ProShares S&P 500 Ex-Energy ETF
ALTAR
Score™
5.4% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
23.7x P/Sales
ratio
2.5x
P/BV
ratio
3.4x Div.
yield
1.8%


  • 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) $17
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) $361,227
Large cap (>$10bn) 97.7%
Mid cap ($2-10bn) 2.3%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MICROSOFT CORP 5.7 %
APPLE INC 5.4 %
AMAZON.COM INC 4.1 %
FACEBOOK 2.2 %
ALPHABET INC. CLASS A 1.7 %
ALPHABET INC. CLASS C 1.7 %
JOHNSON & JOHNSON 1.6 %
BERKSHIRE HATHAWAY INC-CL B 1.5 %
VISA INC-CLASS A SHARES 1.4 %
JPMORGAN CHASE & CO 1.2 %
Total 26.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.5 %
IRELAND 1.6 %
BRITAIN 1.0 %
SWITZERLAND 0.4 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-3.4% 14.7% -- -- 13.4%

Market Correlations
versus... Beta R-squared
S&P500 0.95 99%
MSCI EAFE 0.93 81%
MSCI Emg. Mkts. 0.68 65%

Technical Indicators
Recent close $67.21
30d moving avg. $63.45
Annualized volatility 16.2%
Short interest (ETF) 0.2%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 2
Turnover 0.8%
Bid/Ask (% of price) 0.38%
ADV underlying (mns) $240,013

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 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™: 5.4%


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 99.7 49 -22 5.1 -0.3
HSPX Global X S&P 500 Covered Call ETF 98.9 65 -38 4.9 -0.5
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 98.4 20 7 5.5 +0.1
SPLG SPDR Portfolio Large Cap ETF 96.8 3 24 5.5 +0.1
IVV iShares Core S&P 500 ETF 96.8 4 23 5.5 +0.1
SPY SPDR S&P 500 ETF Trust 96.7 9 18 5.4 +0.0
VOO VANGUARD S&P 500 ETF 95.9 3 24 5.5 +0.1
VV Vanguard Large-Cap Index Fund 92.9 4 23 5.3 -0.1
PBUS Invesco PureBeta MSCI USA ETF 92.3 4 23 5.3 -0.1
BBUS JP Morgan Betabuilders U.S. Equity ETF 91.5 2 25 5.4 +0.0
SCHX Schwab U.S. Large-Cap ETF 89.7 3 24 5.4 -0.0
SPTM SPDR Portfolio Total Stock Market ETF 89.2 3 24 5.6 +0.2
IWB iShares Russell 1000 ETF 87.3 15 12 5.2 -0.2
SCHK Schwab 1000 Index ETF 86.7 5 22 5.3 -0.1
VONE Vanguard Russell 1000 ETF 86.4 8 19 5.3 -0.1
MGC Vanguard Mega Cap Index Fund 86.2 7 20 5.3 -0.1
SPXN ProShares S&P 500 Ex-Financials ETF 86.1 27 0 5.1 -0.3
IYY iShares Dow Jones U.S. ETF 85.8 20 7 5.2 -0.2
ESGV Vanguard ESG U.S. Stock ETF 84.4 12 15 5.3 -0.1
SPXV ProShares S&P 500 Ex-Health Care ETF 84.0 27 0 5.1 -0.3
CATH Global X S&P 500 Catholic Values Custom ETF 82.6 29 -2 5.3 -0.1
SCHB Schwab U.S. Broad Market ETF 82.4 3 24 5.3 -0.1
VTI Vanguard Total Stock Market Index Fund 82.2 3 24 5.2 -0.2
IWV iShares Russell 3000 ETF 82.1 20 7 5.1 -0.3
ITOT iShares Core S&P Total U.S. Stock Market ETF 82.1 3 24 5.2 -0.2
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 81.7 20 7 5.0 -0.4
IWL iShares Russell Top 200 ETF 81.6 15 12 5.1 -0.2
VTHR Vanguard Russell 3000 Index Fund 81.6 10 17 5.2 -0.2
SFY SoFi Select 500 ETF 77.2 0 27 5.3 -0.1
SNPE Xtrackers S&P 500 ESG ETF 76.1 11 16 5.2 -0.2
MMTM SPDR S&P 1500 Momentum Tilt ETF 75.4 12 15 5.1 -0.3
EPS WisdomTree U.S. Earnings 500 Fund 73.8 8 19 6.4 +1.0
JHML John Hancock Multifactor Large Cap ETF 73.5 34 -7 5.5 +0.1
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 73.4 9 18 5.6 +0.2
IQSU IQ Candriam ESG US Equity ETF 72.9 9 18 5.3 -0.1
ESGU iShares MSCI USA ESG Optimized ETF 72.8 15 12 5.1 -0.3
SPXT ProShares S&P 500 Ex-Technology ETF 72.8 27 0 5.6 +0.2
SPYG SPDR Portfolio S&P 500 Growth ETF 70.9 4 23 4.5 -0.9
IVW iShares S&P 500 Growth ETF 70.8 18 9 4.3 -1.1
VOOG Vanguard S&P 500 Growth ETF 70.6 10 17 4.4 -1.0
IUSG iShares Core S&P US Growth ETF 69.6 4 23 4.5 -0.9
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 67.8 25 2 6.1 +0.7
FNDX Schwab Fundamental U.S. Large Co. Index ETF 67.7 25 2 6.4 +1.0
OEF iShares S&P 100 ETF 65.9 20 7 4.9 -0.5
FNDB Schwab Fundamental U.S. Broad Market Index ETF 65.7 25 2 6.4 +1.0
QUS SPDR MSCI USA StrategicFactors ETF 65.6 15 12 5.8 +0.4
AVUS Avantis U.S. Equity ETF 65.1 15 12 5.7 +0.3
IUS Invesco Strategic US ETF 64.9 19 8 6.2 +0.8
TOK iShares MSCI Kokusai ETF 64.8 25 2 5.7 +0.4
XOUT GraniteShares XOUT U.S. Large Cap ETF 64.2 60 -33 4.6 -0.8
PRF Invesco FTSE RAFI US 1000 ETF 63.8 39 -12 6.6 +1.2
IWF iShares Russell 1000 Growth ETF 63.4 19 8 4.3 -1.1
VONG Vanguard Russell 1000 Growth Index Fund 63.4 8 19 4.4 -0.9
ESG FlexShares STOXX US ESG Impact Index Fund 61.0 32 -5 5.2 -0.2
URTH iShares MSCI World ETF 60.7 24 3 5.8 +0.4
DIVB iShares U.S. Dividend & Buyback ETF 60.6 25 2 6.3 +1.0
RWL Invesco S&P 500 Revenue ETF 59.9 39 -12 6.7 +1.3
DLN WisdomTree U.S. LargeCap Dividend Fund 59.2 28 -1 6.3 +0.9
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 59.0 15 12 6.2 +0.9
DTD WisdomTree U.S.Total Dividend Fund 58.9 28 -1 6.5 +1.1
OMFL Oppenheimer Russell 1000 Dynamic Multifactor ETF 57.9 29 -2 4.3 -1.0
EXT WisdomTree U.S. Total Earnings Fund 57.0 28 -1 5.7 +0.4
DYNF BlackRock U.S. Equity Factor Rotation ETF 56.9 30 -3 6.6 +1.3
SPYV SPDR Portfolio S&P 500 Value ETF 56.9 4 23 7.2 +1.8
IVE iShares S&P 500 Value ETF 56.8 18 9 7.0 +1.6
NACP Impact Shares NAACP Minority Empowerment ETF 56.8 75 -48 4.5 -0.9
SCHG Schwab U.S. Large-Cap Growth ETF 56.7 4 23 4.3 -1.1
VLU SPDR S&P 1500 Value Tilt ETF 56.7 12 15 7.1 +1.8
VOOV Vanguard S&P 500 Value ETF 56.6 15 12 7.1 +1.7
RECS Columbia Research Enhanced Core ETF 56.3 15 12 5.6 +0.3
IWY iShares Russell Top 200 Growth ETF 56.1 20 7 4.3 -1.1
VUG Vanguard Growth Index Fund 55.9 4 23 4.2 -1.2
IUSV iShares Core S&P U.S. Value ETF 55.8 4 23 7.2 +1.9
ESGG FlexShares STOXX Global ESG Impact Index Fund 53.7 42 -15 5.6 +0.2
XLG Invesco S&P 500 Top 50 ETF 53.6 20 7 4.7 -0.7
DSI iShares MSCI KLD 400 Social ETF 53.6 25 2 5.2 -0.1
DGRO iShares Core Dividend Growth ETF 53.4 8 19 6.4 +1.0
WOMN Impact Shares YWCA Women's Empowerment ETF 53.3 75 -48 4.5 -0.8
ACWI iShares MSCI ACWI ETF 53.0 32 -5 6.0 +0.7
VEGN US Vegan Climate ETF 52.9 60 -33 5.3 -0.1
CRBN iShares MSCI ACWI Low Carbon Target ETF 52.6 20 7 6.3 +0.9
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 52.6 29 -2 6.1 +0.7
LOWC SPDR MSCI ACWI Low Carbon Target ETF 52.4 20 7 6.4 +1.0
AFLG First Trust Active Factor Large Cap ETF 51.3 55 -28 5.6 +0.2
SUSL iShares ESG MSCI USA Leaders ETF 51.1 10 17 5.4 +0.0
QWLD SPDR MSCI World StrategicFactors ETF 51.1 30 -3 6.0 +0.7
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 51.1 10 17 5.4 +0.0
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 50.6 49 -22 4.2 -1.2
MGK Vanguard Mega Cap Growth ETF 49.2 7 20 4.3 -1.0
SPGM SPDR Portfolio MSCI Global Stock Market ETF 48.7 9 18 6.2 +0.8
KRMA Global X Conscious Companies ETF 48.3 43 -16 5.2 -0.2
RSP Invesco S&P 500 Equal Weight ETF 47.9 20 7 6.6 +1.3
EQWL Invesco Russell Top 200 Equal Weight ETF 47.9 25 2 5.9 +0.5
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 47.7 19 8 5.6 +0.2
TMFC Motley Fool 100 Index ETF 47.6 50 -23 4.0 -1.4
IWD iShares Russell 1000 Value ETF 47.3 19 8 6.9 +1.5
VT Vanguard Total World Stock Index Fund 47.2 8 19 6.3 +0.9
VONV Vanguard Russell 1000 Value Index Fund 47.1 8 19 7.0 +1.6
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 46.7 9 18 5.8 +0.4
FQAL Fidelity Quality Factor ETF 45.9 29 -2 5.4 +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

  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 18.3 %
Divided by: Fwd. P/BV 3.2 x
Less: Expense ratio 27 bp
Equals: ALTAR Score 5.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.44 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.