Themes Gold Miners ETF
ALTAR
Score™		 3.5% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 19.9x P/Sales
ratio		 4.7x
P/BV
ratio		 3.6x Div.
yield		 0.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Themes Gold Miners ETF seeks to provide investors with exposure to companies involved in the gold mining industry, aiming for capital appreciation and potential income through investments in gold-related securities.

FUND BASICS
Category International Equities
Fund Sponsor Themes
Website themesetfs.com/etfs/AUMI/
Inception date Dec 12, 2023
Assets (mns) $24
Currency USD
Expense ratio 35 bp
Distributions

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 25
Wgt avg mkt cap (mns) $16,988
Large cap (>$10bn) 29.5%
Mid cap ($2-10bn) 44.1%
Small cap (<$2bn) 26.4%
Developed mkts 83.4%
Emerging mkts 16.6%

TOP TEN HOLDINGS
EQUINOX GOLD CORP. 6.0 %
IAMGOLD CORP 6.0 %
ANGLOGOLD ASHANTI-SPON ADR 5.2 %
NORTHERN STAR RESOURCES LTD 5.1 %
OCEANAGOLD CORP 4.9 %
KINROSS GOLD CORP 4.8 %
LUNDIN GOLD INC. 4.7 %
GOLD FIELDS LTD-SPONS ADR 4.7 %
ENDEAVOUR MINING CORPORATION 4.7 %
ZHAOJIN MINING INDUSTRY - H 4.6 %
Total 50.7 %

TOP COUNTRY EXPOSURE
CANADA 53.1 %
AUSTRALIA 27.0 %
SOUTH AFRICA 9.9 %
BRITAIN 4.7 %
CHINA 4.6 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
155.5% 139.2% -- -- 87.1%

Market Correlations
versus... Beta R-squared
S&P500 0.30 2%
MSCI EAFE 0.90 13%
MSCI Emg. Mkts. 0.81 12%

Technical Indicators
Recent close $87.14
30d moving avg. $81.68
Annualized volatility 33.0%
Short interest (ETF) 0.4%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 8
Turnover 2.9%
Bid/Ask (% of price) 0.37%
ADV underlying (mns) $182

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 204 potential alternatives to the Themes Gold Miners ETF ETF based on the alternatives' overlap in portfolio holdings with AUMI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: AUMI Expense: 35 bp ALTAR Score™: 3.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH AUMI
Ticker Fund
Name		 Overlap1
vs AUMI
(%)		 Expense
ratio
(bp)		 Savings
vs AUMI
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs AUMI
(%)
GOEX Global X Gold Explorers ETF 45.4 65 -30 2.4 -1.1
SGDM Sprott Gold Miners ETF 28.1 50 -15 2.9 -0.6
RING iShares MSCI Global Gold Miners ETF 24.2 39 -4 4.0 +0.5
GOAU U.S. Global GO GOLD and Precious Metal Miners ETF 23.2 60 -25 3.0 -0.5
GDX VanEck Gold Miners ETF 19.6 51 -16 3.6 +0.1
GDXJ VanEck Junior Gold Miners ETF 16.9 52 -17 3.5 -0.1
SGDJ Sprott Junior Gold Miners ETF 13.1 50 -15 2.5 -1.1
SLVP iShares MSCI Global Silver Miners ETF 12.2 39 -4 4.8 +1.3
FFTY Innovator IBD 50 ETF 12.0 80 -45 -1.9 -5.4
AVDV Avantis International Small Cap Value ETF 8.8 36 -1 8.6 +5.1
NANR SPDR S&P North American Natural Resources ETF 7.8 35 0 7.9 +4.4
CGV Conductor Global Equity Value ETF 7.0 130 -95 7.7 +4.2
FTWO Strive FAANG 2.0 ETF 6.4 49 -14 4.4 +0.8
MXI iShares Global Materials ETF 5.7 41 -6 7.2 +3.7
GNR SPDR S&P Global Natural Resources ETF 5.4 40 -5 10.3 +6.7
AKAF The Frontier Economic Fund 5.3 20 15 6.3 +2.8
AFK VanEck Africa Index ETF 5.2 98 -63 14.0 +10.5
FXZ First Trust Materials AlphaDEX Fund 5.2 61 -26 9.5 +6.0
EWC iShares MSCI Canada ETF 5.1 50 -15 5.8 +2.3
GPT Intelligent Alpha Atlas ETF 5.1 69 -34 5.8 +2.2
AZTD Aztlan Global Stock Selection DM SMID ETF 4.5 75 -40 6.4 +2.9
LIVR Intelligent Livermore ETF 4.4 69 -34 3.5 +0.0
ABEQ Absolute Select Value ETF 4.2 85 -50 4.7 +1.2
FLCA Franklin FTSE Canada ETF 4.0 9 26 6.2 +2.7
IMOM Alpha Architect International Quantitative Momentum ETF 3.9 49 -14 4.7 +1.2
IVAL Alpha Architect International Quantitative Value ETF 3.9 49 -14 10.0 +6.4
CCNR ALPS CoreCommodity Natural Resources ETF 3.8 39 -4 8.3 +4.7
OAIM OneAscent International Equity ETF 3.6 95 -60 5.4 +1.8
BBCA JPMorgan BetaBuilders Canada ETF 3.6 19 16 6.1 +2.6
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 3.6 46 -11 9.5 +6.0
DARP Grizzle Growth ETF 3.2 75 -40 2.7 -0.8
VIDI Vident International Equity Strategy ETF 3.1 61 -26 10.3 +6.8
PIZ Invesco Dorsey Wright Developed Markets Momentum ETF 3.1 80 -45 4.2 +0.6
HYP Golden Eagle Dynamic Hypergrowth ETF 3.1 85 -50 -1.2 -4.7
MBOX Freedom Day Dividend ETF 3.0 39 -4 7.7 +4.2
LST Leuthold Select Industries ETF 2.9 91 -56 5.7 +2.2
FTRI First Trust Indxx Global Natural Resources Income ETF 2.8 70 -35 7.6 +4.1
AVDS Avantis International Small Cap Equity ETF 2.6 30 5 6.6 +3.1
FDT First Trust Developed Markets ex-US AlphaDEX Fund 2.6 80 -45 8.4 +4.9
ICPY Tweedy, Browne International Insider Value ETF 2.5 80 -45 11.4 +7.9
CBSE Clough Select Equity ETF 2.4 85 -50 1.1 -2.4
SCHC Schwab International Small-Cap Equity ETF 2.3 11 24 7.3 +3.8
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 2.3 8 27 7.1 +3.6
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 2.2 39 -4 7.5 +4.0
FPXE First Trust IPOX Europe Equity Opportunities ETF 2.1 70 -35 3.9 +0.4
DIVL Madison Dividend Value ETF 2.1 65 -30 5.4 +1.9
QMOM Alpha Architect U.S. Quantitative Momentum ETF 2.0 39 -4 1.6 -1.9
IMTM iShares MSCI Intl Momentum Factor ETF 1.9 30 5 5.2 +1.6
EWA iShares MSCI Australia ETF 1.8 50 -15 5.8 +2.3
COPY Tweedy, Browne Insider + Value ETF 1.8 80 -45 11.6 +8.1
AVIV Avantis International Large Cap Value ETF 1.8 25 10 8.3 +4.7
IDMO Invesco S&P International Developed Momentum ETF 1.8 25 10 5.8 +2.2
PPIE Putnam PanAgora ESG International Equity ETF 1.6 49 -14 7.2 +3.6
FCA First Trust China AlphaDEX Fund 1.6 80 -45 9.4 +5.9
AVDE Avantis International Equity ETF 1.6 23 12 7.0 +3.5
HAP VanEck Natural Resources ETF 1.5 50 -15 8.8 +5.3
COPA Themes Copper Miners ETF 1.5 35 0 4.4 +0.8
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 1.4 12 23 5.7 +2.2
FNDC Schwab Fundamental International Small Co. Index ETF 1.4 39 -4 5.7 +2.1
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 1.4 80 -45 10.6 +7.1
FRDM Freedom 100 Emerging Markets ETF 1.3 49 -14 7.3 +3.8
EFAD ProShares MSCI EAFE Dividend Growers ETF 1.3 50 -15 5.8 +2.3
DFIS Dimensional International Small Cap ETF 1.3 39 -4 7.0 +3.5
QINT American Century Quality Diversified International ETF 1.3 39 -4 6.8 +3.3
AVSD Avantis Responsible International Equity ETF 1.2 23 12 5.1 +1.6
ROAM Hartford Multifactor Emerging Markets ETF 1.2 44 -9 11.2 +7.7
ROE Astoria US Quality Kings ETF 1.1 49 -14 6.9 +3.4
EPP iShares MSCI Pacific ex-Japan ETF 1.1 47 -12 5.2 +1.7
QLV FlexShares US Quality Low Volatility Index Fund 1.1 22 13 5.8 +2.2
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 1.1 49 -14 6.8 +3.2
FLAU Franklin FTSE Australia ETF 1.1 9 26 6.3 +2.7
FPXI First Trust International Equity Opportunities ETF 1.1 70 -35 4.4 +0.8
IGRO iShares International Dividend Growth ETF 1.0 15 20 6.9 +3.4
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 1.0 90 -55 5.1 +1.6
DISV Dimensional International Small Cap Value ETF 1.0 42 -7 8.9 +5.4
FEGE First Eagle Global Equity ETF 1.0 79 -44 6.5 +2.9
DFAX Dimensional World ex U.S. Core Equity 2 ETF 1.0 30 5 7.4 +3.9
UMMA Wahed Dow Jones Islamic World ETF 0.9 65 -30 4.7 +1.2
DEHP Dimensional Emerging Markets High Profitability ETF 0.9 41 -6 6.4 +2.9
IDEV iShares Core MSCI International Developed Markets ETF 0.9 4 31 6.7 +3.1
WWJD Inspire International ETF 0.9 80 -45 7.1 +3.6
VSGX Vanguard ESG International Stock ETF 0.9 10 25 7.5 +4.0
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 0.9 80 -45 9.3 +5.8
VEA Vanguard FTSE Developed Markets ETF 0.9 3 32 6.8 +3.3
IQLT iShares MSCI Intl Quality Factor ETF 0.9 30 5 6.1 +2.6
BBAX JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF 0.9 19 16 5.5 +1.9
DXIV Dimensional International Vector Equity ETF 0.8 34 1 7.4 +3.9
SCZ iShares MSCI EAFE Small-Cap ETF 0.8 40 -5 6.8 +3.3
TPIF Timothy Plan International ETF 0.8 62 -27 6.0 +2.5
SPDW SPDR Portfolio Developed World ex-US ETF 0.8 3 32 6.6 +3.1
UIVM VictoryShares International Value Momentum ETF 0.8 35 0 8.4 +4.9
GVLU Gotham 1000 Value ETF 0.7 50 -15 9.0 +5.4
VPL Vanguard FTSE Pacific ETF 0.7 7 28 6.3 +2.7
STXI Strive International Developed Markets ETF 0.7 29 6 6.3 +2.8
AVES Avantis Emerging Markets Value ETF 0.7 36 -1 10.5 +7.0
VXUS Vanguard Total International Stock ETF 0.7 5 30 7.6 +4.1
IXUS iShares Core MSCI Total International Stock ETF 0.7 7 28 7.5 +4.0
DIHP Dimensional International High Profitability ETF 0.6 29 6 6.6 +3.0
DFIC Dimensional International Core Equity 2 ETF 0.6 23 12 7.1 +3.6
GWX SPDR S&P International Small Cap ETF 0.6 40 -5 6.5 +2.9
SCHF Schwab International Equity ETF 0.6 6 29 6.8 +3.3
IPAC iShares Core MSCI Pacific ETF 0.6 9 26 6.0 +2.4
FEM First Trust Emerging Markets AlphaDEX Fund 0.6 80 -45 11.4 +7.9
AVXC Avantis Emerging Markets Ex-China Equity ETF 0.6 33 2 7.9 +4.4
JIVE JPMorgan International Value ETF 0.6 55 -20 10.7 +7.2
DFSI Dimensional International Sustainability Core 1 ETF 0.6 24 11 6.1 +2.6
GQQQ Astoria US Quality Growth Kings ETF 0.5 35 0 4.5 +1.0
FEOE First Eagle Overseas Equity ETF 0.5 79 -44 6.8 +3.3
ACWX iShares MSCI ACWI ex U.S. ETF 0.5 34 1 7.3 +3.7
CIL VictoryShares International Volatility Wtd ETF 0.5 45 -10 6.4 +2.9
FENI Fidelity Enhanced International ETF 0.5 28 7 6.2 +2.6
DFAI Dimensional International Core Equity Market ETF 0.5 18 17 6.7 +3.2
ISCF iShares International SmallCap Equity Factor ETF 0.5 23 12 8.1 +4.5
VIGI Vanguard International Dividend Appreciation ETF 0.5 10 25 6.3 +2.8
CWI SPDR MSCI ACWI ex-US ETF 0.5 30 5 7.3 +3.8
VEU Vanguard FTSE All-World ex-US Index Fund 0.5 4 31 7.6 +4.1
BLES Inspire Global Hope ETF 0.5 61 -26 6.8 +3.3
BKIE BNY Mellon International Equity ETF 0.5 4 31 6.6 +3.1
AVEM Avantis Emerging Markets Equity ETF 0.5 33 2 8.1 +4.6
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.4 41 -6 8.1 +4.6
IVRA Invesco Real Assets ESG ETF 0.4 59 -24 6.4 +2.9
INTF iShares International Equity Factor ETF 0.4 15 20 7.3 +3.8
DEXC Dimensional Emerging Markets ex China Core EquityETF 0.4 53 -18 7.2 +3.7
DLS WisdomTree International SmallCap Dividend Fund 0.4 58 -23 7.9 +4.4
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.4 38 -3 8.6 +5.1
DFAE Dimensional Emerging Core Equity Market ETF 0.4 35 0 8.6 +5.1
AVSE Avantis Responsible Emerging Markets Equity ETF 0.4 33 2 7.8 +4.3
GLBL Pacer MSCI World Industry Advantage ETF 0.4 65 -30 4.1 +0.5
QLC FlexShares US Quality Large Cap Index Fund 0.4 25 10 5.2 +1.7
FDEV Fidelity International Multifactor ETF 0.3 18 17 7.4 +3.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.3 41 -6 7.1 +3.6
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.3 18 17 7.3 +3.8
JPIN J.P. Morgan Diversified Return International Equity ETF 0.3 37 -2 7.8 +4.2
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.3 45 -10 8.3 +4.8
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.3 20 15 5.3 +1.8
KLMN Invesco MSCI North America Climate ETF 0.3 9 26 5.0 +1.5
APIE ActivePassive International Equity ETF 0.3 45 -10 7.1 +3.6
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.3 12 23 4.9 +1.4
FNDF Schwab Fundamental International Large Co. Index ETF 0.3 25 10 8.9 +5.4
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 0.3 24 11 7.1 +3.6
RFDI First Trust Riverfront Dynamic Developed International ETF 0.3 83 -48 8.9 +5.4
DMXF iShares ESG Advanced MSCI EAFE ETF 0.3 12 23 5.4 +1.9
EFG iShares MSCI EAFE Growth ETF 0.2 36 -1 4.1 +0.6
VT Vanguard Total World Stock ETF 0.2 6 29 5.7 +2.2
GSIE Goldman Sachs ActiveBeta International Equity ETF 0.2 25 10 6.9 +3.4
DIM WisdomTree International MidCap Dividend Fund 0.2 58 -23 7.2 +3.7
MCHI iShares MSCI China ETF 0.2 59 -24 16.9 +13.4
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.2 9 26 5.5 +2.0
IEFA iShares Core MSCI EAFE ETF 0.2 7 28 6.7 +3.2
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.2 39 -4 6.4 +2.9
TOK iShares MSCI Kokusai ETF 0.2 26 9 4.9 +1.4
KLMT Invesco MSCI Global Climate 500 ETF 0.2 10 25 5.6 +2.0
FLCH Franklin FTSE China ETF 0.2 19 16 15.4 +11.9
URTH iShares MSCI World ETF 0.2 24 11 4.9 +1.4
ACWI iShares MSCI ACWI ETF 0.2 32 3 5.3 +1.8
GEW Cambria Global EW ETF 0.2 29 6 5.9 +2.4
JHMD John Hancock Multifactor Developed International ETF 0.2 39 -4 7.1 +3.6
IVLU iShares MSCI Intl Value Factor ETF 0.2 30 5 9.6 +6.1
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.2 25 10 6.3 +2.7
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 0.2 14 21 5.9 +2.4
GLOF iShares Global Equity Factor ETF 0.2 20 15 6.6 +3.1
GXC SPDR S & P China ETF 0.2 59 -24 15.9 +12.4
CEFA Global X S&P Catholic Values Developed ex-US ETF 0.2 35 0 6.2 +2.7
DFIV Dimensional International Value ETF 0.1 27 8 8.9 +5.4
ESGD iShares ESG Aware MSCI EAFE ETF 0.1 20 15 6.3 +2.8
RVRB Reverb ETF 0.1 30 5 4.5 +1.0
DWMF WisdomTree International Multifactor Fund 0.1 38 -3 7.1 +3.5
BKF iShares MSCI BIC ETF 0.1 69 -34 13.1 +9.6
KOKU Xtrackers MSCI Kokusai Equity ETF 0.1 9 26 5.1 +1.6
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 0.1 20 15 6.1 +2.6
EFA iShares MSCI EAFE ETF 0.1 35 0 6.4 +2.8
XMAG Defiance Large Cap ex-Mag 7 ETF 0.1 35 0 5.1 +1.6
RODE Hartford Multifactor Diversified International ETF 0.1 29 6 10.3 +6.8
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 0.1 36 -1 6.3 +2.8
CRTC Xtrackers US National Critical Technologies ETF 0.1 35 0 4.7 +1.2
QWLD SPDR MSCI World StrategicFactors ETF 0.1 30 5 5.7 +2.2
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.1 70 -35 8.4 +4.9
EEMA iShares MSCI Emerging Markets Asia ETF 0.1 49 -14 9.2 +5.6
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.1 40 -5 7.0 +3.5
DWM WisdomTree International Equity Fund 0.1 48 -13 6.9 +3.4
GSID Goldman Sachs MarketBeta International Equity ETF 0.1 20 15 6.5 +2.9
HFXI IQ FTSE International Equity Currency Neutral ETF 0.1 20 15 6.6 +3.0
JIRE JPMorgan International Research Enhanced Equity ETF 0.1 24 11 6.8 +3.3
IMFL Invesco International Developed Dynamic Multifactor ETF 0.1 34 1 5.8 +2.3
GXLC Global X U.S. 500 ETF 0.1 2 33 4.8 +1.2
BKEM BNY Mellon Emerging Markets Equity ETF 0.1 11 24 9.2 +5.7
FLAX Franklin FTSE Asia Ex Japan ETF 0.1 19 16 8.4 +4.9
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.1 15 20 9.5 +6.0
SCHE Schwab Emerging Markets Equity ETF 0.1 11 24 10.6 +7.1
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 0.1 30 5 9.6 +6.0
EEM iShares MSCI Emerging Markets ETF 0.1 69 -34 9.5 +5.9
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.1 66 -31 9.0 +5.4
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.1 36 -1 9.1 +5.6
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.1 30 5 8.4 +4.9
VWO Vanguard FTSE Emerging Markets ETF 0.1 7 28 10.2 +6.7
IEMG iShares Core MSCI Emerging Markets ETF 0.1 9 26 9.8 +6.3
ESGG FlexShares STOXX Global ESG Select Index Fund 0.1 42 -7 5.2 +1.7
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 15 5.7 +2.2
GMF SPDR S&P Emerging Asia Pacific ETF 0.0 49 -14 9.4 +5.9
DIVI Franklin International Core Dividend Tilt Index ETF 0.0 9 26 7.5 +4.0
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.0 59 -24 8.4 +4.9
DAK Dakota Active Equity ETF 0.0 43 -8 4.4 +0.9
SPEM SPDR Portfolio Emerging Markets ETF 0.0 7 28 10.4 +6.9
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.0 30 5 6.7 +3.2

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

  2020 2021 2022 2023 2024 2025E 2026E
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
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Themes Gold Miners ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.9 %
Divided by: Fwd. P/BV 3.1 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 3.5 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.56 CATEGORY
AVERAGE		 1.64
 
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.