ETF Research Center

Schwab International Dividend Equity ETF

ALTAR
Score™

8.3%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	14.2x	P/Sales ratio	1.4x
P/BV ratio	2.2x	Div. yield	4.2%

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)	$2,097
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	136
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	42.6 %
TOTAL SA	4.9 %
BHP BILLITON LTD	4.8 %
GSK PLC	4.3 %
ENEL SPA	4.2 %
ONO PHARMACEUTICAL CO LTD	4.2 %
VINCI SA	4.2 %
ENI SPA	4.2 %
ROCHE HOLDING LTD	4.0 %
BRITISH AMERICAN TOBACCO PLC	4.0 %
WESFARMERS LIMITED	3.9 %

TOP COUNTRY EXPOSURE
	FRANCE	14.1 %
	BRITAIN	13.5 %
	AUSTRALIA	10.0 %
	ITALY	9.7 %
	INDIA	6.2 %
	GERMANY	6.1 %
	NETHERLANDS	5.5 %
	SINGAPORE	4.7 %
	FINLAND	3.0 %
	CANADA	2.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
13.8%	44.7%	--	--	10.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.35	29%
MSCI EAFE	0.67	74%
MSCI Emg. Mkts.	0.47	45%

Technical Indicators
Recent close	$32.03
30d moving avg.	$31.92
Annualized volatility	13.3%
Short interest (ETF)	0.9%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	733
Turnover	1.1%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$3,746

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 453 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™:

8.3%

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 (%)
IDV	iShares International Select Dividend ETF	23.0	51	-37	9.1	+0.8
GCOW	Pacer Global Cash Cows Dividend ETF	20.4	60	-46	9.0	+0.7
HDEF	Xtrackers MSCI EAFE High Dividend Yield Equity ETF	20.1	9	5	7.6	-0.7
IVSI	Applied Finance IVS International LrgETF	18.7	65	-51	6.3	-2.1
VWID	Virtus WMC International Dividend ETF	18.6	49	-35	7.4	-0.9
DIVI	Franklin International Core Dividend Tilt Index ETF	18.5	9	5	6.8	-1.5
DTH	WisdomTree International High Dividend Fund	17.5	58	-44	7.4	-1.0
LVHI	Franklin International Low Volatility High Dividend Index ET	17.5	40	-26	7.4	-0.9
IDHQ	Invesco S&P International Developed High Quality ETF	17.1	29	-15	5.9	-2.5
EFV	iShares MSCI EAFE Value ETF	16.0	34	-20	7.7	-0.6
INEQ	Columbia International Equity Income ETF	15.3	45	-31	7.7	-0.6
IQLT	iShares MSCI Intl Quality Factor ETF	15.1	30	-16	5.6	-2.7
RFDI	First Trust Riverfront Dynamic Developed International ETF	15.0	83	-69	7.9	-0.4
IDOG	ALPS International Sector Dividend Dogs ETF	14.8	50	-36	9.3	+0.9
VYMI	Vanguard International High Dividend Yield ETF	14.6	17	-3	8.2	-0.1
IGRO	iShares International Dividend Growth ETF	14.4	15	-1	6.9	-1.5
EFAV	iShares MSCI EAFE Min Vol Factor ETF	14.3	22	-8	5.5	-2.8
FIDI	Fidelity International High Dividend ETF	13.8	18	-4	7.2	-1.2
QEFA	SPDR MSCI EAFE StrategicFactors ETF	13.7	30	-16	6.2	-2.2
IDLV	Invesco S&P International Developed Low Volatility ETF	13.7	25	-11	6.3	-2.0
FICS	First Trust International Developed Capital Strength ETF	13.6	70	-56	6.8	-1.5
IVLU	iShares MSCI Intl Value Factor ETF	13.3	30	-16	8.3	+0.0
EWA	iShares MSCI Australia ETF	13.3	50	-36	5.4	-3.0
BBAX	JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF	13.1	19	-5	5.4	-2.9
DOL	WisdomTree International LargeCap Dividend Fund	12.9	48	-34	6.0	-2.4
EPP	iShares MSCI Pacific ex-Japan ETF	12.9	47	-33	5.0	-3.3
FEZ	SPDR EURO STOXX 50 ETF	12.9	29	-15	6.0	-2.3
FDEV	Fidelity International Multifactor ETF	12.8	18	-4	7.1	-1.2
IMFL	Invesco International Developed Dynamic Multifactor ETF	12.6	34	-20	5.4	-3.0
FLAU	Franklin FTSE Australia ETF	12.6	9	5	5.9	-2.4
AIVI	WisdomTree International AI Enhanced Value Fund	12.5	58	-44	6.4	-1.9
DIHP	Dimensional International High Profitability ETF	12.4	29	-15	5.9	-2.5
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	12.2	58	-44	7.6	-0.8
IQDF	FlexShares International Quality Dividend Index Fund	12.0	47	-33	8.0	-0.4
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	11.9	80	-66	5.4	-2.9
TTAI	FCF International Quality ETF	11.8	59	-45	6.6	-1.7
STXI	Strive International Developed Markets ETF	11.6	29	-15	6.2	-2.2
FNDF	Schwab Fundamental International Large Co. Index ETF	11.2	25	-11	7.8	-0.5
EZU	iShares MSCI Eurozone ETF	11.2	52	-38	5.9	-2.4
IEV	iShares Europe ETF	11.1	67	-53	6.1	-2.3
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	11.0	29	-15	7.1	-1.2
IDMO	Invesco S&P International Developed Momentum ETF	10.9	25	-11	5.4	-2.9
EWQ	iShares MSCI France ETF	10.6	53	-39	6.6	-1.7
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	10.5	45	-31	7.1	-1.2
DWX	SPDR S&P International Dividend ETF	10.4	45	-31	6.8	-1.6
DWMF	WisdomTree International Multifactor Fund	10.4	38	-24	6.6	-1.7
DVYA	iShares Asia/Pacific Dividend ETF	10.1	49	-35	7.1	-1.3
EFAS	Global X MSCI SuperDividend EAFE ETF	10.0	57	-43	7.4	-1.0
INTF	iShares International Equity Factor ETF	10.0	15	-1	6.6	-1.7
EWU	iShares MSCI United Kingdom ETF	9.9	50	-36	7.1	-1.2
FIVA	Fidelity International Value Factor ETF	9.9	18	-4	7.7	-0.6
FENI	Fidelity Enhanced International ETF	9.9	28	-14	6.0	-2.3
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	9.8	45	-31	5.9	-2.4
IDNA	iShares Genomics Immunology and Healthcare ETF	9.8	47	-33	-0.3	-8.6
IEUR	iShares Core MSCI Europe ETF	9.7	11	3	6.6	-1.8
DEW	WisdomTree Global High Dividend Fund	9.7	58	-44	7.4	-1.0
SPEU	SPDR Portfolio Europe ETF	9.7	7	7	6.7	-1.7
VGK	Vanguard FTSE Europe ETF	9.7	6	8	6.8	-1.6
EFA	iShares MSCI EAFE ETF	9.7	35	-21	5.9	-2.4
PPIE	Putnam PanAgora ESG International Equity ETF	9.7	49	-35	6.7	-1.7
DWM	WisdomTree International Equity Fund	9.7	48	-34	5.8	-2.6
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	9.7	65	-51	7.9	-0.4
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	9.5	47	-33	7.8	-0.5
GNR	SPDR S&P Global Natural Resources ETF	9.5	40	-26	8.0	-0.3
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	9.5	40	-26	5.8	-2.6
CEFA	Global X S&P Catholic Values Developed ex-US ETF	9.4	35	-21	5.9	-2.4
IMTM	iShares MSCI Intl Momentum Factor ETF	9.4	30	-16	4.9	-3.4
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	9.3	25	-11	6.5	-1.8
PIEL	Pacer International Export Leaders ETF	9.2	60	-46	4.6	-3.8
JIRE	JPMorgan International Research Enhanced Equity ETF	9.2	24	-10	6.0	-2.3
JHMD	John Hancock Multifactor Developed International ETF	9.2	39	-25	6.3	-2.0
FLGB	Franklin FTSE United Kingdom ETF	9.1	9	5	6.8	-1.6
EWI	iShares MSCI Italy ETF	8.9	50	-36	10.9	+2.6
FRGN	Horizon International Equity ETF	8.8	75	-61	8.6	+0.3
JPIN	J.P. Morgan Diversified Return International Equity ETF	8.8	37	-23	7.2	-1.2
ESGD	iShares ESG Aware MSCI EAFE ETF	8.7	20	-6	6.0	-2.4
SCHF	Schwab International Equity ETF	8.7	6	8	6.3	-2.0
BBEU	JPMorgan BetaBuilders Europe ETF	8.6	9	5	6.4	-1.9
DFIV	Dimensional International Value ETF	8.5	27	-13	7.9	-0.4
NUDM	Nuveen ESG International Developed Markets Equity ETF	8.5	31	-17	5.8	-2.5
FGD	First Trust Dow Jones Global Select Dividend Index Fund	8.5	56	-42	10.0	+1.6
HFXI	IQ FTSE International Equity Currency Neutral ETF	8.4	20	-6	6.0	-2.4
EFAX	SPDR MSCI EAFE Fossil Fuel Reserves Free ETF	8.4	20	-6	5.8	-2.5
IEFA	iShares Core MSCI EAFE ETF	8.3	7	7	6.3	-2.1
CWI	SPDR MSCI ACWI ex-US ETF	8.3	30	-16	6.8	-1.5
UMMA	Wahed Dow Jones Islamic World ETF	8.3	65	-51	4.1	-4.2
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	8.3	46	-32	5.7	-2.6
FLEE	Franklin FTSE Europe ETF	8.1	9	5	6.5	-1.8
IDEV	iShares Core MSCI International Developed Markets ETF	8.0	4	10	6.2	-2.1
GSIE	Goldman Sachs ActiveBeta International Equity ETF	7.9	25	-11	6.3	-2.0
CIL	VictoryShares International Volatility Wtd ETF	7.9	45	-31	5.8	-2.6
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	7.8	36	-22	5.5	-2.8
GSID	Goldman Sachs MarketBeta International Equity ETF	7.8	20	-6	6.1	-2.3
PICK	iShares MSCI Global Metals & Mining Producers ETF	7.7	39	-25	8.5	+0.2
DFAI	Dimensional International Core Equity Market ETF	7.6	18	-4	6.2	-2.1
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	7.6	39	-25	6.3	-2.0
JHID	John Hancock International High Dividend ETF	7.5	46	-32	8.1	-0.3
VEA	Vanguard FTSE Developed Markets ETF	7.5	3	11	6.3	-2.1
SPDW	SPDR Portfolio Developed World ex-US ETF	7.5	3	11	6.2	-2.2
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	7.4	65	-51	4.3	-4.0
ACWX	iShares MSCI ACWI ex U.S. ETF	7.4	34	-20	6.7	-1.6
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	7.4	32	-18	5.3	-3.0
BKIE	BNY Mellon International Equity ETF	7.3	4	10	6.2	-2.1
FID	First Trust S&P International Dividend Aristocrats ETF	7.2	60	-46	8.0	-0.3
AVIV	Avantis International Large Cap Value ETF	7.1	25	-11	7.1	-1.3
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	7.0	44	-30	9.6	+1.2
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	7.0	46	-32	7.2	-1.1
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	7.0	24	-10	7.0	-1.3
DSTX	Distillate International Fundamental Stability & Value ETF	6.9	55	-41	6.7	-1.6
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	6.9	12	2	5.5	-2.8
VEU	Vanguard FTSE All-World ex-US Index Fund	6.8	4	10	7.1	-1.2
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	6.7	41	-27	6.4	-2.0
VIDI	Vident International Equity Strategy ETF	6.7	61	-47	8.7	+0.4
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	6.5	25	-11	5.9	-2.5
IXUS	iShares Core MSCI Total International Stock ETF	6.5	7	7	6.9	-1.4
KXI	iShares Global Consumer Staples ETF	6.4	41	-27	5.2	-3.1
IQSI	IQ Candriam International Equity ETF	6.4	15	-1	5.8	-2.5
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	6.3	20	-6	5.7	-2.6
IPAC	iShares Core MSCI Pacific ETF	6.3	9	5	5.7	-2.6
IXC	iShares Global Energy ETF	6.2	44	-30	6.9	-1.4
MXI	iShares Global Materials ETF	6.2	41	-27	6.0	-2.4
AGQI	First Trust Active Global Quality Income ETF	6.2	85	-71	6.7	-1.6
VXUS	Vanguard Total International Stock ETF	6.2	5	9	7.0	-1.3
PATN	Pacer Nasdaq International Patent Leaders ETF	6.2	65	-51	5.0	-3.4
ICPY	Tweedy, Browne International Insider Value ETF	6.2	80	-66	22.4	+14.1
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	6.2	18	-4	6.7	-1.6
DFIC	Dimensional International Core Equity 2 ETF	6.1	23	-9	6.4	-1.9
UIVM	VictoryShares International Value Momentum ETF	6.1	35	-21	8.4	+0.1
DEM	WisdomTree Emerging Markets High Dividend Fund	6.1	63	-49	11.1	+2.8
IQDG	WisdomTree International Quality Dividend Growth Fund	6.0	42	-28	5.9	-2.4
EELV	Invesco S&P Emerging Markets Low Volatility ETF	6.0	29	-15	8.7	+0.4
DXIV	Dimensional International Vector Equity ETF	6.0	34	-20	6.7	-1.6
TPIF	Timothy Plan International ETF	6.0	62	-48	5.6	-2.7
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	6.0	58	-44	5.5	-2.8
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	6.0	25	-11	6.8	-1.6
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	6.0	14	0	5.6	-2.8
WDIV	SPDR S&P Global Dividend ETF	5.9	40	-26	9.4	+1.1
DTAN	Sparkline International Intangible Value ETF	5.9	55	-41	7.4	-0.9
DMXF	iShares ESG Advanced MSCI EAFE ETF	5.9	12	2	5.2	-3.1
NXTG	First Trust Indxx NextG ETF	5.9	70	-56	4.7	-3.6
OAIM	OneAscent International Equity ETF	5.8	95	-81	4.9	-3.5
VSGX	Vanguard ESG International Stock ETF	5.8	10	4	7.1	-1.2
IXG	iShares Global Financials ETF	5.7	42	-28	6.6	-1.8
BKCI	BNY Mellon Concentrated International ETF	5.7	80	-66	5.1	-3.3
CGDG	Capital Group Dividend Growers ETF	5.7	47	-33	5.3	-3.1
EVLU	iShares MSCI Emerging Markets Value Factor ETF	5.6	35	-21	12.0	+3.7
DGT	State Street SPDR Global Dow ETF	5.6	50	-36	6.0	-2.3
IVAL	Alpha Architect International Quantitative Value ETF	5.5	49	-35	7.8	-0.5
EUDG	WisdomTree Europe Quality Dividend Growth Fund	5.4	58	-44	6.5	-1.8
QINT	American Century Quality Diversified International ETF	5.4	39	-25	6.8	-1.5
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	5.4	39	-25	7.2	-1.1
AVSD	Avantis Responsible International Equity ETF	5.4	23	-9	6.2	-2.1
FKU	First Trust United Kingdom AlphaDEX Fund	5.3	80	-66	7.4	-0.9
TOKE	Cambria Cannabis ETF	5.3	42	-28	1.0	-7.3
IXJ	iShares Global Healthcare ETF	5.2	42	-28	6.3	-2.0
RCGE	RockCreek Global Equality ETF	5.2	95	-81	6.3	-2.0
VPL	Vanguard FTSE Pacific ETF	5.2	7	7	5.8	-2.6
RNWZ	TrueShares Eagle Global Renewable Energy Income ETF	5.1	75	-61	5.8	-2.5
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	5.1	30	-16	8.4	+0.1
DFSI	Dimensional International Sustainability Core 1 ETF	5.1	24	-10	5.8	-2.5
MOTG	VanEck Morningstar Global Wide Moat ETF	5.1	52	-38	7.8	-0.5
WWJD	Inspire International ETF	5.1	80	-66	6.5	-1.9
MOTI	VanEck Morningstar International Moat ETF	5.0	58	-44	9.8	+1.5
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	5.0	39	-25	14.2	+5.9
NUEM	Nuveen ESG Emerging Markets Equity ETF	4.9	36	-22	6.6	-1.7
OEFA	ALPS O�Shares International Developed Quality Dividend ETF	4.9	48	-34	4.6	-3.7
COPY	Tweedy, Browne Insider + Value ETF	4.9	80	-66	15.6	+7.3
FEOE	First Eagle Overseas Equity ETF	4.9	79	-65	6.3	-2.0
FEUZ	First Trust Eurozone AlphaDEX ETF	4.9	80	-66	6.7	-1.6
EMXF	iShares ESG Advanced MSCI EM ETF	4.8	16	-2	7.6	-0.7
BATT	Amplify Lithium & Battery Technology ETF	4.8	59	-45	2.0	-6.4
EV	Mast Global Battery Recycling & Production ETF	4.8	65	-51	6.2	-2.1
ICOP	iShares Copper and Metals Mining ETF	4.8	47	-33	5.8	-2.5
AVDE	Avantis International Equity ETF	4.8	23	-9	6.4	-2.0
EDIV	SPDR S&P Emerging Markets Dividend ETF	4.7	49	-35	9.2	+0.9
ROAM	Hartford Multifactor Emerging Markets ETF	4.7	44	-30	8.4	+0.1
JXI	iShares Global Utilities ETF	4.7	43	-29	4.9	-3.4
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	4.6	46	-32	5.0	-3.3
CGIE	Capital Group International Equity ETF	4.6	54	-40	4.8	-3.6
VIGI	Vanguard International Dividend Appreciation ETF	4.5	10	4	6.2	-2.1
COPX	Global X Copper Miners ETF	4.5	65	-51	4.5	-3.8
EUFN	iShares MSCI Europe Financials ETF	4.5	51	-37	7.4	-0.9
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	4.5	30	-16	6.7	-1.6
PXH	Invesco FTSE RAFI Emerging Markets ETF	4.4	49	-35	14.0	+5.7
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	4.4	40	-26	6.9	-1.4
FYLD	Cambria Foreign Shareholder Yield ETF	4.3	59	-45	10.3	+1.9
SMOG	VanEck Low Carbon Energy ETF	4.2	61	-47	1.3	-7.0
WLDR	Affinity World Leaders Equity ETF	4.1	67	-53	6.6	-1.7
EWL	iShares MSCI Switzerland ETF	4.0	50	-36	5.6	-2.7
THNR	Amplify Weight Loss Drug & Treatment ETF	4.0	59	-45	5.7	-2.7
GVAL	Cambria Global Value ETF	4.0	68	-54	9.2	+0.9
OZEM	Roundhill GLP-1 & Weight Loss ETF	4.0	59	-45	5.2	-3.2
EMGF	iShares Emerging Markets Equity Factor ETF	4.0	25	-11	10.0	+1.7
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	4.0	24	-10	6.2	-2.2
ECON	Columbia Emerging Markets Consumer ETF	3.9	49	-35	7.7	-0.6
EUDV	ProShares MSCI Europe Dividend Growers ETF	3.9	55	-41	5.7	-2.6
JHEM	John Hancock Multifactor Emerging Markets ETF	3.9	49	-35	8.3	+0.0
EMMF	WisdomTree Emerging Markets Multifactor Fund	3.9	48	-34	9.4	+1.1
ESGE	iShares ESG Aware MSCI EM ETF	3.8	25	-11	9.2	+0.9
GLOF	iShares Global Equity Factor ETF	3.8	20	-6	6.0	-2.3
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	3.8	50	-36	9.1	+0.7
RNEM	First Trust Emerging Markets Equity Select ETF	3.8	75	-61	8.0	-0.4
QWLD	SPDR MSCI World StrategicFactors ETF	3.8	30	-16	5.3	-3.0
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	3.7	15	-1	8.9	+0.5
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	3.7	88	-74	8.8	+0.5
FLAX	Franklin FTSE Asia Ex Japan ETF	3.7	19	-5	8.1	-0.3
BKEM	BNY Mellon Emerging Markets Equity ETF	3.7	11	3	8.8	+0.5
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	3.7	45	-31	9.0	+0.7
AAXJ	iShares MSCI All Country Asia ex Japan ETF	3.7	70	-56	7.9	-0.4
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	3.7	67	-53	12.4	+4.1
EWN	iShares MSCI Netherlands ETF	3.7	50	-36	5.1	-3.2
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	3.6	15	-1	9.8	+1.5
COPA	Themes Copper Miners ETF	3.6	35	-21	3.4	-4.9
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	3.6	30	-16	9.0	+0.7
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	3.6	36	-22	8.5	+0.2
NEWZ	StockSnips AI-Powered Sentiment US All Cap ETF	3.5	65	-51	5.2	-3.1
SCHE	Schwab Emerging Markets Equity ETF	3.5	11	3	10.0	+1.7
VEXC	Vanguard Emerging Markets Ex-China ETF	3.5	7	7	6.3	-2.0
BKF	iShares MSCI BIC ETF	3.5	69	-55	14.1	+5.7
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	3.5	66	-52	8.0	-0.3
CGDV	Capital Group Dividend Value ETF	3.5	33	-19	4.2	-4.1
NDIV	Amplify Natural Resources Dividend Income ETF	3.5	59	-45	10.7	+2.4
ASEA	Global X FTSE Southeast Asia ETF	3.5	65	-51	5.5	-2.8
FEP	First Trust Europe AlphaDEX Fund	3.4	80	-66	7.0	-1.3
XCEM	Columbia EM Core ex-China ETF	3.4	16	-2	5.7	-2.6
EEM	iShares MSCI Emerging Markets ETF	3.4	69	-55	8.8	+0.4
LDEM	iShares ESG MSCI EM Leaders ETF	3.4	17	-3	12.8	+4.5
DIVY	Sound Equity Dividend Income ETF	3.4	45	-31	8.3	-0.1
XCNY	SPDR S&P Emerging Markets ex-China ETF	3.4	15	-1	6.2	-2.1
LEGR	First Trust Indxx Innovative Transaction & Process ETF	3.4	65	-51	8.0	-0.4
HEDJ	WisdomTree Europe Hedged Equity Fund	3.3	58	-44	6.2	-2.1
AQLT	iShares MSCI Global Quality Factor ETF	3.3	18	-4	0.0	-8.3
EMXC	iShares MSCI Emerging Markets ex China ETF	3.3	25	-11	5.9	-2.4
FDEM	Fidelity Emerging Markets Multifactor ETF	3.3	25	-11	11.3	+3.0
FSZ	First Trust Switzerland AlphaDEX Fund	3.3	80	-66	5.2	-3.1
GEW	Cambria Global EW ETF	3.3	29	-15	5.7	-2.7
NFTY	First Trust India NIFTY 50 Equal Weight ETF	3.2	80	-66	4.9	-3.4
AIA	iShares Asia 50 ETF	3.2	50	-36	9.5	+1.2
XT	iShares Exponential Technologies ETF	3.1	46	-32	4.4	-3.9
INDY	iShares India 50 ETF	3.1	89	-75	5.2	-3.1
STXE	Strive Emerging Markets Ex-China ETF	3.1	32	-18	6.2	-2.1
CCNR	ALPS CoreCommodity Natural Resources ETF	3.1	39	-25	8.0	-0.4
KLMT	Invesco MSCI Global Climate 500 ETF	3.1	10	4	5.4	-3.0
VWO	Vanguard FTSE Emerging Markets ETF	3.1	7	7	9.7	+1.4
IPAV	Global X Infrastructure Development ex-U.S. ETF	3.1	55	-41	6.0	-2.3
EFAD	ProShares MSCI EAFE Dividend Growers ETF	3.0	50	-36	5.8	-2.5
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	3.0	33	-19	7.5	-0.8
EPI	WisdomTree India Earnings Fund	3.0	85	-71	5.2	-3.2
IEMG	iShares Core MSCI Emerging Markets ETF	3.0	9	5	9.0	+0.7
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	3.0	78	-64	10.3	+2.0
FEGE	First Eagle Global Equity ETF	3.0	79	-65	6.2	-2.1
IXP	iShares Global Comm Services ETF	3.0	42	-28	5.8	-2.6
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	3.0	47	-33	5.0	-3.3
SLX	VanEck Steel ETF	2.9	56	-42	11.6	+3.3
AVSE	Avantis Responsible Emerging Markets Equity ETF	2.9	33	-19	7.5	-0.8
EFNL	iShares MSCI Finland ETF	2.9	56	-42	6.0	-2.4
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	2.9	59	-45	9.3	+1.0
JADE	JPMorgan Active Developing Markets Equity ETF	2.9	65	-51	6.7	-1.6
DFAE	Dimensional Emerging Core Equity Market ETF	2.8	35	-21	7.7	-0.6
ACWV	iShares MSCI Global Min Vol Factor ETF	2.8	20	-6	5.7	-2.6
DAX	Global X DAX Germany ETF	2.8	21	-7	6.4	-1.9
FLGR	Franklin FTSE Germany ETF	2.8	9	5	6.8	-1.6
DEHP	Dimensional Emerging Markets High Profitability ETF	2.8	41	-27	5.5	-2.8
TOK	iShares MSCI Kokusai ETF	2.8	26	-12	4.6	-3.7
RGEF	Rockefeller Global Equity ETF	2.8	55	-41	4.2	-4.1
ACWI	iShares MSCI ACWI ETF	2.8	32	-18	5.1	-3.3
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	2.8	32	-18	5.5	-2.9
BLES	Inspire Global Hope ETF	2.8	61	-47	6.1	-2.3
IOO	iShares Global 100 ETF	2.7	41	-27	4.2	-4.1
OSEA	Harbor International Compounders ETF	2.7	55	-41	4.3	-4.1
CRBN	iShares MSCI ACWI Low Carbon Target ETF	2.7	20	-6	5.1	-3.2
XC	WisdomTree Emerging Markets Ex-China Fund	2.7	32	-18	6.4	-2.0
INDA	iShares MSCI India ETF	2.7	65	-51	4.6	-3.7
URTH	iShares MSCI World ETF	2.7	24	-10	4.7	-3.7
FDD	First Trust Stoxx European Select Dividend Index Fund	2.7	58	-44	10.2	+1.9
SPEM	SPDR Portfolio Emerging Markets ETF	2.7	7	7	10.0	+1.7
DIM	WisdomTree International MidCap Dividend Fund	2.6	58	-44	6.4	-2.0
EFG	iShares MSCI EAFE Growth ETF	2.6	36	-22	4.0	-4.4
EWG	iShares MSCI Germany ETF	2.6	50	-36	6.2	-2.2
PIN	Invesco India ETF	2.6	78	-64	5.0	-3.3
AVEM	Avantis Emerging Markets Equity ETF	2.6	33	-19	7.8	-0.5
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	2.6	70	-56	9.4	+1.1
EWC	iShares MSCI Canada ETF	2.5	50	-36	5.3	-3.0
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	2.5	9	5	5.2	-3.1
DIVD	Altrius Global Dividend ETF Altrius Global Divid ETF	2.5	49	-35	8.0	-0.3
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	2.5	38	-24	7.7	-0.6
ESGG	FlexShares STOXX Global ESG Select Index Fund	2.5	42	-28	4.5	-3.8
EEMO	Invesco S&P Emerging Markets Momentum ETF	2.5	29	-15	8.2	-0.1
JIG	JPMorgan International Growth ETF	2.5	55	-41	3.9	-4.4
KOCG	FIS Knights of Columbus Global Belief ETF	2.4	75	-61	4.4	-4.0
EEMA	iShares MSCI Emerging Markets Asia ETF	2.4	49	-35	8.7	+0.3
VT	Vanguard Total World Stock ETF	2.4	6	8	5.4	-2.9
IGF	iShares Global Infrastructure ETF	2.4	41	-27	4.1	-4.2
GII	SPDR S&P Global Infrastructure ETF	2.4	40	-26	4.1	-4.2
BINV	Brandes International ETF	2.3	70	-56	8.7	+0.4
DFEV	Dimensional Emerging Markets Value ETF	2.2	43	-29	10.6	+2.3
URA	Global X Uranium ETF	2.2	69	-55	0.8	-7.6
DEXC	Dimensional Emerging Markets ex China Core EquityETF	2.2	53	-39	5.9	-2.4
FGM	First Trust Germany AlphaDEX Fund	2.2	80	-66	5.1	-3.2
KOKU	Xtrackers MSCI Kokusai Equity ETF	2.2	9	5	4.7	-3.6
FLIN	Franklin FTSE India ETF	2.2	19	-5	4.2	-4.2
GMF	SPDR S&P Emerging Asia Pacific ETF	2.2	49	-35	9.5	+1.2
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	2.2	41	-27	7.5	-0.8
AVXC	Avantis Emerging Markets Ex-China Equity ETF	2.1	33	-19	7.0	-1.3
FLLA	Franklin FTSE Latin America ETF	2.1	19	-5	10.0	+1.6
IPKW	Invesco International BuyBack Achievers ETF	2.1	55	-41	8.2	-0.1
ITOL	Tema International Durable Quality ETF	2.1	60	-46	5.2	-3.1
EIPI	FT Energy Income Partners Enhanced Income ETF	2.1	110	-96	5.2	-3.1
FLSA	Franklin FTSE Saudi Arabia ETF	2.0	39	-25	0.0	-8.3
KSA	iShares MSCI Saudi Arabia ETF	2.0	74	-60	0.0	-8.3
PRNT	3D Printing ETF	2.0	66	-52	1.5	-6.8
FPXE	First Trust IPOX Europe Equity Opportunities ETF	2.0	70	-56	4.1	-4.2
DVYE	iShares Emerging Markets Dividend ETF	2.0	49	-35	17.3	+9.0
FAN	First Trust Global Wind Energy ETF	2.0	60	-46	2.8	-5.6
EWZ	iShares MSCI Brazil ETF	1.9	58	-44	9.6	+1.3
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	1.9	80	-66	3.7	-4.6
AVES	Avantis Emerging Markets Value ETF	1.9	36	-22	9.5	+1.2
EWS	iShares MSCI Singapore ETF	1.9	50	-36	4.2	-4.1
GLBL	Pacer MSCI World Industry Advantage ETF	1.9	65	-51	3.9	-4.5
UEVM	VictoryShares Emerging Markets Value Momentum ETF	1.8	45	-31	9.8	+1.5
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	1.8	95	-81	11.0	+2.7
WRND	IQ Global Equity R&D Leaders ETF	1.7	18	-4	4.4	-3.9
FLBR	Franklin FTSE Brazil ETF	1.7	19	-5	10.8	+2.4
EYLD	Cambria Emerging Shareholder Yield ETF	1.7	66	-52	9.9	+1.6
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	1.7	75	-61	7.1	-1.2
CGUS	Capital Group Core Equity ETF	1.7	33	-19	3.9	-4.4
EWJV	iShares MSCI Japan Value ETF	1.7	15	-1	7.1	-1.2
DXJ	WisdomTree Japan Hedged Equity Fund	1.7	48	-34	5.5	-2.8
JSTC	Adasina Social Justice All Cap Global ETF	1.6	89	-75	4.8	-3.5
POW	VistaShares Electrification Supercycle ETF	1.6	75	-61	2.5	-5.9
IQRA	IQ CBRE Real Assets ETF	1.6	65	-51	5.9	-2.5
CRTC	Xtrackers US National Critical Technologies ETF	1.6	35	-21	4.4	-3.9
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	1.6	80	-66	8.0	-0.3
EMC	Global X Emerging Markets Great Consumer ETF	1.6	75	-61	8.1	-0.3
QTUM	Defiance Quantum ETF	1.6	40	-26	4.9	-3.4
JGLO	JPMorgan Global Select Equity ETF	1.6	33	-19	4.5	-3.8
ION	ProShares S&P Global Core Battery Metals ETF	1.5	58	-44	5.5	-2.9
ENOR	iShares MSCI Norway ETF	1.5	53	-39	7.3	-1.1
NORW	Global X MSCI Norway ETF	1.5	50	-36	7.3	-1.1
CGV	Conductor Global Equity Value ETF	1.5	130	-116	7.7	-0.6
DGIN	VanEck Digital India ETF	1.5	71	-57	1.6	-6.7
FLN	First Trust Latin America AlphaDEX Fund	1.5	80	-66	9.6	+1.3
DFNL	Davis Select Financial ETF	1.5	63	-49	7.7	-0.6
FDFF	Fidelity Disruptive Finance ETF	1.5	50	-36	5.6	-2.7
RXI	iShares Global Consumer Discretionary ETF	1.5	41	-27	8.3	+0.0
BBCA	JPMorgan BetaBuilders Canada ETF	1.5	19	-5	5.6	-2.7
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	1.4	12	2	4.8	-3.5
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	1.4	80	-66	7.1	-1.2
EWP	iShares MSCI Spain ETF	1.4	50	-36	6.1	-2.2
CZAR	Themes Natural Monopoly ETF	1.4	35	-21	5.5	-2.9
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	1.4	20	-6	9.3	+1.0
FLCH	Franklin FTSE China ETF	1.4	19	-5	17.2	+8.9
FXI	iShares China Large-Cap ETF	1.4	74	-60	20.3	+12.0
GXC	SPDR S & P China ETF	1.4	59	-45	18.1	+9.7
MCHI	iShares MSCI China ETF	1.4	59	-45	19.4	+11.1
MCH	Matthews China Active ETF	1.4	79	-65	15.6	+7.2
JCHI	JPMorgan Active China ETF	1.4	65	-51	15.6	+7.2
GSIB	Themes Global Systemically Important Banks ETF	1.4	35	-21	9.3	+0.9
FOWF	Pacer Solactive Whitney Fututre of Warfare ETF	1.3	60	-46	3.4	-4.9
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	1.3	32	-18	8.3	+0.0
FCA	First Trust China AlphaDEX Fund	1.3	80	-66	7.1	-1.2
TIIV	AAM Todd International Intrinsic Value ETF	1.3	54	-40	9.9	+1.6
JPXN	iShares JPX-Nikkei 400 ETF	1.3	48	-34	5.7	-2.7
QUVU	Hartford Quality Value ETF	1.2	46	-32	5.9	-2.4
FLCA	Franklin FTSE Canada ETF	1.2	9	5	5.7	-2.7
FTHF	First Trust Emerging Markets Human Flourishing ETF	1.2	75	-61	6.9	-1.4
EXI	iShares Global Industrials ETF	1.2	42	-28	3.7	-4.6
BITQ	Bitwise Crypto Industry Innovators ETF	1.1	85	-71	-2.5	-10.8
BLOK	Amplify Transformational Data Sharing ETF	1.1	75	-61	-0.0	-8.4
DINT	Davis Select International ETF	1.1	55	-41	6.4	-2.0
EIPX	FT Energy Income Partners Strategy ETF	1.1	95	-81	5.7	-2.6
EWJ	iShares MSCI Japan ETF	1.1	50	-36	5.2	-3.1
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	1.0	47	-33	5.0	-3.4
MEM	Matthews Emerging Markets Equity Active ETF	1.0	79	-65	9.6	+1.2
TOLL	Tema Durable Quality ETF	1.0	75	-61	4.3	-4.0
BBJP	JPMorgan BetaBuilders Japan ETF	1.0	19	-5	5.6	-2.7
KNCT	Invesco Next Gen Connectivity ETF	0.9	40	-26	4.0	-4.3
FLJP	Franklin FTSE Japan ETF	0.9	9	5	5.7	-2.7
FLJH	Franklin FTSE Japan Hedged ETF	0.9	9	5	5.4	-2.9
FLKR	Franklin FTSE South Korea ETF	0.9	9	5	5.8	-2.5
EWY	iShares MSCI South Korea ETF	0.9	58	-44	4.6	-3.7
NUKZ	Range Nuclear Renaissance Index ETF	0.9	85	-71	1.3	-7.0
URAN	Themes Uranium & Nuclear ETF	0.9	35	-21	0.9	-7.4
EZA	iShares MSCI South Africa ETF	0.9	58	-44	8.6	+0.2
GINN	Goldman Sachs Innovate Equity ETF	0.9	52	-38	4.1	-4.2
FFLC	Fidelity Fundamental Large Cap Core ETF	0.9	38	-24	4.2	-4.1
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	0.9	90	-76	4.4	-3.9
FEM	First Trust Emerging Markets AlphaDEX Fund	0.8	80	-66	9.2	+0.8
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.8	10	4	8.4	+0.1
THD	iShares MSCI Thailand ETF	0.8	58	-44	0.0	-8.3
QAT	iShares MSCI Qatar ETF	0.8	59	-45	42.2	+33.9
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	0.8	25	-11	5.7	-2.6
GQRE	FlexShares Global Quality Real Estate Index Fund	0.7	45	-31	7.6	-0.7
HAP	VanEck Natural Resources ETF	0.7	50	-36	6.5	-1.8
AFK	VanEck Africa Index ETF	0.7	98	-84	11.1	+2.7
ISHP	First Trust Nasdaq Retail ETF	0.7	60	-46	5.5	-2.8
SUPL	ProShares Supply Chain Logistics ETF	0.7	58	-44	8.0	-0.3
GINX	SGI Enhanced Global Income ETF	0.7	98	-84	7.0	-1.4
DFIS	Dimensional International Small Cap ETF	0.7	39	-25	6.3	-2.0
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.6	12	2	8.5	+0.2
IDX	VanEck Indonesia Index ETF	0.6	57	-43	7.9	-0.4
FRDM	Freedom 100 Emerging Markets ETF	0.6	49	-35	6.4	-2.0
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.6	58	-44	8.8	+0.5
FNDC	Schwab Fundamental International Small Co. Index ETF	0.6	39	-25	7.0	-1.4
FTAG	First Trust Indxx Global Agriculture ETF	0.6	70	-56	6.9	-1.4
SHPP	Pacer Industrials and Logistics ETF	0.6	60	-46	7.3	-1.0
EIDO	iShares MSCI Indonesia ETF	0.5	59	-45	8.5	+0.2
KNO	AXS Knowledge Leaders ETF	0.5	78	-64	4.7	-3.7
KLMN	Invesco MSCI North America Climate ETF	0.5	9	5	4.7	-3.6
FDCF	Fidelity Disruptive Communications ETF	0.5	50	-36	2.1	-6.2
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.5	70	-56	6.8	-1.5
FVD	First Trust Value Line Dividend Index Fund	0.5	65	-51	5.7	-2.6
SCJ	iShares MSCI Japan Small-Cap ETF	0.4	50	-36	5.8	-2.5
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	0.4	58	-44	3.8	-4.5
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	0.4	60	-46	6.5	-1.8
INCO	Columbia India Consumer ETF	0.4	75	-61	2.2	-6.1
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.4	49	-35	6.2	-2.1
EDOG	ALPS Emerging Sector Dividend Dogs ETF	0.4	60	-46	10.0	+1.7
ILF	iShares Latin America 40 ETF	0.4	48	-34	9.1	+0.7
EWW	iShares MSCI Mexico ETF	0.4	50	-36	8.1	-0.2
FLMX	Franklin FTSE Mexico ETF	0.4	19	-5	8.5	+0.2
OTGL	OTG Latin America ETF	0.4	269	-255	7.3	-1.0
UAE	iShares MSCI UAE ETF	0.3	59	-45	0.0	-8.3
SCZ	iShares MSCI EAFE Small-Cap ETF	0.3	40	-26	6.4	-2.0
EWM	iShares MSCI Malaysia ETF	0.3	50	-36	6.3	-2.0
CGXU	Capital Group International Focus Equity ETF	0.3	54	-40	4.3	-4.1
EMM	Global X Emerging Markets ex-China ETF	0.3	75	-61	5.6	-2.8
CUT	Invesco MSCI Global Timber ETF	0.3	61	-47	8.2	-0.1
WOOD	iShares Global Timber & Forestry ETF	0.3	42	-28	11.0	+2.7
SDIV	Global X Superdividend ETF	0.3	58	-44	13.3	+5.0
BJK	VanEck Gaming ETF	0.3	65	-51	4.3	-4.0
EWH	iShares MSCI Hong Kong ETF	0.3	50	-36	5.0	-3.3
ENZL	iShares MSCI New Zealand ETF	0.2	50	-36	4.1	-4.3
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.2	65	-51	7.0	-1.4
RWX	SPDR Dow Jones International Real Estate ETF	0.2	59	-45	7.2	-1.1
WSML	iShares MSCI World Small-Cap ETF	0.2	15	-1	5.7	-2.6
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.2	8	6	6.5	-1.8
FLTW	Franklin FTSE Taiwan ETF	0.2	19	-5	4.8	-3.6
ICLN	iShares Global Clean Energy ETF	0.2	41	-27	2.0	-6.3
OCEN	IQ Clean Oceans ETF	0.2	45	-31	4.5	-3.8
RNRG	Global X Renewable Energy Producers ETF	0.2	66	-52	4.4	-4.0
DISV	Dimensional International Small Cap Value ETF	0.2	42	-28	8.4	+0.1
INFL	Horizon Kinetics Inflation Beneficiaries ETF	0.1	85	-71	2.7	-5.7
BCDF	Horizon Kinetics Blockchain Development ETF	0.1	85	-71	3.7	-4.6
AVEE	Avantis Emerging Markets Small Cap Equity ETF	0.1	42	-28	8.1	-0.3
RWO	SPDR Dow Jones Global Real Estate ETF	0.1	50	-36	6.6	-1.7
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.1	49	-35	4.7	-3.6
EDEN	iShares MSCI Denmark ETF	0.1	53	-39	6.6	-1.8
RVRB	Reverb ETF	0.1	30	-16	4.3	-4.0
SCHC	Schwab International Small-Cap Equity ETF	0.1	11	3	6.8	-1.6
FPXI	First Trust International Equity Opportunities ETF	0.1	70	-56	4.3	-4.0
AVDS	Avantis International Small Cap Equity ETF	0.0	30	-16	6.2	-2.1
ISCF	iShares International SmallCap Equity Factor ETF	0.0	23	-9	7.4	-0.9

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	2.1	x
Less: Expense ratio	14	bp
Equals: ALTAR Score	8.3	%

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.