ProShares S&P 500 Ex-Energy
ALTAR
Score™
6.1% info Recommen-
dation
NEUTRAL
2017E    2018E
P/E
ratio
18.1x P/Sales
ratio
2.2x
P/BV
ratio
3.3x Div.
yield
2.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The ProShares S&P 500 Ex-Energy ETF tracks a market cap-weighted index of US large- and midcap stocks (the S&P 500), excluding firms in the energy sector.

FUND BASICS
Category Style & Fundamental Indices
Fund Sponsor ProShares
Website www.proshares.com
Inception date Sep 22, 2015
Assets (mns) $6
Currency USD
Expense ratio 27 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 471
Wgt avg mkt cap (mns) $181,200
Large cap (>$10bn) 96.3%
Mid cap ($2-10bn) 3.6%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
APPLE INC 4.0 %
MICROSOFT CORP 2.8 %
AMAZON.COM INC 2.0 %
JOHNSON & JOHNSON 1.8 %
FACEBOOK 1.8 %
BERKSHIRE HATHAWAY INC-CL B 1.6 %
JPMORGAN CHASE & CO 1.6 %
ALPHABET INC. CLASS A 1.5 %
ALPHABET INC. CLASS C 1.4 %
GENERAL ELECTRIC CO 1.2 %
Total 19.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.8 %
IRELAND 1.5 %
BRITAIN 0.4 %
SWITZERLAND 0.3 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
10.0% 18.4% -- -- 17.7%

Market Correlations
versus... Beta R-squared
S&P500 1.03 91%
MSCI EAFE 0.69 61%
MSCI Emg. Mkts. 0.44 38%

Technical Indicators
Recent close $50.87
Annualized volatility 11.1%
Short Interest (ETF) 0.1%
Tracking Error 0.00
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 16.40%
ADV underlying (mns) $897,223

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the ProShares S&P 500 Ex-Energy ETF based on the alternatives' overlap in portfolio holdings with SPXE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SPXE Expense: 27 bp ALTAR Score™: 6.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SPXE
Ticker Fund
Name
Overlap1
vs SPXE
(%)
Expense
ratio
(bp)
Savings
vs SPXE
(bp)
ALTAR
Score™
(%)
ALTAR
vs SPXE
(%)
SPYX SPDR S&P 500 Fossil Fuel Reserves Free 97.8 20 7 5.9 -0.2
PBP PowerShares S&P 500 Buy/Write 95.6 75 -48 5.5 -0.6
VOO Vanguard S&P 500 ETF 93.9 5 22 5.9 -0.3
IVV iShares Core S&P 500 93.7 4 23 5.9 -0.3
HSPX Horizons S&P 500 Covered Call 93.5 65 -38 5.4 -0.8
SPY S&P 500 SPDR 93.5 9 18 5.9 -0.3
VV Vanguard Large-Cap ETF 90.1 9 18 5.9 -0.2
MGC Vanguard Mega Cap 300 ETF 85.8 9 18 5.7 -0.4
SCHX Schwab U.S. Large-Cap 85.8 4 23 6.0 -0.1
SPXV ProShares S&P 500 Ex-Health Care 85.1 27 0 5.7 -0.5
CATH Global X S&P 500 Catholic Values 84.3 29 -2 5.8 -0.3
ONEK SPDR Russell 1000 ETF 84.3 11 16 5.8 -0.3
VONE Vanguard Russell 1000 84.3 12 15 5.9 -0.3
IWB iShares Russell 1000 84.1 15 12 5.8 -0.4
SPXN ProShares S&P 500 Ex-Financials 81.8 27 0 5.7 -0.4
IYY iShares DJ US Total Market 81.4 20 7 5.7 -0.4
DHVW Diamond Hill Valuation-Weighted 500 80.8 10 17 6.0 -0.1
IWL iShares Russell Top 200 78.9 15 12 5.7 -0.4
VTHR Vanguard Russell 3000 78.7 15 12 5.7 -0.5
THRK SPDR Russell 3000 ETF 78.6 10 17 5.8 -0.4

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%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

  2012 2013 2014 2015 2016 2017E 2018E
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

Content on this tab for subscribers only

VALUATION METRICS
  2016 2017E 2018E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
ProShares S&P 500 Ex-Energy
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores between 6.0% and 8.0%. This indicates that valuations adequately reflect the fundamentals of stocks in these funds. The majority of funds we cover fall into this category.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 19.7 %
Divided by: Fwd. P/BV 3.1 x
Less: Expense ratio 27 bp
Equals: ALTAR Score 6.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.50 CATEGORY
AVERAGE
1.60
 
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.