ETF Research Center

Invesco S&P SmallCap Financials ETF

ALTAR
Score™

9.7%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	10.8x	P/Sales ratio	2.2x
P/BV ratio	1.2x	Div. yield	3.9%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The Invesco S&P Small Cap Financials is based on the S&P SmallCap 600 Capped Financials Index. The Index is a subset of the S&P SmallCap 600 Index, which is a float-adjusted, market-capitalization-weighted index reflecting the U.S. small-cap market.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco
Website	www.invescopowershares.com
Inception date	Apr 07, 2010
Assets (mns)	$18
Currency	USD
Expense ratio	29 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	155
Wgt avg mkt cap (mns)	$2,900
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	67.8%
Small cap (<$2bn)	32.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	18.0 %
MR. COOPER GROUP, INC.	3.6 %
CARETRUST REIT INC	1.9 %
LINCOLN NATIONAL CORP	1.9 %
JACKSON FINANCIAL INCORPORATION CL	1.8 %
TERRENO REALTY CORP	1.6 %
RYMAN HOSPITALITY PROPERTIES	1.5 %
ESSENTIAL PROPERTIES REALTY TRUST,	1.5 %
PIPER JAFFRAY COS	1.5 %
MOELIS & CO - CLASS A	1.4 %
UNION BANKSHARES CORP	1.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	90.3 %
	PUERTO RICO	2.0 %
	BERMUDA	1.5 %
	BRITAIN	1.0 %

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.
4.4%	4.3%	11.1%	6.7%	8.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.15	42%
MSCI EAFE	0.78	24%
MSCI Emg. Mkts.	0.49	11%

Technical Indicators
Recent close	$55.49
30d moving avg.	$57.75
Annualized volatility	23.9%
Short interest (ETF)	0.1%
Short interest (Underlying)	4.1%
Relative strength (RSI)	42

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.3%
Bid/Ask (% of price)	0.21%
ADV underlying (mns)	$1,915

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 384 potential alternatives to the Invesco S&P SmallCap Financials ETF ETF based on the alternatives' overlap in portfolio holdings with PSCF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

PSCF

Expense:

29 bp

ALTAR Score™:

9.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PSCF
Ticker	Fund Name	Overlap¹ vs PSCF (%)	Expense ratio (bp)	Savings vs PSCF (bp)	ALTAR Score™ (%)	ALTAR vs PSCF (%)
XSVM	Invesco S&P SmallCap Value with Momentum ETF	32.8	36	-7	11.0	+1.3
IJS	iShares S&P Small-Cap 600 Value ETF	31.1	18	11	9.9	+0.2
XSLV	Invesco S&P SmallCap Low Volatility ETF	30.8	25	4	7.8	-1.8
KBE	SPDR S&P Bank ETF	29.6	35	-6	9.7	+0.0
SLYV	SPDR S&P 600 Small Cap Value ETF	28.9	15	14	10.0	+0.3
VIOV	Vanguard S&P Small-Cap 600 Value ETF	28.6	10	19	10.0	+0.3
XJR	iShares ESG Screened S&P Small-Cap ETF	28.2	12	17	7.6	-2.1
QVMS	Invesco S&P SmallCap 600 QVM Multi-factor ETF	27.5	15	14	8.0	-1.7
ESIX	SPDR S&P SmallCap 600 ESG ETF	27.1	12	17	8.3	-1.4
IJR	iShares Core S&P Small Cap ETF	26.8	6	23	7.8	-1.9
VIOO	Vanguard S&P Small-Cap 600 ETF	25.4	7	22	7.8	-1.9
KRE	SPDR S&P Regional Banking ETF	25.3	35	-6	10.2	+0.5
SPSM	SPDR Portfolio S&P 600 Small Cap ETF	25.2	3	26	7.8	-1.9
XSMO	Invesco S&P SmallCap Momentum ETF	24.6	39	-10	5.7	-4.0
IJT	iShares S&P Small-Cap 600 Growth ETF	22.8	18	11	5.6	-4.1
VIOG	Vanguard S&P Small-Cap 600 Growth ETF	22.0	10	19	5.8	-3.9
XSHQ	Invesco S&P SmallCap Quality ETF	21.8	29	0	7.6	-2.1
SLYG	SPDR S&P 600 Small Cap Growth ETF	21.8	15	14	5.7	-4.0
SVAL	iShares US Small Cap Value Factor ETF	19.8	20	9	10.7	+1.0
BBSC	JPMorgan BetaBuilders U.S. Small Cap Equity ETF	19.0	9	20	4.1	-5.5
DES	WisdomTree U.S. SmallCap Dividend Fund	18.3	38	-9	9.6	-0.0
AVSC	Avantis U.S Small Cap Equity ETF	18.0	25	4	5.7	-4.0
OMFS	Invesco Russell 2000 Dynamic Multifactor ETF	17.8	39	-10	5.9	-3.8
IWN	iShares Russell 2000 Value ETF	17.5	24	5	7.3	-2.4
VTWV	Vanguard Russell 2000 Value ETF	17.5	10	19	7.3	-2.4
PSC	Principal U.S. Small-Cap ETF	17.5	38	-9	6.9	-2.8
TPSC	Timothy Plan US Small Cap Core ETF	16.9	52	-23	7.0	-2.7
EES	WisdomTree U.S. SmallCap Fund	16.7	38	-9	9.1	-0.6
KBWR	Invesco KBW Regional Banking ETF	16.4	35	-6	9.9	+0.2
QABA	First Trust NASDAQ ABA Community Bank Index Fund	16.3	60	-31	9.4	-0.3
CSA	VictoryShares US Small Cap Volatility Wtd ETF	16.2	35	-6	7.8	-1.9
FYT	First Trust Small Cap Value AlphaDEX Fund	16.1	73	-44	11.1	+1.4
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity ETF	16.0	29	0	8.3	-1.4
SMCF	Themes US Small Cap Cash Flow Champions ETF	15.2	29	0	12.5	+2.8
RWJ	Invesco S&P SmallCap 600 Revenue ETF	14.8	39	-10	9.8	+0.2
HAPS	Harbor Human Capital Factor US Small Cap ETF	14.3	60	-31	4.0	-5.7
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity ETF	14.3	20	9	5.6	-4.1
AVUV	Avantis U.S. Small Cap Value ETF	14.3	25	4	10.0	+0.3
FYX	First Trust Small Cap Core AlphaDEX Fund	14.3	61	-32	6.0	-3.7
ISMD	Inspire Small/Mid Cap ETF	13.5	54	-25	5.7	-4.0
BSVO	EA Bridgeway Omni Small-Cap Value ETF	13.5	47	-18	9.3	-0.4
FESM	Fidelity Enhanced Small Cap ETF	13.5	28	1	7.2	-2.5
SMDV	ProShares Russell 2000 Dividend Growers ETF	13.1	40	-11	7.8	-1.9
RZG	Invesco S&P Smallcap 600 Pure Growth ETF	12.7	35	-6	4.2	-5.5
STXK	Strive Small-Cap ETF	12.1	18	11	5.9	-3.8
RSSL	Global X Russell 2000 ETF	12.1	8	21	4.3	-5.4
ROSC	Hartford Multifactor Small Cap ETF	12.1	34	-5	9.6	-0.1
BKSE	BNY Mellon US Small Cap Core Equity ETF	12.0	4	25	5.9	-3.8
SMLV	SPDR SSGA US Small Cap Low Volatility Index ETF	11.9	12	17	7.7	-2.0
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	11.7	39	-10	5.3	-4.3
VTWO	Vanguard Russell 2000 ETF	11.7	7	22	4.2	-5.5
IWM	iShares Russell 2000 ETF	11.5	19	10	4.2	-5.5
RZV	Invesco S&P Smallcap 600 Pure Value ETF	11.2	35	-6	10.3	+0.7
CSB	VictoryShares US Small Cap High Dividend Volatility Wtd ETF	11.2	35	-6	9.5	-0.2
GRPZ	Invesco S&P SmallCap 600 GARP ETF	11.2	35	-6	7.7	-2.0
SIXS	ETC 6 Meridian Small Cap Equity ETF	10.9	89	-60	10.2	+0.5
FLQS	Franklin U.S. Small Cap Multifactor Index ETF	10.6	35	-6	9.8	+0.1
KCE	SPDR S&P Capital Markets ETF	10.6	35	-6	5.8	-3.9
USVM	VictoryShares US Small Mid Cap Value Momentum ETF	10.4	25	4	7.9	-1.8
PPTY	US Diversified Real Estate ETF	10.4	53	-24	8.2	-1.5
BLDG	Cambria Global Real Estate ETF	10.1	60	-31	12.2	+2.5
DFSV	Dimensional US Small Cap Value ETF	10.1	31	-2	10.4	+0.7
DFAT	Dimensional U.S. Targeted Value ETF	9.8	28	1	9.6	-0.1
FNDA	Schwab Fundamental US Small Co. Index ETF	9.7	25	4	8.6	-1.1
SCHA	Schwab U.S. Small-Cap ETF	9.0	4	25	5.9	-3.8
SMDX	Intech S&P Small-Mid Cap Divers Alp ETF	8.9	35	-6	7.4	-2.3
ISCV	iShares Morningstar Small Cap Value ETF	8.7	6	23	9.5	-0.2
FYC	First Trust Small Cap Growth AlphaDEX Fund	8.7	71	-42	0.4	-9.3
NUSC	Nuveen ESG Small-Cap ETF	8.6	31	-2	5.3	-4.3
JMEE	JPMorgan Market Expansion Enhanced Equity ETF	8.4	24	5	7.9	-1.8
DWAS	Invesco Dorsey Wright SmallCap Momentum ETF	8.4	60	-31	1.9	-7.8
RWR	SPDR Dow Jones REIT ETF	8.3	25	4	7.8	-1.9
BBRE	JPMorgan BetaBuilders MSCI U.S. REIT ETF	8.3	11	18	8.1	-1.5
SQLV	Royce Quant Small-Cap Quality Value ETF	8.2	60	-31	9.8	+0.1
DGRS	WisdomTree US Smallcap Quality Dividend Growth Fund	8.1	38	-9	10.2	+0.5
AFSM	First Trust Active Factor Small Cap ETF	7.9	75	-46	7.9	-1.8
VFMF	Vanguard U.S. Multifactor ETF	7.9	18	11	8.1	-1.6
FRI	First Trust S&P REIT Index Fund	7.6	50	-21	7.6	-2.0
GQRE	FlexShares Global Quality Real Estate Index Fund	7.3	45	-16	8.1	-1.6
USRT	iShares Core U.S. REIT ETF	7.3	8	21	8.1	-1.6
HSMV	First Trust Horizon Managed Volatility Small/Mid ETF	7.2	80	-51	8.2	-1.5
SMLF	iShares U.S. SmallCap Equity Factor ETF	7.1	15	14	5.9	-3.8
DFAS	Dimensional U.S. Small Cap ETF	7.0	26	3	6.5	-3.1
SIXL	ETC 6 Meridian Low Beta Equity ETF	6.8	80	-51	6.3	-3.4
FTXO	First Trust Nasdaq Bank ETF	6.8	60	-31	8.9	-0.8
DFAR	Dimensional US Real Estate ETF	6.6	19	10	8.3	-1.4
RIET	Hoya Capital High Dividend Yield ETF	6.6	50	-21	51.2	+41.5
FREL	Fidelity MSCI Real Estate Index ETF	6.6	8	21	7.9	-1.8
SCHH	Schwab U.S. REIT ETF	6.6	7	22	8.3	-1.3
ISCB	iShares Morningstar Small-Cap ETF	6.4	4	25	6.2	-3.5
SDVY	First Trust SMID Cap Rising Dividend Achievers ETF	6.4	60	-31	7.7	-2.0
VBR	Vanguard Small Cap Value ETF	6.4	7	22	9.4	-0.3
JSML	Janus Henderson Small Cap Growth Alpha ETF	6.4	30	-1	7.9	-1.8
FSMD	Fidelity Small-Mid Multifactor ETF	6.2	15	14	7.3	-2.4
VTWG	Vanguard Russell 2000 Growth ETF	6.2	10	19	1.4	-8.3
KIE	SPDR S&P Insurance ETF	6.2	35	-6	7.0	-2.7
RDOG	ALPS REIT Dividend Dogs ETF	6.1	35	-6	10.1	+0.4
IWO	iShares Russell 2000 Growth ETF	6.1	24	5	1.3	-8.4
VNQ	Vanguard Real Estate ETF	6.1	13	16	7.7	-2.0
BFOR	ALPS Barron's 400 ETF	6.1	65	-36	6.1	-3.6
OSCV	Opus Small Cap Value ETF	6.1	79	-50	6.7	-2.9
FPRO	Fidelity Real Estate Investment ETF	6.0	59	-30	6.8	-2.9
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	5.9	17	12	5.7	-4.0
FSCS	First Trust SMID Capital Strength ETF	5.8	60	-31	7.4	-2.3
IRET	iREIT - MarketVector Quality REIT Index ETF	5.7	60	-31	7.3	-2.4
PFI	Invesco Dorsey Wright Financial Momentum ETF	5.6	60	-31	6.8	-2.9
VRAI	Virtus Real Asset Income ETF	5.5	55	-26	10.5	+0.8
VFVA	Vanguard U.S. Value Factor ETF	5.5	13	16	11.2	+1.5
RWO	SPDR Dow Jones Global Real Estate ETF	5.5	50	-21	7.2	-2.5
HWSM	Hotchkis & Wiley SMID Cap Diversified Value ETF	5.3	55	-26	10.4	+0.7
EZM	WisdomTree U.S. MidCap Fund	5.3	38	-9	9.4	-0.3
NURE	Nuveen Short-Term REIT ETF	5.3	35	-6	8.5	-1.2
SAWS	AAM Sawgrass US Small Cap Quality Growth ETF	5.0	55	-26	4.8	-4.9
WCEO	Hypatia Women CEO ETF	5.0	85	-56	3.9	-5.8
REET	iShares Global REIT ETF	5.0	14	15	7.6	-2.1
VFQY	Vanguard U.S. Quality Factor ETF	4.9	13	16	6.5	-3.2
FAB	First Trust Multi Cap Value AlphaDEX Fund	4.9	67	-38	10.2	+0.5
KBWY	Invesco KBW Premium Yield Equity REIT ETF	4.7	35	-6	9.1	-0.6
VFMO	Vanguard U.S. Momentum Factor ETF	4.7	13	16	2.8	-6.9
SMMV	iShares MSCI USA Small-Cap Min Vol Factor ETF	4.7	20	9	6.4	-3.3
VXF	Vanguard Extended Market ETF	4.7	5	24	4.7	-5.0
DFGR	Dimensional Global Real Estate ETF	4.6	22	7	7.7	-2.0
VB	Vanguard Small-Cap ETF	4.5	5	24	6.2	-3.5
ETHO	Etho Climate Leadership U.S. ETF	4.5	47	-18	5.3	-4.3
MVPA	Miller Value Partners Appreciation ETF	4.4	60	-31	9.9	+0.2
XSHD	Invesco S&P SmallCap High Dividend Low Volatility ETF	4.4	30	-1	13.8	+4.1
JHSC	John Hancock Multifactor Small Cap ETF	4.3	42	-13	6.7	-2.9
KBWD	Invesco KBW High Dividend Yield Financial ETF	4.3	384	-355	14.2	+4.5
SDIV	Global X Superdividend ETF	4.2	58	-29	42.7	+33.0
VAMO	Cambria Value & Momentum ETF	4.2	61	-32	5.7	-3.9
ERET	iShares Environmentally Aware Real Estate ETF	4.2	30	-1	7.5	-2.2
RSMC	Rockefeller U.S. Small-Mid Cap ETF	4.2	75	-46	5.1	-4.6
NETL	NETLease Corporate Real Estate ETF	4.1	60	-31	8.6	-1.1
ISCG	iShares Morningstar Small-Cap Growth ETF	4.0	6	23	2.9	-6.8
AZTD	Aztlan Global Stock Selection DM SMID ETF	3.9	75	-46	7.9	-1.8
FXO	First Trust Financials AlphaDEX Fund	3.9	62	-33	8.4	-1.2
REZ	iShares Residential and Multisector Real Estate ETF	3.8	48	-19	6.6	-3.1
DESK	VanEck Office and Commercial REIT ETF	3.7	50	-21	14.1	+4.5
IAK	iShares U.S. Insurance ETF	3.7	40	-11	7.1	-2.6
JSMD	Janus Henderson Small/Mid Cap Growth Alpha ETF	3.7	30	-1	6.8	-2.9
FNK	First Trust Mid Cap Value AlphaDEX Fund	3.7	70	-41	11.4	+1.8
BLCR	iShares Large Cap Core Active ETF	3.6	36	-7	3.6	-6.1
JRE	Janus Henderson U.S. Real Estate ETF	3.6	65	-36	7.9	-1.8
BYRE	Principal Real Estate Active Opportunities ETF	3.6	65	-36	6.8	-2.9
OUSM	ALPS O'Shares US Small-Cap Quality Dividend ETF	3.6	48	-19	8.6	-1.1
WBIY	WBI Power Factor High Dividend ETF	3.6	100	-71	15.6	+5.9
ABLS	Abacus FCF Small Cap Leaders ETF	3.6	59	-30	6.4	-3.3
CVY	Invesco Zacks Multi-Asset Income ETF	3.5	106	-77	12.9	+3.2
RFDA	RiverFront Dynamic US Dividend Advantage ETF	3.5	52	-23	6.3	-3.4
SYLD	Cambria Shareholder Yield ETF	3.4	59	-30	12.2	+2.5
MMSC	First Trust Multi-Manager Small Cap Opportunities ETF	3.4	95	-66	0.5	-9.2
FNX	First Trust Mid Cap Core AlphaDEX Fund	3.4	60	-31	7.4	-2.3
DXUV	Dimensional US Vector Equity ETF	3.3	28	1	6.3	-3.4
PSR	Invesco Active U.S. Real Estate Fund	3.3	35	-6	8.2	-1.5
FNCL	Fidelity MSCI Financials Index ETF	3.2	8	21	6.5	-3.2
MORT	VanEck Mortgage REIT Income ETF	3.2	43	-14	52.6	+42.9
REM	iShares Mortgage Real Estate ETF	3.2	48	-19	65.0	+55.3
FMKT	The Free Markets ETF	3.2	76	-47	1.4	-8.3
NIXT	Research Affiliates Deletions ETF	3.2	9	20	8.8	-0.9
HOMZ	Hoya Capital Housing ETF	3.1	30	-1	10.1	+0.4
AVRE	Avantis Real Estate ETF	3.1	17	12	7.4	-2.3
VFH	Vanguard Financials ETF	3.1	9	20	6.5	-3.2
FNY	First Trust Mid Cap Growth AlphaDEX Fund	3.1	70	-41	2.7	-7.0
DHS	WisdomTree U.S. High Dividend Fund	3.1	38	-9	8.2	-1.5
DON	WisdomTree U.S. MidCap Dividend Fund	3.0	38	-9	9.2	-0.5
WDIV	SPDR S&P Global Dividend ETF	3.0	40	-11	9.4	-0.3
COPY	Tweedy, Browne Insider + Value ETF	3.0	80	-51	12.0	+2.3
RNMC	First Trust Mid Cap US Equity Select ETF	2.9	60	-31	6.8	-2.9
FAD	First Trust Multi Cap Growth AlphaDEX Fund	2.9	64	-35	2.2	-7.5
FDLS	Inspire Fidelis Multi Factor ETF	2.9	76	-47	5.2	-4.5
HAUS	Residential REIT ETF	2.8	60	-31	5.8	-3.9
DSMC	Distillate Small/Mid Cash Flow ETF	2.8	55	-26	12.5	+2.9
DEW	WisdomTree Global High Dividend Fund	2.8	58	-29	8.5	-1.2
VGSR	Vert Global Sustainable Real Estate ETF	2.8	47	-18	7.6	-2.1
PEY	Invesco High Yield Equity Dividend Achievers ETF	2.7	52	-23	10.5	+0.8
CSMD	Congress SMid Growth ETF	2.6	69	-40	3.9	-5.8
TILT	FlexShares Morningstar US Market Factor Tilt Index Fund	2.6	25	4	5.6	-4.1
FFOX	FundX Future Fund Opportunities ETF	2.6	100	-71	4.3	-5.4
SMAP	Amplify Small-Mid Cap Equity ETF	2.5	60	-31	5.6	-4.1
TAX	Cambria Tax Aware ETF	2.5	49	-20	5.0	-4.7
SMIG	AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF	2.4	60	-31	6.2	-3.5
LVHD	Franklin U.S. Low Volatility High Dividend Index ETF	2.4	27	2	7.1	-2.6
IAI	iShares U.S. Broker-Dealers & Securities Exchanges ETF	2.3	40	-11	4.1	-5.6
RITA	ETFB Green SRI REITs ETF	2.3	50	-21	6.1	-3.6
DTRE	First Trust Alerian Disruptive Technology Real Estate ETF	2.3	60	-31	6.2	-3.5
INDS	Pacer Industrial Real Estate ETF	2.3	55	-26	6.8	-2.9
RNSC	Furst Trust Small Cap US Equity Select ETF	2.2	60	-31	6.1	-3.5
IWC	iShares Micro-Cap ETF	2.2	60	-31	-0.8	-10.5
SCDV	Bahl & Gaynor Small Cap Dividend ETF	2.2	70	-41	4.7	-5.0
OPTZ	Optimize Strategy Index ETF	2.2	50	-21	4.6	-5.1
AMID	Argent Mid Cap ETF Argent Mid Cap ETF	2.1	52	-23	6.6	-3.1
ALIL	Argent Focused Small Cap ETF	2.1	74	-45	7.5	-2.2
CVAR	Cultivar ETF	2.0	87	-58	6.8	-2.9
VBK	Vanguard Small-Cap Growth ETF	2.0	7	22	1.9	-7.8
BOUT	Innovator IBD Breakout Opportunities ETF	1.9	81	-52	2.8	-6.9
BEDZ	AdvisorShares Hotel ETF	1.9	100	-71	7.3	-2.4
FPX	First Trust US Equity Opportunities ETF	1.8	61	-32	0.9	-8.8
BBMC	JPMorgan BetaBuilders U.S. Mid Cap Equity ETF	1.8	7	22	6.1	-3.6
KBWP	Invesco KBW Property & Casualty Insurance ETF	1.8	35	-6	6.8	-2.9
REAI	Intelligent Real Estate ETF	1.8	59	-30	15.1	+5.5
SRET	Global X SuperDividend REIT ETF	1.8	59	-30	12.4	+2.7
SFYX	SoFi Next 500 ETF	1.8	0	29	5.8	-3.9
AFMC	First Trust Active Factor Mid Cap ETF	1.7	65	-36	8.6	-1.1
STCE	Schwab Crypto Thematic ETF	1.7	30	-1	0.5	-9.2
FFSM	Fidelity Fundamental Small-Mid Cap ETF	1.7	43	-14	6.2	-3.4
TMFM	Motley Fool Mid-Cap Growth ETF	1.6	85	-56	2.9	-6.8
TMFS	Motley Fool Small-Cap Growth ETF	1.6	85	-56	4.0	-5.7
FLDZ	RiverNorth Patriot ETF	1.6	75	-46	6.2	-3.4
VLU	SPDR S&P 1500 Value Tilt ETF	1.6	12	17	7.5	-2.2
SPRE	SP Funds S&P Global REIT Sharia ETF	1.6	55	-26	6.3	-3.4
MBOX	Freedom Day Dividend ETF	1.5	39	-10	7.5	-2.2
SCHD	Schwab US Dividend Equity ETF	1.5	6	23	10.1	+0.5
EBI	Longview Advantage ETF	1.5	35	-6	6.6	-3.1
AVSU	Avantis Responsible U.S. Equity ETF	1.5	15	14	6.0	-3.7
GVLU	Gotham 1000 Value ETF	1.5	50	-21	9.1	-0.6
BRNY	Burney U.S. Factor Rotation ETF Burney U.S. Factor Rotation	1.4	79	-50	4.4	-5.3
DFAC	Dimensional U.S. Core Equity 2 ETF	1.4	17	12	5.5	-4.2
PKW	Invesco Buyback Achievers ETF	1.4	62	-33	7.3	-2.4
TBG	TBG Dividend Focus ETF	1.4	59	-30	8.2	-1.5
SURE	AdvisorShares Insiders Advantage ETF	1.4	90	-61	9.9	+0.3
IQRA	IQ CBRE Real Assets ETF	1.3	65	-36	5.8	-3.9
AVUS	Avantis U.S. Equity ETF	1.3	15	14	5.8	-3.9
FDFF	Fidelity Disruptive Finance ETF	1.2	50	-21	4.6	-5.1
UDI	USCF Dividend Income Fund	1.2	65	-36	8.3	-1.4
DEEP	Roundhill Acquirers Deep Value ETF	1.2	80	-51	18.1	+8.4
DFUV	Dimensional US Marketwide Value ETF	1.2	22	7	7.6	-2.1
TXS	Texas Capital Texas Equity Index ETF	1.2	49	-20	5.7	-4.0
FINX	Global X FinTech ETF	1.2	68	-39	2.2	-7.5
ERTH	Invesco MSCI Sustainable Future ETF	1.2	62	-33	3.6	-6.1
SAMT	Strategas Macro Thematic Opportunities ETF	1.2	65	-36	2.5	-7.2
DTD	WisdomTree U.S. Total Dividend Fund	1.1	28	1	6.3	-3.3
FDM	First Trust Dow Jones Select MicroCap Index Fund	1.1	60	-31	7.7	-1.9
DFSU	Dimensional US Sustainability Core 1 ETF	1.1	18	11	5.4	-4.3
TMFG	Motley Fool Global Opportunities ETF	1.1	85	-56	4.1	-5.6
DCOR	Dimensional US Core Equity 1 ETF	1.1	14	15	5.4	-4.3
QDF	FlexShares Quality Dividend Index Fund	1.1	37	-8	6.2	-3.5
PSP	Invesco Global Listed Private Equity ETF	1.1	106	-77	6.2	-3.5
LBO	WHITEWOLF Publicly Listed Private Equity ETF	1.1	70	-41	9.3	-0.4
RDVY	First Trust Rising Dividend Achievers ETF	1.0	50	-21	6.9	-2.8
VFMV	Vanguard U.S. Minimum Volatility ETF	1.0	13	16	5.9	-3.8
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	1.0	29	0	6.5	-3.2
BLOK	Amplify Transformational Data Sharing ETF	0.9	75	-46	-0.4	-10.1
HLGE	Hartford Longevity Economy ETF	0.9	44	-15	-0.4	-10.1
ARB	AltShares Merger Arbitrage ETF	0.9	77	-48	4.2	-5.5
AUSF	Global X Adaptive U.S. Factor ETF	0.9	27	2	9.0	-0.7
CALF	Pacer US Small Cap Cash Cows 100 ETF	0.9	59	-30	11.1	+1.4
FNDB	Schwab Fundamental US Broad Market Index ETF	0.9	25	4	7.3	-2.4
RNWZ	TrueShares Eagle Global Renewable Energy Income ETF	0.9	75	-46	7.2	-2.5
BLLD	JPMorgan Sustainable Infrastructure ETF	0.9	49	-20	6.2	-3.5
ACES	ALPS Clean Energy ETF	0.9	55	-26	-3.0	-12.7
QCLN	First Trust Nasdaq Clean Edge Green Energy Index Fund	0.9	58	-29	-2.0	-11.7
PBD	Invesco Global Clean Energy ETF	0.9	75	-46	-0.4	-10.1
TAN	Invesco Solar ETF	0.9	67	-38	6.1	-3.6
BPAY	BlackRock Future Financial and Technology ETF	0.9	70	-41	8.0	-1.7
ZIG	Acquirers Fund	0.8	84	-55	19.6	+9.9
SPDG	SPDR Portfolio S&P Sector Neutral Dividend ETF	0.8	5	24	8.2	-1.5
JSTC	Adasina Social Justice All Cap Global ETF	0.8	89	-60	4.9	-4.8
AOTG	AOT Growth and Innovation ETF	0.8	75	-46	1.7	-8.0
NEWZ	StockSnips AI-Powered Sentiment US All Cap ETF	0.8	65	-36	4.8	-4.9
BCOR	Grayscale Bitcoin Adopters ETF	0.8	59	-30	2.2	-7.5
CGV	Conductor Global Equity Value ETF	0.8	130	-101	8.4	-1.3
FDL	First Trust Morningstar Dividend Leaders Index Fund	0.7	45	-16	10.9	+1.2
AIRR	First Trust RBA American Industrial Renaissance ETF	0.7	70	-41	4.8	-4.9
VYM	Vanguard High Dividend Yield Index ETF	0.7	6	23	7.1	-2.6
JVAL	JPMorgan U.S. Value Factor ETF	0.7	12	17	8.1	-1.6
SSPX	Janus Henderson U.S. Sustainable Equity ETF	0.7	55	-26	4.2	-5.5
KVLE	KraneShares Value Line Dynamic Dividend Equity Index ETF	0.7	56	-27	6.2	-3.5
STXM	Strive Mid-Cap ETF	0.7	18	11	6.2	-3.5
DIVY	Sound Equity Dividend Income ETF	0.7	45	-16	9.9	+0.2
TMFX	Motley Fool Next Index ETF	0.7	50	-21	2.6	-7.0
EQAL	Invesco Russell 1000 Equal Weight ETF	0.6	20	9	6.8	-2.8
PRF	Invesco FTSE RAFI US 1000 ETF	0.6	39	-10	6.8	-2.9
CZA	Invesco Zacks Mid-Cap ETF	0.6	72	-43	6.7	-3.0
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity ETF	0.6	24	5	8.3	-1.4
ONEQ	Fidelity Nasdaq Composite Index ETF	0.6	21	8	3.6	-6.1
IWV	iShares Russell 3000 ETF	0.6	20	9	4.7	-5.0
DIV	Global X SuperDividend US ETF	0.6	45	-16	12.5	+2.8
VTHR	Vanguard Russell 3000 ETF	0.6	7	22	4.8	-4.9
VTI	Vanguard Total Stock Market ETF	0.6	3	26	4.8	-4.8
SCHB	Schwab U.S. Broad Market ETF	0.6	3	26	5.0	-4.7
SPTM	SPDR Portfolio S&P 1500 Composite Stock Market ETF	0.6	3	26	5.1	-4.6
ESGV	Vanguard ESG U.S. Stock ETF	0.6	9	20	4.7	-5.0
ITOT	iShares Core S&P Total U.S. Stock Market ETF	0.6	3	26	4.8	-4.8
FCPI	Fidelity Stocks for Inflation ETF	0.6	15	14	7.5	-2.2
IPAY	ETFMG Prime Mobile Payments ETFMG Prime Mobile Payments Fund	0.5	75	-46	4.8	-4.8
DFAU	Dimensional US Core Equity Market ETF	0.5	12	17	5.0	-4.7
AVUQ	Avantis U.S. Quality ETF	0.5	15	14	4.4	-5.3
QDEF	FlexShares Quality Dividend Defensive Index Fund	0.5	37	-8	6.0	-3.6
SMOG	VanEck Low Carbon Energy ETF	0.5	61	-32	1.6	-8.1
AIVL	WisdomTree U.S. AI Enhanced Value Fund	0.5	38	-9	6.4	-3.3
BLCN	Siren ETF Trust Siren Nasdaq NexGen Economy ETF	0.5	68	-39	2.4	-7.3
BKMC	BNY Mellon US Mid Cap Core Equity ETF	0.5	4	25	6.2	-3.5
SMMD	iShares Russell 2500 ETF	0.5	15	14	6.2	-3.5
INFL	Horizon Kinetics Inflation Beneficiaries ETF	0.5	85	-56	3.9	-5.8
BGDV	Bahl & Gaynor Dividend ETF	0.5	45	-16	4.7	-5.0
FFTY	Innovator IBD 50 ETF	0.5	80	-51	-2.3	-11.9
AVIE	Avantis� Inflation Focused Equity ETF	0.5	25	4	7.3	-2.4
TTAC	FCF US Quality ETF	0.5	59	-30	6.4	-3.2
FGD	First Trust Dow Jones Global Select Dividend Index Fund	0.5	56	-27	11.0	+1.3
IYF	iShares U.S. Financials ETF	0.5	40	-11	5.9	-3.7
DVY	iShares Select Dividend ETF	0.5	38	-9	9.2	-0.5
MMTM	SPDR S&P 1500 Momentum Tilt ETF	0.4	12	17	4.5	-5.2
SCHM	Schwab U.S. Mid-Cap ETF	0.4	4	25	6.7	-3.0
FMDE	Fidelity Enhanced Mid Cap ETF	0.4	23	6	5.9	-3.8
LST	Leuthold Select Industries ETF	0.4	91	-62	5.0	-4.7
FDIG	Fidelity Crypto Industry and Digital Payments ETF	0.4	39	-10	-1.2	-10.8
ISRA	VanEck Israel ETF	0.4	59	-30	7.0	-2.7
ITEQ	BlueStar Israel Technology ETF	0.4	75	-46	1.6	-8.1
ONEY	SPDR Russell 1000 Yield Focus ETF	0.4	20	9	9.9	+0.2
BCDF	Horizon Kinetics Blockchain Development ETF	0.4	85	-56	4.1	-5.6
DFUS	Dimensional U.S. Equity ETF	0.4	9	20	4.8	-4.9
JPUS	JPMorgan Diversified Return U.S. Equity ETF	0.4	18	11	7.8	-1.9
ICAP	InfraCap Equity Income Fund ETF	0.4	171	-142	6.4	-3.3
IWS	iShares Russell Mid-Cap Value ETF	0.4	23	6	6.9	-2.8
HDUS	Hartford Disciplined US Equity ETF	0.4	19	10	5.7	-4.0
PAWZ	ProShares Pet Care ETF	0.4	50	-21	4.0	-5.7
HKND	Humankind US Stock ETF	0.4	11	18	7.1	-2.6
IQSM	IQ Candriam U.S. Mid Cap Equity ETF	0.4	15	14	6.1	-3.6
CCSO	Carbon Collective Climate Solutions US Equity ETF	0.3	35	-6	0.9	-8.8
LQPE	PEO AlphaQuest Thematic PE ETF	0.3	125	-96	5.3	-4.4
ROUS	Hartford Multifactor US Equity ETF	0.3	19	10	7.0	-2.6
FELV	Fidelity Enhanced Large Cap Value ETF	0.3	18	11	6.8	-2.9
SDY	SPDR S&P Dividend ETF	0.3	35	-6	6.8	-2.9
FLQM	Franklin U.S. Mid Cap Multifactor Index ETF	0.3	30	-1	8.6	-1.1
FLOW	Global X U.S. Cash Flow Kings 100 ETF	0.3	25	4	11.4	+1.7
VT	Vanguard Total World Stock ETF	0.3	6	23	5.8	-3.9
FPXE	First Trust IPOX Europe Equity Opportunities ETF	0.3	70	-41	4.9	-4.8
IWR	iShares Russell Midcap ETF	0.3	19	10	5.9	-3.8
AGNG	Global X Aging Population ETF	0.3	50	-21	4.9	-4.8
LRGF	iShares U.S. Equity Factor ETF	0.3	8	21	5.4	-4.3
PFM	Invesco Dividend Achievers ETF	0.3	53	-24	5.3	-4.4
DGRO	iShares Core Dividend Growth ETF	0.3	8	21	6.5	-3.1
FMET	Fidelity Metaverse ETF	0.2	39	-10	4.6	-5.1
VERS	ProShares Metaverse ETF	0.2	58	-29	-1.0	-10.7
MILN	Global X Millennial Consumer ETF	0.2	50	-21	3.9	-5.8
DIVB	iShares Core Dividend ETF	0.2	5	24	8.2	-1.4
HDV	iShares Core High Dividend ETF	0.2	8	21	7.4	-2.3
FELC	Fidelity Enhanced Large Cap Core ETF	0.2	18	11	5.2	-4.5
GINN	Goldman Sachs Innovate Equity ETF	0.2	52	-23	3.5	-6.1
PSL	Invesco Dorsey Wright Consumer Staples Momentum ETF	0.2	60	-31	7.0	-2.7
FLQL	Franklin LibertyQ U.S. Equity ETF	0.2	15	14	5.3	-4.4
ONEO	SPDR Russell 1000 Momentum Focus ETF	0.2	20	9	7.2	-2.5
AVLV	Avantis U.S. Large Cap Value ETF	0.2	15	14	7.9	-1.8
QGRO	American Century U.S. Quality Growth ETF	0.2	29	0	3.6	-6.1
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.2	9	20	5.6	-4.1
FNDX	Schwab Fundamental US Large Co. Index ETF	0.2	25	4	7.2	-2.5
JHMM	John Hancock Multifactor Mid Cap ETF	0.2	42	-13	6.5	-3.2
STXV	Strive 1000 Value ETF	0.2	18	11	8.1	-1.6
VIG	Vanguard Dividend Appreciation ETF	0.2	5	24	5.6	-4.1
DEUS	Xtrackers Russell US Multifactor ETF	0.1	17	12	7.2	-2.5
FDMO	Fidelity Momentum Factor ETF	0.1	15	14	3.6	-6.1
TMDV	ProShares Russell US Dividend Growers ETF	0.1	35	-6	6.8	-2.9
IUS	Invesco RAFI Strategic US ETF	0.1	19	10	6.9	-2.8
IWD	iShares Russell 1000 Value ETF	0.1	19	10	6.5	-3.2
VONV	Vanguard Russell 1000 Value ETF	0.1	7	22	6.6	-3.1
IYG	iShares US Financial Services ETF	0.1	40	-11	5.4	-4.2
CVLC	Calvert US Large-Cap Core Responsible Index ETF	0.1	15	14	4.9	-4.8
LCTU	BlackRock U.S. Carbon Transition Readiness ETF	0.1	14	15	4.8	-4.8
OALC	OneAscent Large Cap Core ETF	0.1	86	-57	4.1	-5.6
DGRW	WisdomTree US Quality Dividend Growth Fund	0.1	28	1	5.5	-4.2
REVS	Columbia Research Enhanced Value ETF	0.1	19	10	7.7	-2.0
GVUS	Marketbeta Russell 1000 Value Equity ETF	0.1	12	17	6.6	-3.1
JMOM	JPMorgan U.S. Momentum Factor ETF	0.1	12	17	4.5	-5.2
SCHK	Schwab 1000 Index ETF	0.1	5	24	4.9	-4.7
IEDI	iShares U.S. Consumer Focused ETF	0.1	18	11	5.6	-4.1
IWB	iShares Russell 1000 ETF	0.1	15	14	4.8	-4.9
VONE	Vanguard Russell 1000 ETF	0.1	7	22	4.9	-4.8
TMFE	Motley Fool Capital Efficiency 100 Index ETF	0.1	50	-21	4.3	-5.4
ONEV	SPDR Russell 1000 Low Volatility Focus ETF	0.1	20	9	7.9	-1.8
DSI	iShares MSCI KLD 400 Social ETF	0.1	25	4	4.8	-4.9
DURA	VanEck Durable High Dividend ETF	0.1	29	0	8.8	-0.9
AVMV	Avantis U.S. Mid Cap Value ETF	0.1	20	9	9.0	-0.7
TECB	iShares U.S. Tech Breakthrough Multisector ETF	0.0	40	-11	3.6	-6.0
KOMP	SPDR S&P Kensho New Economies Composite ETF	0.0	20	9	2.3	-7.3
GUSA	Goldman Sachs MarketBeta U.S. 1000 Equity ETF	0.0	11	18	4.9	-4.8
PTL	Inspire 500 ETF	0.0	9	20	5.2	-4.5
RECS	Columbia Research Enhanced Core ETF	0.0	15	14	5.6	-4.0
STXG	Strive 1000 Growth ETF	0.0	18	11	3.8	-5.9
OMFL	Invesco Russell 1000 Dynamic Multifactor ETF	0.0	29	0	4.6	-5.1
IYY	iShares Dow Jones U.S. ETF	0.0	20	9	4.8	-4.9
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	0.0	20	9	5.0	-4.7
JQUA	JPMorgan U.S. Quality Factor ETF	0.0	12	17	5.9	-3.7
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	0.0	15	14	4.6	-5.1
AVMC	Avantis U.S. Mid Cap Equity ETF	0.0	18	11	7.1	-2.6

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	**	**	**	**	**	**	**
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:	Invesco S&P SmallCap Financials ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.5	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	9.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.75	CATEGORY AVERAGE	1.59

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.