ProShares S&P 500 Ex-Technology ETF
ALTAR
Score™		 4.9% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 26.9x P/Sales
ratio		 2.4x
P/BV
ratio		 3.3x Div.
yield		 1.7%


  • 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 tech 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 429
Wgt avg mkt cap (mns) $306,965
Large cap (>$10bn) 98.4%
Mid cap ($2-10bn) 1.6%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
AMAZON.COM INC 6.0 %
FACEBOOK 2.8 %
TESLA MOTORS INC 2.7 %
ALPHABET INC. CLASS A 2.4 %
ALPHABET INC. CLASS C 2.3 %
BERKSHIRE HATHAWAY INC-CL B 1.9 %
JOHNSON & JOHNSON 1.8 %
JPMORGAN CHASE & CO 1.7 %
UNITEDHEALTH GROUP INC 1.4 %
PROCTER & GAMBLE CO/THE 1.4 %
Total 24.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.7 %
BRITAIN 1.3 %
IRELAND 1.3 %
SWITZERLAND 0.4 %
BERMUDA 0.0 %






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.
10.4% 10.4% 11.1% -- 12.1%

Market Correlations
versus... Beta R-squared
S&P500 0.98 98%
MSCI EAFE 0.92 85%
MSCI Emg. Mkts. 0.74 70%

Technical Indicators
Recent close $66.00
30d moving avg. $64.63
Annualized volatility 18.6%
Short interest (ETF) 6.7%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 4
Turnover 5.0%
Bid/Ask (% of price) 0.35%
ADV underlying (mns) $194,581

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 96 potential alternatives to the ProShares S&P 500 Ex-Technology ETF ETF based on the alternatives' overlap in portfolio holdings with SPXT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SPXT Expense: 27 bp ALTAR Score™: 4.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SPXT
Ticker Fund
Name		 Overlap1
vs SPXT
(%)		 Expense
ratio
(bp)		 Savings
vs SPXT
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs SPXT
(%)
ESGV Vanguard ESG U.S. Stock ETF 77.9 12 15 4.5 -0.4
PBP Invesco S&P 500 BuyWrite ETF 74.1 49 -22 4.3 -0.6
XYLG Global X S&P 500 Covered Call & Growth ETF 72.8 60 -33 4.4 -0.5
SPY SPDR S&P 500 ETF Trust 71.7 9 18 4.7 -0.2
SPLG SPDR Portfolio Large Cap ETF 71.7 3 24 4.7 -0.1
IVV iShares Core S&P 500 ETF 71.6 3 24 4.7 -0.1
SPXE ProShares S&P 500 Ex-Energy ETF 70.9 27 0 4.6 -0.3
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 70.6 20 7 4.8 -0.1
VOO VANGUARD S&P 500 ETF 70.2 3 24 4.8 -0.1
MGC Vanguard Mega Cap Index Fund 69.9 7 20 4.6 -0.3
VOOV Vanguard S&P 500 Value ETF 69.7 10 17 6.6 +1.7
SNPE Xtrackers S&P 500 ESG ETF 69.4 10 17 4.6 -0.3
EFIV SPDR S&P 500 ESG ETF 69.4 10 17 4.6 -0.3
IWL iShares Russell Top 200 ETF 68.6 15 12 4.4 -0.5
XVV iShares ESG Screened S&P 500 ETF 67.7 8 19 4.9 -0.0
SPXN ProShares S&P 500 Ex-Financials ETF 67.6 27 0 4.3 -0.5
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 67.4 20 7 4.6 -0.3
SPXV ProShares S&P 500 Ex-Health Care ETF 67.3 27 0 4.3 -0.6
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 67.3 7 20 4.5 -0.3
BKLC BNY Mellon US Large Cap Core Equity ETF 67.1 0 27 4.4 -0.4
VV Vanguard Large-Cap Index Fund 66.7 4 23 4.6 -0.3
BBUS JP Morgan Betabuilders U.S. Equity ETF 66.6 2 25 4.6 -0.3
PBUS Invesco PureBeta MSCI USA ETF 66.1 4 23 4.6 -0.3
SPYV SPDR Portfolio S&P 500 Value ETF 65.6 4 23 6.4 +1.6
IVE iShares S&P 500 Value ETF 65.6 18 9 6.3 +1.4
SPTM SPDR Portfolio Total Stock Market ETF 65.3 3 24 4.8 -0.1
SCHX Schwab U.S. Large-Cap ETF 64.9 3 24 4.5 -0.3
VONV Vanguard Russell 1000 Value Index Fund 64.4 8 19 6.2 +1.3
SCHV Schwab U.S. Large-Cap Value ETF 64.2 4 23 6.1 +1.2
IUSV iShares Core S&P U.S. Value ETF 63.9 4 23 6.4 +1.6
IWD iShares Russell 1000 Value ETF 63.7 19 8 6.0 +1.2
SCHK Schwab 1000 Index ETF 63.4 5 22 4.6 -0.3
IWB iShares Russell 1000 ETF 63.2 15 12 4.4 -0.4
OEF iShares S&P 100 ETF 62.8 20 7 4.2 -0.7
CATH Global X S&P 500 Catholic Values Custom ETF 62.7 29 -2 4.6 -0.3
IYY iShares Dow Jones U.S. ETF 62.5 20 7 4.4 -0.5
VTHR Vanguard Russell 3000 Index Fund 61.2 10 17 4.4 -0.5
JCTR JPMorgan Carbon Transition U.S. Equity ETF 61.0 15 12 4.6 -0.2
ESGU iShares MSCI USA ESG Optimized ETF 60.6 15 12 4.4 -0.5
EPS WisdomTree U.S. Earnings 500 Fund 60.5 8 19 5.9 +1.0
JHML John Hancock Multifactor Large Cap ETF 60.2 29 -2 4.8 -0.0
SFY SoFi Select 500 ETF 60.2 0 27 4.6 -0.3
IQSU IQ Candriam ESG US Equity ETF 60.1 9 18 4.5 -0.4
IWV iShares Russell 3000 ETF 58.9 20 7 4.3 -0.6
PRF Invesco FTSE RAFI US 1000 ETF 58.8 39 -12 5.8 +0.9
SCHB Schwab U.S. Broad Market ETF 58.7 3 24 4.4 -0.4
ITOT iShares Core S&P Total U.S. Stock Market ETF 58.4 3 24 4.4 -0.5
VTV Vanguard Value Index Fund 57.9 4 23 6.6 +1.7
VONE Vanguard Russell 1000 ETF 57.8 8 19 4.5 -0.3
ESG FlexShares STOXX US ESG Impact Index Fund 57.5 32 -5 4.4 -0.4
RWL Invesco S&P 500 Revenue ETF 57.3 39 -12 6.3 +1.4
DFAU Dimensional US Core Equity Market ETF 57.3 12 15 4.7 -0.2
FNDX Schwab Fundamental U.S. Large Co. Index ETF 57.1 25 2 5.7 +0.9
VTI Vanguard Total Stock Market Index Fund 57.1 3 24 4.4 -0.5
QUS SPDR MSCI USA StrategicFactors ETF 56.8 15 12 5.3 +0.4
XOUT GraniteShares XOUT U.S. Large Cap ETF 55.9 60 -33 3.6 -1.3
MMTM SPDR S&P 1500 Momentum Tilt ETF 55.4 12 15 4.0 -0.9
FNDB Schwab Fundamental U.S. Broad Market Index ETF 54.2 25 2 5.7 +0.8
DIVB iShares U.S. Dividend & Buyback ETF 53.9 25 2 5.9 +1.0
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 53.8 9 18 4.8 -0.1
VLU SPDR S&P 1500 Value Tilt ETF 52.9 12 15 6.2 +1.3
IUS Invesco Strategic US ETF 51.6 19 8 5.5 +0.6
IWX iShares Russell Top 200 Value ETF 51.5 20 7 6.1 +1.2
VOOG Vanguard S&P 500 Growth ETF 51.1 10 17 3.9 -1.0
AVUS Avantis U.S. Equity ETF 50.7 15 12 4.8 -0.1
DYNF BlackRock U.S. Equity Factor Rotation ETF 49.7 30 -3 5.2 +0.4
SPYG SPDR Portfolio S&P 500 Growth ETF 49.6 4 23 3.6 -1.2
IVW iShares S&P 500 Growth ETF 49.5 18 9 3.5 -1.4
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 49.5 30 -3 5.0 +0.2
DLN WisdomTree U.S. LargeCap Dividend Fund 49.4 28 -1 6.1 +1.3
DSI iShares MSCI KLD 400 Social ETF 49.3 25 2 4.5 -0.3
MGV Vanguard Mega Cap Value ETF 49.2 7 20 6.5 +1.6
DTD WisdomTree U.S.Total Dividend Fund 48.5 28 -1 6.2 +1.4
RSP Invesco S&P 500 Equal Weight ETF 48.4 20 7 5.6 +0.8
SUSL iShares ESG MSCI USA Leaders ETF 48.2 10 17 4.8 -0.0
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 48.2 10 17 4.8 -0.1
IUSG iShares Core S&P US Growth ETF 47.9 4 23 3.6 -1.2
TOK iShares MSCI Kokusai ETF 47.2 25 2 4.9 0.0
KOKU Xtrackers MSCI Kokusai Equity ETF 47.2 9 18 5.0 +0.1
EQWL Invesco Russell Top 200 Equal Weight ETF 46.7 25 2 5.6 +0.7
NACP Impact Shares NAACP Minority Empowerment ETF 46.7 49 -22 4.7 -0.2
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 46.6 25 2 4.9 +0.0
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 45.6 9 18 5.0 +0.1
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 45.2 15 12 5.8 +0.9
XLG Invesco S&P 500 Top 50 ETF 44.8 20 7 4.0 -0.8
WOMN Impact Shares YWCA Women's Empowerment ETF 44.6 75 -48 3.5 -1.4
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 43.8 19 8 5.3 +0.4
DGRO iShares Core Dividend Growth ETF 43.8 8 19 6.0 +1.1
URTH iShares MSCI World ETF 43.6 24 3 5.0 +0.1
EUSA iShares MSCI USA Equal Weighted ETF 43.1 15 12 5.1 +0.3
IWF iShares Russell 1000 Growth ETF 42.6 19 8 3.4 -1.5
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 42.3 49 -22 3.4 -1.5
SIZE iShares MSCI USA Size Factor ETF 42.0 15 12 5.1 +0.3
VONG Vanguard Russell 1000 Growth Index Fund 42.0 8 19 3.5 -1.4
HIPR Direxion High Growth ETF 41.6 40 -13 3.8 -1.1
RNLC Large Cap US Equity Select ETF 41.2 60 -33 5.2 +0.4

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-Technology 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 15.5 %
Divided by: Fwd. P/BV 3.0 x
Less: Expense ratio 27 bp
Equals: ALTAR Score 4.9 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.45 CATEGORY
AVERAGE		 1.49
 
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.