ProShares S&P 500 Ex-Financials ETF
ALTAR
Score™
4.4% info Recommen-
dation
NEUTRAL
2021E    2022E
P/E
ratio
23.9x P/Sales
ratio
2.6x
P/BV
ratio
4.6x Div.
yield
1.5%


  • 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) $6
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 409
Wgt avg mkt cap (mns) $566,557
Large cap (>$10bn) 98.9%
Mid cap ($2-10bn) 1.1%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
APPLE INC 7.2 %
MICROSOFT CORP 6.4 %
AMAZON.COM INC 4.9 %
ALPHABET INC. CLASS A 2.2 %
FACEBOOK 2.2 %
ALPHABET INC. CLASS C 2.1 %
TESLA MOTORS INC 2.1 %
JOHNSON & JOHNSON 1.5 %
NVIDIA CORP 1.3 %
VISA INC-CLASS A SHARES 1.2 %
Total 31.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.2 %
IRELAND 1.7 %
BRITAIN 0.8 %
SWITZERLAND 0.2 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru February 28)
Year-to-date 1 year 5 years 10 years Since Incep.
1.1% 34.5% 16.9% -- 16.2%

Market Correlations
versus... Beta R-squared
S&P500 0.98 99%
MSCI EAFE 0.90 81%
MSCI Emg. Mkts. 0.71 63%

Technical Indicators
Recent close $81.02
30d moving avg. $82.12
Annualized volatility 18.2%
Short interest (ETF) 6.0%
Short interest (Underlying) 1.4%
Relative strength (RSI) 51

Liquidity measures
Avg. volume (thou.) 1
Turnover 1.3%
Bid/Ask (% of price) 0.23%
ADV underlying (mns) $219,973

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 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™: 4.4%


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
(%)
PBP Invesco S&P 500 BuyWrite ETF 89.4 49 -22 4.5 +0.1
XYLG Global X S&P 500 Covered Call & Growth ETF 87.4 60 -33 4.4 +0.0
SPLG SPDR Portfolio Large Cap ETF 85.7 3 24 4.9 +0.5
SPY SPDR S&P 500 ETF Trust 85.7 9 18 4.8 +0.4
IVV iShares Core S&P 500 ETF 85.6 3 24 4.9 +0.5
SPXE ProShares S&P 500 Ex-Energy ETF 85.4 27 0 4.8 +0.3
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 85.2 20 7 4.9 +0.5
VOO VANGUARD S&P 500 ETF 84.2 3 24 4.9 +0.5
MGC Vanguard Mega Cap Index Fund 84.1 7 20 4.8 +0.4
XVV iShares ESG Screened S&P 500 ETF 83.9 8 19 4.9 +0.5
SPXV ProShares S&P 500 Ex-Health Care ETF 83.4 27 0 4.4 -0.0
ESGV Vanguard ESG U.S. Stock ETF 83.4 12 15 4.6 +0.2
BKLC BNY Mellon US Large Cap Core Equity ETF 82.1 0 27 4.7 +0.3
IWL iShares Russell Top 200 ETF 81.9 15 12 4.6 +0.2
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 81.2 7 20 4.7 +0.3
PBUS Invesco PureBeta MSCI USA ETF 79.6 4 23 4.8 +0.3
VV Vanguard Large-Cap Index Fund 79.4 4 23 4.7 +0.3
BBUS JP Morgan Betabuilders U.S. Equity ETF 79.4 2 25 4.8 +0.4
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 79.2 20 7 4.7 +0.3
SPTM SPDR Portfolio Total Stock Market ETF 78.1 3 24 4.9 +0.5
SCHX Schwab U.S. Large-Cap ETF 77.4 3 24 4.7 +0.3
IWB iShares Russell 1000 ETF 75.3 15 12 4.6 +0.2
IYY iShares Dow Jones U.S. ETF 74.4 20 7 4.6 +0.1
SCHK Schwab 1000 Index ETF 74.4 5 22 4.7 +0.3
CATH Global X S&P 500 Catholic Values Custom ETF 74.2 29 -2 4.6 +0.2
IQSU IQ Candriam ESG US Equity ETF 73.2 9 18 4.7 +0.3
MMTM SPDR S&P 1500 Momentum Tilt ETF 72.9 12 15 4.1 -0.3
VONE Vanguard Russell 1000 ETF 72.4 8 19 4.7 +0.2
ESGU iShares MSCI USA ESG Optimized ETF 72.2 15 12 4.6 +0.2
SNPE Xtrackers S&P 500 ESG ETF 71.6 10 17 4.9 +0.4
EFIV SPDR S&P 500 ESG ETF 71.6 10 17 4.9 +0.4
VTHR Vanguard Russell 3000 Index Fund 70.6 10 17 4.5 +0.1
VOOG Vanguard S&P 500 Growth ETF 70.2 10 17 3.9 -0.6
IWV iShares Russell 3000 ETF 70.1 20 7 4.4 0.0
DFAU Dimensional US Core Equity Market ETF 70.1 12 15 4.8 +0.4
SCHB Schwab U.S. Broad Market ETF 69.8 3 24 4.6 +0.2
JCTR JPMorgan Carbon Transition U.S. Equity ETF 69.4 15 12 4.9 +0.5
ITOT iShares Core S&P Total U.S. Stock Market ETF 69.4 3 24 4.5 +0.1
SFY SoFi Select 500 ETF 69.3 0 27 4.7 +0.3
SPYG SPDR Portfolio S&P 500 Growth ETF 69.0 4 23 3.9 -0.5
IVW iShares S&P 500 Growth ETF 69.0 18 9 3.8 -0.6
OEF iShares S&P 100 ETF 68.0 20 7 4.5 +0.1
VTI Vanguard Total Stock Market Index Fund 67.9 3 24 4.5 +0.1
IUSG iShares Core S&P US Growth ETF 67.8 4 23 3.9 -0.5
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 67.2 9 18 5.0 +0.5
SPXT ProShares S&P 500 Ex-Technology ETF 67.1 27 0 5.0 +0.6
JHML John Hancock Multifactor Large Cap ETF 64.9 29 -2 5.0 +0.5
XOUT GraniteShares XOUT U.S. Large Cap ETF 64.4 60 -33 3.7 -0.8
ESG FlexShares STOXX US ESG Impact Index Fund 64.0 32 -5 4.7 +0.3
EPS WisdomTree U.S. Earnings 500 Fund 63.9 8 19 6.1 +1.7
IWF iShares Russell 1000 Growth ETF 61.5 19 8 3.6 -0.8
VONG Vanguard Russell 1000 Growth Index Fund 61.1 8 19 3.7 -0.7
QUS SPDR MSCI USA StrategicFactors ETF 60.9 15 12 5.4 +1.0
IUS Invesco Strategic US ETF 59.8 19 8 5.2 +0.8
VUG Vanguard Growth Index Fund 58.8 4 23 3.5 -0.9
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 57.9 49 -22 3.7 -0.7
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 57.1 15 12 0.0 -4.4
IWY iShares Russell Top 200 Growth ETF 57.1 20 7 3.8 -0.6
TOK iShares MSCI Kokusai ETF 56.9 25 2 4.9 +0.5
KOKU Xtrackers MSCI Kokusai Equity ETF 56.9 9 18 5.1 +0.7
AVUS Avantis U.S. Equity ETF 56.5 15 12 5.0 +0.6
XLG Invesco S&P 500 Top 50 ETF 56.1 20 7 4.3 -0.1
FNDX Schwab Fundamental U.S. Large Co. Index ETF 56.0 25 2 5.6 +1.2
VOOV Vanguard S&P 500 Value ETF 56.0 10 17 6.2 +1.8
HIPR Direxion High Growth ETF 55.5 40 -13 4.1 -0.3
DIVB iShares U.S. Dividend & Buyback ETF 55.4 25 2 6.0 +1.6
DSI iShares MSCI KLD 400 Social ETF 54.9 25 2 4.6 +0.2
PRF Invesco FTSE RAFI US 1000 ETF 54.8 39 -12 5.7 +1.2
DYNF BlackRock U.S. Equity Factor Rotation ETF 54.5 30 -3 5.2 +0.7
NACP Impact Shares NAACP Minority Empowerment ETF 54.1 49 -22 4.9 +0.5
RESP WisdomTree US ESG Fund of Benef Interest 54.0 28 -1 5.4 +1.0
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 53.9 30 -3 5.1 +0.7
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 53.3 25 2 5.0 +0.5
FNDB Schwab Fundamental U.S. Broad Market Index ETF 53.1 25 2 5.5 +1.1
SPYV SPDR Portfolio S&P 500 Value ETF 52.9 4 23 6.3 +1.9
IVE iShares S&P 500 Value ETF 52.9 18 9 6.1 +1.7
MGK Vanguard Mega Cap Growth ETF 52.7 7 20 3.7 -0.7
URTH iShares MSCI World ETF 52.6 24 3 5.1 +0.6
RECS Columbia Research Enhanced Core ETF 52.5 15 12 5.4 +1.0
WOMN Impact Shares YWCA Women's Empowerment ETF 52.5 75 -48 3.7 -0.8
RWL Invesco S&P 500 Revenue ETF 51.9 39 -12 6.1 +1.6
IUSV iShares Core S&P U.S. Value ETF 51.5 4 23 6.3 +1.9
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 51.5 19 8 5.2 +0.8
SCHG Schwab U.S. Large-Cap Growth ETF 50.1 4 23 3.3 -1.1
DLN WisdomTree U.S. LargeCap Dividend Fund 50.0 28 -1 6.4 +1.9
ONEQ Fidelity Nasdaq Composite Index Tracking Stock 49.8 21 6 3.0 -1.4
ESGG FlexShares STOXX Global ESG Impact Index Fund 49.5 42 -15 4.8 +0.4
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 49.3 10 17 5.0 +0.5
SUSL iShares ESG MSCI USA Leaders ETF 49.3 10 17 4.9 +0.5
KRMA Global X Conscious Companies ETF 49.0 43 -16 5.1 +0.7
SCHV Schwab U.S. Large-Cap Value ETF 48.8 4 23 6.1 +1.7
VONV Vanguard Russell 1000 Value Index Fund 48.6 8 19 6.1 +1.6
DTD WisdomTree U.S.Total Dividend Fund 48.4 28 -1 6.4 +2.0
AFLG First Trust Active Factor Large Cap ETF 48.1 55 -28 4.8 +0.4
SUSA iShares MSCI USA ESG Select ETF 47.9 25 2 4.4 -0.0
IWD iShares Russell 1000 Value ETF 47.7 19 8 5.9 +1.5
TMFC Motley Fool 100 Index ETF 47.5 50 -23 3.0 -1.5
NUSI Nationwide Risk-Managed Income ETF 47.3 68 -41 3.2 -1.2

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

  2016 2017 2018 2019 2020 2021E 2022E
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
  2020 2021E 2022E
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 21.1 %
Divided by: Fwd. P/BV 4.5 x
Less: Expense ratio 27 bp
Equals: ALTAR Score 4.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.42 CATEGORY
AVERAGE
1.50
 
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.