ETF Research Center

U.S. Global Sea to Sky Cargo ETF

ALTAR
Score™

33.7%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	7.6x	P/Sales ratio	0.9x
P/BV ratio	0.9x	Div. yield	6.4%

Description
Performance
Comps
Fundamentals
Valuation
Rating

SEA tracks an index of water and air cargo companies from around the world. Stocks are weighted in fixed tiers, taking into consideration composite scores based on fundamental factors.

FUND BASICS
Category	Global Equities
Fund Sponsor	US Global Investors
Website	www.usglobaletfs.com/fund/sea/
Inception date	Jan 20, 2022
Assets (mns)	$9
Currency	USD
Expense ratio	60 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	27
Wgt avg mkt cap (mns)	$15,380
Large cap (>$10bn)	41.6%
Mid cap ($2-10bn)	44.8%
Small cap (<$2bn)	13.6%
Developed mkts	83.4%
Emerging mkts	16.6%

TOP TEN HOLDINGS
Total	44.6 %
WILH. WILHELMSEN ASA	5.2 %
ORIENT OVERSEAS INTL LTD	5.0 %
CHINA COSCO HOLDINGS-H	5.0 %
ZIM INTEGRATED SHIPPING SERVICES L	4.5 %
SITC INTERNATIONAL HOLDINGS	4.5 %
HYUNDAI MERCHANT MARINE	4.4 %
HOEGH AUTOLINERS ASA	4.2 %
EVERGREEN MARINE	4.1 %
A.P. MOLLER - MAERSK A/S CLASS B	4.1 %
KUEHNE & NAGEL INTL AG-REG	3.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	16.6 %
	TAIWAN	11.1 %
	HONG KONG	9.5 %
	NORWAY	9.3 %
	CHINA	8.1 %
	SOUTH KOREA	4.4 %
	DENMARK	4.1 %
	SWITZERLAND	3.7 %
	AUSTRALIA	3.0 %
	SPAIN	2.9 %

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.
-4.3%	-18.3%	--	--	-6.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.07	40%
MSCI EAFE	1.25	56%
MSCI Emg. Mkts.	1.08	42%

Technical Indicators
Recent close	$14.35
30d moving avg.	$12.60
Annualized volatility	28.9%
Short interest (ETF)	3.4%
Relative strength (RSI)	33

Liquidity measures
Avg. volume (thou.)	9
Turnover	1.5%
Bid/Ask (% of price)	0.44%
ADV underlying (mns)	$1,473

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:	U.S. Global Sea to Sky Cargo 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	30.4	%
Divided by: Fwd. P/BV	0.9	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	33.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.72	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.