GlacierShares Nasdaq Iceland ETF
ALTAR
Score™		 4.0% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 27.1x P/Sales
ratio		 3.2x
P/BV
ratio		 3.6x Div.
yield		 1.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
GlacierShares Nasdaq Iceland ETF seeks to provide investors with exposure to the performance of the Icelandic equity market by tracking the Nasdaq OMX Iceland 15 Index.

FUND BASICS
Category International Equities
Fund Sponsor GlacierShares
Website www.teucrium.com/etfs/glcr
Inception date Mar 26, 2025
Assets (mns) $1
Currency USD
Expense ratio 95 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 10
Wgt avg mkt cap (mns) $1,227
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 0.0%
Small cap (<$2bn) 0.0%
Developed mkts 0.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ISLANDSBANKI HF 9.8 %
ALVOTECH SA 8.6 %
ARION BANKI HF 7.6 %
OCULIS HOLDING AG 6.6 %
SALMAR ASA 4.8 %
BAKKAFROST P/F 4.6 %
MARINE HARVEST 4.6 %
AMAROQ LTD 4.5 %
JOHN BEAN TECHNOLOGIES CORP 4.1 %
KVIKA BANKI HF 3.9 %
Total 59.1 %

TOP COUNTRY EXPOSURE
ICELAND 17.4 %
NORWAY 11.2 %
FAROE ISLANDS 4.6 %
UNITED STATES 4.1 %







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.
-- -- -- -- 21.4%

Market Correlations
versus... Beta R-squared
S&P500 -- --
MSCI EAFE -- --
MSCI Emg. Mkts. -- --

Technical Indicators
Recent close $26.79
30d moving avg. $26.66
Annualized volatility 0.0%
Short interest (ETF) 8.9%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.85%
ADV underlying (mns) $0

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 185 potential alternatives to the GlacierShares Nasdaq Iceland ETF ETF based on the alternatives' overlap in portfolio holdings with GLCR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: GLCR Expense: 95 bp ALTAR Score™: 4.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GLCR
Ticker Fund
Name		 Overlap1
vs GLCR
(%)		 Expense
ratio
(bp)		 Savings
vs GLCR
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs GLCR
(%)
ENOR iShares MSCI Norway ETF 9.5 53 42 10.9 +6.9
NORW Global X MSCI Norway ETF 9.5 50 45 10.6 +6.6
MOO VanEck Agribusiness ETF 6.3 53 42 10.6 +6.6
VEGI iShares MSCI Agriculture Producers ETF 4.1 39 56 8.9 +4.9
PSCI Invesco S&P SmallCap Industrials ETF 2.8 29 66 5.0 +1.0
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 2.5 46 49 9.8 +5.8
BOTZ Global X Robotics & Artificial Intelligence ETF 2.3 69 26 2.1 -1.9
XSMO Invesco S&P SmallCap Momentum ETF 1.8 39 56 5.6 +1.6
ROBO ROBO Global Robotics & Automation Index ETF 1.7 95 0 3.1 -0.9
SDG iShares MSCI Global Sustainable Development Goals ETF 1.2 49 46 5.7 +1.7
HAPS Harbor Human Capital Factor US Small Cap ETF 1.0 60 35 3.8 -0.1
DSTX Distillate International Fundamental Stability & Value ETF 1.0 55 40 7.5 +3.5
HAP VanEck Natural Resources ETF 0.9 50 45 9.1 +5.1
CCNR ALPS CoreCommodity Natural Resources ETF 0.8 39 56 10.1 +6.1
ERTH Invesco MSCI Sustainable Future ETF 0.7 62 33 3.5 -0.5
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 0.7 12 83 5.8 +1.8
ESIX SPDR S&P SmallCap 600 ESG ETF 0.7 12 83 8.0 +4.0
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 0.6 65 30 1.8 -2.2
IJS iShares S&P Small-Cap 600 Value ETF 0.6 18 77 9.5 +5.5
DGRS WisdomTree US Smallcap Quality Dividend Growth Fund 0.6 38 57 10.0 +6.0
SLYV SPDR S&P 600 Small Cap Value ETF 0.5 15 80 9.6 +5.6
VIOV Vanguard S&P Small-Cap 600 Value ETF 0.5 10 85 9.6 +5.6
XJR iShares ESG Screened S&P Small-Cap ETF 0.5 12 83 7.3 +3.3
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF 0.5 15 80 7.8 +3.8
DIM WisdomTree International MidCap Dividend Fund 0.5 58 37 7.5 +3.5
EUDG WisdomTree Europe Quality Dividend Growth Fund 0.5 58 37 6.8 +2.9
DLS WisdomTree International SmallCap Dividend Fund 0.5 58 37 8.1 +4.1
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.5 58 37 6.9 +2.9
DFE WisdomTree Europe SmallCap Dividend Fund 0.5 58 37 8.1 +4.1
IJR iShares Core S&P Small Cap ETF 0.5 6 89 7.5 +3.5
IQDG WisdomTree International Quality Dividend Growth Fund 0.5 42 53 7.2 +3.2
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.5 42 53 6.9 +3.0
VIOO Vanguard S&P Small-Cap 600 ETF 0.5 7 88 7.5 +3.5
SPSM SPDR Portfolio S&P 600 Small Cap ETF 0.5 3 92 7.5 +3.6
IDLV Invesco S&P International Developed Low Volatility ETF 0.4 25 70 6.4 +2.4
MADE iShares U.S. Manufacturing ETF 0.4 40 55 4.9 +0.9
FNY First Trust Mid Cap Growth AlphaDEX Fund 0.4 70 25 2.7 -1.3
IJT iShares S&P Small-Cap 600 Growth ETF 0.4 18 77 5.5 +1.5
BKSE BNY Mellon US Small Cap Core Equity ETF 0.4 4 91 5.7 +1.8
VIOG Vanguard S&P Small-Cap 600 Growth ETF 0.4 10 85 5.6 +1.6
SLYG SPDR S&P 600 Small Cap Growth ETF 0.4 15 80 5.5 +1.5
FEOE First Eagle Overseas Equity ETF 0.3 79 16 7.6 +3.7
IEUS iShares MSCI Europe Small-Cap ETF 0.3 42 53 7.2 +3.2
CSA VictoryShares US Small Cap Volatility Wtd ETF 0.3 35 60 7.8 +3.9
TPSC Timothy Plan US Small Cap Core ETF 0.3 52 43 6.9 +2.9
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 0.3 39 56 5.7 +1.8
MMSC First Trust Multi-Manager Small Cap Opportunities ETF 0.3 95 0 0.4 -3.6
ETHO Etho Climate Leadership U.S. ETF 0.3 47 48 5.2 +1.2
DTH WisdomTree International High Dividend Fund 0.3 58 37 8.4 +4.4
NUDM Nuveen ESG International Developed Markets Equity ETF 0.3 31 64 6.0 +2.0
NUSC Nuveen ESG Small-Cap ETF 0.3 31 64 5.2 +1.2
KXI iShares Global Consumer Staples ETF 0.3 41 54 5.6 +1.6
OCEN IQ Clean Oceans ETF 0.3 45 50 6.1 +2.1
IWN iShares Russell 2000 Value ETF 0.3 24 71 7.1 +3.1
VTWV Vanguard Russell 2000 Value ETF 0.3 10 85 7.1 +3.1
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.2 12 83 4.9 +1.0
DWMF WisdomTree International Multifactor Fund 0.2 38 57 7.1 +3.1
ISMD Inspire Small/Mid Cap ETF 0.2 54 41 5.5 +1.5
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 0.2 24 71 7.4 +3.4
IWM iShares Russell 2000 ETF 0.2 19 76 4.1 +0.1
VTWO Vanguard Russell 2000 ETF 0.2 7 88 4.1 +0.2
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.2 49 46 6.7 +2.7
RSSL Global X Russell 2000 ETF 0.2 8 87 4.2 +0.2
JPIN J.P. Morgan Diversified Return International Equity ETF 0.2 37 58 8.2 +4.2
VBK Vanguard Small-Cap Growth ETF 0.2 7 88 1.9 -2.1
VIDI Vident International Equity Strategy ETF 0.2 61 34 10.5 +6.5
IWO iShares Russell 2000 Growth ETF 0.2 24 71 1.2 -2.8
VTWG Vanguard Russell 2000 Growth ETF 0.2 10 85 1.4 -2.6
SCHC Schwab International Small-Cap Equity ETF 0.2 11 84 6.5 +2.5
RWJ Invesco S&P SmallCap 600 Revenue ETF 0.2 39 56 9.5 +5.5
FNX First Trust Mid Cap Core AlphaDEX Fund 0.2 60 35 7.2 +3.2
VWID Virtus WMC International Dividend ETF 0.2 49 46 8.4 +4.4
DES WisdomTree U.S. SmallCap Dividend Fund 0.2 38 57 9.4 +5.5
FNDC Schwab Fundamental International Small Co. Index ETF 0.2 39 56 5.7 +1.7
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.2 39 56 5.2 +1.2
STXM Strive Mid-Cap ETF 0.2 18 77 6.1 +2.1
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.2 20 75 5.4 +1.4
SCHA Schwab U.S. Small-Cap ETF 0.2 4 91 5.7 +1.7
DMXF iShares ESG Advanced MSCI EAFE ETF 0.2 12 83 5.3 +1.4
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.2 40 55 7.3 +3.3
LVHI Franklin International Low Volatility High Dividend Index ET 0.2 40 55 10.1 +6.1
FSMD Fidelity Small-Mid Multifactor ETF 0.2 15 80 7.1 +3.1
DWM WisdomTree International Equity Fund 0.2 48 47 7.2 +3.2
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 0.2 14 81 6.0 +2.0
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 87 6.0 +2.0
SCHM Schwab U.S. Mid-Cap ETF 0.1 4 91 6.6 +2.6
SCZ iShares MSCI EAFE Small-Cap ETF 0.1 40 55 6.8 +2.8
IEUR iShares Core MSCI Europe ETF 0.1 11 84 7.2 +3.2
ESGD iShares ESG Aware MSCI EAFE ETF 0.1 20 75 6.5 +2.6
SPEU SPDR Portfolio Europe ETF 0.1 7 88 7.3 +3.3
VGK Vanguard FTSE Europe ETF 0.1 6 89 7.3 +3.4
FIDU Fidelity MSCI Industrial Index ETF 0.1 8 87 4.4 +0.4
ISCG iShares Morningstar Small-Cap Growth ETF 0.1 6 89 2.8 -1.2
ISCB iShares Morningstar Small-Cap ETF 0.1 4 91 6.1 +2.1
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 0.1 7 88 6.0 +2.0
FAD First Trust Multi Cap Growth AlphaDEX Fund 0.1 64 31 2.1 -1.9
EFG iShares MSCI EAFE Growth ETF 0.1 36 59 4.2 +0.2
ESML iShares ESG Aware MSCI USA Small-Cap ETF 0.1 17 78 5.6 +1.6
ISCV iShares Morningstar Small Cap Value ETF 0.1 6 89 9.2 +5.2
BBEU JPMorgan BetaBuilders Europe ETF 0.1 9 86 7.0 +3.1
DBEU Xtrackers MSCI Europe Hedged Equity ETF 0.1 46 49 6.4 +2.5
FNDA Schwab Fundamental US Small Co. Index ETF 0.1 25 70 8.3 +4.3
VIS Vanguard Industrials ETF 0.1 9 86 4.5 +0.5
IVLU iShares MSCI Intl Value Factor ETF 0.1 30 65 10.1 +6.2
SFYX SoFi Next 500 ETF 0.1 0 95 5.7 +1.7
VYMI Vanguard International High Dividend Yield ETF 0.1 17 78 9.4 +5.5
CEFA Global X S&P Catholic Values Developed ex-US ETF 0.1 35 60 6.4 +2.4
FLEE Franklin FTSE Europe ETF 0.1 9 86 7.1 +3.1
VB Vanguard Small-Cap ETF 0.1 5 90 6.1 +2.1
GSID Goldman Sachs MarketBeta International Equity ETF 0.1 20 75 6.7 +2.7
AVSD Avantis Responsible International Equity ETF 0.1 23 72 5.5 +1.5
IEFA iShares Core MSCI EAFE ETF 0.1 7 88 6.8 +2.8
VXF Vanguard Extended Market ETF 0.1 5 90 4.6 +0.6
IDEV iShares Core MSCI International Developed Markets ETF 0.1 4 91 6.8 +2.8
BKIE BNY Mellon International Equity ETF 0.1 4 91 6.9 +2.9
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 0.1 20 75 6.2 +2.2
IEV iShares Europe ETF 0.1 67 28 6.7 +2.7
EZM WisdomTree U.S. MidCap Fund 0.1 38 57 9.1 +5.2
JHSC John Hancock Multifactor Small Cap ETF 0.1 42 53 6.6 +2.6
VSGX Vanguard ESG International Stock ETF 0.1 10 85 7.4 +3.4
EFA iShares MSCI EAFE ETF 0.1 35 60 6.5 +2.5
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 0.1 36 59 6.2 +2.3
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.1 39 56 7.7 +3.8
VEA Vanguard FTSE Developed Markets ETF 0.1 3 92 7.0 +3.0
DIVI Franklin International Core Dividend Tilt Index ETF 0.1 9 86 7.8 +3.8
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 0.1 20 75 5.5 +1.5
AVDS Avantis International Small Cap Equity ETF 0.1 30 65 7.1 +3.1
DFAI Dimensional International Core Equity Market ETF 0.1 18 77 7.0 +3.0
VXUS Vanguard Total International Stock ETF 0.1 5 90 7.6 +3.6
IXUS iShares Core MSCI Total International Stock ETF 0.1 7 88 7.6 +3.6
SCHF Schwab International Equity ETF 0.1 6 89 7.0 +3.0
KOMP SPDR S&P Kensho New Economies Composite ETF 0.1 20 75 2.3 -1.7
HFXI IQ FTSE International Equity Currency Neutral ETF 0.1 20 75 6.7 +2.8
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.1 18 77 7.7 +3.7
VEU Vanguard FTSE All-World ex-US Index Fund 0.0 4 91 7.8 +3.8
ACWX iShares MSCI ACWI ex U.S. ETF 0.0 34 61 7.4 +3.4
SPDW SPDR Portfolio Developed World ex-US ETF 0.0 3 92 6.8 +2.8
DFIS Dimensional International Small Cap ETF 0.0 39 56 7.1 +3.2
FNDF Schwab Fundamental International Large Co. Index ETF 0.0 25 70 9.2 +5.2
DFIC Dimensional International Core Equity 2 ETF 0.0 23 72 7.3 +3.3
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.0 41 54 7.0 +3.1
GSIE Goldman Sachs ActiveBeta International Equity ETF 0.0 25 70 7.0 +3.0
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.0 45 50 8.5 +4.6
DFSI Dimensional International Sustainability Core 1 ETF 0.0 24 71 6.2 +2.2
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 0.0 25 70 7.2 +3.2
GWX SPDR S&P International Small Cap ETF 0.0 40 55 5.8 +1.8
DISV Dimensional International Small Cap Value ETF 0.0 42 53 8.7 +4.8
ESGG FlexShares STOXX Global ESG Select Index Fund 0.0 42 53 5.2 +1.2
JHMD John Hancock Multifactor Developed International ETF 0.0 39 56 7.4 +3.4
IQSI IQ Candriam International Equity ETF 0.0 15 80 6.5 +2.5
SCHE Schwab Emerging Markets Equity ETF 0.0 11 84 10.4 +6.4
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.0 30 65 7.6 +3.7
EFV iShares MSCI EAFE Value ETF 0.0 34 61 8.9 +4.9
VWO Vanguard FTSE Emerging Markets ETF 0.0 7 88 9.8 +5.8
VT Vanguard Total World Stock ETF 0.0 6 89 5.7 +1.7
DFAS Dimensional U.S. Small Cap ETF 0.0 26 69 6.4 +2.4
DXIV Dimensional International Vector Equity ETF 0.0 34 61 7.7 +3.7
DFIV Dimensional International Value ETF 0.0 27 68 9.5 +5.5
AVDE Avantis International Equity ETF 0.0 23 72 7.2 +3.2
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.0 39 56 6.6 +2.6
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.0 30 65 6.9 +2.9
AVSU Avantis Responsible U.S. Equity ETF 0.0 15 80 5.8 +1.8
DFAT Dimensional U.S. Targeted Value ETF 0.0 28 67 9.4 +5.4
URTH iShares MSCI World ETF 0.0 24 71 4.9 +0.9
TOK iShares MSCI Kokusai ETF 0.0 26 69 4.9 +0.9
MMTM SPDR S&P 1500 Momentum Tilt ETF 0.0 12 83 4.4 +0.4
ACWI iShares MSCI ACWI ETF 0.0 32 63 5.3 +1.3
ESGV Vanguard ESG U.S. Stock ETF 0.0 9 86 4.5 +0.6
DFUV Dimensional US Marketwide Value ETF 0.0 22 73 7.4 +3.4
SCHK Schwab 1000 Index ETF 0.0 5 90 4.8 +0.8
KOKU Xtrackers MSCI Kokusai Equity ETF 0.0 9 86 5.0 +1.1
AVUS Avantis U.S. Equity ETF 0.0 15 80 5.6 +1.6
TILT FlexShares Morningstar US Market Factor Tilt Index Fund 0.0 25 70 5.5 +1.5
SCHB Schwab U.S. Broad Market ETF 0.0 3 92 4.8 +0.9
ITOT iShares Core S&P Total U.S. Stock Market ETF 0.0 3 92 4.7 +0.7
IWV iShares Russell 3000 ETF 0.0 20 75 4.6 +0.6
SPTM SPDR Portfolio S&P 1500 Composite Stock Market ETF 0.0 3 92 5.0 +1.0
VTHR Vanguard Russell 3000 ETF 0.0 7 88 4.7 +0.7
VTI Vanguard Total Stock Market ETF 0.0 3 92 4.7 +0.7
DFAC Dimensional U.S. Core Equity 2 ETF 0.0 17 78 5.4 +1.4
QWLD SPDR MSCI World StrategicFactors ETF 0.0 30 65 5.8 +1.8
FNDB Schwab Fundamental US Broad Market Index ETF 0.0 25 70 7.0 +3.1
VLU SPDR S&P 1500 Value Tilt ETF 0.0 12 83 7.3 +3.3
DXUV Dimensional US Vector Equity ETF 0.0 28 67 6.1 +2.1
AVDV Avantis International Small Cap Value ETF 0.0 36 59 9.1 +5.1

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:		 GlacierShares Nasdaq Iceland 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 15.6 %
Divided by: Fwd. P/BV 3.2 x
Less: Expense ratio 95 bp
Equals: ALTAR Score 4.0 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.99 CATEGORY
AVERAGE		 1.63
 
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.