ETF Research Center

Sound Equity Dividend Income ETF

ALTAR
Score™

11.9%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	10.5x	P/Sales ratio	1.0x
P/BV ratio	1.4x	Div. yield	5.2%

Description
Performance
Comps
Fundamentals
Valuation
Rating

DIVY is an actively managed, narrow portfolio, of US large- and midcap stocks, fundamentally selected for capital appreciation and dividend yield.

FUND BASICS
Category	US Equities
Fund Sponsor	Toroso Investments
Website	www.soundetfs.com
Inception date	Dec 30, 2020
Assets (mns)	$29
Currency	USD
Expense ratio	45 bp
Distributions	Semi-Monthly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	36
Wgt avg mkt cap (mns)	$75,541
Large cap (>$10bn)	71.3%
Mid cap ($2-10bn)	22.3%
Small cap (<$2bn)	3.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	38.3 %
ENBRIDGE INC	5.3 %
CITIGROUP INC	4.3 %
AT&T INC	3.9 %
EVERSOURCE ENERGY	3.7 %
GREIF INC-CL B	3.7 %
GLAXOSMITHKLINE PLC-SPON ADR	3.6 %
INTL BUSINESS MACHINES CORP	3.5 %
CISCO SYSTEMS INC	3.5 %
SONOCO PRODUCTS CO	3.5 %
M & T BANK CORP	3.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	80.5 %
	BRITAIN	7.9 %
	CANADA	5.3 %
	IRELAND	3.0 %
	FRANCE	2.6 %

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.
1.9%	4.5%	--	--	10.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.77	63%
MSCI EAFE	0.83	74%
MSCI Emg. Mkts.	0.58	38%

Technical Indicators
Recent close	$24.15
30d moving avg.	$26.10
Annualized volatility	17.1%
Short interest (ETF)	0.5%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	8
Turnover	0.7%
Bid/Ask (% of price)	0.39%
ADV underlying (mns)	$6,353

Distributions

There were no matches found with other funds under coverage.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
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

	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:	Sound Equity Dividend Income 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	16.3	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	11.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.68	CATEGORY AVERAGE	1.58

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.