ETF Research Center

Cambria Global Value ETF

ALTAR
Score™

9.0%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	12.1x	P/Sales ratio	1.1x
P/BV ratio	1.1x	Div. yield	3.7%

Description
Performance
Comps
Fundamentals
Valuation
Rating

Cambria Global Value ETF is an exchange-traded fund incorporated in the USA. The ETF seeks investment results that closely correspond to the price and yield performance, before fees and expenses, of the Cambria Global Value Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Cambria Investment Management
Website	www.cambriafunds.com
Inception date	Mar 12, 2014
Assets (mns)	$434
Currency	USD
Expense ratio	68 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Brown Brothers Harriman & Co
Weighting	Proprietary
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	109
Wgt avg mkt cap (mns)	$17,242
Large cap (>$10bn)	54.4%
Mid cap ($2-10bn)	41.2%
Small cap (<$2bn)	2.4%
Developed mkts	49.9%
Emerging mkts	50.1%

TOP TEN HOLDINGS
Total	23.4 %
AUSTRIA TECHNOLOGIE & SYSTEM	5.8 %
CASH & OTHER	3.5 %
MONETA MONEY BANK AS	3.0 %
KGHM POLSKA MIEDZ S.A.	1.9 %
KOMERCNI BANKA AS	1.8 %
MINEROS S.A.	1.7 %
CEZ AS	1.7 %
GRUPO DE INV SURAMERICANA	1.4 %
VOESTALPINE AG	1.4 %
POLSKI KONCERN NAFTOWY SA	1.4 %

TOP COUNTRY EXPOSURE
	AUSTRIA	13.4 %
	COLOMBIA	9.8 %
	BRITAIN	9.1 %
	HONG KONG	8.6 %
	POLAND	8.4 %
	SINGAPORE	8.0 %
	THAILAND	7.8 %
	CZECH REPUBLIC	7.8 %
	BRAZIL	7.8 %
	TURKEY	7.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
13.0%	39.7%	13.1%	10.7%	6.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.83	45%
MSCI EAFE	0.82	72%
MSCI Emg. Mkts.	0.60	67%

Technical Indicators
Recent close	$35.00
30d moving avg.	$35.34
Annualized volatility	13.4%
Short interest (ETF)	2.7%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	155
Turnover	1.3%
Bid/Ask (% of price)	0.57%
ADV underlying (mns)	$2,273

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 398 potential alternatives to the Cambria Global Value ETF ETF based on the alternatives' overlap in portfolio holdings with GVAL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

GVAL

Expense:

68 bp

ALTAR Score™:

9.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GVAL
Ticker	Fund Name	Overlap¹ vs GVAL (%)	Expense ratio (bp)	Savings vs GVAL (bp)	ALTAR Score™ (%)	ALTAR vs GVAL (%)
EWO	iShares MSCI Austria ETF	13.4	50	18	7.6	-1.4
UIVM	VictoryShares International Value Momentum ETF	10.2	35	33	8.2	-0.7
COLO	Global X MSCI Colombia ETF	9.9	62	6	16.2	+7.3
EPOL	iShares MSCI Poland ETF	9.1	59	9	9.1	+0.2
EELV	Invesco S&P Emerging Markets Low Volatility ETF	8.6	29	39	8.9	-0.1
FLLA	Franklin FTSE Latin America ETF	8.6	19	49	10.9	+1.9
DVYE	iShares Emerging Markets Dividend ETF	8.5	49	19	17.9	+9.0
FLN	First Trust Latin America AlphaDEX Fund	8.1	80	-12	10.4	+1.4
DVYA	iShares Asia/Pacific Dividend ETF	8.0	49	19	7.1	-1.8
FKU	First Trust United Kingdom AlphaDEX Fund	7.9	80	-12	7.3	-1.7
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	7.8	44	24	9.5	+0.6
VIDI	Vident International Equity Strategy ETF	7.7	61	7	8.1	-0.9
EYLD	Cambria Emerging Shareholder Yield ETF	7.6	66	2	9.2	+0.3
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	7.5	39	29	13.7	+4.8
PXH	Invesco FTSE RAFI Emerging Markets ETF	7.4	49	19	13.4	+4.5
ASEA	Global X FTSE Southeast Asia ETF	7.4	65	3	5.5	-3.4
EWU	iShares MSCI United Kingdom ETF	7.3	50	18	7.2	-1.7
FLGB	Franklin FTSE United Kingdom ETF	7.3	9	59	6.8	-2.1
FIVA	Fidelity International Value Factor ETF	7.2	18	50	7.3	-1.6
FEM	First Trust Emerging Markets AlphaDEX Fund	7.2	80	-12	9.0	-0.0
EFV	iShares MSCI EAFE Value ETF	7.1	34	34	7.6	-1.4
DIVI	Franklin International Core Dividend Tilt Index ETF	7.1	9	59	6.6	-2.4
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	7.1	95	-27	10.0	+1.1
UEVM	VictoryShares Emerging Markets Value Momentum ETF	7.0	45	23	9.7	+0.7
IVLU	iShares MSCI Intl Value Factor ETF	6.9	30	38	8.1	-0.9
WWJD	Inspire International ETF	6.9	80	-12	6.4	-2.6
DTH	WisdomTree International High Dividend Fund	6.8	58	10	7.4	-1.6
THD	iShares MSCI Thailand ETF	6.6	58	10	0.0	-9.0
VYMI	Vanguard International High Dividend Yield ETF	6.6	17	51	8.1	-0.9
EWZ	iShares MSCI Brazil ETF	6.5	58	10	11.2	+2.2
QINT	American Century Quality Diversified International ETF	6.4	39	29	6.6	-2.4
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	6.4	58	10	7.1	-1.9
EPP	iShares MSCI Pacific ex-Japan ETF	6.4	47	21	5.1	-3.8
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	6.3	67	1	12.8	+3.8
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	6.1	10	58	8.6	-0.3
JHID	John Hancock International High Dividend ETF	6.0	46	22	7.9	-1.1
DOL	WisdomTree International LargeCap Dividend Fund	5.9	48	20	5.7	-3.3
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	5.9	47	21	7.2	-1.7
EMMF	WisdomTree Emerging Markets Multifactor Fund	5.8	48	20	8.4	-0.6
IMTM	iShares MSCI Intl Momentum Factor ETF	5.8	30	38	4.7	-4.3
IQDF	FlexShares International Quality Dividend Index Fund	5.8	47	21	7.6	-1.4
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	5.7	70	-2	9.5	+0.5
FNDF	Schwab Fundamental International Large Co. Index ETF	5.7	25	43	7.4	-1.6
FLBR	Franklin FTSE Brazil ETF	5.6	19	49	12.2	+3.3
EVLU	iShares MSCI Emerging Markets Value Factor ETF	5.6	35	33	10.0	+1.1
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	5.6	80	-12	5.6	-3.3
JPIN	J.P. Morgan Diversified Return International Equity ETF	5.5	37	31	7.2	-1.8
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	5.5	19	49	5.5	-3.4
RFDI	First Trust Riverfront Dynamic Developed International ETF	5.5	83	-15	7.8	-1.2
EWH	iShares MSCI Hong Kong ETF	5.5	50	18	5.4	-3.5
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	5.4	75	-7	6.4	-2.6
TUR	iShares MSCI Turkey ETF	5.3	58	10	13.3	+4.4
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	5.3	46	22	7.8	-1.2
BBEU	JPMorgan BetaBuilders Europe ETF	5.3	9	59	6.2	-2.7
FYLD	Cambria Foreign Shareholder Yield ETF	5.3	59	9	10.2	+1.2
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	5.1	45	23	6.8	-2.2
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	5.1	80	-12	6.9	-2.1
IDLV	Invesco S&P International Developed Low Volatility ETF	5.1	25	43	6.5	-2.5
EFAV	iShares MSCI EAFE Min Vol Factor ETF	5.0	22	46	5.8	-3.2
FDEM	Fidelity Emerging Markets Multifactor ETF	5.0	25	43	10.4	+1.4
FLEE	Franklin FTSE Europe ETF	5.0	9	59	6.3	-2.7
QEFA	SPDR MSCI EAFE StrategicFactors ETF	5.0	30	38	6.2	-2.8
FRGN	Horizon International Equity ETF	4.9	75	-7	7.8	-1.2
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	4.9	24	44	5.2	-3.7
VNQI	Vanguard Global ex-U.S. Real Estate ETF	4.9	12	56	8.8	-0.2
VGK	Vanguard FTSE Europe ETF	4.9	6	62	6.6	-2.4
EUFN	iShares MSCI Europe Financials ETF	4.8	51	17	7.1	-1.8
OBOR	KraneShares MSCI One Belt One Road Index ETF	4.8	79	-11	7.5	-1.5
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	4.8	29	39	7.0	-1.9
CEFA	Global X S&P Catholic Values Developed ex-US ETF	4.8	35	33	5.7	-3.2
BKF	iShares MSCI BIC ETF	4.8	69	-1	14.9	+5.9
FGD	First Trust Dow Jones Global Select Dividend Index Fund	4.7	56	12	9.8	+0.8
IEV	iShares Europe ETF	4.7	67	1	5.9	-3.1
FDEV	Fidelity International Multifactor ETF	4.7	18	50	7.3	-1.6
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	4.7	46	22	5.5	-3.4
JHMD	John Hancock Multifactor Developed International ETF	4.7	39	29	6.2	-2.7
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	4.7	25	43	6.3	-2.6
RNEM	First Trust Emerging Markets Equity Select ETF	4.7	75	-7	8.2	-0.7
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	4.6	50	18	8.1	-0.9
GCOW	Pacer Global Cash Cows Dividend ETF	4.6	60	8	9.4	+0.4
ROAM	Hartford Multifactor Emerging Markets ETF	4.6	44	24	7.5	-1.5
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	4.6	40	28	5.7	-3.3
SPEU	SPDR Portfolio Europe ETF	4.6	7	61	6.5	-2.5
IPKW	Invesco International BuyBack Achievers ETF	4.6	55	13	8.2	-0.8
GSID	Goldman Sachs MarketBeta International Equity ETF	4.5	20	48	5.9	-3.1
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	4.5	58	10	5.4	-3.6
DWM	WisdomTree International Equity Fund	4.5	48	20	5.7	-3.3
IQDG	WisdomTree International Quality Dividend Growth Fund	4.5	42	26	5.8	-3.2
ECH	iShares MSCI Chile ETF	4.5	58	10	7.8	-1.2
HFXI	IQ FTSE International Equity Currency Neutral ETF	4.5	20	48	5.6	-3.3
EWS	iShares MSCI Singapore ETF	4.4	50	18	4.2	-4.8
IEUR	iShares Core MSCI Europe ETF	4.4	11	57	6.4	-2.6
CIL	VictoryShares International Volatility Wtd ETF	4.4	45	23	5.8	-3.1
IDV	iShares International Select Dividend ETF	4.4	51	17	9.1	+0.1
LVHI	Franklin International Low Volatility High Dividend Index ET	4.4	40	28	7.7	-1.3
DEM	WisdomTree Emerging Markets High Dividend Fund	4.3	63	5	10.3	+1.3
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	4.3	36	32	5.4	-3.6
EFA	iShares MSCI EAFE ETF	4.3	35	33	5.8	-3.2
HEFA	iShares Currency Hedged MSCI EAFE ETF	4.3	35	33	5.8	-3.2
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	4.3	32	36	5.4	-3.5
GSIE	Goldman Sachs ActiveBeta International Equity ETF	4.2	25	43	6.2	-2.7
EUDG	WisdomTree Europe Quality Dividend Growth Fund	4.2	58	10	6.4	-2.6
ESGD	iShares ESG Aware MSCI EAFE ETF	4.2	20	48	5.8	-3.2
FEOE	First Eagle Overseas Equity ETF	4.2	79	-11	6.2	-2.7
STXI	Strive International Developed Markets ETF	4.2	29	39	6.2	-2.7
JHEM	John Hancock Multifactor Emerging Markets ETF	4.2	49	19	7.5	-1.4
DEW	WisdomTree Global High Dividend Fund	4.1	58	10	7.2	-1.7
FTHF	First Trust Emerging Markets Human Flourishing ETF	4.1	75	-7	5.8	-3.1
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	4.1	41	27	6.0	-3.0
FENI	Fidelity Enhanced International ETF	4.1	28	40	5.8	-3.1
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	4.1	32	36	4.8	-4.1
FRDM	Freedom 100 Emerging Markets ETF	4.1	49	19	5.3	-3.6
DFIV	Dimensional International Value ETF	4.1	27	41	7.8	-1.1
BKIE	BNY Mellon International Equity ETF	4.0	4	64	6.0	-2.9
IDOG	ALPS International Sector Dividend Dogs ETF	4.0	50	18	9.2	+0.2
AIVI	WisdomTree International AI Enhanced Value Fund	4.0	58	10	6.3	-2.6
TPIF	Timothy Plan International ETF	4.0	62	6	5.6	-3.3
IEFA	iShares Core MSCI EAFE ETF	3.9	7	61	6.1	-2.9
DWMF	WisdomTree International Multifactor Fund	3.9	38	30	7.0	-2.0
IDMO	Invesco S&P International Developed Momentum ETF	3.9	25	43	5.3	-3.7
PICK	iShares MSCI Global Metals & Mining Producers ETF	3.9	39	29	8.0	-1.0
XCEM	Columbia EM Core ex-China ETF	3.9	16	52	4.9	-4.1
EDOG	ALPS Emerging Sector Dividend Dogs ETF	3.9	60	8	10.7	+1.8
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	3.9	65	3	7.8	-1.1
XC	WisdomTree Emerging Markets Ex-China Fund	3.8	32	36	6.6	-2.3
SCHF	Schwab International Equity ETF	3.8	6	62	6.0	-3.0
JADE	JPMorgan Active Developing Markets Equity ETF	3.8	65	3	6.1	-2.9
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	3.8	18	50	6.4	-2.6
IFGL	iShares International Developed Real Estate ETF	3.7	48	20	7.5	-1.5
DFAI	Dimensional International Core Equity Market ETF	3.7	18	50	6.1	-2.9
ACWX	iShares MSCI ACWI ex U.S. ETF	3.7	34	34	6.4	-2.6
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	3.7	9	59	7.8	-1.2
HEEM	iShares Currency Hedged MSCI Emerging Markets ETF	3.7	69	-1	7.4	-1.6
LDEM	iShares ESG MSCI EM Leaders ETF	3.6	17	51	12.9	+3.9
JIRE	JPMorgan International Research Enhanced Equity ETF	3.6	24	44	5.9	-3.1
EMGF	iShares Emerging Markets Equity Factor ETF	3.6	25	43	8.8	-0.1
INTF	iShares International Equity Factor ETF	3.6	15	53	6.5	-2.5
DFEV	Dimensional Emerging Markets Value ETF	3.6	43	25	9.4	+0.5
XCNY	SPDR S&P Emerging Markets ex-China ETF	3.6	15	53	5.7	-3.3
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	3.6	24	44	6.9	-2.0
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	3.6	45	23	8.1	-0.9
FEP	First Trust Europe AlphaDEX Fund	3.6	80	-12	6.8	-2.2
IDEV	iShares Core MSCI International Developed Markets ETF	3.5	4	64	6.0	-2.9
DIM	WisdomTree International MidCap Dividend Fund	3.5	58	10	6.4	-2.6
ECON	Columbia Emerging Markets Consumer ETF	3.5	49	19	6.6	-2.3
VEA	Vanguard FTSE Developed Markets ETF	3.4	3	65	6.0	-3.0
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	3.4	39	29	6.2	-2.7
BLES	Inspire Global Hope ETF	3.4	61	7	5.7	-3.2
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	3.4	39	29	7.0	-2.0
CWI	SPDR MSCI ACWI ex-US ETF	3.4	30	38	6.5	-2.5
EFAS	Global X MSCI SuperDividend EAFE ETF	3.3	57	11	7.3	-1.7
EMXC	iShares MSCI Emerging Markets ex China ETF	3.3	25	43	5.1	-3.9
IXUS	iShares Core MSCI Total International Stock ETF	3.3	7	61	6.6	-2.4
SPDW	SPDR Portfolio Developed World ex-US ETF	3.3	3	65	5.8	-3.1
IQSI	IQ Candriam International Equity ETF	3.3	15	53	5.6	-3.4
CRAK	VanEck Oil Refiners ETF	3.3	61	7	9.2	+0.2
VEU	Vanguard FTSE All-World ex-US Index Fund	3.3	4	64	6.7	-2.2
IQLT	iShares MSCI Intl Quality Factor ETF	3.3	30	38	5.5	-3.4
FDD	First Trust Stoxx European Select Dividend Index Fund	3.2	58	10	9.8	+0.8
EEM	iShares MSCI Emerging Markets ETF	3.2	69	-1	7.8	-1.2
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	3.2	88	-20	8.4	-0.6
VXUS	Vanguard Total International Stock ETF	3.2	5	63	6.7	-2.3
OAIM	OneAscent International Equity ETF	3.1	95	-27	4.7	-4.3
VEXC	Vanguard Emerging Markets Ex-China ETF	3.1	7	61	5.7	-3.2
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	3.1	66	2	7.2	-1.8
EFAX	SPDR MSCI EAFE Fossil Fuel Reserves Free ETF	3.1	20	48	5.7	-3.3
EEMO	Invesco S&P Emerging Markets Momentum ETF	3.0	29	39	6.6	-2.4
STXE	Strive Emerging Markets Ex-China ETF	2.9	32	36	5.2	-3.8
SCHE	Schwab Emerging Markets Equity ETF	2.9	11	57	9.5	+0.6
GMET	VanEck Green Metals ETF	2.9	63	5	0.5	-8.5
IEMG	iShares Core MSCI Emerging Markets ETF	2.9	9	59	8.2	-0.8
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	2.8	20	48	5.7	-3.3
RWX	SPDR Dow Jones International Real Estate ETF	2.8	59	9	7.4	-1.6
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	2.7	15	53	8.0	-1.0
ESGE	iShares ESG Aware MSCI EM ETF	2.7	25	43	8.3	-0.7
SDIV	Global X Superdividend ETF	2.7	58	10	13.8	+4.8
FLAX	Franklin FTSE Asia Ex Japan ETF	2.7	19	49	7.1	-1.9
EMXF	iShares ESG Advanced MSCI EM ETF	2.7	16	52	6.7	-2.2
AIA	iShares Asia 50 ETF	2.7	50	18	7.7	-1.3
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	2.6	36	32	7.6	-1.4
DMXF	iShares ESG Advanced MSCI EAFE ETF	2.6	12	56	4.9	-4.0
IXG	iShares Global Financials ETF	2.6	42	26	6.3	-2.7
ICPY	Tweedy, Browne International Insider Value ETF	2.6	80	-12	21.5	+12.6
ILF	iShares Latin America 40 ETF	2.6	48	20	10.0	+1.0
BKEM	BNY Mellon Emerging Markets Equity ETF	2.6	11	57	7.9	-1.1
AAXJ	iShares MSCI All Country Asia ex Japan ETF	2.6	70	-2	6.9	-2.1
NUDM	Nuveen ESG International Developed Markets Equity ETF	2.6	31	37	5.6	-3.4
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	2.5	30	38	8.0	-1.0
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	2.5	12	56	5.3	-3.7
FID	First Trust S&P International Dividend Aristocrats ETF	2.5	60	8	7.8	-1.2
WDIV	SPDR S&P Global Dividend ETF	2.5	40	28	9.1	+0.1
FEUZ	First Trust Eurozone AlphaDEX ETF	2.4	80	-12	6.4	-2.5
AVES	Avantis Emerging Markets Value ETF	2.4	36	32	8.9	-0.0
DFAE	Dimensional Emerging Core Equity Market ETF	2.4	35	33	7.0	-2.0
IPAC	iShares Core MSCI Pacific ETF	2.4	9	59	5.5	-3.4
SCHY	Schwab International Dividend Equity ETF	2.4	14	54	8.5	-0.5
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	2.4	59	9	8.6	-0.4
DGT	State Street SPDR Global Dow ETF	2.4	50	18	5.7	-3.3
DSTX	Distillate International Fundamental Stability & Value ETF	2.4	55	13	6.7	-2.3
KOCG	FIS Knights of Columbus Global Belief ETF	2.4	75	-7	4.4	-4.5
INEQ	Columbia International Equity Income ETF	2.3	45	23	7.9	-1.1
VWO	Vanguard FTSE Emerging Markets ETF	2.3	7	61	9.2	+0.2
WBAT	WisdomTree Battery Value Chain and Innovation Fund	2.3	45	23	-0.9	-9.9
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	2.2	33	35	6.7	-2.2
DFIC	Dimensional International Core Equity 2 ETF	2.2	23	45	6.3	-2.7
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	2.2	80	-12	6.7	-2.3
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	2.2	38	30	7.0	-2.0
FPXE	First Trust IPOX Europe Equity Opportunities ETF	2.2	70	-2	3.8	-5.2
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	2.1	14	54	5.3	-3.6
AVXC	Avantis Emerging Markets Ex-China Equity ETF	2.1	33	35	6.1	-2.9
VSGX	Vanguard ESG International Stock ETF	2.1	10	58	6.6	-2.4
SPEM	SPDR Portfolio Emerging Markets ETF	2.1	7	61	9.5	+0.5
GQRE	FlexShares Global Quality Real Estate Index Fund	2.0	45	23	7.3	-1.7
IXC	iShares Global Energy ETF	2.0	44	24	7.3	-1.6
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	2.0	30	38	6.4	-2.6
LEGR	First Trust Indxx Innovative Transaction & Process ETF	2.0	65	3	7.3	-1.7
DXIV	Dimensional International Vector Equity ETF	2.0	34	34	6.6	-2.4
COPY	Tweedy, Browne Insider + Value ETF	2.0	80	-12	14.9	+6.0
JGLO	JPMorgan Global Select Equity ETF	1.9	33	35	4.3	-4.6
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	1.9	58	10	8.4	-0.6
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	1.9	30	38	7.6	-1.3
FICS	First Trust International Developed Capital Strength ETF	1.9	70	-2	6.8	-2.2
GLOF	iShares Global Equity Factor ETF	1.9	20	48	5.6	-3.4
AVEM	Avantis Emerging Markets Equity ETF	1.9	33	35	7.0	-1.9
AVIV	Avantis International Large Cap Value ETF	1.9	25	43	7.0	-2.0
QWLD	SPDR MSCI World StrategicFactors ETF	1.9	30	38	5.2	-3.8
ERET	iShares Environmentally Aware Real Estate ETF	1.9	30	38	6.9	-2.1
RGEF	Rockefeller Global Equity ETF	1.9	55	13	3.8	-5.1
COPX	Global X Copper Miners ETF	1.9	65	3	4.3	-4.7
SILJ	ETFMG Prime Junior Silver Miners ETF	1.9	69	-1	0.5	-8.5
ICOP	iShares Copper and Metals Mining ETF	1.9	47	21	5.6	-3.4
AGMI	Themes Silver Miners ETF	1.9	35	33	4.3	-4.7
GNR	SPDR S&P Global Natural Resources ETF	1.9	40	28	8.6	-0.4
FIDI	Fidelity International High Dividend ETF	1.8	18	50	7.3	-1.7
AGQI	First Trust Active Global Quality Income ETF	1.8	85	-17	6.5	-2.5
VPL	Vanguard FTSE Pacific ETF	1.8	7	61	5.3	-3.7
DRIV	Global X Autonomous & Electric Vehicles ETF	1.8	68	0	2.9	-6.0
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	1.8	25	43	5.5	-3.5
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	1.7	41	27	6.9	-2.1
AVSE	Avantis Responsible Emerging Markets Equity ETF	1.7	33	35	6.6	-2.3
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	1.7	60	8	6.6	-2.4
JSTC	Adasina Social Justice All Cap Global ETF	1.7	89	-21	4.3	-4.6
NUEM	Nuveen ESG Emerging Markets Equity ETF	1.7	36	32	6.1	-2.9
GEW	Cambria Global EW ETF	1.7	29	39	5.4	-3.6
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	1.7	78	-10	9.7	+0.7
NLR	VanEck Uranium+Nuclear Energy ETF	1.7	61	7	1.7	-7.3
NUKZ	Range Nuclear Renaissance Index ETF	1.7	85	-17	1.3	-7.6
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	1.6	15	53	8.8	-0.1
ESGG	FlexShares STOXX Global ESG Select Index Fund	1.6	42	26	4.0	-4.9
IMFL	Invesco International Developed Dynamic Multifactor ETF	1.6	34	34	5.2	-3.8
DFSI	Dimensional International Sustainability Core 1 ETF	1.6	24	44	5.7	-3.3
WLDR	Affinity World Leaders Equity ETF	1.6	67	1	5.8	-3.2
PPIE	Putnam PanAgora ESG International Equity ETF	1.6	49	19	6.2	-2.7
DEHP	Dimensional Emerging Markets High Profitability ETF	1.5	41	27	4.8	-4.2
RNRG	Global X Renewable Energy Producers ETF	1.5	66	2	4.3	-4.7
CGV	Conductor Global Equity Value ETF	1.5	130	-62	7.7	-1.3
EFAD	ProShares MSCI EAFE Dividend Growers ETF	1.5	50	18	5.7	-3.2
EUDV	ProShares MSCI Europe Dividend Growers ETF	1.5	55	13	5.7	-3.2
AVDE	Avantis International Equity ETF	1.5	23	45	6.2	-2.7
DEXC	Dimensional Emerging Markets ex China Core EquityETF	1.5	53	15	5.1	-3.9
FEGE	First Eagle Global Equity ETF	1.5	79	-11	6.1	-2.9
SETM	Sprott Energy Transition Materials ETF	1.5	65	3	1.7	-7.2
AVSD	Avantis Responsible International Equity ETF	1.5	23	45	6.0	-3.0
MCHI	iShares MSCI China ETF	1.5	59	9	20.2	+11.3
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	1.4	32	36	7.4	-1.6
IXP	iShares Global Comm Services ETF	1.4	42	26	5.7	-3.3
SLX	VanEck Steel ETF	1.4	56	12	10.1	+1.1
ACWI	iShares MSCI ACWI ETF	1.4	32	36	4.6	-4.3
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	1.4	80	-12	12.2	+3.2
RWO	SPDR Dow Jones Global Real Estate ETF	1.4	50	18	6.3	-2.7
JETS	U.S. Global Jets ETF	1.3	60	8	2.5	-6.4
IOO	iShares Global 100 ETF	1.3	41	27	3.8	-5.2
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	1.3	40	28	6.3	-2.7
FNDC	Schwab Fundamental International Small Co. Index ETF	1.3	39	29	6.8	-2.1
IDHQ	Invesco S&P International Developed High Quality ETF	1.3	29	39	5.4	-3.5
DFIS	Dimensional International Small Cap ETF	1.3	39	29	6.1	-2.8
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	1.3	25	43	6.2	-2.8
CGXU	Capital Group International Focus Equity ETF	1.3	54	14	3.8	-5.2
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	1.3	80	-12	3.6	-5.4
AVDV	Avantis International Small Cap Value ETF	1.3	36	32	7.7	-1.3
KOKU	Xtrackers MSCI Kokusai Equity ETF	1.2	9	59	4.4	-4.6
FLCH	Franklin FTSE China ETF	1.2	19	49	18.0	+9.0
KLMT	Invesco MSCI Global Climate 500 ETF	1.2	10	58	5.0	-4.0
IEUS	iShares MSCI Europe Small-Cap ETF	1.2	42	26	6.7	-2.3
IQRA	IQ CBRE Real Assets ETF	1.2	65	3	5.9	-3.1
DIHP	Dimensional International High Profitability ETF	1.2	29	39	5.8	-3.2
TOK	iShares MSCI Kokusai ETF	1.2	26	42	4.3	-4.7
VT	Vanguard Total World Stock ETF	1.2	6	62	5.0	-4.0
TTAI	FCF International Quality ETF	1.2	59	9	6.8	-2.2
OTGL	OTG Latin America ETF	1.1	269	-201	7.9	-1.0
IGRO	iShares International Dividend Growth ETF	1.1	15	53	6.8	-2.2
DISV	Dimensional International Small Cap Value ETF	1.1	42	26	8.1	-0.8
VCLN	Virtus Duff & Phelps Clean Energy ETF	1.1	59	9	2.2	-6.8
MXI	iShares Global Materials ETF	1.1	41	27	6.0	-3.0
URTH	iShares MSCI World ETF	1.1	24	44	4.3	-4.7
ACWV	iShares MSCI Global Min Vol Factor ETF	1.1	20	48	5.7	-3.2
IVSI	Applied Finance IVS International Large ETF	1.1	65	3	6.1	-2.9
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	1.1	65	3	4.2	-4.8
SCHC	Schwab International Small-Cap Equity ETF	1.1	11	57	6.7	-2.3
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	1.1	45	23	5.6	-3.4
HAP	VanEck Natural Resources ETF	1.0	50	18	6.8	-2.2
EPU	iShares MSCI Peru and Global Exposure ETF	1.0	59	9	4.8	-4.2
AFK	VanEck Africa Index ETF	1.0	98	-30	11.2	+2.3
EEMS	iShares MSCI Emerging Markets Small Cap ETF	1.0	70	-2	6.5	-2.5
GXC	SPDR S & P China ETF	1.0	59	9	18.6	+9.7
EMC	Global X Emerging Markets Great Consumer ETF	1.0	75	-7	7.1	-1.9
UMMA	Wahed Dow Jones Islamic World ETF	1.0	65	3	3.5	-5.5
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	1.0	9	59	4.9	-4.1
BINV	Brandes International ETF	1.0	70	-2	8.6	-0.3
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	1.0	90	-22	3.7	-5.2
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	1.0	49	19	6.1	-2.9
EZU	iShares MSCI Eurozone ETF	1.0	52	16	5.6	-3.4
CCNR	ALPS CoreCommodity Natural Resources ETF	1.0	39	29	8.1	-0.9
HEZU	iShares Currency Hedged MSCI Eurozone ETF	0.9	53	15	5.5	-3.5
RCGE	RockCreek Global Equality ETF	0.9	95	-27	6.2	-2.8
JXI	iShares Global Utilities ETF	0.9	43	25	5.2	-3.8
IVAL	Alpha Architect International Quantitative Value ETF	0.9	49	19	7.7	-1.2
FXI	iShares China Large-Cap ETF	0.9	74	-6	21.0	+12.1
MCH	Matthews China Active ETF	0.9	79	-11	14.6	+5.6
CGGO	Capital Group Global Growth Equity ETF	0.9	47	21	4.1	-4.9
IBOT	Vaneck Robotics ETF	0.9	47	21	3.2	-5.7
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.9	20	48	4.7	-4.2
IPAV	Global X Infrastructure Development ex-U.S. ETF	0.9	55	13	5.7	-3.2
DWX	SPDR S&P International Dividend ETF	0.8	45	23	6.8	-2.2
DTAN	Sparkline International Intangible Value ETF	0.8	55	13	7.1	-1.9
SCZ	iShares MSCI EAFE Small-Cap ETF	0.8	40	28	6.1	-2.9
EDIV	SPDR S&P Emerging Markets Dividend ETF	0.8	49	19	9.1	+0.1
IDX	VanEck Indonesia Index ETF	0.8	57	11	11.0	+2.1
NXTG	First Trust Indxx NextG ETF	0.8	70	-2	3.4	-5.5
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.8	8	60	6.3	-2.7
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.8	49	19	4.5	-4.5
EEMA	iShares MSCI Emerging Markets Asia ETF	0.8	49	19	7.5	-1.5
AVDS	Avantis International Small Cap Equity ETF	0.8	30	38	6.0	-2.9
AVRE	Avantis Real Estate ETF	0.7	17	51	6.8	-2.2
DTRE	First Trust Alerian Disruptive Technology Real Estate ETF	0.7	60	8	5.4	-3.6
INDS	Pacer Industrial Real Estate ETF	0.7	55	13	6.2	-2.8
WTRE	WisdomTree New Economy Real Estate Fund	0.7	58	10	-0.3	-9.3
DFGR	Dimensional Global Real Estate ETF	0.7	22	46	7.0	-2.0
REAI	Intelligent Real Estate ETF	0.7	59	9	5.6	-3.4
VGSR	Vert Global Sustainable Real Estate ETF	0.7	47	21	7.0	-2.0
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.7	12	56	4.4	-4.5
REET	iShares Global REIT ETF	0.7	14	54	7.0	-2.0
CGDG	Capital Group Dividend Growers ETF	0.7	47	21	5.2	-3.8
EIRL	iShares MSCI Ireland ETF	0.7	50	18	7.1	-1.8
MEM	Matthews Emerging Markets Equity Active ETF	0.7	79	-11	8.5	-0.5
EBIZ	Global X E-Commerce ETF	0.7	50	18	4.9	-4.1
FDNI	First Trust Dow Jones International Internet ETF	0.7	65	3	24.7	+15.8
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	0.7	86	-18	0.3	-8.6
IBUY	Amplify Online Retail ETF	0.7	65	3	2.3	-6.6
ISHP	First Trust Nasdaq Retail ETF	0.7	60	8	5.5	-3.5
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.7	70	-2	6.7	-2.3
SMOG	VanEck Low Carbon Energy ETF	0.7	61	7	1.2	-7.8
ICLN	iShares Global Clean Energy ETF	0.7	41	27	1.7	-7.3
AIRL	Themes Airlines ETF	0.7	35	33	1.6	-7.3
CHIQ	Global X MSCI China Consumer Discretionary ETF	0.7	65	3	13.7	+4.8
CLNR	IQ Cleaner Transport ETF	0.7	45	23	3.9	-5.0
KARS	KraneShares Electric Vehicles & Future Mobility Index ETF	0.7	72	-4	2.2	-6.8
MOTO	SmartETFs Smart Transportation & Technology ETF	0.7	68	0	5.2	-3.8
AVEE	Avantis Emerging Markets Small Cap Equity ETF	0.6	42	26	7.6	-1.4
EMM	Global X Emerging Markets ex-China ETF	0.6	75	-7	4.7	-4.3
FRNW	Fidelity Clean Energy ETF	0.6	39	29	1.7	-7.2
PBD	Invesco Global Clean Energy ETF	0.6	75	-7	0.2	-8.8
RNWZ	TrueShares Eagle Global Renewable Energy Income ETF	0.6	75	-7	6.0	-2.9
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	0.6	86	-18	13.4	+4.4
HEDJ	WisdomTree Europe Hedged Equity Fund	0.6	58	10	5.9	-3.0
OCEN	IQ Clean Oceans ETF	0.6	45	23	4.6	-4.4
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	0.6	60	8	3.4	-5.5
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	0.6	32	36	13.7	+4.8
GMF	SPDR S&P Emerging Asia Pacific ETF	0.5	49	19	8.6	-0.4
BRAZ	Global X Brazil Active ETF	0.5	75	-7	10.8	+1.9
ION	ProShares S&P Global Core Battery Metals ETF	0.5	58	10	5.9	-3.1
CUT	Invesco MSCI Global Timber ETF	0.5	61	7	8.6	-0.3
WOOD	iShares Global Timber & Forestry ETF	0.5	42	26	11.7	+2.7
CGW	Invesco S&P Global Water Index ETF	0.5	57	11	4.6	-4.4
MOO	VanEck Agribusiness ETF	0.5	53	15	9.2	+0.2
PIEL	Pacer International Export Leaders ETF	0.5	60	8	4.1	-4.8
ARGT	Global X MSCI Argentina ETF	0.5	59	9	3.3	-5.7
VEGI	iShares MSCI Agriculture Producers ETF	0.4	39	29	7.7	-1.3
EFG	iShares MSCI EAFE Growth ETF	0.4	36	32	3.8	-5.2
AQLT	iShares MSCI Global Quality Factor ETF	0.3	18	50	0.0	-9.0
KNCT	Invesco Next Gen Connectivity ETF	0.3	40	28	2.9	-6.1
DLS	WisdomTree International SmallCap Dividend Fund	0.3	58	10	7.5	-1.5
BULD	Pacer BlueStar Engineering the Future ETF	0.3	60	8	0.3	-8.7
CARZ	First Trust NASDAQ Global Auto Index Fund	0.3	70	-2	2.2	-6.7
WSML	iShares MSCI World Small-Cap ETF	0.3	15	53	5.3	-3.6
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.3	42	26	4.1	-4.9
GWX	SPDR S&P International Small Cap ETF	0.3	40	28	5.9	-3.1
EXI	iShares Global Industrials ETF	0.2	42	26	3.6	-5.4
FDVV	Fidelity High Dividend ETF	0.2	15	53	6.6	-2.3
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	0.2	20	48	7.4	-1.6
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.1	65	3	6.5	-2.5
PRNT	3D Printing ETF	0.1	66	2	1.2	-7.8
AUAU	Global X Gold Miners ETF	0.1	35	33	2.8	-6.2
KXI	iShares Global Consumer Staples ETF	0.1	41	27	5.3	-3.6
POWR	iShares U.S. Power Infrastructure ETF	0.1	40	28	3.9	-5.1
RXI	iShares Global Consumer Discretionary ETF	0.0	41	27	8.2	-0.7
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	0.0	58	10	3.4	-5.6
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	0.0	80	-12	9.3	+0.4

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:	Cambria Global Value 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	10.5	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	68	bp
Equals: ALTAR Score	9.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.68	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.