ETF Research Center

iShares MSCI Italy ETF

ALTAR
Score™

10.8%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	13.3x	P/Sales ratio	1.2x
P/BV ratio	4.5x	Div. yield	3.9%

Description
Performance
Comps
Fundamentals
Valuation
Rating

iShares MSCI Italy Index Fund objective seeks to provide investment results that correspond to the performance of the Italian market, as measured by the MSCI Italy Index. The Fund invests in a

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Mar 12, 1996
Assets (mns)	$679
Currency	USD
Expense ratio	50 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Market Cap
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	26
Wgt avg mkt cap (mns)	$62,568
Large cap (>$10bn)	94.5%
Mid cap ($2-10bn)	5.5%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	70.0 %
UNICREDIT S.P.A.	14.7 %
INTESA SANPAOLO S.P.A.	12.7 %
ENEL SPA	11.1 %
FERRARI NV	6.1 %
ASSICURAZIONI GENERALI	4.7 %
PRYSMIAN SPA	4.6 %
ENI SPA	4.6 %
STELLANTIS NV	4.4 %
LEONARDO SPA	3.9 %
BANCA POPOL EMILIA ROMAGNA	3.2 %

TOP COUNTRY EXPOSURE
	ITALY	91.1 %
	BRITAIN	4.4 %
	LUXEMBOURG	1.7 %

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.
47.2%	47.9%	16.7%	9.6%	6.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.73	49%
MSCI EAFE	1.11	82%
MSCI Emg. Mkts.	0.82	49%

Technical Indicators
Recent close	$52.98
30d moving avg.	$52.34
Annualized volatility	18.3%
Short interest (ETF)	5.8%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	421
Turnover	3.3%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$1,688

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 223 potential alternatives to the iShares MSCI Italy ETF ETF based on the alternatives' overlap in portfolio holdings with EWI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EWI

Expense:

50 bp

ALTAR Score™:

10.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWI
Ticker	Fund Name	Overlap¹ vs EWI (%)	Expense ratio (bp)	Savings vs EWI (bp)	ALTAR Score™ (%)	ALTAR vs EWI (%)
EFAS	Global X MSCI SuperDividend EAFE ETF	10.8	57	-7	8.4	-2.4
FEUZ	First Trust Eurozone AlphaDEX ETF	10.2	80	-30	7.5	-3.3
EUFN	iShares MSCI Europe Financials ETF	9.8	51	-1	7.8	-3.0
IDV	iShares International Select Dividend ETF	9.0	51	-1	10.3	-0.5
EZU	iShares MSCI Eurozone ETF	8.8	52	-2	6.4	-4.3
JHID	John Hancock International High Dividend ETF	8.6	46	4	9.2	-1.6
SCHY	Schwab International Dividend Equity ETF	8.4	14	36	9.6	-1.2
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	8.4	58	-8	8.4	-2.4
DTH	WisdomTree International High Dividend Fund	8.1	58	-8	8.0	-2.8
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	8.0	45	5	6.8	-4.0
FEZ	SPDR EURO STOXX 50 ETF	7.8	29	21	6.4	-4.4
RFEU	First Trust Riverfront Dynamic Europe ETF	7.6	83	-33	10.0	-0.8
LVHI	Franklin International Low Volatility High Dividend Index ET	7.2	40	10	10.1	-0.7
VWID	Virtus WMC International Dividend ETF	6.9	49	1	8.0	-2.8
FINE	Themes European Luxury ETF	6.8	35	15	6.6	-4.1
DOL	WisdomTree International LargeCap Dividend Fund	6.7	48	2	6.8	-4.0
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	6.5	58	-8	4.4	-6.4
IDOG	ALPS International Sector Dividend Dogs ETF	6.4	50	0	11.4	+0.7
SMOG	VanEck Low Carbon Energy ETF	6.4	61	-11	1.5	-9.2
DIVI	Franklin International Core Dividend Tilt Index ETF	6.3	9	41	7.5	-3.2
FEP	First Trust Europe AlphaDEX Fund	6.3	80	-30	7.9	-2.9
UIVM	VictoryShares International Value Momentum ETF	6.1	35	15	8.4	-2.3
POW	VistaShares Electrification Supercycle ETF	6.0	75	-25	3.4	-7.3
IMOM	Alpha Architect International Quantitative Momentum ETF	5.9	49	1	4.7	-6.1
IDMO	Invesco S&P International Developed Momentum ETF	5.9	25	25	5.8	-5.0
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	5.8	80	-30	5.9	-4.9
TPIF	Timothy Plan International ETF	5.7	62	-12	6.0	-4.8
FIDI	Fidelity International High Dividend ETF	5.6	18	32	8.0	-2.8
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	5.6	25	25	7.1	-3.7
GSFP	Goldman Sachs Future Planet Equity ETF	5.5	75	-25	4.4	-6.4
JXI	iShares Global Utilities ETF	5.2	43	7	5.7	-5.1
IPKW	Invesco International BuyBack Achievers ETF	5.1	55	-5	8.8	-2.0
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	5.1	40	10	7.0	-3.7
DWMF	WisdomTree International Multifactor Fund	5.0	38	12	7.1	-3.7
DWM	WisdomTree International Equity Fund	4.9	48	2	6.9	-3.8
IEV	iShares Europe ETF	4.9	67	-17	6.6	-4.2
FDD	First Trust Stoxx European Select Dividend Index Fund	4.8	58	-8	11.0	+0.2
IMTM	iShares MSCI Intl Momentum Factor ETF	4.8	30	20	5.2	-5.6
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	4.7	47	3	7.7	-3.1
TEMP	JPMorgan Climate Change Solutions ETF	4.6	49	1	5.8	-5.0
IQDF	FlexShares International Quality Dividend Index Fund	4.6	47	3	8.4	-2.4
EFV	iShares MSCI EAFE Value ETF	4.6	34	16	8.5	-2.3
BBEU	JPMorgan BetaBuilders Europe ETF	4.6	9	41	7.0	-3.8
RNWZ	TrueShares Eagle Global Renewable Energy Income ETF	4.5	75	-25	7.2	-3.5
FLEE	Franklin FTSE Europe ETF	4.5	9	41	7.0	-3.8
VGK	Vanguard FTSE Europe ETF	4.4	6	44	7.2	-3.6
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	4.4	46	4	6.5	-4.2
IEUR	iShares Core MSCI Europe ETF	4.3	11	39	7.1	-3.7
FAN	First Trust Global Wind Energy ETF	4.3	60	-10	4.3	-6.5
CIL	VictoryShares International Volatility Wtd ETF	4.3	45	5	6.4	-4.4
SPEU	SPDR Portfolio Europe ETF	4.3	7	43	7.1	-3.6
PPIE	Putnam PanAgora ESG International Equity ETF	4.1	49	1	7.2	-3.6
IPAV	Global X Infrastructure Development ex-U.S. ETF	4.1	55	-5	6.5	-4.2
IGRO	iShares International Dividend Growth ETF	4.1	15	35	6.9	-3.9
BLLD	JPMorgan Sustainable Infrastructure ETF	4.1	49	1	5.9	-4.9
RFDI	First Trust Riverfront Dynamic Developed International ETF	4.1	83	-33	8.9	-1.9
DIM	WisdomTree International MidCap Dividend Fund	4.0	58	-8	7.2	-3.6
SHLD	Global X Defense Tech ETF	3.9	50	0	3.3	-7.5
GDFN	Tema International Defense Innov ETF	3.9	75	-25	3.3	-7.5
BINV	Brandes International ETF	3.9	70	-20	9.3	-1.5
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	3.9	65	-15	10.6	-0.1
WWJD	Inspire International ETF	3.8	80	-30	7.1	-3.6
EUDV	ProShares MSCI Europe Dividend Growers ETF	3.8	55	-5	6.1	-4.6
WLDR	Affinity World Leaders Equity ETF	3.8	67	-17	7.1	-3.6
QINT	American Century Quality Diversified International ETF	3.8	39	11	6.8	-4.0
NUDM	Nuveen ESG International Developed Markets Equity ETF	3.8	31	19	5.9	-4.9
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	3.7	80	-30	4.2	-6.6
GSIE	Goldman Sachs ActiveBeta International Equity ETF	3.7	25	25	6.9	-3.9
IDLV	Invesco S&P International Developed Low Volatility ETF	3.5	25	25	6.5	-4.2
IVLU	iShares MSCI Intl Value Factor ETF	3.5	30	20	9.6	-1.2
DEW	WisdomTree Global High Dividend Fund	3.4	58	-8	8.2	-2.6
FID	First Trust S&P International Dividend Aristocrats ETF	3.4	60	-10	7.7	-3.1
VYMI	Vanguard International High Dividend Yield ETF	3.2	17	33	9.0	-1.8
EFAX	SPDR MSCI EAFE Fossil Fuel Reserves Free ETF	3.1	20	30	6.1	-4.7
EFA	iShares MSCI EAFE ETF	3.1	35	15	6.4	-4.4
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	3.1	45	5	8.3	-2.4
INTF	iShares International Equity Factor ETF	3.1	15	35	7.3	-3.5
EFAV	iShares MSCI EAFE Min Vol Factor ETF	3.1	22	28	5.9	-4.9
HEDJ	WisdomTree Europe Hedged Equity Fund	3.1	58	-8	6.4	-4.4
QEFA	SPDR MSCI EAFE StrategicFactors ETF	3.1	30	20	6.7	-4.1
VCLN	Virtus Duff & Phelps Clean Energy ETF	3.1	59	-9	3.9	-6.9
AIVI	WisdomTree International AI Enhanced Value Fund	3.1	58	-8	6.7	-4.0
HFXI	IQ FTSE International Equity Currency Neutral ETF	3.1	20	30	6.6	-4.2
ESGD	iShares ESG Aware MSCI EAFE ETF	3.0	20	30	6.3	-4.5
CEFA	Global X S&P Catholic Values Developed ex-US ETF	3.0	35	15	6.2	-4.5
NXTG	First Trust Indxx NextG ETF	3.0	70	-20	4.8	-5.9
FPXE	First Trust IPOX Europe Equity Opportunities ETF	3.0	70	-20	3.9	-6.9
FYLD	Cambria Foreign Shareholder Yield ETF	2.9	59	-9	11.1	+0.4
ITOL	Tema International Durable Quality ETF	2.9	60	-10	5.7	-5.1
JHMD	John Hancock Multifactor Developed International ETF	2.9	39	11	7.1	-3.6
DWX	SPDR S&P International Dividend ETF	2.9	45	5	7.2	-3.6
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	2.9	36	14	6.3	-4.5
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	2.9	12	38	5.7	-5.1
GSID	Goldman Sachs MarketBeta International Equity ETF	2.9	20	30	6.5	-4.3
FENI	Fidelity Enhanced International ETF	2.9	28	22	6.2	-4.6
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	2.9	14	36	5.9	-4.9
FDFF	Fidelity Disruptive Finance ETF	2.8	50	0	4.7	-6.1
FNDF	Schwab Fundamental International Large Co. Index ETF	2.8	25	25	8.9	-1.9
INEQ	Columbia International Equity Income ETF	2.8	45	5	7.6	-3.2
IDHQ	Invesco S&P International Developed High Quality ETF	2.8	29	21	6.3	-4.4
JIVE	JPMorgan International Value ETF	2.8	55	-5	10.7	-0.1
IQLT	iShares MSCI Intl Quality Factor ETF	2.7	30	20	6.1	-4.7
IEFA	iShares Core MSCI EAFE ETF	2.7	7	43	6.7	-4.1
WDIV	SPDR S&P Global Dividend ETF	2.6	40	10	8.9	-1.8
STXI	Strive International Developed Markets ETF	2.6	29	21	6.3	-4.5
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	2.6	39	11	6.4	-4.4
DFIV	Dimensional International Value ETF	2.6	27	23	8.9	-1.8
BPAY	BlackRock Future Financial and Technology ETF	2.6	70	-20	6.1	-4.7
SCHF	Schwab International Equity ETF	2.5	6	44	6.8	-4.0
BKIE	BNY Mellon International Equity ETF	2.5	4	46	6.6	-4.2
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	2.5	9	41	8.9	-1.8
NBCC	Neuberger Berman Next Generation Connected Consumer ETF	2.5	56	-6	2.9	-7.9
JPIN	J.P. Morgan Diversified Return International Equity ETF	2.5	37	13	7.8	-3.0
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	2.5	47	3	5.8	-5.0
EFAD	ProShares MSCI EAFE Dividend Growers ETF	2.4	50	0	5.8	-5.0
IGF	iShares Global Infrastructure ETF	2.4	41	9	4.6	-6.1
IDEV	iShares Core MSCI International Developed Markets ETF	2.4	4	46	6.7	-4.1
GII	SPDR S&P Global Infrastructure ETF	2.4	40	10	4.6	-6.1
VEA	Vanguard FTSE Developed Markets ETF	2.4	3	47	6.8	-4.0
IXG	iShares Global Financials ETF	2.3	42	8	6.5	-4.2
DFIC	Dimensional International Core Equity 2 ETF	2.3	23	27	7.1	-3.7
SPDW	SPDR Portfolio Developed World ex-US ETF	2.3	3	47	6.6	-4.1
DFAI	Dimensional International Core Equity Market ETF	2.3	18	32	6.7	-4.0
JIRE	JPMorgan International Research Enhanced Equity ETF	2.3	24	26	6.8	-3.9
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	2.3	20	30	6.1	-4.7
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	2.2	80	-30	8.4	-2.4
IVAL	Alpha Architect International Quantitative Value ETF	2.2	49	1	10.0	-0.8
AVSD	Avantis Responsible International Equity ETF	2.2	23	27	5.1	-5.6
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	2.1	46	4	5.7	-5.1
FGD	First Trust Dow Jones Global Select Dividend Index Fund	2.1	56	-6	10.6	-0.2
OAIM	OneAscent International Equity ETF	2.1	95	-45	5.4	-5.4
RCGE	RockCreek Global Equality ETF	2.1	95	-45	6.6	-4.2
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	2.1	39	11	7.5	-3.2
DIHP	Dimensional International High Profitability ETF	2.0	29	21	6.6	-4.2
FIVA	Fidelity International Value Factor ETF	2.0	18	32	9.1	-1.6
FICS	First Trust International Developed Capital Strength ETF	2.0	70	-20	7.3	-3.5
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	2.0	29	21	7.4	-3.3
AVDE	Avantis International Equity ETF	2.0	23	27	7.0	-3.7
BLES	Inspire Global Hope ETF	2.0	61	-11	6.8	-4.0
CGIE	Capital Group International Equity ETF	2.0	54	-4	4.9	-5.9
ACWX	iShares MSCI ACWI ex U.S. ETF	1.9	34	16	7.3	-3.5
GCOW	Pacer Global Cash Cows Dividend ETF	1.9	60	-10	10.4	-0.4
IQSI	IQ Candriam International Equity ETF	1.9	15	35	6.2	-4.6
OEFA	ALPS O�Shares International Developed Quality Dividend ETF	1.9	48	2	5.3	-5.4
CWI	SPDR MSCI ACWI ex-US ETF	1.8	30	20	7.3	-3.4
VEU	Vanguard FTSE All-World ex-US Index Fund	1.8	4	46	7.6	-3.1
FDEV	Fidelity International Multifactor ETF	1.8	18	32	7.4	-3.4
AVIV	Avantis International Large Cap Value ETF	1.8	25	25	8.3	-2.5
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	1.8	18	32	7.3	-3.5
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	1.8	41	9	7.1	-3.6
DFSI	Dimensional International Sustainability Core 1 ETF	1.8	24	26	6.1	-4.6
VXUS	Vanguard Total International Stock ETF	1.7	5	45	7.6	-3.2
DXIV	Dimensional International Vector Equity ETF	1.7	34	16	7.4	-3.4
DMXF	iShares ESG Advanced MSCI EAFE ETF	1.7	12	38	5.4	-5.4
EFG	iShares MSCI EAFE Growth ETF	1.7	36	14	4.1	-6.7
PBD	Invesco Global Clean Energy ETF	1.7	75	-25	0.8	-10.0
IXUS	iShares Core MSCI Total International Stock ETF	1.6	7	43	7.5	-3.3
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	1.6	24	26	7.1	-3.7
IXC	iShares Global Energy ETF	1.6	44	6	9.9	-0.9
VSGX	Vanguard ESG International Stock ETF	1.6	10	40	7.5	-3.3
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	1.6	30	20	7.4	-3.3
TTAI	FCF International Quality ETF	1.5	59	-9	7.4	-3.4
GLOF	iShares Global Equity Factor ETF	1.5	20	30	6.6	-4.2
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	1.4	65	-15	4.6	-6.2
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	1.4	25	25	6.0	-4.8
JGLO	JPMorgan Global Select Equity ETF	1.4	33	17	5.0	-5.8
RODE	Hartford Multifactor Diversified International ETF	1.4	29	21	10.3	-0.4
RXI	iShares Global Consumer Discretionary ETF	1.4	41	9	8.3	-2.5
KNO	AXS Knowledge Leaders ETF	1.3	78	-28	5.6	-5.2
IQRA	IQ CBRE Real Assets ETF	1.3	65	-15	5.7	-5.0
DGT	State Street SPDR Global Dow ETF	1.3	50	0	6.6	-4.2
DRIV	Global X Autonomous & Electric Vehicles ETF	1.2	68	-18	4.7	-6.1
DISV	Dimensional International Small Cap Value ETF	1.2	42	8	8.9	-1.9
NATO	Themes Transatlantic Defense ETF	1.2	35	15	2.3	-8.5
CZAR	Themes Natural Monopoly ETF	1.0	35	15	5.5	-5.2
ESGG	FlexShares STOXX Global ESG Select Index Fund	1.0	42	8	5.2	-5.5
CGV	Conductor Global Equity Value ETF	1.0	130	-80	7.7	-3.0
DTAN	Sparkline International Intangible Value ETF	0.9	55	-5	8.1	-2.6
QWLD	SPDR MSCI World StrategicFactors ETF	0.9	30	20	5.7	-5.0
XT	iShares Exponential Technologies ETF	0.9	46	4	4.5	-6.3
WTRE	WisdomTree New Economy Real Estate Fund	0.9	58	-8	7.1	-3.7
SRVR	Pacer Data & Infrastructure Real Estate ETF	0.9	55	-5	4.7	-6.1
EUDG	WisdomTree Europe Quality Dividend Growth Fund	0.9	58	-8	6.6	-4.1
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.9	20	30	5.3	-5.4
GNR	SPDR S&P Global Natural Resources ETF	0.8	40	10	10.3	-0.5
TOK	iShares MSCI Kokusai ETF	0.8	26	24	4.9	-5.9
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.8	46	4	9.5	-1.3
KOKU	Xtrackers MSCI Kokusai Equity ETF	0.8	9	41	5.1	-5.7
URTH	iShares MSCI World ETF	0.8	24	26	4.9	-5.8
FDIG	Fidelity Crypto Industry and Digital Payments ETF	0.8	39	11	-0.8	-11.6
FINX	Global X FinTech ETF	0.8	68	-18	3.0	-7.8
DSTX	Distillate International Fundamental Stability & Value ETF	0.8	55	-5	7.6	-3.2
IPAY	ETFMG Prime Mobile Payments ETFMG Prime Mobile Payments Fund	0.8	75	-25	5.9	-4.9
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	0.7	32	18	5.9	-4.9
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	0.7	58	-8	6.8	-4.0
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	0.7	60	-10	4.0	-6.7
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.7	9	41	5.5	-5.3
DFIS	Dimensional International Small Cap ETF	0.7	39	11	7.0	-3.8
ACWI	iShares MSCI ACWI ETF	0.7	32	18	5.3	-5.4
IQDG	WisdomTree International Quality Dividend Growth Fund	0.6	42	8	6.9	-3.9
IMFL	Invesco International Developed Dynamic Multifactor ETF	0.6	34	16	5.8	-5.0
VT	Vanguard Total World Stock ETF	0.6	6	44	5.7	-5.1
GEW	Cambria Global EW ETF	0.6	29	21	5.9	-4.9
HART	IQ Healthy Hearts ETF	0.6	45	5	6.1	-4.7
VIDI	Vident International Equity Strategy ETF	0.6	61	-11	10.3	-0.5
EXI	iShares Global Industrials ETF	0.6	42	8	4.4	-6.4
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.6	12	38	4.9	-5.9
ICPY	Tweedy, Browne International Insider Value ETF	0.6	80	-30	11.4	+0.6
FNDC	Schwab Fundamental International Small Co. Index ETF	0.6	39	11	5.7	-5.1
CARZ	First Trust NASDAQ Global Auto Index Fund	0.5	70	-20	4.0	-6.8
KLMT	Invesco MSCI Global Climate 500 ETF	0.5	10	40	5.6	-5.2
UMMA	Wahed Dow Jones Islamic World ETF	0.5	65	-15	4.7	-6.0
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.5	49	1	6.8	-4.0
COPY	Tweedy, Browne Insider + Value ETF	0.5	80	-30	11.6	+0.8
JSTC	Adasina Social Justice All Cap Global ETF	0.5	89	-39	4.8	-6.0
CCNR	ALPS CoreCommodity Natural Resources ETF	0.4	39	11	8.3	-2.5
UFO	Procure Space ETF	0.3	75	-25	0.2	-10.5
ISCF	iShares International SmallCap Equity Factor ETF	0.3	23	27	8.1	-2.7
VIGI	Vanguard International Dividend Appreciation ETF	0.2	10	40	6.3	-4.5
WRND	IQ Global Equity R&D Leaders ETF	0.2	18	32	7.5	-3.3
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.1	49	1	5.1	-5.6
IXP	iShares Global Comm Services ETF	0.1	42	8	5.6	-5.1
ACWV	iShares MSCI Global Min Vol Factor ETF	0.1	20	30	5.7	-5.1

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:	iShares MSCI Italy 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	42.7	%
Divided by: Fwd. P/BV	3.8	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	10.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	CATEGORY AVERAGE	1.64

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.