ProShares S&P 500 Ex-Financials ETF
ALTAR
Score™
6.5% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
17.9x P/Sales
ratio
1.9x
P/BV
ratio
3.3x Div.
yield
2.2%


  • 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) $2
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 406
Wgt avg mkt cap (mns) $316,687
Large cap (>$10bn) 96.7%
Mid cap ($2-10bn) 3.2%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MICROSOFT CORP 6.5 %
APPLE INC 5.7 %
AMAZON.COM INC 4.4 %
FACEBOOK 2.2 %
ALPHABET INC. CLASS C 1.9 %
ALPHABET INC. CLASS A 1.9 %
JOHNSON & JOHNSON 1.9 %
VISA INC-CLASS A SHARES 1.5 %
PROCTER & GAMBLE CO/THE 1.5 %
UNITEDHEALTH GROUP INC 1.3 %
Total 28.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.2 %
IRELAND 2.4 %
BRITAIN 0.8 %
SWITZERLAND 0.2 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-17.6% -5.6% -- -- 9.5%

Market Correlations
versus... Beta R-squared
S&P500 0.96 98%
MSCI EAFE 0.88 80%
MSCI Emg. Mkts. 0.64 61%

Technical Indicators
Recent close $54.61
30d moving avg. $59.06
Annualized volatility 14.7%
Short interest (ETF) 5.7%
Relative strength (RSI) 39

Liquidity measures
Avg. volume (thou.) 2
Turnover 4.4%
Bid/Ask (% of price) 0.91%
ADV underlying (mns) $287,379

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™: 6.5%


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
(%)
HSPX Global X S&P 500 Covered Call ETF 93.2 65 -38 6.3 -0.2
PBP Invesco S&P 500 BuyWrite ETF 92.3 49 -22 6.5 +0.0
MGC Vanguard Mega Cap Index Fund 86.0 7 20 6.7 +0.2
SPY SPDR S&P 500 ETF Trust 85.8 9 18 6.9 +0.4
SPLG SPDR Portfolio Large Cap ETF 85.6 3 24 7.0 +0.5
IVV iShares Core S&P 500 ETF 85.5 4 23 6.9 +0.5
VOO VANGUARD S&P 500 ETF 85.4 3 24 6.9 +0.5
SPXE ProShares S&P 500 Ex-Energy ETF 85.3 27 0 6.8 +0.3
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 85.2 20 7 6.9 +0.4
VV Vanguard Large-Cap Index Fund 82.8 4 23 6.8 +0.3
IWL iShares Russell Top 200 ETF 82.8 15 12 6.5 0.0
SPXV ProShares S&P 500 Ex-Health Care ETF 81.6 27 0 6.6 +0.1
BBUS JP Morgan Betabuilders U.S. Equity ETF 81.4 2 25 6.9 +0.4
PBUS Invesco PureBeta MSCI USA ETF 80.4 4 23 6.9 +0.5
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 79.6 20 7 6.5 -0.0
SCHX Schwab U.S. Large-Cap ETF 79.5 3 24 6.9 +0.4
SPTM SPDR Portfolio Total Stock Market ETF 78.9 3 24 7.1 +0.6
VONE Vanguard Russell 1000 ETF 78.1 8 19 6.9 +0.4
IWB iShares Russell 1000 ETF 77.5 15 12 6.8 +0.3
SFY SoFi Select 500 ETF 77.0 0 27 6.5 0.0
SCHK Schwab 1000 Index ETF 77.0 5 22 6.9 +0.4
IYY iShares Dow Jones U.S. ETF 76.3 20 7 6.8 +0.3
SNPE Xtrackers S&P 500 ESG ETF 74.8 11 16 6.7 +0.2
IQSU IQ Candriam ESG US Equity ETF 74.4 9 18 6.5 +0.1
ESGV Vanguard ESG U.S. Stock ETF 73.9 12 15 6.8 +0.3
VTHR Vanguard Russell 3000 Index Fund 73.6 10 17 6.8 +0.3
SCHB Schwab U.S. Broad Market ETF 73.3 3 24 6.9 +0.4
VTI Vanguard Total Stock Market Index Fund 73.1 3 24 6.8 +0.3
ITOT iShares Core S&P Total U.S. Stock Market ETF 73.0 3 24 6.8 +0.3
CATH Global X S&P 500 Catholic Values Custom ETF 73.0 29 -2 6.8 +0.3
IWV iShares Russell 3000 ETF 73.0 20 7 6.7 +0.2
SPXT ProShares S&P 500 Ex-Technology ETF 70.0 27 0 7.2 +0.7
MMTM SPDR S&P 1500 Momentum Tilt ETF 69.8 12 15 6.5 +0.1
VOOG Vanguard S&P 500 Growth ETF 69.6 10 17 5.6 -0.9
SPYG SPDR Portfolio S&P 500 Growth ETF 69.6 4 23 5.6 -0.8
IVW iShares S&P 500 Growth ETF 69.6 18 9 5.5 -1.0
XOUT GraniteShares XOUT U.S. Large Cap ETF 69.3 60 -33 5.8 -0.7
ESGU iShares MSCI USA ESG Optimized ETF 69.0 15 12 6.5 +0.1
EPS WisdomTree U.S. Earnings 500 Fund 69.0 8 19 8.3 +1.8
OEF iShares S&P 100 ETF 68.5 20 7 6.2 -0.3
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 68.3 9 18 7.1 +0.6
IUSG iShares Core S&P US Growth ETF 68.3 4 23 5.7 -0.8
IUS Invesco Strategic US ETF 68.1 19 8 7.7 +1.3
JHML John Hancock Multifactor Large Cap ETF 66.5 34 -7 7.2 +0.7
IWF iShares Russell 1000 Growth ETF 65.0 19 8 5.5 -1.0
VONG Vanguard Russell 1000 Growth Index Fund 65.0 8 19 5.6 -0.9
FNDX Schwab Fundamental U.S. Large Co. Index ETF 64.0 25 2 8.1 +1.6
QUS SPDR MSCI USA StrategicFactors ETF 62.2 15 12 7.1 +0.7
FNDB Schwab Fundamental U.S. Broad Market Index ETF 61.4 25 2 8.2 +1.7
AVUS Avantis U.S. Equity ETF 60.6 15 12 7.8 +1.3
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 60.5 25 2 8.3 +1.8
ESG FlexShares STOXX US ESG Impact Index Fund 59.6 32 -5 6.6 +0.1
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 59.5 15 12 6.7 +0.2
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 59.3 49 -22 5.3 -1.2
RECS Columbia Research Enhanced Core ETF 59.0 15 12 7.3 +0.8
PRF Invesco FTSE RAFI US 1000 ETF 58.2 39 -12 8.9 +2.4
IWY iShares Russell Top 200 Growth ETF 58.1 20 7 5.4 -1.1
TOK iShares MSCI Kokusai ETF 57.4 25 2 7.2 +0.7
DLN WisdomTree U.S. LargeCap Dividend Fund 57.4 28 -1 7.9 +1.4
DIVB iShares U.S. Dividend & Buyback ETF 57.3 25 2 8.5 +2.1
OMFL Oppenheimer Russell 1000 Dynamic Multifactor ETF 57.3 29 -2 5.5 -1.0
NACP Impact Shares NAACP Minority Empowerment ETF 56.7 75 -48 6.0 -0.4
VLU SPDR S&P 1500 Value Tilt ETF 56.6 12 15 9.3 +2.8
DTD WisdomTree U.S.Total Dividend Fund 56.6 28 -1 8.3 +1.8
XLG Invesco S&P 500 Top 50 ETF 56.5 20 7 5.8 -0.7
VUG Vanguard Growth Index Fund 56.0 4 23 5.4 -1.1
SCHG Schwab U.S. Large-Cap Growth ETF 55.6 4 23 5.5 -1.0
RWL Invesco S&P 500 Revenue ETF 55.4 39 -12 8.9 +2.5
DSI iShares MSCI KLD 400 Social ETF 53.8 25 2 6.6 +0.1
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 53.6 75 -48 4.9 -1.6
WOMN Impact Shares YWCA Women's Empowerment ETF 53.5 75 -48 6.1 -0.4
EXT WisdomTree U.S. Total Earnings Fund 53.5 28 -1 7.4 +1.0
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 52.8 19 8 7.4 +0.9
URTH iShares MSCI World ETF 52.6 24 3 7.3 +0.8
SPYV SPDR Portfolio S&P 500 Value ETF 52.5 4 23 9.0 +2.5
IVE iShares S&P 500 Value ETF 52.4 18 9 8.9 +2.4
VOOV Vanguard S&P 500 Value ETF 52.3 15 12 9.0 +2.5
DGRO iShares Core Dividend Growth ETF 51.5 8 19 8.2 +1.7
IUSV iShares Core S&P U.S. Value ETF 51.3 4 23 9.2 +2.7
SUSL iShares ESG MSCI USA Leaders ETF 51.1 10 17 6.8 +0.3
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 50.9 10 17 6.8 +0.3
MGK Vanguard Mega Cap Growth ETF 50.4 7 20 5.5 -1.0
DYNF BlackRock U.S. Equity Factor Rotation ETF 50.3 30 -3 7.8 +1.3
ESGG FlexShares STOXX Global ESG Impact Index Fund 50.2 42 -15 7.0 +0.5
EQWL Invesco Russell Top 200 Equal Weight ETF 49.7 25 2 7.4 +0.9
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 49.6 29 -2 8.0 +1.5
FQAL Fidelity Quality Factor ETF 49.0 29 -2 6.9 +0.4
AFLG First Trust Active Factor Large Cap ETF 49.0 55 -28 7.5 +1.0
USMC Principal U.S. Mega-Cap Multi-Factor Index ETF 48.7 12 15 6.2 -0.3
FDLO Fidelity Low Volatility Factor ETF 48.0 29 -2 6.4 -0.1
JQUA JPMorgan U.S. Quality Factor ETF 47.7 12 15 6.5 +0.0
VEGN US Vegan Climate ETF 47.3 60 -33 6.9 +0.4
QWLD SPDR MSCI World StrategicFactors ETF 47.1 30 -3 7.3 +0.9
RSP Invesco S&P 500 Equal Weight ETF 46.4 20 7 8.5 +2.0
ACWI iShares MSCI ACWI ETF 46.2 32 -5 7.6 +1.1
FVAL Fidelity Value Factor ETF 45.8 29 -2 10.6 +4.1
CRBN iShares MSCI ACWI Low Carbon Target ETF 45.2 20 7 7.9 +1.4
LOWC SPDR MSCI ACWI Low Carbon Target ETF 45.0 20 7 7.9 +1.4
ONEQ Fidelity Nasdaq Composite Index Tracking Stock 44.3 21 6 4.2 -2.3
VTV Vanguard Value Index Fund 44.2 4 23 9.0 +2.5

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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:

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 21.4 %
Divided by: Fwd. P/BV 3.2 x
Less: Expense ratio 27 bp
Equals: ALTAR Score 6.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.40 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.