ETF Research Center

iShares US Small Cap Value Factor ETF

ALTAR
Score™

8.4%

Recommen-
dation

SPECULATIVE

2021E 2022E
P/E ratio	11.5x	P/Sales ratio	0.9x
P/BV ratio	1.3x	Div. yield	2.1%

Description
Performance
Comps
Fundamentals
Valuation
Rating

SVAL tracks an equally-weighted index of small-cap value companies selected by multiple factors.

FUND BASICS
Category	US Equities
Fund Sponsor	Blackrock
Website	www.ishares.com
Inception date	Oct 27, 2020
Assets (mns)	$151
Currency	USD
Expense ratio	20 bp
Distributions

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Equal
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	269
Wgt avg mkt cap (mns)	$2,055
Large cap (>$10bn)	0.5%
Mid cap ($2-10bn)	42.6%
Small cap (<$2bn)	57.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	9.2 %
CUSTOMERS BANCORP INC	1.4 %
BRIDGE BANCORP INC	1.0 %
INDEPENDENT BANK CORP/MA	1.0 %
WSFS FINANCIAL CORP	1.0 %
MOVADO GROUP INC	0.9 %
ALPHA & OMEGA SEMICONDUCTOR	0.8 %
ADVANSIX, INC.	0.8 %
TRIUMPH BANCORP, INC.	0.8 %
HANMI FINANCIAL CORPORATION	0.8 %
META FINANCIAL GROUP INC	0.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.9 %
	PUERTO RICO	1.3 %
	BERMUDA	1.2 %

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.
29.9%	--	--	--	29.9%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$30.95
30d moving avg.	$31.70
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Short interest (Underlying)	3.4%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	65
Turnover	1.3%
Bid/Ask (% of price)	0.19%
ADV underlying (mns)	$2,828

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 435 potential alternatives to the iShares US Small Cap Value Factor ETF ETF based on the alternatives' overlap in portfolio holdings with SVAL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SVAL

Expense:

20 bp

ALTAR Score™:

8.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SVAL
Ticker	Fund Name	Overlap¹ vs SVAL (%)	Expense ratio (bp)	Savings vs SVAL (bp)	ALTAR Score™ (%)	ALTAR vs SVAL (%)
CSF	VictoryShares US Discovery Enhanced Volatility Weighted Idx	29.9	35	-15	6.8	-1.5
CSA	VictoryShares US Small Cap Volatility Weighted Index ETF	28.8	35	-15	6.8	-1.5
PLTL	Principal US Small-Cap Adaptive Multi-Factor ETF	28.7	19	1	7.0	-1.4
TPSC	Timothy Plan US Small Cap Core ETF	28.2	52	-32	6.5	-1.8
FYT	First Trust Small Cap Value AlphaDEX Fund	27.5	72	-52	8.0	-0.3
QABA	First Trust NASDAQ ABA Community Bank Index Fund	27.4	60	-40	7.1	-1.3
IWN	iShares Russell 2000 Value ETF	26.7	24	-4	4.0	-4.3
VTWV	Vanguard Russell 2000 Value Index Fund	26.3	15	5	4.2	-4.2
IJS	iShares S&P Small-cap 600 Value ETF	24.5	18	2	7.2	-1.2
SLYV	SPDR S&P 600 Small Cap Value ETF	24.5	15	5	7.2	-1.1
VIOV	Vanguard S&P Small-Cap 600 Value ETF	24.5	15	5	7.3	-1.1
CSML	IQ Chaikin U.S. Small Cap ETF	24.3	35	-15	2.8	-5.6
FYX	First Trust Small Cap Core AlphaDEX Fund	24.0	63	-43	6.1	-2.3
SMLE	Xtrackers S&P SmallCap 600 ESG ETF	23.6	15	5	6.7	-1.6
XSVM	Invesco S&P SmallCap Value with Momentum ETF	23.3	39	-19	8.0	-0.3
PSCF	Invesco S&P SmallCap Financials ETF	23.2	29	-9	8.7	+0.4
AVUV	Avantis U.S. Small Cap Value ETF	23.0	25	-5	7.3	-1.1
QVMS	Invesco S&P SmallCap 600 QVM Multi-factor ETF	22.6	15	5	6.6	-1.8
XJR	iShares ESG Screened S&P Small-Cap ETF	22.4	12	8	6.4	-1.9
DES	WisdomTree U.S. SmallCap Dividend Fund	22.4	38	-18	7.7	-0.7
EES	WisdomTree SmallCap Earnings Fund	22.2	38	-18	8.3	-0.1
FDM	First Trust Dow Jones Select Microcap Index Fund	22.1	60	-40	5.8	-2.5
EWSC	Invesco S&P Smallcap 600 Equal Weight ETF	22.1	40	-20	5.9	-2.5
IJR	iShares Core S&P Small Cap ETF	21.4	6	14	6.6	-1.8
VIOO	Vanguard S&P Small-Cap 600 ETF	21.4	10	10	6.6	-1.8
SPSM	SPDR Portfolio S&P 600 Small Cap ETF	21.3	5	15	6.6	-1.8
SLY	SPDR S&P 600 Small Cap ETF	21.3	15	5	6.5	-1.9
USVM	VictoryShares USAA MSCI USA Small Cap Value Momentum ETF	21.0	25	-5	6.9	-1.5
AFSM	First Trust Active Factor Small Cap ETF	20.9	77	-57	6.3	-2.0
DFAT	Dimensional U.S. Targeted Value ETF	19.9	34	-14	6.9	-1.5
SQLV	Legg Mason Small-Cap Quality Value	19.9	61	-41	7.0	-1.3
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity ETF	19.8	29	-9	5.7	-2.7
RWJ	Invesco S&P SmallCap 600 Revenue ETF	19.8	39	-19	6.6	-1.7
ROSC	Hartford Multifactor Small Cap ETF	19.7	34	-14	8.3	-0.0
KRE	SPDR S&P Regional Banking ETF	19.1	35	-15	7.1	-1.2
XSHQ	Invesco S&P SmallCap Quality ETF	18.7	29	-9	7.0	-1.4
RZV	Invesco S&P Smallcap 600 Pure Value ETF	18.6	35	-15	8.3	-0.1
OMFS	Invesco Russell 2000 Dynamic Multifactor ETF	18.6	39	-19	5.8	-2.6
PSC	Principal U.S. Small Cap Index ETF	18.4	38	-18	5.5	-2.8
SMLV	SPDR SSGA US Small Cap Low Volatility Index ETF	18.4	12	8	5.8	-2.6
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity ETF	18.3	20	0	5.3	-3.1
ISCV	iShares Morningstar Small Cap Value ETF	18.2	6	14	7.0	-1.3
RNSC	Small Cap US Equity Select ETF	17.7	60	-40	6.6	-1.8
SSLY	Syntax Stratified SmallCap ETF	17.4	40	-20	5.7	-2.7
DFAS	Dimensional U.S. Small Cap ETF	17.3	34	-14	5.4	-3.0
FNDA	Schwab Fundamental U.S. Small Co. Index ETF	16.8	25	-5	6.1	-2.3
BBSC	JPMorgan BetaBuilders U.S. Small Cap Equity ETF	16.7	9	11	4.1	-4.3
DGRS	WisdomTree US SmallCap Quality Dividend Growth Fund	16.6	38	-18	8.3	-0.0
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	16.1	39	-19	4.5	-3.9
ISMD	Inspire Small/Mid Cap Impact ETF	15.5	57	-37	6.0	-2.4
IWM	iShares Russell 2000 ETF	15.4	19	1	2.4	-6.0
DEEP	Roundhill Acquirers Deep Value ETF	15.4	80	-60	7.6	-0.7
VTWO	Vanguard Russell 2000 Index Fund	15.2	10	10	2.5	-5.8
SMLF	iShares Edge MSCI Multifactor USA Small-Cap ETF	14.4	30	-10	7.4	-0.9
KBE	SPDR S&P Bank ETF	14.1	35	-15	8.3	-0.1
IJT	iShares S&P Small-Cap 600 Growth ETF	14.0	18	2	5.9	-2.5
VIOG	Vanguard S&P Small-Cap 600 Growth ETF	14.0	16	4	5.8	-2.5
SLYG	SPDR S&P 600 Small Cap Growth ETF	13.9	15	5	5.9	-2.5
CSB	VictoryShares US Small Cap High Dividend Volatility Wtd Idx	13.2	35	-15	7.4	-1.0
KBWR	Invesco KBW Regional Banking ETF	13.0	35	-15	7.4	-1.0
RZG	Invesco S&P Smallcap 600 Pure Growth ETF	12.9	35	-15	6.9	-1.4
FLQS	Franklin LibertyQ U.S. Small Cap Equity ETF	12.9	35	-15	6.1	-2.3
BFOR	Barron's 400 ETF	12.8	70	-50	7.2	-1.2
IWC	iShares Micro-Cap ETF	12.8	60	-40	-7.7	-16.1
SMDV	ProShares Russell 2000 Dividend Growers ETF	12.2	41	-21	5.9	-2.4
CALF	Pacer US Small Cap Cash Cows 100 ETF	12.2	59	-39	9.8	+1.5
IUSS	Invesco Strategic US Small Company ETF	12.1	23	-3	5.3	-3.1
VFVA	Vanguard U.S. Value Factor ETF	11.7	14	6	8.6	+0.3
DWAS	Invesco DWA SmallCap Momentum ETF	11.5	60	-40	2.3	-6.1
PSCI	Invesco S&P SmallCap Industrials ETF	11.5	29	-9	6.3	-2.1
VAMO	Cambria Value & Momentum ETF	11.2	64	-44	7.6	-0.8
ISCB	iShares Morningstar Small-Cap ETF	11.1	4	16	4.3	-4.1
VFMF	Vanguard U.S. Multifactor ETF	11.0	19	1	7.4	-1.0
VBR	Vanguard Small Cap Value Index Fund	10.6	7	13	7.2	-1.2
IFRA	iShares U.S. Infrastructure ETF	10.5	30	-10	4.2	-4.1
XSMO	Invesco S&P SmallCap Momentum ETF	10.5	39	-19	5.4	-3.0
VUSE	Vident Core US Equity Fund	10.4	48	-28	8.2	-0.1
SCHA	Schwab U.S. Small-Cap ETF	10.3	4	16	4.6	-3.7
FSMD	Fidelity Small-Mid Factor ETF	10.1	29	-9	7.1	-1.2
VFLQ	Vanguard U.S. Liquidity Factor ETF	9.8	13	7	2.9	-5.5
BKSE	BNY Mellon US Small Cap Core Equity ETF	9.3	4	16	5.1	-3.3
VFQY	Vanguard U.S. Quality Factor ETF	8.9	13	7	6.2	-2.2
ESML	iShares MSCI USA Small-Cap ESG Optimized ETF	8.9	17	3	4.6	-3.8
PBSM	Invesco PureBeta MSCI USA Small Cap ETF	8.6	6	14	4.9	-3.5
FAB	First Trust Multi Cap Value AlphaDEX Fund	8.5	70	-50	7.9	-0.5
RFV	Invesco S&P Midcap 400 Pure Value ETF	8.2	35	-15	9.5	+1.1
XSLV	Invesco S&P SmallCap Low Volatility ETF	8.2	25	-5	6.5	-1.9
SIXS	6 Meridian Small Cap Equity ETF	8.2	100	-80	7.9	-0.5
EWMC	Invesco S&P MidCap 400 Equal Weight ETF	8.0	40	-20	6.3	-2.1
IVOV	Vanguard S&P Mid-Cap 400 Value ETF	7.9	15	5	7.1	-1.3
IJJ	iShares S&P Mid-Cap 400 Value ETF	7.9	18	2	7.4	-1.0
MDYV	SPDR S&P 400 Mid Cap Value ETF	7.9	15	5	7.4	-1.0
NUSC	Nuveen ESG Small-Cap ETF	7.7	30	-10	4.6	-3.7
NVQ	QRAFT AI-Enhanced US Next Value ETF	7.3	75	-55	7.3	-1.1
AIRR	First Trust RBA American Industrial Renaissance ETF	7.2	70	-50	5.6	-2.7
DWMC	AdvisorShares Dorsey Wright Micro-Cap ETF	7.2	127	-107	2.0	-6.4
JSML	Janus Henderson Small Cap Growth Alpha ETF	7.0	30	-10	6.5	-1.8
FYC	First Trust Small Cap Growth AlphaDEX Fund	6.9	71	-51	2.9	-5.5
KSCD	KFA Small Cap Quality Dividend Index ETF	6.9	51	-31	5.6	-2.7
PAVE	Global X U.S. Infrastructure Development ETF	6.6	47	-27	5.8	-2.6
VB	Vanguard Small-Cap ETF	6.5	5	15	5.3	-3.1
RFFC	RiverFront Dynamic US Flex-Cap ETF	6.4	52	-32	5.8	-2.6
EZM	WisdomTree U.S. MidCap Earnings Fund	6.3	38	-18	8.3	-0.1
PAMC	Pacer Lunt MidCap Multi-Factor Alternator ETF	6.2	60	-40	4.7	-3.7
RYJ	Invesco Raymond James SB-1 Equity ETF	6.1	75	-55	2.9	-5.4
SMDY	Syntax Stratified MidCap ETF	5.9	35	-15	6.0	-2.3
VXF	Vanguard Extended Market Index Fund	5.6	6	14	2.8	-5.6
TUSA	First Trust Total US Market AlphaDEX ETF	5.5	70	-50	6.2	-2.2
RWK	Invesco S&P MidCap 400 Revenue ETF	5.5	39	-19	8.0	-0.3
QVMM	Invesco S&P MidCap 400 QVM Multi-factor ETF	5.2	15	5	6.5	-1.9
XMVM	Invesco S&P MidCap Value with Momentum ETF	5.2	39	-19	10.0	+1.6
PSCD	Invesco S&P SmallCap Consumer Discretionary ETF	5.2	29	-9	9.6	+1.2
XSHD	Invesco S&P SmallCap High Dividend Low Volatility ETF	5.0	30	-10	10.0	+1.7
JHSC	John Hancock Multifactor Small Cap ETF	5.0	42	-22	5.7	-2.7
SYLD	Cambria Shareholder Yield ETF	4.9	59	-39	9.0	+0.7
TILT	Flexshares Morningstar US Market Factors Tilt Index Fund	4.9	25	-5	5.4	-3.0
MDY	SPDR S&P Midcap 400 ETF Trust	4.8	23	-3	6.3	-2.1
IJH	iShares Core S&P Mid-Cap ETF	4.8	5	15	6.4	-1.9
IVOO	Vanguard S&P Mid-Cap 400 ETF	4.8	10	10	6.2	-2.1
SPMD	SPDR Portfolio Mid Cap ETF	4.8	5	15	6.4	-1.9
AFMC	First Trust Active Factor Mid Cap ETF	4.8	65	-45	7.4	-1.0
SDVY	First Trust SMID Cap Rising Dividend Achievers ETF	4.8	60	-40	7.7	-0.6
XJH	iShares ESG Screened S&P Mid-Cap ETF	4.7	12	8	6.4	-2.0
VFMO	Vanguard U.S. Momentum Factor ETF	4.4	13	7	3.7	-4.6
SMMV	iShares Edge MSCI Min Vol USA Small-Cap ETF	4.4	20	0	4.1	-4.2
OSCV	Opus Small Cap Value Plus ETF	4.3	79	-59	4.5	-3.8
FFTY	Innovator IBD 50 ETF	4.2	80	-60	6.3	-2.1
MIDE	Xtrackers S&P MidCap 400 ESG ETF	4.1	15	5	6.9	-1.5
PSCM	Invesco S&P SmallCap Materials ETF	4.1	29	-9	6.1	-2.3
AMER	Emles Made in America ETF	4.0	49	-29	8.1	-0.3
PFI	Invesco DWA Financial Momentum ETF	3.9	60	-40	5.9	-2.5
SIXL	6 Meridian Low Beta Equity Strategy ETF	3.8	88	-68	5.2	-3.2
PSCT	Invesco S&P SmallCap Information Technology ETF	3.8	29	-9	5.4	-3.0
FNK	First Trust Mid Cap Value AlphaDEX Fund	3.7	70	-50	8.9	+0.5
XMHQ	Invesco S&P MidCap Quality ETF	3.6	25	-5	6.4	-2.0
ISCG	iShares Morningstar Small-Cap Growth ETF	3.6	6	14	0.9	-7.4
BBMC	JPMorgan BetaBuilders U.S. Mid Cap Equity ETF	3.5	7	13	4.8	-3.5
CVY	Invesco Zacks Multi-Asset Income ETF	3.5	100	-80	9.3	+0.9
VFH	Vanguard Financials Index Fund	3.5	10	10	7.2	-1.2
FNCL	Fidelity MSCI Financials Index ETF	3.4	8	12	7.2	-1.2
IEFN	iShares Evolved U.S. Financials ETF	3.3	18	2	7.6	-0.8
HOMZ	Hoya Capital Housing ETF	3.2	30	-10	7.4	-0.9
PYZ	Invesco DWA Basic Materials Momentum ETF	3.1	60	-40	7.9	-0.5
XRT	SPDR S&P Retail ETF	3.1	35	-15	5.4	-3.0
DFAC	Dimensional U.S. Core Equity 2 ETF	3.1	19	1	5.7	-2.7
FNX	First Trust Mid Cap Core AlphaDEX Fund	3.1	60	-40	6.7	-1.7
JSMD	Janus Henderson Small/Mid Cap Growth Alpha ETF	3.0	30	-10	6.7	-1.7
IWO	iShares Russell 2000 Growth ETF	3.0	24	-4	0.3	-8.1
VTWG	Vanguard Russell 2000 Growth Index Fund	2.9	15	5	0.4	-8.0
XME	SPDR S&P Metals & Mining ETF	2.9	35	-15	4.4	-4.0
PRN	Invesco DWA Industrials Momentum ETF	2.8	60	-40	4.9	-3.5
PKW	Invesco Buyback Achievers ETF	2.8	64	-44	9.0	+0.6
FSMO	Fidelity Small-Mid Cap Opportunities ETF	2.8	64	-44	6.2	-2.2
ROOF	IQ US Real Estate Small Cap ETF	2.7	70	-50	9.5	+1.1
RFDA	RiverFront Dynamic US Dividend Advantage ETF	2.7	52	-32	7.5	-0.8
AVUS	Avantis U.S. Equity ETF	2.7	15	5	5.7	-2.6
SLX	VanEck Vectors Steel ETF	2.6	56	-36	23.1	+14.7
ITB	iShares U.S. Home Construction ETF	2.6	41	-21	10.7	+2.3
RNMC	Mid Cap US Equity Select ETF	2.6	60	-40	7.1	-1.3
VAW	Vanguard Materials Index Fund	2.5	10	10	6.3	-2.0
FMAT	Fidelity MSCI Materials Index ETF	2.5	8	12	6.4	-1.9
DVY	iShares Select Dividend ETF	2.4	39	-19	7.8	-0.6
JSTC	Adasina Social Justice All Cap Global ETF	2.3	89	-69	5.6	-2.8
PKB	Invesco Dynamic Building & Construction ETF	2.3	60	-40	5.9	-2.5
HSMV	First Trust Horizon Managed Volatility Small/Mid ETF	2.3	80	-60	6.2	-2.2
PWC	Invesco Dynamic Market ETF	2.3	60	-40	5.3	-3.1
HLGE	Hartford Longevity Economy ETF	2.2	44	-24	7.1	-1.3
DON	WisdomTree U.S. MidCap Dividend Fund	2.1	38	-18	7.2	-1.2
ETHO	Etho Climate Leadership U.S. ETF	2.1	48	-28	4.5	-3.8
FTHI	First Trust High Income ETF	2.0	85	-65	5.9	-2.5
FTLB	First Trust Hedged BuyWrite Income ETF	2.0	85	-65	5.8	-2.5
FDWM	Fidelity Women's Leadership ETF	2.0	59	-39	5.2	-3.1
KOMP	SPDR Kensho New Economies Composite ETF	2.0	20	0	1.8	-6.6
KBWD	Invesco KBW High Dividend Yield Financial ETF	1.9	124	-104	12.1	+3.8
VIS	Vanguard Industrials Index Fund	1.9	10	10	5.1	-3.2
PPTY	PPTY-U.S. Diversified Real Estate ETF	1.9	49	-29	4.9	-3.5
HAIL	SPDR S&P Kensho Smart Mobility ETF	1.9	45	-25	4.3	-4.1
FIDU	Fidelity MSCI Industrials Index ETF	1.8	8	12	5.5	-2.9
IAK	iShares U.S. Insurance ETF	1.8	42	-22	7.1	-1.2
KCE	SPDR S&P Capital Markets ETF	1.8	35	-15	9.1	+0.8
BOUT	Innovator IBD Breakout Opportunities ETF	1.8	84	-64	5.7	-2.7
VLU	SPDR S&P 1500 Value Tilt ETF	1.8	12	8	6.6	-1.8
RDIV	Invesco S&P Ultra Dividend Revenue ETF	1.7	39	-19	8.7	+0.3
FAD	First Trust Multi Cap Growth AlphaDEX Fund	1.7	63	-43	3.3	-5.0
DHS	WisdomTree U.S. High Dividend Fund	1.7	38	-18	7.2	-1.1
KBWP	Invesco KBW Property & Casualty Insurance ETF	1.7	35	-15	5.9	-2.5
XMMO	Invesco S&P MidCap Momentum ETF	1.6	33	-13	7.8	-0.6
KIE	SPDR S&P Insurance ETF	1.6	35	-15	7.3	-1.0
REGL	ProShares S&P MidCap 400 Dividend Aristocrats ETF	1.6	41	-21	5.8	-2.6
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	1.6	25	-5	6.3	-2.1
XTN	SPDR S&P Transportation ETF	1.6	35	-15	1.8	-6.6
DVLU	First Trust Dorsey Wright Momentum & Value ETF	1.6	60	-40	8.4	0.0
OUSM	O'Shares FTSE Russell Small Cap Quality Dividend ETF	1.5	48	-28	6.9	-1.5
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	1.5	30	-10	6.2	-2.2
FUTY	Fidelity MSCI Utilities Index ETF	1.5	8	12	5.5	-2.8
VPU	Vanguard Utilities Index Fund	1.5	10	10	5.5	-2.8
DRIV	Global X Autonomous & Electric Vehicles ETF	1.4	68	-48	5.7	-2.7
USVT	US Value ETF	1.4	49	-29	9.9	+1.5
SDY	SPDR S&P Dividend ETF	1.4	35	-15	6.2	-2.2
TMDV	ProShares Russell US Dividend Growers ETF	1.4	36	-16	5.4	-2.9
FRI	First Trust S&P REIT Index Fund	1.4	50	-30	4.8	-3.5
BBRE	JPMorgan BetaBuilders MSCI U.S. REIT ETF	1.4	11	9	5.3	-3.1
BLCN	Siren ETF Trust Siren Nasdaq NexGen Economy ETF	1.4	68	-48	5.1	-3.2
BLOK	Amplify Transformational Data Sharing ETF	1.4	71	-51	2.2	-6.2
USRT	iShares Core U.S. REIT ETF	1.4	8	12	5.5	-2.9
PEY	Invesco High Yield Equity Dividend Achievers ETF	1.4	53	-33	7.5	-0.8
XSD	SPDR S&P Semiconductor ETF	1.4	35	-15	4.9	-3.5
PTF	Invesco DWA Technology Momentum ETF	1.4	60	-40	3.9	-4.4
IAI	iShares U.S. Broker-Dealers ETF	1.4	41	-21	7.9	-0.4
IAT	iShares U.S. Regional Banks ETF	1.3	41	-21	7.4	-1.0
RWR	SPDR Dow Jones REIT ETF	1.3	25	-5	5.2	-3.1
DTOX	Amplify Cleaner Living ETF	1.3	59	-39	0.1	-8.2
XHB	SPDR S&P Homebuilders ETF	1.3	35	-15	8.5	+0.2
XMLV	Invesco S&P MidCap Low Volatility ETF	1.3	25	-5	5.6	-2.8
BLDG	Cambria Global Real Estate ETF	1.3	59	-39	5.9	-2.5
BOAT	SonicShares Global Shipping ETF	1.3	69	-49	9.4	+1.1
FVD	First Trust Value Line Dividend Index Fund	1.2	70	-50	5.6	-2.8
XOP	SPDR S&P Oil & Gas Exploration & Production ETF	1.2	35	-15	1.6	-6.8
IYT	iShares Transportation Average ETF	1.2	42	-22	2.5	-5.8
IJK	iShares S&P Mid-Cap 400 Growth ETF	1.2	17	3	5.4	-3.0
GENY	Principal Millennials Index ETF	1.2	45	-25	6.0	-2.4
IVOG	Vanguard S&P Mid-Cap 400 Growth ETF	1.2	15	5	5.2	-3.2
MGMT	Ballast Small/Mid Cap ETF	1.2	110	-90	7.0	-1.4
MDYG	SPDR S&P 400 Mid Cap Growth ETF	1.2	15	5	5.4	-3.0
PSCE	Invesco S&P SmallCap Energy ETF	1.2	29	-9	2.4	-6.0
HKND	Humankind US Stock ETF	1.2	11	9	6.4	-2.0
PSCC	Invesco S&P SmallCap Consumer Staples ETF	1.2	29	-9	4.7	-3.7
SCHH	Schwab U.S. REIT ETF	1.2	7	13	5.3	-3.1
SENT	AdvisorShares Alpha DNA Equity Sentiment ETF	1.2	108	-88	1.7	-6.6
PICK	iShares MSCI Global Metals & Mining Producers ETF	1.2	39	-19	9.0	+0.7
BFIT	Global X Health & Wellness ETF	1.1	50	-30	5.3	-3.1
FREL	Fidelity MSCI Real Estate Index ETF	1.1	9	12	5.2	-3.2
DFAU	Dimensional US Core Equity Market ETF	1.1	12	8	5.3	-3.0
VCR	Vanguard Consumer Discretionary Index Fund	1.1	10	10	4.2	-4.1
PSCU	Invesco S&P SmallCap Utilities ETF	1.1	29	-9	3.7	-4.7
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	1.1	21	-1	3.3	-5.1
FDIS	Fidelity MSCI Consumer Discretionary Index ETF	1.1	8	12	4.3	-4.1
VFMV	Vanguard U.S. Minimum Volatility ETF	1.1	13	7	5.3	-3.0
ALFA	AlphaClone Alternative Alpha ETF	1.1	65	-45	3.5	-4.9
VYM	Vanguard High Dividend Yield Index ETF	1.1	6	14	6.9	-1.4
PSCH	Invesco S&P SmallCap Health Care ETF	1.0	29	-9	3.7	-4.6
CTRU	ARK Transparency ETF	1.0	55	-35	2.3	-6.1
WBIY	WBI Power Factor High Dividend ETF	1.0	70	-50	9.6	+1.2
ERTH	Invesco MSCI Sustainable Future ETF	1.0	55	-35	6.1	-2.2
PRF	Invesco FTSE RAFI US 1000 ETF	1.0	39	-19	6.2	-2.1
REET	iShares Global REIT ETF	1.0	14	6	5.4	-3.0
QVAL	Alpha Architect U.S. Quantitative Value ETF	1.0	49	-29	11.3	+3.0
MMTM	SPDR S&P 1500 Momentum Tilt ETF	1.0	12	8	5.1	-3.2
FDL	First Trust Morningstar Dividend Leaders Index Fund	1.0	45	-25	8.1	-0.2
VNQ	Vanguard REIT Index Fund	1.0	12	8	5.2	-3.1
NURE	Nuveen Short-Term REIT ETF	1.0	35	-15	4.2	-4.2
PEZ	Invesco DWA Consumer Cyclicals Momentum ETF	0.9	60	-40	5.9	-2.5
IVRA	Invesco Real Assets ESG ETF	0.9	59	-39	4.7	-3.7
IWV	iShares Russell 3000 ETF	0.9	20	0	4.8	-3.6
KVLE	KFA Value Liner Dynamic Core Equity Index ETF	0.9	56	-36	5.9	-2.4
VTI	Vanguard Total Stock Market Index Fund	0.9	3	17	4.8	-3.5
ITOT	iShares Core S&P Total U.S. Stock Market ETF	0.9	3	17	4.9	-3.4
VTHR	Vanguard Russell 3000 Index Fund	0.9	10	10	4.9	-3.4
RWO	SPDR Dow Jones Global Real Estate ETF	0.9	50	-30	5.1	-3.3
SCHB	Schwab U.S. Broad Market ETF	0.9	3	17	5.0	-3.3
VRAI	Virtus Real Asset Income ETF	0.9	55	-35	7.3	-1.0
IEO	iShares U.S. Oil & Gas Exploration & Production ETF	0.9	42	-22	3.5	-4.9
FFR	First Trust FTSE EPRA/NAREIT Developed Markets Real Estate	0.9	60	-40	5.3	-3.0
SFYX	Sofi Next 500 ETF	0.8	0	20	5.5	-2.9
GQRE	FlexShares Global Quality Real Estate Index Fund	0.8	45	-25	5.6	-2.8
GBGR	Global Beta Momentum-Growth ETF	0.8	29	-9	4.6	-3.8
GBLD	Invesco MSCI Green Building ETF	0.8	39	-19	8.1	-0.2
GBDV	Global Beta Smart Income ETF	0.8	29	-9	9.2	+0.9
PPA	Invesco Aerospace & Defense ETF	0.8	61	-41	5.5	-2.9
SPTM	SPDR Portfolio Total Stock Market ETF	0.8	3	17	5.3	-3.0
EVX	VanEck Vectors Environmental Services ETF	0.8	55	-35	3.5	-4.9
DFUS	Dimensional U.S. Equity ETF	0.7	11	9	5.1	-3.2
ESGV	Vanguard ESG U.S. Stock ETF	0.7	9	11	5.2	-3.2
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	0.7	47	-27	4.5	-3.9
PRNT	The 3D Printing ETF	0.7	66	-46	-2.6	-11.0
MOON	Direxion Moonshot Innovators ETF	0.7	65	-45	-5.8	-14.2
FIVG	Defiance Next Gen Connectivity ETF	0.7	30	-10	5.8	-2.5
XTL	SPDR S&P Telecom ETF	0.7	35	-15	4.2	-4.1
PDP	Invesco DWA Momentum ETF	0.7	62	-42	3.7	-4.7
WGRO	WisdomTree U.S. Growth & Momentum Fund	0.7	55	-35	3.2	-5.2
QMOM	Alpha Architect U.S. Quantitative Momentum ETF	0.7	49	-29	5.3	-3.0
BSEA	ETFMG Breakwave Sea Decarbonization Tech ETF	0.7	75	-55	2.4	-6.0
PSR	Invesco Active U.S. Real Estate Fund	0.7	35	-15	4.8	-3.6
IHE	iShares U.S. Pharmaceuticals ETF	0.7	42	-22	5.9	-2.5
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure Inde	0.7	70	-50	3.8	-4.6
SCHD	Schwab U.S. Dividend Equity ETF	0.6	6	14	7.7	-0.7
DGRO	iShares Core Dividend Growth ETF	0.6	8	12	6.5	-1.8
DTD	WisdomTree U.S.Total Dividend Fund	0.6	28	-8	6.2	-2.1
LOPX	Direxion Low Priced Stock ETF	0.6	50	-30	-9.4	-17.7
FNY	First Trust Mid Cap Growth AlphaDEX Fund	0.6	70	-50	3.2	-5.1
ZIG	The Acquirers Fund	0.6	89	-69	9.5	+1.1
FMIL	Fidelity New Millennium ETF	0.6	59	-39	5.7	-2.6
SHFT	iClima Distributed Renewable Energy Transition Leaders ETF	0.6	65	-45	-0.2	-8.6
PBW	Invesco WilderHill Clean Energy ETF	0.6	61	-41	-2.7	-11.1
DEW	WisdomTree Global High Dividend Fund	0.6	58	-38	7.9	-0.5
RDOG	ALPS REIT Dividend Dogs ETF	0.6	35	-15	7.4	-0.9
KROP	Global X AgTech & Food Innovation ETF	0.6	50	-30	3.8	-4.6
TPYP	Tortoise North American Pipeline Fund	0.6	40	-20	4.7	-3.6
AIEQ	AI Powered Equity ETF	0.6	80	-60	3.3	-5.0
LVHD	Legg Mason Low Volatility High Dividend ETF	0.5	27	-7	6.7	-1.6
IYG	iShares US Financial Services ETF	0.5	42	-22	6.5	-1.9
FGD	First Trust Dow Jones Global Select Dividend Index Fund	0.5	59	-39	11.2	+2.8
ROUS	Hartford Multifactor US Equity ETF	0.5	19	1	6.7	-1.7
BRF	VanEck Vectors Brazil Small-Cap ETF	0.5	63	-43	-0.4	-8.8
OIH	VanEck Vectors Oil Services ETF	0.5	35	-15	-0.9	-9.3
JHMI	John Hancock Multifactor Industrials ETF	0.5	40	-20	5.8	-2.6
WDIV	SPDR Global Dividend ETF	0.5	40	-20	8.6	+0.3
PHO	Invesco Water Resources ETF	0.5	60	-40	3.6	-4.7
FIW	First Trust Water ETF	0.5	54	-34	3.6	-4.8
CUT	Invesco MSCI Global Timber ETF	0.5	61	-41	8.2	-0.2
FDMO	Fidelity Momentum Factor ETF	0.5	29	-9	4.7	-3.7
EDUT	Global X Education ETF	0.5	50	-30	7.7	-0.7
FTXL	First Trust Nasdaq Semiconductor ETF	0.5	60	-40	6.5	-1.9
PSI	Invesco Dynamic Semiconductors ETF	0.5	56	-36	5.5	-2.9
PEXL	Pacer US Export Leaders ETF	0.5	60	-40	4.5	-3.8
IUSV	iShares Core S&P U.S. Value ETF	0.5	4	16	6.3	-2.0
RFG	Invesco S&P Midcap 400 Pure Growth ETF	0.5	35	-15	6.9	-1.4
SCHM	Schwab U.S. Mid-Cap ETF	0.5	4	16	5.6	-2.7
SOXQ	Invesco PHLX Semiconductor ETF	0.5	0	20	7.2	-1.2
CBSE	Changebridge Capital Sustainable Equity ETF	0.5	85	-65	-1.5	-9.8
FENY	Fidelity MSCI Energy Index ETF	0.5	8	12	3.5	-4.9
MOTO	SmartETFs Smart Transportation & Technology ETF	0.5	68	-48	6.7	-1.7
IUS	Invesco Strategic US ETF	0.4	19	1	6.2	-2.2
PFM	Invesco Dividend Achievers ETF	0.4	53	-33	5.5	-2.8
FLM	First Trust Global Engineering and Construction ETF	0.4	70	-50	7.8	-0.6
IGE	iShares North American Natural Resources ETF	0.4	43	-23	3.9	-4.5
VDE	Vanguard Energy Index Fund	0.4	10	10	3.4	-4.9
ACTV	LeaderShares Activist Leaders ETF	0.4	75	-55	6.1	-2.2
DFNL	Davis Select Financial ETF	0.4	64	-44	6.7	-1.7
VNMC	Natixis Vaughan Nelson Mid Cap ETF	0.4	85	-65	6.7	-1.7
DINT	Davis Select International ETF	0.4	65	-45	6.3	-2.0
DWLD	Davis Select Worldwide ETF	0.4	63	-43	6.1	-2.3
VT	Vanguard Total World Stock ETF	0.4	8	12	5.7	-2.7
PJP	Invesco Dynamic Pharmaceuticals ETF	0.4	58	-38	11.3	+3.0
FTXH	First Trust Nasdaq Pharmaceuticals ETF	0.4	60	-40	4.6	-3.8
XPH	SPDR S&P Pharmaceuticals ETF	0.4	35	-15	0.8	-7.6
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	0.4	25	-5	6.3	-2.1
VBK	Vanguard Small-Cap Growth Index Fund	0.4	7	13	2.2	-6.2
EINC	VanEck Vectors Energy Income ETF	0.4	45	-25	4.0	-4.4
FCG	First Trust Natural Gas ETF	0.4	60	-40	3.5	-4.9
FTXN	First Trust Nasdaq Oil & Gas ETF	0.4	60	-40	1.1	-7.3
AVRE	Avantis Real Estate ETF	0.4	17	3	4.8	-3.6
PXI	Invesco DWA Energy Momentum ETF	0.4	60	-40	3.6	-4.8
DIV	Global X SuperDividend US ETF	0.4	45	-25	6.9	-1.4
XSW	SPDR S&P Software & Services ETF	0.4	35	-15	4.2	-4.2
IWFH	iShares Virtual Work and Life Multisector ETF	0.4	47	-27	0.8	-7.6
XITK	SPDR FactSet Innovative Technology ETF	0.4	45	-25	-3.6	-12.0
SBIO	ALPS Medical Breakthroughs ETF	0.4	50	-30	-3.3	-11.7
BBP	BioShares Biotechnology Products Fund	0.4	79	-59	-3.7	-12.1
IDRV	iShares Self-driving EV & Tech ETF	0.4	47	-27	7.4	-1.0
CLMA	iClima Global Decarbonization Transition Leaders ETF	0.4	65	-45	2.5	-5.9
FSTA	Fidelity MSCI Consumer Staples Index ETF	0.4	8	12	5.3	-3.1
TRYP	SonicShares Airlines, Hotels, Cruise Lines ETF	0.4	75	-55	-1.6	-10.0
MAKX	ProShares S&P Kensho Smart Factories ETF	0.3	58	-38	4.0	-4.3
IGN	iShares North American Tech-Multimedia Networking ETF	0.3	43	-23	6.1	-2.3
FCLD	Fidelity Cloud Computing ETF	0.3	39	-19	4.2	-4.2
FITE	SPDR Kensho Future Security ETF	0.3	45	-25	3.5	-4.9
PXQ	Invesco Dynamic Networking ETF	0.3	63	-43	3.3	-5.1
HACK	ETFMG Prime Cyber Security ETF	0.3	60	-40	3.1	-5.2
DAT	ProShares Big Data Refiners ETF	0.3	58	-38	0.3	-8.0
GLRY	Inspire Faithward Mid Cap Momentum ESG ETF	0.3	85	-65	8.4	+0.0
XBI	SPDR S&P BIOTECH ETF	0.3	35	-15	0.0	-8.4
VDC	Vanguard Consumer Staples Index Fund	0.3	10	10	5.3	-3.1
CZA	Invesco Zacks Mid-Cap ETF	0.3	69	-49	5.4	-2.9
FPRO	Fidelity Real Estate Investment ETF	0.3	59	-39	4.3	-4.0
IRBO	iShares Robotics and Artificial Intelligence Multisector ETF	0.3	47	-27	1.4	-7.0
ROKT	SPDR S&P Kensho Final Frontiers ETF	0.3	45	-25	5.0	-3.4
FSST	Fidelity Sustainability U.S. Equity ETF	0.3	59	-39	5.3	-3.1
GINN	Goldman Sachs ETF Trust Goldman Sachs Innovate Equity ETF	0.3	50	-30	3.5	-4.8
IBBJ	Defiance Nasdaq Junior Biotechnology ETF	0.3	45	-25	0.0	-8.4
SDEI	Sound Equity Income ETF	0.3	45	-25	9.4	+1.0
PUI	Invesco DWA Utilities Momentum ETF	0.3	60	-40	5.2	-3.2
XAR	SPDR S&P Aerospace & Defense ETF	0.3	35	-15	5.7	-2.7
IHF	iShares U.S. Healthcare Providers ETF	0.3	42	-22	6.4	-2.0
HART	IQ Healthy Hearts ETF	0.3	45	-25	4.9	-3.4
XHS	SPDR S&P Health Care Services ETF	0.3	35	-15	4.1	-4.3
VIG	Vanguard Dividend Appreciation Index Fund	0.3	6	14	5.7	-2.7
IEDI	iShares Evolved U.S. Discretionary Spending ETF	0.3	18	2	4.4	-3.9
FAN	First Trust Global Wind Energy ETF	0.3	62	-42	6.1	-2.2
CSD	Invesco S&P Spin-Off ETF	0.3	65	-45	4.8	-3.5
CNRG	SPDR S&P Kensho Clean Power ETF	0.3	45	-25	1.7	-6.7
PBD	Invesco Global Clean Energy ETF	0.3	75	-55	-0.8	-9.2
AUSF	Global X Adaptive U.S. Factor ETF	0.3	27	-7	7.0	-1.4
IEME	iShares Evolved U.S. Media & Entertainment ETF	0.3	18	2	7.2	-1.1
WWOW	Direxion World Without Waste ETF	0.3	50	-30	1.5	-6.8
KBWY	Invesco KBW Premium Yield Equity REIT ETF	0.2	35	-15	8.4	+0.1
REZ	iShares Residential Real Estate Capped ETF	0.2	48	-28	4.3	-4.0
REM	iShares Mortgage Real Estate ETF	0.2	48	-28	13.7	+5.3
MORT	VanEck Vectors Mortgage REIT Income ETF	0.2	40	-20	13.2	+4.8
SRET	Global X SuperDividend REIT ETF	0.2	58	-38	10.1	+1.7
HAP	VanEck Vectors Natural Resources ETF	0.2	49	-29	5.5	-2.9
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.2	70	-50	12.3	+3.9
AGNG	Global X Aging Population ETF	0.2	50	-30	4.0	-4.4
MILN	Global X Millennial Consumer ETF	0.2	50	-30	2.9	-5.5
DSI	iShares MSCI KLD 400 Social ETF	0.2	25	-5	5.2	-3.2
LGLV	SPDR Russell 1000 Low Volatility ETF	0.2	12	8	4.7	-3.7
IYR	iShares U.S. Real Estate ETF	0.2	41	-21	5.1	-3.3
VGT	Vanguard Information Technology Index Fund	0.2	10	10	5.0	-3.4
RESP	WisdomTree US ESG Fund of Benef Interest	0.2	28	-8	6.2	-2.2
FTEC	Fidelity MSCI Information Technology Index ETF	0.2	8	12	5.0	-3.3
FTXD	First Trust Nasdaq Retail ETF	0.2	60	-40	6.7	-1.7
TDIV	First Trust NASDAQ Technology Dividend Index Fund	0.2	50	-30	6.6	-1.8
VEGI	iShares MSCI Global Agriculture Producers ETF	0.2	39	-19	4.9	-3.5
JHMM	John Hancock Multifactor Mid Cap ETF	0.2	41	-21	5.6	-2.8
IGM	iShares Expanded Tech Sector ETF	0.2	43	-23	4.5	-3.9
IEHS	iShares Evolved U.S. Healthcare Staples ETF	0.2	18	2	5.3	-3.1
VALQ	American Century STOXX U.S. Quality Value ETF	0.2	29	-9	8.2	-0.1
IYY	iShares Dow Jones U.S. ETF	0.1	20	0	4.9	-3.4
GRES	IQ Global Resources ETF	0.1	30	-10	6.4	-2.0
FILL	iShares MSCI Global Energy Producers ETF	0.1	39	-19	5.3	-3.0
EMLP	First Trust North American Energy Infrastructure Fund	0.1	96	-76	4.3	-4.1
ANEW	ProShares MSCI Transformational Changes ETF	0.1	45	-25	3.3	-5.0
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.1	46	-26	5.8	-2.6
IEIH	iShares Evolved U.S. Innovative Healthcare ETF	0.1	18	2	5.0	-3.3
VHT	Vanguard Health Care Index Fund	0.1	10	10	5.8	-2.6
FHLC	Fidelity MSCI Health Care Index ETF	0.1	8	12	5.7	-2.7
FCOM	Fidelity MSCI Telecommunication Services Index ETF	0.1	8	12	5.7	-2.7
VOX	Vanguard Telecommunication Services Index Fund	0.1	10	10	5.7	-2.7
IECS	iShares Evolved U.S. Consumer Staples ETF	0.1	18	2	5.4	-3.0
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	0.1	28	-8	6.2	-2.2
AVLV	Avantis U.S. Large Cap Value ETF	0.1	15	5	7.0	-1.4
FBCG	Fidelity Blue Chip Growth ETF	0.1	59	-39	2.1	-6.3
IGV	iShares Expanded Tech-Software ETF	0.1	43	-23	3.0	-5.3
IBBQ	Invesco Nasdaq Biotechnology ETF	0.1	0	20	0.4	-7.9
IBB	iShares NASDAQ Biotechnology ETF	0.1	45	-25	0.3	-8.1
JHMT	John Hancock Multifactor Technology ETF	0.1	40	-20	5.3	-3.1
IUSG	iShares Core S&P US Growth ETF	0.1	4	16	4.6	-3.7
DURA	VanEck Vectors Morningstar Durable Dividend ETF	0.1	29	-9	7.6	-0.8
GWX	SPDR S&P International Small Cap ETF	0.1	40	-20	4.6	-3.8
HDV	iShares Core High Dividend ETF	0.1	8	12	6.6	-1.7
TECB	iShares US Tech Breakthrough Multisector ETF	0.1	40	-20	4.7	-3.6
SCHK	Schwab 1000 Index ETF	0.0	5	15	5.1	-3.3
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	11	5.5	-2.9
IETC	iShares Evolved U.S. Technology ETF	0.0	18	2	4.5	-3.8
SPDW	SPDR Portfolio Developed World ex-US ETF	0.0	4	16	6.7	-1.6

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

	2016	2017	2018	2019	2020	2021E	2022E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
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:	iShares US Small Cap Value Factor ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.4	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	8.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.47	CATEGORY AVERAGE	1.48

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.