Change Finance U.S. Large Cap Fossil Fuel Free ETF
ALTAR
Score™		 4.2% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 31.6x P/Sales
ratio		 3.2x
P/BV
ratio		 5.0x Div.
yield		 1.1%


  • 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) $37
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 100
Wgt avg mkt cap (mns) $170,335
Large cap (>$10bn) 94.8%
Mid cap ($2-10bn) 5.2%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
TESLA MOTORS INC 1.4 %
ELI LILLY & CO 1.3 %
SUNRUN INC. 1.3 %
APPLIED MATERIALS INC 1.2 %
WALGREENS BOOTS ALLIANCE INC 1.2 %
DECKERS OUTDOOR CORP 1.2 %
TWILIO, INC. CLASS A 1.2 %
CAPITAL ONE FINANCIAL CORP 1.2 %
SCHWAB (CHARLES) CORP 1.1 %
SNAP, INC. CLASS A 1.1 %
Total 12.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.1 %
IRELAND 2.0 %
SWITZERLAND 1.0 %
BRITAIN 0.8 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
24.1% 24.1% -- -- 16.5%

Market Correlations
versus... Beta R-squared
S&P500 1.04 97%
MSCI EAFE 0.98 85%
MSCI Emg. Mkts. 0.78 69%

Technical Indicators
Recent close $29.28
30d moving avg. $28.84
Annualized volatility 19.9%
Short interest (ETF) 0.6%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 11
Turnover 0.9%
Bid/Ask (% of price) 0.22%
ADV underlying (mns) $116,465

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 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™: 4.2%


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 38.8 25 24 5.0 +0.8
ESGV Vanguard ESG U.S. Stock ETF 38.8 12 37 4.5 +0.3
BKLC BNY Mellon US Large Cap Core Equity ETF 33.3 0 49 4.4 +0.3
JCTR JPMorgan Carbon Transition U.S. Equity ETF 32.9 15 34 4.6 +0.4
MGC Vanguard Mega Cap Index Fund 32.9 7 42 4.6 +0.4
IWL iShares Russell Top 200 ETF 32.6 15 34 4.4 +0.2
NULC Nuveen ESG Large-Cap ETF 32.3 20 29 4.2 +0.0
FLQL Franklin LibertyQ U.S. Equity ETF 32.1 15 34 5.9 +1.7
IQSU IQ Candriam ESG US Equity ETF 32.0 9 40 4.5 +0.3
ESGU iShares MSCI USA ESG Optimized ETF 32.0 15 34 4.4 +0.2
SUSA iShares MSCI USA ESG Select ETF 31.9 25 24 4.2 +0.0
SFY SoFi Select 500 ETF 31.7 0 49 4.6 +0.4
EQWL Invesco Russell Top 200 Equal Weight ETF 31.2 25 24 5.6 +1.4
PBP Invesco S&P 500 BuyWrite ETF 31.0 49 0 4.3 +0.1
SPXE ProShares S&P 500 Ex-Energy ETF 30.9 27 22 4.6 +0.4
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 30.8 7 42 4.5 +0.3
XYLG Global X S&P 500 Covered Call & Growth ETF 30.6 60 -11 4.4 +0.2
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 30.6 20 29 4.6 +0.4
XOUT GraniteShares XOUT U.S. Large Cap ETF 30.6 60 -11 3.6 -0.6
VV Vanguard Large-Cap Index Fund 30.4 4 45 4.6 +0.4
JOET Virtus Terranova US Quality Momentum ETF 30.4 29 20 4.6 +0.4
DSI iShares MSCI KLD 400 Social ETF 30.4 25 24 4.5 +0.4
SPY SPDR S&P 500 ETF Trust 30.4 9 40 4.7 +0.5
BBUS JP Morgan Betabuilders U.S. Equity ETF 30.4 2 47 4.6 +0.4
DEF Invesco Defensive Equity ETF 30.3 55 -6 5.2 +1.0
IVV iShares Core S&P 500 ETF 30.3 3 46 4.7 +0.5
SPLG SPDR Portfolio Large Cap ETF 30.3 3 46 4.7 +0.5
PBUS Invesco PureBeta MSCI USA ETF 30.2 4 45 4.6 +0.4
XVV iShares ESG Screened S&P 500 ETF 30.1 8 41 4.9 +0.7
VOO VANGUARD S&P 500 ETF 30.0 3 46 4.8 +0.6
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 29.8 9 40 4.8 +0.6
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 29.7 20 29 4.8 +0.6
VOOG Vanguard S&P 500 Growth ETF 29.7 10 39 3.9 -0.3
SCHX Schwab U.S. Large-Cap ETF 29.6 3 46 4.5 +0.4
SPXN ProShares S&P 500 Ex-Financials ETF 29.6 27 22 4.3 +0.2
USXF iShares ESG Advanced MSCI USA ETF 29.5 10 39 4.5 +0.3
QUS SPDR MSCI USA StrategicFactors ETF 29.3 15 34 5.3 +1.1
IWY iShares Russell Top 200 Growth ETF 29.2 20 29 3.5 -0.7
FDLO Fidelity Low Volatility Factor ETF 29.2 29 20 4.9 +0.7
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund 29.2 59 -10 4.0 -0.2
IWF iShares Russell 1000 Growth ETF 29.2 19 30 3.4 -0.8
SCHK Schwab 1000 Index ETF 29.2 5 44 4.6 +0.4
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares 29.1 35 14 4.3 +0.1
JMOM JPMorgan U.S. Momentum Factor ETF 29.1 12 37 3.0 -1.2
FLLV Franklin Liberty U.S. Low Volatility ETF 29.1 29 20 4.9 +0.7
SPYG SPDR Portfolio S&P 500 Growth ETF 28.8 4 45 3.6 -0.6
IVW iShares S&P 500 Growth ETF 28.8 18 31 3.5 -0.7
IYY iShares Dow Jones U.S. ETF 28.8 20 29 4.4 +0.2
IWB iShares Russell 1000 ETF 28.8 15 34 4.4 +0.3
SPTM SPDR Portfolio Total Stock Market ETF 28.6 3 46 4.8 +0.6
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 28.6 10 39 4.8 +0.6
SUSL iShares ESG MSCI USA Leaders ETF 28.5 10 39 4.8 +0.6
VONG Vanguard Russell 1000 Growth Index Fund 28.5 8 41 3.5 -0.7
VTHR Vanguard Russell 3000 Index Fund 28.3 10 39 4.4 +0.2
ECOZ TrueMark ESG Active Opportunities ETF 28.3 58 -9 3.0 -1.2
IUSG iShares Core S&P US Growth ETF 28.2 4 45 3.6 -0.6
PSET Principal Price Setters Index ETF 28.0 15 34 4.6 +0.4
DYNF BlackRock U.S. Equity Factor Rotation ETF 28.0 30 19 5.2 +1.0
VEGN US Vegan Climate ETF 27.8 60 -11 3.9 -0.3
RECS Columbia Research Enhanced Core ETF 27.7 15 34 5.1 +0.9
SCHB Schwab U.S. Broad Market ETF 27.6 3 46 4.4 +0.3
MMTM SPDR S&P 1500 Momentum Tilt ETF 27.6 12 37 4.0 -0.2
JQUA JPMorgan U.S. Quality Factor ETF 27.6 12 37 5.0 +0.9
ITOT iShares Core S&P Total U.S. Stock Market ETF 27.5 3 46 4.4 +0.2
IWV iShares Russell 3000 ETF 27.5 20 29 4.3 +0.1
TTAC TrimTabs US Free Cash Flow Quality ETF 27.4 59 -10 3.4 -0.8
EFIV SPDR S&P 500 ESG ETF 27.2 10 39 4.6 +0.4
SNPE Xtrackers S&P 500 ESG ETF 27.2 10 39 4.6 +0.4
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 27.1 15 34 5.8 +1.6
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 27.1 19 30 5.3 +1.1
VONE Vanguard Russell 1000 ETF 27.0 8 41 4.5 +0.4
VTI Vanguard Total Stock Market Index Fund 27.0 3 46 4.4 +0.2
OEF iShares S&P 100 ETF 27.0 20 29 4.2 -0.0
VUG Vanguard Growth Index Fund 27.0 4 45 3.5 -0.7
RESP WisdomTree US ESG Fund of Benef Interest 26.8 28 21 5.0 +0.8
WOMN Impact Shares YWCA Women's Empowerment ETF 26.8 75 -26 3.5 -0.7
CATH Global X S&P 500 Catholic Values Custom ETF 26.7 29 20 4.6 +0.4
QUAL iShares MSCI Usa Quality Factor ETF 26.7 15 34 5.0 +0.8
KRMA Global X Conscious Companies ETF 26.6 43 6 4.9 +0.7
FDMO Fidelity Momentum Factor ETF 26.6 29 20 2.4 -1.8
ESG FlexShares STOXX US ESG Impact Index Fund 26.5 32 17 4.4 +0.3
USMV iShares Edge MSCI Min Vol USA ETF 26.4 15 34 5.3 +1.1
MGK Vanguard Mega Cap Growth ETF 26.4 7 42 3.6 -0.6
JKE iShares Morningstar Large-Cap Growth ETF 26.1 25 24 2.2 -2.0
TMFC Motley Fool 100 Index ETF 25.9 50 -1 3.0 -1.2
ROUS Hartford Multifactor US Equity ETF 25.9 19 30 5.8 +1.7
XLG Invesco S&P 500 Top 50 ETF 25.9 20 29 4.0 -0.2
SCHG Schwab U.S. Large-Cap Growth ETF 25.8 4 45 3.1 -1.1
SPXT ProShares S&P 500 Ex-Technology ETF 25.6 27 22 4.9 +0.7
DFAU Dimensional US Core Equity Market ETF 25.5 12 37 4.7 +0.5
HIPR Direxion High Growth ETF 25.5 40 9 3.8 -0.4
SPXV ProShares S&P 500 Ex-Health Care ETF 25.4 27 22 4.3 +0.1
JHML John Hancock Multifactor Large Cap ETF 25.3 29 20 4.8 +0.6
EPS WisdomTree U.S. Earnings 500 Fund 25.0 8 41 5.9 +1.7
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 25.0 30 19 5.0 +0.9
JKD iShares Morningstar Large-Cap ETF 24.9 20 29 4.7 +0.5
FQAL Fidelity Quality Factor ETF 24.9 29 20 5.0 +0.8
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 24.9 49 0 3.4 -0.8
VOOV Vanguard S&P 500 Value ETF 24.9 10 39 6.6 +2.4

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:

NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 20.6 %
Divided by: Fwd. P/BV 4.4 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 4.2 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.46 CATEGORY
AVERAGE		 1.49
 
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.