ProShares S&P 500 Ex-Energy ETF
ALTAR
Score™
4.7% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
27.1x P/Sales
ratio
3.0x
P/BV
ratio
4.2x Div.
yield
1.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The ProShares S&P 500 Ex-Energy ETF tracks a market cap-weighted index of US large- and midcap stocks (the S&P 500), excluding firms in the energy sector.

FUND BASICS
Category US Equities
Fund Sponsor ProShares
Website www.proshares.com
Inception date Sep 22, 2015
Assets (mns) $21
Currency USD
Expense ratio 27 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 479
Wgt avg mkt cap (mns) $517,301
Large cap (>$10bn) 98.8%
Mid cap ($2-10bn) 1.2%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
APPLE INC 6.6 %
MICROSOFT CORP 5.2 %
AMAZON.COM INC 4.3 %
TESLA MOTORS INC 2.0 %
FACEBOOK 2.0 %
ALPHABET INC. CLASS A 1.7 %
ALPHABET INC. CLASS C 1.6 %
BERKSHIRE HATHAWAY INC-CL B 1.5 %
JPMORGAN CHASE & CO 1.4 %
JOHNSON & JOHNSON 1.4 %
Total 27.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.5 %
IRELAND 1.5 %
BRITAIN 1.0 %
SWITZERLAND 0.4 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
20.6% 20.6% 15.7% -- 16.7%

Market Correlations
versus... Beta R-squared
S&P500 0.96 99%
MSCI EAFE 0.88 82%
MSCI Emg. Mkts. 0.69 64%

Technical Indicators
Recent close $81.71
30d moving avg. $80.90
Annualized volatility 18.2%
Short interest (ETF) 0.2%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 2
Turnover 0.8%
Bid/Ask (% of price) 0.25%
ADV underlying (mns) $247,079

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the ProShares S&P 500 Ex-Energy ETF ETF based on the alternatives' overlap in portfolio holdings with SPXE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SPXE Expense: 27 bp ALTAR Score™: 4.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SPXE
Ticker Fund
Name
Overlap1
vs SPXE
(%)
Expense
ratio
(bp)
Savings
vs SPXE
(bp)
ALTAR
Score™
(%)
ALTAR
vs SPXE
(%)
PBP Invesco S&P 500 BuyWrite ETF 98.0 49 -22 4.4 -0.4
XYLG Global X S&P 500 Covered Call & Growth ETF 96.3 60 -33 4.4 -0.3
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 96.3 20 7 4.9 +0.1
SPY SPDR S&P 500 ETF Trust 96.0 9 18 4.8 +0.1
SPLG SPDR Portfolio Large Cap ETF 95.9 3 24 4.8 +0.1
IVV iShares Core S&P 500 ETF 95.8 3 24 4.8 +0.1
VOO VANGUARD S&P 500 ETF 94.3 3 24 4.9 +0.2
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 90.7 7 20 4.6 -0.1
BBUS JP Morgan Betabuilders U.S. Equity ETF 89.4 2 25 4.7 0.0
PBUS Invesco PureBeta MSCI USA ETF 88.9 4 23 4.7 -0.0
VV Vanguard Large-Cap Index Fund 88.7 4 23 4.7 -0.1
SPTM SPDR Portfolio Total Stock Market ETF 87.3 3 24 4.9 +0.2
SCHX Schwab U.S. Large-Cap ETF 86.8 3 24 4.6 -0.1
ESGV Vanguard ESG U.S. Stock ETF 85.2 12 15 4.6 -0.2
SPXN ProShares S&P 500 Ex-Financials ETF 84.9 27 0 4.5 -0.2
SCHK Schwab 1000 Index ETF 84.7 5 22 4.7 -0.1
SPXV ProShares S&P 500 Ex-Health Care ETF 84.4 27 0 4.4 -0.4
IWB iShares Russell 1000 ETF 84.4 15 12 4.6 -0.2
MGC Vanguard Mega Cap Index Fund 83.8 7 20 4.7 -0.0
IYY iShares Dow Jones U.S. ETF 83.5 20 7 4.5 -0.2
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 83.0 20 7 4.7 -0.1
BKLC BNY Mellon US Large Cap Core Equity ETF 81.6 0 27 4.6 -0.2
CATH Global X S&P 500 Catholic Values Custom ETF 81.6 29 -2 4.7 -0.1
IWL iShares Russell Top 200 ETF 81.4 15 12 4.5 -0.2
VTHR Vanguard Russell 3000 Index Fund 80.9 10 17 4.5 -0.3
IWV iShares Russell 3000 ETF 78.7 20 7 4.4 -0.4
SCHB Schwab U.S. Broad Market ETF 78.5 3 24 4.5 -0.2
ITOT iShares Core S&P Total U.S. Stock Market ETF 78.0 3 24 4.5 -0.2
VONE Vanguard Russell 1000 ETF 77.7 8 19 4.6 -0.1
ESGU iShares MSCI USA ESG Optimized ETF 77.4 15 12 4.5 -0.2
SFY SoFi Select 500 ETF 76.6 0 27 4.6 -0.1
VTI Vanguard Total Stock Market Index Fund 76.4 3 24 4.5 -0.2
DFAU Dimensional US Core Equity Market ETF 75.1 12 15 4.7 +0.0
IQSU IQ Candriam ESG US Equity ETF 71.9 9 18 4.6 -0.1
MMTM SPDR S&P 1500 Momentum Tilt ETF 71.9 12 15 4.1 -0.6
SNPE Xtrackers S&P 500 ESG ETF 71.9 10 17 4.7 -0.0
EFIV SPDR S&P 500 ESG ETF 71.9 10 17 4.7 -0.1
JCTR JPMorgan Carbon Transition U.S. Equity ETF 71.8 15 12 4.7 +0.0
JHML John Hancock Multifactor Large Cap ETF 71.2 29 -2 4.9 +0.2
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 71.2 9 18 4.9 +0.2
SPXT ProShares S&P 500 Ex-Technology ETF 70.9 27 0 4.9 +0.2
VOOG Vanguard S&P 500 Growth ETF 70.1 10 17 4.1 -0.7
EPS WisdomTree U.S. Earnings 500 Fund 69.4 8 19 6.0 +1.3
XOUT GraniteShares XOUT U.S. Large Cap ETF 67.3 60 -33 3.7 -1.0
OEF iShares S&P 100 ETF 65.8 20 7 4.3 -0.4
SPYG SPDR Portfolio S&P 500 Growth ETF 65.6 4 23 3.8 -0.9
IVW iShares S&P 500 Growth ETF 65.5 18 9 3.7 -1.0
IUSG iShares Core S&P US Growth ETF 64.6 4 23 3.8 -0.9
QUS SPDR MSCI USA StrategicFactors ETF 64.5 15 12 5.3 +0.6
ESG FlexShares STOXX US ESG Impact Index Fund 64.5 32 -5 4.6 -0.2
KOKU Xtrackers MSCI Kokusai Equity ETF 63.3 9 18 5.1 +0.4
TOK iShares MSCI Kokusai ETF 63.2 25 2 5.0 +0.2
FNDX Schwab Fundamental U.S. Large Co. Index ETF 61.8 25 2 5.8 +1.1
PRF Invesco FTSE RAFI US 1000 ETF 61.6 39 -12 5.8 +1.1
AVUS Avantis U.S. Equity ETF 61.4 15 12 4.9 +0.2
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 60.8 25 2 5.0 +0.2
DIVB iShares U.S. Dividend & Buyback ETF 60.7 25 2 5.9 +1.2
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 60.1 15 12 5.8 +1.1
DYNF BlackRock U.S. Equity Factor Rotation ETF 59.5 30 -3 5.3 +0.6
SPYV SPDR Portfolio S&P 500 Value ETF 59.4 4 23 6.4 +1.7
IVE iShares S&P 500 Value ETF 59.4 18 9 6.3 +1.5
FNDB Schwab Fundamental U.S. Broad Market Index ETF 59.2 25 2 5.7 +1.0
URTH iShares MSCI World ETF 58.5 24 3 5.0 +0.3
IUS Invesco Strategic US ETF 58.3 19 8 5.5 +0.8
IUSV iShares Core S&P U.S. Value ETF 58.2 4 23 6.4 +1.7
IWF iShares Russell 1000 Growth ETF 57.4 19 8 3.6 -1.2
VONG Vanguard Russell 1000 Growth Index Fund 57.2 8 19 3.7 -1.0
RWL Invesco S&P 500 Revenue ETF 56.7 39 -12 6.3 +1.6
ACVF American Conservative Values ETF 55.6 75 -48 4.2 -0.6
DLN WisdomTree U.S. LargeCap Dividend Fund 55.4 28 -1 6.2 +1.5
HIPR Direxion High Growth ETF 55.3 40 -13 4.0 -0.7
VOOV Vanguard S&P 500 Value ETF 54.8 10 17 6.6 +1.8
RESP WisdomTree US ESG Fund of Benef Interest 54.6 28 -1 5.2 +0.5
VUG Vanguard Growth Index Fund 54.3 4 23 3.6 -1.1
VLU SPDR S&P 1500 Value Tilt ETF 54.0 12 15 6.2 +1.5
DTD WisdomTree U.S.Total Dividend Fund 54.0 28 -1 6.3 +1.6
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 53.8 30 -3 5.1 +0.4
NACP Impact Shares NAACP Minority Empowerment ETF 53.5 49 -22 4.8 +0.1
VONV Vanguard Russell 1000 Value Index Fund 53.3 8 19 6.1 +1.4
DSI iShares MSCI KLD 400 Social ETF 53.2 25 2 4.7 -0.1
SCHV Schwab U.S. Large-Cap Value ETF 53.2 4 23 6.1 +1.3
IWD iShares Russell 1000 Value ETF 52.9 19 8 6.0 +1.3
IWY iShares Russell Top 200 Growth ETF 52.9 20 7 3.7 -1.0
XLG Invesco S&P 500 Top 50 ETF 52.2 20 7 4.2 -0.5
ESGG FlexShares STOXX Global ESG Impact Index Fund 51.2 42 -15 4.7 -0.0
WOMN Impact Shares YWCA Women's Empowerment ETF 51.1 75 -48 3.6 -1.1
KRMA Global X Conscious Companies ETF 50.9 43 -16 4.9 +0.2
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 50.9 49 -22 3.5 -1.2
ACWI iShares MSCI ACWI ETF 50.4 32 -5 5.2 +0.4
LOWC SPDR MSCI ACWI Low Carbon Target ETF 50.2 20 7 5.4 +0.7
CRBN iShares MSCI ACWI Low Carbon Target ETF 50.2 20 7 5.4 +0.7
RECS Columbia Research Enhanced Core ETF 49.9 15 12 5.2 +0.5
AFLG First Trust Active Factor Large Cap ETF 49.6 55 -28 4.8 +0.0
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 49.4 10 17 4.9 +0.2
SUSL iShares ESG MSCI USA Leaders ETF 49.4 10 17 4.9 +0.2
MGK Vanguard Mega Cap Growth ETF 48.8 7 20 3.8 -0.9
QWLD SPDR MSCI World StrategicFactors ETF 48.6 30 -3 5.4 +0.7
SUSA iShares MSCI USA ESG Select ETF 48.3 25 2 4.3 -0.4

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

  2015 2016 2017 2018 2019 2020E 2021E
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
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
ProShares S&P 500 Ex-Energy 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 18.5 %
Divided by: Fwd. P/BV 3.7 x
Less: Expense ratio 27 bp
Equals: ALTAR Score 4.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.43 CATEGORY
AVERAGE
1.49
 
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.