ETF Research Center

InfraCap Small Cap Income ETF

ALTAR
Score™

9.3%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	11.4x	P/Sales ratio	1.0x
P/BV ratio	1.3x	Div. yield	4.0%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The AdvisorShares Cornerstone Small Cap ETF is an actively managed fund that selects small-cap companies base on realized and forward earnings estimate, balance sheet strength, and debt-to capital expenditure ratio.

FUND BASICS
Category	US Equities
Fund Sponsor	AdvisorShares
Website	www.advisorshares.com
Inception date	Jul 06, 2016
Assets (mns)	$14
Currency	USD
Expense ratio	135 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	94
Wgt avg mkt cap (mns)	$5,919
Large cap (>$10bn)	17.7%
Mid cap ($2-10bn)	58.1%
Small cap (<$2bn)	24.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	40.6 %
STANDARDAERO INC	4.4 %
STONEX GROUP INC	4.4 %
GLOBAL NET LEASE INC	4.2 %
MKS INSTRUMENTS INC	4.2 %
WYNN RESORTS LTD	4.2 %
NVENT ELECTRIC PLC	4.0 %
EAST WEST BANCORP INC	4.0 %
CASEY'S GENERAL STORES INC	3.9 %
BANK OF N.T. BUTTERFIELD & SON LIM	3.7 %
CHORD ENERGY CORPORATION	3.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	83.4 %
	BERMUDA	4.1 %
	BRITAIN	3.3 %
	PUERTO RICO	2.3 %
	CANADA	2.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.3%	10.8%	--	--	17.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.33	58%
MSCI EAFE	0.87	35%
MSCI Emg. Mkts.	0.68	11%

Technical Indicators
Recent close	$34.56
30d moving avg.	$35.66
Annualized volatility	18.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	44

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.8%
Bid/Ask (% of price)	0.30%
ADV underlying (mns)	$1,655

Distributions

There were no matches found with other funds under coverage.

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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:	InfraCap Small Cap Income 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	13.5	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	135	bp
Equals: ALTAR Score	9.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	CATEGORY AVERAGE	1.58

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.