Change Finance U.S. Large Cap Fossil Fuel Free ETF
ALTAR
Score™		 5.2% info Recommen-
dation		 UNDERWEIGHT
2020E    2021E
P/E
ratio		 25.2x P/Sales
ratio		 1.9x
P/BV
ratio		 4.0x Div.
yield		 1.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
CHGX tracks an index of 100 US large-cap stocks that meet diverse environmental, social, and governance standards.

FUND BASICS
Category US Equities
Fund Sponsor Change Finance
Website changefinanceetf.com
Inception date Oct 09, 2017
Assets (mns) $19
Currency USD
Expense ratio 49 bp
Distributions Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 101
Wgt avg mkt cap (mns) $125,818
Large cap (>$10bn) 98.0%
Mid cap ($2-10bn) 2.0%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
TESLA MOTORS INC 1.6 %
DOCUSIGN, INC. 1.5 %
TWILIO, INC. CLASS A 1.2 %
NETFLIX INC 1.2 %
RESMED INC 1.2 %
APPLE INC 1.2 %
ADOBE SYSTEMS INC 1.1 %
PAYPAL HOLDINGS INC 1.1 %
NVIDIA CORP 1.1 %
AUTODESK INC 1.1 %
Total 12.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 93.7 %
IRELAND 4.0 %
SWITZERLAND 1.9 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-1.0% 8.1% -- -- 10.1%

Market Correlations
versus... Beta R-squared
S&P500 1.06 97%
MSCI EAFE 1.07 85%
MSCI Emg. Mkts. 0.78 69%

Technical Indicators
Recent close $23.47
30d moving avg. $22.97
Annualized volatility 19.3%
Short interest (ETF) 1.6%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 5
Turnover 0.6%
Bid/Ask (% of price) 0.49%
ADV underlying (mns) $122,330

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Change Finance U.S. Large Cap Fossil Fuel Free ETF ETF based on the alternatives' overlap in portfolio holdings with CHGX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: CHGX Expense: 49 bp ALTAR Score™: 5.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH CHGX
Ticker Fund
Name		 Overlap1
vs CHGX
(%)		 Expense
ratio
(bp)		 Savings
vs CHGX
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs CHGX
(%)
CLRG IQ Chaikin U.S. Large Cap ETF 40.9 25 24 6.1 +1.0
IWL iShares Russell Top 200 ETF 34.2 15 34 5.0 -0.2
BKLC BNY Mellon US Large Cap Core Equity ETF 34.2 0 49 5.2 +0.1
VEGN US Vegan Climate ETF 33.9 60 -11 5.2 0.0
SUSA iShares MSCI USA ESG Select ETF 33.8 25 24 4.8 -0.4
DSI iShares MSCI KLD 400 Social ETF 33.7 25 24 5.1 -0.0
SFY SoFi Select 500 ETF 33.4 0 49 5.2 +0.1
ESGU iShares MSCI USA ESG Optimized ETF 33.3 15 34 5.1 -0.1
MGC Vanguard Mega Cap Index Fund 33.2 7 42 5.2 +0.1
JMOM JPMorgan U.S. Momentum Factor ETF 33.2 12 37 3.8 -1.4
IQSU IQ Candriam ESG US Equity ETF 33.0 9 40 5.0 -0.1
FTC First Trust Large Cap Growth AlphaDEX Fund 33.0 61 -12 2.8 -2.3
XOUT GraniteShares XOUT U.S. Large Cap ETF 32.9 60 -11 4.3 -0.8
NULC Nuveen ESG Large-Cap ETF 32.7 20 29 5.0 -0.2
DEF Invesco Defensive Equity ETF 32.4 55 -6 5.1 -0.1
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund 32.0 59 -10 4.1 -1.1
NULG Nuveen ESG Large-Cap Growth ETF 32.0 35 14 3.5 -1.7
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares 32.0 35 14 4.3 -0.8
SPXE ProShares S&P 500 Ex-Energy ETF 31.8 27 22 5.3 +0.2
PBP Invesco S&P 500 BuyWrite ETF 31.7 49 0 5.0 -0.1
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 31.6 20 29 5.4 +0.2
ESGV Vanguard ESG U.S. Stock ETF 31.6 12 37 5.2 0.0
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 31.5 7 42 5.2 +0.0
BBUS JP Morgan Betabuilders U.S. Equity ETF 31.3 2 47 5.3 +0.1
SPY SPDR S&P 500 ETF Trust 31.2 9 40 5.4 +0.2
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 31.1 20 29 4.9 -0.2
IVV iShares Core S&P 500 ETF 31.1 4 45 5.4 +0.3
SPLG SPDR Portfolio Large Cap ETF 31.1 3 46 5.4 +0.3
HSPX Global X S&P 500 Covered Call ETF 31.1 65 -16 4.9 -0.3
PBUS Invesco PureBeta MSCI USA ETF 30.9 4 45 5.3 +0.1
VV Vanguard Large-Cap Index Fund 30.9 4 45 5.3 +0.1
ECOZ TrueMark ESG Active Opportunities ETF 30.9 58 -9 4.3 -0.9
VOO VANGUARD S&P 500 ETF 30.9 3 46 5.4 +0.3
SUSL iShares ESG MSCI USA Leaders ETF 30.8 10 39 5.3 +0.2
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 30.8 10 39 5.3 +0.1
SPXN ProShares S&P 500 Ex-Financials ETF 30.8 27 22 5.0 -0.2
RYT Invesco S&P 500 Equal Weight Technology ETF 30.6 40 9 6.7 +1.5
CATH Global X S&P 500 Catholic Values Custom ETF 30.6 29 20 5.2 +0.1
SCHX Schwab U.S. Large-Cap ETF 30.5 3 46 5.3 +0.1
ESG FlexShares STOXX US ESG Impact Index Fund 30.4 32 17 5.1 -0.1
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 30.4 9 40 5.5 +0.4
KRMA Global X Conscious Companies ETF 30.4 43 6 5.2 +0.0
VONG Vanguard Russell 1000 Growth Index Fund 30.4 8 41 4.2 -1.0
EQWL Invesco Russell Top 200 Equal Weight ETF 30.2 25 24 6.2 +1.1
DYNF BlackRock U.S. Equity Factor Rotation ETF 30.1 30 19 6.6 +1.5
QUS SPDR MSCI USA StrategicFactors ETF 30.0 15 34 5.9 +0.7
MMTM SPDR S&P 1500 Momentum Tilt ETF 30.0 12 37 4.9 -0.3
SCHK Schwab 1000 Index ETF 29.7 5 44 5.3 +0.1
MGK Vanguard Mega Cap Growth ETF 29.6 7 42 4.0 -1.1
IYY iShares Dow Jones U.S. ETF 29.5 20 29 5.2 +0.0
SNPE Xtrackers S&P 500 ESG ETF 29.5 11 38 5.1 -0.1
VONE Vanguard Russell 1000 ETF 29.4 8 41 5.3 +0.1
IWB iShares Russell 1000 ETF 29.4 15 34 5.2 +0.0
FVL First Trust Value Line 100 Exchange-Traded Fund 29.3 70 -21 5.2 +0.0
SPTM SPDR Portfolio Total Stock Market ETF 29.2 3 46 5.5 +0.4
PSET Principal Price Setters Index ETF 28.9 29 20 4.6 -0.5
RPG Invesco S&P 500 Pure Growth ETF 28.9 35 14 4.4 -0.8
WOMN Impact Shares YWCA Women's Empowerment ETF 28.8 75 -26 4.5 -0.7
FLLV Franklin Liberty U.S. Low Volatility ETF 28.8 29 20 5.9 +0.7
IVW iShares S&P 500 Growth ETF 28.8 18 31 4.1 -1.1
SPYG SPDR Portfolio S&P 500 Growth ETF 28.8 4 45 4.3 -0.9
VOOG Vanguard S&P 500 Growth ETF 28.6 10 39 4.2 -1.0
IWY iShares Russell Top 200 Growth ETF 28.6 20 29 4.0 -1.2
VUG Vanguard Growth Index Fund 28.5 4 45 4.0 -1.2
SCHB Schwab U.S. Broad Market ETF 28.5 3 46 5.3 +0.1
ITOT iShares Core S&P Total U.S. Stock Market ETF 28.4 3 46 5.2 +0.0
QUAL iShares MSCI Usa Quality Factor ETF 28.4 15 34 5.4 +0.3
SCHG Schwab U.S. Large-Cap Growth ETF 28.3 4 45 4.0 -1.1
IWF iShares Russell 1000 Growth ETF 28.2 19 30 4.1 -1.1
MTUM iShares Edge MSCI USA Momentum Factor ETF 28.2 15 34 4.0 -1.1
JKD iShares Morningstar Large-Cap ETF 28.1 20 29 5.7 +0.5
IWV iShares Russell 3000 ETF 28.1 20 29 5.1 -0.1
VTHR Vanguard Russell 3000 Index Fund 28.1 10 39 5.2 0.0
TECB iShares US Tech Breakthrough Multisector ETF 27.9 40 9 3.9 -1.3
VTI Vanguard Total Stock Market Index Fund 27.9 3 46 5.2 +0.0
IUSG iShares Core S&P US Growth ETF 27.9 4 45 4.3 -0.9
JQUA JPMorgan U.S. Quality Factor ETF 27.8 12 37 5.3 +0.1
IGM iShares Expanded Tech Sector ETF 27.5 46 3 3.7 -1.5
USMV iShares Edge MSCI Min Vol USA ETF 27.5 15 34 5.6 +0.4
EXT WisdomTree U.S. Total Earnings Fund 27.4 28 21 5.2 +0.1
SPXV ProShares S&P 500 Ex-Health Care ETF 27.3 27 22 5.0 -0.2
JHML John Hancock Multifactor Large Cap ETF 27.1 29 20 5.6 +0.5
FDLO Fidelity Low Volatility Factor ETF 26.9 29 20 5.2 +0.0
HLAL Wahed FTSE USA Shariah ETF 26.8 50 -1 4.6 -0.5
FDMO Fidelity Momentum Factor ETF 26.6 29 20 3.8 -1.4
IWX iShares Russell Top 200 Value ETF 26.5 20 29 7.3 +2.1
EPS WisdomTree U.S. Earnings 500 Fund 26.5 8 41 6.6 +1.4
IETC iShares Evolved U.S. Technology ETF 26.5 18 31 3.7 -1.5
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 26.4 75 -26 3.7 -1.4
FTEC Fidelity MSCI Information Technology Index ETF 26.3 8 41 4.5 -0.7
NACP Impact Shares NAACP Minority Empowerment ETF 26.3 75 -26 4.5 -0.7
VGT Vanguard Information Technology Index Fund 26.1 10 39 4.4 -0.7
FQAL Fidelity Quality Factor ETF 26.1 29 20 5.5 +0.3
XLK Technology Select Sector SPDR Fund 25.9 13 36 4.6 -0.5
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 25.9 19 30 5.7 +0.5
PWB Invesco Dynamic Large Cap Growth ETF 25.5 55 -6 3.3 -1.9
OEF iShares S&P 100 ETF 25.5 20 29 4.8 -0.4
TMFC Motley Fool 100 Index ETF 25.5 50 -1 3.6 -1.5
RECS Columbia Research Enhanced Core ETF 25.4 15 34 5.7 +0.5
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 25.2 49 0 4.1 -1.1

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

  2015 2016 2017 2018 2019 2020E 2021E
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
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Change Finance U.S. Large Cap Fossil Fuel Free ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 21.0 %
Divided by: Fwd. P/BV 3.7 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 5.2 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.51 CATEGORY
AVERAGE		 1.52
 
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.