GraniteShares XOUT U.S. Large Cap ETF
ALTAR
Score™		 3.7% info Recommen-
dation		 UNDERWEIGHT
2021E    2022E
P/E
ratio		 25.7x P/Sales
ratio		 3.4x
P/BV
ratio		 5.9x Div.
yield		 1.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
XOUT tracks a market-cap weighted index of US large-cap stocks selected based on a proprietary, quantitative scoring methodology excluding potentially underperforming companies.

FUND BASICS
Category US Equities
Fund Sponsor GraniteShares
Website www.graniteshares.com
Inception date Oct 07, 2019
Assets (mns) $105
Currency USD
Expense ratio 60 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 251
Wgt avg mkt cap (mns) $643,053
Large cap (>$10bn) 99.8%
Mid cap ($2-10bn) 0.0%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
APPLE INC 8.6 %
MICROSOFT CORP 7.4 %
AMAZON.COM INC 6.5 %
ALPHABET INC. CLASS A 5.6 %
FACEBOOK 2.9 %
TESLA MOTORS INC 2.9 %
JOHNSON & JOHNSON 1.8 %
WAL-MART STORES INC 1.7 %
MASTERCARD INC-CLASS A 1.5 %
NVIDIA CORP 1.4 %
Total 40.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.8 %
IRELAND 1.3 %
BRITAIN 0.3 %
SWITZERLAND 0.3 %
BERMUDA 0.2 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru February 28)
Year-to-date 1 year 5 years 10 years Since Incep.
0.1% 39.6% -- -- 27.7%

Market Correlations
versus... Beta R-squared
S&P500 0.99 97%
MSCI EAFE 0.86 82%
MSCI Emg. Mkts. 0.71 63%

Technical Indicators
Recent close $36.07
30d moving avg. $37.04
Annualized volatility 22.5%
Short interest (ETF) 2.1%
Short interest (Underlying) 1.4%
Relative strength (RSI) 48

Liquidity measures
Avg. volume (thou.) 23
Turnover 0.8%
Bid/Ask (% of price) 0.22%
ADV underlying (mns) $175,897

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the GraniteShares XOUT U.S. Large Cap ETF ETF based on the alternatives' overlap in portfolio holdings with XOUT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: XOUT Expense: 60 bp ALTAR Score™: 3.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH XOUT
Ticker Fund
Name		 Overlap1
vs XOUT
(%)		 Expense
ratio
(bp)		 Savings
vs XOUT
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs XOUT
(%)
ESGV Vanguard ESG U.S. Stock ETF 87.2 12 48 4.7 +1.0
VOOG Vanguard S&P 500 Growth ETF 70.1 10 50 4.0 +0.2
IWF iShares Russell 1000 Growth ETF 70.0 19 41 3.7 -0.0
VONG Vanguard Russell 1000 Growth Index Fund 69.1 8 52 3.8 +0.1
SPYG SPDR Portfolio S&P 500 Growth ETF 68.5 4 56 4.0 +0.3
IVW iShares S&P 500 Growth ETF 68.5 18 42 3.9 +0.2
VUG Vanguard Growth Index Fund 68.1 4 56 3.6 -0.1
IUSG iShares Core S&P US Growth ETF 67.5 4 56 4.0 +0.3
MMTM SPDR S&P 1500 Momentum Tilt ETF 65.7 12 48 4.2 +0.5
BKLC BNY Mellon US Large Cap Core Equity ETF 64.9 0 60 4.8 +1.1
MGC Vanguard Mega Cap Index Fund 64.3 7 53 4.8 +1.1
IQSU IQ Candriam ESG US Equity ETF 64.1 9 51 4.7 +1.0
IWL iShares Russell Top 200 ETF 63.9 15 45 4.7 +1.0
SPXN ProShares S&P 500 Ex-Financials ETF 63.6 27 33 4.5 +0.8
SCHG Schwab U.S. Large-Cap Growth ETF 63.5 4 56 3.3 -0.4
XVV iShares ESG Screened S&P 500 ETF 62.5 8 52 5.0 +1.3
IWY iShares Russell Top 200 Growth ETF 62.4 20 40 3.9 +0.2
EFIV SPDR S&P 500 ESG ETF 62.3 10 50 4.9 +1.2
SNPE Xtrackers S&P 500 ESG ETF 62.2 10 50 4.9 +1.2
OEF iShares S&P 100 ETF 61.8 20 40 4.6 +0.8
SPXE ProShares S&P 500 Ex-Energy ETF 60.8 27 33 4.8 +1.1
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 60.6 7 53 4.7 +1.0
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 60.1 20 40 4.9 +1.2
PBP Invesco S&P 500 BuyWrite ETF 60.1 49 11 4.5 +0.8
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 60.1 20 40 4.8 +1.1
PBUS Invesco PureBeta MSCI USA ETF 59.9 4 56 4.8 +1.1
JCTR JPMorgan Carbon Transition U.S. Equity ETF 59.7 15 45 5.0 +1.2
XYLG Global X S&P 500 Covered Call & Growth ETF 59.7 60 0 4.4 +0.7
SPY SPDR S&P 500 ETF Trust 59.6 9 51 4.9 +1.2
VV Vanguard Large-Cap Index Fund 59.6 4 56 4.8 +1.1
SPLG SPDR Portfolio Large Cap ETF 59.6 3 57 5.0 +1.2
IVV iShares Core S&P 500 ETF 59.6 3 57 4.9 +1.2
BBUS JP Morgan Betabuilders U.S. Equity ETF 59.3 2 58 4.8 +1.1
ESGU iShares MSCI USA ESG Optimized ETF 59.2 15 45 4.7 +1.0
MGK Vanguard Mega Cap Growth ETF 59.2 7 53 3.8 +0.1
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 58.9 9 51 5.1 +1.4
VOO VANGUARD S&P 500 ETF 58.5 3 57 4.9 +1.2
SCHX Schwab U.S. Large-Cap ETF 58.2 3 57 4.8 +1.1
IETC iShares Evolved U.S. Technology ETF 58.1 18 42 3.6 -0.1
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 57.7 49 11 3.8 +0.1
HIPR Direxion High Growth ETF 57.2 40 20 4.2 +0.5
SFY SoFi Select 500 ETF 56.5 0 60 4.8 +1.1
ONEQ Fidelity Nasdaq Composite Index Tracking Stock 56.4 21 39 3.1 -0.6
IWB iShares Russell 1000 ETF 56.2 15 45 4.7 +1.0
SCHK Schwab 1000 Index ETF 56.0 5 55 4.7 +1.0
IYY iShares Dow Jones U.S. ETF 56.0 20 40 4.6 +0.9
XLG Invesco S&P 500 Top 50 ETF 55.5 20 40 4.4 +0.7
SPXV ProShares S&P 500 Ex-Health Care ETF 55.5 27 33 4.5 +0.8
IGM iShares Expanded Tech Sector ETF 55.3 46 14 3.4 -0.3
ESG FlexShares STOXX US ESG Impact Index Fund 54.9 32 28 4.8 +1.1
SPTM SPDR Portfolio Total Stock Market ETF 54.6 3 57 5.0 +1.3
TMFC Motley Fool 100 Index ETF 54.3 50 10 3.0 -0.7
VONE Vanguard Russell 1000 ETF 54.1 8 52 4.7 +1.0
CATH Global X S&P 500 Catholic Values Custom ETF 53.5 29 31 4.7 +1.0
EPS WisdomTree U.S. Earnings 500 Fund 52.8 8 52 6.2 +2.5
VTHR Vanguard Russell 3000 Index Fund 52.7 10 50 4.6 +0.9
SCHB Schwab U.S. Broad Market ETF 52.5 3 57 4.6 +0.9
IWV iShares Russell 3000 ETF 52.4 20 40 4.5 +0.8
ITOT iShares Core S&P Total U.S. Stock Market ETF 52.2 3 57 4.6 +0.9
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 52.0 15 45 0.0 -3.7
QYLD Global X NASDAQ 100 Covered Call ETF 52.0 60 0 3.3 -0.4
ACVF American Conservative Values ETF 52.0 75 -15 4.4 +0.6
QYLG Global X Nasdaq 100 Covered Call & Growth ETF 52.0 60 0 3.3 -0.4
QQQM Invesco NASDAQ 100 ETF 51.9 15 45 3.8 +0.0
QQQ Invesco QQQ Trust 51.9 20 40 3.7 -0.0
DSI iShares MSCI KLD 400 Social ETF 51.9 25 35 4.7 +1.0
NUSI Nationwide Risk-Managed Income ETF 51.8 68 -8 3.2 -0.5
VTI Vanguard Total Stock Market Index Fund 51.0 3 57 4.6 +0.9
DFAU Dimensional US Core Equity Market ETF 50.6 12 48 4.9 +1.2
JHML John Hancock Multifactor Large Cap ETF 50.4 29 31 5.0 +1.3
RECS Columbia Research Enhanced Core ETF 50.4 15 45 5.5 +1.8
SUSL iShares ESG MSCI USA Leaders ETF 48.2 10 50 5.0 +1.3
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 48.2 10 50 5.0 +1.3
RESP WisdomTree US ESG Fund of Benef Interest 48.0 28 32 5.5 +1.8
SPXT ProShares S&P 500 Ex-Technology ETF 47.9 27 33 5.1 +1.4
VEGN US Vegan Climate ETF 47.8 60 0 4.0 +0.3
QUS SPDR MSCI USA StrategicFactors ETF 46.7 15 45 5.5 +1.8
NACP Impact Shares NAACP Minority Empowerment ETF 46.5 49 11 4.6 +0.9
SPMO Invesco S&P 500 Momentum ETF 45.5 13 47 4.2 +0.5
FDMO Fidelity Momentum Factor ETF 45.4 29 31 2.8 -0.9
STLG iShares Factors US Growth Style ETF 45.4 25 35 4.5 +0.8
WOMN Impact Shares YWCA Women's Empowerment ETF 45.0 75 -15 4.5 +0.8
SUSA iShares MSCI USA ESG Select ETF 44.6 25 35 4.5 +0.8
DYNF BlackRock U.S. Equity Factor Rotation ETF 44.5 30 30 5.5 +1.8
SPQQ Siren Large Cap Blend Index ETF 44.0 20 40 4.0 +0.3
FQAL Fidelity Quality Factor ETF 43.4 29 31 5.1 +1.3
AVUS Avantis U.S. Equity ETF 43.4 15 45 5.1 +1.3
KRMA Global X Conscious Companies ETF 43.1 43 17 5.1 +1.4
SYG SPDR MFS Systematic Growth Equity ETF 43.1 60 0 3.8 +0.1
KOKU Xtrackers MSCI Kokusai Equity ETF 42.9 9 51 5.2 +1.5
TOK iShares MSCI Kokusai ETF 42.8 25 35 5.0 +1.3
MTUM iShares MSCI USA Momentum Factor ETF 42.7 15 45 2.6 -1.1
IYW iShares U.S. Technology ETF 42.6 43 17 3.6 -0.1
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 42.4 19 41 5.3 +1.6
JMOM JPMorgan U.S. Momentum Factor ETF 42.1 12 48 3.3 -0.4
JQUA JPMorgan U.S. Quality Factor ETF 41.8 12 48 5.3 +1.6
DIVB iShares U.S. Dividend & Buyback ETF 41.5 25 35 6.0 +2.3
ESGG FlexShares STOXX Global ESG Impact Index Fund 41.5 42 18 4.9 +1.2
AFLG First Trust Active Factor Large Cap ETF 41.3 55 5 4.9 +1.2

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

  2016 2017 2018 2019 2020 2021E 2022E
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
  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:		 GraniteShares XOUT U.S. Large Cap 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 24.8 %
Divided by: Fwd. P/BV 5.8 x
Less: Expense ratio 60 bp
Equals: ALTAR Score 3.7 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.39 CATEGORY
AVERAGE		 1.50
 
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.