ETF Research Center

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

ALTAR
Score™

27,699.8%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	0.0x	P/Sales ratio	0.0x
P/BV ratio	0.0x	Div. yield	5,306.2%

Description
Performance
Comps
Fundamentals
Valuation
Rating

EMSG tracks an index of large- and midcap emerging market stocks. After excluding certain industries, the index selects stocks with higher ESG scores per MSCI and weights them by market cap. lf

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Deutsche Bank
Website	dws.com
Inception date	Dec 04, 2018
Assets (mns)	$795
Currency	USD
Expense ratio	20 bp
Distributions	Semi-annual

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	78
Wgt avg mkt cap (mns)	$419,483
Large cap (>$10bn)	97.5%
Mid cap ($2-10bn)	2.5%
Small cap (<$2bn)	0.0%
Developed mkts	8.8%
Emerging mkts	91.2%

TOP TEN HOLDINGS
Total	58.3 %
TAIWAN SEMICONDUCTOR MANUFAC	16.6 %
TENCENT HOLDINGS LTD	10.1 %
RELIANCE INDS-SPONS GDR 144A	8.8 %
ALIBABA GROUP HOLDING LTD.	5.7 %
SAMSUNG ELECTRONICS CO LTD	5.3 %
XIAOMI CORP. CLASS B	2.7 %
HYNIX SEMICONDUCTOR INC	2.5 %
CHINA CONSTRUCTION BANK-H	2.4 %
ICICI BANK LTD	2.2 %
PING AN INSURANCE GROUP CO-H	2.2 %

TOP COUNTRY EXPOSURE
	TAIWAN	34.4 %
	CHINA	34.4 %
	INDIA	22.4 %
	SOUTH KOREA	7.8 %
	BRAZIL	4.5 %
	SOUTH AFRICA	2.3 %
	MEXICO	1.5 %
	HONG KONG	1.3 %
	UNITED STATES	1.2 %
	CAYMAN ISLANDS	1.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
33.3%	27.9%	4.2%	--	7.8%

Market Correlations
versus...	Beta	R-squared
S&P500	3.98	18%
MSCI EAFE	4.44	25%
MSCI Emg. Mkts.	5.63	31%

Technical Indicators
Recent close	$35.05
30d moving avg.	$6,606.77
Annualized volatility	20.5%
Short interest (ETF)	0.0%
Relative strength (RSI)	100

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.33%
ADV underlying (mns)	$7,251

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 420 potential alternatives to the Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF ETF based on the alternatives' overlap in portfolio holdings with EMSG. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EMSG

Expense:

20 bp

ALTAR Score™:

27,699.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EMSG
Ticker	Fund Name	Overlap¹ vs EMSG (%)	Expense ratio (bp)	Savings vs EMSG (bp)	ALTAR Score™ (%)	ALTAR vs EMSG (%)
AIA	iShares Asia 50 ETF	58.2	50	-30	12.6	-27,687.2
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	54.3	15	5	7.4	-27,692.4
EEMA	iShares MSCI Emerging Markets Asia ETF	48.8	49	-29	9.2	-27,690.6
FLAX	Franklin FTSE Asia Ex Japan ETF	48.1	19	1	8.4	-27,691.4
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	47.7	33	-13	9.4	-27,690.5
ECON	Columbia Emerging Markets Consumer ETF	47.0	49	-29	11.5	-27,688.3
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	46.9	66	-46	9.0	-27,690.9
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	46.8	15	5	9.5	-27,690.3
XC	WisdomTree Emerging Markets Ex-China Fund	46.3	32	-12	5.7	-27,694.1
BKEM	BNY Mellon Emerging Markets Equity ETF	45.7	11	9	9.2	-27,690.6
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	45.3	36	-16	9.1	-27,690.7
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	45.2	24	-4	7.3	-27,692.5
AAXJ	iShares MSCI All Country Asia ex Japan ETF	44.7	70	-50	8.4	-27,691.4
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	43.5	30	-10	9.6	-27,690.2
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	42.5	45	-25	9.6	-27,690.2
ESGE	iShares ESG Aware MSCI EM ETF	42.1	25	-5	9.7	-27,690.1
MEM	Matthews Emerging Markets Equity Active ETF	41.9	79	-59	7.3	-27,692.5
MINV	Matthews Asia Innovators Active ETF	41.0	79	-59	7.0	-27,692.8
EEM	iShares MSCI Emerging Markets ETF	40.9	69	-49	9.5	-27,690.4
JHEM	John Hancock Multifactor Emerging Markets ETF	40.2	49	-29	9.4	-27,690.4
BKF	iShares MSCI BIC ETF	38.6	69	-49	13.1	-27,686.7
XCEM	Columbia EM Core ex-China ETF	38.6	16	4	7.6	-27,692.2
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	38.5	32	-12	8.5	-27,691.3
EMGF	iShares Emerging Markets Equity Factor ETF	37.9	25	-5	10.8	-27,689.0
STXE	Strive Emerging Markets Ex-China ETF	37.5	32	-12	7.4	-27,692.4
EMXC	iShares MSCI Emerging Markets ex China ETF	36.5	25	-5	6.9	-27,692.9
NUEM	Nuveen ESG Emerging Markets Equity ETF	35.7	36	-16	7.2	-27,692.6
PXH	Invesco FTSE RAFI Emerging Markets ETF	35.3	49	-29	14.9	-27,685.0
SCHE	Schwab Emerging Markets Equity ETF	34.9	11	9	10.6	-27,689.2
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	34.9	40	-20	6.7	-27,693.1
FDEM	Fidelity Emerging Markets Multifactor ETF	34.9	25	-5	12.2	-27,687.6
IEMG	iShares Core MSCI Emerging Markets ETF	34.9	9	11	9.8	-27,690.0
VWO	Vanguard FTSE Emerging Markets ETF	33.9	7	13	10.2	-27,689.6
FLCH	Franklin FTSE China ETF	33.5	19	1	15.4	-27,684.4
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	33.4	75	-55	10.0	-27,689.8
MCHI	iShares MSCI China ETF	33.4	59	-39	16.9	-27,682.9
LDEM	iShares ESG MSCI EM Leaders ETF	32.9	17	3	12.8	-27,687.0
JADE	JPMorgan Active Developing Markets Equity ETF	32.3	65	-45	7.7	-27,692.1
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	32.2	32	-12	6.3	-27,693.5
KALL	KraneShares MSCI All China Index ETF	32.1	49	-29	13.4	-27,686.4
EMC	Global X Emerging Markets Great Consumer ETF	31.8	75	-55	8.6	-27,691.2
SPEM	SPDR Portfolio Emerging Markets ETF	31.6	7	13	10.4	-27,689.4
GXC	SPDR S & P China ETF	31.6	59	-39	15.9	-27,683.9
FLTW	Franklin FTSE Taiwan ETF	31.5	19	1	5.8	-27,694.0
DFAE	Dimensional Emerging Core Equity Market ETF	31.4	35	-15	8.6	-27,691.2
FXI	iShares China Large-Cap ETF	31.2	74	-54	16.9	-27,682.9
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	31.0	88	-68	8.8	-27,691.0
PATN	Pacer Nasdaq International Patent Leaders ETF	30.7	65	-45	5.3	-27,694.5
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	30.6	86	-66	14.3	-27,685.5
EWT	iShares MSCI Taiwan ETF	30.4	58	-38	5.5	-27,694.3
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	28.6	39	-19	15.5	-27,684.3
EMXF	iShares ESG Advanced MSCI EM ETF	28.5	16	4	7.9	-27,691.9
GMF	SPDR S&P Emerging Asia Pacific ETF	27.7	49	-29	9.4	-27,690.4
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	27.6	59	-39	8.4	-27,691.4
XCNY	SPDR S&P Emerging Markets ex-China ETF	27.5	15	5	7.2	-27,692.6
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	27.2	95	-75	11.7	-27,688.1
FTHF	First Trust Emerging Markets Human Flourishing ETF	26.9	75	-55	9.1	-27,690.7
MCH	Matthews China Active ETF	26.7	79	-59	14.0	-27,685.8
DEHP	Dimensional Emerging Markets High Profitability ETF	24.9	41	-21	6.4	-27,693.4
EEMO	Invesco S&P Emerging Markets Momentum ETF	24.6	29	-9	7.5	-27,692.3
EVLU	iShares MSCI Emerging Markets Value Factor ETF	24.5	35	-15	12.5	-27,687.3
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	24.3	30	-10	8.4	-27,691.4
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	24.1	32	-12	13.3	-27,686.5
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	23.8	38	-18	8.6	-27,691.2
FLIN	Franklin FTSE India ETF	22.2	19	1	3.9	-27,695.9
KTEC	KraneShares Hang Seng TECH Index ETF	22.2	69	-49	20.1	-27,679.7
KWEB	KraneShares CSI China Internet ETF	22.0	69	-49	26.0	-27,673.8
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	21.9	41	-21	8.1	-27,691.7
JCHI	JPMorgan Active China ETF	21.9	65	-45	14.4	-27,685.4
EPI	WisdomTree India Earnings Fund	21.8	85	-65	4.8	-27,695.0
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	21.7	60	-40	10.7	-27,689.1
CGXU	Capital Group International Focus Equity ETF	20.9	54	-34	5.3	-27,694.5
FDNI	First Trust Dow Jones International Internet ETF	20.4	65	-45	23.0	-27,676.8
DEXC	Dimensional Emerging Markets ex China Core EquityETF	19.4	53	-33	7.2	-27,692.6
DFEV	Dimensional Emerging Markets Value ETF	19.2	43	-23	11.7	-27,688.1
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	19.1	50	-30	10.2	-27,689.6
AVEM	Avantis Emerging Markets Equity ETF	17.6	33	-13	8.1	-27,691.7
CGRO	CoreValues Alpha Greater China Growth ETF	17.3	75	-55	3.3	-27,696.5
ROAM	Hartford Multifactor Emerging Markets ETF	16.6	44	-24	11.2	-27,688.6
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	16.6	44	-24	10.3	-27,689.5
KNCT	Invesco Next Gen Connectivity ETF	16.4	40	-20	4.6	-27,695.2
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	16.1	25	-5	6.3	-27,693.5
IVES	Wedbush ETFMG Global Cloud Technology ETF	16.1	68	-48	5.9	-27,693.9
AVSE	Avantis Responsible Emerging Markets Equity ETF	16.1	33	-13	7.8	-27,692.0
RNEM	First Trust Emerging Markets Equity Select ETF	16.0	75	-55	8.4	-27,691.4
EMMF	WisdomTree Emerging Markets Multifactor Fund	15.5	48	-28	6.9	-27,692.9
FRDM	Freedom 100 Emerging Markets ETF	15.5	49	-29	7.3	-27,692.5
TCHI	iShares MSCI China Multisector Tech ETF	14.7	59	-39	18.1	-27,681.7
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	13.5	18	2	7.3	-27,692.5
INDY	iShares India 50 ETF	13.5	89	-69	5.0	-27,694.9
PIN	Invesco India ETF	13.5	78	-58	4.6	-27,695.2
INDA	iShares MSCI India ETF	13.3	65	-45	4.5	-27,695.4
NFTY	First Trust India NIFTY 50 Equal Weight ETF	13.3	80	-60	4.8	-27,695.0
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	13.3	41	-21	7.1	-27,692.7
CQQQ	Invesco China Technology ETF	12.8	70	-50	15.6	-27,684.2
ACWX	iShares MSCI ACWI ex U.S. ETF	12.7	34	-14	7.3	-27,692.6
VSGX	Vanguard ESG International Stock ETF	12.6	10	10	7.5	-27,692.3
CHAT	Roundhill Generative AI & Technology ETF	12.5	75	-55	7.7	-27,692.1
CHIQ	Global X MSCI China Consumer Discretionary ETF	12.4	65	-45	12.6	-27,687.2
AIVC	Amplify Bloomberg AI Value Chain ETF	12.4	59	-39	5.7	-27,694.2
JIG	JPMorgan International Growth ETF	12.2	55	-35	4.7	-27,695.1
VEU	Vanguard FTSE All-World ex-US Index Fund	11.7	4	16	7.6	-27,692.2
DEM	WisdomTree Emerging Markets High Dividend Fund	11.0	63	-43	12.7	-27,687.1
IXUS	iShares Core MSCI Total International Stock ETF	10.9	7	13	7.5	-27,692.3
VXUS	Vanguard Total International Stock ETF	10.9	5	15	7.6	-27,692.2
WRND	IQ Global Equity R&D Leaders ETF	10.8	18	2	7.5	-27,692.3
UEVM	VictoryShares Emerging Markets Value Momentum ETF	10.8	45	-25	10.0	-27,689.8
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	10.7	78	-58	9.0	-27,690.8
AIQ	Global X Artificial Intelligence & Technology ETF	10.1	68	-48	3.5	-27,696.3
SOCL	Global X Social Media ETF	10.1	65	-45	10.8	-27,689.0
AVXC	Avantis Emerging Markets Ex-China Equity ETF	10.1	33	-13	7.9	-27,691.9
MOTI	VanEck Morningstar International Moat ETF	9.9	58	-38	10.5	-27,689.3
GAMR	Wedbush ETFMG Video Game Tech ETF Wedbush ETFMG Video Game T	9.8	75	-55	3.5	-27,696.4
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	9.8	86	-66	0.5	-27,699.3
EMM	Global X Emerging Markets ex-China ETF	9.5	75	-55	6.8	-27,693.0
FMET	Fidelity Metaverse ETF	9.2	39	-19	4.7	-27,695.1
ODDS	Pacer BlueStar Digital Entertainment ETF	9.1	60	-40	3.0	-27,696.8
UMMA	Wahed Dow Jones Islamic World ETF	9.1	65	-45	4.7	-27,695.1
DINT	Davis Select International ETF	9.0	55	-35	7.7	-27,692.1
IXN	iShares Global Tech ETF	9.0	41	-21	3.5	-27,696.3
INQQ	India Internet & Ecommerce ETF	8.8	86	-66	1.3	-27,698.5
MOTG	VanEck Morningstar Global Wide Moat ETF	8.7	52	-32	8.8	-27,691.0
LEGR	First Trust Indxx Innovative Transaction & Process ETF	8.6	65	-45	7.9	-27,691.9
ESPO	VanEck Video Gaming and eSports ETF	8.4	56	-36	5.3	-27,694.5
FBOT	Fidelity Disruptive Automation ETF	8.3	50	-30	3.3	-27,696.5
DWLD	Davis Select Worldwide ETF	8.1	63	-43	7.1	-27,692.7
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	8.1	42	-22	6.5	-27,693.3
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	8.1	47	-27	7.7	-27,692.1
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	7.8	90	-70	5.1	-27,694.7
FLKR	Franklin FTSE South Korea ETF	7.8	9	11	7.0	-27,692.8
EWY	iShares MSCI South Korea ETF	7.8	58	-38	6.4	-27,693.4
IQDF	FlexShares International Quality Dividend Index Fund	7.6	47	-27	8.4	-27,691.4
KLMT	Invesco MSCI Global Climate 500 ETF	7.4	10	10	5.6	-27,694.3
IMFL	Invesco International Developed Dynamic Multifactor ETF	7.2	34	-14	5.8	-27,694.0
EELV	Invesco S&P Emerging Markets Low Volatility ETF	7.1	29	-9	8.8	-27,691.0
FLN	First Trust Latin America AlphaDEX Fund	7.0	80	-60	11.8	-27,688.0
CWI	SPDR MSCI ACWI ex-US ETF	7.0	30	-10	7.3	-27,692.5
RXI	iShares Global Consumer Discretionary ETF	7.0	41	-21	8.3	-27,691.5
FEOE	First Eagle Overseas Equity ETF	6.3	79	-59	6.8	-27,693.0
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	6.2	75	-55	2.9	-27,696.9
METV	Roundhill Ball Metaverse ETF	6.1	59	-39	9.0	-27,690.8
FLLA	Franklin FTSE Latin America ETF	6.0	19	1	12.8	-27,687.0
INDF	Nifty India Financials ETF	5.9	75	-55	6.6	-27,693.2
AVES	Avantis Emerging Markets Value ETF	5.8	36	-16	10.5	-27,689.3
WTAI	WisdomTree Artificial Intelligence and Innovation Fund	5.7	45	-25	2.5	-27,697.3
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	5.6	30	-10	7.4	-27,692.4
DVYE	iShares Emerging Markets Dividend ETF	5.6	49	-29	18.1	-27,681.7
VPL	Vanguard FTSE Pacific ETF	5.5	7	13	6.3	-27,693.6
CARZ	First Trust NASDAQ Global Auto Index Fund	5.5	70	-50	4.0	-27,695.8
IVRS	iShares Future Metaverse Tech and Communications ETF	5.4	47	-27	3.1	-27,696.7
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	5.4	65	-45	10.6	-27,689.2
FDTX	Fidelity Disruptive Technology ETF	5.3	50	-30	2.6	-27,697.2
JIVE	JPMorgan International Value ETF	5.3	55	-35	10.7	-27,689.1
NXTG	First Trust Indxx NextG ETF	5.2	70	-50	4.8	-27,695.0
ACWV	iShares MSCI Global Min Vol Factor ETF	5.0	20	0	5.7	-27,694.1
OAIM	OneAscent International Equity ETF	4.9	95	-75	5.4	-27,694.5
NDIA	Global X India Active ETF	4.9	75	-55	5.3	-27,694.5
ARVR	First Trust Indxx Metaverse ETF	4.9	70	-50	3.9	-27,695.9
GLIN	VanEck India Growth Leaders ETF	4.9	77	-57	5.5	-27,694.3
XT	iShares Exponential Technologies ETF	4.8	46	-26	4.5	-27,695.3
EDIV	SPDR S&P Emerging Markets Dividend ETF	4.7	49	-29	9.4	-27,690.4
OGIG	ALPS O'Shares Global Internet Giants ETF	4.6	48	-28	2.2	-27,697.6
AGQI	First Trust Active Global Quality Income ETF	4.6	85	-65	5.2	-27,694.7
CRBN	iShares MSCI ACWI Low Carbon Target ETF	4.6	20	0	5.3	-27,694.5
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	4.6	60	-40	7.9	-27,692.0
GKAT	Scharf Global Opportunity ETF	4.6	57	-37	6.4	-27,693.4
FLBR	Franklin FTSE Brazil ETF	4.5	19	1	14.6	-27,685.2
ANEW	ProShares MSCI Transformational Changes ETF	4.5	45	-25	5.3	-27,694.6
ACWI	iShares MSCI ACWI ETF	4.5	32	-12	5.3	-27,694.5
RODE	Hartford Multifactor Diversified International ETF	4.4	29	-9	10.3	-27,689.5
BNGE	First Trust S-Network Streaming and Gaming ETF	4.4	70	-50	2.6	-27,697.2
VYMI	Vanguard International High Dividend Yield ETF	4.4	17	3	9.0	-27,690.8
IXP	iShares Global Comm Services ETF	4.3	42	-22	5.6	-27,694.2
CLNR	IQ Cleaner Transport ETF	4.2	45	-25	5.2	-27,694.6
FEGE	First Eagle Global Equity ETF	4.2	79	-59	6.5	-27,693.3
EWZ	iShares MSCI Brazil ETF	4.2	58	-38	13.1	-27,686.7
IGPT	Invesco AI and Next Gen Software ETF	4.1	60	-40	4.3	-27,695.5
CHPX	Global X AI Semiconductor & Quantum ETF	4.1	50	-30	3.3	-27,696.5
GSIB	Themes Global Systemically Important Banks ETF	4.0	35	-15	8.9	-27,690.9
VT	Vanguard Total World Stock ETF	4.0	6	14	5.7	-27,694.1
FDCF	Fidelity Disruptive Communications ETF	3.8	50	-30	3.9	-27,695.9
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	3.8	80	-60	9.3	-27,690.5
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	3.7	67	-47	14.6	-27,685.2
ILF	iShares Latin America 40 ETF	3.7	48	-28	11.9	-27,687.9
SCHY	Schwab International Dividend Equity ETF	3.6	14	6	9.6	-27,690.2
FNDF	Schwab Fundamental International Large Co. Index ETF	3.6	25	-5	8.9	-27,690.9
IBLC	iShares Blockchain and Tech ETF	3.5	47	-27	-1.5	-27,701.3
IBUY	Amplify Online Retail ETF	3.4	65	-45	1.7	-27,698.1
DSTX	Distillate International Fundamental Stability & Value ETF	3.3	55	-35	7.6	-27,692.2
DGT	State Street SPDR Global Dow ETF	3.2	50	-30	6.6	-27,693.2
ISHP	First Trust Nasdaq Retail ETF	3.1	60	-40	5.6	-27,694.2
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	3.1	45	-25	8.3	-27,691.5
OTGL	OTG Latin America ETF	3.0	269	-249	8.5	-27,691.3
IXG	iShares Global Financials ETF	3.0	42	-22	6.5	-27,693.3
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	2.8	70	-50	12.3	-27,687.5
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	2.8	12	8	4.9	-27,694.9
WUGI	AXS Esoterica NextG Economy ETF	2.8	75	-55	2.3	-27,697.6
GGME	Invesco Next Gen Media and Gaming ETF	2.7	60	-40	4.9	-27,694.9
DRGN	Themes China Generative Artificial Intelligence ETF	2.7	39	-19	10.8	-27,689.0
DGIN	VanEck Digital India ETF	2.7	71	-51	1.3	-27,698.5
RGEF	Rockefeller Global Equity ETF	2.7	55	-35	4.6	-27,695.2
DWX	SPDR S&P International Dividend ETF	2.6	45	-25	7.2	-27,692.6
INCO	Columbia India Consumer ETF	2.6	75	-55	1.8	-27,698.0
HUMN	Roundhill Humanoid Robotics ETF	2.5	75	-55	1.1	-27,698.7
GLOF	iShares Global Equity Factor ETF	2.5	20	0	6.6	-27,693.2
DTCR	Global X Data Center & Digital Infrastructure ETF	2.5	50	-30	3.9	-27,695.9
AIS	VistaShares Artificial Intelligence Supercycle ETF	2.5	75	-55	2.7	-27,697.1
DEW	WisdomTree Global High Dividend Fund	2.5	58	-38	8.2	-27,691.6
FID	First Trust S&P International Dividend Aristocrats ETF	2.5	60	-40	7.7	-27,692.1
TTAI	FCF International Quality ETF	2.5	59	-39	7.4	-27,692.4
CGGO	Capital Group Global Growth Equity ETF	2.5	47	-27	4.4	-27,695.4
QTUM	Defiance Quantum ETF	2.5	40	-20	5.0	-27,694.8
BUYZ	Franklin Disruptive Commerce ETF	2.3	50	-30	2.5	-27,697.3
IOO	iShares Global 100 ETF	2.3	41	-21	4.6	-27,695.3
AFK	VanEck Africa Index ETF	2.3	98	-78	14.0	-27,685.8
EZA	iShares MSCI South Africa ETF	2.3	58	-38	9.6	-27,690.2
IGRO	iShares International Dividend Growth ETF	2.3	15	5	6.9	-27,692.9
FEM	First Trust Emerging Markets AlphaDEX Fund	2.2	80	-60	11.4	-27,688.4
KOCG	FIS Knights of Columbus Global Belief ETF	2.2	75	-55	4.9	-27,694.9
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics ETF	2.2	65	-45	1.9	-27,697.9
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	2.2	9	11	5.5	-27,694.3
SCHF	Schwab International Equity ETF	2.2	6	14	6.8	-27,693.0
WDIV	SPDR S&P Global Dividend ETF	2.1	40	-20	8.9	-27,690.9
JSTC	Adasina Social Justice All Cap Global ETF	2.0	89	-69	4.8	-27,695.0
JGLO	JPMorgan Global Select Equity ETF	2.0	33	-13	5.0	-27,694.8
GEW	Cambria Global EW ETF	2.0	29	-9	5.9	-27,693.9
VEA	Vanguard FTSE Developed Markets ETF	2.0	3	17	6.8	-27,693.0
IDHQ	Invesco S&P International Developed High Quality ETF	2.0	29	-9	6.3	-27,693.5
ARTY	iShares Future AI & Tech ETF	1.9	47	-27	3.5	-27,696.3
FCLD	Fidelity Cloud Computing ETF	1.9	39	-19	3.5	-27,696.3
HFXI	IQ FTSE International Equity Currency Neutral ETF	1.9	20	0	6.6	-27,693.2
ONLN	ProShares Online Retail ETF	1.8	58	-38	2.4	-27,697.4
QTEC	First Trust NASDAQ-100 Technology Sector Index Fund	1.8	57	-37	3.9	-27,695.9
EBIZ	Global X E-Commerce ETF	1.8	50	-30	4.1	-27,695.7
XNTK	State Street SPDR NYSE Technology ETF	1.8	35	-15	3.5	-27,696.4
CDIG	City Different Investments Global Equity ETF	1.8	75	-55	0.6	-27,699.2
QNXT	iShares Nasdaq-100 ex Top 30 ETF	1.8	20	0	4.7	-27,695.1
FCA	First Trust China AlphaDEX Fund	1.7	80	-60	9.4	-27,690.4
WWJD	Inspire International ETF	1.7	80	-60	7.1	-27,692.7
VIGI	Vanguard International Dividend Appreciation ETF	1.7	10	10	6.3	-27,693.5
GVAL	Cambria Global Value ETF	1.6	68	-48	10.5	-27,689.3
SNSR	Global X Internet of Things ETF	1.6	68	-48	4.6	-27,695.2
GINN	Goldman Sachs Innovate Equity ETF	1.6	52	-32	3.6	-27,696.2
FLMX	Franklin FTSE Mexico ETF	1.5	19	1	10.0	-27,689.9
EWW	iShares MSCI Mexico ETF	1.5	50	-30	9.3	-27,690.6
FTAG	First Trust Indxx Global Agriculture ETF	1.5	70	-50	8.4	-27,691.4
BWEB	Bitwise Web3 ETF	1.4	85	-65	-0.0	-27,699.8
IPKW	Invesco International BuyBack Achievers ETF	1.4	55	-35	8.8	-27,691.0
SPYA	Twin Oak Endure ETF	1.3	80	-60	-0.5	-27,700.3
QQQE	Direxion NASDAQ-100 Equal Weighted Index Shares	1.3	35	-15	4.1	-27,695.7
ROBO	ROBO Global Robotics & Automation Index ETF	1.3	95	-75	3.0	-27,696.8
CGIE	Capital Group International Equity ETF	1.2	54	-34	4.9	-27,694.9
CRIT	Optica Rare Earths & Critical Materials ETF Optica Rare Eart	1.2	85	-65	6.2	-27,693.6
SETM	Sprott Energy Transition Materials ETF	1.2	65	-45	2.0	-27,697.8
FXZ	First Trust Materials AlphaDEX Fund	1.2	61	-41	9.5	-27,690.3
GMET	VanEck Green Metals ETF	1.2	63	-43	7.1	-27,692.7
COPX	Global X Copper Miners ETF	1.2	65	-45	5.5	-27,694.3
DMAT	Global X Disruptive Materials ETF	1.2	59	-39	6.6	-27,693.2
EPU	iShares MSCI Peru and Global Exposure ETF	1.2	59	-39	6.0	-27,693.8
ICOP	iShares Copper and Metals Mining ETF	1.2	47	-27	7.4	-27,692.4
IYM	iShares U.S. Basic Materials ETF	1.2	40	-20	6.3	-27,693.6
ABLD	Abacus FCF Real Assets Leaders ETF	1.2	69	-49	7.0	-27,692.8
CCSO	Carbon Collective Climate Solutions US Equity ETF	1.2	35	-15	1.2	-27,698.6
COWG	Pacer US Large Cap Cash Cows Growth Leaders ETF	1.2	49	-29	4.9	-27,694.9
AGMI	Themes Silver Miners ETF	1.2	35	-15	4.2	-27,695.6
COPA	Themes Copper Miners ETF	1.2	35	-15	4.4	-27,695.4
BLES	Inspire Global Hope ETF	1.2	61	-41	6.8	-27,693.0
VIDI	Vident International Equity Strategy ETF	1.1	61	-41	10.3	-27,689.5
TIIV	AAM Todd International Intrinsic Value ETF	1.1	54	-34	11.1	-27,688.7
BITQ	Bitwise Crypto Industry Innovators ETF	1.0	85	-65	-2.0	-27,701.8
BPAY	BlackRock Future Financial and Technology ETF	1.0	70	-50	6.1	-27,693.7
FDFF	Fidelity Disruptive Finance ETF	1.0	50	-30	4.7	-27,695.1
MID	American Century Mid Cap Growth Impact ETF	1.0	45	-25	3.5	-27,696.3
ARKF	ARK Fintech Innovation ETF	1.0	75	-55	0.2	-27,699.6
FXO	First Trust Financials AlphaDEX Fund	1.0	62	-42	8.2	-27,691.6
BRAZ	Global X Brazil Active ETF	1.0	75	-55	11.9	-27,687.9
BLCN	Siren ETF Trust Siren Nasdaq NexGen Economy ETF	1.0	68	-48	6.4	-27,693.4
BLOK	Amplify Transformational Data Sharing ETF	1.0	75	-55	0.5	-27,699.3
LOUP	Innovator Deepwater Frontier Tech ETF	1.0	70	-50	1.0	-27,698.8
SFYF	SoFi Social 50 ETF	1.0	29	-9	1.0	-27,698.8
AOTG	AOT Growth and Innovation ETF	1.0	75	-55	2.0	-27,697.9
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	1.0	80	-60	8.4	-27,691.4
JOET	Virtus Terranova US Quality Momentum ETF	1.0	29	-9	4.9	-27,694.9
PICK	iShares MSCI Global Metals & Mining Producers ETF	1.0	39	-19	10.6	-27,689.3
ABFL	Abacus FCF Leaders ETF	0.9	59	-39	4.9	-27,694.9
EYLD	Cambria Emerging Shareholder Yield ETF	0.9	66	-46	11.6	-27,688.2
ICPY	Tweedy, Browne International Insider Value ETF	0.9	80	-60	11.4	-27,688.4
IYF	iShares U.S. Financials ETF	0.9	40	-20	6.0	-27,693.9
DFNL	Davis Select Financial ETF	0.9	63	-43	7.4	-27,692.4
GPT	Intelligent Alpha Atlas ETF	0.9	69	-49	5.8	-27,694.1
QQEW	First Trust Nasdaq-100 Equal Weighted Index Fund	0.9	58	-38	4.4	-27,695.4
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.9	10	10	6.7	-27,693.1
JPIN	J.P. Morgan Diversified Return International Equity ETF	0.8	37	-17	7.8	-27,692.0
YNOT	Horizon Digital Frontier ETF	0.8	75	-55	3.1	-27,696.7
SPDW	SPDR Portfolio Developed World ex-US ETF	0.7	3	17	6.6	-27,693.2
CCNR	ALPS CoreCommodity Natural Resources ETF	0.7	39	-19	8.3	-27,691.5
KAT	Scharf ETF	0.7	87	-67	5.3	-27,694.5
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.6	12	8	8.2	-27,691.6
COPY	Tweedy, Browne Insider + Value ETF	0.6	80	-60	11.6	-27,688.2
APIE	ActivePassive International Equity ETF	0.6	45	-25	7.1	-27,692.7
INTF	iShares International Equity Factor ETF	0.6	15	5	7.3	-27,692.5
PTL	Inspire 500 ETF	0.6	9	11	5.3	-27,694.6
FDRV	Fidelity Electric Vehicles and Future Transportation ETF	0.5	39	-19	-1.3	-27,701.1
KGRN	KraneShares MSCI China Clean Technology Index ETF	0.5	79	-59	0.4	-27,699.5
MOTO	SmartETFs Smart Transportation & Technology ETF	0.5	68	-48	6.4	-27,693.5
ERTH	Invesco MSCI Sustainable Future ETF	0.5	62	-42	3.4	-27,696.5
PBD	Invesco Global Clean Energy ETF	0.5	75	-55	0.8	-27,699.0
SMOG	VanEck Low Carbon Energy ETF	0.5	61	-41	1.5	-27,698.3
DRIV	Global X Autonomous & Electric Vehicles ETF	0.5	68	-48	4.7	-27,695.1
LIT	Global X Lithium & Battery Tech ETF	0.5	75	-55	6.6	-27,693.2
IDRV	iShares Self-driving EV & Tech ETF	0.5	47	-27	3.2	-27,696.6
BATT	Amplify Lithium & Battery Technology ETF	0.5	59	-39	1.9	-27,697.9
CGGR	Capital Group Growth ETF	0.5	39	-19	3.4	-27,696.4
QQQ	Invesco QQQ Trust Series I	0.5	20	0	4.1	-27,695.7
QQQM	Invesco NASDAQ 100 ETF	0.5	15	5	4.2	-27,695.6
CGDG	Capital Group Dividend Growers ETF	0.5	47	-27	6.0	-27,693.8
RCGE	RockCreek Global Equality ETF	0.5	95	-75	6.6	-27,693.2
MXI	iShares Global Materials ETF	0.5	41	-21	7.2	-27,692.6
JPUS	JPMorgan Diversified Return U.S. Equity ETF	0.4	18	2	7.8	-27,692.0
HAP	VanEck Natural Resources ETF	0.4	50	-30	8.8	-27,691.0
LRGF	iShares U.S. Equity Factor ETF	0.4	8	12	5.4	-27,694.4
QQWZ	Pacer Cash COWZ 100-Nasdaq100 Rotator ETF	0.4	49	-29	3.6	-27,696.2
TRFM	AAM Transformers ETF	0.4	49	-29	1.2	-27,698.6
UIVM	VictoryShares International Value Momentum ETF	0.4	35	-15	8.4	-27,691.4
EQAL	Invesco Russell 1000 Equal Weight ETF	0.4	20	0	7.1	-27,692.7
AFLG	First Trust Active Factor Large Cap ETF	0.4	55	-35	6.3	-27,693.5
GNR	SPDR S&P Global Natural Resources ETF	0.3	40	-20	10.3	-27,689.5
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.3	49	-29	5.1	-27,694.7
BFOR	ALPS Barron's 400 ETF	0.3	65	-45	5.9	-27,693.9
FBCG	Fidelity Blue Chip Growth ETF	0.3	59	-39	2.8	-27,697.0
SFYX	SoFi Next 500 ETF	0.3	0	20	5.8	-27,694.0
PID	Invesco International Dividend Achievers ETF	0.3	53	-33	5.1	-27,694.7
CIL	VictoryShares International Volatility Wtd ETF	0.3	45	-25	6.4	-27,693.4
FNDA	Schwab Fundamental US Small Co. Index ETF	0.3	25	-5	7.6	-27,692.2
ONEQ	Fidelity Nasdaq Composite Index ETF	0.3	21	-1	3.7	-27,696.1
QQMG	Invesco ESG NASDAQ 100 ETF	0.3	20	0	4.2	-27,695.7
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.3	46	-26	9.5	-27,690.3
GGUS	Marketbeta Russell 1000 Growth Equity ETF	0.3	12	8	4.6	-27,695.2
GVLU	Gotham 1000 Value ETF	0.3	50	-30	9.0	-27,690.8
TEMP	JPMorgan Climate Change Solutions ETF	0.3	49	-29	5.8	-27,694.0
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	0.2	58	-38	4.4	-27,695.4
JMOM	JPMorgan U.S. Momentum Factor ETF	0.2	12	8	4.6	-27,695.2
JQUA	JPMorgan U.S. Quality Factor ETF	0.2	12	8	5.9	-27,693.9
RVRB	Reverb ETF	0.2	30	-10	4.5	-27,695.3
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	0.2	15	5	4.6	-27,695.2
IWY	iShares Russell Top 200 Growth ETF	0.2	20	0	4.2	-27,695.6
TPIF	Timothy Plan International ETF	0.2	62	-42	6.0	-27,693.8
VFQY	Vanguard U.S. Quality Factor ETF	0.2	13	7	6.1	-27,693.7
VONG	Vanguard Russell 1000 Growth ETF	0.2	7	13	4.4	-27,695.4
IWF	iShares Russell 1000 Growth ETF	0.2	19	1	4.1	-27,695.7
FFLC	Fidelity Fundamental Large Cap Core ETF	0.2	38	-18	4.5	-27,695.3
VSLU	Applied Finance Valuation Large Cap ETF	0.1	49	-29	5.9	-27,694.0
USNZ	Xtrackers Net Zero Pathway Paris Aligned US Equity ETF	0.1	10	10	5.2	-27,694.6
VFMO	Vanguard U.S. Momentum Factor ETF	0.1	13	7	2.9	-27,696.9
IWL	iShares Russell Top 200 ETF	0.1	15	5	4.5	-27,695.3
ESGV	Vanguard ESG U.S. Stock ETF	0.1	9	11	4.7	-27,695.1
FLQL	Franklin LibertyQ U.S. Equity ETF	0.1	15	5	5.3	-27,694.5
VONE	Vanguard Russell 1000 ETF	0.1	7	13	4.9	-27,694.9
IWB	iShares Russell 1000 ETF	0.1	15	5	4.8	-27,695.0
IWV	iShares Russell 3000 ETF	0.1	20	0	4.7	-27,695.2
VTHR	Vanguard Russell 3000 ETF	0.1	7	13	4.8	-27,695.0
ESGG	FlexShares STOXX Global ESG Select Index Fund	0.1	42	-22	5.2	-27,694.6
ONEO	State Street SPDR Russell 1000 Momentum Focus ETF	0.1	20	0	6.8	-27,693.0
ESG	FlexShares Trust FlexShares STOXX US ESG Select Index Fund	0.1	32	-12	4.9	-27,694.9
VFMF	Vanguard U.S. Multifactor ETF	0.1	18	2	7.7	-27,692.1
DFVX	Dimensional US Large Cap Vector ETF	0.1	22	-2	6.2	-27,693.6
THRO	iShares U.S. Thematic Rotation Active ETF	0.1	90	-70	3.8	-27,696.0
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	0.1	39	-19	3.0	-27,696.8
IUS	Invesco RAFI Strategic US ETF	0.1	19	1	6.8	-27,693.0
IWX	iShares Russell Top 200 Value ETF	0.1	20	0	6.0	-27,693.8
VYM	Vanguard High Dividend Yield Index ETF	0.1	6	14	7.0	-27,692.8
AADR	AdvisorShares Dorsey Wright ADR ETF	0.1	110	-90	4.9	-27,694.9
EDOG	ALPS Emerging Sector Dividend Dogs ETF	0.1	60	-40	10.8	-27,689.0
CIBR	First Trust NASDAQ Cybersecurity ETF	0.1	60	-40	4.1	-27,695.7
FVD	First Trust Value Line Dividend Index Fund	0.1	65	-45	6.3	-27,693.5
ABLG	Abacus FCF International Leaders ETF	0.1	59	-39	6.5	-27,693.3
DUHP	Dimensional US High Profitability ETF	0.0	21	-1	6.2	-27,693.6
ILCV	iShares Morningstar Value ETF	0.0	4	16	6.3	-27,693.6
HLAL	Wahed FTSE USA Shariah ETF	0.0	50	-30	4.5	-27,695.3
AVUS	Avantis U.S. Equity ETF	0.0	15	5	5.7	-27,694.1
IWD	iShares Russell 1000 Value ETF	0.0	19	1	6.4	-27,693.4
VONV	Vanguard Russell 1000 Value ETF	0.0	7	13	6.5	-27,693.3
NACP	Impact Shares NAACP Minority Empowerment ETF	0.0	49	-29	4.7	-27,695.1
XMAG	Defiance Large Cap ex-Mag 7 ETF	0.0	35	-15	5.1	-27,694.7
JHML	John Hancock Multifactor Large Cap ETF	0.0	29	-9	5.3	-27,694.5
DIVB	iShares Core Dividend ETF	0.0	5	15	8.2	-27,691.7
DEUS	Xtrackers Russell US Multifactor ETF	0.0	17	3	7.0	-27,692.8
ILCB	iShares Morningstar U.S. Equity ETF	0.0	3	17	4.8	-27,695.0
RAUS	RACWI US ETF	0.0	15	5	4.9	-27,695.0
SFGV	Sequoia Global Value ETF	0.0	23	-3	8.2	-27,691.6
BBUS	JP Morgan Betabuilders U.S. Equity ETF	0.0	2	18	4.9	-27,694.9
BKLC	BNY Mellon US Large Cap Core Equity ETF	0.0	0	20	4.9	-27,694.9
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	0.0	7	13	4.8	-27,695.0
VOTE	TCW Transform 500 ETF	0.0	5	15	4.9	-27,695.0
GUSA	Goldman Sachs MarketBeta U.S. 1000 Equity ETF	0.0	11	9	4.9	-27,694.9
DFAU	Dimensional US Core Equity Market ETF	0.0	12	8	5.0	-27,694.8
DFUS	Dimensional U.S. Equity ETF	0.0	9	11	4.8	-27,695.1
GXLC	Global X U.S. 500 ETF	0.0	2	18	4.8	-27,695.0
FNDB	Schwab Fundamental US Broad Market Index ETF	0.0	25	-5	7.2	-27,692.6
PRF	Invesco FTSE RAFI US 1000 ETF	0.0	39	-19	6.7	-27,693.1
DFAC	Dimensional U.S. Core Equity 2 ETF	0.0	17	3	5.4	-27,694.4
DCOR	Dimensional US Core Equity 1 ETF	0.0	14	6	5.3	-27,694.5
EBI	Longview Advantage ETF	0.0	35	-15	6.7	-27,693.1
DXUV	Dimensional US Vector Equity ETF	0.0	28	-8	6.0	-27,693.8
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	0.0	24	-4	7.1	-27,692.7
QDF	FlexShares Quality Dividend Index Fund	0.0	37	-17	6.3	-27,693.6
TILT	FlexShares Morningstar US Market Factor Tilt Index Fund	0.0	25	-5	5.3	-27,694.5
MOO	VanEck Agribusiness ETF	0.0	53	-33	10.6	-27,689.2
DFSU	Dimensional US Sustainability Core 1 ETF	0.0	18	2	5.2	-27,694.6
OMFL	Invesco Russell 1000 Dynamic Multifactor ETF	0.0	29	-9	4.7	-27,695.2
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	0.0	29	-9	6.4	-27,693.4
QDEF	FlexShares Quality Dividend Defensive Index Fund	0.0	37	-17	6.2	-27,693.6
DYNF	BlackRock U.S. Equity Factor Rotation ETF	0.0	30	-10	4.4	-27,695.4
TINY	ProShares Nanotechnology ETF	0.0	58	-38	3.5	-27,696.3
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.0	70	-50	7.5	-27,692.3
IBAT	iShares Energy Storage & Materials ETF	0.0	47	-27	2.6	-27,697.2
ICLN	iShares Global Clean Energy ETF	0.0	41	-21	3.1	-27,696.7
POW	VistaShares Electrification Supercycle ETF	0.0	75	-55	3.4	-27,696.4
TDIV	First Trust NASDAQ Technology Dividend Index Fund	0.0	50	-30	5.4	-27,694.5
OBOR	KraneShares MSCI One Belt One Road Index ETF	0.0	79	-59	7.7	-27,692.1

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:	Xtrackers MSCI Emerging Markets ESG Leaders Equity 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	11.1	%
Divided by: Fwd. P/BV	0.0	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	27,699.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.51	CATEGORY AVERAGE	1.54

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.