ETF Research Center

The Reaves Utilities ETF is an actively managed ETF that holds US-listed utility stocks. UTES’ managers aim to outperform the sector by selecting and weighting stocks based on fundamental, growth and risk metrics.

FUND BASICS
Category	US Equities
Fund Sponsor	Virtus
Website	www.reavesetfs.com
Inception date	Sep 23, 2015
Assets (mns)	$27
Currency	USD
Expense ratio	49 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	21
Wgt avg mkt cap (mns)	$45,375
Large cap (>$10bn)	83.4%
Mid cap ($2-10bn)	14.7%
Small cap (<$2bn)	1.9%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	67.5 %
NEXTERA ENERGY GROUP	22.2 %
PUBLIC SERVICE ENTERPRISE GP	5.5 %
SEMPRA ENERGY	5.3 %
AMERICAN WATER WORKS CO INC	5.2 %
CMS ENERGY CORP	5.2 %
EVERSOURCE ENERGY	5.2 %
XCEL ENERGY INC	5.0 %
ATMOS ENERGY CORP	4.7 %
ALLIANT ENERGY CORP	4.7 %
NISOURCE INC	4.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.3 %
	CANADA	4.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru July 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-4.8%	2.9%	--	--	11.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.44	29%
MSCI EAFE	0.44	24%
MSCI Emg. Mkts.	0.27	15%

Technical Indicators
Recent close	$38.88
30d moving avg.	$37.50
Annualized volatility	14.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	74

Liquidity measures
Avg. volume (thou.)	5
Turnover	0.7%
Bid/Ask (% of price)	0.24%
ADV underlying (mns)	$3,044

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Virtus Reaves Utilities ETF ETF based on the alternatives' overlap in portfolio holdings with UTES. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

UTES

Expense:

49 bp

ALTAR Score™:

4.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH UTES
Ticker	Fund Name	Overlap¹ vs UTES (%)	Expense ratio (bp)	Savings vs UTES (bp)	ALTAR Score™ (%)	ALTAR vs UTES (%)
ECLN	First Trust EIP Carbon Impact ETF	55.4	96	-47	3.5	-1.0
XLU	Utilities Select Sector SPDR Fund	52.4	13	36	5.7	+1.2
RYU	Invesco S&P 500 Equal Weight Utilities ETF	50.9	40	9	6.1	+1.6
IDU	iShares U.S. Utilities ETF	48.2	43	6	5.4	+0.9
FUTY	Fidelity MSCI Utilities Index ETF	47.2	8	41	5.7	+1.2
VPU	Vanguard Utilities Index Fund	47.0	10	39	5.6	+1.1
JHMU	John Hancock Multifactor Utilities ETF	44.8	40	9	6.0	+1.5
PUI	Invesco DWA Utilities Momentum ETF	40.4	60	-11	4.7	+0.2
JXI	iShares Global Utilities ETF	33.3	46	3	5.8	+1.3
FXU	First Trust Utilities AlphaDEX Fund	32.0	63	-14	5.9	+1.5
EMLP	First Trust North American Energy Infrastructure Fund	32.0	96	-47	5.1	+0.6
GII	SPDR S&P Global Infrastructure ETF	15.2	40	9	5.5	+1.0
IGF	iShares Global Infrastructure ETF	15.2	46	3	5.4	+1.0
IFRA	iShares U.S. Infrastructure ETF	14.5	40	9	5.7	+1.2
DVY	iShares Select Dividend ETF	14.1	39	10	9.4	+4.9
GLIF	AGFiQ Global Infrastructure ETF	13.6	45	4	5.2	+0.8
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	13.5	46	3	5.3	+0.9
TPYP	Tortoise North American Pipeline Fund	11.6	40	9	5.6	+1.1
HUSV	First Trust Horizon Managed Volatility Domestic ETF	9.8	70	-21	4.6	+0.2
FVD	First Trust Value Line Dividend Index Fund	9.2	70	-21	6.2	+1.7
LSLT	Salt Low truBeta US Market ETF	9.0	29	20	5.9	+1.4
JKI	iShares Morningstar Mid-Cap Value ETF	8.4	30	19	8.9	+4.4
NLR	VanEck Vectors Uranium+Nuclear Energy ETF	8.1	61	-12	9.8	+5.4
CZA	Invesco Zacks Mid-Cap ETF	8.1	76	-27	6.0	+1.5
JMIN	JPMorgan U.S. Minimum Volatility ETF	8.1	12	37	5.4	+0.9
VOE	Vanguard Mid-Cap Value Index Fund	8.1	7	42	7.6	+3.1
LVHD	Legg Mason Low Volatility High Dividend ETF	7.8	27	22	8.7	+4.3
INFR	Legg Mason Global Infrastructure ETF	7.3	40	9	6.2	+1.7
BIBL	Inspire ETF	7.3	35	14	4.6	+0.2
JDIV	JPMorgan U.S. Dividend ETF	7.1	12	37	7.7	+3.2
CDL	VictoryShares US Large Cap High Dividend Volatility Wtd Idx	6.6	35	14	8.4	+3.9
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	6.4	47	2	6.3	+1.9
ACSI	American Customer Satisfaction Core Alpha ETF	5.9	66	-17	5.2	+0.7
KLCD	KFA Large Cap Quality Dividend Index ETF	5.9	41	8	5.1	+0.6
IWS	iShares Russell Mid-Cap Value ETF	5.8	24	25	7.0	+2.5
AMCA	iShares Russell 1000 Pure U.S. Revenue ETF	5.8	15	34	6.7	+2.2
SPMO	Invesco S&P 500 Momentum ETF	5.6	13	36	4.1	-0.4
SCIU	Global X Scientific Beta US ETF	5.5	19	30	5.6	+1.1
YLDE	ClearBridge Dividend Strategy ESG ETF	5.4	60	-11	4.8	+0.3
ESGS	Columbia Sustainable U.S. Equity Income ETF	5.3	35	14	8.3	+3.8
FTA	First Trust Large Cap Value AlphaDEX Fund	5.3	60	-11	9.2	+4.7
TBLU	Tortoise Water Fund	5.2	40	9	4.7	+0.2
CGW	Invesco S&P Global Water Index ETF	5.2	59	-10	4.1	-0.4
PHO	Invesco Water Resources ETF	5.2	60	-11	3.4	-1.1
XKCP	SPDR Kensho Clean Power ETF	5.2	45	4	0.2	-4.2
CDC	VictoryShares US EQ Income Enhanced Volatility Wtd Index ETF	5.1	35	14	8.4	+4.0
SPVM	Invesco S&P 500 Value with Momentum ETF	4.7	39	10	8.8	+4.3
SPHD	Invesco S&P 500 High Dividend Low Volatility ETF	4.7	30	19	9.7	+5.2
RBUS	Nationwide Risk-Based U.S. Equity ETF	4.7	30	19	4.6	+0.1
JPUS	JPMorgan Diversified Return U.S. Equity ETF	4.6	18	31	6.0	+1.6
FIW	First Trust Water ETF	4.5	55	-6	3.6	-0.9
PWV	Invesco Dynamic Large Cap Value ETF	4.5	55	-6	8.7	+4.2
FLV	American Century Focused Large Cap Value ETF	4.4	42	7	6.4	+1.9
SPMV	Invesco S&P 500 Minimum Variance ETF	4.4	10	39	5.6	+1.1
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity ETF	4.4	24	25	6.0	+1.5
PIO	Invesco Global Water ETF	4.4	75	-26	3.8	-0.7
VYM	Vanguard High Dividend Yield Index ETF	4.3	6	43	7.3	+2.9
USMV	iShares Edge MSCI Min Vol USA ETF	4.3	15	34	5.4	+0.9
USLB	Invesco Russell 1000 Low Beta Equal Weight ETF	4.2	35	14	5.2	+0.8
DEF	Invesco Defensive Equity ETF	4.2	55	-6	4.9	+0.4
MAGA	Point Bridge GOP Stock Tracker ETF	4.1	72	-23	6.3	+1.8
EQAL	Invesco Russell 1000 Equal Weight ETF	4.1	20	29	5.4	+1.0
CFA	VictoryShares US 500 Volatility Weighted Index ETF	4.0	35	14	5.6	+1.2
ONEV	SPDR Russell 1000 Low Volatility Focus ETF	4.0	20	29	6.8	+2.3
SPLV	Invesco S&P 500 Low Volatility ETF	3.9	25	24	5.5	+1.0
VIG	Vanguard Dividend Appreciation Index Fund	3.8	6	43	5.2	+0.8
QLV	FlexShares US Quality Low Volatility Index Fund	3.7	22	27	4.6	+0.2
IWR	iShares Russell Midcap ETF	3.7	19	30	5.5	+1.0
HDV	iShares Core High Dividend ETF	3.7	8	41	6.7	+2.2
PFM	Invesco Dividend Achievers ETF	3.7	54	-5	5.3	+0.8
VFMV	Vanguard U.S. Minimum Volatility ETF	3.7	13	36	3.9	-0.6
VO	Vanguard Mid-Cap Index Fund	3.7	4	45	5.1	+0.6
FAN	First Trust Global Wind Energy ETF	3.6	62	-13	5.4	+0.9
VTV	Vanguard Value Index Fund	3.6	4	45	7.3	+2.8
BKMC	BNY Mellon US Mid Cap Core Equity ETF	3.5	4	45	5.4	+0.9
DGRO	iShares Core Dividend Growth ETF	3.5	8	41	6.5	+2.0
ACES	ALPS Clean Energy ETF	3.4	65	-16	0.7	-3.8
REVS	Columbia Research Enhanced Value ETF	3.4	19	30	7.3	+2.8
DON	WisdomTree U.S. MidCap Dividend Fund	3.4	38	11	7.4	+2.9
ACWV	iShares Edge MSCI Min Vol Global ETF	3.4	20	29	5.6	+1.1
ACIO	Aptus Collared Income Opportunity ETF	3.4	79	-30	4.1	-0.4
FLQL	Franklin LibertyQ U.S. Equity ETF	3.2	15	34	6.0	+1.5
SPYV	SPDR Portfolio S&P 500 Value ETF	3.2	4	45	7.3	+2.8
IVE	iShares S&P 500 Value ETF	3.2	18	31	7.1	+2.6
VOOV	Vanguard S&P 500 Value ETF	3.2	15	34	7.1	+2.7
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	3.1	9	40	5.8	+1.3
IWD	iShares Russell 1000 Value ETF	3.1	19	30	6.8	+2.3
VONV	Vanguard Russell 1000 Value Index Fund	3.1	8	41	6.9	+2.4
SUSA	iShares MSCI USA ESG Select ETF	3.1	25	24	4.6	+0.1
FDL	First Trust Morningstar Dividend Leaders Index Fund	3.1	45	4	10.0	+5.5
RSP	Invesco S&P 500 Equal Weight ETF	3.1	20	29	6.5	+2.0
IUSV	iShares Core S&P U.S. Value ETF	3.1	4	45	7.3	+2.8
SPYD	SPDR S&P 500 High Dividend ETF	3.0	7	42	10.5	+6.0
FEX	First Trust Large Cap Core AlphaDEX Fund	3.0	60	-11	5.8	+1.4
VSDA	VictoryShares Dividend Accelerator ETF	3.0	35	14	4.8	+0.3
PSET	Principal Price Setters Index ETF	3.0	29	20	4.6	+0.1
PEY	Invesco High Yield Equity Dividend Achievers ETF	3.0	53	-4	9.7	+5.2
YLCO	Global X YieldCo Index ETF	3.0	65	-16	4.4	-0.1
GBDV	Global Beta Smart Income ETF	3.0	29	20	8.5	+4.0
NULV	Nuveen ESG Large-Cap Value ETF	2.9	35	14	7.2	+2.7

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	**	**	**	**	**	**	**
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:	Virtus Reaves Utilities 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	10.9	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	4.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	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.