ProShares S&P 500 Ex-Financials ETF
ALTAR
Score™
5.8% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
22.9x P/Sales
ratio
2.5x
P/BV
ratio
4.3x Div.
yield
1.8%


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

FUND BASICS
Category US Equities
Fund Sponsor ProShares
Website www.proshares.com
Inception date Sep 22, 2015
Assets (mns) $5
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 407
Wgt avg mkt cap (mns) $482,269
Large cap (>$10bn) 98.1%
Mid cap ($2-10bn) 1.9%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
APPLE INC 7.4 %
MICROSOFT CORP 6.5 %
AMAZON.COM INC 5.3 %
FACEBOOK 2.5 %
ALPHABET INC. CLASS A 1.8 %
ALPHABET INC. CLASS C 1.8 %
JOHNSON & JOHNSON 1.6 %
PROCTER & GAMBLE CO/THE 1.4 %
VISA INC-CLASS A SHARES 1.4 %
NVIDIA CORP 1.3 %
Total 31.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.4 %
IRELAND 1.8 %
BRITAIN 0.9 %
SWITZERLAND 0.2 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
14.6% 26.5% -- -- 16.2%

Market Correlations
versus... Beta R-squared
S&P500 0.98 99%
MSCI EAFE 0.98 82%
MSCI Emg. Mkts. 0.69 65%

Technical Indicators
Recent close $70.99
30d moving avg. $73.12
Annualized volatility 17.3%
Short interest (ETF) 0.5%
Relative strength (RSI) 44

Liquidity measures
Avg. volume (thou.) 1
Turnover 1.3%
Bid/Ask (% of price) 0.30%
ADV underlying (mns) $8,303

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the ProShares S&P 500 Ex-Financials ETF ETF based on the alternatives' overlap in portfolio holdings with SPXN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SPXN Expense: 27 bp ALTAR Score™: 5.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SPXN
Ticker Fund
Name
Overlap1
vs SPXN
(%)
Expense
ratio
(bp)
Savings
vs SPXN
(bp)
ALTAR
Score™
(%)
ALTAR
vs SPXN
(%)
SPY SPDR S&P 500 ETF Trust 86.7 9 18 6.1 +0.3
PBP Invesco S&P 500 BuyWrite ETF 86.7 49 -22 5.7 -0.2
XYLG Global X S&P 500 Covered Call & Growth ETF 86.4 60 -33 5.7 -0.1
SPXE ProShares S&P 500 Ex-Energy ETF 86.3 27 0 6.1 +0.3
SPLG SPDR Portfolio Large Cap ETF 85.9 3 24 6.1 +0.3
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 85.8 20 7 6.1 +0.3
MGC Vanguard Mega Cap Index Fund 85.6 7 20 6.0 +0.2
HSPX Global X S&P 500 Covered Call ETF 85.6 60 -33 5.5 -0.3
VOO VANGUARD S&P 500 ETF 85.4 3 24 6.1 +0.3
IVV iShares Core S&P 500 ETF 85.3 3 24 6.1 +0.3
BKLC BNY Mellon US Large Cap Core Equity ETF 83.6 0 27 6.0 +0.2
IWL iShares Russell Top 200 ETF 83.4 15 12 5.8 +0.0
SPXV ProShares S&P 500 Ex-Health Care ETF 82.9 27 0 5.8 -0.0
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 82.7 7 20 6.0 +0.2
PBUS Invesco PureBeta MSCI USA ETF 81.0 4 23 6.0 +0.2
SCHX Schwab U.S. Large-Cap ETF 80.2 3 24 5.9 +0.1
SPTM SPDR Portfolio Total Stock Market ETF 80.2 3 24 6.2 +0.4
VV Vanguard Large-Cap Index Fund 80.0 4 23 5.9 +0.1
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 79.9 20 7 5.7 -0.1
ESGV Vanguard ESG U.S. Stock ETF 79.4 12 15 5.9 +0.1
SCHK Schwab 1000 Index ETF 77.4 5 22 5.9 +0.1
IWB iShares Russell 1000 ETF 77.1 15 12 5.7 -0.1
IYY iShares Dow Jones U.S. ETF 77.0 20 7 5.8 -0.1
SNPE Xtrackers S&P 500 ESG ETF 76.5 10 17 6.0 +0.2
VONE Vanguard Russell 1000 ETF 75.7 8 19 5.8 0.0
IQSU IQ Candriam ESG US Equity ETF 75.4 9 18 6.2 +0.4
BBUS JP Morgan Betabuilders U.S. Equity ETF 74.9 2 25 6.0 +0.2
CATH Global X S&P 500 Catholic Values Custom ETF 74.6 29 -2 5.9 +0.1
MMTM SPDR S&P 1500 Momentum Tilt ETF 74.0 12 15 6.2 +0.4
VTHR Vanguard Russell 3000 Index Fund 74.0 10 17 5.7 -0.2
SCHB Schwab U.S. Broad Market ETF 73.8 3 24 5.8 0.0
ITOT iShares Core S&P Total U.S. Stock Market ETF 73.6 3 24 5.8 -0.1
ESGU iShares MSCI USA ESG Optimized ETF 73.5 15 12 5.8 -0.0
IWV iShares Russell 3000 ETF 72.7 20 7 5.6 -0.2
VOOG Vanguard S&P 500 Growth ETF 72.6 10 17 5.8 +0.0
IVW iShares S&P 500 Growth ETF 72.0 18 9 5.7 -0.1
XOUT GraniteShares XOUT U.S. Large Cap ETF 71.6 60 -33 5.4 -0.4
SPYG SPDR Portfolio S&P 500 Growth ETF 71.6 4 23 5.9 +0.1
IUSG iShares Core S&P US Growth ETF 70.7 4 23 5.8 +0.0
EPS WisdomTree U.S. Earnings 500 Fund 69.8 8 19 7.2 +1.4
VTI Vanguard Total Stock Market Index Fund 69.8 3 24 5.7 -0.1
OEF iShares S&P 100 ETF 69.3 20 7 5.9 +0.1
SFY SoFi Select 500 ETF 69.3 0 27 5.6 -0.2
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 68.7 9 18 6.2 +0.4
SPXT ProShares S&P 500 Ex-Technology ETF 67.6 27 0 5.6 -0.2
JHML John Hancock Multifactor Large Cap ETF 65.9 29 -2 6.0 +0.2
ESG FlexShares STOXX US ESG Impact Index Fund 64.2 32 -5 5.7 -0.1
IUS Invesco Strategic US ETF 62.4 19 8 7.1 +1.3
QUS SPDR MSCI USA StrategicFactors ETF 61.8 15 12 6.2 +0.4
FNDX Schwab Fundamental U.S. Large Co. Index ETF 61.8 25 2 7.4 +1.6
IWF iShares Russell 1000 Growth ETF 61.5 19 8 5.6 -0.2
VONG Vanguard Russell 1000 Growth Index Fund 61.2 8 19 5.7 -0.1
SCHG Schwab U.S. Large-Cap Growth ETF 59.8 4 23 5.5 -0.3
AVUS Avantis U.S. Equity ETF 59.6 15 12 6.2 +0.4
VUG Vanguard Growth Index Fund 59.4 4 23 5.6 -0.2
XLG Invesco S&P 500 Top 50 ETF 59.3 20 7 5.9 +0.1
FNDB Schwab Fundamental U.S. Broad Market Index ETF 59.2 25 2 7.4 +1.6
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 58.5 49 -22 5.7 -0.1
DIVB iShares U.S. Dividend & Buyback ETF 58.3 25 2 7.3 +1.4
PRF Invesco FTSE RAFI US 1000 ETF 58.2 39 -12 7.4 +1.5
TOK iShares MSCI Kokusai ETF 57.7 25 2 6.0 +0.2
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 57.6 25 2 6.9 +1.1
IWY iShares Russell Top 200 Growth ETF 57.4 20 7 6.1 +0.3
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 57.2 15 12 7.1 +1.3
DLN WisdomTree U.S. LargeCap Dividend Fund 55.2 28 -1 7.1 +1.3
RECS Columbia Research Enhanced Core ETF 55.1 15 12 6.6 +0.8
DYNF BlackRock U.S. Equity Factor Rotation ETF 54.8 30 -3 6.7 +0.9
DTD WisdomTree U.S.Total Dividend Fund 54.7 28 -1 7.2 +1.4
MGK Vanguard Mega Cap Growth ETF 54.3 7 20 6.2 +0.3
NACP Impact Shares NAACP Minority Empowerment ETF 54.3 75 -48 5.7 -0.1
EXT WisdomTree U.S. Total Earnings Fund 54.2 28 -1 6.1 +0.3
DSI iShares MSCI KLD 400 Social ETF 54.0 25 2 5.1 -0.7
WOMN Impact Shares YWCA Women's Empowerment ETF 52.9 75 -48 5.1 -0.7
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 52.1 19 8 6.8 +1.0
ESGG FlexShares STOXX Global ESG Impact Index Fund 51.8 42 -15 6.0 +0.2
URTH iShares MSCI World ETF 51.8 24 3 6.1 +0.3
AFLG First Trust Active Factor Large Cap ETF 51.6 55 -28 6.4 +0.6
VLU SPDR S&P 1500 Value Tilt ETF 51.1 12 15 7.7 +1.9
RWL Invesco S&P 500 Revenue ETF 50.9 39 -12 7.5 +1.7
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 50.7 29 -2 6.4 +0.6
SUSL iShares ESG MSCI USA Leaders ETF 50.4 10 17 5.3 -0.5
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 50.3 10 17 5.3 -0.5
VOOV Vanguard S&P 500 Value ETF 50.2 10 17 7.4 +1.6
IVE iShares S&P 500 Value ETF 50.1 18 9 7.4 +1.5
SPYV SPDR Portfolio S&P 500 Value ETF 50.0 4 23 7.5 +1.7
TMFC Motley Fool 100 Index ETF 49.4 50 -23 5.2 -0.6
IWD iShares Russell 1000 Value ETF 48.9 19 8 7.0 +1.2
VONV Vanguard Russell 1000 Value Index Fund 48.8 8 19 7.1 +1.3
IUSV iShares Core S&P U.S. Value ETF 48.8 4 23 7.6 +1.8
FQAL Fidelity Quality Factor ETF 48.4 29 -2 6.3 +0.5
EFIV SPDR S&P 500 ESG ETF 48.2 10 17 6.0 +0.2
DGRO iShares Core Dividend Growth ETF 47.9 8 19 7.0 +1.2
FVAL Fidelity Value Factor ETF 47.2 29 -2 8.6 +2.7
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 47.2 75 -48 4.2 -1.7
EQWL Invesco Russell Top 200 Equal Weight ETF 46.8 25 2 6.3 +0.4
ACWI iShares MSCI ACWI ETF 46.4 32 -5 6.3 +0.4
JQUA JPMorgan U.S. Quality Factor ETF 46.4 12 15 5.7 -0.1
QLC FlexShares US Quality Large Cap Index Fund 46.1 32 -5 6.0 +0.2
CRBN iShares MSCI ACWI Low Carbon Target ETF 46.0 20 7 6.5 +0.7
QWLD SPDR MSCI World StrategicFactors ETF 46.0 30 -3 6.4 +0.6

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-Financials 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 23.5 %
Divided by: Fwd. P/BV 3.9 x
Less: Expense ratio 27 bp
Equals: ALTAR Score 5.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.42 CATEGORY
AVERAGE
1.51
 
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.