Invesco Solar ETF
ALTAR
Score™		 8.7% info Recommen-
dation		 SPECULATIVE
2024E    2025E
P/E
ratio		 20.8x P/Sales
ratio		 1.1x
P/BV
ratio		 1.1x Div.
yield		 1.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Claymore/MAC Global Solar Energy Index ETF seeks investment results that correspond to the price and yield of the MAC Global Solar Energy Index.

FUND BASICS
Category Global Equities
Fund Sponsor Guggenheim
Website guggenheiminvestments.com
Inception date Apr 15, 2008
Assets (mns) $961
Currency USD
Expense ratio 67 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Tiered
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 46
Wgt avg mkt cap (mns) $6,634
Large cap (>$10bn) 20.8%
Mid cap ($2-10bn) 45.4%
Small cap (<$2bn) 29.5%
Developed mkts 76.2%
Emerging mkts 23.8%

TOP TEN HOLDINGS
ENPHASE ENERGY INC 10.2 %
FIRST SOLAR INC 9.7 %
SUNRUN INC. 8.2 %
NEXTRACKER, INC. CLASS A 6.2 %
GCL POLY ENERGY HOLDINGS LTD 5.1 %
ENCAVIS AG 4.5 %
HANNON ARMSTRONG SUSTAINABLE 4.1 %
XINYI SOLAR HOLDINGS LTD 3.7 %
NEOEN S.A. 3.7 %
SUNNOVA ENERGY INTERNATIONAL INC 3.4 %
Total 58.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 52.6 %
CHINA 10.2 %
GERMANY 5.5 %
HONG KONG 5.1 %
ISRAEL 5.0 %
FRANCE 3.7 %
TAIWAN 3.5 %
SPAIN 2.5 %
SOUTH KOREA 2.3 %
CANADA 1.9 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-26.4% -32.5% 5.3% 0.1% -9.3%

Market Correlations
versus... Beta R-squared
S&P500 1.40 35%
MSCI EAFE 1.51 38%
MSCI Emg. Mkts. 1.37 30%

Technical Indicators
Recent close $41.14
30d moving avg. $40.48
Annualized volatility 42.7%
Short interest (ETF) 7.2%
Relative strength (RSI) 57

Liquidity measures
Avg. volume (thou.) 725
Turnover 3.1%
Bid/Ask (% of price) 0.11%
ADV underlying (mns) $1,132

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 469 potential alternatives to the Invesco Solar ETF ETF based on the alternatives' overlap in portfolio holdings with TAN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: TAN Expense: 67 bp ALTAR Score™: 8.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH TAN
Ticker Fund
Name		 Overlap1
vs TAN
(%)		 Expense
ratio
(bp)		 Savings
vs TAN
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs TAN
(%)
RAYS Global X Solar ETF 46.8 51 16 7.4 -1.3
CTEC Global X CleanTech ETF 36.6 50 17 2.6 -6.1
FRNW Fidelity Clean Energy ETF 34.8 39 28 2.2 -6.5
CNRG SPDR S&P Kensho Clean Power ETF 29.3 45 22 2.7 -6.0
VCLN Virtus Duff & Phelps Clean Energy ETF 28.8 59 8 3.5 -5.2
ACES ALPS Clean Energy ETF 28.4 55 12 -3.4 -12.1
ICLN iShares Global Clean Energy ETF 27.3 41 26 4.7 -4.0
QCLN First Trust Nasdaq Clean Edge Green Energy Index Fund 26.6 58 9 -1.4 -10.1
PBD Invesco Global Clean Energy ETF 20.7 75 -8 -3.3 -11.9
RNRG Global X Renewable Energy Producers ETF 18.1 66 1 4.8 -3.9
PBW Invesco WilderHill Clean Energy ETF 17.8 66 1 -13.0 -21.7
ERTH Invesco MSCI Sustainable Future ETF 14.3 62 5 3.1 -5.6
RNEW VanEck Green Infrastructure ETF 13.4 45 22 -1.5 -10.2
ETEC iShares Breakthrough Environmental Solutions ETF 11.4 47 20 7.6 -1.1
SMOG VanEck Low Carbon Energy ETF 11.3 61 6 2.6 -6.1
SDG iShares MSCI Global Sustainable Development Goals ETF 10.3 49 18 5.2 -3.5
SOLR Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund 9.2 79 -12 4.7 -4.0
CCSO Carbon Collective Climate Solutions US Equity ETF 9.2 35 32 2.1 -6.6
KGRN KraneShares MSCI China Clean Technology Index ETF 5.7 79 -12 6.6 -2.1
FAN First Trust Global Wind Energy ETF 5.5 60 7 5.1 -3.6
NBCT Neuberger Berman Carbon Transition Infrastructure ETF 5.0 55 12 3.1 -5.6
GCLN Goldman Sachs Bloomberg Clean Energy Equity ETF 5.0 45 22 5.8 -2.9
BNE Blue Horizon BNE ETF 4.7 87 -20 4.7 -4.0
IBAT iShares Energy Storage & Materials ETF 4.7 47 20 3.5 -5.2
QQQN VictoryShares Nasdaq Next 50 ETF 4.4 18 49 4.9 -3.8
SIMS SPDR S&P Kensho Intelligent Structures ETF 4.2 45 22 -7.2 -15.9
TEKX SPDR Galaxy Transformative Tech Accelerators ETF 4.2 65 2 1.8 -6.9
MORT VanEck Mortgage REIT Income ETF 4.1 43 24 11.1 +2.4
OCEN IQ Clean Oceans ETF 4.0 45 22 5.7 -3.0
FCA First Trust China AlphaDEX Fund 3.9 80 -13 17.8 +9.1
MVPS Amplify Thematic All-Stars ETF 3.7 49 18 2.8 -5.9
MADE iShares U.S. Manufacturing ETF 3.4 40 27 5.6 -3.1
QQJG Invesco ESG NASDAQ Next Gen 100 ETF 3.1 20 47 5.5 -3.2
CLNR IQ Cleaner Transport ETF 3.0 45 22 6.7 -2.0
BECO BlackRock Future Climate and Sustainable Economy ETF 2.9 70 -3 11.3 +2.6
ITEQ BlueStar Israel Technology ETF 2.9 75 -8 1.3 -7.4
TCHI iShares MSCI China Multisector Tech ETF 2.9 59 8 2.3 -6.4
PSCU Invesco S&P SmallCap Utilities & Communication Services ETF 2.8 29 38 5.3 -3.4
XSD SPDR S&P Semiconductor ETF 2.8 35 32 4.7 -4.0
IPO Renaissance IPO ETF 2.8 60 7 -4.3 -13.0
DTEC ALPS Disruptive Technologies ETF 2.8 50 17 3.1 -5.6
QQQJ Invesco NASDAQ Next Gen 100 ETF 2.7 15 52 4.6 -4.1
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 2.6 58 9 4.5 -4.2
FXU First Trust Utilities AlphaDEX Fund 2.6 64 3 5.5 -3.2
RSPT Invesco S&P 500 Equal Weight Technology ETF 2.6 40 27 5.5 -3.2
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF 2.5 30 37 10.5 +1.8
RNWZ TrueShares Eagle Global Renewable Energy Income ETF 2.4 75 -8 7.3 -1.4
BDFIX Baron Discovery 2.3 75 -8 0.2 -8.5
SPHB Invesco S&P 500 High Beta ETF 2.3 25 42 2.7 -6.0
TMFX Motley Fool Next Index ETF 2.3 50 17 2.9 -5.8
IYE iShares U.S. Energy ETF 2.2 40 27 7.1 -1.6
NUMV Nuveen ESG Mid-Cap Value ETF 2.2 31 36 6.7 -2.0
FTGS First Trust Growth Strength ETF 2.1 60 7 5.5 -3.2
NUMG Nuveen ESG Mid-Cap Growth ETF 2.0 31 36 3.6 -5.1
PSCI Invesco S&P SmallCap Industrials ETF 2.0 29 38 5.5 -3.2
TEMP JPMorgan Climate Change Solutions ETF 2.0 49 18 5.1 -3.6
TRFM AAM Transformers ETF 1.9 49 18 1.3 -7.4
PGJ Invesco Golden Dragon China ETF 1.9 70 -3 5.4 -3.3
BLLD JPMorgan Sustainable Infrastructure ETF 1.9 49 18 5.3 -3.4
PID Invesco International Dividend Achievers ETF 1.9 53 14 6.6 -2.1
VIOV Vanguard S&P Small-Cap 600 Value ETF 1.8 15 52 8.3 -0.4
IJS iShares S&P Small-Cap 600 Value ETF 1.8 18 49 8.2 -0.5
KOMP SPDR S&P Kensho New Economies Composite ETF 1.8 20 47 1.1 -7.6
FDWM Fidelity Women's Leadership ETF 1.8 59 8 4.6 -4.1
SLYV SPDR S&P 600 Small Cap Value ETF 1.8 15 52 8.2 -0.5
ECNS iShares MSCI China Small-Cap ETF 1.7 59 8 16.2 +7.5
NETZ TCW Transform Systems ETF 1.7 75 -8 3.6 -5.1
NUSC Nuveen ESG Small-Cap ETF 1.7 31 36 5.1 -3.6
RFDA RiverFront Dynamic US Dividend Advantage ETF 1.6 52 15 5.7 -3.0
PFI Invesco Dorsey Wright Financial Momentum ETF 1.6 60 7 6.8 -1.9
HAIL SPDR S&P Kensho Smart Mobility ETF 1.5 45 22 -2.9 -11.6
BIBL Inspire 100 ETF 1.5 35 32 5.0 -3.7
ISRA VanEck Israel ETF 1.5 59 8 8.6 -0.1
EIS iShares MSCI Israel ETF 1.4 58 9 9.2 +0.5
JSML Janus Henderson Small Cap Growth Alpha ETF 1.4 30 37 6.9 -1.8
XT iShares Exponential Technologies ETF 1.4 46 21 4.6 -4.1
ETHO Etho Climate Leadership U.S. ETF 1.4 47 20 3.4 -5.3
ARB AltShares Merger Arbitrage ETF 1.4 77 -10 4.4 -4.3
NBDS Neuberger Berman Disrupters ETF 1.3 55 12 1.5 -7.2
FSST Fidelity Sustainable U.S. Equity ETF 1.2 59 8 2.6 -6.1
SSPX Janus Henderson U.S. Sustainable Equity ETF 1.2 55 12 4.1 -4.6
BUZZ VanEck Social Sentiment ETF 1.2 75 -8 0.2 -8.5
PABU iShares Paris-Aligned Climate MSCI USA ETF 1.2 10 57 4.4 -4.3
NZUS SPDR MSCI USA Climate Paris Aligned ETF 1.2 10 57 4.5 -4.2
PSCF Invesco S&P SmallCap Financials ETF 1.2 29 38 8.7 0.0
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 1.1 30 37 5.7 -3.0
WCEO Hypatia Women CEO ETF 1.1 85 -18 4.5 -4.2
VOT Vanguard Mid-Cap Growth ETF 1.1 7 60 3.9 -4.8
RZV Invesco S&P Smallcap 600 Pure Value ETF 1.1 35 32 9.5 +0.8
XJR iShares ESG Screened S&P Small-Cap ETF 1.1 12 55 7.1 -1.6
NULV Nuveen ESG Large-Cap Value ETF 1.1 26 41 6.7 -2.0
VRAI Virtus Real Asset Income ETF 1.1 55 12 8.1 -0.6
FPX First Trust US Equity Opportunities ETF 1.0 61 6 2.0 -6.7
FXN First Trust Energy AlphaDEX Fund 1.0 62 5 6.2 -2.5
HAP VanEck Natural Resources ETF 1.0 50 17 9.8 +1.1
IJR iShares Core S&P Small Cap ETF 1.0 6 61 7.3 -1.4
JCHI JPMorgan Active China ETF 0.9 65 2 8.8 +0.1
SPSM SPDR Portfolio S&P 600 Small Cap ETF 0.9 3 64 7.3 -1.4
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF 0.9 35 32 5.6 -3.1
VIOO Vanguard S&P Small-Cap 600 ETF 0.9 10 57 7.3 -1.4
SMCP AlphaMark Actively Managed Small Cap ETF 0.9 90 -23 4.2 -4.5
COWG Pacer US Large Cap Cash Cows Growth Leaders ETF 0.9 49 18 4.8 -3.9
SMDV ProShares Russell 2000 Dividend Growers ETF 0.9 40 27 6.6 -2.1
ESIX SPDR S&P SmallCap 600 ESG ETF 0.9 12 55 7.5 -1.2
WBIY WBI Power Factor High Dividend ETF 0.9 100 -33 10.3 +1.6
CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF 0.9 59 8 6.6 -2.1
GTEK Goldman Sachs Future Tech Leaders Equity ETF 0.9 75 -8 3.1 -5.6
IWN iShares Russell 2000 Value ETF 0.8 24 43 4.9 -3.8
FYC First Trust Small Cap Growth AlphaDEX Fund 0.8 71 -4 0.3 -8.4
WNDY Global X Wind Energy ETF 0.8 50 17 5.5 -3.2
VTWV Vanguard Russell 2000 Value ETF 0.8 15 52 5.0 -3.7
WBAT WisdomTree Battery Value Chain and Innovation Fund 0.8 45 22 -0.3 -9.0
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.8 39 28 4.2 -4.5
PSCT Invesco S&P SmallCap Information Technology ETF 0.8 29 38 5.4 -3.3
IMCG iShares Morningstar Mid-Cap Growth ETF 0.7 6 61 4.1 -4.6
BKSE BNY Mellon US Small Cap Core Equity ETF 0.7 4 63 4.9 -3.8
BUL Pacer US Cash Cows Growth ETF 0.7 60 7 7.8 -0.9
BBSC JPMorgan BetaBuilders U.S. Small Cap Equity ETF 0.7 9 58 3.5 -5.2
GINN Goldman Sachs Innovate Equity ETF 0.7 52 15 2.8 -5.9
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF 0.7 15 52 7.5 -1.2
SSLY Syntax Stratified SmallCap ETF 0.7 40 27 7.1 -1.6
BATT Amplify Lithium & Battery Technology ETF 0.7 59 8 -0.6 -9.3
IWM iShares Russell 2000 ETF 0.6 19 48 2.9 -5.8
RSSL Global X Russell 2000 ETF 0.6 8 59 2.7 -6.0
VTWO Vanguard Russell 2000 ETF 0.6 10 57 3.0 -5.7
DFNV Donoghue Forlines Innovation ETF 0.6 69 -2 4.7 -4.0
EQAL Invesco Russell 1000 Equal Weight ETF 0.6 20 47 6.3 -2.4
JHMM John Hancock Multifactor Mid Cap ETF 0.6 42 25 6.2 -2.5
ENOR iShares MSCI Norway ETF 0.6 53 14 7.8 -0.9
NORW Global X MSCI Norway ETF 0.6 50 17 7.6 -1.1
QQQS Invesco NASDAQ Future Gen 200 ETF 0.6 20 47 -8.8 -17.5
FEEM FlexShares ESG & Climate Emerging Markets Core Index ETF 0.6 18 49 7.1 -1.6
CXSE WisdomTree China ex-State-Owned Enterprises Fund 0.5 32 35 6.8 -1.9
IWP iShares Russell Mid-Cap Growth ETF 0.5 23 44 3.3 -5.4
BLES Inspire Global Hope ETF 0.5 61 6 6.3 -2.4
HKND Humankind US Stock ETF 0.5 11 56 6.9 -1.8
IQM Franklin Intelligent Machines ETF 0.5 50 17 3.3 -5.4
FTC First Trust Large Cap Growth AlphaDEX Fund 0.5 59 8 2.6 -6.1
RFG Invesco S&P Midcap 400 Pure Growth ETF 0.5 35 32 5.6 -3.1
EES WisdomTree U.S. SmallCap Fund 0.5 38 29 9.2 +0.5
VBK Vanguard Small-Cap Growth ETF 0.5 7 60 1.4 -7.3
ESML iShares ESG Aware MSCI USA Small-Cap ETF 0.5 17 50 5.0 -3.7
VLUE iShares MSCI USA Value Factor ETF 0.5 15 52 10.3 +1.6
VO Vanguard Mid-Cap ETF 0.5 4 63 5.6 -3.1
TPSC Timothy Plan US Small Cap Core ETF 0.5 52 15 6.8 -1.9
ISCV iShares Morningstar Small Cap Value ETF 0.5 6 61 7.4 -1.3
USMF WisdomTree U.S. Multifactor Fund 0.5 28 39 7.4 -1.3
JMEE JPMorgan Market Expansion Enhanced Equity ETF 0.5 24 43 7.1 -1.6
VIDI Vident International Equity Strategy ETF 0.5 61 6 10.3 +1.6
FAD First Trust Multi Cap Growth AlphaDEX Fund 0.5 64 3 2.0 -6.7
BFOR ALPS Barron's 400 ETF 0.5 65 2 6.3 -2.4
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 0.4 9 58 5.9 -2.8
CSML IndexIQ ETF Trust IQ U.S. Small Cap ETF 0.4 35 32 4.7 -4.0
AIEQ AI Powered Equity ETF 0.4 75 -8 1.8 -6.9
IEUS iShares MSCI Europe Small-Cap ETF 0.4 42 25 5.8 -2.9
XLK Technology Select Sector SPDR Fund 0.4 9 58 5.0 -3.7
IWO iShares Russell 2000 Growth ETF 0.4 24 43 0.6 -8.1
VTWG Vanguard Russell 2000 Growth ETF 0.4 15 52 0.7 -8.0
CSA VictoryShares US Small Cap Volatility Wtd ETF 0.4 35 32 6.4 -2.3
CSF VictoryShares US Discovery Enhanced Volatility Wtd ETF 0.4 42 25 6.3 -2.4
SQLV Royce Quant Small-Cap Quality Value ETF 0.4 60 7 7.4 -1.3
FDTX Fidelity Disruptive Technology ETF 0.4 50 17 3.0 -5.7
AVES Avantis Emerging Markets Value ETF 0.4 36 31 11.6 +2.9
SCHA Schwab U.S. Small-Cap ETF 0.4 4 63 4.3 -4.4
SSPY Syntax Stratified LargeCap ETF 0.4 30 37 6.3 -2.4
ISCB iShares Morningstar Small-Cap ETF 0.4 4 63 4.9 -3.8
SMLF iShares U.S. SmallCap Equity Factor ETF 0.4 15 52 5.1 -3.6
FTEC Fidelity MSCI Information Technology Index ETF 0.4 8 59 4.7 -4.0
TPLC Timothy Plan Fund Timothy Plan US Large/Mid Cap Core Fund 0.4 52 15 5.2 -3.5
TPLE Timothy Plan Us Large/Mid Cap Core Enhanced ETF 0.4 58 9 5.1 -3.6
RWJ Invesco S&P SmallCap 600 Revenue ETF 0.4 39 28 8.3 -0.4
PXH Invesco FTSE RAFI Emerging Markets ETF 0.4 49 18 12.7 +4.0
FNDA Schwab Fundamental US Small Co. Index ETF 0.4 25 42 6.2 -2.5
IWR iShares Russell Midcap ETF 0.4 19 48 5.6 -3.1
IMCB iShares Morningstar Mid-Cap ETF 0.4 4 63 5.9 -2.8
FEM First Trust Emerging Markets AlphaDEX Fund 0.4 80 -13 14.8 +6.1
VGT Vanguard Information Technology ETF 0.4 10 57 4.6 -4.1
RNSC Furst Trust Small Cap US Equity Select ETF 0.4 60 7 7.0 -1.7
SIZE iShares MSCI USA Size Factor ETF 0.3 15 52 5.6 -3.1
FYX First Trust Small Cap Core AlphaDEX Fund 0.3 61 6 5.6 -3.1
IGM iShares Expanded Tech Sector ETF 0.3 41 26 4.4 -4.3
STXK Strive Small-Cap ETF 0.3 18 49 4.8 -3.9
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.3 12 55 4.7 -4.0
FLDZ RiverNorth Patriot ETF 0.3 75 -8 5.4 -3.3
SCZ iShares MSCI EAFE Small-Cap ETF 0.3 40 27 6.1 -2.6
IJK iShares S&P Mid-Cap 400 Growth ETF 0.3 17 50 5.8 -2.9
EUSA iShares MSCI USA Equal Weighted ETF 0.3 9 58 5.7 -3.0
ISCG iShares Morningstar Small-Cap Growth ETF 0.3 6 61 2.4 -6.3
PTL Inspire 500 ETF 0.3 9 58 5.6 -3.1
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 0.3 15 52 5.8 -2.9
RSP Invesco S&P 500 Equal Weight ETF 0.3 20 47 5.9 -2.8
MDYG SPDR S&P 400 Mid Cap Growth ETF 0.3 15 52 5.8 -2.9
VB Vanguard Small-Cap ETF 0.3 5 62 5.1 -3.6
EWY iShares MSCI South Korea ETF 0.3 58 9 9.2 +0.5
FLCH Franklin FTSE China ETF 0.3 19 48 9.8 +1.1
IWS iShares Russell Mid-Cap Value ETF 0.3 23 44 6.4 -2.3
DFAS Dimensional U.S. Small Cap ETF 0.3 26 41 5.7 -3.0
VPU Vanguard Utilities ETF 0.3 10 57 5.5 -3.2
IQSM IQ Candriam U.S. Mid Cap Equity ETF 0.3 15 52 5.8 -2.9
GXC SPDR S&P China ETF 0.3 59 8 9.2 +0.5
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 0.3 39 28 6.0 -2.7
VXF Vanguard Extended Market ETF 0.3 6 61 3.9 -4.8
AVSC Avantis U.S Small Cap Equity ETF 0.3 25 42 4.8 -3.9
SFYX SoFi Next 500 ETF 0.3 0 67 4.9 -3.8
AVLV Avantis U.S. Large Cap Value ETF 0.3 15 52 7.3 -1.4
FUTY Fidelity MSCI Utilities Index ETF 0.3 8 59 5.5 -3.2
TTAC FCF US Quality ETF 0.3 59 8 6.3 -2.4
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 0.3 29 38 6.7 -2.0
ITAN Sparkline Intangible Value ETF 0.3 50 17 6.1 -2.6
USVM VictoryShares US Small Mid Cap Value Momentum ETF 0.3 25 42 7.4 -1.3
IXN iShares Global Tech ETF 0.3 41 26 4.3 -4.4
MCHI iShares MSCI China ETF 0.3 59 8 9.1 +0.4
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 0.3 7 60 5.5 -3.2
FEX First Trust Large Cap Core AlphaDEX Fund 0.3 59 8 5.6 -3.1
FIDU Fidelity MSCI Industrial Index ETF 0.3 8 59 4.6 -4.1
TILT FlexShares Morningstar US Market Factor Tilt Index Fund 0.3 25 42 5.3 -3.4
ONEQ Fidelity Nasdaq Composite Index ETF 0.3 21 46 3.9 -4.8
VFQY Vanguard U.S. Quality Factor ETF 0.3 13 54 7.3 -1.4
FLKR Franklin FTSE South Korea ETF 0.3 9 58 10.1 +1.4
DFIS Dimensional International Small Cap ETF 0.2 39 28 6.4 -2.3
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.2 59 8 11.3 +2.6
ESMV iShares ESG MSCI USA Min Vol Factor ETF 0.2 18 49 5.6 -3.1
CFA VictoryShares US 500 Volatility Wtd ETF 0.2 35 32 5.7 -3.0
CFO VictoryShares US 500 Enhanced Volatility Wtd ETF 0.2 40 27 5.7 -3.0
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 0.2 20 47 4.6 -4.1
JHSC John Hancock Multifactor Small Cap ETF 0.2 42 25 6.7 -2.0
VIS Vanguard Industrials ETF 0.2 10 57 4.3 -4.4
DFLV Dimensional US Large Cap Value ETF 0.2 22 45 7.7 -1.0
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.2 70 -3 7.3 -1.4
VEGN US Vegan Climate ETF 0.2 60 7 4.6 -4.1
EWX SPDR S&P Emerging Markets Small Cap ETF 0.2 65 2 7.0 -1.7
USXF iShares ESG Advanced MSCI USA ETF 0.2 10 57 5.1 -3.6
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.2 7 60 6.3 -2.4
VBR Vanguard Small Cap Value ETF 0.2 7 60 7.7 -1.0
DON WisdomTree U.S. MidCap Dividend Fund 0.2 38 29 8.0 -0.7
JCTR JPMorgan Carbon Transition U.S. Equity ETF 0.2 15 52 4.7 -4.0
AVEM Avantis Emerging Markets Equity ETF 0.2 33 34 8.9 +0.2
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.2 49 18 6.6 -2.1
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 0.2 80 -13 9.6 +0.9
IDU iShares U.S. Utilities ETF 0.2 40 27 5.0 -3.7
IJH iShares Core S&P Mid-Cap ETF 0.2 5 62 6.5 -2.2
MDY SPDR S&P Midcap 400 ETF Trust 0.2 23 44 6.3 -2.4
SNPV Xtrackers S&P 500 Value ESG ETF 0.2 15 52 6.4 -2.3
BKMC BNY Mellon US Mid Cap Core Equity ETF 0.2 4 63 5.7 -3.0
AVUS Avantis U.S. Equity ETF 0.2 15 52 5.7 -3.0
IVOO Vanguard S&P Mid-Cap 400 ETF 0.2 10 57 6.5 -2.2
VUG Vanguard Growth ETF 0.2 4 63 4.2 -4.5
SPMD SPDR Portfolio S&P 400 Mid Cap ETF 0.2 3 64 6.5 -2.2
IVE iShares S&P 500 Value ETF 0.2 18 49 6.3 -2.4
VOOV Vanguard S&P 500 Value ETF 0.2 10 57 6.4 -2.3
SUSA iShares MSCI USA ESG Select ETF 0.2 25 42 5.1 -3.6
SPYV SPDR Portfolio S&P 500 Value ETF 0.2 4 63 6.4 -2.3
AFK VanEck Africa Index ETF 0.2 98 -31 8.5 -0.2
ILCG iShares Morningstar Growth ETF 0.2 4 63 4.0 -4.7
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 0.2 24 43 7.4 -1.3
GWX SPDR S&P International Small Cap ETF 0.2 40 27 6.3 -2.4
IUSV iShares Core S&P US Value ETF 0.2 4 63 6.5 -2.2
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.2 38 29 8.0 -0.7
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 0.2 10 57 5.1 -3.6
DFEV Dimensional Emerging Markets Value ETF 0.1 43 24 11.5 +2.8
SCHG Schwab U.S. Large-Cap Growth ETF 0.1 4 63 4.4 -4.3
SUSL iShares ESG MSCI USA Leaders ETF 0.1 10 57 5.1 -3.6
FYT First Trust Small Cap Value AlphaDEX Fund 0.1 73 -6 10.0 +1.3
DFUV Dimensional US Marketwide Value ETF 0.1 22 45 7.4 -1.3
JHML John Hancock Multifactor Large Cap ETF 0.1 29 38 5.4 -3.3
USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF 0.1 10 57 5.3 -3.4
FMDE Fidelity Enhanced Mid Cap ETF 0.1 23 44 6.3 -2.4
SFY SoFi Select 500 ETF 0.1 0 67 4.6 -4.1
DFAC Dimensional U.S. Core Equity 2 ETF 0.1 17 50 5.4 -3.3
EVUS iShares ESG Aware MSCI USA Value ETF 0.1 18 49 6.4 -2.3
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 0.1 45 22 4.6 -4.1
JAVA JPMorgan Active Value ETF 0.1 44 23 5.9 -2.8
DHS WisdomTree U.S. High Dividend Fund 0.1 38 29 7.9 -0.8
FSMD Fidelity Small-Mid Multifactor ETF 0.1 15 52 7.0 -1.7
STXG Strive 1000 Growth ETF 0.1 18 49 4.2 -4.5
ESGV Vanguard ESG U.S. Stock ETF 0.1 9 58 4.8 -3.9
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 58 5.5 -3.2
DLS WisdomTree International SmallCap Dividend Fund 0.1 58 9 8.6 -0.1
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.1 32 35 6.2 -2.5
FLAX Franklin FTSE Asia Ex Japan ETF 0.1 19 48 7.0 -1.7
JSTC Adasina Social Justice All Cap Global ETF 0.1 89 -22 4.7 -4.0
DFAT Dimensional U.S. Targeted Value ETF 0.1 28 39 8.2 -0.5
SCHC Schwab International Small-Cap Equity ETF 0.1 11 56 6.2 -2.5
BKF iShares MSCI BIC ETF 0.1 69 -2 7.1 -1.6
FNY First Trust Mid Cap Growth AlphaDEX Fund 0.1 70 -3 2.8 -5.9
VONV Vanguard Russell 1000 Value ETF 0.1 8 59 6.4 -2.3
EMXF iShares ESG Advanced MSCI EM ETF 0.1 16 51 6.9 -1.8
HLAL Wahed FTSE USA Shariah ETF 0.1 50 17 4.7 -4.0
GVUS Marketbeta Russell 1000 Value Equity ETF 0.1 12 55 6.3 -2.4
CRTC Xtrackers US National Critical Technologies ETF 0.1 35 32 5.1 -3.6
ITOT iShares Core S&P Total U.S. Stock Market ETF 0.1 3 64 4.9 -3.8
IWD iShares Russell 1000 Value ETF 0.1 19 48 6.2 -2.5
SPTM SPDR Portfolio S&P 1500 Composite Stock Market ETF 0.1 3 64 5.2 -3.5
QUAL iShares MSCI USA Quality Factor ETF 0.1 15 52 5.1 -3.6
DFSI Dimensional International Sustainability Core 1 ETF 0.1 24 43 6.1 -2.6
IWV iShares Russell 3000 ETF 0.1 20 47 4.7 -4.0
EEMA iShares MSCI Emerging Markets Asia ETF 0.1 49 18 6.7 -2.0
VTHR Vanguard Russell 3000 ETF 0.1 10 57 4.8 -3.9
VWO Vanguard FTSE Emerging Markets ETF 0.1 8 59 7.0 -1.7
SCHB Schwab U.S. Broad Market ETF 0.1 3 64 5.0 -3.7
VTI Vanguard Total Stock Market ETF 0.1 3 64 4.9 -3.8
ESGU iShares ESG Aware MSCI USA ETF 0.1 15 52 5.1 -3.6
IYY iShares Dow Jones U.S. ETF 0.1 20 47 4.8 -3.9
SMDY Syntax Stratified MidCap ETF 0.1 35 32 5.7 -3.0
EUSC WisdomTree Europe Hedged SmallCap Equity Fund 0.1 58 9 9.1 +0.4
SPXN ProShares S&P 500 Ex-Financials ETF 0.1 9 58 5.1 -3.6
SPXV ProShares S&P 500 Ex-Health Care ETF 0.1 9 58 4.8 -3.9
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.1 70 -3 6.3 -2.4
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.1 66 1 10.1 +1.4
IEMG iShares Core MSCI Emerging Markets ETF 0.1 9 58 7.5 -1.2
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.1 15 52 7.3 -1.4
DFAE Dimensional Emerging Core Equity Market ETF 0.1 35 32 7.4 -1.3
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.1 30 37 7.8 -0.9
VLU SPDR S&P 1500 Value Tilt ETF 0.1 12 55 6.9 -1.8
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 0.1 30 37 7.5 -1.2
EGUS iShares ESG Aware MSCI USA Growth ETF 0.1 18 49 4.4 -4.3
DFAU Dimensional US Core Equity Market ETF 0.1 12 55 5.1 -3.6
XVV iShares ESG Screened S&P 500 ETF 0.1 8 59 4.9 -3.8
DFUS Dimensional U.S. Equity ETF 0.1 9 58 5.0 -3.7
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF 0.1 11 56 5.0 -3.7
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.1 41 26 7.5 -1.2
SPXE ProShares S&P 500 Ex-Energy ETF 0.1 9 58 4.9 -3.8
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.1 15 52 10.2 +1.5
DCOR Dimensional US Core Equity 1 ETF 0.1 14 53 5.4 -3.3
JVAL JPMorgan U.S. Value Factor ETF 0.1 12 55 7.9 -0.8
OALC OneAscent Large Cap Core ETF 0.1 86 -19 4.4 -4.3
ONEY SPDR Russell 1000 Yield Focus ETF 0.1 20 47 9.4 +0.7
DSI iShares MSCI KLD 400 Social ETF 0.1 25 42 5.1 -3.6
VT Vanguard Total World Stock ETF 0.1 7 60 5.6 -3.1
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 0.1 20 47 4.8 -3.9
EEM iShares MSCI Emerging Markets ETF 0.1 69 -2 6.9 -1.8
CATH Global X S&P 500 Catholic Values Custom ETF 0.1 29 38 4.9 -3.8
IVV iShares Core S&P 500 ETF 0.1 3 64 5.1 -3.6
SPLG SPDR Portfolio S&P 500 ETF 0.1 2 65 5.1 -3.6
SPY SPDR S&P 500 ETF Trust 0.1 9 58 5.0 -3.7
VOO Vanguard S&P 500 ETF 0.1 3 64 5.1 -3.6
SCHX Schwab U.S. Large-Cap ETF 0.1 3 64 5.1 -3.6
BBUS JP Morgan Betabuilders U.S. Equity ETF 0.1 2 65 5.1 -3.6
BKLC BNY Mellon US Large Cap Core Equity ETF 0.1 0 67 5.1 -3.6
VOTE TCW Transform 500 ETF 0.1 5 62 5.0 -3.7
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 0.1 45 22 6.3 -2.4
IWB iShares Russell 1000 ETF 0.1 15 52 4.9 -3.8
VONE Vanguard Russell 1000 ETF 0.1 8 59 5.0 -3.7
QUS SPDR MSCI USA StrategicFactors ETF 0.1 15 52 5.7 -3.0
SPEM SPDR Portfolio Emerging Markets ETF 0.1 7 60 7.4 -1.3
FELV Fidelity Enhanced Large Cap Value ETF 0.1 18 49 6.5 -2.2
VV Vanguard Large-Cap ETF 0.1 4 63 5.0 -3.7
PBUS Invesco MSCI USA ETF 0.1 4 63 5.0 -3.7
SCHK Schwab 1000 Index ETF 0.1 5 62 5.1 -3.6
ILCB iShares Morningstar U.S. Equity ETF 0.1 3 64 5.0 -3.7
GMF SPDR S&P Emerging Asia Pacific ETF 0.1 49 18 6.1 -2.6
VSGX Vanguard ESG International Stock ETF 0.1 12 55 6.5 -2.2
SCJ iShares MSCI Japan Small-Cap ETF 0.1 50 17 6.5 -2.2
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.1 20 47 5.2 -3.5
RWK Invesco S&P MidCap 400 Revenue ETF 0.1 39 28 8.4 -0.3
IJT iShares S&P Small-Cap 600 Growth ETF 0.1 18 49 6.3 -2.4
USMV iShares MSCI USA Min Vol Factor ETF 0.1 15 52 5.6 -3.1
FBCG Fidelity Blue Chip Growth ETF 0.1 59 8 2.9 -5.8
STRV Strive 500 ETF 0.1 5 62 5.0 -3.7
EPS WisdomTree U.S. LargeCap Fund 0.1 8 59 6.0 -2.7
QGRW WisdomTree U.S. Quality Growth Fund 0.1 28 39 4.8 -3.9
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 0.1 20 47 4.9 -3.8
USCA Xtrackers MSCI USA Climate Action Equity ETF 0.1 7 60 5.0 -3.7
DEW WisdomTree Global High Dividend Fund 0.1 58 9 8.5 -0.2
TXS Texas Capital Texas Equity Index ETF 0.1 49 18 5.1 -3.6
VIOG Vanguard S&P Small-Cap 600 Growth ETF 0.1 15 52 6.3 -2.4
FESM Fidelity Enhanced Small Cap ETF 0.1 28 39 1.8 -6.9
SLYG SPDR S&P 600 Small Cap Growth ETF 0.1 15 52 6.3 -2.4
USCL iShares Climate Conscious & Transition MSCI USA ETF 0.1 8 59 5.0 -3.7
IWC iShares Micro-Cap ETF 0.1 60 7 -5.1 -13.8
SCHE Schwab Emerging Markets Equity ETF 0.1 11 56 7.2 -1.5
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.1 39 28 12.5 +3.8
PRF Invesco FTSE RAFI US 1000 ETF 0.1 39 28 6.9 -1.8
RVRB Reverb ETF 0.1 30 37 4.8 -3.9
DFIC Dimensional International Core Equity 2 ETF 0.1 23 44 7.4 -1.3
VXUS Vanguard Total International Stock ETF 0.1 7 60 7.0 -1.7
KOKU Xtrackers MSCI Kokusai Equity ETF 0.1 9 58 5.2 -3.5
EZM WisdomTree U.S. MidCap Fund 0.1 38 29 7.6 -1.1
DFJ WisdomTree Japan SmallCap Dividend Fund 0.1 58 9 7.6 -1.1
DXJS WisdomTree Japan Hedged SmallCap Equity Fund 0.1 58 9 7.6 -1.1
TOK iShares MSCI Kokusai ETF 0.1 26 41 5.1 -3.6
ACWI iShares MSCI ACWI ETF 0.1 32 35 5.3 -3.4
BKEM BNY Mellon Emerging Markets Equity ETF 0.1 11 56 8.4 -0.3
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.1 36 31 7.9 -0.8
AVDV Avantis International Small Cap Value ETF 0.1 36 31 7.8 -0.9
IXUS iShares Core MSCI Total International Stock ETF 0.1 7 60 6.9 -1.8
DFSV Dimensional US Small Cap Value ETF 0.1 31 36 8.7 +0.1
LDEM iShares ESG MSCI EM Leaders ETF 0.1 17 50 7.3 -1.4
IDEV iShares Core MSCI International Developed Markets ETF 0.1 4 63 6.7 -2.0
ONEO SPDR Russell 1000 Momentum Focus ETF 0.1 20 47 6.9 -1.8
VFH Vanguard Financials ETF 0.1 10 57 6.1 -2.6
URTH iShares MSCI World ETF 0.1 24 43 5.2 -3.5
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.1 30 37 8.1 -0.6
IWF iShares Russell 1000 Growth ETF 0.1 19 48 4.5 -4.2
VONG Vanguard Russell 1000 Growth ETF 0.1 8 59 4.6 -4.1
QVML Invesco S&P 500 QVM Multi-factor ETF 0.1 11 56 4.9 -3.8
DISV Dimensional International Small Cap Value ETF 0.1 42 25 8.9 +0.2
IQSU IQ Candriam U.S. Large Cap Equity ETF 0.1 9 58 4.9 -3.8
FNCL Fidelity MSCI Financials Index ETF 0.1 8 59 6.0 -2.7
JPUS JPMorgan Diversified Return U.S. Equity ETF 0.1 18 49 7.2 -1.5
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 0.1 20 47 6.8 -1.9
LCTU BlackRock U.S. Carbon Transition Readiness ETF 0.1 14 53 5.1 -3.6
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.1 39 28 7.2 -1.5
IEFA iShares Core MSCI EAFE ETF 0.0 7 60 6.7 -2.0
VEA Vanguard FTSE Developed Markets ETF 0.0 5 62 6.9 -1.8
SPEU SPDR Portfolio Europe ETF 0.0 7 60 6.6 -2.1
IEUR iShares Core MSCI Europe ETF 0.0 11 56 6.6 -2.1
VEU Vanguard FTSE All-World ex-US Index Fund 0.0 8 59 7.0 -1.7
DFSU Dimensional US Sustainability Core 1 ETF 0.0 18 49 5.5 -3.2
FNDB Schwab Fundamental US Broad Market Index ETF 0.0 25 42 6.7 -2.0
MMTM SPDR S&P 1500 Momentum Tilt ETF 0.0 12 55 4.6 -4.1
DFAI Dimensional International Core Equity Market ETF 0.0 18 49 6.9 -1.8
VGK Vanguard FTSE Europe ETF 0.0 11 56 6.6 -2.1
SPDW SPDR Portfolio Developed World ex-US ETF 0.0 3 64 6.8 -1.9
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.0 33 34 8.3 -0.4
REVS Columbia Research Enhanced Value ETF 0.0 19 48 7.5 -1.2
FNDC Schwab Fundamental International Small Co. Index ETF 0.0 39 28 7.0 -1.7
SMMD iShares Russell 2500 ETF 0.0 15 52 5.8 -2.9
ONEV SPDR Russell 1000 Low Volatility Focus ETF 0.0 20 47 7.6 -1.1
IUSG iShares Core S&P U.S. Growth ETF 0.0 4 63 4.7 -4.0
IETC iShares U.S. Tech Independence Focused ETF 0.0 18 49 4.5 -4.2
SCHF Schwab International Equity ETF 0.0 6 61 7.1 -1.6
IUS Invesco RAFI Strategic US ETF 0.0 19 48 6.9 -1.8
EMXC iShares MSCI Emerging Markets ex China ETF 0.0 25 42 6.6 -2.1
STXV Strive 1000 Value ETF 0.0 18 49 7.5 -1.2
VPL Vanguard FTSE Pacific ETF 0.0 8 59 7.2 -1.5
QWLD SPDR MSCI World StrategicFactors ETF 0.0 30 37 5.7 -3.0
APUE ActivePassive U.S. Equity ETF 0.0 45 22 4.8 -3.9
FLEU Franklin FTSE Eurozone ETF 0.0 9 58 6.9 -1.8
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 0.0 7 60 5.0 -3.7
FLEE Franklin FTSE Europe ETF 0.0 9 58 6.7 -2.0
XC WisdomTree Emerging Markets Ex-China Fund 0.0 32 35 5.8 -2.9
DEUS Xtrackers Russell US Multifactor ETF 0.0 17 50 6.9 -1.8
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.0 41 26 7.2 -1.5
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.0 18 49 6.8 -1.9
FAB First Trust Multi Cap Value AlphaDEX Fund 0.0 67 0 9.0 +0.3
SCHM Schwab U.S. Mid-Cap ETF 0.0 4 63 6.0 -2.7
RWL Invesco S&P 500 Revenue ETF 0.0 39 28 6.5 -2.2
ACWX iShares MSCI ACWI ex U.S. ETF 0.0 34 33 6.7 -2.0
GSPY Gotham Enhanced 500 ETF 0.0 50 17 5.1 -3.6
FNDF Schwab Fundamental International Large Co. Index ETF 0.0 25 42 9.3 +0.6
ISCF iShares International SmallCap Equity Factor ETF 0.0 23 44 8.7 -0.0
IVW iShares S&P 500 Growth ETF 0.0 18 49 4.5 -4.2
SPYG SPDR Portfolio S&P 500 Growth ETF 0.0 4 63 4.7 -4.0
VOOG Vanguard S&P 500 Growth ETF 0.0 10 57 4.6 -4.1
VYM Vanguard High Dividend Yield Index ETF 0.0 6 61 6.9 -1.8
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 0.0 9 58 5.5 -3.2
RAFE PIMCO RAFI ESG U.S. ETF 0.0 29 38 7.1 -1.6
HEDJ WisdomTree Europe Hedged Equity Fund 0.0 58 9 9.0 +0.3
DTD WisdomTree U.S. Total Dividend Fund 0.0 28 39 6.1 -2.6
RECS Columbia Research Enhanced Core ETF 0.0 15 52 5.6 -3.1
BKIE BNY Mellon International Equity ETF 0.0 4 63 6.8 -1.9
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 0.0 24 43 8.3 -0.4
GSID Goldman Sachs MarketBeta International Equity ETF 0.0 20 47 6.6 -2.1
HFXI IQ FTSE International Equity Currency Neutral ETF 0.0 20 47 6.8 -1.9
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.0 45 22 8.5 -0.2
VYMI Vanguard International High Dividend Yield ETF 0.0 22 45 9.6 +0.9
CWI SPDR MSCI ACWI ex-US ETF 0.0 30 37 6.7 -2.0
FNDX Schwab Fundamental US Large Co. Index ETF 0.0 25 42 6.8 -1.9
VSLU Applied Finance Valuation Large Cap ETF 0.0 49 18 5.5 -3.2
DIVB iShares Core Dividend ETF 0.0 5 62 7.5 -1.2
AVDE Avantis International Equity ETF 0.0 23 44 7.8 -0.9
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 0.0 29 38 6.4 -2.3
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.0 39 28 7.3 -1.4
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.0 58 9 9.9 +1.2
JHEM John Hancock Multifactor Emerging Markets ETF 0.0 49 18 8.1 -0.6
IPAC iShares Core MSCI Pacific ETF 0.0 9 58 6.7 -2.0
APIE ActivePassive International Equity ETF 0.0 45 22 8.0 -0.7
DUHP Dimensional US High Profitability ETF 0.0 21 46 6.5 -2.2

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

  2019 2020 2021 2022 2023 2024E 2025E
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
  2023 2024E 2025E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Invesco Solar 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 9.7 %
Divided by: Fwd. P/BV 1.0 x
Less: Expense ratio 67 bp
Equals: ALTAR Score 8.7 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.57 CATEGORY
AVERAGE		 1.53
 
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.