ProShares S&P 500 Ex-Health Care ETF
ALTAR
Score™
5.0% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
27.3x P/Sales
ratio
2.8x
P/BV
ratio
3.5x Div.
yield
1.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The ProShares S&P 500 Ex-Health Care ETF tracks a market cap-weighted index of US large- and midcap stocks (the S&P 500), excluding firms in the healthcare 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 442
Wgt avg mkt cap (mns) $444,511
Large cap (>$10bn) 97.5%
Mid cap ($2-10bn) 2.6%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MICROSOFT CORP 7.1 %
APPLE INC 6.7 %
AMAZON.COM INC 5.5 %
FACEBOOK 2.5 %
ALPHABET INC. CLASS A 2.0 %
ALPHABET INC. CLASS C 2.0 %
BERKSHIRE HATHAWAY INC-CL B 1.6 %
VISA INC-CLASS A SHARES 1.5 %
PROCTER & GAMBLE CO/THE 1.4 %
JPMORGAN CHASE & CO 1.3 %
Total 31.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.8 %
IRELAND 1.2 %
BRITAIN 1.2 %
SWITZERLAND 0.4 %
BERMUDA 0.0 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-3.4% 6.9% -- -- 12.9%

Market Correlations
versus... Beta R-squared
S&P500 1.04 99%
MSCI EAFE 1.03 85%
MSCI Emg. Mkts. 0.73 67%

Technical Indicators
Recent close $65.88
30d moving avg. $64.25
Annualized volatility 17.8%
Short interest (ETF) 7.3%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.42%
ADV underlying (mns) $243,029

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: SPXV Expense: 27 bp ALTAR Score™: 5.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SPXV
Ticker Fund
Name
Overlap1
vs SPXV
(%)
Expense
ratio
(bp)
Savings
vs SPXV
(bp)
ALTAR
Score™
(%)
ALTAR
vs SPXV
(%)
PBP Invesco S&P 500 BuyWrite ETF 86.8 49 -22 5.0 +0.1
SPY SPDR S&P 500 ETF Trust 85.2 9 18 5.3 +0.4
SPLG SPDR Portfolio Large Cap ETF 85.1 3 24 5.4 +0.4
IVV iShares Core S&P 500 ETF 85.1 4 23 5.4 +0.4
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 84.9 20 7 5.3 +0.4
VOO VANGUARD S&P 500 ETF 84.9 3 24 5.4 +0.4
HSPX Global X S&P 500 Covered Call ETF 84.9 65 -38 4.8 -0.1
SPXE ProShares S&P 500 Ex-Energy ETF 84.8 27 0 5.3 +0.3
BKLC BNY Mellon US Large Cap Core Equity ETF 83.6 0 27 5.2 +0.2
MGC Vanguard Mega Cap Index Fund 83.2 7 20 5.2 +0.2
SPXN ProShares S&P 500 Ex-Financials ETF 82.8 27 0 4.9 -0.0
IWL iShares Russell Top 200 ETF 81.9 15 12 5.0 +0.0
CATH Global X S&P 500 Catholic Values Custom ETF 81.6 29 -2 5.2 +0.2
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 81.0 7 20 5.2 +0.2
VV Vanguard Large-Cap Index Fund 80.9 4 23 5.2 +0.3
BBUS JP Morgan Betabuilders U.S. Equity ETF 80.3 2 25 5.3 +0.3
PBUS Invesco PureBeta MSCI USA ETF 79.5 4 23 5.2 +0.3
SPTM SPDR Portfolio Total Stock Market ETF 78.4 3 24 5.5 +0.5
SCHX Schwab U.S. Large-Cap ETF 78.4 3 24 5.3 +0.3
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 78.3 20 7 4.9 -0.1
SNPE Xtrackers S&P 500 ESG ETF 77.0 11 16 5.1 +0.1
VONE Vanguard Russell 1000 ETF 76.2 8 19 5.2 +0.3
SCHK Schwab 1000 Index ETF 75.9 5 22 5.2 +0.3
IWB iShares Russell 1000 ETF 75.3 15 12 5.2 +0.2
IYY iShares Dow Jones U.S. ETF 75.1 20 7 5.1 +0.2
ESGU iShares MSCI USA ESG Optimized ETF 72.6 15 12 5.1 +0.1
SCHB Schwab U.S. Broad Market ETF 72.0 3 24 5.2 +0.2
VTHR Vanguard Russell 3000 Index Fund 71.8 10 17 5.1 +0.2
IQSU IQ Candriam ESG US Equity ETF 71.8 9 18 5.0 +0.1
ITOT iShares Core S&P Total U.S. Stock Market ETF 71.4 3 24 5.1 +0.2
IWV iShares Russell 3000 ETF 71.3 20 7 5.0 +0.1
VTI Vanguard Total Stock Market Index Fund 71.2 3 24 5.1 +0.2
ESGV Vanguard ESG U.S. Stock ETF 70.9 12 15 5.1 +0.2
SPYG SPDR Portfolio S&P 500 Growth ETF 69.5 4 23 4.3 -0.7
IVW iShares S&P 500 Growth ETF 69.5 18 9 4.1 -0.8
VOOG Vanguard S&P 500 Growth ETF 69.4 10 17 4.2 -0.8
EPS WisdomTree U.S. Earnings 500 Fund 68.6 8 19 6.4 +1.5
IUSG iShares Core S&P US Growth ETF 68.3 4 23 4.3 -0.7
SPXT ProShares S&P 500 Ex-Technology ETF 67.8 27 0 5.6 +0.7
MMTM SPDR S&P 1500 Momentum Tilt ETF 67.6 12 15 4.9 -0.1
SFY SoFi Select 500 ETF 67.6 0 27 5.2 +0.2
OEF iShares S&P 100 ETF 67.0 20 7 4.7 -0.2
JHML John Hancock Multifactor Large Cap ETF 66.8 29 -2 5.5 +0.6
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 65.2 9 18 5.5 +0.5
FNDX Schwab Fundamental U.S. Large Co. Index ETF 62.6 25 2 6.5 +1.5
ESG FlexShares STOXX US ESG Impact Index Fund 62.6 32 -5 5.0 +0.1
VONG Vanguard Russell 1000 Growth Index Fund 61.9 8 19 4.2 -0.8
QUS SPDR MSCI USA StrategicFactors ETF 60.9 15 12 5.8 +0.8
AVUS Avantis U.S. Equity ETF 60.5 15 12 5.7 +0.8
VUG Vanguard Growth Index Fund 60.3 4 23 4.0 -1.0
FNDB Schwab Fundamental U.S. Broad Market Index ETF 60.0 25 2 6.5 +1.6
PRF Invesco FTSE RAFI US 1000 ETF 59.3 39 -12 6.8 +1.8
DIVB iShares U.S. Dividend & Buyback ETF 58.5 25 2 6.6 +1.6
SCHG Schwab U.S. Large-Cap Growth ETF 58.5 4 23 4.1 -0.9
XOUT GraniteShares XOUT U.S. Large Cap ETF 58.0 60 -33 4.3 -0.6
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 57.2 25 2 6.6 +1.6
DLN WisdomTree U.S. LargeCap Dividend Fund 56.8 28 -1 6.4 +1.4
DTD WisdomTree U.S.Total Dividend Fund 56.5 28 -1 6.6 +1.7
TOK iShares MSCI Kokusai ETF 56.2 25 2 5.5 +0.6
DSI iShares MSCI KLD 400 Social ETF 56.1 25 2 5.1 +0.1
IUS Invesco Strategic US ETF 56.0 19 8 6.7 +1.7
KOKU Xtrackers MSCI Kokusai Equity ETF 56.0 9 18 5.7 +0.7
IWF iShares Russell 1000 Growth ETF 55.7 19 8 4.1 -0.9
NACP Impact Shares NAACP Minority Empowerment ETF 55.4 75 -48 4.5 -0.5
XLG Invesco S&P 500 Top 50 ETF 55.2 20 7 4.4 -0.5
RECS Columbia Research Enhanced Core ETF 55.1 15 12 5.6 +0.7
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 54.4 15 12 6.2 +1.2
RWL Invesco S&P 500 Revenue ETF 54.4 39 -12 7.2 +2.2
VLU SPDR S&P 1500 Value Tilt ETF 54.0 12 15 7.4 +2.5
MGK Vanguard Mega Cap Growth ETF 53.7 7 20 4.1 -0.9
IWD iShares Russell 1000 Value ETF 52.5 19 8 7.2 +2.2
URTH iShares MSCI World ETF 52.2 24 3 5.6 +0.7
VEGN US Vegan Climate ETF 52.0 60 -33 5.1 +0.2
IWY iShares Russell Top 200 Growth ETF 51.7 20 7 4.1 -0.9
SUSL iShares ESG MSCI USA Leaders ETF 51.6 10 17 5.3 +0.3
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 51.5 10 17 5.2 +0.3
WOMN Impact Shares YWCA Women's Empowerment ETF 51.0 75 -48 4.5 -0.5
ESGG FlexShares STOXX Global ESG Impact Index Fund 50.6 42 -15 5.4 +0.4
VOOV Vanguard S&P 500 Value ETF 50.1 15 12 7.3 +2.4
DYNF BlackRock U.S. Equity Factor Rotation ETF 50.1 30 -3 6.5 +1.5
SPYV SPDR Portfolio S&P 500 Value ETF 50.0 4 23 7.4 +2.4
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 50.0 29 -2 6.2 +1.3
IVE iShares S&P 500 Value ETF 50.0 18 9 7.3 +2.3
IUSV iShares Core S&P U.S. Value ETF 49.0 4 23 7.5 +2.5
IETC iShares Evolved U.S. Technology ETF 48.8 18 9 3.8 -1.2
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 48.7 49 -22 4.1 -0.9
HIPR Direxion High Growth ETF 47.9 40 -13 2.8 -2.2
TMFC Motley Fool 100 Index ETF 47.9 50 -23 3.7 -1.3
FDMO Fidelity Momentum Factor ETF 47.9 29 -2 3.8 -1.2
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 47.8 19 8 5.6 +0.7
AFLG First Trust Active Factor Large Cap ETF 47.4 55 -28 5.5 +0.6
EXT WisdomTree U.S. Total Earnings Fund 46.9 28 -1 5.2 +0.2
ONEQ Fidelity Nasdaq Composite Index Tracking Stock 46.7 21 6 2.9 -2.1
DGRO iShares Core Dividend Growth ETF 46.4 8 19 6.6 +1.7
IGM iShares Expanded Tech Sector ETF 46.2 46 -19 3.7 -1.2
FVAL Fidelity Value Factor ETF 45.8 29 -2 8.0 +3.0
RSP Invesco S&P 500 Equal Weight ETF 45.6 20 7 6.7 +1.7
ACWI iShares MSCI ACWI ETF 45.3 32 -5 5.8 +0.8
FQAL Fidelity Quality Factor ETF 44.9 29 -2 5.4 +0.5
LOWC SPDR MSCI ACWI Low Carbon Target ETF 44.7 20 7 6.0 +1.1

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-Health Care 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 17.2 %
Divided by: Fwd. P/BV 3.3 x
Less: Expense ratio 27 bp
Equals: ALTAR Score 5.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.44 CATEGORY
AVERAGE
1.52
 
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.