Invesco KBW Property & Casualty Insurance ETF
ALTAR
Score™		 5.8% info Recommen-
dation		 OVERWEIGHT
2021E    2022E
P/E
ratio		 14.9x P/Sales
ratio		 1.3x
P/BV
ratio		 1.3x Div.
yield		 2.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco KBW Property & Casualty Insurance Portfolio seeks investment results that correspond (before fees and expenses) generally to the price and yield of the index called the KBW Property

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Dec 02, 2010
Assets (mns) $76
Currency USD
Expense ratio 35 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Tiered
Index replication Full
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 24
Wgt avg mkt cap (mns) $26,588
Large cap (>$10bn) 64.5%
Mid cap ($2-10bn) 30.6%
Small cap (<$2bn) 4.9%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ALLSTATE CORP 8.6 %
PROGRESSIVE CORP 8.4 %
AMERICAN INTERNATIONAL GROUP 8.0 %
TRAVELERS COS INC/THE 7.6 %
CHUBB LIMITED 7.5 %
HARTFORD FINANCIAL SVCS GRP 4.5 %
ASSURANT INC 4.5 %
CINCINNATI FINANCIAL CORP 4.2 %
AMERICAN FINANCIAL GROUP INC 4.2 %
HANOVER INSURANCE GROUP INC/ 4.1 %
Total 61.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 75.1 %
BERMUDA 17.4 %
SWITZERLAND 7.5 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru April 30)
Year-to-date 1 year 5 years 10 years Since Incep.
16.0% 52.3% 13.0% 13.9% 14.0%

Market Correlations
versus... Beta R-squared
S&P500 0.78 55%
MSCI EAFE 0.82 59%
MSCI Emg. Mkts. 0.58 37%

Technical Indicators
Recent close $78.79
30d moving avg. $77.68
Annualized volatility 19.5%
Short interest (ETF) 0.6%
Short interest (Underlying) 1.4%
Relative strength (RSI) 69

Liquidity measures
Avg. volume (thou.) 54
Turnover 5.6%
Bid/Ask (% of price) 0.14%
ADV underlying (mns) $2,558

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 436 potential alternatives to the Invesco KBW Property & Casualty Insurance ETF ETF based on the alternatives' overlap in portfolio holdings with KBWP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: KBWP Expense: 35 bp ALTAR Score™: 5.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KBWP
Ticker Fund
Name		 Overlap1
vs KBWP
(%)		 Expense
ratio
(bp)		 Savings
vs KBWP
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs KBWP
(%)
IAK iShares U.S. Insurance ETF 49.2 42 -7 7.0 +1.2
KIE SPDR S&P Insurance ETF 35.1 35 0 7.1 +1.3
FXO First Trust Financials AlphaDEX Fund 18.2 62 -27 8.1 +2.2
RYF Invesco S&P 500 Equal Weight Financials ETF 16.1 40 -5 6.9 +1.0
FOVL iShares Focused Value Factor ETF 12.3 25 10 8.3 +2.4
LSAT Leadershares Alphafactor Tactical Focused ETF 10.6 99 -64 7.0 +1.1
JHMF John Hancock Multifactor Financials ETF 10.5 40 -5 6.2 +0.4
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 9.3 41 -6 4.9 -0.9
IEFN iShares Evolved U.S. Financials ETF 8.6 18 17 7.1 +1.3
FNCL Fidelity MSCI Financials Index ETF 8.2 8 27 6.9 +1.1
RPV Invesco S&P 500 Pure Value ETF 8.1 35 0 8.3 +2.5
XLF Financial Select Sector SPDR Fund 8.0 12 23 6.6 +0.8
VFH Vanguard Financials Index Fund 7.9 10 25 6.9 +1.1
PY Principal Shareholder Yield Index ETF 6.4 15 20 7.6 +1.8
SPVU Invesco S&P 500 Enhanced Value ETF 6.3 13 22 8.2 +2.4
FTA First Trust Large Cap Value AlphaDEX Fund 6.2 60 -25 7.0 +1.2
PWV Invesco Dynamic Large Cap Value ETF 6.0 56 -21 6.2 +0.3
FLV American Century Focused Large Cap Value ETF 6.0 42 -7 5.5 -0.4
VTRN Victory Portfolios II VictoryShares Top Veteran Employers ET 5.9 60 -25 5.8 0.0
VETS Pacer Military Times Best Employers ETF 5.9 60 -25 5.8 -0.0
DVLU First Trust Dorsey Wright Momentum & Value ETF 5.9 60 -25 8.5 +2.6
IYF iShares U.S. Financials ETF 5.8 42 -7 5.7 -0.1
DFNL Davis Select Financial ETF 5.8 64 -29 6.4 +0.5
PKW Invesco Buyback Achievers ETF 5.6 62 -27 6.9 +1.1
ONEV SPDR Russell 1000 Low Volatility Focus ETF 5.3 20 15 5.6 -0.3
NIFE Direxion Fallen Knives ETF 5.3 50 -15 3.9 -1.9
SPGP Invesco S&P 500 GARP ETF 5.3 34 1 6.2 +0.4
XMLV Invesco S&P MidCap Low Volatility ETF 5.1 25 10 4.9 -1.0
CVY Invesco Zacks Multi-Asset Income ETF 5.1 94 -59 7.6 +1.8
DEMZ Advisors Inner Circle Fund III DEMZ Political Contributions 5.0 45 -10 4.0 -1.8
FCTR First Trust Lunt U.S. Factor Rotation ETF 4.9 65 -30 4.2 -1.7
LGLV SPDR Russell 1000 Low Volatility ETF 4.8 12 23 4.4 -1.4
SPVM Invesco S&P 500 Value with Momentum ETF 4.5 39 -4 6.9 +1.0
FAB First Trust Multi Cap Value AlphaDEX Fund 4.5 70 -35 7.1 +1.2
FVL First Trust Value Line 100 ETF 4.5 70 -35 0.0 -5.8
IMCV iShares Morningstar Mid-Cap Value ETF 4.4 6 29 5.8 0.0
FVD First Trust Value Line Dividend Index Fund 4.3 70 -35 5.2 -0.6
FTCS First Trust Capital Strength ETF 4.2 58 -23 4.8 -1.0
CLRG IQ Chaikin U.S. Large Cap ETF 4.2 25 10 5.0 -0.9
RFV Invesco S&P Midcap 400 Pure Value ETF 4.2 35 0 8.0 +2.2
UTRN Vesper U.S. Large Cap Short-Term Reversal Strategy ETF 4.1 75 -40 5.0 -0.8
IXG iShares Global Financials ETF 4.1 46 -11 7.9 +2.0
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF 4.1 35 0 6.4 +0.6
VSL Volshares Large Capital ETF 4.1 65 -30 4.9 -0.9
RDVY First Trust Rising Dividend Achievers ETF 4.1 50 -15 6.0 +0.2
FNK First Trust Mid Cap Value AlphaDEX Fund 3.8 70 -35 7.0 +1.1
VFLQ Vanguard U.S. Liquidity Factor ETF 3.7 14 21 3.3 -2.6
VFVA Vanguard U.S. Value Factor ETF 3.7 14 21 7.8 +1.9
USMF WisdomTree U.S. Multifactor Fund 3.7 28 7 5.3 -0.5
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 3.6 35 0 4.8 -1.0
FMK First Trust Mega Cap AlphaDEX Fund 3.6 70 -35 0.0 -5.8
SPMV Invesco S&P 500 Minimum Variance ETF 3.6 10 25 4.8 -1.1
YLDE ClearBridge Dividend Strategy ESG ETF 3.6 60 -25 4.4 -1.5
FDLO Fidelity Low Volatility Factor ETF 3.6 29 6 4.3 -1.5
STLV iShares Factors US Value Style ETF 3.5 25 10 6.6 +0.7
KLCD KFA Large Cap Quality Dividend Index ETF 3.5 42 -7 5.2 -0.7
KVLE KFA Value Liner Dynamic Core Equity Index ETF 3.4 56 -21 5.9 +0.1
EDOW First Trust Dow 30 Equal Weight ETF 3.3 50 -15 5.1 -0.8
JEPI JPMorgan Equity Premium Income ETF 3.3 35 0 4.7 -1.1
NOBL ProShares S&P 500 Dividend Aristocrats ETF 3.3 35 0 5.0 -0.9
DJD Invesco Dow Jones Industrial Average Dividend ETF 3.3 7 28 6.3 +0.5
FEX First Trust Large Cap Core AlphaDEX Fund 3.3 59 -24 5.2 -0.7
ABEQ Absolute Core Strategy ETF 3.2 88 -53 3.8 -2.0
QLV FlexShares US Quality Low Volatility Index Fund 3.2 22 13 4.2 -1.7
USMV iShares Edge MSCI Min Vol USA ETF 3.2 15 20 5.1 -0.7
NULV Nuveen ESG Large-Cap Value ETF 3.1 35 0 5.8 -0.0
PALC Pacer Lunt Large Cap Multi-Factor Alternator ETF 3.1 60 -25 4.8 -1.0
QDIV Global X S&P 500 Quality Dividend ETF 3.1 20 15 6.1 +0.3
QSY WisdomTree U.S. LargeCap Value Fund 3.1 38 -3 6.3 +0.5
DIVZ TrueShares Low Volatility Equity Income ETF 3.1 1 34 8.4 +2.6
VUSE Vident Core US Equity Fund 3.1 48 -13 6.3 +0.5
DIA SPDR Dow Jones Industrial Average ETF Trust 3.0 16 19 5.0 -0.8
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 3.0 17 18 5.3 -0.5
VOE Vanguard Mid-Cap Value Index Fund 3.0 7 28 5.9 +0.0
TMDV ProShares Russell US Dividend Growers ETF 3.0 36 -1 4.6 -1.2
TUSA First Trust Total US Market AlphaDEX ETF 2.9 70 -35 5.5 -0.3
ONEY SPDR Russell 1000 Yield Focus ETF 2.9 20 15 6.0 +0.2
SCHD Schwab U.S. Dividend Equity ETF 2.8 6 29 6.7 +0.9
ESGS Columbia Sustainable U.S. Equity Income ETF 2.8 35 0 7.1 +1.3
MAGA Point Bridge GOP Stock Tracker ETF 2.8 72 -37 4.9 -0.9
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 2.6 20 15 3.6 -2.2
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 2.6 29 6 5.9 +0.0
RVRS Reverse Cap Weighted U.S. Large Cap ETF 2.6 29 6 5.1 -0.8
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 2.6 80 -45 4.7 -1.2
HDV iShares Core High Dividend ETF 2.6 8 27 6.0 +0.1
IMCB iShares Morningstar Mid-Cap ETF 2.6 4 31 4.6 -1.3
TPHD Timothy Plan High Dividend Stock ETF 2.6 52 -17 5.3 -0.6
BKMC BNY Mellon US Mid Cap Core Equity ETF 2.6 4 31 4.6 -1.3
FUNL CornerCap Fundametrics Large-Cap ETF 2.5 50 -15 6.8 +0.9
SDY SPDR S&P Dividend ETF 2.5 35 0 5.6 -0.3
VLU SPDR S&P 1500 Value Tilt ETF 2.5 12 23 6.0 +0.1
FNX First Trust Mid Cap Core AlphaDEX Fund 2.5 60 -25 5.0 -0.9
HUSV First Trust Horizon Managed Volatility Domestic ETF 2.5 70 -35 4.8 -1.0
FLRG Fidelity U.S. Multifactor ETF 2.4 29 6 5.5 -0.3
IVOV Vanguard S&P Mid-Cap 400 Value ETF 2.4 15 20 6.2 +0.3
MDYV SPDR S&P 400 Mid Cap Value ETF 2.4 15 20 6.2 +0.4
IJJ iShares S&P Mid-Cap 400 Value ETF 2.4 18 17 6.2 +0.3
AMCA iShares Russell 1000 Pure U.S. Revenue ETF 2.4 15 20 5.7 -0.2
FLLV Franklin Liberty U.S. Low Volatility ETF 2.4 29 6 4.7 -1.1
AVDR AVDR US LargeCap Leading ETF 2.4 60 -25 4.8 -1.1
EUSA iShares MSCI USA Equal Weighted ETF 2.3 15 20 4.9 -0.9
FSMD Fidelity Small-Mid Factor ETF 2.3 29 6 5.7 -0.2
ACWF iShares MSCI Global Multifactor ETF 2.3 35 0 6.6 +0.8
VYM Vanguard High Dividend Yield Index ETF 2.3 6 29 6.4 +0.6
CFA VictoryShares US 500 Volatility Weighted Index ETF 2.3 35 0 5.0 -0.8
RWK Invesco S&P MidCap 400 Revenue ETF 2.3 39 -4 5.9 +0.1
CFO VictoryShares US 500 Enhanced Volatility Weighted Index ETF 2.3 35 0 5.0 -0.8
DFND Siren DIVCON Dividend Defender ETF 2.3 144 -109 4.0 -1.8
VSDA VictoryShares Dividend Accelerator ETF 2.3 35 0 4.4 -1.5
JSTC Adasina Social Justice All Cap Global ETF 2.3 89 -54 5.0 -0.8
SYE SPDR MFS Systematic Core Equity ETF 2.3 60 -25 0.0 -5.8
LEAD Siren DIVCON Leaders Dividend ETF 2.3 43 -8 5.0 -0.8
XMVM Invesco S&P MidCap Value with Momentum ETF 2.2 39 -4 7.3 +1.5
JQUA JPMorgan U.S. Quality Factor ETF 2.2 12 23 4.9 -0.9
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 2.2 25 10 5.4 -0.4
RFFC RiverFront Dynamic US Flex-Cap ETF 2.2 52 -17 4.4 -1.5
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 2.2 17 18 5.4 -0.4
SIZE iShares MSCI USA Size Factor ETF 2.2 15 20 4.9 -1.0
XSLV Invesco S&P SmallCap Low Volatility ETF 2.2 25 10 4.9 -1.0
RWL Invesco S&P 500 Revenue ETF 2.2 39 -4 5.6 -0.2
AFLG First Trust Active Factor Large Cap ETF 2.2 55 -20 4.5 -1.4
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 2.2 60 -25 6.1 +0.3
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 2.2 12 23 5.3 -0.6
ONEO SPDR Russell 1000 Momentum Focus ETF 2.1 20 15 5.3 -0.5
EQOP Natixis U.S. Equity Opportunities ETF 2.1 90 -55 4.1 -1.7
LSLT Salt Low truBeta US Market ETF 2.1 60 -25 5.2 -0.6
DEF Invesco Defensive Equity ETF 2.1 53 -18 5.0 -0.9
PSCF Invesco S&P SmallCap Financials ETF 2.1 29 6 8.1 +2.3
RSP Invesco S&P 500 Equal Weight ETF 2.1 20 15 5.0 -0.8
RAFE PIMCO RAFI ESG U.S. ETF 2.1 30 5 6.3 +0.5
RNMC Mid Cap US Equity Select ETF 2.1 60 -25 5.7 -0.2
IUS Invesco Strategic US ETF 2.0 19 16 5.0 -0.8
GBLO Global Beta Low Beta ETF 2.0 29 6 6.5 +0.6
ECOZ TrueMark ESG Active Opportunities ETF 2.0 58 -23 3.2 -2.6
VIG Vanguard Dividend Appreciation Index Fund 2.0 6 29 5.1 -0.8
RESP WisdomTree US ESG Fund of Benef Interest 2.0 28 7 5.1 -0.7
HOMZ Hoya Capital Housing ETF 2.0 30 5 6.4 +0.5
VTV Vanguard Value Index Fund 2.0 4 31 6.1 +0.3
PEY Invesco High Yield Equity Dividend Achievers ETF 1.9 52 -17 6.8 +1.0
PRF Invesco FTSE RAFI US 1000 ETF 1.9 39 -4 5.6 -0.3
FNDX Schwab Fundamental U.S. Large Co. Index ETF 1.9 25 10 5.4 -0.5
ROUS Hartford Multifactor US Equity ETF 1.9 19 16 5.3 -0.5
QUS SPDR MSCI USA StrategicFactors ETF 1.9 15 20 5.1 -0.7
IWX iShares Russell Top 200 Value ETF 1.9 20 15 5.8 -0.1
EGIS 2nd Vote Society Defended ETF 1.9 75 -40 5.8 -0.1
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 1.9 29 6 5.0 -0.9
PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF 1.9 60 -25 5.9 +0.0
FNDB Schwab Fundamental U.S. Broad Market Index ETF 1.8 25 10 5.3 -0.5
TPLC Timothy Plan US Large Cap Core ETF 1.8 52 -17 4.3 -1.5
CDC VictoryShares US EQ Income Enhanced Volatility Wtd Index ETF 1.8 35 0 6.8 +1.0
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 1.8 35 0 6.8 +1.0
MGMT Ballast Small/Mid Cap ETF 1.8 110 -75 5.3 -0.6
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 1.8 10 25 4.7 -1.1
RYJ Invesco Raymond James SB-1 Equity ETF 1.8 76 -41 2.9 -2.9
VONV Vanguard Russell 1000 Value Index Fund 1.8 8 27 5.7 -0.1
IWD iShares Russell 1000 Value ETF 1.8 19 16 5.6 -0.2
NULC Nuveen ESG Large-Cap ETF 1.8 20 15 4.5 -1.4
SUSL iShares ESG MSCI USA Leaders ETF 1.8 10 25 4.7 -1.1
VEGN US Vegan Climate ETF 1.8 60 -25 3.9 -1.9
VBR Vanguard Small Cap Value Index Fund 1.8 7 28 5.7 -0.1
EWMC Invesco S&P MidCap 400 Equal Weight ETF 1.8 40 -5 5.2 -0.7
IUSV iShares Core S&P U.S. Value ETF 1.8 4 31 5.9 +0.1
REVS Columbia Research Enhanced Value ETF 1.7 19 16 6.4 +0.5
DON WisdomTree U.S. MidCap Dividend Fund 1.7 38 -3 6.1 +0.3
CZA Invesco Zacks Mid-Cap ETF 1.7 69 -34 4.7 -1.1
SCHV Schwab U.S. Large-Cap Value ETF 1.7 4 31 5.8 -0.1
ILCV iShares Morningstar Value ETF 1.7 4 31 5.8 -0.0
XJH iShares ESG Screened S&P Mid-Cap ETF 1.7 12 23 5.2 -0.6
GURU Global X Guru Index ETF 1.7 75 -40 2.6 -3.2
VOOV Vanguard S&P 500 Value ETF 1.7 10 25 5.8 -0.0
SMDY Syntax Stratified MidCap ETF 1.7 30 5 4.8 -1.0
RFDA RiverFront Dynamic US Dividend Advantage ETF 1.7 52 -17 4.8 -1.1
SPYV SPDR Portfolio S&P 500 Value ETF 1.7 4 31 5.9 +0.1
IVE iShares S&P 500 Value ETF 1.7 18 17 5.8 -0.1
MGV Vanguard Mega Cap Value ETF 1.7 7 28 6.2 +0.4
HIPR Direxion High Growth ETF 1.7 40 -5 4.0 -1.9
JMIN JPMorgan U.S. Minimum Volatility ETF 1.7 12 23 5.2 -0.6
AVUS Avantis U.S. Equity ETF 1.7 15 20 4.8 -1.0
IWS iShares Russell Mid-Cap Value ETF 1.7 24 11 5.2 -0.6
PFM Invesco Dividend Achievers ETF 1.6 53 -18 4.9 -0.9
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 1.6 9 26 4.8 -1.0
SVAL iShares US Small Cap Value Factor ETF 1.6 20 15 7.1 +1.3
STLC iShares Factors US Blend Style ETF 1.6 25 10 5.3 -0.5
ULVM VictoryShares USAA MSCI USA Value Momentum ETF 1.6 20 15 6.6 +0.8
DGT SPDR Global Dow ETF 1.6 50 -15 6.0 +0.2
MIDE Xtrackers S&P MidCap 400 ESG ETF 1.6 15 20 5.3 -0.5
KRMA Global X Conscious Companies ETF 1.6 43 -8 4.8 -1.0
DURA VanEck Vectors Morningstar Durable Dividend ETF 1.6 29 6 6.9 +1.1
USXF iShares ESG Advanced MSCI USA ETF 1.6 10 25 4.4 -1.4
IVOO Vanguard S&P Mid-Cap 400 ETF 1.6 10 25 5.2 -0.6
DYNF BlackRock U.S. Equity Factor Rotation ETF 1.6 30 5 5.4 -0.4
ETHO Etho Climate Leadership U.S. ETF 1.6 48 -13 3.7 -2.2
SPMD SPDR Portfolio Mid Cap ETF 1.6 5 30 5.3 -0.6
IJH iShares Core S&P Mid-Cap ETF 1.6 5 30 5.3 -0.6
GDVD Principal Active Global Dividend Income ETF 1.6 58 -23 0.0 -5.8
KBWD Invesco KBW High Dividend Yield Financial ETF 1.6 124 -89 9.1 +3.3
DGRO iShares Core Dividend Growth ETF 1.6 8 27 5.9 +0.1
SCHM Schwab U.S. Mid-Cap ETF 1.5 4 31 4.6 -1.3
VO Vanguard Mid-Cap Index Fund 1.5 4 31 4.3 -1.5
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 1.5 15 20 0.0 -5.8
JPUS JPMorgan Diversified Return U.S. Equity ETF 1.5 18 17 5.6 -0.3
KNGS UPHOLDINGS Compound Kings ETF 1.5 60 -25 3.1 -2.7
RNDV US Equity Dividend Select ETF 1.5 50 -15 6.3 +0.5
AFMC First Trust Active Factor Mid Cap ETF 1.5 65 -30 5.2 -0.6
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 1.5 20 15 0.0 -5.8
JHSC John Hancock Multifactor Small Cap ETF 1.5 42 -7 4.6 -1.3
RNLC Large Cap US Equity Select ETF 1.5 60 -25 4.9 -0.9
JHML John Hancock Multifactor Large Cap ETF 1.5 29 6 4.7 -1.2
CSML IQ Chaikin U.S. Small Cap ETF 1.5 35 0 2.3 -3.6
PSET Principal Price Setters Index ETF 1.5 15 20 4.7 -1.1
JHMM John Hancock Multifactor Mid Cap ETF 1.5 42 -7 4.5 -1.4
QUAL iShares MSCI Usa Quality Factor ETF 1.4 15 20 4.9 -1.0
QDF FlexShares Quality Dividend Index Fund 1.4 37 -2 5.5 -0.3
ACWV iShares MSCI Global Min Vol Factor ETF 1.4 20 15 5.3 -0.6
SIXA 6 Meridian Mega Cap Equity ETF 1.4 82 -47 5.3 -0.6
DDIV First Trust Dorsey Wright Momentum & Dividend ETF 1.4 60 -25 7.8 +2.0
SIXL 6 Meridian Low Beta Equity Strategy ETF 1.4 84 -49 4.3 -1.5
EPS WisdomTree U.S. Earnings 500 Fund 1.4 8 27 5.8 -0.0
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 1.4 24 11 5.4 -0.5
SPYD SPDR S&P 500 High Dividend ETF 1.3 7 28 7.6 +1.8
FDL First Trust Morningstar Dividend Leaders Index Fund 1.3 45 -10 8.3 +2.5
DGRW WisdomTree U.S. Quality Dividend Growth Fund 1.3 28 7 5.8 -0.0
NUMV Nuveen ESG Mid-Cap Value ETF 1.3 40 -5 5.4 -0.4
SPXT ProShares S&P 500 Ex-Technology ETF 1.3 27 8 4.7 -1.1
VNMC Natixis Vaughan Nelson Mid Cap ETF 1.3 90 -55 5.9 +0.0
SSLY Syntax Stratified SmallCap ETF 1.3 30 5 4.6 -1.2
IQSU IQ Candriam ESG US Equity ETF 1.3 9 26 4.6 -1.3
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 1.3 30 5 4.9 -0.9
DSI iShares MSCI KLD 400 Social ETF 1.3 25 10 4.4 -1.4
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 1.3 7 28 3.9 -2.0
VFMF Vanguard U.S. Multifactor ETF 1.2 19 16 6.1 +0.3
QLC FlexShares US Quality Large Cap Index Fund 1.2 32 3 4.5 -1.3
SMDV ProShares Russell 2000 Dividend Growers ETF 1.2 41 -6 4.9 -0.9
ROSC Hartford Multifactor Small Cap ETF 1.2 34 1 6.6 +0.7
PSC Principal U.S. Small Cap Index ETF 1.2 38 -3 4.3 -1.6
QWLD SPDR MSCI World StrategicFactors ETF 1.2 30 5 5.2 -0.6
DFAU Dimensional US Core Equity Market ETF 1.2 12 23 4.7 -1.2
RZV Invesco S&P Smallcap 600 Pure Value ETF 1.2 35 0 6.0 +0.1
AVUV Avantis U.S. Small Cap Value ETF 1.2 25 10 5.9 +0.1
FYT First Trust Small Cap Value AlphaDEX Fund 1.2 72 -37 7.4 +1.6
EQAL Invesco Russell 1000 Equal Weight ETF 1.2 20 15 4.8 -1.1
IWR iShares Russell Midcap ETF 1.1 19 16 4.4 -1.4
IVLC Invesco US Large Cap Core ESG ETF 1.1 48 -13 4.3 -1.5
SPLV Invesco S&P 500 Low Volatility ETF 1.1 25 10 5.4 -0.4
ALTL Pacer Lunt Large Cap Alternator ETF 1.1 60 -25 4.5 -1.3
JCTR JPMorgan Carbon Transition U.S. Equity ETF 1.1 15 20 4.7 -1.2
ESGV Vanguard ESG U.S. Stock ETF 1.1 12 23 4.5 -1.3
HLGE Hartford Longevity Economy ETF 1.1 44 -9 5.9 +0.0
SPXV ProShares S&P 500 Ex-Health Care ETF 1.1 27 8 4.2 -1.6
STMB iShares Factors US Mid Blend Style ETF 1.1 30 5 5.3 -0.5
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 1.1 20 15 4.6 -1.3
OSCV Opus Small Cap Value Plus ETF 1.1 79 -44 4.0 -1.9
XVV iShares ESG Screened S&P 500 ETF 1.1 8 27 4.7 -1.1
EZM WisdomTree U.S. MidCap Earnings Fund 1.1 38 -3 7.0 +1.1
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 1.1 25 10 4.7 -1.1
DES WisdomTree U.S. SmallCap Dividend Fund 1.1 38 -3 6.0 +0.1
SPHB Invesco S&P 500 High Beta ETF 1.1 25 10 4.8 -1.1
ACVF American Conservative Values ETF 1.1 75 -40 4.0 -1.8
VB Vanguard Small-Cap ETF 1.0 5 30 4.2 -1.6
MMTM SPDR S&P 1500 Momentum Tilt ETF 1.0 12 23 4.4 -1.5
SYV SPDR MFS Systematic Value Equity ETF 1.0 60 -25 0.0 -5.8
TTAC TrimTabs US Free Cash Flow Quality ETF 1.0 59 -24 4.5 -1.3
WBIY WBI Power Factor High Dividend ETF 1.0 70 -35 8.1 +2.2
EQWL Invesco Russell Top 200 Equal Weight ETF 1.0 25 10 5.5 -0.4
ACIO Aptus Collared Income Opportunity ETF 1.0 79 -44 3.8 -2.1
SMMD iShares Russell 2500 ETF 1.0 15 20 4.6 -1.3
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 1.0 49 -14 4.2 -1.6
HKND Humankind US Stock ETF 1.0 209 -174 3.5 -2.3
PBUS Invesco PureBeta MSCI USA ETF 1.0 4 31 4.6 -1.2
CATH Global X S&P 500 Catholic Values Custom ETF 1.0 29 6 4.3 -1.5
XYLG Global X S&P 500 Covered Call & Growth ETF 1.0 60 -25 4.3 -1.6
SPXE ProShares S&P 500 Ex-Energy ETF 1.0 27 8 4.6 -1.3
SPTM SPDR Portfolio Total Stock Market ETF 1.0 3 32 4.8 -1.1
IYY iShares Dow Jones U.S. ETF 1.0 20 15 4.4 -1.4
DIVB iShares U.S. Dividend & Buyback ETF 1.0 25 10 5.6 -0.2
VONE Vanguard Russell 1000 ETF 1.0 8 27 4.5 -1.3
IWB iShares Russell 1000 ETF 1.0 15 20 4.5 -1.4
PBP Invesco S&P 500 BuyWrite ETF 1.0 49 -14 4.2 -1.6
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 1.0 20 15 4.6 -1.2
ILCB iShares Morningstar U.S. Equity ETF 1.0 3 32 4.5 -1.3
FNDA Schwab Fundamental U.S. Small Co. Index ETF 1.0 25 10 4.6 -1.2
SCHX Schwab U.S. Large-Cap ETF 1.0 3 32 4.6 -1.3
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 1.0 19 16 5.0 -0.9
SYLD Cambria Shareholder Yield ETF 1.0 59 -24 6.8 +0.9
SNPE Xtrackers S&P 500 ESG ETF 1.0 10 25 4.7 -1.2
MIDF iShares Edge MSCI Multifactor USA Mid-Cap ETF 1.0 25 10 6.5 +0.7
BBUS JP Morgan Betabuilders U.S. Equity ETF 1.0 2 33 4.6 -1.2
SPLG SPDR Portfolio Large Cap ETF 1.0 3 32 4.7 -1.1
SCHK Schwab 1000 Index ETF 1.0 5 30 4.5 -1.3
VOO VANGUARD S&P 500 ETF 0.9 3 32 4.7 -1.1
IVV iShares Core S&P 500 ETF 0.9 3 32 4.7 -1.1
SPY SPDR S&P 500 ETF Trust 0.9 9 26 4.6 -1.2
VTHR Vanguard Russell 3000 Index Fund 0.9 10 25 4.4 -1.5
IWV iShares Russell 3000 ETF 0.9 20 15 4.3 -1.5
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF 0.9 30 5 5.1 -0.8
SCHB Schwab U.S. Broad Market ETF 0.9 3 32 4.4 -1.4
EFIV SPDR S&P 500 ESG ETF 0.9 10 25 4.7 -1.2
WOMN Impact Shares YWCA Women's Empowerment ETF 0.9 75 -40 4.3 -1.6
ITOT iShares Core S&P Total U.S. Stock Market ETF 0.9 3 32 4.4 -1.5
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 0.9 7 28 4.6 -1.3
IWL iShares Russell Top 200 ETF 0.9 15 20 4.5 -1.3
LRGF iShares Edge MSCI Multifactor USA ETF 0.9 20 15 5.9 +0.1
VTI Vanguard Total Stock Market Index Fund 0.9 3 32 4.4 -1.5
VV Vanguard Large-Cap Index Fund 0.9 4 31 4.6 -1.3
VFQY Vanguard U.S. Quality Factor ETF 0.9 13 22 4.9 -0.9
RBUS Nationwide Risk-Based U.S. Equity ETF 0.9 30 5 4.9 -1.0
ESG FlexShares STOXX US ESG Impact Index Fund 0.9 32 3 4.6 -1.3
VLUE iShares MSCI USA Value Factor ETF 0.9 15 20 8.8 +3.0
VIOV Vanguard S&P Small-Cap 600 Value ETF 0.9 15 20 6.1 +0.2
SLYV SPDR S&P 600 Small Cap Value ETF 0.9 15 20 6.0 +0.2
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.9 39 -4 3.5 -2.3
SFYX Sofi Next 500 ETF 0.9 0 35 4.9 -1.0
DTD WisdomTree U.S.Total Dividend Fund 0.9 28 7 6.0 +0.1
WDIV SPDR Global Dividend ETF 0.9 40 -5 8.4 +2.5
VXF Vanguard Extended Market Index Fund 0.9 6 29 2.6 -3.3
FDMO Fidelity Momentum Factor ETF 0.9 29 6 2.8 -3.0
LEGR First Trust Indxx Innovative Transaction & Process ETF 0.8 65 -30 8.1 +2.3
RECS Columbia Research Enhanced Core ETF 0.8 15 20 5.2 -0.7
IJS iShares S&P Small-cap 600 Value ETF 0.8 18 17 5.9 +0.1
RDIV Invesco S&P Ultra Dividend Revenue ETF 0.8 39 -4 7.8 +1.9
ESGU iShares MSCI USA ESG Optimized ETF 0.8 15 20 4.5 -1.3
MXDU Nationwide Maximum Diversification US Core Equity ETF 0.8 34 1 4.2 -1.6
HDIV QRAFT AI-Enhanced U.S. High Dividend ETF 0.8 75 -40 7.3 +1.4
ISCV iShares Morningstar Small Cap Value ETF 0.8 6 29 5.8 -0.1
DVY iShares Select Dividend ETF 0.8 39 -4 7.2 +1.4
SUSA iShares MSCI USA ESG Select ETF 0.8 25 10 4.3 -1.6
BKSE BNY Mellon US Small Cap Core Equity ETF 0.8 4 31 4.6 -1.3
JOET Virtus Terranova US Quality Momentum ETF 0.8 29 6 4.2 -1.6
MMLG First Trust Multi-Manager Large Growth ETF 0.8 85 -50 1.8 -4.1
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 0.8 40 -5 5.0 -0.9
ISMD Inspire Small/Mid Cap Impact ETF 0.8 60 -25 4.5 -1.3
SCHA Schwab U.S. Small-Cap ETF 0.8 4 31 3.5 -2.3
MGC Vanguard Mega Cap Index Fund 0.8 7 28 4.6 -1.3
TPSC Timothy Plan US Small Cap Core ETF 0.7 52 -17 5.6 -0.2
QDEF FlexShares Quality Dividend Defensive Index Fund 0.7 37 -2 5.4 -0.5
ADME Aptus Drawdown Managed Equity ETF 0.7 79 -44 3.4 -2.5
DLN WisdomTree U.S. LargeCap Dividend Fund 0.7 28 7 5.9 +0.1
KOKU Xtrackers MSCI Kokusai Equity ETF 0.7 9 26 4.9 -0.9
SFY SoFi Select 500 ETF 0.7 0 35 4.6 -1.3
OUSA O'Shares FTSE US Quality Dividend ETF 0.7 48 -13 5.3 -0.6
TOK iShares MSCI Kokusai ETF 0.7 25 10 4.8 -1.1
BLES Inspire Global Hope Large Cap ETF 0.7 52 -17 4.7 -1.2
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 0.7 35 0 5.9 +0.1
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 0.7 35 0 5.9 +0.1
FYX First Trust Small Cap Core AlphaDEX Fund 0.7 63 -28 5.3 -0.5
FVAL Fidelity Value Factor ETF 0.7 29 6 6.3 +0.4
XSHQ Invesco S&P SmallCap Quality ETF 0.7 29 6 5.4 -0.4
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 0.7 15 20 4.1 -1.7
IJK iShares S&P Mid-Cap 400 Growth ETF 0.7 17 18 4.1 -1.8
MDYG SPDR S&P 400 Mid Cap Growth ETF 0.7 15 20 4.1 -1.7
URTH iShares MSCI World ETF 0.7 24 11 4.9 -1.0
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.7 9 26 5.0 -0.8
ISCB iShares Morningstar Small-Cap ETF 0.6 4 31 4.0 -1.9
PBSM Invesco PureBeta MSCI USA Small Cap ETF 0.6 6 29 4.0 -1.8
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 0.6 9 26 4.8 -1.0
FCPI Fidelity Stocks for Inflation ETF 0.6 29 6 5.2 -0.6
VTWV Vanguard Russell 2000 Value Index Fund 0.6 15 20 4.6 -1.2
SHE SPDR SSGA Gender Diversity Index ETF 0.6 20 15 3.9 -1.9
LOWC SPDR MSCI ACWI Low Carbon Target ETF 0.6 20 15 5.3 -0.6
IWN iShares Russell 2000 Value ETF 0.6 24 11 4.6 -1.3
IUSS Invesco Strategic US Small Company ETF 0.6 23 12 3.3 -2.5
GBDV Global Beta Smart Income ETF 0.6 29 6 7.6 +1.8
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.6 20 15 5.2 -0.7
ACWI iShares MSCI ACWI ETF 0.6 32 3 5.0 -0.9
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 0.6 35 0 4.7 -1.2
ISCG iShares Morningstar Small-Cap Growth ETF 0.6 6 29 1.8 -4.1
JDIV JPMorgan U.S. Dividend ETF 0.6 12 23 6.3 +0.4
VALQ American Century STOXX U.S. Quality Value ETF 0.6 29 6 6.8 +0.9
LVOL American Century Low Volatility ETF 0.5 29 6 4.6 -1.2
VT Vanguard Total World Stock ETF 0.5 8 27 5.2 -0.6
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 0.5 17 18 3.9 -1.9
IMCG iShares Morningstar Mid-Cap Growth ETF 0.5 6 29 3.2 -2.7
RWJ Invesco S&P SmallCap 600 Revenue ETF 0.5 39 -4 5.1 -0.7
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 0.5 29 6 0.8 -5.1
XSVM Invesco S&P SmallCap Value with Momentum ETF 0.5 39 -4 6.0 +0.2
RNSC Small Cap US Equity Select ETF 0.5 60 -25 5.4 -0.5
SPSM SPDR Portfolio Small Cap ETF 0.5 5 30 5.4 -0.5
SLY SPDR S&P 600 Small Cap ETF 0.5 15 20 5.3 -0.6
VIOO Vanguard S&P Small-Cap 600 ETF 0.5 10 25 5.4 -0.5
VIDI Vident International Equity Fund 0.5 59 -24 8.7 +2.9
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 0.5 29 6 5.9 +0.1
VTWO Vanguard Russell 2000 Index Fund 0.5 10 25 2.7 -3.2
IWM iShares Russell 2000 ETF 0.5 19 16 2.6 -3.3
IJR iShares Core S&P Small Cap ETF 0.5 6 29 5.4 -0.5
AFSM First Trust Active Factor Small Cap ETF 0.5 77 -42 4.6 -1.3
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 0.5 29 6 4.7 -1.1
BKLC BNY Mellon US Large Cap Core Equity ETF 0.5 0 35 4.6 -1.3
JMOM JPMorgan U.S. Momentum Factor ETF 0.5 12 23 3.4 -2.5
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 0.5 20 15 4.0 -1.9
STSB iShares Factors US Small Blend Style ETF 0.4 35 0 3.5 -2.4
FNY First Trust Mid Cap Growth AlphaDEX Fund 0.4 70 -35 1.1 -4.7
NUSC Nuveen ESG Small-Cap ETF 0.4 40 -5 3.7 -2.1
FLQL Franklin LibertyQ U.S. Equity ETF 0.4 15 20 5.7 -0.2
XJR iShares ESG Screened S&P Small-Cap ETF 0.4 12 23 5.2 -0.6
OUSM O'Shares FTSE Russell Small Cap Quality Dividend ETF 0.4 48 -13 5.4 -0.5
IWO iShares Russell 2000 Growth ETF 0.4 24 11 0.1 -5.8
VTWG Vanguard Russell 2000 Growth Index Fund 0.4 15 20 0.2 -5.7
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 0.3 39 -4 3.7 -2.1
JVAL JPMorgan U.S. Value Factor ETF 0.3 12 23 6.5 +0.6
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 0.3 24 11 5.6 -0.2
BBSC JPMorgan BetaBuilders U.S. Small Cap Equity ETF 0.3 9 26 3.4 -2.5
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 0.3 75 -40 2.3 -3.5
FTLB First Trust Hedged BuyWrite Income ETF 0.3 85 -50 5.0 -0.8
FTHI First Trust High Income ETF 0.3 85 -50 5.0 -0.8
BFOR Barron's 400 ETF 0.3 65 -30 5.5 -0.3
GSPY Gotham Enhanced 500 ETF 0.3 50 -15 4.6 -1.3
KOMP SPDR Kensho New Economies Composite ETF 0.2 20 15 2.0 -3.9
IUSG iShares Core S&P US Growth ETF 0.2 4 31 3.9 -1.9
NACP Impact Shares NAACP Minority Empowerment ETF 0.2 49 -14 4.4 -1.4
PWC Invesco Dynamic Market ETF 0.2 58 -23 4.2 -1.7
VOOG Vanguard S&P 500 Growth ETF 0.2 10 25 3.9 -2.0
SPYG SPDR Portfolio S&P 500 Growth ETF 0.2 4 31 3.9 -1.9
IVW iShares S&P 500 Growth ETF 0.2 18 17 3.8 -2.1
EES WisdomTree SmallCap Earnings Fund 0.2 38 -3 7.1 +1.3
ONEQ Fidelity Nasdaq Composite Index Tracking Stock 0.2 21 14 3.1 -2.7
OEF iShares S&P 100 ETF 0.2 20 15 4.4 -1.5
DHS WisdomTree U.S. High Dividend Fund 0.2 38 -3 7.4 +1.6
ESGG FlexShares STOXX Global ESG Impact Index Fund 0.2 42 -7 4.7 -1.2
AUSF Global X Adaptive U.S. Factor ETF 0.2 27 8 7.1 +1.3
LVHD Legg Mason Low Volatility High Dividend ETF 0.1 27 8 6.7 +0.9
JSML Janus Henderson Small Cap Growth Alpha ETF 0.1 30 5 5.1 -0.7
SQEW LeaderShares Equity Skew ETF 0.1 75 -40 5.5 -0.3
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 0.1 30 5 6.1 +0.3
FAD First Trust Multi Cap Growth AlphaDEX Fund 0.1 63 -28 2.0 -3.9
ILCG iShares Morningstar Growth ETF 0.1 4 31 3.2 -2.7
IWY iShares Russell Top 200 Growth ETF 0.1 20 15 3.8 -2.0
VONG Vanguard Russell 1000 Growth Index Fund 0.1 8 27 3.8 -2.1
IWF iShares Russell 1000 Growth ETF 0.1 19 16 3.7 -2.2
MDY SPDR S&P Midcap 400 ETF Trust 0.1 23 12 5.1 -0.8
IWP iShares Russell Mid-Cap Growth ETF 0.1 24 11 2.8 -3.0
SLYG SPDR S&P 600 Small Cap Growth ETF 0.1 15 20 4.6 -1.2
VIOG Vanguard S&P Small-Cap 600 Growth ETF 0.1 16 19 4.6 -1.2
IJT iShares S&P Small-Cap 600 Growth ETF 0.1 18 17 4.6 -1.2
DEW WisdomTree Global High Dividend Fund 0.1 58 -23 8.0 +2.1
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 0.1 30 5 5.0 -0.9
SCHG Schwab U.S. Large-Cap Growth ETF 0.0 4 31 3.3 -2.5

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

  2016 2017 2018 2019 2020 2021E 2022E
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
  2020 2021E 2022E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Invesco KBW Property & Casualty Insurance ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.1 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 5.8 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.61 CATEGORY
AVERAGE		 1.49
 
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.