EWUS
iShares MSCI United Kingdom Small-Cap ETF
stock BATS ETF

We're briefly coming out of a very risk-off regime brought by the war. Small caps do terribly in risk-off environments. Ex-US equities are doing much worse than US equities due to the impacts of the energy supply shocks.
That's a double whammy. That's the majority of the reason for the valuation.
The other thing you should do is look at the sector composition of EWUS. That might tell you something about why it's trading where it is.
BTW, small caps have done this thing where they outperform large caps for a few months many times, but they always fall behind again. Small caps are better as trades rather than investments, because they are so much more sensitive to interest rates / economic conditions.

We're briefly coming out of a very risk-off regime brought by the war. Small caps do terribly in risk-off environments. Ex-US equities are doing much worse than US equities due to the impacts of the energy supply shocks.
That's a double whammy. That's the majority of the reason for the valuation.
The other thing you should do is look at the sector composition of EWUS. That might tell you something about why it's trading where it is.
BTW, small caps have done this thing where they outperform large caps for a few months many times, but they always fall behind again. Small caps are better as trades rather than investments, because they are so much more sensitive to interest rates / economic conditions.