Principal U.S. Small Cap Index ETF
ALTAR
Score™		 5.2% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 39.3x P/Sales
ratio		 0.9x
P/BV
ratio		 1.8x Div.
yield		 1.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Principal U.S. Small Cap Index ETF invests in small-capitalization companies within the U.S. that exhibit high shareholder yield, high pricing power, and momentum.

FUND BASICS
Category US Equities
Fund Sponsor The Principal Financial Group
Website www.principaletfs.com
Inception date Sep 21, 2016
Assets (mns) $793
Currency USD
Expense ratio 38 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 474
Wgt avg mkt cap (mns) $2,028
Large cap (>$10bn) 0.1%
Mid cap ($2-10bn) 45.2%
Small cap (<$2bn) 54.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
SPIRIT AEROSYSTEMS HOLD-CL A 1.0 %
ALLIANCE DATA SYSTEMS CORP 0.9 %
MACERICH CO/THE 0.8 %
FIRST HAWAIIAN, INC. 0.8 %
MSC INDUSTRIAL DIRECT CO-A 0.8 %
RADIAN GROUP INC 0.8 %
UNUM GROUP 0.7 %
STERLING BANCORP 0.7 %
SPIRIT AIRLINES INC 0.7 %
WESTERN ALLIANCE BANCORP 0.7 %
Total 8.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.4 %
BERMUDA 0.9 %
IRELAND 0.7 %
PUERTO RICO 0.4 %
NETHERLANDS 0.1 %
LUXEMBOURG 0.1 %





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.
-12.1% -7.4% -- -- 4.3%

Market Correlations
versus... Beta R-squared
S&P500 1.29 85%
MSCI EAFE 1.32 74%
MSCI Emg. Mkts. 0.99 64%

Technical Indicators
Recent close $35.00
30d moving avg. $31.02
Annualized volatility 25.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 2
Turnover 0.0%
Bid/Ask (% of price) 0.21%
ADV underlying (mns) $5,714

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Principal U.S. Small Cap Index ETF ETF based on the alternatives' overlap in portfolio holdings with PSC. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PSC Expense: 38 bp ALTAR Score™: 5.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PSC
Ticker Fund
Name		 Overlap1
vs PSC
(%)		 Expense
ratio
(bp)		 Savings
vs PSC
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs PSC
(%)
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 33.1 35 3 6.7 +1.5
TPSC Timothy Plan US Small Cap Core ETF 32.8 52 -14 6.4 +1.1
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 31.5 20 18 7.7 +2.5
RNSC Small Cap US Equity Select ETF 30.9 60 -22 6.7 +1.5
FYX First Trust Small Cap Core AlphaDEX Fund 30.8 63 -25 6.4 +1.1
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 29.4 35 3 6.9 +1.7
SPSM SPDR Portfolio Small Cap ETF 29.2 5 33 6.3 +1.0
SLY SPDR S&P 600 Small Cap ETF 29.1 15 23 6.1 +0.9
IJR iShares Core S&P Small Cap ETF 29.0 6 32 6.2 +1.0
VIOO Vanguard S&P Small-Cap 600 ETF 28.8 10 28 6.0 +0.8
IWN iShares Russell 2000 Value ETF 28.1 24 14 5.6 +0.4
DES WisdomTree U.S. SmallCap Dividend Fund 27.4 38 0 7.3 +2.1
AVUV Avantis U.S. Small Cap Value ETF 26.9 25 13 6.8 +1.5
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 25.0 40 -2 6.0 +0.8
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 25.0 20 18 4.2 -1.1
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 24.7 29 9 4.4 -0.8
FYT First Trust Small Cap Value AlphaDEX Fund 24.3 72 -34 9.0 +3.8
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 23.8 30 8 6.8 +1.6
CSML IQ Chaikin U.S. Small Cap ETF 23.6 35 3 3.4 -1.8
VTWV Vanguard Russell 2000 Value Index Fund 23.5 15 23 5.7 +0.5
IWM iShares Russell 2000 ETF 23.4 19 19 2.9 -2.3
EES WisdomTree SmallCap Earnings Fund 23.3 38 0 8.7 +3.5
VTWO Vanguard Russell 2000 Index Fund 23.2 10 28 3.0 -2.3
SCHA Schwab U.S. Small-Cap ETF 22.8 4 34 4.1 -1.1
JKL iShares Morningstar Small Cap Value ETF 22.7 30 8 8.2 +3.0
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 22.3 35 3 5.3 +0.1
VIOV Vanguard S&P Small-Cap 600 Value ETF 21.9 15 23 7.4 +2.1
IJS iShares S&P Small-cap 600 Value ETF 21.9 25 13 7.4 +2.2
SLYV SPDR S&P 600 Small Cap Value ETF 21.9 15 23 7.6 +2.4
FNDA Schwab Fundamental U.S. Small Co. Index ETF 21.9 25 13 6.1 +0.9
AFSM First Trust Active Factor Small Cap ETF 21.5 75 -37 5.1 -0.2
IUSS Invesco Strategic US Small Company ETF 21.4 23 15 4.3 -0.9
EWMC Invesco S&P MidCap 400 Equal Weight ETF 21.0 40 -2 6.1 +0.9
SSLY Syntax Stratified SmallCap ETF 21.0 30 8 5.6 +0.3
VIOG Vanguard S&P Small-Cap 600 Growth ETF 20.8 16 22 4.7 -0.5
MDYV SPDR S&P 400 Mid Cap Value ETF 20.2 15 23 7.2 +1.9
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 20.2 12 26 6.5 +1.2
IJJ iShares S&P Mid-Cap 400 Value ETF 20.2 25 13 7.1 +1.8
SLYG SPDR S&P 600 Small Cap Growth ETF 20.1 15 23 4.9 -0.4
IJT iShares S&P Small-Cap 600 Growth ETF 20.1 25 13 4.8 -0.4
RWJ Invesco S&P SmallCap 600 Revenue ETF 19.8 39 -1 5.6 +0.4
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 19.7 39 -1 4.1 -1.2
EZM WisdomTree U.S. MidCap Earnings Fund 19.5 38 0 7.5 +2.3
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 19.2 29 9 5.3 +0.1
STSB iShares Factors US Small Blend Style ETF 19.1 35 3 2.9 -2.3
ISMD Inspire Small/Mid Cap Impact ETF 18.9 60 -22 4.2 -1.1
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 18.9 17 21 4.3 -1.0
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 18.8 29 9 -0.4 -5.6
JKJ iShares Morningstar Small-Cap ETF 18.8 25 13 5.5 +0.3
VBR Vanguard Small Cap Value Index Fund 18.6 7 31 7.0 +1.8
NUSC Nuveen ESG Small-Cap ETF 18.5 40 -2 4.2 -1.0
SMDY Syntax Stratified MidCap ETF 18.0 30 8 5.8 +0.6
PBSM Invesco PureBeta MSCI USA Small Cap ETF 18.0 6 32 4.4 -0.8
IVOV Vanguard S&P Mid-Cap 400 Value ETF 17.8 15 23 7.2 +2.0
ROGS Hartford Multifactor Global Small Cap ETF 17.2 34 4 7.2 +1.9
BKSE BNY Mellon US Small Cap Core Equity ETF 17.0 4 34 5.0 -0.2
FSMD Fidelity Small-Mid Factor ETF 16.9 29 9 5.7 +0.4
IWO iShares Russell 2000 Growth ETF 16.8 24 14 -0.1 -5.3
FYC First Trust Small Cap Growth AlphaDEX Fund 16.5 70 -32 2.1 -3.2
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 16.1 38 0 7.4 +2.2
FAB First Trust Multi Cap Value AlphaDEX Fund 15.9 71 -33 8.1 +2.9
RWK Invesco S&P MidCap 400 Revenue ETF 15.9 39 -1 6.7 +1.4
VFVA Vanguard U.S. Value Factor ETF 15.9 14 24 9.3 +4.1
BUY USCF SummerHaven SHPEI Index Fund 15.6 80 -42 0.0 -5.2
FNK First Trust Mid Cap Value AlphaDEX Fund 15.6 70 -32 8.5 +3.2
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 15.4 24 14 5.9 +0.6
VTWG Vanguard Russell 2000 Growth Index Fund 14.8 15 23 -0.0 -5.3
VFQY Vanguard U.S. Quality Factor ETF 14.6 13 25 5.8 +0.6
SQLV Legg Mason Small-Cap Quality Value 14.3 62 -24 5.4 +0.2
KRE SPDR S&P Regional Banking ETF 14.2 35 3 8.2 +3.0
FNX First Trust Mid Cap Core AlphaDEX Fund 13.9 61 -23 5.7 +0.5
JHSC John Hancock Multifactor Small Cap ETF 13.2 42 -4 4.9 -0.3
AFMC First Trust Active Factor Mid Cap ETF 13.1 65 -27 5.8 +0.5
VB Vanguard Small-Cap ETF 12.9 5 33 4.8 -0.4
RFV Invesco S&P Midcap 400 Pure Value ETF 12.7 35 3 7.7 +2.5
SPMD SPDR Portfolio Mid Cap ETF 12.7 5 33 5.8 +0.6
MDY SPDR S&P Midcap 400 ETF Trust 12.7 23 15 5.6 +0.4
KBE SPDR S&P Bank ETF 12.7 35 3 8.7 +3.5
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 12.6 20 18 4.4 -0.9
IJH iShares Core S&P Mid-Cap ETF 12.6 5 33 5.8 +0.6
CSB VictoryShares US Small Cap High Dividend Volatility Wtd Idx 12.5 35 3 8.3 +3.1
IVOO Vanguard S&P Mid-Cap 400 ETF 12.5 10 28 5.8 +0.5
VUSE Vident Core US Equity Fund 12.2 48 -10 7.9 +2.6
VFMF Vanguard U.S. Multifactor ETF 11.9 19 19 6.5 +1.3
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 11.5 80 -42 5.1 -0.1
BFOR Barron's 400 ETF 11.1 65 -27 6.0 +0.8
QABA First Trust NASDAQ ABA Community Bank Index Fund 10.6 60 -22 8.2 +3.0
KBWR Invesco KBW Regional Banking ETF 10.3 35 3 8.5 +3.3
VFLQ Vanguard U.S. Liquidity Factor ETF 10.2 14 24 3.7 -1.5
RNMC Mid Cap US Equity Select ETF 10.2 60 -22 6.3 +1.0
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 10.1 60 -22 6.5 +1.3
VXF Vanguard Extended Market Index Fund 10.1 6 32 2.9 -2.4
XSLV Invesco S&P SmallCap Low Volatility ETF 9.7 25 13 5.0 -0.2
RZG Invesco S&P Smallcap 600 Pure Growth ETF 9.6 35 3 5.1 -0.1
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 9.6 39 -1 4.6 -0.7
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 9.6 7 31 4.6 -0.6
BTEC Principal Healthcare Innovators Index ETF 9.5 42 -4 -2.1 -7.3
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 9.5 29 9 7.7 +2.5
PSCF Invesco S&P SmallCap Financials ETF 9.2 29 9 9.4 +4.2
PXMV Invesco S&P MidCap Value with Momentum ETF 9.2 39 -1 8.2 +3.0

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

  2015 2016 2017 2018 2019 2020E 2021E
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
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Principal U.S. Small Cap Index ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.3 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 38 bp
Equals: ALTAR Score 5.2 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.57 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.
 

 

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.