ETF Research Center

Azoria 500 Meritocracy ETF

ALTAR
Score™

4.0%

Recommen-
dation

UNDERWEIGHT

2025E 2026E
P/E ratio	25.1x	P/Sales ratio	3.4x
P/BV ratio	4.7x	Div. yield	1.0%

Description
Performance
Comps
Fundamentals
Valuation
Rating

Azoria 500 Meritocracy ETF seeks to provide investors with long-term capital appreciation by tracking the performance of an index composed of U.S. large-cap companies that promote meritocratic governance and diversity in their leadership.

FUND BASICS
Category	US Equities
Fund Sponsor	Azoria
Website	investazoria.com/
Inception date	Jul 07, 2025
Assets (mns)	$28
Currency	USD
Expense ratio	47 bp
Distributions

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	462
Wgt avg mkt cap (mns)	$1,385,400
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	0.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	38.4 %
NVIDIA CORP	6.9 %
APPLE INC	6.5 %
MICROSOFT CORP	5.7 %
AMAZON.COM INC	3.8 %
ALPHABET INC. CLASS A	3.0 %
BROADCOM INC.	2.8 %
ALPHABET INC. CLASS C	2.8 %
META PLATFORMS INC	2.7 %
TESLA MOTORS INC	2.4 %
ELI LILLY & CO	1.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.4 %
	IRELAND	1.2 %
	SWITZERLAND	0.3 %
	BERMUDA	0.1 %
	BRITAIN	0.1 %

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.
--	--	--	--	9.2%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$21.80
30d moving avg.	$21.59
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	56

Liquidity measures
Avg. volume (thou.)	8
Turnover	0.6%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$0

Distributions

There were no matches found with other funds under coverage.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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:	Azoria 500 Meritocracy 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	20.2	%
Divided by: Fwd. P/BV	4.5	x
Less: Expense ratio	47	bp
Equals: ALTAR Score	4.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	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.