Change Finance Diversified Impact US Large Cap Fossil Fuel
ALTAR
Score™
6.1% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
17.9x P/Sales
ratio
2.1x
P/BV
ratio
3.4x Div.
yield
1.8%


  • 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 10, 2017
Assets (mns) $11
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 98
Wgt avg mkt cap (mns) $103,937
Large cap (>$10bn) 88.6%
Mid cap ($2-10bn) 11.4%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
PVH CORP 1.3 %
CENTURYTEL INC 1.3 %
NVIDIA CORP 1.2 %
SCHWAB (CHARLES) CORP 1.2 %
APPLE INC 1.2 %
HEWLETT PACKARD ENTERPRISE CO. 1.2 %
CVS CAREMARK CORP 1.2 %
BANK OF AMERICA CORP 1.2 %
PARKER HANNIFIN CORP 1.2 %
MORGAN STANLEY 1.2 %
Total 12.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 92.4 %
IRELAND 4.2 %
BRITAIN 2.1 %
SWITZERLAND 0.9 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
29.6% 17.2% -- -- 12.3%

Market Correlations
versus... Beta R-squared
S&P500 1.05 94%
MSCI EAFE 1.08 76%
MSCI Emg. Mkts. 0.78 61%

Technical Indicators
Recent close $22.60
30d moving avg. $22.27
Annualized volatility 15.5%
Short interest (ETF) 2.3%
Relative strength (RSI) 68

Liquidity measures
Avg. volume (thou.) 3
Turnover 0.6%
Bid/Ask (% of price) 0.25%
ADV underlying (mns) $44,122

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Change Finance Diversified Impact US Large Cap Fossil Fuel 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™: 6.1%


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
(%)
EQWL Invesco Fundamental Pure Large Core 30.9 25 24 6.3 +0.3
KRMA Global X Conscious Companies 30.3 43 6 5.7 -0.4
ESGU iShares MSCI USA ESG Optimized 29.4 15 34 5.6 -0.5
IWL iShares Russell Top 200 28.7 15 34 5.7 -0.4
NULC Nuveen ESG Large-Cap ETF 28.4 20 29 5.3 -0.8
JUST Goldman Sachs JUST U.S. Large Cap Equity 28.4 20 29 5.6 -0.5
MGC Vanguard Mega Cap 300 ETF 28.2 7 42 5.9 -0.2
SPXE ProShares S&P 500 Ex-Energy 27.7 27 22 5.9 -0.2
RYT Invesco S&P Equal Weight Technology 27.5 40 9 6.5 +0.4
PRID InsightShares LGBT Employment Equality 27.4 65 -16 5.4 -0.7
JQUA JPMorgan U.S. Quality Factor 27.4 12 37 5.8 -0.3
JKE iShares Morningstar Large Cap Growth 27.3 25 24 4.0 -2.1
SPYX SPDR S&P 500 Fossil Fuel Reserves Free 27.3 20 29 5.9 -0.2
OVOL Invesco Russell 1000 Low Volatility Factor ETF 27.1 19 30 5.7 -0.4
PBP Invesco S&P 500 Buy/Write 27.0 49 0 5.5 -0.6
SNPE Xtrackers S&P 500 ESG 27.0 11 38 5.8 -0.3
HSPX Global X S&P 500 Covered Call 26.7 65 -16 5.3 -0.8
SPY S&P 500 SPDR 26.7 9 40 5.9 -0.2
FLLV Franklin Liberty U.S. Low Volatility 26.7 29 20 5.3 -0.8
XOUT GraniteShares XOUT US Large Cap 26.4 60 -11 5.1 -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

  2014 2015 2016 2017 2018 2019E 2020E
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

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
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 Diversified Impact US Large Cap Fossil Fuel
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 19.5 %
Divided by: Fwd. P/BV 3.0 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 6.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.57 CATEGORY
AVERAGE
1.56
 
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.