ETF Research Center

Invesco S&P SmallCap Value with Momentum ETF

ALTAR
Score™

11.1%

Recommen-
dation

SPECULATIVE

2024E 2025E
P/E ratio	11.0x	P/Sales ratio	0.6x
P/BV ratio	1.2x	Div. yield	2.4%

Description
Performance
Comps
Fundamentals
Valuation
Rating

Invesco S&P SmallCap Value with Momentum ETF tracks the S&P 600 High Momentum Value Index which holds 120 securities in the S&P SmallCap 600 that have the highest value scores and momentum scores.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco
Website	www.invesco.com
Inception date	Mar 03, 2005
Assets (mns)	$1,687
Currency	USD
Expense ratio	36 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	226
Wgt avg mkt cap (mns)	$2,508
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	49.5%
Small cap (<$2bn)	50.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	14.5 %
GROUP 1 AUTOMOTIVE INC	1.7 %
ALLIANCE DATA SYSTEMS CORP	1.7 %
JACKSON FINANCIAL INCORPORATION CL	1.6 %
KOHLS CORP	1.4 %
GEO GROUP INC/THE	1.4 %
CALIFORNIA RESOURCES CORP	1.4 %
SONIC AUTOMOTIVE INC-CLASS A	1.4 %
LINCOLN NATIONAL CORP	1.3 %
G-III APPAREL GROUP LTD	1.3 %
EZCORP INC-CL A	1.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.7 %
	BERMUDA	2.9 %
	PUERTO RICO	0.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-0.0%	19.7%	13.3%	9.9%	11.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.08	60%
MSCI EAFE	1.06	59%
MSCI Emg. Mkts.	0.73	28%

Technical Indicators
Recent close	$57.66
30d moving avg.	$54.46
Annualized volatility	24.2%
Short interest (ETF)	0.1%
Short interest (Underlying)	19.7%
Relative strength (RSI)	47

Liquidity measures
Avg. volume (thou.)	65
Turnover	0.2%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$2,510

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 443 potential alternatives to the Invesco S&P SmallCap Value with Momentum ETF ETF based on the alternatives' overlap in portfolio holdings with XSVM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

XSVM

Expense:

36 bp

ALTAR Score™:

11.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XSVM
Ticker	Fund Name	Overlap¹ vs XSVM (%)	Expense ratio (bp)	Savings vs XSVM (bp)	ALTAR Score™ (%)	ALTAR vs XSVM (%)
GRPZ	Invesco S&P SmallCap 600 GARP ETF	29.2	35	1	9.8	-1.3
RWJ	Invesco S&P SmallCap 600 Revenue ETF	29.1	39	-3	7.5	-3.6
RZV	Invesco S&P Smallcap 600 Pure Value ETF	28.9	35	1	8.1	-3.0
SVAL	iShares US Small Cap Value Factor ETF	26.2	20	16	9.8	-1.3
FYT	First Trust Small Cap Value AlphaDEX Fund	25.7	73	-37	7.8	-3.3
AVUV	Avantis U.S. Small Cap Value ETF	24.8	25	11	8.8	-2.3
CALF	Pacer US Small Cap Cash Cows 100 ETF	24.2	59	-23	5.1	-6.1
XSMO	Invesco S&P SmallCap Momentum ETF	23.8	39	-3	6.8	-4.3
VAMO	Cambria Value & Momentum ETF	23.6	61	-25	8.2	-2.9
BSVO	EA Bridgeway Omni Small-Cap Value ETF	22.5	47	-11	8.0	-3.2
XSHQ	Invesco S&P SmallCap Quality ETF	22.2	29	7	8.3	-2.8
PSCF	Invesco S&P SmallCap Financials ETF	22.2	29	7	8.5	-2.7
QVMS	Invesco S&P SmallCap 600 QVM Multi-factor ETF	21.5	15	21	7.5	-3.7
ROSC	Hartford Multifactor Small Cap ETF	21.1	34	2	8.6	-2.5
IJS	iShares S&P Small-Cap 600 Value ETF	21.1	18	18	7.4	-3.7
VIOV	Vanguard S&P Small-Cap 600 Value ETF	20.6	15	21	7.4	-3.7
SLYV	SPDR S&P 600 Small Cap Value ETF	20.4	15	21	7.4	-3.7
AFSM	First Trust Active Factor Small Cap ETF	20.3	75	-39	6.3	-4.8
ESIX	SPDR S&P SmallCap 600 ESG ETF	19.7	12	24	7.4	-3.7
SIXS	ETC 6 Meridian Small Cap Equity ETF	19.6	89	-53	8.2	-2.9
IJR	iShares Core S&P Small Cap ETF	19.2	6	30	6.6	-4.5
XJR	iShares ESG Screened S&P Small-Cap ETF	18.8	12	24	7.0	-4.1
VIOO	Vanguard S&P Small-Cap 600 ETF	18.7	10	26	6.6	-4.5
SPSM	SPDR Portfolio S&P 600 Small Cap ETF	18.5	3	33	6.7	-4.5
RZG	Invesco S&P Smallcap 600 Pure Growth ETF	18.2	35	1	5.9	-5.2
IJT	iShares S&P Small-Cap 600 Growth ETF	16.6	18	18	5.8	-5.4
VIOG	Vanguard S&P Small-Cap 600 Growth ETF	16.1	15	21	5.8	-5.3
XSLV	Invesco S&P SmallCap Low Volatility ETF	16.0	25	11	6.8	-4.3
USVM	VictoryShares US Small Mid Cap Value Momentum ETF	16.0	25	11	7.2	-3.9
SLYG	SPDR S&P 600 Small Cap Growth ETF	16.0	15	21	5.8	-5.3
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity ETF	16.0	29	7	6.5	-4.6
SSLY	Syntax Stratified SmallCap ETF	15.9	40	-4	7.4	-3.7
FYX	First Trust Small Cap Core AlphaDEX Fund	15.8	61	-25	4.6	-6.6
PSCD	Invesco S&P SmallCap Consumer Discretionary ETF	15.6	29	7	10.7	-0.4
EES	WisdomTree U.S. SmallCap Fund	15.4	38	-2	9.1	-2.1
DFSV	Dimensional US Small Cap Value ETF	15.4	31	5	8.3	-2.9
VTWV	Vanguard Russell 2000 Value ETF	15.3	15	21	4.9	-6.2
IWN	iShares Russell 2000 Value ETF	15.3	24	12	4.8	-6.3
ECML	Euclidean Fundamental Value ETF	15.0	95	-59	12.2	+1.1
DFAT	Dimensional U.S. Targeted Value ETF	14.5	28	8	7.8	-3.4
PSCI	Invesco S&P SmallCap Industrials ETF	14.1	29	7	5.2	-5.9
FNK	First Trust Mid Cap Value AlphaDEX Fund	13.8	70	-34	10.0	-1.1
SQLV	Royce Quant Small-Cap Quality Value ETF	13.8	60	-24	7.1	-4.0
DSMC	Distillate Small/Mid Cash Flow ETF	13.7	55	-19	12.2	+1.1
AVSC	Avantis U.S Small Cap Equity ETF	13.7	25	11	4.7	-6.4
SMCF	Themes US Small Cap Cash Flow Champions ETF	13.6	29	7	10.2	-0.9
CSML	IndexIQ ETF Trust IQ U.S. Small Cap ETF	13.1	35	1	4.6	-6.6
SMCP	AlphaMark Actively Managed Small Cap ETF	13.1	90	-54	3.9	-7.2
TPSC	Timothy Plan US Small Cap Core ETF	12.9	52	-16	6.5	-4.6
PSC	Principal U.S. Small-Cap ETF	12.9	38	-2	5.9	-5.2
CSA	VictoryShares US Small Cap Volatility Wtd ETF	12.8	35	1	6.2	-4.9
CSF	VictoryShares US Discovery Enhanced Volatility Wtd ETF	12.8	42	-6	6.1	-5.0
SFLO	VictoryShares Small Cap Free Cash Flow ETF	12.4	49	-13	10.2	-1.0
VFMF	Vanguard U.S. Multifactor ETF	12.1	18	18	8.5	-2.6
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity ETF	11.9	20	16	4.6	-6.5
DES	WisdomTree U.S. SmallCap Dividend Fund	11.8	38	-2	6.8	-4.3
FLQS	Franklin U.S. Small Cap Multifactor Index ETF	11.7	35	1	6.6	-4.5
OMFS	Invesco Russell 2000 Dynamic Multifactor ETF	11.6	39	-3	5.8	-5.3
RNSC	Furst Trust Small Cap US Equity Select ETF	11.5	60	-24	6.8	-4.3
BBSC	JPMorgan BetaBuilders U.S. Small Cap Equity ETF	11.2	9	27	3.3	-7.8
XRT	SPDR S&P Retail ETF	10.0	35	1	10.5	-0.6
KBE	SPDR S&P Bank ETF	9.8	35	1	8.3	-2.8
FAB	First Trust Multi Cap Value AlphaDEX Fund	9.7	67	-31	8.6	-2.6
VFVA	Vanguard U.S. Value Factor ETF	9.3	13	23	10.0	-1.1
FNDA	Schwab Fundamental US Small Co. Index ETF	9.3	25	11	6.0	-5.1
DEEP	Roundhill Acquirers Deep Value ETF	9.3	80	-44	21.0	+9.9
ISCV	iShares Morningstar Small Cap Value ETF	9.2	6	30	7.2	-3.9
SYLD	Cambria Shareholder Yield ETF	9.1	59	-23	10.9	-0.2
BKSE	BNY Mellon US Small Cap Core Equity ETF	8.9	4	32	4.8	-6.4
FESM	Fidelity Enhanced Small Cap ETF	8.8	28	8	1.7	-9.4
DGRS	WisdomTree US Smallcap Quality Dividend Growth Fund	8.6	38	-2	4.9	-6.2
RSSL	Global X Russell 2000 ETF	8.5	8	28	2.6	-8.5
VTWO	Vanguard Russell 2000 ETF	8.5	10	26	2.9	-8.2
SMLV	SPDR SSGA US Small Cap Low Volatility Index ETF	8.5	12	24	7.2	-3.9
JSML	Janus Henderson Small Cap Growth Alpha ETF	8.4	30	6	6.5	-4.6
FNX	First Trust Mid Cap Core AlphaDEX Fund	8.4	60	-24	6.8	-4.3
IWM	iShares Russell 2000 ETF	8.3	19	17	2.8	-8.3
EZM	WisdomTree U.S. MidCap Fund	8.0	38	-2	7.4	-3.8
CSB	VictoryShares US Small Cap High Dividend Volatility Wtd ETF	7.8	35	1	5.2	-5.9
PEZ	Invesco Dorsey Wright Consumer Cyclicals Momentum ETF	7.8	60	-24	6.4	-4.7
STXK	Strive Small-Cap ETF	7.7	18	18	5.0	-6.1
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	7.6	39	-3	4.1	-7.0
DFAS	Dimensional U.S. Small Cap ETF	7.5	26	10	5.5	-5.6
SDVY	First Trust SMID Cap Rising Dividend Achievers ETF	7.4	60	-24	9.0	-2.1
HOMZ	Hoya Capital Housing ETF	7.4	30	6	7.0	-4.1
ISMD	Inspire Small/Mid Cap ETF	7.4	54	-18	5.3	-5.8
QABA	First Trust NASDAQ ABA Community Bank Index Fund	7.4	60	-24	7.4	-3.8
FSMD	Fidelity Small-Mid Multifactor ETF	7.3	15	21	6.8	-4.3
KRE	SPDR S&P Regional Banking ETF	7.3	35	1	8.3	-2.9
DWAS	Invesco Dorsey Wright SmallCap Momentum ETF	7.2	60	-24	1.4	-9.7
JMEE	JPMorgan Market Expansion Enhanced Equity ETF	7.1	24	12	7.0	-4.1
HAPS	Harbor Human Capital Factor US Small Cap ETF	6.9	60	-24	2.4	-8.8
KBWR	Invesco KBW Regional Banking ETF	6.7	35	1	7.8	-3.3
SMLF	iShares U.S. SmallCap Equity Factor ETF	6.5	15	21	4.6	-6.5
SMDV	ProShares Russell 2000 Dividend Growers ETF	6.3	40	-4	6.4	-4.7
SCHA	Schwab U.S. Small-Cap ETF	6.2	4	32	4.4	-6.7
VFQY	Vanguard U.S. Quality Factor ETF	6.1	13	23	7.5	-3.6
NIXT	Research Affiliates Deletions ETF	6.1	9	27	5.2	-5.9
PSCM	Invesco S&P SmallCap Materials ETF	5.9	29	7	8.0	-3.2
XSHD	Invesco S&P SmallCap High Dividend Low Volatility ETF	5.8	30	6	10.0	-1.1
WCEO	Hypatia Women CEO ETF	5.6	85	-49	4.2	-6.9
VBR	Vanguard Small Cap Value ETF	5.6	7	29	7.8	-3.3
SAWS	AAM Sawgrass US Small Cap Quality Growth ETF	5.5	55	-19	4.3	-6.8
XME	SPDR S&P Metals & Mining ETF	5.4	35	1	8.3	-2.9
CCNR	ALPS CoreCommodity Natural Resources ETF	5.4	39	-3	11.0	-0.1
ISCB	iShares Morningstar Small-Cap ETF	5.4	4	32	4.8	-6.4
VFMO	Vanguard U.S. Momentum Factor ETF	5.4	13	23	2.1	-9.0
MVPA	Miller Value Partners Appreciation ETF	5.3	60	-24	10.4	-0.8
NUSC	Nuveen ESG Small-Cap ETF	5.0	31	5	5.0	-6.1
CAFG	Pacer US Small Cap Cash Cows Growth Leaders ETF	5.0	59	-23	3.9	-7.3
RNMC	First Trust Mid Cap US Equity Select ETF	4.9	60	-24	6.3	-4.8
SIXL	ETC 6 Meridian Low Beta Equity ETF	4.7	80	-44	4.2	-6.9
ITB	iShares U.S. Home Construction ETF	4.7	40	-4	10.6	-0.5
AFMC	First Trust Active Factor Mid Cap ETF	4.6	65	-29	6.9	-4.3
BFOR	ALPS Barron's 400 ETF	4.6	65	-29	5.6	-5.5
IFRA	iShares U.S. Infrastructure ETF	4.5	30	6	5.9	-5.2
FYC	First Trust Small Cap Growth AlphaDEX Fund	4.5	71	-35	-0.5	-11.6
PKB	Invesco Building & Construction ETF	4.4	62	-26	6.1	-5.0
XHB	SPDR S&P Homebuilders ETF	4.3	35	1	10.0	-1.1
FSCS	First Trust SMID Capital Strength ETF	4.3	60	-24	5.8	-5.3
IWC	iShares Micro-Cap ETF	4.1	60	-24	-4.9	-16.0
OPTZ	Optimize Strategy Index ETF	4.1	50	-14	2.9	-8.2
PFI	Invesco Dorsey Wright Financial Momentum ETF	4.1	60	-24	5.0	-6.1
CVY	Invesco Zacks Multi-Asset Income ETF	4.0	106	-70	9.8	-1.4
ETHO	Etho Climate Leadership U.S. ETF	3.9	47	-11	3.4	-7.7
PXE	Invesco Energy Exploration & Production ETF	3.9	60	-24	12.0	+0.9
GVLU	Gotham 1000 Value ETF	3.8	50	-14	7.4	-3.7
JSMD	Janus Henderson Small/Mid Cap Growth Alpha ETF	3.7	30	6	5.4	-5.7
PSCT	Invesco S&P SmallCap Information Technology ETF	3.7	29	7	4.9	-6.2
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	3.7	17	19	4.7	-6.4
XOP	SPDR S&P Oil & Gas Exploration & Production ETF	3.7	35	1	9.1	-2.1
SMMV	iShares MSCI USA Small-Cap Min Vol Factor ETF	3.6	20	16	4.0	-7.1
JHSC	John Hancock Multifactor Small Cap ETF	3.6	42	-6	6.6	-4.6
TXS	Texas Capital Texas Equity Index ETF	3.6	49	-13	4.7	-6.4
PXI	Invesco Dorsey Wright Energy Momentum ETF	3.6	60	-24	5.8	-5.3
OCTA	Octane All-Cap Value Energy ETF	3.5	30	6	12.7	+1.6
AIRR	First Trust RBA American Industrial Renaissance ETF	3.5	70	-34	4.8	-6.3
VXF	Vanguard Extended Market ETF	3.4	6	30	3.5	-7.6
VB	Vanguard Small-Cap ETF	3.4	5	31	4.9	-6.2
AZTD	Aztlan Global Stock Selection DM SMID ETF	3.3	75	-39	7.8	-3.4
KIE	SPDR S&P Insurance ETF	3.2	35	1	6.0	-5.1
SURE	AdvisorShares Insiders Advantage ETF	3.2	90	-54	9.3	-1.9
MGMT	Ballast Small/Mid Cap ETF	3.2	110	-74	7.1	-4.0
AUSF	Global X Adaptive U.S. Factor ETF	3.2	27	9	8.6	-2.6
FXO	First Trust Financials AlphaDEX Fund	3.1	62	-26	7.4	-3.7
MORT	VanEck Mortgage REIT Income ETF	3.1	43	-7	12.7	+1.6
SDIV	Global X Superdividend ETF	3.1	58	-22	14.9	+3.8
REM	iShares Mortgage Real Estate ETF	3.1	48	-12	14.0	+2.9
RIET	Hoya Capital High Dividend Yield ETF	3.1	50	-14	12.3	+1.1
FDM	First Trust Dow Jones Select MicroCap Index Fund	3.1	60	-24	6.8	-4.3
HSMV	First Trust Horizon Managed Volatility Small/Mid ETF	3.0	80	-44	5.8	-5.3
KBWD	Invesco KBW High Dividend Yield Financial ETF	3.0	384	-348	9.3	-1.8
TILT	FlexShares Morningstar US Market Factor Tilt Index Fund	2.9	25	11	5.2	-5.9
KBWP	Invesco KBW Property & Casualty Insurance ETF	2.9	35	1	5.6	-5.5
FTXO	First Trust Nasdaq Bank ETF	2.8	60	-24	7.8	-3.3
WBIY	WBI Power Factor High Dividend ETF	2.8	100	-64	11.2	+0.1
DHS	WisdomTree U.S. High Dividend Fund	2.8	38	-2	7.6	-3.6
RFDA	RiverFront Dynamic US Dividend Advantage ETF	2.8	52	-16	5.3	-5.8
PXJ	Invesco Oil & Gas Services ETF	2.8	63	-27	0.9	-10.2
ZIG	Acquirers Fund	2.6	84	-48	13.1	+1.9
SCAP	InfraCap Small Cap Income ETF	2.6	135	-99	8.5	-2.6
FCPI	Fidelity Stocks for Inflation ETF	2.5	15	21	8.1	-3.0
ACTV	LeaderShares Activist Leaders ETF	2.5	75	-39	6.7	-4.4
XES	SPDR S&P Oil & Gas Equipment & Services ETF	2.5	35	1	-0.4	-11.5
OUSM	ALPS O'Shares US Small-Cap Quality Dividend ETF	2.4	48	-12	5.2	-5.9
RDVY	First Trust Rising Dividend Achievers ETF	2.4	50	-14	9.1	-2.0
DVLU	First Trust Dorsey Wright Momentum & Value ETF	2.4	60	-24	8.7	-2.4
VUSE	Vident U.S. Equity Strategy ETF	2.4	50	-14	4.4	-6.8
CGV	Conductor Global Equity Value ETF	2.3	130	-94	10.9	-0.2
FLRG	Fidelity U.S. Multifactor ETF	2.2	15	21	7.3	-3.8
ERNZ	TrueShares Active Yield ETF	2.2	75	-39	10.9	-0.2
PBJ	Invesco Food & Beverage ETF	2.2	57	-21	6.2	-4.9
AMID	Argent Mid Cap ETF Argent Mid Cap ETF	2.2	52	-16	6.7	-4.4
OSCV	Opus Small Cap Value ETF	2.2	79	-43	5.7	-5.4
SLX	VanEck Steel ETF	2.2	56	-20	21.4	+10.3
FCG	First Trust Natural Gas ETF	2.1	60	-24	11.8	+0.7
DFRA	Donoghue Forlines Yield Enhanced Real Asset ETF	2.1	69	-33	8.1	-3.0
IEZ	iShares U.S. Oil Equipment & Services ETF	2.1	40	-4	1.9	-9.2
DON	WisdomTree U.S. MidCap Dividend Fund	2.1	38	-2	7.7	-3.4
FTXN	First Trust Nasdaq Oil & Gas ETF	2.0	60	-24	7.8	-3.3
IAK	iShares U.S. Insurance ETF	2.0	40	-4	5.9	-5.3
GURU	Global X Guru Index ETF	2.0	75	-39	1.7	-9.5
ACES	ALPS Clean Energy ETF	1.9	55	-19	-4.4	-15.5
IWO	iShares Russell 2000 Growth ETF	1.8	24	12	0.6	-10.6
VTWG	Vanguard Russell 2000 Growth ETF	1.8	15	21	0.7	-10.4
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	1.8	29	7	6.4	-4.7
BBMC	JPMorgan BetaBuilders U.S. Mid Cap Equity ETF	1.8	7	29	5.3	-5.8
DFUV	Dimensional US Marketwide Value ETF	1.8	22	14	7.2	-4.0
PAVE	Global X U.S. Infrastructure Development ETF	1.8	47	-11	5.1	-6.0
FTXR	First Trust Nasdaq Transportation ETF	1.8	60	-24	6.8	-4.3
QVAL	Alpha Architect US Quantitative Value ETF	1.8	39	-3	10.4	-0.8
FPX	First Trust US Equity Opportunities ETF	1.7	61	-25	1.5	-9.6
IEO	iShares U.S. Oil & Gas Exploration & Production ETF	1.7	40	-4	8.4	-2.8
AVUS	Avantis U.S. Equity ETF	1.7	15	21	5.6	-5.5
GLRY	Inspire Faithward Mid Cap Momentum ETF	1.7	80	-44	7.9	-3.2
PKW	Invesco Buyback Achievers ETF	1.7	62	-26	6.4	-4.7
RSMC	Rockefeller U.S. Small-Mid Cap ETF	1.7	75	-39	5.4	-5.7
CSD	Invesco S&P Spin-Off ETF	1.7	65	-29	10.0	-1.1
VLU	SPDR S&P 1500 Value Tilt ETF	1.7	12	24	6.7	-4.5
ISCG	iShares Morningstar Small-Cap Growth ETF	1.7	6	30	2.3	-8.9
FDIS	Fidelity MSCI Consumer Discretionary Index ETF	1.7	8	28	4.5	-6.6
QQQS	Invesco NASDAQ Future Gen 200 ETF	1.6	20	16	-10.7	-21.8
FENY	Fidelity MSCI Energy Index ETF	1.6	8	28	6.4	-4.7
DFAC	Dimensional U.S. Core Equity 2 ETF	1.6	17	19	5.3	-5.8
XTN	SPDR S&P Transportation ETF	1.6	35	1	2.1	-9.0
DDIV	First Trust Dorsey Wright Momentum & Dividend ETF	1.6	60	-24	6.1	-5.1
SAGP	Strategas Global Policy Opportunities ETF	1.5	65	-29	5.3	-5.9
OIH	VanEck Oil Services ETF	1.5	35	1	2.1	-9.0
AVSU	Avantis Responsible U.S. Equity ETF	1.5	15	21	6.1	-5.0
PYZ	Invesco Dorsey Wright Basic Materials Momentum ETF	1.4	60	-24	5.2	-5.9
VDE	Vanguard Energy ETF	1.4	10	26	6.4	-4.7
QDF	FlexShares Quality Dividend Index Fund	1.4	37	-1	4.2	-7.0
MMSC	First Trust Multi-Manager Small Cap Opportunities ETF	1.4	95	-59	0.9	-10.2
ABCS	Alpha Blue Capital US Small-Mid Cap Dynamic ETF	1.4	27	9	0.0	-11.1
VCR	Vanguard Consumer Discretionary ETF	1.4	10	26	4.4	-6.7
HLGE	Hartford Longevity Economy ETF	1.4	44	-8	6.0	-5.2
CRIT	Optica Rare Earths & Critical Materials ETF Optica Rare Eart	1.4	85	-49	8.6	-2.6
CRUZ	Defiance Hotel Airline and Cruise ETF	1.3	45	-9	-4.6	-15.7
FSMO	Fidelity Small-Mid Cap Opportunities ETF	1.3	60	-24	6.4	-4.7
STCE	Schwab Crypto Thematic ETF	1.3	30	6	-1.6	-12.7
PSCH	Invesco S&P SmallCap Health Care ETF	1.3	29	7	4.0	-7.1
PICK	iShares MSCI Global Metals & Mining Producers ETF	1.3	39	-3	12.8	+1.7
FNCL	Fidelity MSCI Financials Index ETF	1.3	8	28	5.6	-5.5
DFSU	Dimensional US Sustainability Core 1 ETF	1.2	18	18	5.4	-5.7
IYT	iShares US Transportation ETF	1.2	40	-4	2.1	-9.0
SMOT	VanEck Morningstar SMID Moat ETF	1.2	49	-13	5.8	-5.3
FNDB	Schwab Fundamental US Broad Market Index ETF	1.2	25	11	6.8	-4.4
FAD	First Trust Multi Cap Growth AlphaDEX Fund	1.2	64	-28	1.8	-9.3
DCOR	Dimensional US Core Equity 1 ETF	1.2	14	22	5.3	-5.8
VFH	Vanguard Financials ETF	1.2	10	26	5.7	-5.4
FXD	First Trust Consumer Discretionary AlphaDEX Fund	1.2	61	-25	6.2	-5.0
PRN	Invesco Dorsey Wright Industrials Momentum ETF	1.1	60	-24	2.8	-8.3
JSTC	Adasina Social Justice All Cap Global ETF	1.1	89	-53	4.9	-6.2
KOMP	SPDR S&P Kensho New Economies Composite ETF	1.1	20	16	1.0	-10.1
BLCN	Siren ETF Trust Siren Nasdaq NexGen Economy ETF	1.1	68	-32	2.1	-9.0
TMFS	Motley Fool Small-Cap Growth ETF	1.1	85	-49	2.6	-8.5
FMAT	Fidelity MSCI Materials Index ETF	1.1	8	28	6.4	-4.7
SFYX	SoFi Next 500 ETF	1.0	0	36	4.7	-6.4
FTRI	First Trust Indxx Global Natural Resources Income ETF	1.0	70	-34	9.8	-1.4
PRF	Invesco FTSE RAFI US 1000 ETF	1.0	39	-3	6.8	-4.4
NANR	SPDR S&P North American Natural Resources ETF	1.0	35	1	7.4	-3.7
VAW	Vanguard Materials ETF	1.0	10	26	6.3	-4.8
PSCU	Invesco S&P SmallCap Utilities & Communication Services ETF	1.0	29	7	0.0	-11.1
PTF	Invesco Dorsey Wright Technology Momentum ETF	1.0	60	-24	1.5	-9.6
XTL	SPDR S&P Telecom ETF	1.0	35	1	3.9	-7.2
BPAY	BlackRock Future Financial and Technology ETF	1.0	70	-34	8.2	-2.9
TMDV	ProShares Russell US Dividend Growers ETF	1.0	35	1	5.9	-5.2
SNPD	Xtrackers S&P ESG Dividend Aristocrats ETF	1.0	15	21	6.9	-4.2
EVX	VanEck Environmental Services ETF	1.0	55	-19	3.3	-7.8
IPDP	Dividend Performers ETF	1.0	122	-86	5.2	-6.0
ERTH	Invesco MSCI Sustainable Future ETF	1.0	62	-26	3.6	-7.5
FXR	First Trust Industrials/Producer Durables AlphaDEX Fund	0.9	61	-25	6.0	-5.1
VEGI	iShares MSCI Agriculture Producers ETF	0.9	39	-3	9.2	-1.9
KEAT	Keating Active ETF	0.9	85	-49	0.0	-11.1
PSL	Invesco Dorsey Wright Consumer Staples Momentum ETF	0.9	60	-24	5.0	-6.2
BDFIX	Baron Discovery	0.9	75	-39	0.2	-10.9
BOUT	Innovator IBD Breakout Opportunities ETF	0.9	81	-45	3.6	-7.5
VIS	Vanguard Industrials ETF	0.9	10	26	4.2	-6.9
FNY	First Trust Mid Cap Growth AlphaDEX Fund	0.9	70	-34	2.7	-8.4
FOVL	iShares Focused Value Factor ETF	0.9	25	11	8.5	-2.7
EIPX	FT Energy Income Partners Strategy ETF	0.9	95	-59	6.0	-5.1
FDFF	Fidelity Disruptive Finance ETF	0.9	50	-14	4.1	-7.0
FLDZ	RiverNorth Patriot ETF	0.9	75	-39	5.2	-6.0
DRLL	Strive U.S. Energy ETF	0.9	41	-5	7.0	-4.2
FIDU	Fidelity MSCI Industrial Index ETF	0.9	8	28	4.5	-6.6
MAKX	ProShares S&P Kensho Smart Factories ETF	0.9	58	-22	0.8	-10.4
FITE	SPDR S&P Kensho Future Security ETF	0.9	45	-9	2.2	-8.9
HWAY	Themes US Infrastructure ETF	0.8	29	7	6.2	-5.0
BRNY	Burney U.S. Factor Rotation ETF Burney U.S. Factor Rotation	0.8	79	-43	4.6	-6.5
PEJ	Invesco Leisure and Entertainment ETF	0.8	58	-22	1.0	-10.2
JETS	U.S. Global Jets ETF	0.8	60	-24	-13.3	-24.4
AIRL	Themes Airlines ETF	0.8	35	1	-16.7	-27.8
CRAK	VanEck Oil Refiners ETF	0.8	61	-25	14.7	+3.6
ROUS	Hartford Multifactor US Equity ETF	0.8	19	17	6.5	-4.6
UDI	USCF Dividend Income Fund	0.8	65	-29	7.3	-3.8
FTDS	First Trust Dividend Strength ETF	0.8	70	-34	8.1	-3.0
XHS	SPDR S&P Health Care Services ETF	0.8	35	1	6.3	-4.8
MEDI	Harbor Health Care ETF	0.8	80	-44	1.4	-9.7
PJP	Invesco Pharmaceuticals ETF	0.8	57	-21	10.3	-0.8
XPH	SPDR S&P Pharmaceuticals ETF	0.8	35	1	5.5	-5.7
SMIG	AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF	0.8	60	-24	5.5	-5.6
BLOK	Amplify Transformational Data Sharing ETF	0.8	75	-39	0.0	-11.1
DTD	WisdomTree U.S. Total Dividend Fund	0.7	28	8	6.0	-5.1
ROKT	SPDR S&P Kensho Final Frontiers ETF	0.7	45	-9	2.4	-8.7
AIEQ	AI Powered Equity ETF	0.7	75	-39	3.9	-7.3
IGE	iShares North American Natural Resources ETF	0.7	41	-5	6.1	-5.0
VBK	Vanguard Small-Cap Growth ETF	0.7	7	29	1.1	-10.0
TMFX	Motley Fool Next Index ETF	0.7	50	-14	2.8	-8.4
FTXG	First Trust Nasdaq Food & Beverage ETF	0.7	60	-24	6.8	-4.4
SRET	Global X SuperDividend REIT ETF	0.7	59	-23	9.7	-1.4
FSTA	FIDELITY COVINGTON TRUST MSCI CONSUMER STAPLES INDEX ETF	0.7	8	28	6.0	-5.1
VDC	Vanguard Consumer Staples ETF	0.7	10	26	5.9	-5.2
FELV	Fidelity Enhanced Large Cap Value ETF	0.7	18	18	6.4	-4.7
NURE	Nuveen Short-Term REIT ETF	0.7	35	1	5.7	-5.4
FDIV	MarketDesk Focused U.S. Dividend ETF	0.7	35	1	5.1	-6.0
HKND	Humankind US Stock ETF	0.7	11	25	7.1	-4.0
FGD	First Trust Dow Jones Global Select Dividend Index Fund	0.6	56	-20	13.5	+2.4
DFAU	Dimensional US Core Equity Market ETF	0.6	12	24	5.0	-6.1
QDEF	FlexShares Quality Dividend Defensive Index Fund	0.6	37	-1	3.9	-7.2
IBUY	Amplify Online Retail ETF	0.6	65	-29	1.4	-9.8
FNDX	Schwab Fundamental US Large Co. Index ETF	0.6	25	11	6.8	-4.3
IQRA	IQ CBRE Real Assets ETF	0.6	65	-29	5.2	-5.9
PBW	Invesco WilderHill Clean Energy ETF	0.6	66	-30	-13.7	-24.8
SCHM	Schwab U.S. Mid-Cap ETF	0.6	4	32	6.0	-5.2
FTIF	First Trust Bloomberg Inflation Sensitive Equity ETF	0.6	60	-24	8.3	-2.8
COWS	Amplify Cash Flow Dividend Leaders ETF	0.6	0	36	10.5	-0.6
COWZ	Pacer US Cash Cows 100 ETF	0.5	49	-13	9.9	-1.2
IUS	Invesco RAFI Strategic US ETF	0.5	19	17	6.8	-4.3
LVHD	Franklin U.S. Low Volatility High Dividend Index ETF	0.5	27	9	7.1	-4.0
PRNT	3D Printing ETF	0.5	66	-30	0.7	-10.4
FILL	iShares MSCI Global Energy Producers ETF	0.5	39	-3	9.6	-1.5
AVLV	Avantis U.S. Large Cap Value ETF	0.5	15	21	7.1	-4.0
VYM	Vanguard High Dividend Yield Index ETF	0.5	6	30	6.8	-4.3
GINX	SGI Enhanced Global Income ETF	0.5	98	-62	5.6	-5.5
SPTM	SPDR Portfolio S&P 1500 Composite Stock Market ETF	0.5	3	33	5.1	-6.0
MMTM	SPDR S&P 1500 Momentum Tilt ETF	0.5	12	24	4.5	-6.6
ONEY	SPDR Russell 1000 Yield Focus ETF	0.5	20	16	9.3	-1.8
SCHD	Schwab US Dividend Equity ETF	0.5	6	30	9.2	-1.9
DEW	WisdomTree Global High Dividend Fund	0.5	58	-22	8.5	-2.6
FPXE	First Trust IPOX Europe Equity Opportunities ETF	0.5	70	-34	3.5	-7.6
LUXX	Roundhill S&P Global Luxury ETF	0.5	45	-9	2.9	-8.3
FVD	First Trust Value Line Dividend Index Fund	0.5	65	-29	6.3	-4.9
SAMT	Strategas Macro Thematic Opportunities ETF	0.5	65	-29	4.1	-7.0
NVIR	Horizon Kinetics Energy and Remediation ETF	0.5	85	-49	1.5	-9.6
SEIM	SEI Enhanced U.S. Large Cap Momentum Factor ETF	0.5	15	21	4.1	-7.1
LUX	Tema Luxury ETF	0.5	75	-39	3.0	-8.1
IWV	iShares Russell 3000 ETF	0.5	20	16	4.7	-6.5
VTHR	Vanguard Russell 3000 ETF	0.5	10	26	4.7	-6.4
VTI	Vanguard Total Stock Market ETF	0.4	3	33	4.7	-6.4
ITOT	iShares Core S&P Total U.S. Stock Market ETF	0.4	3	33	4.8	-6.3
JVAL	JPMorgan U.S. Value Factor ETF	0.4	12	24	7.8	-3.4
RNEW	VanEck Green Infrastructure ETF	0.4	45	-9	-1.5	-12.6
DFUS	Dimensional U.S. Equity ETF	0.4	9	27	4.9	-6.3
IHE	iShares U.S. Pharmaceuticals ETF	0.4	40	-4	8.7	-2.4
PDP	Invesco Dorsey Wright Momentum ETF	0.4	62	-26	3.2	-7.9
TMFM	Motley Fool Mid-Cap Growth ETF	0.4	85	-49	3.0	-8.1
SCHB	Schwab U.S. Broad Market ETF	0.4	3	33	4.9	-6.2
HDUS	Hartford Disciplined US Equity ETF	0.4	19	17	5.9	-5.2
ICAP	InfraCap Equity Income Fund ETF	0.4	171	-135	6.0	-5.1
ONEQ	Fidelity Nasdaq Composite Index ETF	0.4	21	15	3.8	-7.3
STXM	Strive Mid-Cap ETF	0.4	18	18	6.1	-5.1
FVAL	Fidelity Value Factor ETF	0.4	15	21	7.1	-4.0
ICLN	iShares Global Clean Energy ETF	0.4	41	-5	6.0	-5.1
FDL	First Trust Morningstar Dividend Leaders Index Fund	0.4	45	-9	8.9	-2.2
SEIV	SEI Enhanced U.S. Large Cap Value Factor ETF	0.4	15	21	9.3	-1.8
ESGV	Vanguard ESG U.S. Stock ETF	0.4	9	27	4.8	-6.3
IEDI	iShares U.S. Consumer Focused ETF	0.4	18	18	5.1	-6.0
VIDI	Vident International Equity Strategy ETF	0.3	61	-25	10.2	-0.9
BOAT	SonicShares Global Shipping ETF	0.3	69	-33	34.8	+23.7
PPTY	US Diversified Real Estate ETF	0.3	53	-17	5.6	-5.5
CCSO	Carbon Collective Climate Solutions US Equity ETF	0.3	35	1	1.9	-9.2
KCE	SPDR S&P Capital Markets ETF	0.3	35	1	5.9	-5.3
EQAL	Invesco Russell 1000 Equal Weight ETF	0.3	20	16	6.3	-4.9
SMMD	iShares Russell 2500 ETF	0.3	15	21	5.5	-5.6
GQRE	FlexShares Global Quality Real Estate Index Fund	0.3	45	-9	5.9	-5.2
SPDG	SPDR Portfolio S&P Sector Neutral Dividend ETF	0.3	5	31	7.3	-3.8
ONEO	SPDR Russell 1000 Momentum Focus ETF	0.3	20	16	6.8	-4.3
GQQQ	Astoria US Quality Growth Kings ETF	0.3	35	1	6.3	-4.8
VOX	Vanguard Communication Services ETF	0.3	10	26	4.4	-6.8
SHPP	Pacer Industrials and Logistics ETF	0.3	60	-24	9.9	-1.3
FLQM	Franklin U.S. Mid Cap Multifactor Index ETF	0.3	30	6	7.9	-3.2
VT	Vanguard Total World Stock ETF	0.2	7	29	5.5	-5.6
VGT	Vanguard Information Technology ETF	0.2	10	26	4.4	-6.7
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity ETF	0.2	24	12	7.3	-3.8
RAFE	PIMCO RAFI ESG U.S. ETF	0.2	29	7	7.2	-3.9
IWS	iShares Russell Mid-Cap Value ETF	0.2	23	13	6.2	-4.9
VFMV	Vanguard U.S. Minimum Volatility ETF	0.2	13	23	5.0	-6.1
FTEC	Fidelity MSCI Information Technology Index ETF	0.2	8	28	4.6	-6.5
IYF	iShares U.S. Financials ETF	0.2	40	-4	5.4	-5.7
EIPI	FT Energy Income Partners Enhanced Income ETF	0.2	110	-74	5.1	-6.0
DIVB	iShares Core Dividend ETF	0.2	5	31	7.5	-3.6
BBRE	JPMorgan BetaBuilders MSCI U.S. REIT ETF	0.2	11	25	6.3	-4.8
DVY	iShares Select Dividend ETF	0.2	38	-2	8.0	-3.1
RWR	SPDR Dow Jones REIT ETF	0.2	25	11	6.1	-5.0
FLQL	Franklin LibertyQ U.S. Equity ETF	0.2	15	21	5.9	-5.2
SDY	SPDR S&P Dividend ETF	0.2	35	1	5.9	-5.2
FCOM	Fidelity MSCI Communication Services Index ETF	0.2	8	28	4.5	-6.7
CRED	Columbia Research Enhanced Real Estate ETF	0.2	33	3	7.0	-4.1
THRO	iShares U.S. Thematic Rotation Active ETF	0.2	90	-54	3.9	-7.3
FRI	First Trust S&P REIT Index Fund	0.2	50	-14	5.9	-5.2
IWR	iShares Russell Midcap ETF	0.2	19	17	5.4	-5.7
JGRO	JPMorgan Active Growth ETF	0.2	44	-8	3.5	-7.7
USRT	iShares Core U.S. REIT ETF	0.2	8	28	6.3	-4.8
FELC	Fidelity Enhanced Large Cap Core ETF	0.2	18	18	5.3	-5.8
SXQG	ETC 6 Meridian Quality Growth ETF	0.2	100	-64	4.0	-7.1
AVRE	Avantis Real Estate ETF	0.2	17	19	5.9	-5.2
PPA	Invesco Aerospace & Defense ETF	0.2	58	-22	2.5	-8.7
SCHH	Schwab U.S. REIT ETF	0.2	7	29	6.5	-4.6
DEUS	Xtrackers Russell US Multifactor ETF	0.2	17	19	6.9	-4.2
DFAR	Dimensional US Real Estate ETF	0.1	19	17	6.3	-4.8
RWO	SPDR Dow Jones Global Real Estate ETF	0.1	50	-14	6.1	-5.0
FREL	Fidelity MSCI Real Estate Index ETF	0.1	8	28	6.1	-5.0
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.1	9	27	5.4	-5.8
VNQ	Vanguard Real Estate ETF	0.1	12	24	6.2	-4.9
IBBQ	Invesco Nasdaq Biotechnology ETF	0.1	19	17	0.9	-10.2
PFM	Invesco Dividend Achievers ETF	0.1	53	-17	5.3	-5.8
REET	iShares Global REIT ETF	0.1	14	22	6.2	-4.9
VIG	Vanguard Dividend Appreciation ETF	0.1	6	30	5.6	-5.5
DSI	iShares MSCI KLD 400 Social ETF	0.1	25	11	5.0	-6.1
ERET	iShares Environmentally Aware Real Estate ETF	0.1	30	6	6.5	-4.7
CVLC	Calvert US Large-Cap Core Responsible Index ETF	0.1	15	21	4.9	-6.2
DFGR	Dimensional Global Real Estate ETF	0.1	22	14	6.2	-4.9
ONEV	SPDR Russell 1000 Low Volatility Focus ETF	0.1	20	16	7.6	-3.5
STXV	Strive 1000 Value ETF	0.1	18	18	7.5	-3.6
FQAL	Fidelity Quality Factor ETF	0.1	15	21	5.8	-5.3
TMFE	Motley Fool Capital Efficiency 100 Index ETF	0.1	50	-14	4.2	-6.9
ACVF	American Conservative Values ETF	0.1	75	-39	4.2	-6.9
DGRO	iShares Core Dividend Growth ETF	0.1	8	28	6.3	-4.8
IYG	iShares US Financial Services ETF	0.1	40	-4	5.0	-6.1
HDV	iShares Core High Dividend ETF	0.1	8	28	7.1	-4.0
VONV	Vanguard Russell 1000 Value ETF	0.1	8	28	6.3	-4.9
IWD	iShares Russell 1000 Value ETF	0.1	19	17	6.1	-5.0
GVUS	Marketbeta Russell 1000 Value Equity ETF	0.1	12	24	6.2	-4.9
IAI	iShares U.S. Broker-Dealers & Securities Exchanges ETF	0.1	40	-4	4.3	-6.9
CCMG	CCM Global Equity ETF	0.1	34	2	7.6	-3.6
SCHK	Schwab 1000 Index ETF	0.1	5	31	5.0	-6.1
IYJ	iShares U.S. Industrials ETF	0.1	40	-4	4.5	-6.6
IGM	iShares Expanded Tech Sector ETF	0.1	41	-5	4.4	-6.8
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.1	47	-11	5.5	-5.7
JMOM	JPMorgan U.S. Momentum Factor ETF	0.1	12	24	4.5	-6.6
TDIV	First Trust NASDAQ Technology Dividend Index Fund	0.1	50	-14	5.7	-5.4
REVS	Columbia Research Enhanced Value ETF	0.1	19	17	7.4	-3.8
PTL	Inspire 500 ETF	0.1	9	27	5.6	-5.5
JPUS	JPMorgan Diversified Return U.S. Equity ETF	0.1	18	18	7.2	-3.9
GUSA	Goldman Sachs MarketBeta U.S. 1000 Equity ETF	0.1	11	25	4.9	-6.2
VONE	Vanguard Russell 1000 ETF	0.0	8	28	4.9	-6.2
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	0.0	20	16	4.9	-6.3
FHLC	Fidelity MSCI Health Care Index ETF	0.0	8	28	6.0	-5.1
IWB	iShares Russell 1000 ETF	0.0	15	21	4.8	-6.3
VHT	Vanguard Health Care ETF	0.0	10	26	5.7	-5.4
IYC	iShares U.S. Consumer Discretionary ETF	0.0	40	-4	3.4	-7.7
RECS	Columbia Research Enhanced Core ETF	0.0	15	21	5.5	-5.7
DGRW	WisdomTree US Quality Dividend Growth Fund	0.0	28	8	6.0	-5.1
IYY	iShares Dow Jones U.S. ETF	0.0	20	16	4.8	-6.3
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	0.0	15	21	4.7	-6.4
GINN	Goldman Sachs Innovate Equity ETF	0.0	52	-16	2.8	-8.4
TECB	iShares U.S. Tech Breakthrough Multisector ETF	0.0	40	-4	3.8	-7.3
AVES	Avantis Emerging Markets Value ETF	0.0	36	0	11.6	+0.5
LCTU	BlackRock U.S. Carbon Transition Readiness ETF	0.0	14	22	5.0	-6.1
DISV	Dimensional International Small Cap Value ETF	0.0	42	-6	9.1	-2.0
TEQI	T. Rowe Price Equity Income ETF	0.0	54	-18	3.8	-7.3
PSCC	Invesco S&P SmallCap Consumer Staples ETF	0.0	29	7	0.0	-11.1
PSCE	Invesco S&P SmallCap Energy ETF	0.0	29	7	0.0	-11.1

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

	2019	2020	2021	2022	2023	2024E	2025E
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

	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 S&P SmallCap Value with Momentum 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	12.5	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	36	bp
Equals: ALTAR Score	11.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.71	CATEGORY AVERAGE	1.57

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.