ETF Research Center

ETFMG Treatments Testing and Advancements ETF

ALTAR
Score™

-4.8%

Recommen-
dation

AVOID

2024E 2025E
P/E ratio	-20.5x	P/Sales ratio	2.6x
P/BV ratio	2.1x	Div. yield	0.7%

Description
Performance
Comps
Fundamentals
Valuation
Rating

GERM tracks a tier-weighted, narrow index of US-listed global biotech companies that are engaged in the testing and treatments of infectious diseases.

FUND BASICS
Category	Global Equities
Fund Sponsor	ETFMG
Website	etfmg.com
Inception date	Jun 17, 2020
Assets (mns)	$10
Currency	USD
Expense ratio	68 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	57
Wgt avg mkt cap (mns)	$38,634
Large cap (>$10bn)	44.8%
Mid cap ($2-10bn)	9.0%
Small cap (<$2bn)	46.3%
Developed mkts	95.8%
Emerging mkts	4.2%

TOP TEN HOLDINGS
Total	54.2 %
ALNYLAM PHARMACEUTICALS INC	11.1 %
LABCORP HOLDINGS	7.1 %
QUEST DIAGNOSTICS	6.5 %
BIONTECH SE SPONSORED ADR	5.3 %
VAXCYTE, INC.	4.4 %
BIO-RAD LABORATORIES-CL A	4.4 %
QUIDEL CORP	4.3 %
ZAI LAB LTD. UNSPONSORED ADR	3.8 %
BIOCRYST PHARMACEUTICALS INC	3.8 %
DYNAVAX TECHNOLOGIES CORP	3.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	79.7 %
	GERMANY	7.2 %
	BRITAIN	5.2 %
	CHINA	3.8 %
	CANADA	1.7 %
	FRANCE	1.0 %
	JAPAN	0.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru August 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.5%	-0.7%	--	--	-8.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.95	43%
MSCI EAFE	0.96	41%
MSCI Emg. Mkts.	0.74	24%

Technical Indicators
Recent close	$19.16
30d moving avg.	$19.14
Annualized volatility	26.3%
Short interest (ETF)	0.0%
Relative strength (RSI)	54

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.6%
Bid/Ask (% of price)	0.73%
ADV underlying (mns)	$8,036

Distributions

There were no matches found with other funds under coverage.

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RESULTS & ESTIMATES

	2019	2020	2021	2022	2023	2024E	2025E
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

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VALUATION METRICS

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

Historical valuation trends

Forward multiple:	ETFMG Treatments Testing and Advancements ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	-9.1	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	68	bp
Equals: ALTAR Score	-4.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	CATEGORY AVERAGE	1.54

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.