ETF Research Center

Invesco S&P SmallCap Information Technology ETF

ALTAR
Score™

4.9%

Recommen-
dation

NEUTRAL

2024E 2025E
P/E ratio	26.7x	P/Sales ratio	1.6x
P/BV ratio	2.4x	Div. yield	0.5%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The Invesco S&P Small Cap Information Technology is based on the S&P SmallCap 600 Capped Technology 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)	$312
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	64
Wgt avg mkt cap (mns)	$3,391
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	71.8%
Small cap (<$2bn)	28.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	34.0 %
SPS COMMERCE INC	4.3 %
BADGER METER INC	4.1 %
MARATHON DIGITAL HOLDINGS INC	4.1 %
ACI WORLDWIDE INC	3.7 %
ITRON INC	3.4 %
BOX, INC. CLASS A	3.2 %
INTERDIGITAL INC	3.0 %
INSIGHT ENTERPRISES INC	2.8 %
SANMINA CORP	2.7 %
PLEXUS CORP	2.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.2 %

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.
-5.7%	15.4%	8.5%	11.2%	12.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.17	64%
MSCI EAFE	0.97	46%
MSCI Emg. Mkts.	0.75	27%

Technical Indicators
Recent close	$47.56
30d moving avg.	$47.35
Annualized volatility	25.3%
Short interest (ETF)	2.3%
Short interest (Underlying)	5.7%
Relative strength (RSI)	45

Liquidity measures
Avg. volume (thou.)	22
Turnover	0.3%
Bid/Ask (% of price)	0.25%
ADV underlying (mns)	$2,253

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 395 potential alternatives to the Invesco S&P SmallCap Information Technology ETF ETF based on the alternatives' overlap in portfolio holdings with PSCT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

PSCT

Expense:

29 bp

ALTAR Score™:

4.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PSCT
Ticker	Fund Name	Overlap¹ vs PSCT (%)	Expense ratio (bp)	Savings vs PSCT (bp)	ALTAR Score™ (%)	ALTAR vs PSCT (%)
CAFG	Pacer US Small Cap Cash Cows Growth Leaders ETF	23.4	59	-30	3.9	-1.0
SSLY	Syntax Stratified SmallCap ETF	15.0	40	-11	7.4	+2.5
IJT	iShares S&P Small-Cap 600 Growth ETF	13.6	18	11	5.8	+0.9
VIOG	Vanguard S&P Small-Cap 600 Growth ETF	13.1	15	14	5.8	+0.9
SLYG	SPDR S&P 600 Small Cap Growth ETF	13.0	15	14	5.8	+0.9
PTF	Invesco Dorsey Wright Technology Momentum ETF	12.3	60	-31	1.5	-3.4
XJR	iShares ESG Screened S&P Small-Cap ETF	11.9	12	17	7.0	+2.1
XSW	SPDR S&P Software & Services ETF	11.9	35	-6	1.5	-3.3
SNSR	Global X Internet of Things ETF	11.6	68	-39	4.6	-0.2
XSD	SPDR S&P Semiconductor ETF	11.3	35	-6	4.9	+0.0
CALF	Pacer US Small Cap Cash Cows 100 ETF	11.3	59	-30	5.1	+0.2
ESIX	SPDR S&P SmallCap 600 ESG ETF	11.1	12	17	7.4	+2.6
SIXG	Defiance Connective Technologies ETF	11.1	30	-1	5.1	+0.3
IJR	iShares Core S&P Small Cap ETF	11.1	6	23	6.6	+1.8
VIOO	Vanguard S&P Small-Cap 600 ETF	10.7	10	19	6.6	+1.7
SPSM	SPDR Portfolio S&P 600 Small Cap ETF	10.6	3	26	6.7	+1.8
QVMS	Invesco S&P SmallCap 600 QVM Multi-factor ETF	10.1	15	14	7.5	+2.6
PSI	Invesco Semiconductors ETF	9.8	57	-28	6.3	+1.4
GRPZ	Invesco S&P SmallCap 600 GARP ETF	9.6	35	-6	9.8	+4.9
XITK	SPDR FactSet Innovative Technology ETF	9.5	45	-16	2.2	-2.7
FIVG	Defiance Next Gen Connectivity ETF	8.7	30	-1	5.8	+1.0
IJS	iShares S&P Small-Cap 600 Value ETF	8.7	18	11	7.4	+2.5
CLOU	Global X Cloud Computing ETF	8.6	68	-39	1.8	-3.1
SIMS	SPDR S&P Kensho Intelligent Structures ETF	8.5	45	-16	-6.9	-11.8
VIOV	Vanguard S&P Small-Cap 600 Value ETF	8.5	15	14	7.4	+2.6
SLYV	SPDR S&P 600 Small Cap Value ETF	8.4	15	14	7.4	+2.6
SMCP	AlphaMark Actively Managed Small Cap ETF	8.3	90	-61	3.9	-1.0
JSML	Janus Henderson Small Cap Growth Alpha ETF	8.2	30	-1	6.5	+1.6
IWO	iShares Russell 2000 Growth ETF	7.7	24	5	0.6	-4.3
VTWG	Vanguard Russell 2000 Growth ETF	7.7	15	14	0.7	-4.2
CSML	IndexIQ ETF Trust IQ U.S. Small Cap ETF	7.6	35	-6	4.6	-0.3
FLQS	Franklin U.S. Small Cap Multifactor Index ETF	7.6	35	-6	6.6	+1.7
AFSM	First Trust Active Factor Small Cap ETF	7.5	75	-46	6.3	+1.4
SAWS	AAM Sawgrass US Small Cap Quality Growth ETF	7.4	55	-26	4.3	-0.6
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity ETF	7.4	29	0	6.5	+1.7
SQLV	Royce Quant Small-Cap Quality Value ETF	7.4	60	-31	7.1	+2.3
QQQS	Invesco NASDAQ Future Gen 200 ETF	7.4	20	9	-10.7	-15.6
RWJ	Invesco S&P SmallCap 600 Revenue ETF	7.2	39	-10	7.5	+2.7
FESM	Fidelity Enhanced Small Cap ETF	7.1	28	1	1.7	-3.2
XTL	SPDR S&P Telecom ETF	6.9	35	-6	3.9	-1.0
RZG	Invesco S&P Smallcap 600 Pure Growth ETF	6.9	35	-6	5.9	+1.0
RSMC	Rockefeller U.S. Small-Mid Cap ETF	6.7	75	-46	5.4	+0.5
SRHQ	SRH U.S. Quality ETF	6.5	35	-6	7.7	+2.8
JSMD	Janus Henderson Small/Mid Cap Growth Alpha ETF	6.5	30	-1	5.4	+0.6
BBSC	JPMorgan BetaBuilders U.S. Small Cap Equity ETF	6.3	9	20	3.3	-1.5
RZV	Invesco S&P Smallcap 600 Pure Value ETF	6.3	35	-6	8.1	+3.2
DSMC	Distillate Small/Mid Cash Flow ETF	6.3	55	-26	12.2	+7.4
ROSC	Hartford Multifactor Small Cap ETF	6.2	34	-5	8.6	+3.8
PSC	Principal U.S. Small-Cap ETF	6.2	38	-9	5.9	+1.0
RNSC	Furst Trust Small Cap US Equity Select ETF	6.1	60	-31	6.8	+2.0
ISMD	Inspire Small/Mid Cap ETF	6.1	54	-25	5.3	+0.4
QCLN	First Trust Nasdaq Clean Edge Green Energy Index Fund	6.0	58	-29	-3.0	-7.9
XSMO	Invesco S&P SmallCap Momentum ETF	5.9	39	-10	6.8	+2.0
NUSC	Nuveen ESG Small-Cap ETF	5.8	31	-2	5.0	+0.1
TPSC	Timothy Plan US Small Cap Core ETF	5.8	52	-23	6.5	+1.7
OPTZ	Optimize Strategy Index ETF	5.8	50	-21	2.9	-2.0
HAPS	Harbor Human Capital Factor US Small Cap ETF	5.8	60	-31	2.4	-2.5
BKSE	BNY Mellon US Small Cap Core Equity ETF	5.7	4	25	4.8	-0.1
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity ETF	5.7	20	9	4.6	-0.3
CSA	VictoryShares US Small Cap Volatility Wtd ETF	5.7	35	-6	6.2	+1.3
CSF	VictoryShares US Discovery Enhanced Volatility Wtd ETF	5.7	42	-13	6.1	+1.3
WFH	Direxion Work From Home ETF	5.6	45	-16	6.0	+1.1
FITE	SPDR S&P Kensho Future Security ETF	5.6	45	-16	2.2	-2.7
TMFS	Motley Fool Small-Cap Growth ETF	5.5	85	-56	2.6	-2.3
IHAK	iShares Cybersecurity & Tech ETF	5.4	47	-18	3.2	-1.7
FIW	First Trust Water ETF	5.4	53	-24	4.5	-0.3
XSHQ	Invesco S&P SmallCap Quality ETF	5.3	29	0	8.3	+3.5
EES	WisdomTree U.S. SmallCap Fund	5.2	38	-9	9.1	+4.2
CSMD	Congress SMid Growth ETF	5.2	69	-40	4.3	-0.6
RSSL	Global X Russell 2000 ETF	5.2	8	21	2.6	-2.3
IWM	iShares Russell 2000 ETF	5.2	19	10	2.8	-2.1
VTWO	Vanguard Russell 2000 ETF	5.1	10	19	2.9	-2.0
WCLD	WisdomTree Cloud Computing Fund	5.1	45	-16	1.5	-3.4
PHO	Invesco Water Resources ETF	5.0	60	-31	4.4	-0.5
NVIR	Horizon Kinetics Energy and Remediation ETF	5.0	85	-56	1.5	-3.3
STXK	Strive Small-Cap ETF	4.9	18	11	5.0	+0.1
VFMV	Vanguard U.S. Minimum Volatility ETF	4.9	13	16	5.0	+0.1
SIXS	ETC 6 Meridian Small Cap Equity ETF	4.9	89	-60	8.2	+3.3
BOTT	Themes Robotics & Automation ETF	4.8	35	-6	4.7	-0.1
ACTV	LeaderShares Activist Leaders ETF	4.7	75	-46	6.7	+1.8
FYC	First Trust Small Cap Growth AlphaDEX Fund	4.6	71	-42	-0.5	-5.3
TINY	ProShares Nanotechnology ETF	4.5	58	-29	1.9	-3.0
OMFS	Invesco Russell 2000 Dynamic Multifactor ETF	4.5	39	-10	5.8	+0.9
NIXT	Research Affiliates Deletions ETF	4.5	9	20	5.2	+0.4
USVM	VictoryShares US Small Mid Cap Value Momentum ETF	4.5	25	4	7.2	+2.4
ETHO	Etho Climate Leadership U.S. ETF	4.4	47	-18	3.4	-1.4
ISCG	iShares Morningstar Small-Cap Growth ETF	4.4	6	23	2.3	-2.6
AVSC	Avantis U.S Small Cap Equity ETF	4.4	25	4	4.7	-0.2
KOMP	SPDR S&P Kensho New Economies Composite ETF	4.3	20	9	1.0	-3.9
SPAM	Themes Cybersecurity ETF	4.3	35	-6	2.0	-2.9
PBW	Invesco WilderHill Clean Energy ETF	4.2	66	-37	-13.7	-18.6
AHOY	Newday Ocean Health ETF	4.1	75	-46	6.2	+1.3
IBLC	iShares Blockchain and Tech ETF	4.1	47	-18	-1.7	-6.5
BITQ	Bitwise Crypto Industry Innovators ETF	4.1	85	-56	-1.9	-6.7
FDIG	Fidelity Crypto Industry and Digital Payments ETF	4.1	39	-10	-1.7	-6.5
BWEB	Bitwise Web3 ETF	4.1	85	-56	0.7	-4.2
CRPT	First Trust SkyBridge Crypto Industry & Digital Economy ETF	4.1	85	-56	-0.3	-5.2
DAPP	VanEck Digital Transformation ETF	4.1	50	-21	-2.9	-7.8
BKCH	Global X Blockchain ETF	4.1	50	-21	-2.8	-7.7
BLCN	Siren ETF Trust Siren Nasdaq NexGen Economy ETF	4.1	68	-39	2.1	-2.8
GFOF	Grayscale Future of Finance ETF	4.1	70	-41	-0.7	-5.6
WGMI	Valkyrie Bitcoin Miners ETF	4.1	75	-46	-6.3	-11.1
EBLU	Ecofin Global Water ESG Fund	4.0	40	-11	4.9	+0.0
VAMO	Cambria Value & Momentum ETF	3.9	61	-32	8.2	+3.4
ACES	ALPS Clean Energy ETF	3.9	55	-26	-4.4	-9.3
DFAS	Dimensional U.S. Small Cap ETF	3.9	26	3	5.5	+0.6
SURE	AdvisorShares Insiders Advantage ETF	3.8	90	-61	9.3	+4.4
SCHA	Schwab U.S. Small-Cap ETF	3.8	4	25	4.4	-0.4
XSVM	Invesco S&P SmallCap Value with Momentum ETF	3.7	36	-7	11.1	+6.2
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	3.7	17	12	4.7	-0.2
FYX	First Trust Small Cap Core AlphaDEX Fund	3.7	61	-32	4.6	-0.3
AVUV	Avantis U.S. Small Cap Value ETF	3.6	25	4	8.8	+4.0
BDFIX	Baron Discovery	3.6	75	-46	0.2	-4.7
SOLR	Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund	3.6	79	-50	5.1	+0.2
STCE	Schwab Crypto Thematic ETF	3.5	30	-1	-1.6	-6.5
DAT	ProShares Big Data Refiners ETF	3.5	58	-29	2.0	-2.9
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	3.4	39	-10	4.1	-0.8
BSVO	EA Bridgeway Omni Small-Cap Value ETF	3.4	47	-18	8.0	+3.1
NBCT	Neuberger Berman Carbon Transition Infrastructure ETF	3.4	55	-26	2.9	-2.0
XSLV	Invesco S&P SmallCap Low Volatility ETF	3.4	25	4	6.8	+1.9
FNDA	Schwab Fundamental US Small Co. Index ETF	3.3	25	4	6.0	+1.1
VGT	Vanguard Information Technology ETF	3.3	10	19	4.4	-0.5
FINX	Global X FinTech ETF	3.3	68	-39	2.6	-2.2
SATO	Invesco Alerian Galaxy Crypto Economy ETF	3.3	61	-32	-2.4	-7.3
AQWA	Global X Clean Water ETF	3.3	50	-21	4.2	-0.7
FNY	First Trust Mid Cap Growth AlphaDEX Fund	3.2	70	-41	2.7	-2.2
VBK	Vanguard Small-Cap Growth ETF	3.1	7	22	1.1	-3.8
FTEC	Fidelity MSCI Information Technology Index ETF	3.1	8	21	4.6	-0.3
FDRV	Fidelity Electric Vehicles and Future Transportation ETF	3.1	39	-10	-1.7	-6.6
AZTD	Aztlan Global Stock Selection DM SMID ETF	3.1	75	-46	7.8	+2.9
IWTR	iShares MSCI Water Management Multisector ETF	3.1	47	-18	5.0	+0.1
ISCB	iShares Morningstar Small-Cap ETF	3.1	4	25	4.8	-0.1
SFLO	VictoryShares Small Cap Free Cash Flow ETF	3.1	49	-20	10.2	+5.3
FYT	First Trust Small Cap Value AlphaDEX Fund	3.0	73	-44	7.8	+2.9
AFMC	First Trust Active Factor Mid Cap ETF	3.0	65	-36	6.9	+2.0
TDV	ProShares S&P Technology Dividend Aristocrats ETF	3.0	45	-16	5.6	+0.8
IPAY	ETFMG Prime Mobile Payments ETFMG Prime Mobile Payments Fund	2.9	75	-46	4.7	-0.2
DFAT	Dimensional U.S. Targeted Value ETF	2.9	28	1	7.8	+2.9
SMLF	iShares U.S. SmallCap Equity Factor ETF	2.9	15	14	4.6	-0.2
MMSC	First Trust Multi-Manager Small Cap Opportunities ETF	2.9	95	-66	0.9	-4.0
RNEW	VanEck Green Infrastructure ETF	2.9	45	-16	-1.5	-6.3
FSMD	Fidelity Small-Mid Multifactor ETF	2.8	15	14	6.8	+1.9
TRFM	AAM Transformers ETF	2.8	49	-20	2.0	-2.9
MAKX	ProShares S&P Kensho Smart Factories ETF	2.7	58	-29	0.8	-4.1
NEWZ	StockSnips AI-Powered Sentiment US All Cap ETF	2.7	65	-36	3.9	-1.0
BLOK	Amplify Transformational Data Sharing ETF	2.7	75	-46	0.0	-4.9
OUSM	ALPS O'Shares US Small-Cap Quality Dividend ETF	2.7	48	-19	5.2	+0.3
PTEC	Global X PropTech ETF	2.7	50	-21	1.6	-3.3
JMEE	JPMorgan Market Expansion Enhanced Equity ETF	2.7	24	5	7.0	+2.1
ECML	Euclidean Fundamental Value ETF	2.6	95	-66	12.2	+7.4
RJMG	FT Raymond James Multicap Growth Equity ETF	2.6	85	-56	2.3	-2.6
FCLD	Fidelity Cloud Computing ETF	2.6	39	-10	3.1	-1.8
VERS	ProShares Metaverse ETF	2.6	58	-29	-16.0	-20.9
SKYY	First Trust Cloud Computing ETF	2.6	60	-31	2.8	-2.1
GSFP	Goldman Sachs Future Planet Equity ETF	2.6	75	-46	4.2	-0.6
SMMV	iShares MSCI USA Small-Cap Min Vol Factor ETF	2.6	20	9	4.0	-0.9
DFSV	Dimensional US Small Cap Value ETF	2.6	31	-2	8.3	+3.4
DTEC	ALPS Disruptive Technologies ETF	2.6	50	-21	3.7	-1.2
CGW	Invesco S&P Global Water Index ETF	2.6	57	-28	4.4	-0.5
IWN	iShares Russell 2000 Value ETF	2.5	24	5	4.8	-0.1
SIXL	ETC 6 Meridian Low Beta Equity ETF	2.5	80	-51	4.2	-0.6
FSMO	Fidelity Small-Mid Cap Opportunities ETF	2.5	60	-31	6.4	+1.5
VTWV	Vanguard Russell 2000 Value ETF	2.5	15	14	4.9	+0.0
DWAS	Invesco Dorsey Wright SmallCap Momentum ETF	2.4	60	-31	1.4	-3.5
DGRS	WisdomTree US Smallcap Quality Dividend Growth Fund	2.3	38	-9	4.9	+0.0
BNE	Blue Horizon BNE ETF	2.3	87	-58	4.6	-0.3
VUSE	Vident U.S. Equity Strategy ETF	2.3	50	-21	4.4	-0.5
FNX	First Trust Mid Cap Core AlphaDEX Fund	2.3	60	-31	6.8	+1.9
EFRA	iShares Environmental Infrastructure and Industrials ETF	2.3	47	-18	4.9	+0.0
HLGE	Hartford Longevity Economy ETF	2.2	44	-15	6.0	+1.1
FSCS	First Trust SMID Capital Strength ETF	2.1	60	-31	5.8	+1.0
PBD	Invesco Global Clean Energy ETF	2.1	75	-46	-5.3	-10.2
RNMC	First Trust Mid Cap US Equity Select ETF	2.0	60	-31	6.3	+1.4
IDGT	iShares U.S. Digital Infrastructure and Real Estate ETF	2.0	41	-12	7.8	+2.9
MGMT	Ballast Small/Mid Cap ETF	2.0	110	-81	7.1	+2.2
EZM	WisdomTree U.S. MidCap Fund	2.0	38	-9	7.4	+2.5
VB	Vanguard Small-Cap ETF	2.0	5	24	4.9	+0.1
VXF	Vanguard Extended Market ETF	2.0	6	23	3.5	-1.4
ROKT	SPDR S&P Kensho Final Frontiers ETF	2.0	45	-16	2.4	-2.5
TMFM	Motley Fool Mid-Cap Growth ETF	1.9	85	-56	3.0	-1.8
DES	WisdomTree U.S. SmallCap Dividend Fund	1.9	38	-9	6.8	+2.0
FTXL	First Trust Nasdaq Semiconductor ETF	1.9	60	-31	7.2	+2.3
IGV	iShares Expanded Tech-Software Sector ETF	1.9	41	-12	2.3	-2.6
FAD	First Trust Multi Cap Growth AlphaDEX Fund	1.9	64	-35	1.8	-3.1
IWC	iShares Micro-Cap ETF	1.9	60	-31	-4.9	-9.8
YALL	God Bless America ETF	1.9	65	-36	3.2	-1.7
JHSC	John Hancock Multifactor Small Cap ETF	1.8	42	-13	6.6	+1.7
DRIV	Global X Autonomous & Electric Vehicles ETF	1.8	68	-39	4.8	-0.1
GVLU	Gotham 1000 Value ETF	1.8	50	-21	7.4	+2.6
VFMF	Vanguard U.S. Multifactor ETF	1.8	18	11	8.5	+3.7
BFOR	ALPS Barron's 400 ETF	1.7	65	-36	5.6	+0.8
QGRO	American Century U.S. Quality Growth ETF	1.7	29	0	4.4	-0.4
SMLV	SPDR SSGA US Small Cap Low Volatility Index ETF	1.7	12	17	7.2	+2.3
ISCV	iShares Morningstar Small Cap Value ETF	1.7	6	23	7.2	+2.3
ERTH	Invesco MSCI Sustainable Future ETF	1.7	62	-33	3.6	-1.3
HSMV	First Trust Horizon Managed Volatility Small/Mid ETF	1.6	80	-51	5.8	+1.0
CARZ	First Trust NASDAQ Global Auto Index Fund	1.6	70	-41	3.8	-1.1
FXL	First Trust Technology AlphaDEX Fund	1.6	61	-32	5.1	+0.2
DFNV	Donoghue Forlines Innovation ETF	1.6	69	-40	4.7	-0.2
GLRY	Inspire Faithward Mid Cap Momentum ETF	1.6	80	-51	7.9	+3.0
IVES	Wedbush ETFMG Global Cloud Technology ETF	1.5	68	-39	5.8	+0.9
AIVC	Amplify Bloomberg AI Value Chain ETF	1.5	59	-30	5.8	+1.0
CCSO	Carbon Collective Climate Solutions US Equity ETF	1.5	35	-6	1.9	-3.0
SYLD	Cambria Shareholder Yield ETF	1.5	59	-30	10.9	+6.0
BLKC	Invesco Alerian Galaxy Blockchain Users and Decentralized Co	1.5	61	-32	1.2	-3.7
WTAI	WisdomTree Artificial Intelligence and Innovation Fund	1.5	45	-16	3.1	-1.8
BBMC	JPMorgan BetaBuilders U.S. Mid Cap Equity ETF	1.4	7	22	5.3	+0.4
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	1.4	58	-29	4.6	-0.3
HAPY	Harbor Human Capital Factor Unconstrained ETF	1.4	50	-21	4.4	-0.4
FDCF	Fidelity Disruptive Communications ETF	1.4	50	-21	2.6	-2.3
FNK	First Trust Mid Cap Value AlphaDEX Fund	1.3	70	-41	10.0	+5.2
VFVA	Vanguard U.S. Value Factor ETF	1.3	13	16	10.0	+5.1
USMF	WisdomTree U.S. Multifactor Fund	1.3	28	1	7.1	+2.2
MRAD	SmartETFs Advertising & Marketing Technology ETF	1.2	68	-39	5.5	+0.6
IGM	iShares Expanded Tech Sector ETF	1.1	41	-12	4.4	-0.5
VFQY	Vanguard U.S. Quality Factor ETF	1.1	13	16	7.5	+2.6
GINN	Goldman Sachs Innovate Equity ETF	1.1	52	-23	2.8	-2.1
TRFK	Pacer Data and Digital Revolution ETF	1.1	60	-31	4.0	-0.9
SVAL	iShares US Small Cap Value Factor ETF	1.1	20	9	9.8	+5.0
FDWM	Fidelity Women's Leadership ETF	1.1	59	-30	4.7	-0.2
VBR	Vanguard Small Cap Value ETF	1.1	7	22	7.8	+3.0
VFMO	Vanguard U.S. Momentum Factor ETF	1.1	13	16	2.1	-2.8
TMFX	Motley Fool Next Index ETF	1.0	50	-21	2.8	-2.1
MADE	iShares U.S. Manufacturing ETF	1.0	40	-11	5.5	+0.6
SMAP	Amplify Small-Mid Cap Equity ETF	1.0	60	-31	4.6	-0.2
FAB	First Trust Multi Cap Value AlphaDEX Fund	1.0	67	-38	8.6	+3.7
DEEP	Roundhill Acquirers Deep Value ETF	1.0	80	-51	21.0	+16.1
COWZ	Pacer US Cash Cows 100 ETF	1.0	49	-20	9.9	+5.1
DVLU	First Trust Dorsey Wright Momentum & Value ETF	1.0	60	-31	8.7	+3.8
SMDV	ProShares Russell 2000 Dividend Growers ETF	0.9	40	-11	6.4	+1.5
FLOW	Global X U.S. Cash Flow Kings 100 ETF	0.9	25	4	9.6	+4.7
QTUM	Defiance Quantum ETF	0.9	40	-11	3.6	-1.3
BUYZ	Franklin Disruptive Commerce ETF	0.9	50	-21	1.8	-3.0
BECO	BlackRock Future Climate and Sustainable Economy ETF	0.9	70	-41	11.9	+7.1
BLLD	JPMorgan Sustainable Infrastructure ETF	0.8	49	-20	5.7	+0.8
THRO	iShares U.S. Thematic Rotation Active ETF	0.8	90	-61	3.9	-1.0
FVAL	Fidelity Value Factor ETF	0.8	15	14	7.1	+2.2
KRUZ	Unusual Whales Subversive Republican Trading ETF	0.8	75	-46	5.4	+0.6
SHLD	Global X Defense Tech ETF	0.8	50	-21	4.6	-0.2
ITEQ	BlueStar Israel Technology ETF	0.8	75	-46	1.2	-3.7
FPX	First Trust US Equity Opportunities ETF	0.8	61	-32	1.5	-3.4
VALQ	American Century U.S. Quality Value ETF	0.8	29	0	7.4	+2.5
BUG	Global X Cybersecurity ETF	0.8	51	-22	2.1	-2.8
TTAC	FCF US Quality ETF	0.8	59	-30	6.3	+1.4
CSB	VictoryShares US Small Cap High Dividend Volatility Wtd ETF	0.8	35	-6	5.2	+0.3
XT	iShares Exponential Technologies ETF	0.7	46	-17	4.8	-0.1
ANEW	ProShares MSCI Transformational Changes ETF	0.7	45	-16	3.6	-1.3
ABCS	Alpha Blue Capital US Small-Mid Cap Dynamic ETF	0.7	27	2	0.0	-4.9
WTV	WisdomTree US Value Fund of Benef Interest	0.7	12	17	8.7	+3.8
ROUS	Hartford Multifactor US Equity ETF	0.7	19	10	6.5	+1.7
DFAC	Dimensional U.S. Core Equity 2 ETF	0.7	17	12	5.3	+0.5
CIBR	First Trust NASDAQ Cybersecurity ETF	0.7	60	-31	4.1	-0.8
MVPS	Amplify Thematic All-Stars ETF	0.6	49	-20	2.7	-2.2
DIVY	Sound Equity Dividend Income ETF	0.6	45	-16	10.6	+5.8
TDIV	First Trust NASDAQ Technology Dividend Index Fund	0.6	50	-21	5.7	+0.9
SAGP	Strategas Global Policy Opportunities ETF	0.6	65	-36	5.3	+0.4
JFWD	Jacob Forward ETF	0.6	75	-46	0.0	-4.9
BRNY	Burney U.S. Factor Rotation ETF Burney U.S. Factor Rotation	0.6	79	-50	4.6	-0.2
PAVE	Global X U.S. Infrastructure Development ETF	0.6	47	-18	5.1	+0.2
PKW	Invesco Buyback Achievers ETF	0.6	62	-33	6.4	+1.5
TILT	FlexShares Morningstar US Market Factor Tilt Index Fund	0.6	25	4	5.2	+0.4
DFUV	Dimensional US Marketwide Value ETF	0.6	22	7	7.2	+2.3
IDAT	iShares Future Cloud 5G and Tech ETF	0.6	47	-18	4.3	-0.6
AUSF	Global X Adaptive U.S. Factor ETF	0.6	27	2	8.6	+3.7
SMCF	Themes US Small Cap Cash Flow Champions ETF	0.6	29	0	10.2	+5.3
AOTG	AOT Growth and Innovation ETF	0.6	75	-46	3.1	-1.8
ONEQ	Fidelity Nasdaq Composite Index ETF	0.6	21	8	3.8	-1.1
FDN	First Trust Dow Jones Internet Index Fund	0.6	52	-23	3.2	-1.7
FDND	FT Vest Dow Jones Internet & Target Income ETF	0.6	75	-46	3.0	-1.9
FFND	Future Fund Active ETF	0.6	100	-71	-0.7	-5.6
SPRX	Spear Alpha ETF	0.6	75	-46	2.3	-2.6
QOWZ	Invesco Nasdaq Free Cash Flow Achievers ETF	0.5	39	-10	4.0	-0.8
AVSU	Avantis Responsible U.S. Equity ETF	0.5	15	14	6.1	+1.2
PPA	Invesco Aerospace & Defense ETF	0.5	58	-29	2.5	-2.4
GCLN	Goldman Sachs Bloomberg Clean Energy Equity ETF	0.5	45	-16	5.7	+0.8
DCOR	Dimensional US Core Equity 1 ETF	0.5	14	15	5.3	+0.4
AVUS	Avantis U.S. Equity ETF	0.5	15	14	5.6	+0.7
JSTC	Adasina Social Justice All Cap Global ETF	0.5	89	-60	4.9	+0.0
SXQG	ETC 6 Meridian Quality Growth ETF	0.5	100	-71	4.0	-0.9
SEIV	SEI Enhanced U.S. Large Cap Value Factor ETF	0.5	15	14	9.3	+4.5
PNQI	Invesco NASDAQ Internet ETF	0.4	60	-31	2.3	-2.6
SFYX	SoFi Next 500 ETF	0.4	0	29	4.7	-0.2
ISRA	VanEck Israel ETF	0.4	59	-30	8.0	+3.1
WISE	Themes Generative Artificial Intelligence ETF	0.4	35	-6	0.5	-4.4
AIQ	Global X Artificial Intelligence & Technology ETF	0.4	68	-39	4.0	-0.9
PDP	Invesco Dorsey Wright Momentum ETF	0.4	62	-33	3.2	-1.7
DFSU	Dimensional US Sustainability Core 1 ETF	0.4	18	11	5.4	+0.6
UFO	Procure Space ETF	0.4	75	-46	-2.0	-6.8
FRNW	Fidelity Clean Energy ETF	0.4	39	-10	2.6	-2.3
VCLN	Virtus Duff & Phelps Clean Energy ETF	0.4	59	-30	3.9	-1.0
FDTX	Fidelity Disruptive Technology ETF	0.4	50	-21	2.8	-2.1
CTEC	Global X CleanTech ETF	0.4	50	-21	2.9	-2.0
RAYS	Global X Solar ETF	0.4	51	-22	6.9	+2.1
TAN	Invesco Solar ETF	0.4	67	-38	10.4	+5.6
ETEC	iShares Breakthrough Environmental Solutions ETF	0.4	47	-18	8.0	+3.1
IBAT	iShares Energy Storage & Materials ETF	0.4	47	-18	3.1	-1.8
CNRG	SPDR S&P Kensho Clean Power ETF	0.4	45	-16	2.8	-2.1
BATT	Amplify Lithium & Battery Technology ETF	0.4	59	-30	-0.1	-5.0
CLNR	IQ Cleaner Transport ETF	0.4	45	-16	6.8	+2.0
BULD	Pacer BlueStar Engineering the Future ETF	0.4	60	-31	1.7	-3.1
TECB	iShares U.S. Tech Breakthrough Multisector ETF	0.4	40	-11	3.8	-1.0
VLU	SPDR S&P 1500 Value Tilt ETF	0.4	12	17	6.7	+1.8
SNPD	Xtrackers S&P ESG Dividend Aristocrats ETF	0.4	15	14	6.9	+2.1
SOCL	Global X Social Media ETF	0.3	65	-36	-6.4	-11.2
HKND	Humankind US Stock ETF	0.3	11	18	7.1	+2.3
SDY	SPDR S&P Dividend ETF	0.3	35	-6	5.9	+1.0
FNDB	Schwab Fundamental US Broad Market Index ETF	0.3	25	4	6.8	+1.9
DFAU	Dimensional US Core Equity Market ETF	0.3	12	17	5.0	+0.1
ICLN	iShares Global Clean Energy ETF	0.3	41	-12	6.0	+1.1
DWLD	Davis Select Worldwide ETF	0.3	63	-34	6.7	+1.8
STXM	Strive Mid-Cap ETF	0.3	18	11	6.1	+1.2
NATO	Themes Transatlantic Defense ETF	0.3	35	-6	3.2	-1.7
HAIL	SPDR S&P Kensho Smart Mobility ETF	0.3	45	-16	-3.0	-7.9
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	0.3	29	0	6.4	+1.5
ITOT	iShares Core S&P Total U.S. Stock Market ETF	0.3	3	26	4.8	-0.1
SPTM	SPDR Portfolio S&P 1500 Composite Stock Market ETF	0.3	3	26	5.1	+0.3
MMTM	SPDR S&P 1500 Momentum Tilt ETF	0.3	12	17	4.5	-0.4
DFUS	Dimensional U.S. Equity ETF	0.3	9	20	4.9	-0.0
IWV	iShares Russell 3000 ETF	0.3	20	9	4.7	-0.2
VTHR	Vanguard Russell 3000 ETF	0.3	10	19	4.7	-0.1
QLV	FlexShares US Quality Low Volatility Index Fund	0.3	22	7	3.8	-1.1
IQM	Franklin Intelligent Machines ETF	0.3	50	-21	3.2	-1.6
ITAN	Sparkline Intangible Value ETF	0.3	50	-21	5.9	+1.1
SHPP	Pacer Industrials and Logistics ETF	0.3	60	-31	9.9	+5.0
VTI	Vanguard Total Stock Market ETF	0.3	3	26	4.7	-0.1
SCHB	Schwab U.S. Broad Market ETF	0.3	3	26	4.9	0.0
SCHM	Schwab U.S. Mid-Cap ETF	0.3	4	25	6.0	+1.1
BKMC	BNY Mellon US Mid Cap Core Equity ETF	0.2	4	25	5.6	+0.8
ESGV	Vanguard ESG U.S. Stock ETF	0.2	9	20	4.8	-0.1
JHMM	John Hancock Multifactor Mid Cap ETF	0.2	42	-13	6.1	+1.2
CLOD	Themes Cloud Computing ETF	0.2	35	-6	2.6	-2.3
IDRV	iShares Self-driving EV & Tech ETF	0.2	47	-18	-0.4	-5.3
HERO	Global X Video Games & Esports ETF	0.2	50	-21	4.4	-0.4
GAMR	Wedbush ETFMG Video Game Tech ETF Wedbush ETFMG Video Game T	0.2	75	-46	4.6	-0.3
IETC	iShares U.S. Tech Independence Focused ETF	0.2	18	11	4.5	-0.4
AVLV	Avantis U.S. Large Cap Value ETF	0.2	15	14	7.1	+2.2
XDAT	Franklin Exponential Data ETF	0.2	50	-21	2.8	-2.1
PRF	Invesco FTSE RAFI US 1000 ETF	0.2	39	-10	6.8	+1.9
JVAL	JPMorgan U.S. Value Factor ETF	0.2	12	17	7.8	+2.9
OCEN	IQ Clean Oceans ETF	0.2	45	-16	6.1	+1.2
FELV	Fidelity Enhanced Large Cap Value ETF	0.2	18	11	6.4	+1.5
VT	Vanguard Total World Stock ETF	0.1	7	22	5.5	+0.6
SMOG	VanEck Low Carbon Energy ETF	0.1	61	-32	2.4	-2.5
ONEO	SPDR Russell 1000 Momentum Focus ETF	0.1	20	9	6.8	+1.9
GGME	Invesco Next Gen Media and Gaming ETF	0.1	60	-31	3.5	-1.4
IGPT	Invesco AI and Next Gen Software ETF	0.1	60	-31	3.8	-1.1
IUS	Invesco RAFI Strategic US ETF	0.1	19	10	6.8	+1.9
DON	WisdomTree U.S. MidCap Dividend Fund	0.1	38	-9	7.7	+2.9
JQUA	JPMorgan U.S. Quality Factor ETF	0.1	12	17	5.8	+0.9
FELC	Fidelity Enhanced Large Cap Core ETF	0.1	18	11	5.3	+0.5
MIDE	Xtrackers S&P MidCap 400 ESG ETF	0.1	15	14	6.8	+1.9
EQAL	Invesco Russell 1000 Equal Weight ETF	0.1	20	9	6.3	+1.4
OALC	OneAscent Large Cap Core ETF	0.1	86	-57	4.3	-0.6
DTAN	Sparkline International Intangible Value ETF	0.1	55	-26	9.2	+4.3
FNDX	Schwab Fundamental US Large Co. Index ETF	0.1	25	4	6.8	+1.9
TXS	Texas Capital Texas Equity Index ETF	0.1	49	-20	4.7	-0.2
DHS	WisdomTree U.S. High Dividend Fund	0.1	38	-9	7.6	+2.7
DIVB	iShares Core Dividend ETF	0.1	5	24	7.5	+2.6
RAFE	PIMCO RAFI ESG U.S. ETF	0.1	29	0	7.2	+2.3
SMDY	Syntax Stratified MidCap ETF	0.1	35	-6	5.8	+0.9
AFLG	First Trust Active Factor Large Cap ETF	0.1	55	-26	5.8	+1.0
PRNT	3D Printing ETF	0.1	66	-37	0.7	-4.2
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.1	9	20	5.4	+0.5
SMMD	iShares Russell 2500 ETF	0.1	15	14	5.5	+0.6
DTD	WisdomTree U.S. Total Dividend Fund	0.1	28	1	6.0	+1.1
CCMG	CCM Global Equity ETF	0.1	34	-5	7.6	+2.7
CVLC	Calvert US Large-Cap Core Responsible Index ETF	0.1	15	14	4.9	+0.1
PTL	Inspire 500 ETF	0.1	9	20	5.6	+0.7
SPDG	SPDR Portfolio S&P Sector Neutral Dividend ETF	0.1	5	24	7.3	+2.4
SCHK	Schwab 1000 Index ETF	0.1	5	24	5.0	+0.1
IWS	iShares Russell Mid-Cap Value ETF	0.1	23	6	6.2	+1.4
TMFE	Motley Fool Capital Efficiency 100 Index ETF	0.0	50	-21	4.2	-0.6
FBCG	Fidelity Blue Chip Growth ETF	0.0	59	-30	2.8	-2.1
IYW	iShares U.S. Technology ETF	0.0	40	-11	4.4	-0.5
IWR	iShares Russell Midcap ETF	0.0	19	10	5.4	+0.5
VIG	Vanguard Dividend Appreciation ETF	0.0	6	23	5.6	+0.8
DEW	WisdomTree Global High Dividend Fund	0.0	58	-29	8.5	+3.6
GUSA	Goldman Sachs MarketBeta U.S. 1000 Equity ETF	0.0	11	18	4.9	+0.0
FNDC	Schwab Fundamental International Small Co. Index ETF	0.0	39	-10	7.2	+2.3
VYM	Vanguard High Dividend Yield Index ETF	0.0	6	23	6.8	+1.9
PFM	Invesco Dividend Achievers ETF	0.0	53	-24	5.3	+0.4
DSI	iShares MSCI KLD 400 Social ETF	0.0	25	4	5.0	+0.2
IYY	iShares Dow Jones U.S. ETF	0.0	20	9	4.8	-0.1
QDEF	FlexShares Quality Dividend Defensive Index Fund	0.0	37	-8	3.9	-1.0
DEUS	Xtrackers Russell US Multifactor ETF	0.0	17	12	6.9	+2.0
GVUS	Marketbeta Russell 1000 Value Equity ETF	0.0	12	17	6.2	+1.3
STXV	Strive 1000 Value ETF	0.0	18	11	7.5	+2.7
IWD	iShares Russell 1000 Value ETF	0.0	19	10	6.1	+1.3
VONV	Vanguard Russell 1000 Value ETF	0.0	8	21	6.3	+1.4
STXG	Strive 1000 Growth ETF	0.0	18	11	4.1	-0.8
DGRO	iShares Core Dividend Growth ETF	0.0	8	21	6.3	+1.5
IWB	iShares Russell 1000 ETF	0.0	15	14	4.8	-0.0
VONE	Vanguard Russell 1000 ETF	0.0	8	21	4.9	+0.0
DGRW	WisdomTree US Quality Dividend Growth Fund	0.0	28	1	6.0	+1.2
LCTU	BlackRock U.S. Carbon Transition Readiness ETF	0.0	14	15	5.0	+0.1

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 Information Technology 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	11.2	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	4.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	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.