-3.0
FPXI	First Trust International Equity Opportunities ETF	2.7	70	-21	4.3	-4.4
RAYD	Rayliant Quantitative Developed Market Equity ETF	2.6	80	-31	4.4	-4.2
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	2.4	58	-9	4.6	-4.1
CGUS	Capital Group Core Equity ETF	2.4	33	16	4.4	-4.2
IDNA	iShares Genomics Immunology and Healthcare ETF	2.4	47	2	-2.0	-10.7
TEMP	JPMorgan Climate Change Solutions ETF	2.3	49	0	5.7	-2.9
CARZ	First Trust NASDAQ Global Auto Index Fund	2.3	70	-21	4.6	-4.0
CRTC	Xtrackers US National Critical Technologies ETF	2.2	35	14	4.8	-3.8
FAN	First Trust Global Wind Energy ETF	2.2	60	-11	4.3	-4.4
VNQI	Vanguard Global ex-U.S. Real Estate ETF	2.2	12	37	8.2	-0.4
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	2.1	42	7	7.3	-1.4
WAR	U.S. Global Tech and Aerospace & Defense ETF	2.1	60	-11	3.6	-5.0
IPAV	Global X Infrastructure Development ex-U.S. ETF	2.0	55	-6	7.8	-0.9
TPYP	Tortoise North American Pipeline Fund	2.0	40	9	5.8	-2.8
QTUM	Defiance Quantum ETF	2.0	40	9	5.1	-3.6
EFNL	iShares MSCI Finland ETF	2.0	56	-7	7.0	-1.6
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	2.0	58	-9	8.6	0.0
DINT	Davis Select International ETF	1.9	55	-6	8.0	-0.6
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	1.9	10	39	8.3	-0.4
RGEF	Rockefeller Global Equity ETF	1.9	55	-6	4.8	-3.8
KNCT	Invesco Next Gen Connectivity ETF	1.9	40	9	4.7	-4.0
AZTD	Aztlan Global Stock Selection DM SMID ETF	1.9	75	-26	8.0	-0.7
DMAT	Global X Disruptive Materials ETF	1.8	59	-10	6.6	-2.0
BLOK	Amplify Transformational Data Sharing ETF	1.8	75	-26	-0.4	-9.1
AGNG	Global X Aging Population ETF	1.8	50	-1	4.9	-3.7
SAGP	Strategas Global Policy Opportunities ETF	1.8	65	-16	5.5	-3.1
ION	ProShares S&P Global Core Battery Metals ETF	1.8	58	-9	8.7	+0.0
URA	Global X Uranium ETF	1.7	69	-20	1.2	-7.4
IBAT	iShares Energy Storage & Materials ETF	1.7	47	2	3.5	-5.2
IFGL	iShares International Developed Real Estate ETF	1.6	48	1	7.2	-1.5
OCEN	IQ Clean Oceans ETF	1.6	45	4	6.1	-2.6
ANEW	ProShares MSCI Transformational Changes ETF	1.6	45	4	6.3	-2.4
IDRV	iShares Self-driving EV & Tech ETF	1.6	47	2	1.9	-6.8
SDIV	Global X Superdividend ETF	1.6	58	-9	43.3	+34.6
DIVZ	TrueShares Low Volatility Equity Income ETF	1.6	65	-16	6.7	-1.9
ABEQ	Absolute Select Value ETF	1.6	85	-36	4.8	-3.9
YLDE	ClearBridge Dividend Strategy ESG ETF	1.6	60	-11	5.8	-2.8
DIVY	Sound Equity Dividend Income ETF	1.6	45	4	10.0	+1.4
NDIV	Amplify Natural Resources Dividend Income ETF	1.6	59	-10	15.0	+6.4
USNG	Amplify Samsung U.S. Natural Gas Infrastructure ETF	1.6	59	-10	4.3	-4.3
FTWO	Strive FAANG 2.0 ETF	1.5	49	0	4.1	-4.5
EV	Mast Global Battery Recycling & Production ETF	1.5	65	-16	10.6	+1.9
AVRE	Avantis Real Estate ETF	1.5	17	32	7.5	-1.2
KLMN	Invesco MSCI North America Climate ETF	1.4	9	40	5.0	-3.6
ERET	iShares Environmentally Aware Real Estate ETF	1.4	30	19	7.5	-1.1
BMED	Future Health ETF	1.4	85	-36	0.4	-8.2
HTEC	ROBO Global Healthcare Technology and Innovation ETF	1.4	68	-19	2.4	-6.3
RNWZ	TrueShares Eagle Global Renewable Energy Income ETF	1.4	75	-26	7.3	-1.3
GSFP	Goldman Sachs Future Planet Equity ETF	1.4	75	-26	4.9	-3.8
SMOG	VanEck Low Carbon Energy ETF	1.4	61	-12	1.7	-7.0
REET	iShares Global REIT ETF	1.4	14	35	7.7	-1.0
OSEA	Harbor International Compounders ETF	1.4	55	-6	4.9	-3.8
DFGR	Dimensional Global Real Estate ETF	1.4	22	27	7.7	-0.9
DFIS	Dimensional International Small Cap ETF	1.3	39	10	7.4	-1.3
VGSR	Vert Global Sustainable Real Estate ETF	1.3	47	2	7.7	-1.0
FVD	First Trust Value Line Dividend Index Fund	1.3	65	-16	6.4	-2.2
BULD	Pacer BlueStar Engineering the Future ETF	1.3	60	-11	0.4	-8.3
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	1.3	60	-11	3.6	-5.0
FNDC	Schwab Fundamental International Small Co. Index ETF	1.3	39	10	5.9	-2.8
FBOT	Fidelity Disruptive Automation ETF	1.3	50	-1	3.7	-5.0
QUVU	Hartford Quality Value ETF	1.3	46	3	7.3	-1.3
BITQ	Bitwise Crypto Industry Innovators ETF	1.3	85	-36	-2.1	-10.7
DFNL	Davis Select Financial ETF	1.3	63	-14	7.8	-0.8
FDFF	Fidelity Disruptive Finance ETF	1.3	50	-1	4.6	-4.0
FDRR	Fidelity Dividend ETF for Rising Rates	1.3	15	34	7.1	-1.6
CRAK	VanEck Oil Refiners ETF	1.3	61	-12	13.8	+5.2
EWO	iShares MSCI Austria ETF	1.3	50	-1	10.9	+2.2
COPX	Global X Copper Miners ETF	1.3	65	-16	6.1	-2.6
ICOP	iShares Copper and Metals Mining ETF	1.3	47	2	7.4	-1.3
BATT	Amplify Lithium & Battery Technology ETF	1.3	59	-10	3.1	-5.5
COPA	Themes Copper Miners ETF	1.3	35	14	4.9	-3.8
GSIB	Themes Global Systemically Important Banks ETF	1.2	35	14	9.5	+0.8
DISV	Dimensional International Small Cap Value ETF	1.2	42	7	9.1	+0.4
NBCC	Neuberger Berman Next Generation Connected Consumer ETF	1.2	56	-7	0.3	-8.4
FTRI	First Trust Indxx Global Natural Resources Income ETF	1.1	70	-21	7.6	-1.0
EWD	iShares MSCI Sweden ETF	1.1	54	-5	5.4	-3.3
FFND	Future Fund Active ETF	1.1	100	-51	4.4	-4.3
FRNW	Fidelity Clean Energy ETF	1.1	39	10	2.9	-5.8
IXN	iShares Global Tech ETF	1.1	41	8	3.5	-5.2
GQRE	FlexShares Global Quality Real Estate Index Fund	1.1	45	4	8.1	-0.5
INCE	Franklin Income Equity Focus ETF	1.1	29	20	5.8	-2.9
MBOX	Freedom Day Dividend ETF	1.1	39	10	7.6	-1.0
LST	Leuthold Select Industries ETF	1.0	91	-42	5.1	-3.5
TOLL	Tema Durable Quality ETF	1.0	75	-26	5.3	-3.4
FTAG	First Trust Indxx Global Agriculture ETF	1.0	70	-21	8.9	+0.3
ISCF	iShares International SmallCap Equity Factor ETF	1.0	23	26	8.3	-0.4
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	1.0	33	16	10.0	+1.4
XT	iShares Exponential Technologies ETF	0.9	46	3	4.8	-3.9
SHPP	Pacer Industrials and Logistics ETF	0.9	60	-11	8.9	+0.2
ARKX	ARK Space Exploration & Innovation ETF	0.9	75	-26	-0.4	-9.0
RVRB	Reverb ETF	0.9	30	19	4.6	-4.1
HYDR	Global X Hydrogen ETF	0.9	50	-1	-2.9	-11.6
SCHC	Schwab International Small-Cap Equity ETF	0.9	11	38	6.7	-2.0
BLCN	Siren ETF Trust Siren Nasdaq NexGen Economy ETF	0.9	68	-19	2.4	-6.2
GVLU	Gotham 1000 Value ETF	0.8	50	-1	9.2	+0.6
SUPL	ProShares Supply Chain Logistics ETF	0.8	58	-9	12.5	+3.8
RWO	SPDR Dow Jones Global Real Estate ETF	0.8	50	-1	7.2	-1.4
RWX	SPDR Dow Jones International Real Estate ETF	0.8	59	-10	7.1	-1.5
ERTH	Invesco MSCI Sustainable Future ETF	0.7	62	-13	3.7	-5.0
IBOT	Vaneck Robotics ETF	0.7	47	2	4.3	-4.4
PRAY	FIS Christian Stock Fund	0.7	69	-20	5.4	-3.3
STCE	Schwab Crypto Thematic ETF	0.7	30	19	0.6	-8.1
TDIV	First Trust NASDAQ Technology Dividend Index Fund	0.7	50	-1	5.4	-3.2
SIMS	SPDR S&P Kensho Intelligent Structures ETF	0.7	45	4	5.2	-3.5
DVYE	iShares Emerging Markets Dividend ETF	0.7	49	0	19.5	+10.8
BOAT	SonicShares Global Shipping ETF	0.7	69	-20	29.9	+21.3
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.7	8	41	6.2	-2.4
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics ETF	0.6	65	-16	2.0	-6.7
ROBO	ROBO Global Robotics & Automation Index ETF	0.6	95	-46	3.4	-5.2
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	0.5	32	17	16.0	+7.4
DIVD	Altrius Global Dividend ETF Altrius Global Divid ETF	0.5	49	0	9.7	+1.0
EMLP	First Trust North American Energy Infrastructure Fund	0.5	95	-46	5.3	-3.3
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.5	49	0	7.0	-1.6
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.5	50	-1	11.3	+2.7
EIPI	FT Energy Income Partners Enhanced Income ETF	0.5	110	-61	6.5	-2.1
EIPX	FT Energy Income Partners Strategy ETF	0.5	95	-46	7.8	-0.8
EINC	VanEck Energy Income ETF	0.5	48	1	5.4	-3.2
SCZ	iShares MSCI EAFE Small-Cap ETF	0.4	40	9	7.0	-1.6
NUKZ	Range Nuclear Renaissance Index ETF	0.4	85	-36	1.8	-6.9
SRET	Global X SuperDividend REIT ETF	0.4	59	-10	12.5	+3.8
EWN	iShares MSCI Netherlands ETF	0.4	50	-1	5.3	-3.3
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.4	15	34	7.9	-0.8
SCJ	iShares MSCI Japan Small-Cap ETF	0.4	50	-1	6.9	-1.8
HAIL	SPDR S&P Kensho Smart Mobility ETF	0.3	45	4	0.4	-8.3
IEUS	iShares MSCI Europe Small-Cap ETF	0.3	42	7	7.4	-1.3
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	0.3	39	10	16.5	+7.9
EMGF	iShares Emerging Markets Equity Factor ETF	0.3	25	24	11.7	+3.1
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	0.3	75	-26	3.1	-5.6
KOMP	SPDR S&P Kensho New Economies Composite ETF	0.3	20	29	2.4	-6.2
PRNT	3D Printing ETF	0.3	66	-17	1.3	-7.4
TINY	ProShares Nanotechnology ETF	0.3	58	-9	4.7	-3.9
FDVV	Fidelity High Dividend ETF	0.2	15	34	7.7	-0.9
HAP	VanEck Natural Resources ETF	0.2	50	-1	9.3	+0.7
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.2	36	13	9.7	+1.1
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	0.2	15	34	10.3	+1.6
MOO	VanEck Agribusiness ETF	0.2	53	-4	11.0	+2.3
VEGI	iShares MSCI Agriculture Producers ETF	0.2	39	10	9.2	+0.6
GLCR	GlacierShares Nasdaq Iceland ETF	0.2	95	-46	4.0	-4.7
AVDV	Avantis International Small Cap Value ETF	0.2	36	13	9.4	+0.8
PXH	Invesco FTSE RAFI Emerging Markets ETF	0.2	49	0	16.1	+7.5
BKEM	BNY Mellon Emerging Markets Equity ETF	0.2	11	38	10.1	+1.4
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.2	59	-10	9.0	+0.3
AIQ	Global X Artificial Intelligence & Technology ETF	0.2	68	-19	3.6	-5.0
AVDS	Avantis International Small Cap Equity ETF	0.2	30	19	7.3	-1.3
EWK	iShares MSCI Belgium ETF	0.2	50	-1	4.4	-4.3
BOTZ	Global X Robotics & Artificial Intelligence ETF	0.2	69	-20	2.3	-6.4
EEMO	Invesco S&P Emerging Markets Momentum ETF	0.1	29	20	6.8	-1.8
GXC	SPDR S&P China ETF	0.1	59	-10	15.5	+6.9
SOLR	Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund	0.1	79	-30	4.8	-3.8
VCLN	Virtus Duff & Phelps Clean Energy ETF	0.1	59	-10	4.3	-4.3
ICLN	iShares Global Clean Energy ETF	0.1	41	8	4.8	-3.9
VOLT	Tema Electrification ETF	0.1	75	-26	2.6	-6.1
ISHP	First Trust Nasdaq Retail ETF	0.1	60	-11	5.7	-2.9
PBD	Invesco Global Clean Energy ETF	0.1	75	-26	-0.4	-9.0
STXV	Strive 1000 Value ETF	0.1	18	31	8.2	-0.5
GMF	SPDR S&P Emerging Asia Pacific ETF	0.1	49	0	9.5	+0.9
IVES	Wedbush ETFMG Global Cloud Technology ETF	0.1	68	-19	6.6	-2.1
FDTX	Fidelity Disruptive Technology ETF	0.1	50	-1	2.7	-6.0
LOUP	Innovator Deepwater Frontier Tech ETF	0.1	70	-21	1.1	-7.5
AIVC	Amplify Bloomberg AI Value Chain ETF	0.1	59	-10	5.1	-3.5
CUT	Invesco MSCI Global Timber ETF	0.1	61	-12	11.5	+2.8
WOOD	iShares Global Timber & Forestry ETF	0.1	42	7	13.3	+4.7
SPEM	SPDR Portfolio Emerging Markets ETF	0.1	7	42	10.6	+2.0
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.1	32	17	9.2	+0.5
JETS	U.S. Global Jets ETF	0.1	60	-11	3.0	-5.7
EBI	Longview Advantage ETF	0.0	35	14	6.7	-1.9
STRV	Strive 500 ETF	0.0	5	44	4.8	-3.8
AMZA	InfraCap MLP ETF	0.0	164	-115	9.2	+0.5
GWX	SPDR S&P International Small Cap ETF	0.0	40	9	6.1	-2.6

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:	Virtus WMC International Dividend 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	13.9	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	8.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.67	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.