Global X Infrastructure Development ex-U.S. ETF
ALTAR
Score™		 5.7% info Recommen-
dation		 OVERWEIGHT
2025E    2026E
P/E
ratio		 20.6x P/Sales
ratio		 1.1x
P/BV
ratio		 1.5x Div.
yield		 1.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating

FUND BASICS
Category Global Equities
Fund Sponsor Global X
Website www.globalxetfs.com/ipav
Inception date Aug 27, 2024
Assets (mns) $6
Currency USD
Expense ratio 55 bp
Distributions

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 100
Wgt avg mkt cap (mns) $24,367
Large cap (>$10bn) 68.0%
Mid cap ($2-10bn) 27.6%
Small cap (<$2bn) 4.1%
Developed mkts 63.9%
Emerging mkts 35.6%

TOP TEN HOLDINGS
SHIN-ETSU CHEMICAL CO LTD 3.3 %
HEIDELBERGCEMENT AG 3.3 %
HOLCIM LTD-REG 3.1 %
ARCELORMITTAL SA 3.1 %
LARSEN & TOUBRO LIMITED 3.1 %
CANADIAN NATL RAILWAY CO 3.1 %
VINCI SA 3.1 %
CANADIAN PACIFIC KANSAS CITY LTD 3.1 %
GRUPO FERROVIAL 3.0 %
PRYSMIAN SPA 2.9 %
Total 31.0 %

TOP COUNTRY EXPOSURE
INDIA 19.8 %
JAPAN 12.7 %
SOUTH KOREA 8.9 %
CANADA 7.6 %
SPAIN 7.0 %
FRANCE 6.3 %
ITALY 5.1 %
LUXEMBOURG 3.4 %
GERMANY 3.3 %
SWITZERLAND 3.1 %

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.
15.8% 31.3% -- -- 21.1%

Market Correlations
versus... Beta R-squared
S&P500 1.07 55%
MSCI EAFE 1.02 80%
MSCI Emg. Mkts. 0.73 72%

Technical Indicators
Recent close $32.50
30d moving avg. $33.88
Annualized volatility 10.3%
Short interest (ETF) 3.2%
Relative strength (RSI) 47

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.6%
Bid/Ask (% of price) 0.37%
ADV underlying (mns) $1,343

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 411 potential alternatives to the Global X Infrastructure Development ex-U.S. ETF ETF based on the alternatives' overlap in portfolio holdings with IPAV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: IPAV Expense: 55 bp ALTAR Score™: 5.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH IPAV
Ticker Fund
Name		 Overlap1
vs IPAV
(%)		 Expense
ratio
(bp)		 Savings
vs IPAV
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs IPAV
(%)
SLX VanEck Steel ETF 9.7 56 -1 10.1 +4.3
PICK iShares MSCI Global Metals & Mining Producers ETF 9.3 39 16 8.0 +2.2
INDA iShares MSCI India ETF 8.6 65 -10 4.7 -1.1
INDY iShares India 50 ETF 8.5 89 -34 5.4 -0.3
MXI iShares Global Materials ETF 8.1 41 14 6.0 +0.2
EPI WisdomTree India Earnings Fund 7.9 85 -30 5.2 -0.5
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 7.9 58 -3 3.4 -2.4
ICOW Pacer Developed Markets International Cash Cows 100 ETF 7.8 65 -10 7.8 +2.1
FLIN Franklin FTSE India ETF 7.5 19 36 4.2 -1.5
PIN Invesco India ETF 7.2 78 -23 4.8 -0.9
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 7.2 47 8 5.0 -0.8
FEUZ First Trust Eurozone AlphaDEX ETF 7.0 80 -25 6.4 +0.7
SUPL ProShares Supply Chain Logistics ETF 6.9 58 -3 7.4 +1.6
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 6.7 46 9 5.0 -0.7
AIVI WisdomTree International AI Enhanced Value Fund 6.6 58 -3 6.3 +0.6
FEP First Trust Europe AlphaDEX Fund 6.5 80 -25 6.8 +1.1
JIVE JPMorgan International Value ETF 6.4 55 0 8.4 +2.6
SHPP Pacer Industrials and Logistics ETF 6.1 60 -5 6.6 +0.8
EWP iShares MSCI Spain ETF 5.8 50 5 6.0 +0.3
INEQ Columbia International Equity Income ETF 5.7 45 10 7.9 +2.2
NDIA Global X India Active ETF 5.6 75 -20 5.3 -0.5
EUSC WisdomTree Europe Hedged SmallCap Equity Fund 5.5 58 -3 7.1 +1.3
FIVA Fidelity International Value Factor ETF 5.1 18 37 7.3 +1.6
DSTX Distillate International Fundamental Stability & Value ETF 5.0 55 0 6.7 +0.9
SRVR Pacer Data & Infrastructure Real Estate ETF 5.0 55 0 3.7 -2.0
POW VistaShares Electrification Supercycle ETF 5.0 75 -20 2.0 -3.7
IQRA IQ CBRE Real Assets ETF 4.9 65 -10 5.9 +0.1
EWQ iShares MSCI France ETF 4.9 53 2 6.5 +0.8
FLCA Franklin FTSE Canada ETF 4.9 9 46 5.5 -0.3
RNEM First Trust Emerging Markets Equity Select ETF 4.8 75 -20 8.2 +2.5
BBCA JPMorgan BetaBuilders Canada ETF 4.6 19 36 5.4 -0.4
JHMD John Hancock Multifactor Developed International ETF 4.5 39 16 6.2 +0.5
HEDJ WisdomTree Europe Hedged Equity Fund 4.5 58 -3 5.9 +0.2
PIZ Invesco Dorsey Wright Developed Markets Momentum ETF 4.4 80 -25 3.6 -2.2
FLKR Franklin FTSE South Korea ETF 4.4 9 46 4.3 -1.5
TNUK Tortoise Nuclear Renaissance ETF 4.3 75 -20 0.8 -4.9
UIVM VictoryShares International Value Momentum ETF 4.0 35 20 8.2 +2.5
IEUS iShares MSCI Europe Small-Cap ETF 4.0 42 13 6.7 +1.0
IQDG WisdomTree International Quality Dividend Growth Fund 3.9 42 13 5.8 +0.0
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 3.9 58 -3 5.4 -0.4
FDT First Trust Developed Markets ex-US AlphaDEX Fund 3.8 80 -25 6.7 +0.9
XC WisdomTree Emerging Markets Ex-China Fund 3.7 32 23 6.6 +0.9
AVIV Avantis International Large Cap Value ETF 3.7 25 30 7.0 +1.2
PPIE Putnam PanAgora ESG International Equity ETF 3.7 49 6 6.2 +0.5
OTGL OTG Latin America ETF 3.7 269 -214 7.9 +2.2
TOLL Tema Durable Quality ETF 3.7 75 -20 3.8 -1.9
TPIF Timothy Plan International ETF 3.7 62 -7 5.6 -0.1
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 3.6 24 31 6.9 +1.2
PBD Invesco Global Clean Energy ETF 3.6 75 -20 0.2 -5.6
JPXN iShares JPX-Nikkei 400 ETF 3.6 48 7 5.4 -0.3
AVDE Avantis International Equity ETF 3.5 23 32 6.2 +0.5
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 3.5 42 13 4.1 -1.7
EWI iShares MSCI Italy ETF 3.5 50 5 10.8 +5.0
WTRE WisdomTree New Economy Real Estate Fund 3.5 58 -3 -0.3 -6.1
VCLN Virtus Duff & Phelps Clean Energy ETF 3.4 59 -4 2.2 -3.6
DFIV Dimensional International Value ETF 3.4 27 28 7.8 +2.1
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 3.4 45 10 5.6 -0.2
SAGP Strategas Global Policy Opportunities ETF 3.4 65 -10 4.9 -0.8
EXI iShares Global Industrials ETF 3.4 42 13 3.6 -2.2
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 3.4 25 30 5.5 -0.2
BBJP JPMorgan BetaBuilders Japan ETF 3.4 19 36 5.3 -0.4
BKCI BNY Mellon Concentrated International ETF 3.3 80 -25 4.9 -0.9
EFG iShares MSCI EAFE Growth ETF 3.2 36 19 3.8 -2.0
FJP First Trust Japan AlphaDEX Fund 3.2 80 -25 7.5 +1.8
EZU iShares MSCI Eurozone ETF 3.2 52 3 5.6 -0.1
FLJH Franklin FTSE Japan Hedged ETF 3.2 9 46 5.1 -0.7
FLJP Franklin FTSE Japan ETF 3.2 9 46 5.4 -0.4
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 3.2 50 5 8.1 +2.3
HEZU iShares Currency Hedged MSCI Eurozone ETF 3.2 53 2 5.5 -0.3
DXJ WisdomTree Japan Hedged Equity Fund 3.2 48 7 5.3 -0.5
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 3.1 39 16 6.2 +0.5
FSZ First Trust Switzerland AlphaDEX Fund 3.1 80 -25 5.2 -0.6
BKF iShares MSCI BIC ETF 3.1 69 -14 14.9 +9.1
EAFG Pacer Developed Markets Cash Cows Growth Leaders ETF 3.1 65 -10 4.2 -1.6
FRGN Horizon International Equity ETF 3.1 75 -20 7.8 +2.0
DBJP Xtrackers MSCI Japan Hedged Equity ETF 3.1 47 8 4.6 -1.1
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 3.1 80 -25 6.9 +1.1
SCHY Schwab International Dividend Equity ETF 3.1 14 41 8.5 +2.7
ASLV Allspring Special Large Value ETF 3.1 35 20 5.2 -0.5
GKAT Scharf Global Opportunity ETF 3.0 57 -2 5.8 +0.0
IVAL Alpha Architect International Quantitative Value ETF 3.0 49 6 7.7 +2.0
FNDF Schwab Fundamental International Large Co. Index ETF 3.0 25 30 7.4 +1.7
SCZ iShares MSCI EAFE Small-Cap ETF 3.0 40 15 6.1 +0.4
NXTG First Trust Indxx NextG ETF 3.0 70 -15 3.4 -2.3
DFEV Dimensional Emerging Markets Value ETF 3.0 43 12 9.4 +3.7
TMFG Motley Fool Global Opportunities ETF 2.9 85 -30 3.7 -2.0
SOLR Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund 2.9 79 -24 3.6 -2.1
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 2.9 24 31 5.2 -0.5
EWJ iShares MSCI Japan ETF 2.9 50 5 4.9 -0.8
RAYJ Rayliant SMDAM Japan Equity ETF 2.9 72 -17 2.9 -2.8
BLCN Siren ETF Trust Siren Nasdaq NexGen Economy ETF 2.9 68 -13 0.5 -5.2
AVDV Avantis International Small Cap Value ETF 2.9 36 19 7.7 +2.0
HEWJ iShares Currency Hedged MSCI Japan ETF 2.9 50 5 5.4 -0.3
INTF iShares International Equity Factor ETF 2.9 15 40 6.5 +0.8
AADR AdvisorShares Dorsey Wright ADR ETF 2.8 110 -55 3.1 -2.7
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 2.8 32 23 4.8 -0.9
ILF iShares Latin America 40 ETF 2.8 48 7 10.0 +4.2
IQDY FlexShares International Quality Dividend Dynamic Index Fund 2.8 47 8 7.2 +1.5
EWY iShares MSCI South Korea ETF 2.7 58 -3 3.2 -2.5
DIM WisdomTree International MidCap Dividend Fund 2.7 58 -3 6.4 +0.6
FAN First Trust Global Wind Energy ETF 2.7 60 -5 2.8 -3.0
EWL iShares MSCI Switzerland ETF 2.7 50 5 5.6 -0.2
DFAI Dimensional International Core Equity Market ETF 2.7 18 37 6.1 +0.3
UMMA Wahed Dow Jones Islamic World ETF 2.6 65 -10 3.5 -2.2
URA Global X Uranium ETF 2.6 69 -14 0.9 -4.9
DFAX Dimensional World ex U.S. Core Equity 2 ETF 2.6 30 25 6.4 +0.7
STXI Strive International Developed Markets ETF 2.6 29 26 6.2 +0.5
NUEM Nuveen ESG Emerging Markets Equity ETF 2.6 36 19 6.1 +0.4
DFIS Dimensional International Small Cap ETF 2.6 39 16 6.1 +0.4
DFIC Dimensional International Core Equity 2 ETF 2.6 23 32 6.3 +0.5
RODM Hartford Multifactor Developed Markets (ex-US) ETF 2.6 29 26 7.0 +1.3
AVES Avantis Emerging Markets Value ETF 2.6 36 19 8.9 +3.2
WWJD Inspire International ETF 2.6 80 -25 6.4 +0.7
IGRO iShares International Dividend Growth ETF 2.5 15 40 6.8 +1.0
FLSW Franklin FTSE Switzerland ETF 2.5 9 46 5.8 +0.0
XCEM Columbia EM Core ex-China ETF 2.5 16 39 4.9 -0.8
EMDM First Trust Bloomberg Emerging Market Democracies ETF 2.5 75 -20 6.4 +0.6
AVDS Avantis International Small Cap Equity ETF 2.5 30 25 6.0 +0.3
CEFA Global X S&P Catholic Values Developed ex-US ETF 2.5 35 20 5.7 -0.0
JHEM John Hancock Multifactor Emerging Markets ETF 2.5 49 6 7.5 +1.8
CIL VictoryShares International Volatility Wtd ETF 2.5 45 10 5.8 +0.1
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 2.5 25 30 6.3 +0.6
HFXI IQ FTSE International Equity Currency Neutral ETF 2.5 20 35 5.6 -0.1
FIDI Fidelity International High Dividend ETF 2.5 18 37 7.3 +1.5
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 2.5 45 10 6.8 +1.0
DXIV Dimensional International Vector Equity ETF 2.4 34 21 6.6 +0.9
JPIN J.P. Morgan Diversified Return International Equity ETF 2.4 37 18 7.2 +1.4
BKIE BNY Mellon International Equity ETF 2.4 4 51 6.0 +0.3
QINT American Century Quality Diversified International ETF 2.4 39 16 6.6 +0.9
SPEU SPDR Portfolio Europe ETF 2.4 7 48 6.5 +0.7
EWC iShares MSCI Canada ETF 2.4 50 5 5.1 -0.6
VGK Vanguard FTSE Europe ETF 2.3 6 49 6.6 +0.8
IDLV Invesco S&P International Developed Low Volatility ETF 2.3 25 30 6.5 +0.7
DMXF iShares ESG Advanced MSCI EAFE ETF 2.3 12 43 4.9 -0.8
DISV Dimensional International Small Cap Value ETF 2.3 42 13 8.1 +2.4
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 2.3 32 23 7.4 +1.7
GLIN VanEck India Growth Leaders ETF 2.3 77 -22 5.5 -0.3
OEFA ALPS O’Shares International Developed Quality Dividend ETF 2.3 48 7 4.7 -1.1
SPDW SPDR Portfolio Developed World ex-US ETF 2.3 3 52 5.8 +0.1
IEUR iShares Core MSCI Europe ETF 2.3 11 44 6.4 +0.6
IVLU iShares MSCI Intl Value Factor ETF 2.3 30 25 8.1 +2.3
IQLT iShares MSCI Intl Quality Factor ETF 2.3 30 25 5.5 -0.2
VEA Vanguard FTSE Developed Markets ETF 2.3 3 52 6.0 +0.2
VPL Vanguard FTSE Pacific ETF 2.3 7 48 5.3 -0.5
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 2.3 41 14 6.0 +0.3
SCHF Schwab International Equity ETF 2.3 6 49 6.0 +0.2
VEXC Vanguard Emerging Markets Ex-China ETF 2.3 7 48 5.7 0.0
PXH Invesco FTSE RAFI Emerging Markets ETF 2.2 49 6 13.4 +7.7
GXUS Goldman Sachs MarketBeta Total International Equity ETF 2.2 18 37 6.4 +0.6
SCHC Schwab International Small-Cap Equity ETF 2.2 11 44 6.7 +0.9
IEV iShares Europe ETF 2.2 67 -12 5.9 +0.2
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 2.2 20 35 5.7 -0.1
FEM First Trust Emerging Markets AlphaDEX Fund 2.2 80 -25 9.0 +3.2
IDEV iShares Core MSCI International Developed Markets ETF 2.2 4 51 6.0 +0.3
CGXU Capital Group International Focus Equity ETF 2.2 54 1 3.8 -2.0
IDMO Invesco S&P International Developed Momentum ETF 2.2 25 30 5.3 -0.4
IEFA iShares Core MSCI EAFE ETF 2.2 7 48 6.1 +0.3
DTH WisdomTree International High Dividend Fund 2.2 58 -3 7.4 +1.7
DOL WisdomTree International LargeCap Dividend Fund 2.2 48 7 5.7 -0.1
ECON Columbia Emerging Markets Consumer ETF 2.2 49 6 6.6 +0.9
GCOW Pacer Global Cash Cows Dividend ETF 2.2 60 -5 9.4 +3.6
CCNR ALPS CoreCommodity Natural Resources ETF 2.2 39 16 8.1 +2.4
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 2.2 40 15 5.7 -0.0
FPAG FPA Global Equity ETF 2.2 49 6 5.8 +0.1
EMXC iShares MSCI Emerging Markets ex China ETF 2.1 25 30 5.1 -0.7
VEU Vanguard FTSE All-World ex-US Index Fund 2.1 4 51 6.7 +1.0
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 2.1 14 41 5.3 -0.4
DFAE Dimensional Emerging Core Equity Market ETF 2.1 35 20 7.0 +1.2
VXUS Vanguard Total International Stock ETF 2.1 5 50 6.7 +0.9
NUDM Nuveen ESG International Developed Markets Equity ETF 2.1 31 24 5.6 -0.1
GSID Goldman Sachs MarketBeta International Equity ETF 2.1 20 35 5.9 +0.2
GSIE Goldman Sachs ActiveBeta International Equity ETF 2.1 25 30 6.2 +0.5
XCNY SPDR S&P Emerging Markets ex-China ETF 2.1 15 40 5.7 -0.1
DWM WisdomTree International Equity Fund 2.1 48 7 5.7 -0.1
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 2.1 39 16 13.7 +8.0
AVXC Avantis Emerging Markets Ex-China Equity ETF 2.1 33 22 6.1 +0.4
FLEE Franklin FTSE Europe ETF 2.1 9 46 6.3 +0.6
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 2.1 12 43 5.3 -0.4
DIVI Franklin International Core Dividend Tilt Index ETF 2.1 9 46 6.6 +0.9
STXE Strive Emerging Markets Ex-China ETF 2.1 32 23 5.2 -0.5
DEHP Dimensional Emerging Markets High Profitability ETF 2.1 41 14 4.8 -0.9
BBEU JPMorgan BetaBuilders Europe ETF 2.1 9 46 6.2 +0.5
IPAC iShares Core MSCI Pacific ETF 2.1 9 46 5.5 -0.2
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 2.1 36 19 5.4 -0.4
EEMA iShares MSCI Emerging Markets Asia ETF 2.1 49 6 7.5 +1.8
JPEF JPMorgan Equity Focus ETF 2.1 50 5 3.8 -2.0
IVSI Applied Finance IVS International Large ETF 2.0 65 -10 6.1 +0.3
EFA iShares MSCI EAFE ETF 2.0 35 20 5.8 +0.0
JIG JPMorgan International Growth ETF 2.0 55 0 3.6 -2.1
FRNW Fidelity Clean Energy ETF 2.0 39 16 1.7 -4.0
DBEU Xtrackers MSCI Europe Hedged Equity ETF 2.0 46 9 5.5 -0.2
DIHP Dimensional International High Profitability ETF 2.0 29 26 5.8 +0.0
HEFA iShares Currency Hedged MSCI EAFE ETF 2.0 35 20 5.8 +0.0
IXUS iShares Core MSCI Total International Stock ETF 2.0 7 48 6.6 +0.8
AVEM Avantis Emerging Markets Equity ETF 2.0 33 22 7.0 +1.3
FTHF First Trust Emerging Markets Human Flourishing ETF 2.0 75 -20 5.8 +0.1
AVSD Avantis Responsible International Equity ETF 2.0 23 32 6.0 +0.2
FLAX Franklin FTSE Asia Ex Japan ETF 2.0 19 36 7.1 +1.4
LDEM iShares ESG MSCI EM Leaders ETF 2.0 17 38 12.9 +7.1
IMFL Invesco International Developed Dynamic Multifactor ETF 2.0 34 21 5.2 -0.6
ACWX iShares MSCI ACWI ex U.S. ETF 2.0 34 21 6.4 +0.6
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 2.0 15 40 8.0 +2.3
FLBR Franklin FTSE Brazil ETF 2.0 19 36 12.2 +6.5
BRAZ Global X Brazil Active ETF 2.0 75 -20 10.8 +5.1
EWZ iShares MSCI Brazil ETF 2.0 58 -3 11.2 +5.4
VIDI Vident International Equity Strategy ETF 1.9 61 -6 8.1 +2.3
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 1.9 60 -5 6.6 +0.9
DXJS WisdomTree Japan Hedged SmallCap Equity Fund 1.9 58 -3 5.2 -0.5
DEXC Dimensional Emerging Markets ex China Core EquityETF 1.9 53 2 5.1 -0.7
FNDC Schwab Fundamental International Small Co. Index ETF 1.9 39 16 6.8 +1.1
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 1.9 39 16 7.0 +1.3
EMGF iShares Emerging Markets Equity Factor ETF 1.9 25 30 8.8 +3.1
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF 1.9 9 46 7.8 +2.0
CWI SPDR MSCI ACWI ex-US ETF 1.9 30 25 6.5 +0.8
BKEM BNY Mellon Emerging Markets Equity ETF 1.9 11 44 7.9 +2.2
IMTM iShares MSCI Intl Momentum Factor ETF 1.9 30 25 4.7 -1.1
DFSI Dimensional International Sustainability Core 1 ETF 1.9 24 31 5.7 -0.1
EUDG WisdomTree Europe Quality Dividend Growth Fund 1.9 58 -3 6.4 +0.7
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.9 36 19 7.6 +1.9
FDEV Fidelity International Multifactor ETF 1.8 18 37 7.3 +1.6
IQSI IQ Candriam International Equity ETF 1.8 15 40 5.6 -0.2
AAXJ iShares MSCI All Country Asia ex Japan ETF 1.8 70 -15 6.9 +1.2
EVLU iShares MSCI Emerging Markets Value Factor ETF 1.8 35 20 10.0 +4.3
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.8 38 17 7.0 +1.3
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 1.8 80 -25 9.3 +3.6
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.8 66 -11 7.2 +1.4
IBAT iShares Energy Storage & Materials ETF 1.8 47 8 1.5 -4.3
IDOG ALPS International Sector Dividend Dogs ETF 1.8 50 5 9.2 +3.5
JIRE JPMorgan International Research Enhanced Equity ETF 1.8 24 31 5.9 +0.1
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 1.8 44 11 9.5 +3.8
EEM iShares MSCI Emerging Markets ETF 1.7 69 -14 7.8 +2.1
HEEM iShares Currency Hedged MSCI Emerging Markets ETF 1.7 69 -14 7.4 +1.7
ISCF iShares International SmallCap Equity Factor ETF 1.7 23 32 7.3 +1.6
EEMO Invesco S&P Emerging Markets Momentum ETF 1.7 29 26 6.6 +0.8
DGT State Street SPDR Global Dow ETF 1.7 50 5 5.7 -0.1
PID Invesco International Dividend Achievers ETF 1.7 53 2 4.0 -1.7
KNO AXS Knowledge Leaders ETF 1.7 78 -23 4.0 -1.7
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 1.7 8 47 6.3 +0.6
IEMG iShares Core MSCI Emerging Markets ETF 1.7 9 46 8.2 +2.5
FEZ SPDR EURO STOXX 50 ETF 1.7 29 26 5.8 +0.0
SCJ iShares MSCI Japan Small-Cap ETF 1.7 50 5 5.6 -0.1
PIEL Pacer International Export Leaders ETF 1.7 60 -5 4.1 -1.6
QEFA SPDR MSCI EAFE StrategicFactors ETF 1.6 30 25 6.2 +0.5
RGEF Rockefeller Global Equity ETF 1.6 55 0 3.8 -1.9
DWMF WisdomTree International Multifactor Fund 1.6 38 17 7.0 +1.2
FLLA Franklin FTSE Latin America ETF 1.6 19 36 10.9 +5.2
VWO Vanguard FTSE Emerging Markets ETF 1.6 7 48 9.2 +3.4
QLVD FlexShares Developed Markets ex-US Quality Low Volatility In 1.6 32 23 5.4 -0.3
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 1.6 49 6 6.1 +0.4
IQDF FlexShares International Quality Dividend Index Fund 1.6 47 8 7.6 +1.8
JHID John Hancock International High Dividend ETF 1.6 46 9 7.9 +2.2
SCHE Schwab Emerging Markets Equity ETF 1.5 11 44 9.5 +3.8
EWN iShares MSCI Netherlands ETF 1.5 50 5 4.5 -1.2
EEMS iShares MSCI Emerging Markets Small Cap ETF 1.5 70 -15 6.5 +0.7
LVHI Franklin International Low Volatility High Dividend Index ET 1.5 40 15 7.7 +1.9
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 1.5 30 25 8.0 +2.3
FPXE First Trust IPOX Europe Equity Opportunities ETF 1.5 70 -15 3.8 -2.0
EWG iShares MSCI Germany ETF 1.5 50 5 5.9 +0.2
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 1.5 45 10 8.1 +2.3
FLGR Franklin FTSE Germany ETF 1.4 9 46 6.6 +0.8
ECOW Pacer Emerging Markets Cash Cows 100 ETF 1.4 70 -15 9.5 +3.8
NUKZ Range Nuclear Renaissance Index ETF 1.4 85 -30 1.3 -4.4
FGM First Trust Germany AlphaDEX Fund 1.4 80 -25 4.9 -0.8
DAX Global X DAX Germany ETF 1.4 21 34 6.2 +0.5
CZAR Themes Natural Monopoly ETF 1.4 35 20 5.4 -0.3
ESGD iShares ESG Aware MSCI EAFE ETF 1.4 20 35 5.8 +0.1
SPEM SPDR Portfolio Emerging Markets ETF 1.4 7 48 9.5 +3.7
VIGI Vanguard International Dividend Appreciation ETF 1.4 10 45 6.1 +0.3
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.4 59 -4 8.6 +2.8
BINV Brandes International ETF 1.4 70 -15 8.6 +2.9
PATN Pacer Nasdaq International Patent Leaders ETF 1.3 65 -10 4.0 -1.7
GMF SPDR S&P Emerging Asia Pacific ETF 1.3 49 6 8.6 +2.9
GTEK Goldman Sachs Future Tech Leaders Equity ETF 1.3 75 -20 1.7 -4.0
EELV Invesco S&P Emerging Markets Low Volatility ETF 1.3 29 26 8.9 +3.2
VYMI Vanguard International High Dividend Yield ETF 1.3 17 38 8.1 +2.3
FCA First Trust China AlphaDEX Fund 1.3 80 -25 7.5 +1.7
EDEN iShares MSCI Denmark ETF 1.3 53 2 6.4 +0.7
ICPY Tweedy, Browne International Insider Value ETF 1.3 80 -25 21.5 +15.8
FRDM Freedom 100 Emerging Markets ETF 1.3 49 6 5.3 -0.4
AGRW Allspring LT Large Growth ETF 1.3 35 20 3.3 -2.5
BLES Inspire Global Hope ETF 1.3 61 -6 5.7 -0.0
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.2 41 14 6.9 +1.1
GREK Global X MSCI Greece ETF 1.2 57 -2 9.4 +3.7
AZTD Aztlan Global Stock Selection DM SMID ETF 1.2 75 -20 4.1 -1.6
GEW Cambria Global EW ETF 1.2 29 26 5.4 -0.3
COPY Tweedy, Browne Insider + Value ETF 1.1 80 -25 14.9 +9.2
GNR SPDR S&P Global Natural Resources ETF 1.1 40 15 8.6 +2.8
SMIN iShares MSCI India Small Cap ETF 1.1 79 -24 3.5 -2.3
DLS WisdomTree International SmallCap Dividend Fund 1.1 58 -3 7.5 +1.7
FLAU Franklin FTSE Australia ETF 1.1 9 46 6.0 +0.2
FID First Trust S&P International Dividend Aristocrats ETF 1.1 60 -5 7.8 +2.0
EMM Global X Emerging Markets ex-China ETF 1.1 75 -20 4.7 -1.0
WSML iShares MSCI World Small-Cap ETF 1.0 15 40 5.3 -0.4
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 1.0 30 25 7.6 +1.9
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares 1.0 35 20 3.4 -2.3
BAI iShares AI Innovation and Tech Active ETF 1.0 55 0 0.9 -4.8
CGIE Capital Group International Equity ETF 1.0 54 1 4.6 -1.1
DVYE iShares Emerging Markets Dividend ETF 1.0 49 6 17.9 +12.2
EFV iShares MSCI EAFE Value ETF 0.9 34 21 7.6 +1.9
ROAM Hartford Multifactor Emerging Markets ETF 0.9 44 11 7.5 +1.8
AVEE Avantis Emerging Markets Small Cap Equity ETF 0.9 42 13 7.6 +1.9
FYLD Cambria Foreign Shareholder Yield ETF 0.9 59 -4 10.2 +4.4
VSGX Vanguard ESG International Stock ETF 0.9 10 45 6.6 +0.9
EMXF iShares ESG Advanced MSCI EM ETF 0.9 16 39 6.7 +1.0
EWJV iShares MSCI Japan Value ETF 0.9 15 40 7.0 +1.2
ESGG FlexShares STOXX Global ESG Select Index Fund 0.9 42 13 4.0 -1.7
DTCR Global X Data Center & Digital Infrastructure ETF 0.9 50 5 3.2 -2.6
CVAR Cultivar ETF 0.9 87 -32 7.2 +1.5
RFDI First Trust Riverfront Dynamic Developed International ETF 0.9 83 -28 7.8 +2.0
GVAL Cambria Global Value ETF 0.9 68 -13 9.0 +3.2
EWO iShares MSCI Austria ETF 0.9 50 5 7.6 +1.8
DGIN VanEck Digital India ETF 0.9 71 -16 1.5 -4.2
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.9 58 -3 8.4 +2.7
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.8 15 40 8.8 +3.1
CGW Invesco S&P Global Water Index ETF 0.8 57 -2 4.6 -1.1
WBAT WisdomTree Battery Value Chain and Innovation Fund 0.8 45 10 -0.9 -6.7
GLOF iShares Global Equity Factor ETF 0.8 20 35 5.6 -0.2
WDIV SPDR S&P Global Dividend ETF 0.8 40 15 9.1 +3.3
VT Vanguard Total World Stock ETF 0.8 6 49 5.0 -0.7
MJSC MUFG Japan Small Cap Active ETF 0.8 85 -30 4.6 -1.1
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 0.7 80 -25 5.6 -0.1
ESGE iShares ESG Aware MSCI EM ETF 0.7 25 30 8.3 +2.5
ISRA VanEck Israel ETF 0.7 59 -4 5.9 +0.1
EIS iShares MSCI Israel ETF 0.7 58 -3 6.4 +0.7
ACWI iShares MSCI ACWI ETF 0.7 32 23 4.6 -1.1
KNCT Invesco Next Gen Connectivity ETF 0.7 40 15 2.9 -2.8
OBOR KraneShares MSCI One Belt One Road Index ETF 0.7 79 -24 7.5 +1.8
UEVM VictoryShares Emerging Markets Value Momentum ETF 0.7 45 10 9.7 +4.0
JADE JPMorgan Active Developing Markets Equity ETF 0.7 65 -10 6.1 +0.3
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.7 12 43 4.4 -1.3
EWT iShares MSCI Taiwan ETF 0.7 58 -3 3.0 -2.7
SDG iShares MSCI Global Sustainable Development Goals ETF 0.7 49 6 4.5 -1.3
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 0.7 40 15 6.3 +0.5
TRFK Pacer Data and Digital Revolution ETF 0.7 60 -5 1.8 -4.0
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 0.7 90 -35 3.7 -2.0
EWM iShares MSCI Malaysia ETF 0.7 50 5 6.5 +0.7
LCTD BlackRock World ex U.S. Carbon Transition Readiness ETF 0.6 20 35 5.7 -0.1
AVSE Avantis Responsible Emerging Markets Equity ETF 0.6 33 22 6.6 +0.9
DFJ WisdomTree Japan SmallCap Dividend Fund 0.6 58 -3 6.7 +0.9
AIA iShares Asia 50 ETF 0.6 50 5 7.7 +1.9
WRND IQ Global Equity R&D Leaders ETF 0.6 18 37 4.0 -1.7
DEW WisdomTree Global High Dividend Fund 0.6 58 -3 7.2 +1.5
FENI Fidelity Enhanced International ETF 0.6 28 27 5.8 +0.1
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.6 9 46 4.9 -0.9
EFAD ProShares MSCI EAFE Dividend Growers ETF 0.6 50 5 5.7 -0.0
EUDV ProShares MSCI Europe Dividend Growers ETF 0.6 55 0 5.7 -0.0
URTH iShares MSCI World ETF 0.6 24 31 4.3 -1.4
ECNS iShares MSCI China Small-Cap ETF 0.6 59 -4 9.2 +3.5
IDHQ Invesco S&P International Developed High Quality ETF 0.6 29 26 5.4 -0.3
CGDG Capital Group Dividend Growers ETF 0.6 47 8 5.2 -0.5
QWLD SPDR MSCI World StrategicFactors ETF 0.5 30 25 5.2 -0.5
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 0.5 88 -33 8.4 +2.7
TINY ProShares Nanotechnology ETF 0.5 58 -3 1.3 -4.5
KOKU Xtrackers MSCI Kokusai Equity ETF 0.5 9 46 4.4 -1.4
IXP iShares Global Comm Services ETF 0.5 42 13 5.7 -0.1
JSTC Adasina Social Justice All Cap Global ETF 0.5 89 -34 4.3 -1.4
GLOV Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF 0.5 25 30 5.5 -0.2
KLMT Invesco MSCI Global Climate 500 ETF 0.5 10 45 5.0 -0.8
GINN Goldman Sachs Innovate Equity ETF 0.5 52 3 3.7 -2.0
FLTW Franklin FTSE Taiwan ETF 0.5 19 36 3.4 -2.4
ACWV iShares MSCI Global Min Vol Factor ETF 0.5 20 35 5.7 0.0
GLBL Pacer MSCI World Industry Advantage ETF 0.4 65 -10 3.4 -2.4
TOK iShares MSCI Kokusai ETF 0.4 26 29 4.3 -1.5
BBAX JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF 0.4 19 36 5.5 -0.2
DEM WisdomTree Emerging Markets High Dividend Fund 0.4 63 -8 10.3 +4.5
TUR iShares MSCI Turkey ETF 0.4 58 -3 13.3 +7.6
ERTH Invesco MSCI Sustainable Future ETF 0.4 62 -7 3.0 -2.7
DFE WisdomTree Europe SmallCap Dividend Fund 0.4 58 -3 7.6 +1.8
EFNL iShares MSCI Finland ETF 0.4 56 -1 5.5 -0.3
FDEM Fidelity Emerging Markets Multifactor ETF 0.4 25 30 10.4 +4.6
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.4 33 22 6.7 +1.0
GWX SPDR S&P International Small Cap ETF 0.4 40 15 5.9 +0.2
AIQ Global X Artificial Intelligence & Technology ETF 0.4 68 -13 2.7 -3.1
AFK VanEck Africa Index ETF 0.4 98 -43 11.2 +5.5
EWUS iShares MSCI United Kingdom Small Cap ETF 0.4 59 -4 7.4 +1.6
EMC Global X Emerging Markets Great Consumer ETF 0.4 75 -20 7.1 +1.3
APIE ActivePassive International Equity ETF 0.4 45 10 6.4 +0.7
EPOL iShares MSCI Poland ETF 0.4 59 -4 9.1 +3.4
AQLT iShares MSCI Global Quality Factor ETF 0.4 18 37 0.0 -5.7
FLCH Franklin FTSE China ETF 0.4 19 36 18.0 +12.2
HAP VanEck Natural Resources ETF 0.4 50 5 6.8 +1.0
GXC SPDR S & P China ETF 0.3 59 -4 18.6 +12.9
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.3 46 9 7.8 +2.0
TAN Invesco Solar ETF 0.3 67 -12 3.8 -1.9
RNRG Global X Renewable Energy Producers ETF 0.3 66 -11 4.3 -1.5
CVY Invesco Zacks Multi-Asset Income ETF 0.3 106 -51 10.0 +4.3
EDIV SPDR S&P Emerging Markets Dividend ETF 0.3 49 6 9.1 +3.3
NLR VanEck Uranium+Nuclear Energy ETF 0.3 61 -6 1.7 -4.1
KOMP State Street SPDR S&P Kensho New Economies Composite ETF 0.2 20 35 0.8 -5.0
EWK iShares MSCI Belgium ETF 0.2 50 5 3.8 -1.9
KGRN KraneShares MSCI China Clean Technology Index ETF 0.2 79 -24 3.4 -2.4
TBLU Tortoise Global Water ESG ETF 0.2 40 15 4.6 -1.1
AQWA Global X Clean Water ETF 0.2 50 5 5.1 -0.7
EFRA iShares Environmental Infrastructure and Industrials ETF 0.2 47 8 5.1 -0.7
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.2 20 35 4.7 -1.0
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 0.2 80 -25 12.2 +6.5
EFAV iShares MSCI EAFE Min Vol Factor ETF 0.2 22 33 5.8 +0.0
MCHI iShares MSCI China ETF 0.2 59 -4 20.2 +14.5
FTAG First Trust Indxx Global Agriculture ETF 0.2 70 -15 7.2 +1.5
EYLD Cambria Emerging Shareholder Yield ETF 0.2 66 -11 9.2 +3.5
CRTC Xtrackers US National Critical Technologies ETF 0.2 35 20 4.2 -1.6
KLMN Invesco MSCI North America Climate ETF 0.2 9 46 4.3 -1.5
ETEC iShares Breakthrough Environmental Solutions ETF 0.2 47 8 2.7 -3.1
IDRV iShares Self-driving EV & Tech ETF 0.2 47 8 1.3 -4.5
ACVF American Conservative Values ETF 0.1 75 -20 3.7 -2.1
PRNT 3D Printing ETF 0.1 66 -11 1.2 -4.5
ONEQ Fidelity Nasdaq Composite Index ETF 0.1 21 34 2.9 -2.9
EMMF WisdomTree Emerging Markets Multifactor Fund 0.1 48 7 8.4 +2.7
IUS Invesco RAFI Strategic US ETF 0.1 19 36 5.6 -0.2
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.1 25 30 6.2 +0.4
EWX SPDR S&P Emerging Markets Small Cap ETF 0.1 65 -10 6.5 +0.7

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 info ** ** ** ** ** ** **
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:		 Global X Infrastructure Development ex-U.S. ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.5 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 55 bp
Equals: ALTAR Score 5.7 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.59 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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.