Grayscale Future of Finance ETF
ALTAR
Score™		 -2.5% info Recommen-
dation		 AVOID
2022E    2023E
P/E
ratio		 6.2x P/Sales
ratio		 0.9x
P/BV
ratio		 1.6x Div.
yield		 1.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
GFOF is passively managed to track a market cap-weighted index of global stocks identified as shaping the Future of Finance.

FUND BASICS
Category Global Equities
Fund Sponsor Digital Currency Group, Inc.
Website grayscale.com/gfof/
Inception date Feb 01, 2022
Assets (mns) $4
Currency USD
Expense ratio 70 bp
Distributions

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 20
Wgt avg mkt cap (mns) $19,141
Large cap (>$10bn) 29.1%
Mid cap ($2-10bn) 24.8%
Small cap (<$2bn) 46.1%
Developed mkts 95.7%
Emerging mkts 4.3%

TOP TEN HOLDINGS
COINBASE GLOBAL, INC. CLASS A 11.8 %
RIOT BLOCKCHAIN INC 7.2 %
PAYPAL HOLDINGS INC 6.8 %
IRIS ENERGY LTD. 6.8 %
ROBINHOOD MARKETS, INC. CLASS A 6.4 %
MARATHON DIGITAL HOLDINGS INC 6.4 %
BLOCK INC. 6.2 %
NORTHERN DATA AG 6.1 %
HUT 8 MINING CORP. 6.1 %
BITFARMS LTD. 5.9 %
Total 69.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 65.8 %
CANADA 12.0 %
AUSTRALIA 6.8 %
CHINA 6.2 %
GERMANY 6.1 %
JAPAN 3.9 %
ISRAEL 3.1 %




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.
41.1% -57.1% -- -- -57.1%

Market Correlations
versus... Beta R-squared
S&P500 2.18 44%
MSCI EAFE 1.73 26%
MSCI Emg. Mkts. 0.87 7%

Technical Indicators
Recent close $9.63
30d moving avg. $10.36
Annualized volatility 79.4%
Short interest (ETF) 1.2%
Relative strength (RSI) 46

Liquidity measures
Avg. volume (thou.) 3
Turnover 0.7%
Bid/Ask (% of price) 1.35%
ADV underlying (mns) $5,572

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 359 potential alternatives to the Grayscale Future of Finance ETF ETF based on the alternatives' overlap in portfolio holdings with GFOF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: GFOF Expense: 70 bp ALTAR Score™: -2.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GFOF
Ticker Fund
Name		 Overlap1
vs GFOF
(%)		 Expense
ratio
(bp)		 Savings
vs GFOF
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs GFOF
(%)
BKCH Global X Blockchain ETF 58.7 50 20 -30.8 -28.2
BITQ Bitwise Crypto Industry Innovators ETF 56.4 85 -15 -21.4 -18.9
DAPP VanEck Digital Transformation ETF 53.0 50 20 -89.3 -86.8
SATO Invesco Alerian Galaxy Crypto Economy ETF 46.2 60 10 -26.0 -23.5
DAM VanEck Digital Assets Mining ETF 45.6 50 20 -322.6 -320.1
IBLC iShares Blockchain and Tech ETF 44.6 47 23 -29.5 -27.0
WGMI Valkyrie Bitcoin Miners ETF 40.1 75 -5 -129.2 -126.6
STCE Schwab Crypto Thematic ETF 39.9 30 40 -3.9 -1.4
CRPT First Trust SkyBridge Crypto Industry and Digital Economy ET 38.7 85 -15 1.2 +3.7
FDIG Fidelity Crypto Industry and Digital Payments ETF 34.9 39 31 0.2 +2.7
BLOK Amplify Transformational Data Sharing ETF 31.8 71 -1 3.2 +5.7
TWEB SoFi Web 3 ETF 24.4 59 11 -15.7 -13.2
BWEB Bitwise Web3 ETF 23.5 85 -15 2.6 +5.2
BIDS Amplify Digital & Online Trading ETF 23.0 59 11 8.4 +11.0
ARKF ARK Fintech Innovation ETF 21.9 75 -5 -2.3 +0.3
BLKC Invesco Alerian Galaxy Blockchain Users and Decentralized Co 21.6 60 10 2.9 +5.4
ARKW ARK Web x.0 ETF 18.6 83 -13 -4.8 -2.3
FINX Global X FinTech Thematic ETF 16.8 68 2 5.2 +7.7
BLCN Siren ETF Trust Siren Nasdaq NexGen Economy ETF 15.9 68 2 0.6 +3.2
ARKK ARK Innovation ETF 14.9 75 -5 -7.8 -5.2
IPAY ETFMG Prime Mobile Payments ETF 9.9 75 -5 8.2 +10.8
KOIN Innovation Shares NextGen Protocol ETF 9.1 75 -5 7.6 +10.2
BYOB SoFi Be Your Own Boss ETF 8.8 59 11 -3.2 -0.7
BCDF Horizon Kinetics Blockchain Development ETF 6.6 85 -15 1.4 +4.0
BUZZ VanEck Social Sentiment ETF 6.4 75 -5 1.5 +4.0
BPAY BlackRock Future Financial and Technology ETF 5.9 70 0 11.9 +14.4
AIEQ AI Powered Equity ETF 5.4 75 -5 -6.1 -3.6
GGRW Gabelli Growth Innovators ETF 5.2 90 -20 3.9 +6.5
MEME Roundhill MEME ETF 5.1 69 1 -4.1 -1.5
MVPS Amplify Thematic All-Stars ETF 5.0 49 21 2.1 +4.7
VR Global X Metaverse ETF 4.7 50 20 6.7 +9.2
MILN Global X Millennial Consumer ETF 4.4 50 20 3.5 +6.1
PNQI Invesco NASDAQ Internet ETF 4.4 60 10 3.4 +6.0
JFWD Jacob Forward ETF 4.1 75 -5 -13.9 -11.3
IPO Renaissance IPO ETF 4.1 60 10 -49.6 -47.1
MBCC Monarch Blue Chips Core ETF 4.1 125 -55 4.1 +6.7
SFYF SoFi 50 ETF 3.8 29 41 -7.9 -5.4
KCE SPDR S&P Capital Markets ETF 3.8 35 35 9.6 +12.2
FDN First Trust Dow Jones Internet Index Fund 3.6 51 19 3.1 +5.7
FPX First Trust US IPO Index Fund 3.4 57 13 3.2 +5.7
RAYD Rayliant Quantitative Developed Market Equity ETF 3.0 80 -10 9.5 +12.1
BOSS Global X Founder-Run Companies ETF 2.9 45 25 3.6 +6.2
WCLD WisdomTree Cloud Computing Fund 2.7 45 25 -0.1 +2.4
IYJ iShares U.S. Industrials ETF 2.5 39 31 6.4 +8.9
LOUP Innovator Loup Frontier Tech ETF 2.4 70 0 2.1 +4.6
AOTG AOT Growth and Innovation ETF 2.4 75 -5 3.7 +6.2
IBUY Amplify Online Retail ETF 2.2 65 5 -4.6 -2.1
PUNK Subversive Metaverse ETF 2.2 75 -5 2.7 +5.3
IAI iShares U.S. Broker-Dealers ETF 2.2 39 31 8.9 +11.5
GVIP Goldman Sachs Hedge Industry VIP ETF 2.1 45 25 5.6 +8.1
XLF Financial Select Sector SPDR Fund 2.1 10 60 9.3 +11.8
METV Roundhill Ball Metaverse ETF 2.0 59 11 4.8 +7.3
XSW SPDR S&P Software & Services ETF 2.0 35 35 3.2 +5.7
ITEQ BlueStar Israel Technology ETF 1.9 75 -5 2.5 +5.0
DTEC ALPS Disruptive Technologies ETF 1.9 50 20 4.5 +7.1
ALTL Pacer Lunt Large Cap Alternator ETF 1.8 60 10 4.8 +7.4
GINN Goldman Sachs ETF Trust Goldman Sachs Innovate Equity ETF 1.7 50 20 3.7 +6.2
BUYZ Franklin Disruptive Commerce ETF 1.7 50 20 2.6 +5.1
ISHP First Trust S-Network E-Commerce ETF 1.6 60 10 4.5 +7.0
FDG American Century Focused Dynamic Growth ETF 1.6 45 25 3.4 +5.9
LRGE ClearBridge Large Cap Growth ESG ETF 1.6 59 11 4.2 +6.8
QQXT First Trust Nasdaq-100 Ex-Technology Sector Index Fund 1.5 60 10 5.3 +7.8
PLAT WisdomTree Modern Tech Platforms Fund 1.5 20 50 1.2 +3.8
RYF Invesco S&P 500 Equal Weight Financials ETF 1.5 40 30 10.3 +12.9
EQUL IQ Engender Equality ETF 1.4 45 25 7.8 +10.3
ITAN Sparkline Intangible Value ETF 1.4 50 20 7.8 +10.3
ECOZ TrueMark ESG Active Opportunities ETF 1.4 58 12 5.4 +7.9
TMFG Motley Fool Global Opportunities ETF 1.3 85 -15 4.5 +7.0
DFNV TrimTabs Donoghue Forlines Risk Managed Innovation ETF 1.3 69 1 8.0 +10.5
XT iShares Exponential Technologies ETF 1.3 46 24 3.8 +6.3
LEGR First Trust Indxx Innovative Transaction & Process ETF 1.3 65 5 9.0 +11.5
PSET Principal Price Setters Index ETF 1.2 15 55 7.4 +9.9
INNO Harbor Disruptive Innovation ETF 1.2 75 -5 -3.6 -1.1
LRND IQ U.S. Large Cap R&D Leaders ETF 1.2 14 56 6.8 +9.4
IXG iShares Global Financials ETF 1.1 40 30 10.4 +13.0
KOMP SPDR Kensho New Economies Composite ETF 1.1 20 50 -1.3 +1.2
FXO First Trust Financials AlphaDEX Fund 1.1 61 9 13.8 +16.3
AILG Alpha Intelligent - Large Cap Growth ETF 1.1 85 -15 4.5 +7.1
SPHB Invesco S&P 500 High Beta ETF 1.1 25 45 5.2 +7.7
VGT Vanguard Information Technology Index Fund 1.1 10 60 6.1 +8.6
FTEC Fidelity MSCI Information Technology Index ETF 1.1 8 62 6.1 +8.6
IGM iShares Expanded Tech Sector ETF 1.1 40 30 5.7 +8.3
IMCG iShares Morningstar Mid-Cap Growth ETF 1.0 6 64 5.5 +8.0
EQOP Natixis U.S. Equity Opportunities ETF 1.0 85 -15 6.5 +9.0
KRE SPDR S&P Regional Banking ETF 1.0 35 35 14.1 +16.7
DSTL Distillate US Fundamental Stability & Value ETF 1.0 39 31 8.6 +11.2
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares 1.0 35 35 5.6 +8.1
EQWL Invesco Russell Top 200 Equal Weight ETF 1.0 25 45 7.7 +10.3
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund 1.0 57 13 5.4 +7.9
CACG ClearBridge All Cap Growth ETF 1.0 53 17 4.4 +6.9
TECB iShares US Tech Breakthrough Multisector ETF 1.0 40 30 5.4 +7.9
IEDI iShares Evolved U.S. Discretionary Spending ETF 1.0 18 52 6.4 +9.0
FVAL Fidelity Value Factor ETF 1.0 29 41 10.1 +12.7
GENY Principal Millennials Index ETF 1.0 45 25 6.7 +9.3
ISRA VanEck Israel ETF 1.0 59 11 9.0 +11.5
SNPV Xtrackers S&P ESG Value ETF 0.9 15 55 8.0 +10.6
VEGN US Vegan Climate ETF 0.9 60 10 6.2 +8.7
KBE SPDR S&P Bank ETF 0.9 35 35 14.1 +16.6
SENT AdvisorShares Alpha DNA Equity Sentiment ETF 0.9 108 -38 4.0 +6.5
TRFM AAM Transformers ETF 0.9 49 21 2.0 +4.6
QQMG Invesco ESG NASDAQ 100 ETF 0.9 20 50 6.3 +8.9
VXF Vanguard Extended Market Index Fund 0.9 6 64 4.5 +7.1
KRMA Global X Conscious Companies ETF 0.9 43 27 6.9 +9.4
FTXO First Trust Nasdaq Bank ETF 0.8 60 10 14.8 +17.3
FUNL CornerCap Fundametrics Large-Cap ETF 0.8 50 20 9.0 +11.5
AQGX AI Quality Growth ETF 0.8 97 -27 5.4 +7.9
FCTR First Trust Lunt U.S. Factor Rotation ETF 0.8 65 5 5.9 +8.4
FSST Fidelity Sustainability U.S. Equity ETF 0.8 59 11 6.3 +8.8
KLDW Gavekal Knowledge Leaders Developed World ETF 0.8 75 -5 5.3 +7.8
MGK Vanguard Mega Cap Growth ETF 0.8 7 63 5.6 +8.1
ANEW ProShares MSCI Transformational Changes ETF 0.8 45 25 6.0 +8.5
IAT iShares U.S. Regional Banks ETF 0.8 39 31 14.6 +17.1
IWX iShares Russell Top 200 Value ETF 0.8 20 50 8.0 +10.5
SCHG Schwab U.S. Large-Cap Growth ETF 0.7 40 30 5.2 +7.7
USXF iShares ESG Advanced MSCI USA ETF 0.7 10 60 6.4 +8.9
IETC iShares Evolved U.S. Technology ETF 0.7 18 52 6.0 +8.5
VUG Vanguard Growth Index Fund 0.7 4 66 5.5 +8.1
IMCB iShares Morningstar Mid-Cap ETF 0.7 4 66 7.4 +9.9
PALC Pacer Lunt Large Cap Multi-Factor Alternator ETF 0.7 60 10 6.4 +8.9
JCTR JPMorgan Carbon Transition U.S. Equity ETF 0.7 15 55 6.4 +8.9
TMFC Motley Fool 100 Index ETF 0.7 50 20 5.4 +7.9
QQQ Invesco QQQ Trust 0.7 20 50 5.9 +8.4
QQQM Invesco NASDAQ 100 ETF 0.7 15 55 6.2 +8.8
FDWM Fidelity Women's Leadership ETF 0.6 59 11 6.4 +8.9
BKMC BNY Mellon US Mid Cap Core Equity ETF 0.6 4 66 7.4 +9.9
FLDZ RiverNorth Volition America Patriot ETF 0.6 70 0 7.3 +9.8
SIZE iShares MSCI USA Size Factor ETF 0.6 15 55 7.2 +9.7
LCLG Logan Capital Broad Innovative Growth ETF 0.6 99 -29 7.1 +9.6
IWD iShares Russell 1000 Value ETF 0.6 18 52 8.0 +10.5
IYG iShares US Financial Services ETF 0.6 39 31 9.2 +11.7
VONV Vanguard Russell 1000 Value Index Fund 0.6 8 62 8.1 +10.6
WRND IQ Global Equity R&D Leaders ETF 0.6 18 52 8.5 +11.0
REVS Columbia Research Enhanced Value ETF 0.6 19 51 9.6 +12.2
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 0.6 49 21 6.6 +9.1
SHE SPDR SSGA Gender Diversity Index ETF 0.6 20 50 6.9 +9.4
ENTR Entrepreneur 30 Fund 0.6 49 21 2.6 +5.1
ONEQ Fidelity Nasdaq Composite Index Tracking Stock 0.6 21 49 4.7 +7.3
EUSA iShares MSCI USA Equal Weighted ETF 0.6 9 61 7.3 +9.8
VOOV Vanguard S&P 500 Value ETF 0.6 10 60 7.3 +9.8
IVE iShares S&P 500 Value ETF 0.6 18 52 7.2 +9.7
SPYV SPDR Portfolio S&P 500 Value ETF 0.6 4 66 7.3 +9.9
IYF iShares U.S. Financials ETF 0.6 39 31 9.1 +11.6
EWUS iShares MSCI United Kingdom Small Cap ETF 0.5 59 11 7.9 +10.4
IUSV iShares Core S&P U.S. Value ETF 0.5 4 66 7.5 +10.0
NTZG Nuveen Global Net Zero Transition ETF 0.5 55 15 6.1 +8.6
SFY SoFi Select 500 ETF 0.5 0 70 6.9 +9.5
ADME Aptus Drawdown Managed Equity ETF 0.5 79 -9 6.0 +8.6
WOMN Impact Shares YWCA Women's Empowerment ETF 0.5 75 -5 6.4 +9.0
RESP WisdomTree US ESG Fund of Benef Interest 0.5 28 42 7.9 +10.5
STXG Strive 1000 Growth ETF 0.5 18 52 5.8 +8.3
BTEK BlackRock Future Tech ETF 0.5 88 -18 0.8 +3.3
XOUT GraniteShares XOUT U.S. Large Cap ETF 0.5 60 10 6.2 +8.8
VDNI V-Shares US Leadership Diversity ETF 0.5 29 41 6.8 +9.4
DGT SPDR Global Dow ETF 0.5 50 20 8.4 +10.9
IQSU IQ Candriam ESG US Equity ETF 0.5 9 61 6.3 +8.9
VFVA Vanguard U.S. Value Factor ETF 0.5 13 57 13.0 +15.5
ESG FlexShares STOXX US ESG Impact Index Fund 0.5 32 38 6.6 +9.1
DLS WisdomTree International SmallCap Dividend Fund 0.5 58 12 9.4 +11.9
CVAR Cultivar ETF 0.4 87 -17 8.7 +11.3
AVDV Avantis International Small Cap Value ETF 0.4 36 34 10.3 +12.8
ESGV Vanguard ESG U.S. Stock ETF 0.4 9 61 6.5 +9.1
DSI iShares MSCI KLD 400 Social ETF 0.4 25 45 6.7 +9.3
EGUS iShares ESG Aware MSCI USA Growth ETF 0.4 15 55 5.5 +8.1
WUGI AXS Esoterica NextG Economy ETF 0.4 75 -5 3.6 +6.1
IWL iShares Russell Top 200 ETF 0.4 15 55 6.5 +9.1
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 0.4 20 50 6.6 +9.1
ECNS iShares MSCI China Small-Cap ETF 0.4 57 13 10.7 +13.3
NACP Impact Shares NAACP Minority Empowerment ETF 0.4 49 21 6.6 +9.2
MGC Vanguard Mega Cap Index Fund 0.4 7 63 6.5 +9.1
VBK Vanguard Small-Cap Growth Index Fund 0.4 7 63 1.8 +4.4
ILCG iShares Morningstar Growth ETF 0.4 4 66 5.5 +8.0
PRAY FIS Biblically Responsible Risk Managed ETF 0.4 68 2 7.3 +9.8
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 0.4 7 63 6.7 +9.2
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 0.4 19 51 7.9 +10.4
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 0.4 9 61 7.1 +9.7
ILCB iShares Morningstar U.S. Equity ETF 0.4 3 67 6.8 +9.3
OEF iShares S&P 100 ETF 0.4 20 50 6.5 +9.1
VFH Vanguard Financials Index Fund 0.4 10 60 9.9 +12.4
LCTU BlackRock U.S. Carbon Transition Readiness ETF 0.4 14 56 6.6 +9.1
IWB iShares Russell 1000 ETF 0.4 15 55 6.6 +9.1
VONE Vanguard Russell 1000 ETF 0.4 8 62 6.7 +9.2
VV Vanguard Large-Cap Index Fund 0.4 4 66 6.7 +9.2
IMCV iShares Morningstar Mid-Cap Value ETF 0.4 6 64 9.5 +12.0
IYY iShares Dow Jones U.S. ETF 0.4 20 50 6.5 +9.1
BBUS JP Morgan Betabuilders U.S. Equity ETF 0.4 2 68 6.7 +9.3
ILCV iShares Morningstar Value ETF 0.4 4 66 8.4 +10.9
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF 0.4 11 59 6.7 +9.2
SCHK Schwab 1000 Index ETF 0.4 5 65 6.7 +9.3
IWV iShares Russell 3000 ETF 0.4 20 50 6.4 +9.0
VTI Vanguard Total Stock Market Index Fund 0.4 3 67 6.5 +9.0
VTHR Vanguard Russell 3000 Index Fund 0.4 10 60 6.5 +9.1
ITOT iShares Core S&P Total U.S. Stock Market ETF 0.4 3 67 6.5 +9.1
SCHB Schwab U.S. Broad Market ETF 0.4 3 67 6.6 +9.2
SCHX Schwab U.S. Large-Cap ETF 0.4 3 67 6.7 +9.2
USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF 0.4 10 60 7.0 +9.5
VOT Vanguard Mid-Cap Growth Index Fund 0.3 7 63 5.5 +8.0
PBUS Invesco PureBeta MSCI USA ETF 0.3 4 66 6.8 +9.3
VOTE Engine No. 1 Transform 500 ETF 0.3 5 65 6.5 +9.0
IWS iShares Russell Mid-Cap Value ETF 0.3 23 47 7.9 +10.5
STRV Strive 500 ETF 0.3 5 65 6.6 +9.2
RVRB Reverb ETF 0.3 30 40 6.7 +9.3
DFAU Dimensional US Core Equity Market ETF 0.3 12 58 6.9 +9.5
DFUS Dimensional U.S. Equity ETF 0.3 11 59 6.7 +9.3
RECS Columbia Research Enhanced Core ETF 0.3 15 55 7.8 +10.3
FBCG Fidelity Blue Chip Growth ETF 0.3 59 11 2.9 +5.4
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 0.3 25 45 7.4 +9.9
XVV iShares ESG Screened S&P 500 ETF 0.3 8 62 6.7 +9.3
BKLC BNY Mellon US Large Cap Core Equity ETF 0.3 0 70 6.6 +9.1
SPXV ProShares S&P 500 Ex-Health Care ETF 0.3 27 43 6.3 +8.8
GSPY Gotham Enhanced 500 ETF 0.3 50 20 7.1 +9.7
NZUS SPDR MSCI USA Climate Paris Aligned ETF 0.3 10 60 6.3 +8.8
IUS Invesco Strategic US ETF 0.3 19 51 8.1 +10.7
ESGU iShares MSCI USA ESG Optimized ETF 0.3 15 55 6.7 +9.2
QVML Invesco S&P 500 QVM Multi-factor ETF 0.3 11 59 7.1 +9.7
VB Vanguard Small-Cap ETF 0.3 5 65 6.4 +9.0
ETHO Etho Climate Leadership U.S. ETF 0.3 47 23 5.3 +7.8
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 0.3 20 50 6.6 +9.1
CATH Global X S&P 500 Catholic Values Custom ETF 0.3 29 41 6.5 +9.1
VOO VANGUARD S&P 500 ETF 0.3 3 67 6.9 +9.4
IVV iShares Core S&P 500 ETF 0.3 3 67 6.9 +9.4
SPY SPDR S&P 500 ETF Trust 0.3 9 61 6.8 +9.3
SPLG SPDR Portfolio S&P 500 ETF 0.3 3 67 6.9 +9.4
SPXE ProShares S&P 500 Ex-Energy ETF 0.3 27 43 6.5 +9.1
TOK iShares MSCI Kokusai ETF 0.3 25 45 7.0 +9.5
KOKU Xtrackers MSCI Kokusai Equity ETF 0.3 9 61 7.2 +9.7
SPTM SPDR Portfolio Total Stock Market ETF 0.2 3 67 7.0 +9.6
URTH iShares MSCI World ETF 0.2 24 46 7.1 +9.6
PRF Invesco FTSE RAFI US 1000 ETF 0.2 39 31 8.3 +10.8
EQAL Invesco Russell 1000 Equal Weight ETF 0.2 20 50 7.2 +9.8
GVLU Gotham 1000 Value ETF 0.2 50 20 12.1 +14.6
SFYX Sofi Next 500 ETF 0.2 0 70 7.3 +9.8
PGJ Invesco Golden Dragon China ETF 0.2 70 0 4.5 +7.1
IWN iShares Russell 2000 Value ETF 0.2 23 47 6.7 +9.3
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.2 9 61 7.0 +9.6
VTWV Vanguard Russell 2000 Value Index Fund 0.2 15 55 6.7 +9.2
QLC FlexShares US Quality Large Cap Index Fund 0.2 25 45 7.6 +10.1
SCHA Schwab U.S. Small-Cap ETF 0.2 4 66 6.0 +8.6
IWR iShares Russell Midcap ETF 0.2 18 52 6.9 +9.4
VT Vanguard Total World Stock ETF 0.2 7 63 7.3 +9.8
PABU iShares Paris-Aligned Climate MSCI USA ETF 0.2 10 60 6.3 +8.8
ACWI iShares MSCI ACWI ETF 0.2 32 38 7.2 +9.7
FNCL Fidelity MSCI Financials Index ETF 0.2 8 62 9.9 +12.4
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.2 20 50 7.5 +10.1
JUSA JPMorgan ActiveBuilders U.S. Large Cap Equity ETF 0.2 17 53 6.9 +9.4
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.2 49 21 6.2 +8.8
RSP Invesco S&P 500 Equal Weight ETF 0.2 20 50 7.4 +10.0
AVUS Avantis U.S. Equity ETF 0.2 15 55 7.8 +10.4
AVUV Avantis U.S. Small Cap Value ETF 0.2 25 45 11.9 +14.4
BBSC JPMorgan BetaBuilders U.S. Small Cap Equity ETF 0.2 9 61 5.1 +7.7
CFA VictoryShares US 500 Volatility Weighted Index ETF 0.2 35 35 7.7 +10.2
CFO VictoryShares US 500 Enhanced Volatility Weighted Index ETF 0.2 35 35 7.7 +10.2
SUSA iShares MSCI USA ESG Select ETF 0.2 25 45 6.5 +9.1
JHML John Hancock Multifactor Large Cap ETF 0.2 29 41 7.1 +9.7
AVSC Avantis U.S Small Cap Equity ETF 0.2 25 45 5.6 +8.1
SMMD iShares Russell 2500 ETF 0.2 15 55 6.8 +9.4
VBR Vanguard Small Cap Value Index Fund 0.2 7 63 9.6 +12.1
GPAL Goldman Sachs ActiveBeta Paris-Aligned Climate U.S. Large Ca 0.2 20 50 7.2 +9.8
ESGG FlexShares STOXX Global ESG Impact Index Fund 0.2 42 28 7.1 +9.6
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.2 12 58 6.7 +9.2
RWL Invesco S&P 500 Revenue ETF 0.2 39 31 7.9 +10.5
VO Vanguard Mid-Cap Index Fund 0.2 4 66 7.3 +9.8
IWY iShares Russell Top 200 Growth ETF 0.2 20 50 6.3 +8.8
VALQ American Century STOXX U.S. Quality Value ETF 0.2 29 41 11.0 +13.5
FNDB Schwab Fundamental U.S. Broad Market Index ETF 0.2 25 45 8.2 +10.8
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 0.2 7 63 6.2 +8.7
FNDX Schwab Fundamental U.S. Large Co. Index ETF 0.2 25 45 8.3 +10.8
IEUS iShares MSCI Europe Small-Cap ETF 0.2 40 30 6.3 +8.8
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 0.2 80 -10 12.5 +15.1
DFAC Dimensional U.S. Core Equity 2 ETF 0.2 19 51 7.5 +10.1
DXJS WisdomTree Japan Hedged SmallCap Equity Fund 0.2 58 12 8.6 +11.1
ISCF iShares Edge MSCI Multifactor Intl Small-Cap ETF 0.2 40 30 10.6 +13.1
VSLU Applied Finance Valuation Large Cap ETF 0.2 49 21 8.0 +10.5
DFJ WisdomTree Japan SmallCap Dividend Fund 0.2 58 12 8.2 +10.7
DFIS Dimensional International Small Cap ETF 0.1 39 31 6.4 +8.9
VLU SPDR S&P 1500 Value Tilt ETF 0.1 12 58 8.8 +11.4
DFUV Dimensional US Marketwide Value ETF 0.1 23 47 9.5 +12.0
IWF iShares Russell 1000 Growth ETF 0.1 18 52 6.1 +8.7
VONG Vanguard Russell 1000 Growth Index Fund 0.1 8 62 6.3 +8.8
QGRO American Century STOXX U.S. Quality Growth ETF 0.1 29 41 7.2 +9.7
SCHC Schwab International Small-Cap Equity ETF 0.1 11 59 6.6 +9.1
SCHM Schwab U.S. Mid-Cap ETF 0.1 4 66 7.0 +9.5
HKND Humankind US Stock ETF 0.1 11 59 8.4 +11.0
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 0.1 75 -5 7.7 +10.3
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 7 63 6.9 +9.4
FNDC Schwab Fundamental International Small Co. Index ETF 0.1 39 31 7.2 +9.8
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 0.1 9 61 7.4 +9.9
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.1 39 31 5.8 +8.4
FNDA Schwab Fundamental U.S. Small Co. Index ETF 0.1 25 45 7.4 +10.0
QUS SPDR MSCI USA StrategicFactors ETF 0.1 15 55 7.2 +9.8
IWM iShares Russell 2000 ETF 0.1 19 51 4.9 +7.4
PLRG Principal US Large-Cap Adaptive Multi-Factor ETF 0.1 15 55 6.6 +9.2
VTWO Vanguard Russell 2000 Index Fund 0.1 10 60 4.9 +7.4
ISCG iShares Morningstar Small-Cap Growth ETF 0.1 6 64 2.3 +4.8
SCZ iShares MSCI EAFE Small-Cap ETF 0.1 39 31 6.5 +9.0
RAFE PIMCO RAFI ESG U.S. ETF 0.1 29 41 8.9 +11.4
GWX SPDR S&P International Small Cap ETF 0.1 40 30 6.1 +8.7
VIDI Vident International Equity Fund 0.1 61 9 12.3 +14.8
EES WisdomTree SmallCap Earnings Fund 0.1 38 32 13.3 +15.8
TPLC Timothy Plan US Large Cap Core ETF 0.1 52 18 7.2 +9.7
TPLE Timothy Plan Us Large/Mid Cap Core Enhanced ETF 0.1 52 18 6.6 +9.2
EUDG WisdomTree Europe Quality Dividend Growth Fund 0.1 58 12 6.5 +9.0
SCJ iShares MSCI Japan Small-Cap ETF 0.1 50 20 6.9 +9.4
STXV Strive 1000 Value ETF 0.1 18 52 9.3 +11.9
IDHQ Invesco S&P International Developed Quality ETF 0.1 29 41 8.3 +10.8
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 0.1 29 41 8.8 +11.4
LRGF iShares Edge MSCI Multifactor USA ETF 0.1 8 62 7.9 +10.4
ISCB iShares Morningstar Small-Cap ETF 0.1 4 66 5.6 +8.2
QWLD SPDR MSCI World StrategicFactors ETF 0.1 30 40 7.6 +10.1
AVDE Avantis International Equity ETF 0.1 23 47 9.3 +11.8
IDMO Invesco S&P International Developed Momentum ETF 0.1 25 45 9.5 +12.0
PBSM Invesco PureBeta MSCI USA Small Cap ETF 0.1 6 64 5.9 +8.4
JHMM John Hancock Multifactor Mid Cap ETF 0.1 41 29 8.3 +10.8
SSPY Syntax Stratified LargeCap ETF 0.1 30 40 7.7 +10.2
YPS Arrow Reverse Cap 500 ETF 0.1 29 41 7.1 +9.6
EWX SPDR S&P Emerging Markets Small Cap ETF 0.1 65 5 7.9 +10.4
AVLV Avantis U.S. Large Cap Value ETF 0.1 15 55 9.4 +12.0
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.1 68 2 7.2 +9.7
DFIC Dimensional International Core Equity 2 ETF 0.1 23 47 8.4 +10.9
IGV iShares Expanded Tech-Software ETF 0.0 40 30 4.6 +7.1
IWC iShares Micro-Cap ETF 0.0 60 10 -4.6 -2.1
ONEO SPDR Russell 1000 Momentum Focus ETF 0.0 20 50 9.3 +11.9
AVES Avantis Emerging Markets Value ETF 0.0 36 34 15.0 +17.5
AVEM Avantis Emerging Markets Equity ETF 0.0 33 37 10.6 +13.1
DXJ WisdomTree Japan Hedged Equity Fund 0.0 48 22 12.1 +14.6
ISCV iShares Morningstar Small Cap Value ETF 0.0 6 64 9.0 +11.5
DFAI Dimensional International Core Equity Market ETF 0.0 18 52 7.9 +10.4
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.0 31 39 8.9 +11.4
DWM WisdomTree International Equity Fund 0.0 48 22 9.4 +11.9
JPXN iShares JPX-Nikkei 400 ETF 0.0 48 22 8.9 +11.5
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.0 40 30 9.6 +12.1
IEUR iShares Core MSCI Europe ETF 0.0 9 61 7.7 +10.2
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.0 39 31 9.0 +11.6
DTH WisdomTree International High Dividend Fund 0.0 58 12 11.4 +14.0
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.0 39 31 8.6 +11.1
SPDW SPDR Portfolio Developed World ex-US ETF 0.0 4 66 7.6 +10.2
IDEV iShares Core MSCI International Developed Markets ETF 0.0 4 66 7.8 +10.3
VGK Vanguard FTSE Europe ETF 0.0 8 62 7.8 +10.4
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 0.0 17 53 8.7 +11.3
SPEU SPDR Portfolio Europe ETF 0.0 9 61 7.6 +10.2
IEFA iShares Core MSCI EAFE ETF 0.0 7 63 7.7 +10.2
IQSI IQ Candriam ESG International Equity ETF 0.0 15 55 7.8 +10.4
GXC SPDR S&P China ETF 0.0 59 11 10.1 +12.7
IPAC iShares Core MSCI Pacific ETF 0.0 9 61 7.6 +10.1
MMTM SPDR S&P 1500 Momentum Tilt ETF 0.0 12 58 7.3 +9.8
IXUS ishares Core MSCI Total International Stock ETF 0.0 7 63 8.0 +10.6
VEA Vanguard FTSE Developed Markets ETF 0.0 5 65 8.0 +10.5
VXUS Vanguard Total International Stock ETF 0.0 7 63 8.1 +10.7
GSID Goldman Sachs MarketBeta International Equity ETF 0.0 20 50 7.9 +10.5
VSGX Vanguard ESG International Stock ETF 0.0 12 58 7.8 +10.4
VPL Vanguard FTSE Pacific ETF 0.0 8 62 7.9 +10.4
GMF SPDR S&P Emerging Asia Pacific ETF 0.0 49 21 7.9 +10.5
DFAT Dimensional U.S. Targeted Value ETF 0.0 29 41 10.1 +12.6
DFSV Dimensional US Small Cap Value ETF 0.0 31 39 9.5 +12.1
IWP iShares Russell Mid-Cap Growth ETF 0.0 23 47 5.6 +8.2
VWO Vanguard FTSE Emerging Markets ETF 0.0 8 62 8.8 +11.3
IEMG iShares Core MSCI Emerging Markets ETF 0.0 9 61 8.7 +11.2
SPEM SPDR Portfolio Emerging Markets ETF 0.0 11 59 8.7 +11.2
VTWG Vanguard Russell 2000 Growth Index Fund 0.0 15 55 3.2 +5.7
TPSC Timothy Plan US Small Cap Core ETF 0.0 52 18 9.3 +11.9

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

  2017 2018 2019 2020 2021 2022E 2023E
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
  2021 2022E 2023E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Grayscale Future of Finance 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 -2.3 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 70 bp
Equals: ALTAR Score -2.5 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.20 CATEGORY
AVERAGE		 1.48
 
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.