ETF Research Center

SNN MicroCap Research Index

ALTAR
Score™

-7.9%

Recommen-
dation

AVOID

2024E 2025E
P/E ratio	60.5x	P/Sales ratio	0.8x
P/BV ratio	1.5x	Div. yield	3.1%

Description
Performance
Comps
Fundamentals
Valuation
Rating

FUND BASICS
Category	Global Equities
Fund Sponsor	SNN
Website
Inception date	Jan 31, 2022
Assets (mns)	$10
Currency	USD
Expense ratio	0 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	321
Wgt avg mkt cap (mns)	$136
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	100.0%
Developed mkts	95.4%
Emerging mkts	4.6%

TOP TEN HOLDINGS
Total	9.5 %
PETROSHALE INC.	1.1 %
VITAL THERAPIES INC	1.0 %
UNITY BANCORP INC	1.0 %
STONEMOR PARTNERS LP	1.0 %
INTERNATIONAL BATTERY METALS LTD	0.9 %
SPRING VALLEY ACQUISITION CORPORAT	0.9 %
GEAR ENERGY LTD.	0.9 %
ACNB CORPORATION	0.9 %
CONSUMER PORTFOLIO SERVICES	0.9 %
ALICO INC	0.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	63.1 %
	CANADA	30.3 %
	CHINA	2.8 %
	ISRAEL	0.9 %
	GERMANY	0.7 %
	CAYMAN ISLANDS	0.6 %
	BRAZIL	0.6 %
	ARGENTINA	0.4 %
	GREECE	0.3 %
	SINGAPORE	0.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
--	--	--	--	0.0%

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

Technical Indicators
Recent close	$50.00
30d moving avg.	$0.00
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Relative strength (RSI)

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.00%
ADV underlying (mns)	$266

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:	SNN MicroCap Research Index
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	-12.1	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	0	bp
Equals: ALTAR Score	-7.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.26	CATEGORY AVERAGE	1.50

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.