ETF Research Center

Invesco S&P SmallCap Health Care ETF

ALTAR
Score™

4.0%

Recommen-
dation

UNDERWEIGHT

2024E 2025E
P/E ratio	28.3x	P/Sales ratio	1.8x
P/BV ratio	2.9x	Div. yield	0.7%

Description
Performance
Comps
Fundamentals
Valuation
Rating

Invesco S&P SmallCap Health Care Portfolio is an exchange traded fund incorporated in the USA. The Fund's objective is to seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of the S&P SmallCap 600 Capped Health Care Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco
Website	www.invescopowershares.com
Inception date	Apr 07, 2010
Assets (mns)	$186
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	69
Wgt avg mkt cap (mns)	$3,067
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	72.1%
Small cap (<$2bn)	27.9%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	34.0 %
GLAUKOS CORP	5.1 %
MERIT MEDICAL SYSTEMS INC	4.0 %
RADNET INC	3.5 %
INSPIRE MEDICAL SYSTEMS, INC.	3.5 %
CORCEPT THERAPEUTICS INC	3.2 %
ALKERMES PLC	3.1 %
INTEGER HOLDINGS CORPORATION	3.0 %
ADMA BIOLOGICS, INC.	3.0 %
KRYSTAL BIOTECH, INC.	2.9 %
ICU MEDICAL INC	2.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.5 %
	IRELAND	3.1 %

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.
1.6%	22.5%	-18.0%	-3.0%	4.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.72	8%
MSCI EAFE	0.67	7%
MSCI Emg. Mkts.	0.12	0%

Technical Indicators
Recent close	$45.17
30d moving avg.	$44.82
Annualized volatility	43.5%
Short interest (ETF)	0.1%
Short interest (Underlying)	6.7%
Relative strength (RSI)	44

Liquidity measures
Avg. volume (thou.)	14
Turnover	0.3%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$2,203

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 331 potential alternatives to the Invesco S&P SmallCap Health Care ETF ETF based on the alternatives' overlap in portfolio holdings with PSCH. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

PSCH

Expense:

29 bp

ALTAR Score™:

4.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PSCH
Ticker	Fund Name	Overlap¹ vs PSCH (%)	Expense ratio (bp)	Savings vs PSCH (bp)	ALTAR Score™ (%)	ALTAR vs PSCH (%)
CAFG	Pacer US Small Cap Cash Cows Growth Leaders ETF	25.2	59	-30	3.9	-0.1
XHS	SPDR S&P Health Care Services ETF	22.3	35	-6	6.3	+2.3
PTH	Invesco Dorsey Wright Healthcare Momentum ETF	22.3	60	-31	-2.3	-6.3
XHE	SPDR S&P Health Care Equipment ETF	22.1	35	-6	1.8	-2.2
SAWS	AAM Sawgrass US Small Cap Quality Growth ETF	19.7	55	-26	4.3	+0.3
XPH	SPDR S&P Pharmaceuticals ETF	15.5	35	-6	5.5	+1.5
SBIO	ALPS Medical Breakthroughs ETF	14.7	50	-21	-2.0	-6.0
SSLY	Syntax Stratified SmallCap ETF	14.7	40	-11	7.4	+3.4
JSML	Janus Henderson Small Cap Growth Alpha ETF	14.5	30	-1	6.5	+2.5
IJT	iShares S&P Small-Cap 600 Growth ETF	13.3	18	11	5.8	+1.8
VIOG	Vanguard S&P Small-Cap 600 Growth ETF	12.9	15	14	5.8	+1.8
SLYG	SPDR S&P 600 Small Cap Growth ETF	12.8	15	14	5.8	+1.8
RZG	Invesco S&P Smallcap 600 Pure Growth ETF	12.7	35	-6	5.9	+1.9
LFSC	F/m Emerald Life Sciences Innovation ETF	12.2	79	-50	-2.9	-6.9
ROSC	Hartford Multifactor Small Cap ETF	11.8	34	-5	8.6	+4.6
SIXS	ETC 6 Meridian Small Cap Equity ETF	11.7	89	-60	8.2	+4.2
FDHT	Fidelity Digital Health ETF	11.6	39	-10	-2.3	-6.3
PJP	Invesco Pharmaceuticals ETF	11.6	57	-28	10.3	+6.3
IJR	iShares Core S&P Small Cap ETF	10.9	6	23	6.6	+2.7
SQLV	Royce Quant Small-Cap Quality Value ETF	10.6	60	-31	7.1	+3.2
VIOO	Vanguard S&P Small-Cap 600 ETF	10.5	10	19	6.6	+2.6
SPSM	SPDR Portfolio S&P 600 Small Cap ETF	10.5	3	26	6.7	+2.7
AFSM	First Trust Active Factor Small Cap ETF	10.1	75	-46	6.3	+2.3
PBE	Invesco Biotechnology & Genome ETF	10.1	58	-29	-2.4	-6.4
XJR	iShares ESG Screened S&P Small-Cap ETF	10.0	12	17	7.0	+3.0
EKG	First Trust Nasdaq Lux Digital Health Solutions ETF	9.8	65	-36	-1.0	-5.0
IHE	iShares U.S. Pharmaceuticals ETF	9.7	40	-11	8.7	+4.8
ESIX	SPDR S&P SmallCap 600 ESG ETF	9.3	12	17	7.4	+3.5
CALF	Pacer US Small Cap Cash Cows 100 ETF	9.3	59	-30	5.1	+1.1
QVMS	Invesco S&P SmallCap 600 QVM Multi-factor ETF	8.9	15	14	7.5	+3.5
BBP	Virtus LifeSci Biotech Products ETF	8.9	79	-50	0.0	-4.0
FTXH	First Trust Nasdaq Pharmaceuticals ETF	8.7	60	-31	9.8	+5.8
XBI	SPDR S&P BIOTECH ETF	8.5	35	-6	-3.3	-7.3
IJS	iShares S&P Small-Cap 600 Value ETF	8.5	18	11	7.4	+3.4
VIOV	Vanguard S&P Small-Cap 600 Value ETF	8.3	15	14	7.4	+3.4
SLYV	SPDR S&P 600 Small Cap Value ETF	8.3	15	14	7.4	+3.5
FBT	First Trust NYSE Arca Biotechnology Index Fund	7.9	56	-27	3.1	-0.9
SIXL	ETC 6 Meridian Low Beta Equity ETF	7.9	80	-51	4.2	+0.3
XSHQ	Invesco S&P SmallCap Quality ETF	7.8	29	0	8.3	+4.4
FYC	First Trust Small Cap Growth AlphaDEX Fund	7.7	71	-42	-0.5	-4.4
RNSC	Furst Trust Small Cap US Equity Select ETF	7.5	60	-31	6.8	+2.9
EDOC	Global X Telemedicine & Digital Health ETF Registered	7.4	68	-39	-4.1	-8.0
PSC	Principal U.S. Small-Cap ETF	7.0	38	-9	5.9	+1.9
IBRN	iShares Neuroscience and Healthcare ETF	7.0	47	-18	-4.8	-8.8
QQQS	Invesco NASDAQ Future Gen 200 ETF	6.9	20	9	-10.7	-14.7
RSMC	Rockefeller U.S. Small-Mid Cap ETF	6.9	75	-46	5.4	+1.4
BBSC	JPMorgan BetaBuilders U.S. Small Cap Equity ETF	6.8	9	20	3.3	-0.6
GRPZ	Invesco S&P SmallCap 600 GARP ETF	6.8	35	-6	9.8	+5.8
IWO	iShares Russell 2000 Growth ETF	6.7	24	5	0.6	-3.4
VTWG	Vanguard Russell 2000 Growth ETF	6.7	15	14	0.7	-3.3
FLQS	Franklin U.S. Small Cap Multifactor Index ETF	6.5	35	-6	6.6	+2.6
DWAS	Invesco Dorsey Wright SmallCap Momentum ETF	6.4	60	-31	1.4	-2.6
XSMO	Invesco S&P SmallCap Momentum ETF	6.4	39	-10	6.8	+2.8
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity ETF	6.4	29	0	6.5	+2.6
FFTY	Innovator IBD 50 ETF	6.4	80	-51	-0.6	-4.6
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity ETF	6.3	20	9	4.6	+0.6
SMCP	AlphaMark Actively Managed Small Cap ETF	6.2	90	-61	3.9	-0.1
IHF	iShares U.S. Healthcare Providers ETF	6.2	40	-11	6.6	+2.6
XSLV	Invesco S&P SmallCap Low Volatility ETF	6.0	25	4	6.8	+2.8
FYX	First Trust Small Cap Core AlphaDEX Fund	5.6	61	-32	4.6	+0.6
OMFS	Invesco Russell 2000 Dynamic Multifactor ETF	5.5	39	-10	5.8	+1.8
TPSC	Timothy Plan US Small Cap Core ETF	5.5	52	-23	6.5	+2.5
CSA	VictoryShares US Small Cap Volatility Wtd ETF	5.4	35	-6	6.2	+2.2
RWJ	Invesco S&P SmallCap 600 Revenue ETF	5.4	39	-10	7.5	+3.6
CSF	VictoryShares US Discovery Enhanced Volatility Wtd ETF	5.4	42	-13	6.1	+2.1
CSML	IndexIQ ETF Trust IQ U.S. Small Cap ETF	5.3	35	-6	4.6	+0.6
HTEC	ROBO Global Healthcare Technology and Innovation ETF	5.2	68	-39	-0.1	-4.1
AVSC	Avantis U.S Small Cap Equity ETF	5.0	25	4	4.7	+0.7
USVM	VictoryShares US Small Mid Cap Value Momentum ETF	5.0	25	4	7.2	+3.3
FNY	First Trust Mid Cap Growth AlphaDEX Fund	4.9	70	-41	2.7	-1.3
SMMV	iShares MSCI USA Small-Cap Min Vol Factor ETF	4.9	20	9	4.0	-0.0
FMED	Fidelity Disruptive Medicine ETF	4.9	50	-21	-0.4	-4.3
JSMD	Janus Henderson Small/Mid Cap Growth Alpha ETF	4.8	30	-1	5.4	+1.5
BKSE	BNY Mellon US Small Cap Core Equity ETF	4.8	4	25	4.8	+0.8
WDNA	WisdomTree BioRevolution Fund	4.7	45	-16	-3.8	-7.8
IWM	iShares Russell 2000 ETF	4.7	19	10	2.8	-1.2
RSSL	Global X Russell 2000 ETF	4.7	8	21	2.6	-1.4
VTWO	Vanguard Russell 2000 ETF	4.7	10	19	2.9	-1.1
STXK	Strive Small-Cap ETF	4.6	18	11	5.0	+1.0
MMSC	First Trust Multi-Manager Small Cap Opportunities ETF	4.4	95	-66	0.9	-3.1
CSD	Invesco S&P Spin-Off ETF	4.3	65	-36	10.0	+6.0
IBBQ	Invesco Nasdaq Biotechnology ETF	4.3	19	10	0.9	-3.1
HELX	Franklin Genomic Advancements ETF	4.3	50	-21	0.4	-3.6
FESM	Fidelity Enhanced Small Cap ETF	4.2	28	1	1.7	-2.3
ISCG	iShares Morningstar Small-Cap Growth ETF	4.1	6	23	2.3	-1.7
EES	WisdomTree U.S. SmallCap Fund	4.1	38	-9	9.1	+5.1
SFLO	VictoryShares Small Cap Free Cash Flow ETF	4.1	49	-20	10.2	+6.2
FXH	First Trust Health Care AlphaDEX Fund	4.1	62	-33	6.3	+2.3
CSMD	Congress SMid Growth ETF	4.1	69	-40	4.3	+0.3
OUSM	ALPS O'Shares US Small-Cap Quality Dividend ETF	4.0	48	-19	5.2	+1.2
DSMC	Distillate Small/Mid Cash Flow ETF	4.0	55	-26	12.2	+8.2
BDFIX	Baron Discovery	4.0	75	-46	0.2	-3.8
ISMD	Inspire Small/Mid Cap ETF	4.0	54	-25	5.3	+1.3
IHI	iShares U.S. Medical Devices ETF	3.9	40	-11	3.9	-0.1
TMFS	Motley Fool Small-Cap Growth ETF	3.9	85	-56	2.6	-1.4
RJMG	FT Raymond James Multicap Growth Equity ETF	3.8	85	-56	2.3	-1.7
IDNA	iShares Genomics Immunology and Healthcare ETF	3.8	47	-18	-4.3	-8.3
FSMD	Fidelity Small-Mid Multifactor ETF	3.8	15	14	6.8	+2.8
DFAS	Dimensional U.S. Small Cap ETF	3.7	26	3	5.5	+1.5
SCHA	Schwab U.S. Small-Cap ETF	3.7	4	25	4.4	+0.5
DES	WisdomTree U.S. SmallCap Dividend Fund	3.7	38	-9	6.8	+2.8
FYT	First Trust Small Cap Value AlphaDEX Fund	3.5	73	-44	7.8	+3.8
XSHD	Invesco S&P SmallCap High Dividend Low Volatility ETF	3.4	30	-1	10.0	+6.0
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	3.4	39	-10	4.1	+0.1
DGRS	WisdomTree US Smallcap Quality Dividend Growth Fund	3.3	38	-9	4.9	+0.9
RZV	Invesco S&P Smallcap 600 Pure Value ETF	3.3	35	-6	8.1	+4.1
DIVY	Sound Equity Dividend Income ETF	3.2	45	-16	10.6	+6.6
NEWZ	StockSnips AI-Powered Sentiment US All Cap ETF	3.2	65	-36	3.9	-0.1
HAPS	Harbor Human Capital Factor US Small Cap ETF	3.2	60	-31	2.4	-1.6
PSIL	AdvisorShares Psychedelics ETF	3.1	99	-70	-8.2	-12.2
MEDX	Horizon Kinetics Medical ETF	3.1	85	-56	-0.3	-4.3
IBB	iShares Biotechnology ETF	3.1	45	-16	0.3	-3.7
BBC	Virtus LifeSci Biotech Clinical Trials ETF	3.0	79	-50	0.0	-4.0
FAD	First Trust Multi Cap Growth AlphaDEX Fund	3.0	64	-35	1.8	-2.2
BMED	Future Health ETF	3.0	85	-56	-0.2	-4.2
ISCB	iShares Morningstar Small-Cap ETF	3.0	4	25	4.8	+0.8
ETHO	Etho Climate Leadership U.S. ETF	2.9	47	-18	3.4	-0.6
CSB	VictoryShares US Small Cap High Dividend Volatility Wtd ETF	2.8	35	-6	5.2	+1.2
NUSC	Nuveen ESG Small-Cap ETF	2.8	31	-2	5.0	+1.0
FNX	First Trust Mid Cap Core AlphaDEX Fund	2.8	60	-31	6.8	+2.8
VBK	Vanguard Small-Cap Growth ETF	2.8	7	22	1.1	-2.9
NIXT	Research Affiliates Deletions ETF	2.7	9	20	5.2	+1.3
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	2.6	17	12	4.7	+0.7
SMLF	iShares U.S. SmallCap Equity Factor ETF	2.6	15	14	4.6	+0.7
IWN	iShares Russell 2000 Value ETF	2.6	24	5	4.8	+0.8
VTWV	Vanguard Russell 2000 Value ETF	2.6	15	14	4.9	+0.9
KOMP	SPDR S&P Kensho New Economies Composite ETF	2.5	20	9	1.0	-3.0
SMLV	SPDR SSGA US Small Cap Low Volatility Index ETF	2.5	12	17	7.2	+3.2
BHCHX	Baron Health Care Strategy	2.5	75	-46	-0.8	-4.7
JFWD	Jacob Forward ETF	2.5	75	-46	0.0	-4.0
VHT	Vanguard Health Care ETF	2.4	10	19	5.7	+1.7
FHLC	Fidelity MSCI Health Care Index ETF	2.3	8	21	6.0	+2.0
BSVO	EA Bridgeway Omni Small-Cap Value ETF	2.3	47	-18	8.0	+4.0
ACTV	LeaderShares Activist Leaders ETF	2.3	75	-46	6.7	+2.7
AGNG	Global X Aging Population ETF	2.3	50	-21	4.2	+0.3
FNDA	Schwab Fundamental US Small Co. Index ETF	2.2	25	4	6.0	+2.0
CNCR	Range Cancer Therapeutics ETF	2.2	79	-50	0.0	-4.0
QMOM	Alpha Architect U.S. Quantitative Momentum ETF	2.2	39	-10	3.4	-0.6
IBUY	Amplify Online Retail ETF	2.1	65	-36	1.4	-2.6
DFAT	Dimensional U.S. Targeted Value ETF	2.1	28	1	7.8	+3.8
BFOR	ALPS Barron's 400 ETF	2.1	65	-36	5.6	+1.6
SMAP	Amplify Small-Mid Cap Equity ETF	2.1	60	-31	4.6	+0.7
GNOM	Global X Genomics & Biotechnology ETF	1.9	50	-21	-5.6	-9.6
VXF	Vanguard Extended Market ETF	1.9	6	23	3.5	-0.5
VFMO	Vanguard U.S. Momentum Factor ETF	1.9	13	16	2.1	-1.9
VB	Vanguard Small-Cap ETF	1.9	5	24	4.9	+1.0
ISCV	iShares Morningstar Small Cap Value ETF	1.8	6	23	7.2	+3.2
QTUM	Defiance Quantum ETF	1.8	40	-11	3.6	-0.4
BKWO	BNY Mellon Women's Opportunities ETF	1.8	50	-21	3.9	-0.1
BRNY	Burney U.S. Factor Rotation ETF Burney U.S. Factor Rotation	1.8	79	-50	4.6	+0.7
CGV	Conductor Global Equity Value ETF	1.7	130	-101	10.9	+6.9
HKND	Humankind US Stock ETF	1.7	11	18	7.1	+3.2
OZEM	Roundhill GLP-1 & Weight Loss ETF	1.7	59	-30	-0.8	-4.7
CBSE	Clough Select Equity ETF	1.7	85	-56	0.4	-3.6
EZM	WisdomTree U.S. MidCap Fund	1.7	38	-9	7.4	+3.4
WCEO	Hypatia Women CEO ETF	1.6	85	-56	4.2	+0.2
DFSV	Dimensional US Small Cap Value ETF	1.6	31	-2	8.3	+4.3
DEEP	Roundhill Acquirers Deep Value ETF	1.6	80	-51	21.0	+17.0
HART	IQ Healthy Hearts ETF	1.6	45	-16	5.0	+1.0
JMEE	JPMorgan Market Expansion Enhanced Equity ETF	1.6	24	5	7.0	+3.0
FSMO	Fidelity Small-Mid Cap Opportunities ETF	1.5	60	-31	6.4	+2.4
MGMT	Ballast Small/Mid Cap ETF	1.4	110	-81	7.1	+3.1
AMID	Argent Mid Cap ETF Argent Mid Cap ETF	1.4	52	-23	6.7	+2.7
SAGP	Strategas Global Policy Opportunities ETF	1.4	65	-36	5.3	+1.3
AVUV	Avantis U.S. Small Cap Value ETF	1.4	25	4	8.8	+4.9
XSVM	Invesco S&P SmallCap Value with Momentum ETF	1.3	36	-7	11.1	+7.1
TXS	Texas Capital Texas Equity Index ETF	1.3	49	-20	4.7	+0.7
COWS	Amplify Cash Flow Dividend Leaders ETF	1.3	0	29	10.5	+6.5
CANC	Tema Oncology ETF	1.3	75	-46	-3.6	-7.6
ROBO	ROBO Global Robotics & Automation Index ETF	1.2	95	-66	3.5	-0.5
VBR	Vanguard Small Cap Value ETF	1.2	7	22	7.8	+3.9
GVLU	Gotham 1000 Value ETF	1.2	50	-21	7.4	+3.5
JHSC	John Hancock Multifactor Small Cap ETF	1.2	42	-13	6.6	+2.6
VFMV	Vanguard U.S. Minimum Volatility ETF	1.1	13	16	5.0	+1.0
FPX	First Trust US Equity Opportunities ETF	1.1	61	-32	1.5	-2.5
SSPX	Janus Henderson U.S. Sustainable Equity ETF	1.1	55	-26	4.3	+0.3
IWC	iShares Micro-Cap ETF	1.1	60	-31	-4.9	-8.9
RNMC	First Trust Mid Cap US Equity Select ETF	1.1	60	-31	6.3	+2.3
FSCS	First Trust SMID Capital Strength ETF	1.1	60	-31	5.8	+1.9
SVAL	iShares US Small Cap Value Factor ETF	1.1	20	9	9.8	+5.8
HRTS	Tema GLP-1 Obesity & Cardiometabolic ETF	1.0	75	-46	-1.6	-5.6
AFMC	First Trust Active Factor Mid Cap ETF	1.0	65	-36	6.9	+2.9
WBIY	WBI Power Factor High Dividend ETF	1.0	100	-71	11.2	+7.2
MEDI	Harbor Health Care ETF	1.0	80	-51	1.4	-2.6
WTAI	WisdomTree Artificial Intelligence and Innovation Fund	1.0	45	-16	3.1	-0.9
FAB	First Trust Multi Cap Value AlphaDEX Fund	0.9	67	-38	8.6	+4.6
SMDV	ProShares Russell 2000 Dividend Growers ETF	0.9	40	-11	6.4	+2.4
VFVA	Vanguard U.S. Value Factor ETF	0.9	13	16	10.0	+6.0
BBMC	JPMorgan BetaBuilders U.S. Mid Cap Equity ETF	0.9	7	22	5.3	+1.3
HLGE	Hartford Longevity Economy ETF	0.9	44	-15	6.0	+2.0
BOTZ	Global X Robotics & Artificial Intelligence ETF	0.9	69	-40	2.4	-1.6
SMIG	AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF	0.9	60	-31	5.5	+1.6
AIVL	WisdomTree U.S. AI Enhanced Value Fund	0.9	38	-9	5.7	+1.7
SYLD	Cambria Shareholder Yield ETF	0.8	59	-30	10.9	+6.9
VFQY	Vanguard U.S. Quality Factor ETF	0.8	13	16	7.5	+3.5
VFMF	Vanguard U.S. Multifactor ETF	0.8	18	11	8.5	+4.5
PPH	VanEck Pharmaceutical ETF	0.8	36	-7	9.6	+5.6
FNK	First Trust Mid Cap Value AlphaDEX Fund	0.8	70	-41	10.0	+6.0
GINN	Goldman Sachs Innovate Equity ETF	0.8	52	-23	2.8	-1.2
HSMV	First Trust Horizon Managed Volatility Small/Mid ETF	0.8	80	-51	5.8	+1.9
SFYX	SoFi Next 500 ETF	0.8	0	29	4.7	+0.7
VUSE	Vident U.S. Equity Strategy ETF	0.7	50	-21	4.4	+0.4
DFAC	Dimensional U.S. Core Equity 2 ETF	0.7	17	12	5.3	+1.3
ARKG	ARK Genomic Revolution ETF	0.7	75	-46	-4.6	-8.6
LRNZ	TrueShares Technology, AI & Deep Learning ETF	0.7	69	-40	-0.7	-4.7
ABCS	Alpha Blue Capital US Small-Mid Cap Dynamic ETF	0.7	27	2	0.0	-4.0
NANC	Unusual Whales Subversive Democratic Trading ETF	0.7	75	-46	3.9	-0.1
THNR	Amplify Weight Loss Drug & Treatment ETF	0.6	59	-30	5.2	+1.2
FLDZ	RiverNorth Patriot ETF	0.6	75	-46	5.2	+1.2
BSCFX	Baron Small Cap Retail	0.6	75	-46	3.5	-0.5
SMCF	Themes US Small Cap Cash Flow Champions ETF	0.6	29	0	10.2	+6.2
DHS	WisdomTree U.S. High Dividend Fund	0.6	38	-9	7.6	+3.6
FDWM	Fidelity Women's Leadership ETF	0.6	59	-30	4.7	+0.7
ANEW	ProShares MSCI Transformational Changes ETF	0.6	45	-16	3.6	-0.4
TILT	FlexShares Morningstar US Market Factor Tilt Index Fund	0.6	25	4	5.2	+1.3
VIDI	Vident International Equity Strategy ETF	0.6	61	-32	10.2	+6.2
ONEQ	Fidelity Nasdaq Composite Index ETF	0.6	21	8	3.8	-0.2
FVD	First Trust Value Line Dividend Index Fund	0.5	65	-36	6.3	+2.3
CLOU	Global X Cloud Computing ETF	0.5	68	-39	1.8	-2.2
DCOR	Dimensional US Core Equity 1 ETF	0.5	14	15	5.3	+1.3
SCHM	Schwab U.S. Mid-Cap ETF	0.5	4	25	6.0	+2.0
GDOC	Goldman Sachs Future Health Care Equity ETF	0.5	75	-46	3.7	-0.3
QGRO	American Century U.S. Quality Growth ETF	0.5	29	0	4.4	+0.5
DFNV	Donoghue Forlines Innovation ETF	0.5	69	-40	4.7	+0.7
TMFX	Motley Fool Next Index ETF	0.5	50	-21	2.8	-1.2
CVY	Invesco Zacks Multi-Asset Income ETF	0.4	106	-77	9.8	+5.8
OPTZ	Optimize Strategy Index ETF	0.4	50	-21	2.9	-1.1
AUSF	Global X Adaptive U.S. Factor ETF	0.4	27	2	8.6	+4.6
SXQG	ETC 6 Meridian Quality Growth ETF	0.4	100	-71	4.0	+0.0
BLCV	iShares Large Cap Value Active ETF	0.4	53	-24	8.1	+4.2
BOUT	Innovator IBD Breakout Opportunities ETF	0.4	81	-52	3.6	-0.4
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics ETF	0.4	65	-36	0.2	-3.7
COWZ	Pacer US Cash Cows 100 ETF	0.4	49	-20	9.9	+6.0
JSTC	Adasina Social Justice All Cap Global ETF	0.4	89	-60	4.9	+0.9
EQAL	Invesco Russell 1000 Equal Weight ETF	0.4	20	9	6.3	+2.3
MILN	Global X Millennial Consumer ETF	0.3	50	-21	2.6	-1.4
DFSU	Dimensional US Sustainability Core 1 ETF	0.3	18	11	5.4	+1.4
DFUV	Dimensional US Marketwide Value ETF	0.3	22	7	7.2	+3.2
DFAU	Dimensional US Core Equity Market ETF	0.3	12	17	5.0	+1.0
PPTY	US Diversified Real Estate ETF	0.3	53	-24	5.6	+1.6
SURE	AdvisorShares Insiders Advantage ETF	0.3	90	-61	9.3	+5.3
VLU	SPDR S&P 1500 Value Tilt ETF	0.3	12	17	6.7	+2.7
FELV	Fidelity Enhanced Large Cap Value ETF	0.3	18	11	6.4	+2.4
AVUS	Avantis U.S. Equity ETF	0.3	15	14	5.6	+1.6
VIRS	Pacer BioThreat Strategy ETF	0.3	70	-41	6.1	+2.1
AFLG	First Trust Active Factor Large Cap ETF	0.3	55	-26	5.8	+1.8
MMTM	SPDR S&P 1500 Momentum Tilt ETF	0.3	12	17	4.5	+0.5
ITOT	iShares Core S&P Total U.S. Stock Market ETF	0.3	3	26	4.8	+0.8
IYH	iShares U.S. Healthcare ETF	0.3	40	-11	6.6	+2.6
VTI	Vanguard Total Stock Market ETF	0.3	3	26	4.7	+0.8
FLQM	Franklin U.S. Mid Cap Multifactor Index ETF	0.3	30	-1	7.9	+4.0
VTHR	Vanguard Russell 3000 ETF	0.3	10	19	4.7	+0.8
IWV	iShares Russell 3000 ETF	0.3	20	9	4.7	+0.7
DFUS	Dimensional U.S. Equity ETF	0.3	9	20	4.9	+0.9
JVAL	JPMorgan U.S. Value Factor ETF	0.3	12	17	7.8	+3.8
SMDY	Syntax Stratified MidCap ETF	0.3	35	-6	5.8	+1.8
SCHB	Schwab U.S. Broad Market ETF	0.2	3	26	4.9	+0.9
SPTM	SPDR Portfolio S&P 1500 Composite Stock Market ETF	0.2	3	26	5.1	+1.1
WISE	Themes Generative Artificial Intelligence ETF	0.2	35	-6	0.5	-3.5
ONEY	SPDR Russell 1000 Yield Focus ETF	0.2	20	9	9.3	+5.3
ESGV	Vanguard ESG U.S. Stock ETF	0.2	9	20	4.8	+0.8
AVSU	Avantis Responsible U.S. Equity ETF	0.2	15	14	6.1	+2.1
QOWZ	Invesco Nasdaq Free Cash Flow Achievers ETF	0.2	39	-10	4.0	+0.1
ONEV	SPDR Russell 1000 Low Volatility Focus ETF	0.2	20	9	7.6	+3.6
SMMD	iShares Russell 2500 ETF	0.2	15	14	5.5	+1.5
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.2	9	20	5.4	+1.4
FNDB	Schwab Fundamental US Broad Market Index ETF	0.2	25	4	6.8	+2.8
IQSM	IQ Candriam U.S. Mid Cap Equity ETF	0.2	15	14	5.8	+1.8
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	0.2	29	0	6.4	+2.4
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity ETF	0.2	24	5	7.3	+3.4
IWP	iShares Russell Mid-Cap Growth ETF	0.2	23	6	3.1	-0.9
IGPT	Invesco AI and Next Gen Software ETF	0.2	60	-31	3.8	-0.2
VALQ	American Century U.S. Quality Value ETF	0.1	29	0	7.4	+3.4
DEUS	Xtrackers Russell US Multifactor ETF	0.1	17	12	6.9	+2.9
PKW	Invesco Buyback Achievers ETF	0.1	62	-33	6.4	+2.4
VT	Vanguard Total World Stock ETF	0.1	7	22	5.5	+1.5
MIDE	Xtrackers S&P MidCap 400 ESG ETF	0.1	15	14	6.8	+2.8
IWR	iShares Russell Midcap ETF	0.1	19	10	5.4	+1.4
TECB	iShares U.S. Tech Breakthrough Multisector ETF	0.1	40	-11	3.8	-0.2
BKMC	BNY Mellon US Mid Cap Core Equity ETF	0.1	4	25	5.6	+1.7
FLQL	Franklin LibertyQ U.S. Equity ETF	0.1	15	14	5.9	+1.9
REVS	Columbia Research Enhanced Value ETF	0.1	19	10	7.4	+3.4
DTD	WisdomTree U.S. Total Dividend Fund	0.1	28	1	6.0	+2.0
IWS	iShares Russell Mid-Cap Value ETF	0.1	23	6	6.2	+2.3
ONEO	SPDR Russell 1000 Momentum Focus ETF	0.1	20	9	6.8	+2.8
PRF	Invesco FTSE RAFI US 1000 ETF	0.1	39	-10	6.8	+2.8
CCMG	CCM Global Equity ETF	0.1	34	-5	7.6	+3.6
QLV	FlexShares US Quality Low Volatility Index Fund	0.1	22	7	3.8	-0.2
ROUS	Hartford Multifactor US Equity ETF	0.1	19	10	6.5	+2.6
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.1	47	-18	5.5	+1.5
PAWZ	ProShares Pet Care ETF	0.1	50	-21	3.8	-0.2
DEW	WisdomTree Global High Dividend Fund	0.1	58	-29	8.5	+4.5
FBCG	Fidelity Blue Chip Growth ETF	0.1	59	-30	2.8	-1.2
VYM	Vanguard High Dividend Yield Index ETF	0.1	6	23	6.8	+2.8
FELC	Fidelity Enhanced Large Cap Core ETF	0.1	18	11	5.3	+1.3
RECS	Columbia Research Enhanced Core ETF	0.1	15	14	5.5	+1.5
SCHK	Schwab 1000 Index ETF	0.1	5	24	5.0	+1.0
FNDX	Schwab Fundamental US Large Co. Index ETF	0.1	25	4	6.8	+2.8
RAFE	PIMCO RAFI ESG U.S. ETF	0.1	29	0	7.2	+3.2
VEGN	US Vegan Climate ETF	0.0	60	-31	4.5	+0.5
CVLC	Calvert US Large-Cap Core Responsible Index ETF	0.0	15	14	4.9	+0.9
GVUS	Marketbeta Russell 1000 Value Equity ETF	0.0	12	17	6.2	+2.2
IWD	iShares Russell 1000 Value ETF	0.0	19	10	6.1	+2.1
VONV	Vanguard Russell 1000 Value ETF	0.0	8	21	6.3	+2.3
JHMM	John Hancock Multifactor Mid Cap ETF	0.0	42	-13	6.1	+2.1
GGUS	Marketbeta Russell 1000 Growth Equity ETF	0.0	12	17	4.5	+0.5
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	0.0	19	10	6.2	+2.2
JPUS	JPMorgan Diversified Return U.S. Equity ETF	0.0	18	11	7.2	+3.2
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	0.0	20	9	4.9	+0.9
GUSA	Goldman Sachs MarketBeta U.S. 1000 Equity ETF	0.0	11	18	4.9	+0.9
STXV	Strive 1000 Value ETF	0.0	18	11	7.5	+3.6
IWB	iShares Russell 1000 ETF	0.0	15	14	4.8	+0.9
IYY	iShares Dow Jones U.S. ETF	0.0	20	9	4.8	+0.8
DSI	iShares MSCI KLD 400 Social ETF	0.0	25	4	5.0	+1.1
VONE	Vanguard Russell 1000 ETF	0.0	8	21	4.9	+0.9
SPDG	SPDR Portfolio S&P Sector Neutral Dividend ETF	0.0	5	24	7.3	+3.3
VIG	Vanguard Dividend Appreciation ETF	0.0	6	23	5.6	+1.6
DIVB	iShares Core Dividend ETF	0.0	5	24	7.5	+3.5
JQUA	JPMorgan U.S. Quality Factor ETF	0.0	12	17	5.8	+1.8
PINK	Simplify Health Care ETF	0.0	50	-21	3.3	-0.6
VONG	Vanguard Russell 1000 Growth ETF	0.0	8	21	4.6	+0.6
IWF	iShares Russell 1000 Growth ETF	0.0	19	10	4.5	+0.5
PFM	Invesco Dividend Achievers ETF	0.0	53	-24	5.3	+1.3
TMFE	Motley Fool Capital Efficiency 100 Index ETF	0.0	50	-21	4.2	+0.3
FNDC	Schwab Fundamental International Small Co. Index ETF	0.0	39	-10	7.2	+3.2
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	0.0	15	14	4.7	+0.7
ACVF	American Conservative Values ETF	0.0	75	-46	4.2	+0.2
STXG	Strive 1000 Growth ETF	0.0	18	11	4.1	+0.1
DFLV	Dimensional US Large Cap Value ETF	0.0	22	7	7.4	+3.4
TDIV	First Trust NASDAQ Technology Dividend Index Fund	0.0	50	-21	5.7	+1.8
RVRB	Reverb ETF	0.0	30	-1	4.7	+0.7

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

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

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.4	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	4.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.47	CATEGORY AVERAGE	1.57

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.