Global X Silver Miners ETF
ALTAR
Score™		 2.2% info Recommen-
dation		 UNDERWEIGHT
2024E    2025E
P/E
ratio		 32.0x P/Sales
ratio		 2.8x
P/BV
ratio		 1.8x Div.
yield		 1.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Global X Silvers Miners ETF is an exchange-traded fund incorporated in the USA. The seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Silver Miners Index ("Underlying Index").

FUND BASICS
Category Global Equities
Fund Sponsor Global X Management Co LLC
Website www.globalxfunds.com
Inception date Apr 19, 2010
Assets (mns) $1,258
Currency USD
Expense ratio 65 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Brown Brothers Harriman & Co
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 35
Wgt avg mkt cap (mns) $10,005
Large cap (>$10bn) 30.6%
Mid cap ($2-10bn) 37.8%
Small cap (<$2bn) 31.6%
Developed mkts 79.6%
Emerging mkts 20.4%

TOP TEN HOLDINGS
WHEATON PRECIOUS METALS CORP 21.8 %
PAN AMERICAN SILVER CORP 13.3 %
KOREA ZINC CO LTD 10.5 %
INDUSTRIAS PENOLES SAB DE CV 5.2 %
CIA DE MINAS BUENAVENTUR-ADR 4.6 %
OSISKO GOLD ROYALTIES LTD 4.6 %
COEUR D'ALENE MINES CORP 4.4 %
HECLA MINING CO 4.1 %
FIRST MAJESTIC SILVER CORP 3.5 %
FORTUNA SILVER MINES INC 2.7 %
Total 74.6 %

TOP COUNTRY EXPOSURE
CANADA 63.1 %
UNITED STATES 10.7 %
SOUTH KOREA 10.5 %
BRITAIN 5.5 %
MEXICO 5.2 %
PERU 4.6 %
AUSTRALIA 0.5 %




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.
14.6% 36.0% 2.6% 3.4% -1.4%

Market Correlations
versus... Beta R-squared
S&P500 0.76 18%
MSCI EAFE 0.92 27%
MSCI Emg. Mkts. 0.90 25%

Technical Indicators
Recent close $36.14
30d moving avg. $37.42
Annualized volatility 31.2%
Short interest (ETF) 3.8%
Relative strength (RSI) 57

Liquidity measures
Avg. volume (thou.) 1,102
Turnover 3.2%
Bid/Ask (% of price) 0.12%
ADV underlying (mns) $625

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 185 potential alternatives to the Global X Silver Miners ETF ETF based on the alternatives' overlap in portfolio holdings with SIL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SIL Expense: 65 bp ALTAR Score™: 2.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SIL
Ticker Fund
Name		 Overlap1
vs SIL
(%)		 Expense
ratio
(bp)		 Savings
vs SIL
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs SIL
(%)
SILJ ETFMG Prime Junior Silver Miners ETF 39.0 69 -4 1.5 -0.6
AGMI Themes Silver Miners ETF 25.8 35 30 4.5 +2.4
SLVP iShares MSCI Global Silver Miners ETF 24.8 39 26 3.2 +1.1
GDXJ VanEck Junior Gold Miners ETF 21.9 52 13 4.5 +2.4
GDX VanEck Gold Miners ETF 13.8 51 14 4.5 +2.3
GOEX Global X Gold Explorers ETF 11.8 65 0 4.4 +2.3
GOAU U.S. Global GO GOLD and Precious Metal Miners ETF 7.9 60 5 4.8 +2.7
EPU iShares MSCI Peru and Global Exposure ETF 7.4 59 6 5.5 +3.4
XME SPDR S&P Metals & Mining ETF 6.6 35 30 8.3 +6.1
SETM Sprott Energy Transition Materials ETF 5.1 65 0 6.0 +3.8
RING iShares MSCI Global Gold Miners ETF 3.9 39 26 5.6 +3.4
PYZ Invesco Dorsey Wright Basic Materials Momentum ETF 3.6 60 5 5.2 +3.0
SGDM Sprott Gold Miners ETF 2.9 50 15 5.4 +3.3
INFL Horizon Kinetics Inflation Beneficiaries ETF 2.5 85 -20 3.5 +1.4
COPA Themes Copper Miners ETF 2.4 35 30 7.3 +5.1
AADR AdvisorShares Dorsey Wright ADR ETF 2.3 110 -45 5.6 +3.4
EWW iShares MSCI Mexico ETF 2.1 50 15 13.2 +11.0
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 1.9 80 -15 7.6 +5.4
SAGP Strategas Global Policy Opportunities ETF 1.6 65 0 5.3 +3.1
FKU First Trust United Kingdom AlphaDEX Fund 1.5 80 -15 8.5 +6.4
IGE iShares North American Natural Resources ETF 1.4 41 24 6.1 +4.0
CVAR Cultivar ETF 1.2 87 -22 6.7 +4.5
HAP VanEck Natural Resources ETF 1.2 50 15 10.0 +7.8
FLMX Franklin FTSE Mexico ETF 1.0 19 46 16.2 +14.1
EWY iShares MSCI South Korea ETF 0.8 58 7 9.8 +7.7
SGDJ Sprott Junior Gold Miners ETF 0.8 50 15 5.6 +3.5
CCNR ALPS CoreCommodity Natural Resources ETF 0.7 39 26 11.0 +8.9
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 0.7 80 -15 10.8 +8.7
GWX SPDR S&P International Small Cap ETF 0.6 40 25 6.5 +4.3
MMSC First Trust Multi-Manager Small Cap Opportunities ETF 0.6 95 -30 0.9 -1.2
FYC First Trust Small Cap Growth AlphaDEX Fund 0.5 71 -6 -0.5 -2.6
FLKR Franklin FTSE South Korea ETF 0.5 9 56 10.6 +8.5
FTHF First Trust Emerging Markets Human Flourishing ETF 0.5 75 -10 8.9 +6.7
IWN iShares Russell 2000 Value ETF 0.5 24 41 4.8 +2.6
VTWV Vanguard Russell 2000 Value ETF 0.5 15 50 4.9 +2.8
FMAT Fidelity MSCI Materials Index ETF 0.5 8 57 6.4 +4.3
NUEM Nuveen ESG Emerging Markets Equity ETF 0.5 36 29 6.5 +4.3
VAW Vanguard Materials ETF 0.5 10 55 6.3 +4.2
ISMD Inspire Small/Mid Cap ETF 0.4 54 11 5.3 +3.1
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.4 49 16 7.0 +4.8
NANR SPDR S&P North American Natural Resources ETF 0.4 35 30 7.4 +5.3
PICK iShares MSCI Global Metals & Mining Producers ETF 0.4 39 26 12.8 +10.7
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 0.4 24 41 9.2 +7.1
AVSC Avantis U.S Small Cap Equity ETF 0.4 25 40 4.7 +2.5
DWAS Invesco Dorsey Wright SmallCap Momentum ETF 0.3 60 5 1.4 -0.8
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.3 39 26 4.1 +1.9
SFLO VictoryShares Small Cap Free Cash Flow ETF 0.3 49 16 10.2 +8.0
DFAT Dimensional U.S. Targeted Value ETF 0.3 28 37 7.8 +5.6
SCHC Schwab International Small-Cap Equity ETF 0.3 11 54 6.6 +4.4
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 0.3 30 35 7.3 +5.1
DFIS Dimensional International Small Cap ETF 0.3 39 26 6.9 +4.7
STXK Strive Small-Cap ETF 0.3 18 47 5.0 +2.8
FLLA Franklin FTSE Latin America ETF 0.3 19 46 13.2 +11.0
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.2 25 40 6.6 +4.5
IWM iShares Russell 2000 ETF 0.2 19 46 2.8 +0.6
RSSL Global X Russell 2000 ETF 0.2 8 57 2.6 +0.4
VTWO Vanguard Russell 2000 ETF 0.2 10 55 2.9 +0.7
AVUV Avantis U.S. Small Cap Value ETF 0.2 25 40 8.8 +6.7
RNSC Furst Trust Small Cap US Equity Select ETF 0.2 60 5 6.8 +4.7
AVEM Avantis Emerging Markets Equity ETF 0.2 33 32 8.9 +6.7
EQLT iShares MSCI Emerging Markets Quality Factor ETF 0.2 35 30 7.4 +5.2
DFSI Dimensional International Sustainability Core 1 ETF 0.2 24 41 6.5 +4.3
FYX First Trust Small Cap Core AlphaDEX Fund 0.2 61 4 4.6 +2.4
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 0.2 29 36 6.5 +4.4
OPTZ Optimize Strategy Index ETF 0.2 50 15 2.9 +0.8
SCHA Schwab U.S. Small-Cap ETF 0.2 4 61 4.4 +2.3
DFAS Dimensional U.S. Small Cap ETF 0.2 26 39 5.5 +3.4
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.2 7 58 6.7 +4.5
EWUS iShares MSCI United Kingdom Small Cap ETF 0.2 59 6 5.8 +3.6
BKSE BNY Mellon US Small Cap Core Equity ETF 0.2 4 61 4.8 +2.6
FEP First Trust Europe AlphaDEX Fund 0.2 80 -15 7.8 +5.6
FNDA Schwab Fundamental US Small Co. Index ETF 0.2 25 40 6.0 +3.8
DISV Dimensional International Small Cap Value ETF 0.2 42 23 9.1 +7.0
DFAI Dimensional International Core Equity Market ETF 0.2 18 47 7.3 +5.1
DFEV Dimensional Emerging Markets Value ETF 0.2 43 22 11.1 +8.9
FESM Fidelity Enhanced Small Cap ETF 0.2 28 37 1.7 -0.5
BBSC JPMorgan BetaBuilders U.S. Small Cap Equity ETF 0.2 9 56 3.3 +1.2
FDT First Trust Developed Markets ex-US AlphaDEX Fund 0.2 80 -15 9.1 +6.9
VBR Vanguard Small Cap Value ETF 0.2 7 58 7.8 +5.7
EMXC iShares MSCI Emerging Markets ex China ETF 0.2 25 40 6.7 +4.5
DES WisdomTree U.S. SmallCap Dividend Fund 0.2 38 27 6.8 +4.7
LDEM iShares ESG MSCI EM Leaders ETF 0.1 17 48 7.6 +5.5
AVDV Avantis International Small Cap Value ETF 0.1 36 29 8.1 +6.0
ISCV iShares Morningstar Small Cap Value ETF 0.1 6 59 7.2 +5.0
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.1 30 35 8.1 +6.0
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.1 39 26 7.4 +5.3
XC WisdomTree Emerging Markets Ex-China Fund 0.1 32 33 6.0 +3.8
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.1 32 33 6.2 +4.1
ISCB iShares Morningstar Small-Cap ETF 0.1 4 61 4.8 +2.6
XCNY SPDR S&P Emerging Markets ex-China ETF 0.1 15 50 6.3 +4.1
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.1 41 24 7.4 +5.3
EEM iShares MSCI Emerging Markets ETF 0.1 69 -4 6.9 +4.7
FNDC Schwab Fundamental International Small Co. Index ETF 0.1 39 26 7.2 +5.1
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.1 15 50 7.2 +5.1
FAD First Trust Multi Cap Growth AlphaDEX Fund 0.1 64 1 1.8 -0.3
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 56 5.4 +3.2
ISCG iShares Morningstar Small-Cap Growth ETF 0.1 6 59 2.3 +0.1
DFIC Dimensional International Core Equity 2 ETF 0.1 23 42 7.7 +5.6
DFSV Dimensional US Small Cap Value ETF 0.1 31 34 8.3 +6.1
SPEM SPDR Portfolio Emerging Markets ETF 0.1 7 58 7.3 +5.2
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.1 50 15 13.0 +10.8
JHEM John Hancock Multifactor Emerging Markets ETF 0.1 49 16 8.2 +6.0
IEMG iShares Core MSCI Emerging Markets ETF 0.1 9 56 7.5 +5.3
INRO iShares U.S. Industry Rotation Active ETF 0.1 42 23 4.5 +2.3
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.1 66 -1 10.0 +7.8
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 0.1 7 58 5.3 +3.2
ESML iShares ESG Aware MSCI USA Small-Cap ETF 0.1 17 48 4.7 +2.5
VB Vanguard Small-Cap ETF 0.1 5 60 4.9 +2.8
CWI SPDR MSCI ACWI ex-US ETF 0.1 30 35 6.9 +4.8
VXF Vanguard Extended Market ETF 0.1 6 59 3.5 +1.3
ISCF iShares International SmallCap Equity Factor ETF 0.1 23 42 9.1 +7.0
VPL Vanguard FTSE Pacific ETF 0.1 8 57 7.7 +5.6
DFIV Dimensional International Value ETF 0.1 27 38 10.0 +7.8
SPDW SPDR Portfolio Developed World ex-US ETF 0.1 3 62 7.2 +5.0
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.1 36 29 7.8 +5.7
XCEM Columbia EM Core ex-China ETF 0.1 16 49 7.7 +5.6
IXUS iShares Core MSCI Total International Stock ETF 0.1 7 58 7.2 +5.0
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.1 30 35 8.0 +5.8
BKEM BNY Mellon Emerging Markets Equity ETF 0.1 11 54 8.4 +6.2
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 0.1 20 45 6.8 +4.6
IEUS iShares MSCI Europe Small-Cap ETF 0.1 42 23 6.4 +4.3
FNDF Schwab Fundamental International Large Co. Index ETF 0.1 25 40 9.9 +7.7
VSGX Vanguard ESG International Stock ETF 0.1 12 53 6.8 +4.6
VEA Vanguard FTSE Developed Markets ETF 0.1 5 60 7.3 +5.2
AVSD Avantis Responsible International Equity ETF 0.1 23 42 7.1 +4.9
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 0.1 20 45 4.6 +2.4
CRTC Xtrackers US National Critical Technologies ETF 0.1 35 30 5.1 +2.9
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.1 59 6 11.3 +9.1
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.1 15 50 10.2 +8.1
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.1 45 20 11.0 +8.8
AVDE Avantis International Equity ETF 0.1 23 42 8.1 +5.9
EEMA iShares MSCI Emerging Markets Asia ETF 0.1 49 16 6.5 +4.4
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.1 70 -5 6.2 +4.0
VYMI Vanguard International High Dividend Yield ETF 0.1 22 43 9.8 +7.7
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 45 6.3 +4.2
VXUS Vanguard Total International Stock ETF 0.1 7 58 7.2 +5.0
FLAX Franklin FTSE Asia Ex Japan ETF 0.1 19 46 6.9 +4.7
FELV Fidelity Enhanced Large Cap Value ETF 0.1 18 47 6.4 +4.3
FLGB Franklin FTSE United Kingdom ETF 0.1 9 56 7.9 +5.7
JPIN J.P. Morgan Diversified Return International Equity ETF 0.1 37 28 8.9 +6.7
SCHF Schwab International Equity ETF 0.0 6 59 7.5 +5.3
DFAC Dimensional U.S. Core Equity 2 ETF 0.0 17 48 5.3 +3.2
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.0 45 20 8.9 +6.8
IMFL Invesco International Developed Dynamic Multifactor ETF 0.0 34 31 5.9 +3.7
IDEV iShares Core MSCI International Developed Markets ETF 0.0 4 61 7.1 +5.0
ACWX iShares MSCI ACWI ex U.S. ETF 0.0 34 31 7.0 +4.8
EZM WisdomTree U.S. MidCap Fund 0.0 38 27 7.4 +5.2
VEU Vanguard FTSE All-World ex-US Index Fund 0.0 8 57 7.3 +5.1
DCOR Dimensional US Core Equity 1 ETF 0.0 14 51 5.3 +3.2
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.0 38 27 7.8 +5.7
SCZ iShares MSCI EAFE Small-Cap ETF 0.0 40 25 6.6 +4.4
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.0 35 30 12.4 +10.3
HFXI IQ FTSE International Equity Currency Neutral ETF 0.0 20 45 7.1 +4.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.0 41 24 7.4 +5.3
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.0 18 47 7.0 +4.9
AVUS Avantis U.S. Equity ETF 0.0 15 50 5.6 +3.5
DFUV Dimensional US Marketwide Value ETF 0.0 22 43 7.2 +5.0
DFSU Dimensional US Sustainability Core 1 ETF 0.0 18 47 5.4 +3.3
VT Vanguard Total World Stock ETF 0.0 7 58 5.5 +3.4
SCHE Schwab Emerging Markets Equity ETF 0.0 11 54 7.1 +5.0
DFAE Dimensional Emerging Core Equity Market ETF 0.0 35 30 7.3 +5.2
VWO Vanguard FTSE Emerging Markets ETF 0.0 8 57 6.9 +4.8
VGK Vanguard FTSE Europe ETF 0.0 11 54 7.1 +4.9
ACWI iShares MSCI ACWI ETF 0.0 32 33 5.3 +3.1
SPEU SPDR Portfolio Europe ETF 0.0 7 58 7.1 +4.9
DFAU Dimensional US Core Equity Market ETF 0.0 12 53 5.0 +2.9
DFUS Dimensional U.S. Equity ETF 0.0 9 56 4.9 +2.7
APIE ActivePassive International Equity ETF 0.0 45 20 8.1 +6.0
SCHB Schwab U.S. Broad Market ETF 0.0 3 62 4.9 +2.7
FNDB Schwab Fundamental US Broad Market Index ETF 0.0 25 40 6.8 +4.6
ESGV Vanguard ESG U.S. Stock ETF 0.0 9 56 4.8 +2.6
IWV iShares Russell 3000 ETF 0.0 20 45 4.7 +2.5
VTHR Vanguard Russell 3000 ETF 0.0 10 55 4.7 +2.6
ITOT iShares Core S&P Total U.S. Stock Market ETF 0.0 3 62 4.8 +2.7
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 0.0 24 41 8.7 +6.5
TILT FlexShares Morningstar US Market Factor Tilt Index Fund 0.0 25 40 5.2 +3.1
VTI Vanguard Total Stock Market ETF 0.0 3 62 4.7 +2.6
BBEU JPMorgan BetaBuilders Europe ETF 0.0 9 56 7.1 +5.0
BKIE BNY Mellon International Equity ETF 0.0 4 61 7.1 +4.9
FLEE Franklin FTSE Europe ETF 0.0 9 56 7.2 +5.0
GSID Goldman Sachs MarketBeta International Equity ETF 0.0 20 45 7.0 +4.8
IQSI IQ Candriam International Equity ETF 0.0 15 50 6.6 +4.5
IEUR iShares Core MSCI Europe ETF 0.0 11 54 7.1 +4.9
IEFA iShares Core MSCI EAFE ETF 0.0 7 58 7.1 +5.0
AVES Avantis Emerging Markets Value ETF 0.0 36 29 11.6 +9.4

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 info ** ** ** ** ** ** **
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:		 Global X Silver Miners 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 4.9 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 65 bp
Equals: ALTAR Score 2.2 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.31 CATEGORY
AVERAGE		 1.53
 
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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.