ETF Research Center

Schwab International Dividend Equity ETF

ALTAR
Score™

8.1%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	14.8x	P/Sales ratio	1.4x
P/BV ratio	2.3x	Div. yield	4.0%

Description
Performance
Comps
Fundamentals
Valuation
Rating

SCHY tracks a modified market-cap-weighted index of 100 high-dividend-yielding stocks located outside of the US. Stocks are selected based on additional fundamental criteria and low volatility.

FUND BASICS
Category	International Equities
Fund Sponsor	Charles Schwab
Website	www.schwabassetmanagement.com/products/schy
Inception date	Apr 29, 2021
Assets (mns)	$2,381
Currency	USD
Expense ratio	14 bp
Distributions	Semi-annual

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	134
Wgt avg mkt cap (mns)	$79,605
Large cap (>$10bn)	89.1%
Mid cap ($2-10bn)	10.6%
Small cap (<$2bn)	0.3%
Developed mkts	83.4%
Emerging mkts	16.6%

TOP TEN HOLDINGS
Total	41.7 %
UNILEVER PLC	4.6 %
WESFARMERS LIMITED	4.5 %
BRITISH AMERICAN TOBACCO PLC	4.3 %
ROCHE PS PAR AG	4.3 %
GSK PLC	4.3 %
ENEL SPA	4.3 %
TOTAL SA	4.0 %
ENI SPA	4.0 %
VINCI SA	3.9 %
BHP BILLITON LTD	3.7 %

TOP COUNTRY EXPOSURE
	BRITAIN	14.7 %
	FRANCE	14.3 %
	AUSTRALIA	10.5 %
	ITALY	9.0 %
	NETHERLANDS	5.1 %
	GERMANY	4.8 %
	SINGAPORE	4.7 %
	INDIA	4.2 %
	CANADA	3.3 %
	SPAIN	3.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru July 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
13.8%	28.6%	9.1%	--	9.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.47	25%
MSCI EAFE	0.62	65%
MSCI Emg. Mkts.	0.25	25%

Technical Indicators
Recent close	$33.51
30d moving avg.	$32.20
Annualized volatility	13.3%
Short interest (ETF)	0.9%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	782
Turnover	1.1%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$3,746

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 444 potential alternatives to the Schwab International Dividend Equity ETF ETF based on the alternatives' overlap in portfolio holdings with SCHY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SCHY

Expense:

14 bp

ALTAR Score™:

8.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SCHY
Ticker	Fund Name	Overlap¹ vs SCHY (%)	Expense ratio (bp)	Savings vs SCHY (bp)	ALTAR Score™ (%)	ALTAR vs SCHY (%)
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	24.1	9	5	7.5	-0.6
GCOW	Pacer Global Cash Cows Dividend ETF	22.4	60	-46	9.1	+1.0
FIDI	Fidelity International High Dividend ETF	20.6	18	-4	6.9	-1.2
IDV	iShares International Select Dividend ETF	18.0	51	-37	9.0	+0.8
LVHI	Franklin International Low Volatility High Dividend Index ET	17.9	40	-26	7.3	-0.9
DTH	WisdomTree International High Dividend Fund	17.2	58	-44	7.0	-1.1
INEQ	Columbia International Equity Income ETF	17.1	45	-31	7.5	-0.6
IQLT	iShares MSCI Intl Quality Factor ETF	16.0	30	-16	5.3	-2.8
IVSI	Applied Finance IVS International Large ETF	15.7	65	-51	5.7	-2.5
AIVI	WisdomTree International AI Enhanced Value Fund	15.2	58	-44	5.9	-2.3
FEZ	SPDR EURO STOXX 50 ETF	14.5	29	-15	5.5	-2.7
EFAV	iShares MSCI EAFE Min Vol Factor ETF	14.3	22	-8	5.6	-2.6
IDOG	ALPS International Sector Dividend Dogs ETF	14.2	50	-36	9.0	+0.9
FICS	First Trust International Developed Capital Strength ETF	14.1	70	-56	6.4	-1.7
DIVI	Franklin International Core Dividend Tilt Index ETF	13.9	9	5	6.4	-1.8
RFDI	First Trust Riverfront Dynamic Developed International ETF	13.7	83	-69	7.3	-0.9
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	13.6	80	-66	5.2	-2.9
VYMI	Vanguard International High Dividend Yield ETF	12.7	17	-3	7.7	-0.5
EZU	iShares MSCI Eurozone ETF	12.6	52	-38	5.4	-2.7
IDLV	Invesco S&P International Developed Low Volatility ETF	12.6	25	-11	6.2	-2.0
HEZU	iShares Currency Hedged MSCI Eurozone ETF	12.6	53	-39	5.2	-2.9
IGRO	iShares International Dividend Growth ETF	12.5	15	-1	6.5	-1.7
DOL	WisdomTree International LargeCap Dividend Fund	12.5	48	-34	5.4	-2.7
EFV	iShares MSCI EAFE Value ETF	12.3	34	-20	7.2	-0.9
QEFA	SPDR MSCI EAFE StrategicFactors ETF	12.1	30	-16	5.9	-2.3
DWX	SPDR S&P International Dividend ETF	11.8	45	-31	6.6	-1.6
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	11.7	19	-5	5.1	-3.1
EPP	iShares MSCI Pacific ex-Japan ETF	11.6	47	-33	4.7	-3.4
TTAI	FCF International Quality ETF	11.1	59	-45	6.9	-1.2
IQDF	FlexShares International Quality Dividend Index Fund	10.6	47	-33	7.3	-0.8
JHID	John Hancock International High Dividend ETF	10.5	46	-32	7.6	-0.5
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	10.5	45	-31	5.3	-2.9
EWQ	iShares MSCI France ETF	10.4	53	-39	6.3	-1.9
DIHP	Dimensional International High Profitability ETF	10.3	29	-15	5.6	-2.5
EFAS	Global X MSCI SuperDividend EAFE ETF	10.1	57	-43	6.9	-1.2
EWA	iShares MSCI Australia ETF	10.0	50	-36	5.1	-3.1
DWM	WisdomTree International Equity Fund	9.9	48	-34	5.4	-2.7
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	9.9	40	-26	5.5	-2.6
IMFL	Invesco International Developed Dynamic Multifactor ETF	9.9	34	-20	5.1	-3.1
IVLU	iShares MSCI Intl Value Factor ETF	9.8	30	-16	7.8	-0.4
CEFA	Global X S&P Catholic Values Developed ex-US ETF	9.7	35	-21	5.4	-2.7
STXI	Strive International Developed Markets ETF	9.7	29	-15	6.3	-1.8
FNDF	Schwab Fundamental International Large Co. Index ETF	9.7	25	-11	7.2	-1.0
FLAU	Franklin FTSE Australia ETF	9.6	9	5	5.6	-2.5
IDHQ	Invesco S&P International Developed High Quality ETF	9.6	29	-15	4.9	-3.3
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	9.6	32	-18	5.2	-3.0
IMTM	iShares MSCI Intl Momentum Factor ETF	9.4	30	-16	4.6	-3.5
FIVA	Fidelity International Value Factor ETF	9.4	18	-4	7.0	-1.2
IEV	iShares Europe ETF	9.4	67	-53	5.7	-2.5
JHMD	John Hancock Multifactor Developed International ETF	9.2	39	-25	6.0	-2.2
JIRE	JPMorgan International Research Enhanced Equity ETF	9.2	24	-10	5.6	-2.6
FDEV	Fidelity International Multifactor ETF	9.1	18	-4	7.0	-1.1
BBEU	JPMorgan BetaBuilders Europe ETF	9.1	9	5	6.0	-2.1
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	9.1	58	-44	9.1	+1.0
EWI	iShares MSCI Italy ETF	9.0	50	-36	10.4	+2.2
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	8.9	65	-51	7.8	-0.3
ESGD	iShares ESG Aware MSCI EAFE ETF	8.8	20	-6	5.6	-2.6
DEW	WisdomTree Global High Dividend Fund	8.8	58	-44	6.9	-1.2
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	8.6	29	-15	6.9	-1.3
FLEE	Franklin FTSE Europe ETF	8.6	9	5	6.1	-2.1
NUDM	Nuveen ESG International Developed Markets Equity ETF	8.6	31	-17	5.2	-2.9
EFA	iShares MSCI EAFE ETF	8.6	35	-21	5.5	-2.6
HEFA	iShares Currency Hedged MSCI EAFE ETF	8.5	35	-21	5.5	-2.6
FRGN	Horizon International Equity ETF	8.4	75	-61	7.7	-0.4
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	8.4	25	-11	6.1	-2.0
SPEU	SPDR Portfolio Europe ETF	8.3	7	7	6.3	-1.9
EWU	iShares MSCI United Kingdom ETF	8.2	50	-36	7.0	-1.1
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	8.2	46	-32	5.2	-2.9
VGK	Vanguard FTSE Europe ETF	8.2	6	8	6.3	-1.8
IEUR	iShares Core MSCI Europe ETF	8.2	11	3	6.2	-2.0
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	8.1	46	-32	7.9	-0.3
FLGB	Franklin FTSE United Kingdom ETF	8.1	9	5	6.5	-1.6
GSID	Goldman Sachs MarketBeta International Equity ETF	7.9	20	-6	5.6	-2.5
CIL	VictoryShares International Volatility Wtd ETF	7.9	45	-31	5.9	-2.3
CGDG	Capital Group Dividend Growers ETF	7.9	47	-33	5.0	-3.1
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	7.9	36	-22	5.1	-3.1
EVLU	iShares MSCI Emerging Markets Value Factor ETF	7.8	35	-21	9.9	+1.8
GNR	SPDR S&P Global Natural Resources ETF	7.7	40	-26	8.4	+0.3
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	7.6	45	-31	6.6	-1.6
INTF	iShares International Equity Factor ETF	7.6	15	-1	6.3	-1.8
CGIE	Capital Group International Equity ETF	7.5	54	-40	4.4	-3.7
IEFA	iShares Core MSCI EAFE ETF	7.4	7	7	5.9	-2.3
SCHF	Schwab International Equity ETF	7.4	6	8	5.8	-2.4
JPIN	J.P. Morgan Diversified Return International Equity ETF	7.4	37	-23	6.9	-1.2
HFXI	IQ FTSE International Equity Currency Neutral ETF	7.3	20	-6	5.5	-2.7
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	7.2	14	0	5.1	-3.0
BKIE	BNY Mellon International Equity ETF	7.2	4	10	17.4	+9.3
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	7.2	47	-33	7.0	-1.2
FENI	Fidelity Enhanced International ETF	7.1	28	-14	5.6	-2.6
DWMF	WisdomTree International Multifactor Fund	7.1	38	-24	6.7	-1.4
GSIE	Goldman Sachs ActiveBeta International Equity ETF	7.1	25	-11	5.9	-2.2
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	7.1	44	-30	9.3	+1.1
EFAX	SPDR MSCI EAFE Fossil Fuel Reserves Free ETF	7.1	20	-6	5.4	-2.8
CWI	SPDR MSCI ACWI ex-US ETF	7.0	30	-16	6.3	-1.9
IDEV	iShares Core MSCI International Developed Markets ETF	7.0	4	10	5.8	-2.3
DFIV	Dimensional International Value ETF	7.0	27	-13	7.5	-0.6
DFAI	Dimensional International Core Equity Market ETF	6.9	18	-4	5.9	-2.3
PIEL	Pacer International Export Leaders ETF	6.9	60	-46	4.0	-4.2
FGD	First Trust Dow Jones Global Select Dividend Index Fund	6.8	56	-42	9.3	+1.2
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	6.8	12	2	5.1	-3.0
EUFN	iShares MSCI Europe Financials ETF	6.8	51	-37	6.3	-1.8
AVIV	Avantis International Large Cap Value ETF	6.8	25	-11	6.7	-1.4
IQDG	WisdomTree International Quality Dividend Growth Fund	6.6	42	-28	5.5	-2.6
TPIF	Timothy Plan International ETF	6.6	62	-48	5.4	-2.7
DVYA	iShares Asia/Pacific Dividend ETF	6.6	49	-35	6.7	-1.4
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	6.6	58	-44	5.1	-3.0
EELV	Invesco S&P Emerging Markets Low Volatility ETF	6.6	29	-15	8.7	+0.6
ACWX	iShares MSCI ACWI ex U.S. ETF	6.5	34	-20	6.2	-1.9
IPAC	iShares Core MSCI Pacific ETF	6.5	9	5	5.3	-2.8
UMMA	Wahed Dow Jones Islamic World ETF	6.4	65	-51	3.5	-4.6
KXI	iShares Global Consumer Staples ETF	6.4	41	-27	5.3	-2.9
VEA	Vanguard FTSE Developed Markets ETF	6.4	3	11	5.8	-2.4
SPDW	SPDR Portfolio Developed World ex-US ETF	6.3	3	11	5.7	-2.4
DMXF	iShares ESG Advanced MSCI EAFE ETF	6.2	12	2	4.8	-3.4
FEUZ	First Trust Eurozone AlphaDEX ETF	6.1	80	-66	6.5	-1.7
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	6.1	39	-25	6.1	-2.0
DEM	WisdomTree Emerging Markets High Dividend Fund	6.1	63	-49	10.2	+2.0
ASEA	Global X FTSE Southeast Asia ETF	6.0	65	-51	5.1	-3.1
FID	First Trust S&P International Dividend Aristocrats ETF	6.0	60	-46	7.5	-0.6
EDIV	SPDR S&P Emerging Markets Dividend ETF	6.0	49	-35	8.8	+0.7
VEU	Vanguard FTSE All-World ex-US Index Fund	6.0	4	10	6.5	-1.6
IQSI	IQ Candriam International Equity ETF	5.9	15	-1	5.4	-2.7
DFIC	Dimensional International Core Equity 2 ETF	5.9	23	-9	6.1	-2.1
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	5.9	24	-10	6.8	-1.4
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	5.9	25	-11	6.0	-2.1
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	5.9	41	-27	5.8	-2.3
IDMO	Invesco S&P International Developed Momentum ETF	5.7	25	-11	5.0	-3.1
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	5.7	18	-4	6.2	-2.0
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	5.6	20	-6	5.5	-2.7
IXUS	iShares Core MSCI Total International Stock ETF	5.6	7	7	6.4	-1.7
IXG	iShares Global Financials ETF	5.6	42	-28	5.7	-2.4
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	5.6	40	-26	6.2	-2.0
BKCI	BNY Mellon Concentrated International ETF	5.5	80	-66	4.7	-3.4
VIDI	Vident International Equity Strategy ETF	5.4	61	-47	8.2	+0.1
IXC	iShares Global Energy ETF	5.4	44	-30	7.4	-0.8
VXUS	Vanguard Total International Stock ETF	5.4	5	9	6.5	-1.7
AVSD	Avantis Responsible International Equity ETF	5.3	23	-9	5.7	-2.4
EUDV	ProShares MSCI Europe Dividend Growers ETF	5.3	55	-41	5.6	-2.5
QINT	American Century Quality Diversified International ETF	5.2	39	-25	6.4	-1.8
DXIV	Dimensional International Vector Equity ETF	5.2	34	-20	6.5	-1.7
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	5.2	39	-25	13.3	+5.2
FYLD	Cambria Foreign Shareholder Yield ETF	5.2	59	-45	9.9	+1.8
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	5.1	30	-16	7.5	-0.7
JXI	iShares Global Utilities ETF	5.1	43	-29	5.2	-2.9
ROAM	Hartford Multifactor Emerging Markets ETF	5.1	44	-30	7.5	-0.6
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	5.1	39	-25	6.8	-1.3
EUDG	WisdomTree Europe Quality Dividend Growth Fund	5.0	58	-44	6.2	-2.0
EWN	iShares MSCI Netherlands ETF	5.0	50	-36	4.4	-3.8
DGT	State Street SPDR Global Dow ETF	4.9	50	-36	5.5	-2.7
PXH	Invesco FTSE RAFI Emerging Markets ETF	4.9	49	-35	13.1	+5.0
DFSI	Dimensional International Sustainability Core 1 ETF	4.9	24	-10	5.5	-2.7
VPL	Vanguard FTSE Pacific ETF	4.9	7	7	5.1	-3.0
WDIV	SPDR S&P Global Dividend ETF	4.8	40	-26	8.8	+0.6
EFG	iShares MSCI EAFE Growth ETF	4.8	36	-22	3.7	-4.5
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	4.8	46	-32	5.2	-3.0
DAX	Global X DAX Germany ETF	4.8	21	-7	6.0	-2.2
WWJD	Inspire International ETF	4.7	80	-66	6.1	-2.0
RCGE	RockCreek Global Equality ETF	4.7	95	-81	5.7	-2.5
FDEM	Fidelity Emerging Markets Multifactor ETF	4.7	25	-11	10.4	+2.2
AVDE	Avantis International Equity ETF	4.7	23	-9	6.0	-2.1
LDEM	iShares ESG MSCI EM Leaders ETF	4.7	17	-3	12.5	+4.4
DSTX	Distillate International Fundamental Stability & Value ETF	4.7	55	-41	6.3	-1.9
VSGX	Vanguard ESG International Stock ETF	4.6	10	4	6.4	-1.7
EWG	iShares MSCI Germany ETF	4.6	50	-36	5.8	-2.4
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	4.5	65	-51	4.1	-4.1
ECON	Columbia Emerging Markets Consumer ETF	4.5	49	-35	6.6	-1.6
XC	WisdomTree Emerging Markets Ex-China Fund	4.5	32	-18	6.3	-1.8
NXTG	First Trust Indxx NextG ETF	4.5	70	-56	3.5	-4.6
FLGR	Franklin FTSE Germany ETF	4.5	9	5	6.4	-1.7
EWS	iShares MSCI Singapore ETF	4.3	50	-36	3.7	-4.5
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	4.3	30	-16	6.3	-1.8
FGM	First Trust Germany AlphaDEX Fund	4.3	80	-66	4.9	-3.2
SMOG	VanEck Low Carbon Energy ETF	4.3	61	-47	1.3	-6.8
INDA	iShares MSCI India ETF	4.2	65	-51	4.4	-3.7
EMXF	iShares ESG Advanced MSCI EM ETF	4.1	16	-2	6.6	-1.6
HEDJ	WisdomTree Europe Hedged Equity Fund	4.1	58	-44	5.8	-2.3
OAIM	OneAscent International Equity ETF	4.1	95	-81	4.5	-3.7
EFAD	ProShares MSCI EAFE Dividend Growers ETF	4.0	50	-36	5.5	-2.6
IPKW	Invesco International BuyBack Achievers ETF	4.0	55	-41	7.7	-0.4
FTRI	First Trust Indxx Global Natural Resources Income ETF	4.0	70	-56	6.8	-1.4
NDIV	Amplify Natural Resources Dividend Income ETF	4.0	59	-45	11.7	+3.6
JIG	JPMorgan International Growth ETF	3.9	55	-41	3.6	-4.5
NUEM	Nuveen ESG Emerging Markets Equity ETF	3.9	36	-22	5.9	-2.2
INDY	iShares India 50 ETF	3.8	89	-75	5.1	-3.0
EPI	WisdomTree India Earnings Fund	3.8	85	-71	5.0	-3.1
BKF	iShares MSCI BIC ETF	3.8	69	-55	14.4	+6.2
AIA	iShares Asia 50 ETF	3.8	50	-36	7.6	-0.6
IXP	iShares Global Comm Services ETF	3.8	42	-28	5.8	-2.4
FEP	First Trust Europe AlphaDEX Fund	3.8	80	-66	6.7	-1.5
EMGF	iShares Emerging Markets Equity Factor ETF	3.8	25	-11	8.9	+0.8
PICK	iShares MSCI Global Metals & Mining Producers ETF	3.8	39	-25	8.1	-0.1
UIVM	VictoryShares International Value Momentum ETF	3.8	35	-21	7.7	-0.4
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	3.7	67	-53	12.2	+4.1
FDD	First Trust Stoxx European Select Dividend Index Fund	3.7	58	-44	9.3	+1.1
FEOE	First Eagle Overseas Equity ETF	3.7	79	-65	5.9	-2.3
SCHE	Schwab Emerging Markets Equity ETF	3.7	11	3	9.3	+1.1
LEGR	First Trust Indxx Innovative Transaction & Process ETF	3.7	65	-51	7.1	-1.1
COPX	Global X Copper Miners ETF	3.7	65	-51	4.2	-4.0
BATT	Amplify Lithium & Battery Technology ETF	3.7	59	-45	2.0	-6.1
COPA	Themes Copper Miners ETF	3.7	35	-21	3.0	-5.1
ICOP	iShares Copper and Metals Mining ETF	3.7	47	-33	5.5	-2.6
EV	Mast Global Battery Recycling & Production ETF	3.7	65	-51	6.4	-1.8
MXI	iShares Global Materials ETF	3.7	41	-27	6.0	-2.1
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	3.6	78	-64	9.2	+1.1
ACWV	iShares MSCI Global Min Vol Factor ETF	3.6	20	-6	5.6	-2.6
AAXJ	iShares MSCI All Country Asia ex Japan ETF	3.6	70	-56	6.9	-1.2
IDNA	iShares Genomics Immunology and Healthcare ETF	3.6	47	-33	-0.3	-8.4
JHEM	John Hancock Multifactor Emerging Markets ETF	3.5	49	-35	7.5	-0.7
FLIN	Franklin FTSE India ETF	3.4	19	-5	4.0	-4.1
VEXC	Vanguard Emerging Markets Ex-China ETF	3.4	7	7	5.6	-2.5
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	3.3	30	-16	7.9	-0.2
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	3.3	15	-1	8.0	-0.2
IVAL	Alpha Architect International Quantitative Value ETF	3.3	49	-35	7.5	-0.7
ESGE	iShares ESG Aware MSCI EM ETF	3.3	25	-11	8.2	+0.1
URA	Global X Uranium ETF	3.3	69	-55	1.0	-7.1
FLAX	Franklin FTSE Asia Ex Japan ETF	3.3	19	-5	7.1	-1.0
AGQI	First Trust Active Global Quality Income ETF	3.2	85	-71	6.1	-2.0
XCNY	SPDR S&P Emerging Markets ex-China ETF	3.2	15	-1	5.6	-2.5
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	3.2	32	-18	4.7	-3.4
DIVY	Sound Equity Dividend Income ETF	3.2	45	-31	7.5	-0.6
EWP	iShares MSCI Spain ETF	3.2	50	-36	5.5	-2.6
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	3.2	45	-31	8.0	-0.1
VWO	Vanguard FTSE Emerging Markets ETF	3.2	7	7	9.0	+0.9
NFTY	First Trust India NIFTY 50 Equal Weight ETF	3.1	80	-66	4.8	-3.4
HEEM	iShares Currency Hedged MSCI Emerging Markets ETF	3.1	69	-55	7.6	-0.6
RNEM	First Trust Emerging Markets Equity Select ETF	3.1	75	-61	7.7	-0.4
EEM	iShares MSCI Emerging Markets ETF	3.1	69	-55	7.8	-0.4
GEW	Cambria Global EW ETF	3.1	29	-15	5.2	-2.9
IPAV	Global X Infrastructure Development ex-U.S. ETF	3.1	55	-41	5.8	-2.3
EMMF	WisdomTree Emerging Markets Multifactor Fund	3.1	48	-34	8.6	+0.4
QWLD	SPDR MSCI World StrategicFactors ETF	3.1	30	-16	5.0	-3.1
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	3.1	36	-22	7.5	-0.6
BKEM	BNY Mellon Emerging Markets Equity ETF	3.0	11	3	24.0	+15.9
FEGE	First Eagle Global Equity ETF	2.9	79	-65	5.8	-2.3
EMXC	iShares MSCI Emerging Markets ex China ETF	2.9	25	-11	5.1	-3.0
OSEA	Harbor International Compounders ETF	2.9	55	-41	4.2	-3.9
EFNL	iShares MSCI Finland ETF	2.9	56	-42	5.8	-2.4
DTAN	Sparkline International Intangible Value ETF	2.9	55	-41	6.9	-1.2
AVSE	Avantis Responsible Emerging Markets Equity ETF	2.9	33	-19	6.6	-1.5
JSTC	Adasina Social Justice All Cap Global ETF	2.8	89	-75	4.2	-4.0
FKU	First Trust United Kingdom AlphaDEX Fund	2.8	80	-66	6.9	-1.2
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	2.8	15	-1	8.8	+0.7
IEMG	iShares Core MSCI Emerging Markets ETF	2.7	9	5	8.2	+0.0
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	2.7	66	-52	7.3	-0.8
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	2.7	88	-74	8.4	+0.3
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	2.7	47	-33	5.0	-3.2
SPEM	SPDR Portfolio Emerging Markets ETF	2.7	7	7	9.4	+1.2
DEHP	Dimensional Emerging Markets High Profitability ETF	2.6	41	-27	4.8	-3.3
DFAE	Dimensional Emerging Core Equity Market ETF	2.6	35	-21	7.0	-1.2
MOTG	VanEck Morningstar Global Wide Moat ETF	2.6	52	-38	7.5	-0.6
OEFA	ALPS O�Shares International Developed Quality Dividend ETF	2.5	48	-34	4.7	-3.4
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	2.5	38	-24	7.0	-1.1
GVAL	Cambria Global Value ETF	2.5	68	-54	8.3	+0.2
BLES	Inspire Global Hope ETF	2.5	61	-47	5.5	-2.6
CGDV	Capital Group Dividend Value ETF	2.5	33	-19	3.6	-4.5
AVEM	Avantis Emerging Markets Equity ETF	2.5	33	-19	7.0	-1.1
CCNR	ALPS CoreCommodity Natural Resources ETF	2.4	39	-25	8.3	+0.2
EEMA	iShares MSCI Emerging Markets Asia ETF	2.4	49	-35	7.5	-0.7
DIM	WisdomTree International MidCap Dividend Fund	2.4	58	-44	6.2	-2.0
ESGG	FlexShares STOXX Global ESG Select Index Fund	2.4	42	-28	3.9	-4.2
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	2.4	59	-45	8.5	+0.4
STXE	Strive Emerging Markets Ex-China ETF	2.4	32	-18	5.2	-2.9
KLMT	Invesco MSCI Global Climate 500 ETF	2.4	10	4	4.8	-3.3
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	2.4	50	-36	8.2	+0.1
GLOF	iShares Global Equity Factor ETF	2.4	20	-6	5.4	-2.7
DFEV	Dimensional Emerging Markets Value ETF	2.4	43	-29	9.4	+1.2
GII	SPDR S&P Global Infrastructure ETF	2.4	40	-26	4.3	-3.9
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	2.4	9	5	4.7	-3.4
ACWI	iShares MSCI ACWI ETF	2.3	32	-18	4.5	-3.6
CRBN	iShares MSCI ACWI Low Carbon Target ETF	2.3	20	-6	4.6	-3.5
TOK	iShares MSCI Kokusai ETF	2.3	26	-12	4.2	-4.0
DIVS	SmartETFs Dividend Builder ETF	2.3	65	-51	4.2	-4.0
IGF	iShares Global Infrastructure ETF	2.3	41	-27	4.3	-3.9
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	2.3	33	-19	6.7	-1.4
AVXC	Avantis Emerging Markets Ex-China Equity ETF	2.3	33	-19	6.1	-2.1
DVYE	iShares Emerging Markets Dividend ETF	2.3	49	-35	17.6	+9.4
URTH	iShares MSCI World ETF	2.3	24	-10	4.2	-3.9
CZAR	Themes Natural Monopoly ETF	2.3	35	-21	5.2	-2.9
AQLT	iShares MSCI Global Quality Factor ETF	2.3	18	-4	0.0	-8.1
BINV	Brandes International ETF	2.2	70	-56	8.1	-0.0
ION	ProShares S&P Global Core Battery Metals ETF	2.2	58	-44	6.5	-1.7
IQRA	IQ CBRE Real Assets ETF	2.2	65	-51	5.7	-2.4
XCEM	Columbia EM Core ex-China ETF	2.2	16	-2	5.0	-3.2
MEM	Matthews Emerging Markets Equity Active ETF	2.2	79	-65	8.4	+0.3
CGXU	Capital Group International Focus Equity ETF	2.2	54	-40	3.7	-4.4
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	2.2	70	-56	9.2	+1.1
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	2.2	24	-10	5.2	-3.0
EWC	iShares MSCI Canada ETF	2.2	50	-36	5.0	-3.2
AVES	Avantis Emerging Markets Value ETF	2.2	36	-22	9.0	+0.8
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	2.2	41	-27	6.9	-1.3
FLSA	Franklin FTSE Saudi Arabia ETF	2.2	39	-25	0.0	-8.1
KSA	iShares MSCI Saudi Arabia ETF	2.2	74	-60	0.0	-8.1
KOKU	Xtrackers MSCI Kokusai Equity ETF	2.1	9	5	4.3	-3.9
DIVD	Altrius Global Dividend ETF Altrius Global Divid ETF	2.1	49	-35	7.6	-0.5
DXJ	WisdomTree Japan Hedged Equity Fund	2.1	48	-34	5.2	-3.0
KOCG	FIS Knights of Columbus Global Belief ETF	2.1	75	-61	4.5	-3.6
IMOM	Alpha Architect International Quantitative Momentum ETF	2.1	49	-35	4.5	-3.7
IOO	iShares Global 100 ETF	2.1	41	-27	3.7	-4.4
UEVM	VictoryShares Emerging Markets Value Momentum ETF	2.1	45	-31	9.4	+1.3
JGLO	JPMorgan Global Select Equity ETF	2.1	33	-19	4.1	-4.0
VT	Vanguard Total World Stock ETF	2.1	6	8	4.9	-3.3
DFNL	Davis Select Financial ETF	2.1	63	-49	6.8	-1.3
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	2.0	25	-11	5.4	-2.7
DEXC	Dimensional Emerging Markets ex China Core EquityETF	2.0	53	-39	5.1	-3.0
FAN	First Trust Global Wind Energy ETF	1.9	60	-46	3.0	-5.2
CGGO	Capital Group Global Growth Equity ETF	1.9	47	-33	3.9	-4.2
CRTC	Xtrackers US National Critical Technologies ETF	1.9	35	-21	4.0	-4.1
EWJV	iShares MSCI Japan Value ETF	1.9	15	-1	6.7	-1.5
GMF	SPDR S&P Emerging Asia Pacific ETF	1.8	49	-35	8.5	+0.4
PRNT	3D Printing ETF	1.8	66	-52	1.1	-7.0
FRNW	Fidelity Clean Energy ETF	1.8	39	-25	2.0	-6.2
CGUS	Capital Group Core Equity ETF	1.8	33	-19	3.4	-4.7
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	1.8	32	-18	7.5	-0.7
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	1.8	75	-61	6.3	-1.8
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	1.7	80	-66	3.7	-4.5
EWZ	iShares MSCI Brazil ETF	1.7	58	-44	10.6	+2.5
FDFF	Fidelity Disruptive Finance ETF	1.7	50	-36	5.0	-3.1
RGEF	Rockefeller Global Equity ETF	1.7	55	-41	3.7	-4.5
FLLA	Franklin FTSE Latin America ETF	1.7	19	-5	10.6	+2.5
EMC	Global X Emerging Markets Great Consumer ETF	1.6	75	-61	7.1	-1.1
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	1.6	95	-81	9.7	+1.5
THD	iShares MSCI Thailand ETF	1.6	58	-44	0.0	-8.1
MCH	Matthews China Active ETF	1.6	79	-65	14.8	+6.6
FLCH	Franklin FTSE China ETF	1.6	19	-5	17.8	+9.7
GSIB	Themes Global Systemically Important Banks ETF	1.6	35	-21	7.5	-0.6
FXI	iShares China Large-Cap ETF	1.6	74	-60	20.4	+12.2
JCHI	JPMorgan Active China ETF	1.6	65	-51	15.1	+7.0
GXC	SPDR S & P China ETF	1.6	59	-45	18.7	+10.5
MCHI	iShares MSCI China ETF	1.6	59	-45	20.0	+11.8
BLOK	Amplify Transformational Data Sharing ETF	1.6	75	-61	-0.1	-8.3
RXI	iShares Global Consumer Discretionary ETF	1.6	41	-27	8.0	-0.1
SAGP	Strategas Global Policy Opportunities ETF	1.5	65	-51	4.6	-3.5
NUKZ	Range Nuclear Renaissance Index ETF	1.5	85	-71	1.4	-6.7
FLV	American Century Focused Large Cap Value ETF	1.5	42	-28	5.6	-2.5
ICPY	Tweedy, Browne International Insider Value ETF	1.5	80	-66	20.1	+12.0
URAN	Themes Uranium & Nuclear ETF	1.5	35	-21	1.1	-7.0
XT	iShares Exponential Technologies ETF	1.4	46	-32	3.9	-4.3
POW	VistaShares Electrification Supercycle ETF	1.4	75	-61	2.2	-5.9
GINX	SGI Enhanced Global Income ETF	1.3	98	-84	6.3	-1.8
ENOR	iShares MSCI Norway ETF	1.3	53	-39	8.0	-0.2
NORW	Global X MSCI Norway ETF	1.3	50	-36	8.2	+0.0
IXJ	iShares Global Healthcare ETF	1.3	42	-28	6.2	-2.0
PATN	Pacer Nasdaq International Patent Leaders ETF	1.3	65	-51	4.0	-4.1
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	1.3	12	2	4.3	-3.8
AFK	VanEck Africa Index ETF	1.3	98	-84	11.2	+3.1
VIGI	Vanguard International Dividend Appreciation ETF	1.3	10	4	5.8	-2.3
BITQ	Bitwise Crypto Industry Innovators ETF	1.3	85	-71	-2.3	-10.4
EYLD	Cambria Emerging Shareholder Yield ETF	1.3	66	-52	9.0	+0.8
EZA	iShares MSCI South Africa ETF	1.3	58	-44	9.2	+1.1
FLBR	Franklin FTSE Brazil ETF	1.2	19	-5	11.9	+3.7
FTHF	First Trust Emerging Markets Human Flourishing ETF	1.2	75	-61	5.8	-2.4
EXI	iShares Global Industrials ETF	1.2	42	-28	3.4	-4.7
COPY	Tweedy, Browne Insider + Value ETF	1.1	80	-66	14.0	+5.8
JPXN	iShares JPX-Nikkei 400 ETF	1.1	48	-34	5.2	-2.9
TIIV	AAM Todd International Intrinsic Value ETF	1.1	54	-40	9.3	+1.2
QTUM	Defiance Quantum ETF	1.1	40	-26	3.6	-4.5
JADE	JPMorgan Active Developing Markets Equity ETF	1.1	65	-51	5.9	-2.2
FRDM	Freedom 100 Emerging Markets ETF	1.1	49	-35	5.4	-2.8
GLBL	Pacer MSCI World Industry Advantage ETF	1.1	65	-51	3.3	-4.9
WLDR	Affinity World Leaders Equity ETF	1.0	67	-53	5.5	-2.6
DTEC	ALPS Disruptive Technologies ETF	1.0	50	-36	3.4	-4.8
EWJ	iShares MSCI Japan ETF	1.0	50	-36	4.7	-3.4
HEWJ	iShares Currency Hedged MSCI Japan ETF	1.0	50	-36	5.3	-2.9
WRND	IQ Global Equity R&D Leaders ETF	0.9	18	-4	3.9	-4.2
INCO	Columbia India Consumer ETF	0.9	75	-61	2.0	-6.1
BBJP	JPMorgan BetaBuilders Japan ETF	0.9	19	-5	5.2	-3.0
FFLC	Fidelity Fundamental Large Cap Core ETF	0.9	38	-24	3.7	-4.4
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	0.9	47	-33	4.6	-3.6
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	0.9	80	-66	6.9	-1.2
PIN	Invesco India ETF	0.8	78	-64	5.4	-2.8
JDOC	JPMorgan Healthcare Leaders ETF	0.8	65	-51	3.4	-4.8
EIPX	FT Energy Income Partners Strategy ETF	0.8	95	-81	5.8	-2.3
TOLL	Tema Durable Quality ETF	0.8	75	-61	3.8	-4.4
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.8	10	4	8.4	+0.2
SUPL	ProShares Supply Chain Logistics ETF	0.8	58	-44	7.5	-0.7
FLJP	Franklin FTSE Japan ETF	0.8	9	5	5.2	-2.9
FLJH	Franklin FTSE Japan Hedged ETF	0.7	9	5	5.0	-3.1
EEMO	Invesco S&P Emerging Markets Momentum ETF	0.7	29	-15	6.8	-1.4
EDOG	ALPS Emerging Sector Dividend Dogs ETF	0.7	60	-46	10.5	+2.4
FDNI	First Trust Dow Jones International Internet ETF	0.7	65	-51	23.9	+15.8
GINN	Goldman Sachs Innovate Equity ETF	0.7	52	-38	3.6	-4.6
FDCF	Fidelity Disruptive Communications ETF	0.7	50	-36	1.8	-6.3
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	0.7	25	-11	5.3	-2.9
SHPP	Pacer Industrials and Logistics ETF	0.7	60	-46	6.4	-1.7
SDIV	Global X Superdividend ETF	0.7	58	-44	13.6	+5.5
QAT	iShares MSCI Qatar ETF	0.6	59	-45	49.8	+41.7
MOTI	VanEck Morningstar International Moat ETF	0.6	58	-44	9.6	+1.4
GQRE	FlexShares Global Quality Real Estate Index Fund	0.6	45	-31	7.2	-1.0
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.6	12	2	8.4	+0.2
FLN	First Trust Latin America AlphaDEX Fund	0.6	80	-66	9.9	+1.7
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	0.6	60	-46	3.2	-5.0
GPT	Intelligent Alpha Atlas ETF	0.6	69	-55	6.1	-2.1
FNDC	Schwab Fundamental International Small Co. Index ETF	0.6	39	-25	6.6	-1.5
EIPI	FT Energy Income Partners Enhanced Income ETF	0.5	110	-96	5.4	-2.7
DFIS	Dimensional International Small Cap ETF	0.5	39	-25	6.0	-2.1
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.5	49	-35	5.9	-2.2
VEGI	iShares MSCI Agriculture Producers ETF	0.5	39	-25	7.6	-0.5
ILF	iShares Latin America 40 ETF	0.5	48	-34	9.5	+1.4
BBCA	JPMorgan BetaBuilders Canada ETF	0.5	19	-5	5.3	-2.9
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	0.5	90	-76	3.6	-4.5
ISHP	First Trust Nasdaq Retail ETF	0.5	60	-46	5.1	-3.1
GLIN	VanEck India Growth Leaders ETF	0.5	77	-63	5.3	-2.8
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	0.4	60	-46	6.4	-1.7
FPXE	First Trust IPOX Europe Equity Opportunities ETF	0.4	70	-56	4.0	-4.2
FLMX	Franklin FTSE Mexico ETF	0.4	19	-5	8.7	+0.6
OTGL	OTG Latin America ETF	0.4	269	-255	7.6	-0.5
EWW	iShares MSCI Mexico ETF	0.4	50	-36	8.3	+0.1
FTAG	First Trust Indxx Global Agriculture ETF	0.4	70	-56	7.0	-1.1
FVD	First Trust Value Line Dividend Index Fund	0.4	65	-51	5.5	-2.7
IDX	VanEck Indonesia Index ETF	0.4	57	-43	9.7	+1.6
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	0.4	58	-44	3.5	-4.7
CGV	Conductor Global Equity Value ETF	0.4	130	-116	7.7	-0.4
EWH	iShares MSCI Hong Kong ETF	0.3	50	-36	5.2	-3.0
FLCA	Franklin FTSE Canada ETF	0.3	9	5	5.4	-2.8
KNCT	Invesco Next Gen Connectivity ETF	0.3	40	-26	2.9	-5.2
EWM	iShares MSCI Malaysia ETF	0.3	50	-36	6.4	-1.7
EIDO	iShares MSCI Indonesia ETF	0.3	59	-45	10.6	+2.5
FEM	First Trust Emerging Markets AlphaDEX Fund	0.3	80	-66	8.8	+0.7
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	0.2	80	-66	7.5	-0.6
BRAZ	Global X Brazil Active ETF	0.2	75	-61	10.2	+2.1
WOOD	iShares Global Timber & Forestry ETF	0.2	42	-28	10.6	+2.5
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.2	70	-56	6.6	-1.6
ENZL	iShares MSCI New Zealand ETF	0.2	50	-36	3.6	-4.6
KBWR	Invesco KBW Regional Banking ETF	0.2	35	-21	8.4	+0.3
BCDF	Horizon Kinetics Blockchain Development ETF	0.2	85	-71	3.7	-4.4
INFL	Horizon Kinetics Inflation Beneficiaries ETF	0.2	85	-71	2.8	-5.3
AVEE	Avantis Emerging Markets Small Cap Equity ETF	0.2	42	-28	7.8	-0.3
UAE	iShares MSCI UAE ETF	0.2	59	-45	0.0	-8.1
AIQ	Global X Artificial Intelligence & Technology ETF	0.2	68	-54	2.7	-5.4
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.2	58	-44	8.5	+0.4
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.2	65	-51	6.7	-1.4
RWX	SPDR Dow Jones International Real Estate ETF	0.2	59	-45	6.9	-1.2
SCZ	iShares MSCI EAFE Small-Cap ETF	0.2	40	-26	6.0	-2.1
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.2	49	-35	4.5	-3.7
RWO	SPDR Dow Jones Global Real Estate ETF	0.1	50	-36	6.1	-2.1
ALRG	Allspring LT Large Core ETF	0.1	28	-14	3.4	-4.8
WSML	iShares MSCI World Small-Cap ETF	0.1	15	-1	5.2	-3.0
EDEN	iShares MSCI Denmark ETF	0.1	53	-39	6.3	-1.8
AVDS	Avantis International Small Cap Equity ETF	0.1	30	-16	5.9	-2.2
DISV	Dimensional International Small Cap Value ETF	0.1	42	-28	7.9	-0.3
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.1	8	6	6.3	-1.8
FLKR	Franklin FTSE South Korea ETF	0.1	9	5	4.3	-3.8
SCJ	iShares MSCI Japan Small-Cap ETF	0.0	50	-36	5.4	-2.7
ISCF	iShares International SmallCap Equity Factor ETF	0.0	23	-9	7.1	-1.0

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:	Schwab International Dividend 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	18.2	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	14	bp
Equals: ALTAR Score	8.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.72	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.