VanEck Office and Commercial REIT ETF
ALTAR
Score™		 15.7% info Recommen-
dation		 SPECULATIVE
2025E    2026E
P/E
ratio		 6.7x P/Sales
ratio		 3.3x
P/BV
ratio		 0.9x Div.
yield		 4.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
DESK tracks a tiered modified market-cap weighted index composed of US-listed Office and Commercial REITs. The fund targets the top 25 highest ranked Office and Commerical REITs based on market cap and liquidity.

FUND BASICS
Category US Equities
Fund Sponsor VanEck
Website www.vaneck.com/us/en/investments/office-and-commercial-reit-desk/overview/
Inception date Sep 19, 2023
Assets (mns) $2
Currency USD
Expense ratio 50 bp
Distributions

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 26
Wgt avg mkt cap (mns) $15,482
Large cap (>$10bn) 27.7%
Mid cap ($2-10bn) 56.2%
Small cap (<$2bn) 16.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
COUSINS PROPERTIES INC 9.8 %
CORPORATE OFFICE PROPERTIES 8.9 %
BOSTON PROPERTIES INC 8.7 %
VORNADO REALTY TRUST 8.6 %
KILROY REALTY CORP 7.1 %
REALTY INCOME CORP 5.3 %
SIMON PROPERTY GROUP INC 4.8 %
PROLOGIS INC 4.8 %
SL GREEN REALTY CORP 4.4 %
HIGHWOODS PROPERTIES INC 4.4 %
Total 66.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 99.5 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru February 28)
Year-to-date 1 year 5 years 10 years Since Incep.
-4.5% -11.9% -- -- 7.0%

Market Correlations
versus... Beta R-squared
S&P500 0.82 43%
MSCI EAFE 0.85 34%
MSCI Emg. Mkts. 0.63 22%

Technical Indicators
Recent close $33.90
30d moving avg. $35.51
Annualized volatility 18.5%
Short interest (ETF) 1.6%
Relative strength (RSI) 37

Liquidity measures
Avg. volume (thou.) 1
Turnover 1.4%
Bid/Ask (% of price) 0.29%
ADV underlying (mns) $1,340

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 441 potential alternatives to the VanEck Office and Commercial REIT ETF ETF based on the alternatives' overlap in portfolio holdings with DESK. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: DESK Expense: 50 bp ALTAR Score™: 15.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH DESK
Ticker Fund
Name		 Overlap1
vs DESK
(%)		 Expense
ratio
(bp)		 Savings
vs DESK
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs DESK
(%)
BBRE JPMorgan BetaBuilders MSCI U.S. REIT ETF 22.4 11 39 7.3 -8.4
RWR State Street SPDR Dow Jones REIT ETF 22.0 25 25 6.9 -8.8
USRT iShares Core U.S. REIT ETF 21.0 8 42 7.2 -8.5
FRI First Trust S&P REIT Index Fund 20.7 50 0 6.7 -9.0
DFAR Dimensional US Real Estate ETF 20.4 19 31 7.4 -8.3
SCHH Schwab U.S. REIT ETF 20.0 7 43 7.4 -8.3
IYR iShares U.S. Real Estate ETF 19.1 40 10 7.0 -8.7
ICF iShares Cohen & Steers REIT ETF 18.7 33 17 7.3 -8.3
FREL Fidelity MSCI Real Estate Index ETF 18.6 8 42 7.1 -8.6
RSPR Invesco S&P 500 Equal Weight Real Estate ETF 18.5 40 10 7.8 -7.9
VNQ Vanguard Real Estate ETF 18.1 13 37 6.8 -8.9
XLRE Real Estate Select Sector SPDR 18.0 8 42 7.2 -8.5
ERET iShares Environmentally Aware Real Estate ETF 17.6 30 20 6.8 -8.9
RWO SPDR Dow Jones Global Real Estate ETF 17.5 50 0 6.4 -9.3
REET iShares Global REIT ETF 16.7 14 36 7.1 -8.5
VGSR Vert Global Sustainable Real Estate ETF 16.0 47 3 7.2 -8.5
DFGR Dimensional Global Real Estate ETF 15.7 22 28 7.1 -8.5
JPRE JPMorgan Realty Income ETF 15.2 50 0 7.0 -8.7
GQRE FlexShares Global Quality Real Estate Index Fund 14.1 45 5 7.4 -8.3
AVRE Avantis Real Estate ETF 13.9 17 33 6.9 -8.8
PSR Invesco Active U.S. Real Estate Fund 12.1 35 15 7.2 -8.5
BYRE Principal Real Estate Active Opportunities ETF 11.9 65 -15 7.1 -8.6
IVRA Invesco Real Assets ESG ETF 11.8 59 -9 6.1 -9.5
BLDG Cambria Global Real Estate ETF 11.7 60 -10 11.2 -4.5
RITA ETFB Green SRI REITs ETF 11.1 50 0 5.6 -10.1
FPRO Fidelity Real Estate Investment ETF 10.5 59 -9 6.1 -9.6
KBWY Invesco KBW Premium Yield Equity REIT ETF 10.4 35 15 9.5 -6.2
RIET Hoya Capital High Dividend Yield ETF 10.0 50 0 14.0 -1.7
INDS Pacer Industrial Real Estate ETF 9.6 55 -5 6.3 -9.4
IRET iREIT - MarketVector Quality REIT Index ETF 9.5 60 -10 6.2 -9.5
SPHD Invesco S&P 500 High Dividend Low Volatility ETF 9.2 30 20 8.7 -7.0
NETL NETLease Corporate Real Estate ETF 8.9 60 -10 7.4 -8.3
REAI Intelligent Real Estate ETF 8.7 59 -9 5.8 -9.9
IQRA IQ CBRE Real Assets ETF 8.3 65 -15 5.7 -10.0
JRE Janus Henderson U.S. Real Estate ETF 7.9 65 -15 6.0 -9.7
RDOG ALPS REIT Dividend Dogs ETF 7.9 35 15 12.5 -3.2
LVDS JPMorgan Fundamental Data Science Large Value ETF 6.8 49 1 5.3 -10.4
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF 6.2 7 43 10.3 -5.4
DTRE First Trust Alerian Disruptive Technology Real Estate ETF 6.0 60 -10 5.6 -10.1
BIBL Inspire 100 ETF 5.6 35 15 4.6 -11.1
SPRE SP Funds S&P Global REIT Sharia ETF 4.8 55 -5 5.4 -10.3
STRN SMART Trend 25 ETF 4.7 59 -9 2.9 -12.8
ICAP InfraCap Equity Income Fund ETF 4.4 171 -121 4.7 -11.0
MBCC Monarch Blue Chips Core ETF 4.1 125 -75 4.0 -11.7
DIV Global X SuperDividend US ETF 4.0 45 5 9.6 -6.1
XMLV Invesco S&P MidCap Low Volatility ETF 4.0 25 25 6.8 -8.9
HUSV First Trust Horizon Managed Volatility Domestic ETF 3.9 70 -20 4.6 -11.1
TBG TBG Dividend Focus ETF 3.9 59 -9 6.4 -9.3
PSCF Invesco S&P SmallCap Financials ETF 3.5 29 21 9.1 -6.6
SPDV AAM S&P 500 High Dividend Value ETF 3.5 29 21 11.1 -4.6
ALTL Pacer Lunt Large Cap Alternator ETF 3.2 60 -10 4.8 -10.9
ULVM VictoryShares US Value Momentum ETF 3.2 20 30 6.4 -9.2
VRAI Virtus Real Asset Income ETF 3.2 55 -5 8.6 -7.1
ERTH Invesco MSCI Sustainable Future ETF 3.0 62 -12 3.0 -12.7
KVLE KraneShares Value Line Dynamic Dividend Equity Index ETF 3.0 56 -6 7.2 -8.4
SDIV Global X Superdividend ETF 2.9 58 -8 13.4 -2.3
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 2.8 24 26 7.4 -8.3
PABU iShares Paris-Aligned Climate MSCI USA ETF 2.8 10 40 3.9 -11.8
SRET Global X SuperDividend REIT ETF 2.8 59 -9 12.6 -3.1
RDIV Invesco S&P Ultra Dividend Revenue ETF 2.8 39 11 9.9 -5.8
FDVV Fidelity High Dividend ETF 2.8 15 35 7.0 -8.7
NZUS State Street SPDR MSCI USA Climate Paris Aligned ETF 2.7 10 40 4.0 -11.7
SWP SWP Growth & Income ETF 2.7 99 -49 4.2 -11.4
NIXT Research Affiliates Deletions ETF 2.6 9 41 7.4 -8.3
SDY State Street SPDR S&P Dividend ETF 2.5 35 15 6.0 -9.7
BEEX BeeHive ETF 2.5 84 -34 4.0 -11.7
DON WisdomTree U.S. MidCap Dividend Fund 2.5 38 12 8.4 -7.3
SNPD Xtrackers S&P ESG Dividend Aristocrats ETF 2.5 15 35 6.4 -9.3
FCPI Fidelity Stocks for Inflation ETF 2.5 15 35 6.1 -9.6
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 2.5 80 -30 6.9 -8.8
PFI Invesco Dorsey Wright Financial Momentum ETF 2.4 60 -10 5.1 -10.6
DEW WisdomTree Global High Dividend Fund 2.4 58 -8 7.4 -8.3
ETHO Etho Climate Leadership U.S. ETF 2.4 47 3 4.8 -10.9
USVM VictoryShares US Small Mid Cap Value Momentum ETF 2.4 25 25 8.4 -7.3
DIVL Madison Dividend Value ETF 2.3 65 -15 4.8 -10.9
QUVU Hartford Quality Value ETF 2.2 46 4 5.8 -9.8
IQSM IQ Candriam U.S. Mid Cap Equity ETF 2.2 15 35 5.4 -10.3
JPSV JPMorgan Active Small Cap Value ETF 2.2 74 -24 8.1 -7.6
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 2.2 25 25 4.8 -10.9
DEMZ Democratic Large Cap Core ETF 2.2 45 5 4.1 -11.6
SPLV Invesco S&P 500 Low Volatility ETF 2.2 25 25 4.9 -10.8
JPUS JPMorgan Diversified Return U.S. Equity ETF 2.1 18 32 7.0 -8.7
XMVM Invesco S&P MidCap Value with Momentum ETF 2.1 39 11 7.9 -7.8
WDIV SPDR S&P Global Dividend ETF 2.1 40 10 9.3 -6.4
RJDI RJ Eagle GCM Dividend Select Income ETF 2.1 55 -5 4.6 -11.1
ABLD Abacus FCF Real Assets Leaders ETF 2.0 69 -19 6.3 -9.4
XMMO Invesco S&P MidCap Momentum ETF 2.0 34 16 3.7 -12.0
CHGX AXS Change Finance ESG ETF 2.0 49 1 4.9 -10.8
JHDV John Hancock U.S. High Dividend ETF 2.0 34 16 6.4 -9.2
VBR Vanguard Small Cap Value ETF 1.9 7 43 8.3 -7.4
FYT First Trust Small Cap Value AlphaDEX Fund 1.9 73 -23 10.7 -5.0
IMCV iShares Morningstar Mid-Cap Value ETF 1.9 6 44 7.3 -8.4
BMVP Invesco Bloomberg MVP Multi-factor ETF 1.9 29 21 6.6 -9.1
ONEY State Street SPDR Russell 1000 Yield Focus ETF 1.9 20 30 9.0 -6.7
IWS iShares Russell Mid-Cap Value ETF 1.9 23 27 6.4 -9.2
MIDE Xtrackers S&P MidCap 400 ESG ETF 1.9 15 35 7.2 -8.5
MDYV State Street SPDR S&P 400 Mid Cap Value ETF 1.8 15 35 8.3 -7.3
IJJ iShares S&P Mid-Cap 400 Value ETF 1.8 18 32 8.4 -7.3
IVOV Vanguard S&P Mid-Cap 400 Value ETF 1.8 10 40 8.5 -7.2
DES WisdomTree U.S. SmallCap Dividend Fund 1.8 38 12 8.7 -7.0
FTIF First Trust Bloomberg Inflation Sensitive Equity ETF 1.8 60 -10 8.1 -7.6
XSLV Invesco S&P SmallCap Low Volatility ETF 1.8 25 25 7.7 -8.0
EQAL Invesco Russell 1000 Equal Weight ETF 1.7 20 30 6.3 -9.4
DIVE Dana Concentrated Dividend ETF 1.7 65 -15 7.1 -8.6
VOT Vanguard Mid-Cap Growth ETF 1.6 7 43 3.2 -12.5
STXM Strive Mid-Cap ETF 1.6 18 32 5.6 -10.1
RSPE Invesco ESG S&P 500 Equal Weight ETF 1.6 20 30 5.9 -9.7
NUMV Nuveen ESG Mid-Cap Value ETF 1.6 31 19 5.9 -9.8
PTL Inspire 500 ETF 1.6 9 41 4.7 -11.0
IWR iShares Russell Midcap ETF 1.5 19 31 5.7 -10.0
LVHD Franklin U.S. Low Volatility High Dividend Index ETF 1.5 27 23 6.4 -9.3
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF 1.5 15 35 6.5 -9.2
CVAR Cultivar ETF 1.5 87 -37 7.0 -8.7
VUSV Vanguard Wellington U.S. Value Active ETF 1.5 30 20 6.0 -9.7
BDIV AAM Brentview Dividend Growth ETF 1.5 49 1 3.7 -11.9
DTD WisdomTree U.S. Total Dividend Fund 1.5 28 22 5.9 -9.8
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF 1.5 30 20 14.1 -1.6
FLDZ RiverNorth Patriot ETF 1.4 75 -25 5.7 -10.0
WCEO Hypatia Women CEO ETF 1.4 85 -35 5.1 -10.6
SCHM Schwab U.S. Mid-Cap ETF 1.4 4 46 6.2 -9.4
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 1.4 29 21 6.9 -8.8
BLES Inspire Global Hope ETF 1.4 61 -11 6.0 -9.7
BKMC BNY Mellon US Mid Cap Core Equity ETF 1.4 4 46 5.8 -9.9
GOP Unusual Whales Subversive Republican Trading ETF 1.4 50 0 4.7 -11.0
ISMD Inspire Small/Mid Cap ETF 1.4 54 -4 5.8 -9.9
XJH iShares ESG Screened S&P Mid-Cap ETF 1.4 12 38 6.3 -9.4
DGT State Street SPDR Global Dow ETF 1.4 50 0 6.0 -9.7
ISCV iShares Morningstar Small Cap Value ETF 1.4 6 44 8.3 -7.4
SFYF SoFi Social 50 ETF 1.4 29 21 0.9 -14.8
FSMD Fidelity Small-Mid Multifactor ETF 1.4 15 35 7.0 -8.7
VLUE iShares MSCI USA Value Factor ETF 1.3 15 35 7.9 -7.8
NOBL ProShares S&P 500 Dividend Aristocrats ETF 1.3 35 15 5.3 -10.3
CALF Pacer US Small Cap Cash Cows 100 ETF 1.3 59 -9 9.8 -5.9
FNDA Schwab Fundamental US Small Co. Index ETF 1.3 25 25 6.6 -9.1
YALL God Bless America ETF 1.3 65 -15 4.2 -11.5
SIXA ETC 6 Meridian Mega Cap Equity ETF 1.3 80 -30 5.7 -10.0
XOEF iShares S&P 500 ex S&P 100 ETF 1.3 20 30 4.9 -10.8
FVD First Trust Value Line Dividend Index Fund 1.3 65 -15 5.6 -10.1
VFMV Vanguard U.S. Minimum Volatility ETF 1.3 13 37 5.7 -10.0
MDY SPDR S&P Midcap 400 ETF Trust 1.3 23 27 6.3 -9.4
NULV Nuveen ESG Large-Cap Value ETF 1.3 26 24 5.5 -10.2
BLCV iShares Large Cap Value Active ETF 1.3 53 -3 6.7 -9.0
DIVG Invesco S&P 500 High Dividend Growers ETF 1.2 39 11 7.6 -8.1
SIZE iShares MSCI USA Size Factor ETF 1.2 15 35 5.7 -10.0
DLN WisdomTree U.S. LargeCap Dividend Fund 1.2 28 22 5.6 -10.1
SPVM Invesco S&P 500 Value with Momentum ETF 1.2 39 11 6.6 -9.1
SPMD State Street SPDR Portfolio S&P 400 Mid Cap ETF 1.2 3 47 6.5 -9.2
IJH iShares Core S&P Mid-Cap ETF 1.2 5 45 6.4 -9.2
RSP Invesco S&P 500 Equal Weight ETF 1.2 20 30 6.1 -9.6
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF 1.2 55 -5 9.6 -6.1
IVOO Vanguard S&P Mid-Cap 400 ETF 1.2 7 43 6.4 -9.3
VB Vanguard Small-Cap ETF 1.2 5 45 5.5 -10.2
DYNF BlackRock U.S. Equity Factor Rotation ETF 1.2 30 20 4.1 -11.6
LGLV State Street SPDR US Large Cap Low Volatility Index ETF 1.1 12 38 5.4 -10.3
IMCB iShares Morningstar Mid-Cap ETF 1.1 4 46 5.6 -10.1
EUSA iShares MSCI USA Equal Weighted ETF 1.1 9 41 5.7 -10.0
JHSC John Hancock Multifactor Small Cap ETF 1.1 42 8 6.4 -9.3
VEGN US Vegan Climate ETF 1.1 60 -10 4.2 -11.5
SMLF iShares U.S. SmallCap Equity Factor ETF 1.1 15 35 5.4 -10.3
FNK First Trust Mid Cap Value AlphaDEX Fund 1.1 70 -20 10.0 -5.7
SCHV Schwab U.S. Large-Cap Value ETF 1.1 4 46 5.9 -9.8
BRNY Burney U.S. Factor Rotation ETF Burney U.S. Factor Rotation 1.1 79 -29 4.6 -11.1
FYX First Trust Small Cap Core AlphaDEX Fund 1.0 61 -11 6.0 -9.7
PRXV Praxis Impact Large Cap Value ETF 1.0 36 14 5.8 -9.9
CGDV Capital Group Dividend Value ETF 1.0 33 17 4.1 -11.6
PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF 1.0 60 -10 7.2 -8.5
USXF iShares ESG Advanced MSCI USA ETF 1.0 10 40 4.2 -11.5
EQWL Invesco S&P 100 Equal Weight ETF 1.0 25 25 5.7 -10.0
VONV Vanguard Russell 1000 Value ETF 1.0 7 43 5.8 -9.9
IWD iShares Russell 1000 Value ETF 1.0 19 31 5.7 -10.0
HGRO Hedgeye Quality Growth ETF 1.0 70 -20 3.5 -12.2
STXK Strive Small-Cap ETF 1.0 18 32 5.6 -10.1
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 1.0 9 41 5.4 -10.3
FLOW Global X U.S. Cash Flow Kings 100 ETF 1.0 25 25 11.8 -3.9
IUSV iShares Core S&P US Value ETF 1.0 4 46 6.0 -9.7
GSPY Gotham Enhanced 500 ETF 1.0 50 0 4.7 -11.0
DIVD Altrius Global Dividend ETF Altrius Global Divid ETF 1.0 49 1 8.1 -7.6
BKSE BNY Mellon US Small Cap Core Equity ETF 1.0 4 46 5.7 -10.0
VO Vanguard Mid-Cap ETF 1.0 4 46 5.5 -10.2
ESML iShares ESG Aware MSCI USA Small-Cap ETF 1.0 17 33 5.4 -10.3
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 1.0 7 43 5.7 -10.0
GVUS Marketbeta Russell 1000 Value Equity ETF 1.0 12 38 5.7 -9.9
FCTR First Trust Lunt U.S. Factor Rotation ETF 0.9 65 -15 5.0 -10.7
VOOV Vanguard S&P 500 Value ETF 0.9 7 43 5.8 -9.9
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF 0.9 15 35 6.8 -8.9
IVE iShares S&P 500 Value ETF 0.9 18 32 5.7 -9.9
SPYV State Street SPDR Portfolio S&P 500 Value ETF 0.9 4 46 5.9 -9.8
JMEE JPMorgan Market Expansion Enhanced Equity ETF 0.9 24 26 6.5 -9.2
RFV Invesco S&P Midcap 400 Pure Value ETF 0.9 35 15 12.2 -3.5
QUAL iShares MSCI USA Quality Factor ETF 0.9 15 35 4.6 -11.1
FLQM Franklin U.S. Mid Cap Multifactor Index ETF 0.9 30 20 7.6 -8.1
ISCB iShares Morningstar Small-Cap ETF 0.9 4 46 5.8 -9.9
JVAL JPMorgan U.S. Value Factor ETF 0.9 12 38 7.5 -8.2
CVY Invesco Zacks Multi-Asset Income ETF 0.9 106 -56 10.4 -5.2
OEI Optimized Equity Income ETF 0.9 75 -25 3.5 -12.2
STXV Strive 1000 Value ETF 0.9 18 32 7.0 -8.6
FUNL CornerCap Fundametrics Large-Cap ETF 0.9 50 0 6.1 -9.6
NUSC Nuveen ESG Small-Cap ETF 0.9 31 19 5.3 -10.4
VTV Vanguard Value ETF 0.9 4 46 6.0 -9.6
DIVB iShares Core Dividend ETF 0.9 5 45 7.7 -8.0
LCTU BlackRock U.S. Carbon Transition Readiness ETF 0.9 14 36 4.4 -11.3
ILCV iShares Morningstar Value ETF 0.8 4 46 5.6 -10.1
FLQL Franklin LibertyQ U.S. Equity ETF 0.8 15 35 4.8 -10.8
BBSC JPMorgan BetaBuilders U.S. Small Cap Equity ETF 0.8 9 41 4.1 -11.6
EGLE Global X S&P 500 U.S. Revenue Leaders ETF 0.8 19 31 5.0 -10.7
KOCG FIS Knights of Columbus Global Belief ETF 0.8 75 -25 4.3 -11.4
KLMN Invesco MSCI North America Climate ETF 0.8 9 41 4.6 -11.1
SMMD iShares Russell 2500 ETF 0.8 15 35 6.0 -9.7
STXD Strive 1000 Dividend Growth ETF 0.8 35 15 4.6 -11.1
MGV Vanguard Mega Cap Value ETF 0.8 7 43 5.6 -10.0
SIXL ETC 6 Meridian Low Beta Equity ETF 0.8 80 -30 5.8 -9.9
GLBL Pacer MSCI World Industry Advantage ETF 0.8 65 -15 3.7 -12.0
FDRR Fidelity Dividend ETF for Rising Rates 0.8 15 35 6.1 -9.6
BUYZ Franklin Disruptive Commerce ETF 0.8 50 0 2.3 -13.4
FTC First Trust Large Cap Growth AlphaDEX Fund 0.7 59 -9 2.0 -13.7
FVAL Fidelity Value Factor ETF 0.7 15 35 6.3 -9.4
NUDV Nuveen ESG Dividend ETF 0.7 26 24 6.2 -9.5
USCL iShares Climate Conscious & Transition MSCI USA ETF 0.7 8 42 4.6 -11.1
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 0.7 39 11 3.9 -11.8
PFM Invesco Dividend Achievers ETF 0.7 53 -3 4.8 -10.9
WLDR Affinity World Leaders Equity ETF 0.7 67 -17 6.5 -9.2
FLQS Franklin U.S. Small Cap Multifactor Index ETF 0.7 35 15 6.4 -9.3
USMV iShares MSCI USA Min Vol Factor ETF 0.7 15 35 5.2 -10.5
DEUS Xtrackers Russell US Multifactor ETF 0.7 17 33 6.7 -9.0
EZM WisdomTree U.S. MidCap Fund 0.7 38 12 8.5 -7.2
VIOV Vanguard S&P Small-Cap 600 Value ETF 0.7 10 40 9.8 -5.9
IJS iShares S&P Small-Cap 600 Value ETF 0.7 18 32 9.7 -5.9
FAB First Trust Multi Cap Value AlphaDEX Fund 0.7 67 -17 9.0 -6.7
SLYV State Street SPDR S&P 600 Small Cap Value ETF 0.7 15 35 9.8 -5.9
JPEF JPMorgan Equity Focus ETF 0.7 50 0 4.0 -11.7
SPXT ProShares S&P 500 Ex-Technology ETF 0.7 9 41 4.9 -10.8
XMAG Defiance Large Cap ex-Mag 7 ETF 0.7 35 15 4.6 -11.1
SCHA Schwab U.S. Small-Cap ETF 0.7 4 46 4.9 -10.8
ZECP Zacks Earnings Consistent Portfolio ETF 0.7 55 -5 4.3 -11.4
FMDE Fidelity Enhanced Mid Cap ETF 0.7 23 27 5.7 -10.0
MAGA Point Bridge America First ETF 0.7 72 -22 5.2 -10.5
DSPY Tema S&P 500 Historical Weight ETF 0.7 18 32 4.7 -11.0
EES WisdomTree U.S. SmallCap Fund 0.7 38 12 8.6 -7.1
AFMC First Trust Active Factor Mid Cap ETF 0.7 65 -15 7.5 -8.1
PRF Invesco FTSE RAFI US 1000 ETF 0.7 34 16 6.1 -9.6
USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF 0.7 10 40 4.6 -11.1
CVLC Calvert US Large-Cap Core Responsible Index ETF 0.7 15 35 4.6 -11.1
HAPI Harbor Human Capital Factor US Large Cap ETF 0.7 36 14 4.3 -11.4
USCA Xtrackers MSCI USA Climate Action Equity ETF 0.7 7 43 4.6 -11.1
SMLV State Street SPDR US Small Cap Low Volatility Index ETF 0.6 12 38 3.7 -12.0
IWN iShares Russell 2000 Value ETF 0.6 24 26 5.3 -10.4
ESGV Vanguard ESG U.S. Stock ETF 0.6 9 41 4.5 -11.2
VTWV Vanguard Russell 2000 Value ETF 0.6 10 40 5.4 -10.3
FQAL Fidelity Quality Factor ETF 0.6 15 35 4.9 -10.7
VLU State Street SPDR S&P 1500 Value Tilt ETF 0.6 12 38 6.6 -9.1
DSI iShares MSCI KLD 400 Social ETF 0.6 25 25 4.4 -11.3
VXF Vanguard Extended Market ETF 0.6 5 45 4.1 -11.6
FNX First Trust Mid Cap Core AlphaDEX Fund 0.6 60 -10 6.6 -9.1
JHMM John Hancock Multifactor Mid Cap ETF 0.6 42 8 5.7 -10.0
NULC Nuveen ESG Large-Cap ETF 0.6 21 29 4.3 -11.4
XSVM Invesco S&P SmallCap Value with Momentum ETF 0.6 36 14 9.3 -6.4
ESIX State Street SPDR S&P SmallCap 600 ESG ETF 0.6 12 38 7.3 -8.4
TOPC iShares S&P 500 3% Capped ETF 0.6 15 35 4.6 -11.1
IWX iShares Russell Top 200 Value ETF 0.6 20 30 5.3 -10.3
SPDG State Street SPDR Portfolio S&P Sector Neutral Dividend ETF 0.6 5 45 7.8 -7.9
STOX Horizon Core Equity ETF 0.6 70 -20 3.8 -11.9
MDYG State Street SPDR S&P 400 Mid Cap Growth ETF 0.6 15 35 4.4 -11.3
IJK iShares S&P Mid-Cap 400 Growth ETF 0.6 17 33 4.3 -11.4
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 0.6 10 40 4.4 -11.3
SFTY Horizon Managed Risk ETF 0.6 77 -27 3.7 -12.0
KRMA Global X Conscious Companies ETF 0.6 43 7 5.6 -10.1
AFLG First Trust Active Factor Large Cap ETF 0.6 55 -5 5.3 -10.4
KLMT Invesco MSCI Global Climate 500 ETF 0.6 10 40 5.3 -10.4
CATH Global X S&P 500 Catholic Values Custom ETF 0.6 29 21 4.3 -11.4
SGLC SGI U.S. Large Cap Core ETF 0.6 85 -35 4.0 -11.7
SHE State Street SPDR MSCI USA Gender Diversity ETF 0.6 20 30 4.8 -10.9
FEGE First Eagle Global Equity ETF 0.6 79 -29 6.1 -9.6
CHRI Global X S&P 500 Christian Values ETF 0.6 29 21 4.2 -11.5
LCDS JPMorgan Fundamental Data Science Large Core ETF 0.6 30 20 4.3 -11.4
XVV iShares ESG Screened S&P 500 ETF 0.5 8 42 4.4 -11.3
WSGE Warren Street Global Equity ETF 0.5 80 -30 3.0 -12.7
RZV Invesco S&P Smallcap 600 Pure Value ETF 0.5 35 15 8.1 -7.6
FAD First Trust Multi Cap Growth AlphaDEX Fund 0.5 64 -14 1.4 -14.3
MNZL Manzil Russell Halal USA Broad MarketETF 0.5 40 10 4.2 -11.5
VOE Vanguard Mid-Cap Value ETF 0.5 7 43 7.0 -8.7
IWB iShares Russell 1000 ETF 0.5 15 35 4.4 -11.3
VONE Vanguard Russell 1000 ETF 0.5 7 43 4.5 -11.2
QLC FlexShares US Quality Large Cap Index Fund 0.5 25 25 4.8 -10.8
SCHB Schwab U.S. Broad Market ETF 0.5 3 47 4.5 -11.2
SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market 0.5 3 47 4.6 -11.1
IWV iShares Russell 3000 ETF 0.5 20 30 4.3 -11.4
IYY iShares Dow Jones U.S. ETF 0.5 20 30 4.3 -11.3
VTI Vanguard Total Stock Market ETF 0.5 3 47 4.4 -11.3
VTHR Vanguard Russell 3000 ETF 0.5 7 43 4.4 -11.3
APUE ActivePassive U.S. Equity ETF 0.5 45 5 4.2 -11.5
ITOT iShares Core S&P Total U.S. Stock Market ETF 0.5 3 47 4.4 -11.3
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF 0.5 20 30 4.2 -11.4
ONEO State Street SPDR Russell 1000 Momentum Focus ETF 0.5 20 30 6.4 -9.3
SCHX Schwab U.S. Large-Cap ETF 0.5 3 47 4.5 -11.2
SPXV ProShares S&P 500 Ex-Health Care ETF 0.5 9 41 4.2 -11.5
SCHK Schwab 1000 Index ETF 0.5 5 45 4.5 -11.2
FCFY First Trust S&P 500 Diversified Free Cash Flow ETF 0.5 60 -10 10.0 -5.7
VOO Vanguard S&P 500 ETF 0.5 3 47 4.5 -11.2
SPY SPDR S&P 500 ETF 0.5 9 41 4.4 -11.3
SPYM State Street SPDR Portfolio S&P 500 ETF 0.5 2 48 4.5 -11.2
QVML Invesco S&P 500 QVM Multi-factor ETF 0.5 11 39 4.6 -11.1
IVV iShares Core S&P 500 ETF 0.5 3 47 4.5 -11.2
RSSL Global X Russell 2000 ETF 0.5 8 42 3.0 -12.7
TILT FlexShares Morningstar US Market Factor Tilt Index Fund 0.5 25 25 5.2 -10.5
IWP iShares Russell Mid-Cap Growth ETF 0.5 23 27 2.9 -12.8
RAUS RACWI US ETF 0.5 15 35 4.4 -11.2
PBUS Invesco MSCI USA ETF 0.5 4 46 4.5 -11.2
JHML John Hancock Multifactor Large Cap ETF 0.5 29 21 4.8 -10.9
LRGF iShares U.S. Equity Factor ETF 0.5 8 42 4.9 -10.8
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 0.5 20 30 4.5 -11.2
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF 0.5 11 39 4.4 -11.3
SNPG Xtrackers S&P 500 Growth ESG ETF 0.5 15 35 4.2 -11.5
SPXE ProShares S&P 500 Ex-Energy ETF 0.5 9 41 4.3 -11.4
FESM Fidelity Enhanced Small Cap ETF 0.5 28 22 2.6 -13.1
ILCB iShares Morningstar U.S. Equity ETF 0.5 3 47 4.4 -11.3
FNY First Trust Mid Cap Growth AlphaDEX Fund 0.5 70 -20 2.2 -13.5
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.5 12 38 4.7 -11.0
EVUS iShares ESG Aware MSCI USA Value ETF 0.5 18 32 5.8 -9.8
SSPY Syntax Stratified LargeCap ETF 0.5 30 20 6.3 -9.4
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.5 20 30 5.0 -10.7
DHS WisdomTree U.S. High Dividend Fund 0.5 38 12 8.2 -7.5
XJR iShares ESG Screened S&P Small-Cap ETF 0.5 12 38 6.8 -8.9
QDEF FlexShares Quality Dividend Defensive Index Fund 0.5 37 13 5.6 -10.1
QDF FlexShares Quality Dividend Index Fund 0.5 37 13 5.6 -10.0
FTCE First Trust New Constructs Core Earnings Leaders ETF 0.4 60 -10 4.8 -10.8
QUS State Street SPDR MSCI USA StrategicFactors ETF 0.4 15 35 5.1 -10.5
SNPV Xtrackers S&P 500 Value ESG ETF 0.4 15 35 5.7 -10.0
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 0.4 75 -25 3.4 -12.2
VV Vanguard Large-Cap ETF 0.4 4 46 4.4 -11.3
GXLC Global X U.S. 500 ETF 0.4 2 48 4.3 -11.3
FDMO Fidelity Momentum Factor ETF 0.4 15 35 2.7 -13.0
ACVF American Conservative Values ETF 0.4 75 -25 3.9 -11.8
FNDB Schwab Fundamental US Broad Market Index ETF 0.4 25 25 6.6 -9.1
SMOX Horizon Small/Mid Cap Core Equity ETF 0.4 75 -25 5.7 -10.0
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.4 39 11 2.5 -13.2
ISCG iShares Morningstar Small-Cap Growth ETF 0.4 6 44 2.9 -12.8
BBUS JP Morgan Betabuilders U.S. Equity ETF 0.4 2 48 4.4 -11.3
TOV JLens 500 Jewish Advocacy U.S. ETF 0.4 18 32 4.2 -11.5
STRV Strive 500 ETF 0.4 5 45 4.3 -11.3
BKLC BNY Mellon US Large Cap Core Equity ETF 0.4 0 50 4.4 -11.3
SUSL iShares ESG MSCI USA Leaders ETF 0.4 10 40 4.5 -11.2
WSML iShares MSCI World Small-Cap ETF 0.4 15 35 5.7 -10.0
IQSU IQ Candriam U.S. Large Cap Equity ETF 0.4 9 41 4.6 -11.1
VOTE TCW Transform 500 ETF 0.4 5 45 4.4 -11.3
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 0.4 10 40 4.5 -11.2
RVRB Reverb ETF 0.4 30 20 4.1 -11.5
KNGZ First Trust S&P 500 Diversified Dividend Aristocrats ETF 0.4 50 0 8.9 -6.8
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 0.4 7 43 4.3 -11.3
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 0.4 20 30 4.5 -11.2
SNPE Xtrackers S&P 500 ESG ETF 0.4 10 40 4.6 -11.1
LOWV AB US Low Volatility Equity ETF 0.4 48 2 4.4 -11.3
RAFE PIMCO RAFI ESG U.S. ETF 0.4 29 21 6.7 -9.0
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 0.4 45 5 3.9 -11.8
VIOO Vanguard S&P Small-Cap 600 ETF 0.4 7 43 6.8 -8.9
IJR iShares Core S&P Small Cap ETF 0.4 6 44 6.9 -8.8
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF 0.4 3 47 7.0 -8.7
SFY SoFi Select 500 ETF 0.4 0 50 4.0 -11.7
JMOM JPMorgan U.S. Momentum Factor ETF 0.4 12 38 3.7 -12.0
MMTM State Street SPDR S&P 1500 Momentum Tilt ETF 0.4 12 38 3.8 -11.9
STXG Strive 1000 Growth ETF 0.4 18 32 3.4 -12.3
TOK iShares MSCI Kokusai ETF 0.4 26 24 4.5 -11.1
NACP Impact Shares NAACP Minority Empowerment ETF 0.4 49 1 4.2 -11.5
FNDX Schwab Fundamental US Large Co. Index ETF 0.4 25 25 6.6 -9.1
KOKU Xtrackers MSCI Kokusai Equity ETF 0.4 9 41 4.6 -11.0
DWAS Invesco Dorsey Wright SmallCap Momentum ETF 0.4 60 -10 -0.9 -16.6
FEX First Trust Large Cap Core AlphaDEX Fund 0.4 59 -9 5.3 -10.4
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.4 9 41 5.2 -10.5
ROSC Hartford Multifactor Small Cap ETF 0.4 34 16 7.7 -8.0
PSC Principal U.S. Small-Cap ETF 0.4 38 12 4.1 -11.6
URTH iShares MSCI World ETF 0.3 24 26 4.6 -11.1
SMDX Intech S&P Small-Mid Cap Divers Alp ETF 0.3 35 15 6.8 -8.9
XSMO Invesco S&P SmallCap Momentum ETF 0.3 39 11 4.0 -11.7
FFF Founders 100 ETF 0.3 75 -25 2.7 -13.0
IWM iShares Russell 2000 ETF 0.3 19 31 2.9 -12.8
ENHU iShares Enhanced Large Cap Core Active ETF 0.3 22 28 4.4 -11.3
MGC Vanguard Mega Cap ETF 0.3 7 43 4.1 -11.5
ONEV State Street SPDR Russell 1000 Low Volatility Focus ETF 0.3 20 30 7.4 -8.2
INRO iShares U.S. Industry Rotation Active ETF 0.3 42 8 3.8 -11.8
REVS Columbia Research Enhanced Value ETF 0.3 19 31 7.1 -8.6
FELC Fidelity Enhanced Large Cap Core ETF 0.3 18 32 4.6 -11.0
MCDS JPMorgan Fundamental Data Science Mid Core ETF 0.3 35 15 5.2 -10.5
ACWI iShares MSCI ACWI ETF 0.3 32 18 5.0 -10.7
VT Vanguard Total World Stock ETF 0.3 6 44 5.3 -10.4
JQUA JPMorgan U.S. Quality Factor ETF 0.3 12 38 5.3 -10.4
RWK Invesco S&P MidCap 400 Revenue ETF 0.3 39 11 8.5 -7.2
RWJ Invesco S&P SmallCap 600 Revenue ETF 0.3 39 11 8.3 -7.4
FELV Fidelity Enhanced Large Cap Value ETF 0.3 18 32 6.0 -9.7
HDUS Hartford Disciplined US Equity ETF 0.3 19 31 5.0 -10.7
VTWO Vanguard Russell 2000 ETF 0.3 7 43 3.1 -12.6
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 0.3 29 21 5.9 -9.7
JSML Janus Henderson Small Cap Growth Alpha ETF 0.3 30 20 3.0 -12.6
CGDG Capital Group Dividend Growers ETF 0.3 47 3 5.2 -10.5
ESGU iShares ESG Aware MSCI USA ETF 0.3 15 35 4.4 -11.2
VSLU Applied Finance Valuation Large Cap ETF 0.3 49 1 5.0 -10.7
RFDA RiverFront Dynamic US Dividend Advantage ETF 0.3 52 -2 5.5 -10.2
IMCG iShares Morningstar Mid-Cap Growth ETF 0.3 6 44 3.6 -12.0
IWL iShares Russell Top 200 ETF 0.3 15 35 4.1 -11.6
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 0.3 9 41 4.6 -11.1
AUSF Global X Adaptive U.S. Factor ETF 0.2 27 23 8.1 -7.6
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 0.2 29 21 4.2 -11.5
EPS WisdomTree U.S. LargeCap Fund 0.2 8 42 5.0 -10.6
DAK Dakota Active Equity ETF 0.2 43 7 3.9 -11.7
ESG FlexShares Trust FlexShares STOXX US ESG Select Index Fund 0.2 32 18 4.2 -11.4
SCDS JPMorgan Fundamental Data Science Small Core ETF 0.2 40 10 4.3 -11.4
ADME Aptus Drawdown Managed Equity ETF 0.2 79 -29 3.5 -12.2
FDLO Fidelity Low Volatility Factor ETF 0.2 15 35 4.9 -10.8
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 0.2 19 31 5.2 -10.5
JAVA JPMorgan Active Value ETF 0.2 44 6 5.8 -9.9
GEW Cambria Global EW ETF 0.2 29 21 5.6 -10.1
OEF iShares S&P 100 ETF 0.2 20 30 4.1 -11.6
RWL Invesco S&P 500 Revenue ETF 0.2 39 11 6.1 -9.6
FELG Fidelity Enhanced Large Cap Growth ETF 0.2 18 32 3.5 -12.2
FYC First Trust Small Cap Growth AlphaDEX Fund 0.1 71 -21 -0.6 -16.3
ROUS Hartford Multifactor US Equity ETF 0.1 19 31 5.7 -10.0
VBK Vanguard Small-Cap Growth ETF 0.1 7 43 1.3 -14.3
OPTZ Optimize Strategy Index ETF 0.1 50 0 4.1 -11.6
RECS Columbia Research Enhanced Core ETF 0.1 15 35 5.6 -10.1
VUG Vanguard Growth ETF 0.1 4 46 3.6 -12.1
GLOF iShares Global Equity Factor ETF 0.1 20 30 5.9 -9.7
IUSG iShares Core S&P U.S. Growth ETF 0.1 4 46 3.3 -12.3
QWLD SPDR MSCI World StrategicFactors ETF 0.1 30 20 5.3 -10.4
RAYD Rayliant Quantitative Developed Market Equity ETF 0.1 80 -30 3.8 -11.9
IVW iShares S&P 500 Growth ETF 0.1 18 32 3.2 -12.5
VOOG Vanguard S&P 500 Growth ETF 0.1 7 43 3.3 -12.4
SPYG State Street SPDR Portfolio S&P 500 Growth ETF 0.1 4 46 3.3 -12.4
SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF 0.1 20 30 5.7 -10.0
IJT iShares S&P Small-Cap 600 Growth ETF 0.1 18 32 4.0 -11.7
VIOG Vanguard S&P Small-Cap 600 Growth ETF 0.1 10 40 4.0 -11.7
SLYG State Street SPDR S&P 600 Small Cap Growth ETF 0.1 15 35 4.0 -11.7
EBI Longview Advantage ETF 0.1 35 15 6.3 -9.4
ILCG iShares Morningstar Growth ETF 0.1 4 46 3.3 -12.4
PRXG Praxis Impact Large Cap Growth ETF 0.1 36 14 3.3 -12.4
PKW Invesco Buyback Achievers ETF 0.1 62 -12 7.5 -8.2
VALQ American Century U.S. Quality Value ETF 0.1 29 21 7.1 -8.6
GGUS Marketbeta Russell 1000 Growth Equity ETF 0.1 12 38 3.6 -12.1
IWF iShares Russell 1000 Growth ETF 0.0 19 31 3.6 -12.1
VONG Vanguard Russell 1000 Growth ETF 0.0 7 43 3.7 -12.0
ESGG FlexShares STOXX Global ESG Select Index Fund 0.0 42 8 4.5 -11.2
IWO iShares Russell 2000 Growth ETF 0.0 24 26 0.6 -15.1
ONEQ Fidelity Nasdaq Composite Index ETF 0.0 21 29 3.1 -12.5
VTWG Vanguard Russell 2000 Growth ETF 0.0 10 40 0.7 -15.0

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

  2020 2021 2022 2023 2024 2025E 2026E
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
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 VanEck Office and Commercial REIT ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 14.4 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 50 bp
Equals: ALTAR Score 15.7 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.77 CATEGORY
AVERAGE		 1.57
 
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.