Change Finance U.S. Large Cap Fossil Fuel Free ETF
ALTAR
Score™		 4.9% info Recommen-
dation		 UNDERWEIGHT
2020E    2021E
P/E
ratio		 28.4x P/Sales
ratio		 2.9x
P/BV
ratio		 4.6x Div.
yield		 1.2%


  • 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) $24
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) $139,743
Large cap (>$10bn) 94.7%
Mid cap ($2-10bn) 5.3%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
SNAP, INC. CLASS A 1.2 %
TWILIO, INC. CLASS A 1.2 %
H&R BLOCK INC 1.2 %
SERVICEMASTER GLOBAL HOLDINGS INC 1.1 %
VF CORP 1.1 %
NIKE INC -CL B 1.1 %
L BRANDS, INC. 1.1 %
OKTA, INC. CLASS A 1.1 %
TWITTER INC 1.1 %
GAP INC/THE 1.1 %
Total 11.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.7 %
IRELAND 2.1 %
SWITZERLAND 0.9 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
9.8% 18.7% -- -- 13.2%

Market Correlations
versus... Beta R-squared
S&P500 1.04 97%
MSCI EAFE 1.08 85%
MSCI Emg. Mkts. 0.77 68%

Technical Indicators
Recent close $26.25
30d moving avg. $25.60
Annualized volatility 19.1%
Short interest (ETF) 1.5%
Relative strength (RSI) 55

Liquidity measures
Avg. volume (thou.) 5
Turnover 0.6%
Bid/Ask (% of price) 0.29%
ADV underlying (mns) $121,928

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™: 4.9%


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 37.8 25 24 5.7 +0.8
FDLO Fidelity Low Volatility Factor ETF 31.9 29 20 5.1 +0.2
ESGV Vanguard ESG U.S. Stock ETF 30.6 12 37 4.9 +0.0
JMOM JPMorgan U.S. Momentum Factor ETF 30.6 12 37 3.3 -1.6
ESGU iShares MSCI USA ESG Optimized ETF 30.6 15 34 4.9 -0.0
NULC Nuveen ESG Large-Cap ETF 30.4 20 29 4.9 +0.0
IWL iShares Russell Top 200 ETF 30.2 15 34 4.8 -0.1
MGC Vanguard Mega Cap Index Fund 30.0 7 42 5.0 +0.1
BKLC BNY Mellon US Large Cap Core Equity ETF 29.9 0 49 4.9 +0.1
DEF Invesco Defensive Equity ETF 29.6 55 -6 5.1 +0.2
SFY SoFi Select 500 ETF 29.5 0 49 4.9 +0.1
FVL First Trust Value Line 100 Exchange-Traded Fund 29.4 70 -21 5.2 +0.3
FLQL Franklin LibertyQ U.S. Equity ETF 29.1 15 34 6.0 +1.1
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 29.0 7 42 5.0 +0.1
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 28.9 9 40 5.4 +0.5
PBP Invesco S&P 500 BuyWrite ETF 28.9 49 0 4.8 -0.1
HSPX Global X S&P 500 Covered Call ETF 28.8 60 -11 4.8 -0.1
BBUS JP Morgan Betabuilders U.S. Equity ETF 28.7 2 47 5.1 +0.2
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares 28.6 35 14 4.4 -0.5
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund 28.6 59 -10 4.2 -0.7
PBUS Invesco PureBeta MSCI USA ETF 28.6 4 45 5.0 +0.1
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 28.5 20 29 4.8 -0.1
VV Vanguard Large-Cap Index Fund 28.5 4 45 5.0 +0.1
DSI iShares MSCI KLD 400 Social ETF 28.4 25 24 5.0 +0.1
SPXE ProShares S&P 500 Ex-Energy ETF 28.4 27 22 5.1 +0.2
IQSU IQ Candriam ESG US Equity ETF 28.4 9 40 4.9 0.0
SUSA iShares MSCI USA ESG Select ETF 28.3 25 24 4.6 -0.3
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 28.3 20 29 5.1 +0.3
NULG Nuveen ESG Large-Cap Growth ETF 28.3 35 14 3.6 -1.3
FTC First Trust Large Cap Growth AlphaDEX Fund 28.3 61 -12 2.6 -2.3
XOUT GraniteShares XOUT U.S. Large Cap ETF 28.3 60 -11 4.0 -0.9
XYLG Global X S&P 500 Covered Call & Growth ETF 28.2 60 -11 4.8 -0.1
SCHX Schwab U.S. Large-Cap ETF 28.1 3 46 5.0 +0.1
SPY SPDR S&P 500 ETF Trust 28.0 9 40 5.1 +0.3
IVV iShares Core S&P 500 ETF 28.0 3 46 5.2 +0.3
SPLG SPDR Portfolio Large Cap ETF 28.0 3 46 5.2 +0.3
VOO VANGUARD S&P 500 ETF 27.7 3 46 5.2 +0.3
SCHK Schwab 1000 Index ETF 27.7 5 44 5.0 +0.1
VEGN US Vegan Climate ETF 27.6 60 -11 4.9 +0.0
IWB iShares Russell 1000 ETF 27.5 15 34 4.9 0.0
IYY iShares Dow Jones U.S. ETF 27.4 20 29 4.9 -0.0
EXT WisdomTree U.S. Total Earnings Fund 27.3 28 21 5.4 +0.5
SPXN ProShares S&P 500 Ex-Financials ETF 27.2 27 22 4.8 -0.1
ECOZ TrueMark ESG Active Opportunities ETF 27.1 58 -9 3.5 -1.4
VONE Vanguard Russell 1000 ETF 27.0 8 41 5.0 +0.1
DYNF BlackRock U.S. Equity Factor Rotation ETF 27.0 30 19 6.4 +1.5
PSET Principal Price Setters Index ETF 26.9 15 34 4.8 -0.1
MMTM SPDR S&P 1500 Momentum Tilt ETF 26.8 12 37 4.5 -0.4
FLLV Franklin Liberty U.S. Low Volatility ETF 26.7 29 20 5.4 +0.5
USMV iShares Edge MSCI Min Vol USA ETF 26.7 15 34 5.4 +0.6
SPTM SPDR Portfolio Total Stock Market ETF 26.6 3 46 5.3 +0.4
KRMA Global X Conscious Companies ETF 26.5 43 6 5.0 +0.1
VTHR Vanguard Russell 3000 Index Fund 26.5 10 39 4.8 -0.1
IWF iShares Russell 1000 Growth ETF 26.5 19 30 3.6 -1.3
SUSL iShares ESG MSCI USA Leaders ETF 26.5 10 39 5.2 +0.3
ROUS Hartford Multifactor US Equity ETF 26.5 19 30 6.3 +1.4
SPMV Invesco S&P 500 Minimum Variance ETF 26.5 10 39 5.6 +0.7
SCHB Schwab U.S. Broad Market ETF 26.4 3 46 4.9 +0.0
FDMO Fidelity Momentum Factor ETF 26.4 29 20 3.2 -1.7
ITOT iShares Core S&P Total U.S. Stock Market ETF 26.3 3 46 4.9 -0.0
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 26.3 10 39 5.2 +0.3
IWV iShares Russell 3000 ETF 26.3 20 29 4.8 -0.1
JQUA JPMorgan U.S. Quality Factor ETF 26.2 12 37 5.2 +0.4
QUS SPDR MSCI USA StrategicFactors ETF 26.2 15 34 5.7 +0.8
VONG Vanguard Russell 1000 Growth Index Fund 26.2 8 41 3.7 -1.2
CATH Global X S&P 500 Catholic Values Custom ETF 26.1 29 20 5.0 +0.1
QUAL iShares MSCI Usa Quality Factor ETF 25.9 15 34 5.3 +0.4
JKD iShares Morningstar Large-Cap ETF 25.9 20 29 5.5 +0.6
VOOG Vanguard S&P 500 Growth ETF 25.8 10 39 4.1 -0.8
VUG Vanguard Growth Index Fund 25.8 4 45 3.8 -1.1
IWY iShares Russell Top 200 Growth ETF 25.7 20 29 3.8 -1.1
VTI Vanguard Total Stock Market Index Fund 25.7 3 46 4.9 -0.0
EFIV SPDR S&P 500 ESG ETF 25.6 10 39 4.9 +0.0
IVW iShares S&P 500 Growth ETF 25.5 18 31 16.8 +11.9
SPYG SPDR Portfolio S&P 500 Growth ETF 25.5 4 45 4.2 -0.7
MGK Vanguard Mega Cap Growth ETF 25.5 7 42 3.9 -1.0
SNPE Xtrackers S&P 500 ESG ETF 25.4 10 39 4.9 0.0
SPLV Invesco S&P 500 Low Volatility ETF 25.4 25 24 5.4 +0.5
ALTL Pacer Lunt Large Cap Alternator ETF 25.3 60 -11 5.1 +0.2
RYT Invesco S&P 500 Equal Weight Technology ETF 25.2 40 9 6.5 +1.7
WOMN Impact Shares YWCA Women's Empowerment ETF 25.2 75 -26 4.1 -0.8
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 25.1 19 30 5.9 +1.0
MTUM iShares Edge MSCI USA Momentum Factor ETF 25.0 15 34 4.0 -0.9
EQWL Invesco Russell Top 200 Equal Weight ETF 24.9 25 24 6.1 +1.2
IUSG iShares Core S&P US Growth ETF 24.8 4 45 4.2 -0.7
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 24.5 75 -26 3.7 -1.2
SLT Salt TruBeta High Exposure ETF 24.4 60 -11 3.2 -1.7
MMLG First Trust Multi-Manager Large Growth ETF 24.4 85 -36 2.0 -2.9
TECB iShares US Tech Breakthrough Multisector ETF 24.3 40 9 3.9 -1.0
FCTR First Trust Lunt U.S. Factor Rotation ETF 24.3 65 -16 2.8 -2.1
JHML John Hancock Multifactor Large Cap ETF 24.2 29 20 5.3 +0.4
SCHG Schwab U.S. Large-Cap Growth ETF 24.2 4 45 3.4 -1.5
TTAC TrimTabs All Cap U.S. Free-Cash-Flow ETF 24.0 59 -10 3.8 -1.1
RECS Columbia Research Enhanced Core ETF 23.9 15 34 5.5 +0.6
LSLT Salt Low truBeta US Market ETF 23.9 60 -11 5.7 +0.8
FQAL Fidelity Quality Factor ETF 23.8 29 20 5.3 +0.4
AFLG First Trust Active Factor Large Cap ETF 23.7 55 -6 5.3 +0.4
ESG FlexShares STOXX US ESG Impact Index Fund 23.4 32 17 5.0 +0.1
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 23.4 29 20 5.8 +0.9
RPG Invesco S&P 500 Pure Growth ETF 23.4 35 14 4.3 -0.6

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 22.1 %
Divided by: Fwd. P/BV 4.1 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 4.9 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.50 CATEGORY
AVERAGE		 1.51
 
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.