GlacierShares Nasdaq Iceland ETF
ALTAR
Score™		 3.2% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 49.2x P/Sales
ratio		 3.1x
P/BV
ratio		 3.5x Div.
yield		 1.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
GlacierShares Nasdaq Iceland ETF seeks to provide investors with exposure to the performance of the Icelandic equity market by tracking the Nasdaq OMX Iceland 15 Index.

FUND BASICS
Category International Equities
Fund Sponsor GlacierShares
Website www.teucrium.com/etfs/glcr
Inception date Mar 26, 2025
Assets (mns) $1
Currency USD
Expense ratio 95 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 10
Wgt avg mkt cap (mns) $1,505
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 0.0%
Small cap (<$2bn) 0.0%
Developed mkts 0.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ISLANDSBANKI HF 14.4 %
ARION BANKI HF 12.4 %
OCULIS HOLDING AG 9.5 %
AMAROQ LTD 5.4 %
EMBLA MEDICAL HF 5.0 %
BAKKAFROST P/F 4.9 %
SALMAR ASA 4.8 %
MARINE HARVEST 4.4 %
JOHN BEAN TECHNOLOGIES CORP 4.3 %
ALVOTECH SA 3.9 %
Total 69.0 %

TOP COUNTRY EXPOSURE
ICELAND 26.8 %
NORWAY 10.9 %
FAROE ISLANDS 4.9 %
UNITED STATES 4.3 %







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.
-6.0% -2.8% -- -- 1.3%

Market Correlations
versus... Beta R-squared
S&P500 0.64 22%
MSCI EAFE 0.62 33%
MSCI Emg. Mkts. 0.43 28%

Technical Indicators
Recent close $23.61
30d moving avg. $25.99
Annualized volatility 0.0%
Short interest (ETF) 9.5%
Relative strength (RSI) 35

Liquidity measures
Avg. volume (thou.) 1
Turnover 1.7%
Bid/Ask (% of price) 0.75%
ADV underlying (mns) $0

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 187 potential alternatives to the GlacierShares Nasdaq Iceland ETF ETF based on the alternatives' overlap in portfolio holdings with GLCR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: GLCR Expense: 95 bp ALTAR Score™: 3.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GLCR
Ticker Fund
Name		 Overlap1
vs GLCR
(%)		 Expense
ratio
(bp)		 Savings
vs GLCR
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs GLCR
(%)
NORW Global X MSCI Norway ETF 8.0 50 45 7.6 +4.5
MOO VanEck Agribusiness ETF 6.2 53 42 9.2 +6.0
VEGI iShares MSCI Agriculture Producers ETF 3.6 39 56 7.7 +4.5
PSCI Invesco S&P SmallCap Industrials ETF 2.8 29 66 4.6 +1.4
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 2.5 46 49 7.8 +4.6
XSMO Invesco S&P SmallCap Momentum ETF 1.8 39 56 3.6 +0.4
BOTZ Global X Robotics & Artificial Intelligence ETF 1.4 69 26 1.8 -1.3
SDG iShares MSCI Global Sustainable Development Goals ETF 1.1 49 46 4.5 +1.3
ROBO ROBO Global Robotics & Automation Index ETF 1.0 95 0 2.3 -0.9
CCNR ALPS CoreCommodity Natural Resources ETF 0.9 39 56 8.1 +4.9
VIOG Vanguard S&P Small-Cap 600 Growth ETF 0.8 10 85 3.7 +0.5
VIDI Vident International Equity Strategy ETF 0.8 61 34 8.1 +4.9
SLYG State Street SPDR S&P 600 Small Cap Growth ETF 0.8 15 80 3.7 +0.6
IJT iShares S&P Small-Cap 600 Growth ETF 0.8 18 77 3.7 +0.5
DSTX Distillate International Fundamental Stability & Value ETF 0.8 55 40 6.7 +3.5
HAP VanEck Natural Resources ETF 0.8 50 45 6.8 +3.6
PPIE Putnam PanAgora ESG International Equity ETF 0.8 49 46 6.2 +3.1
ERTH Invesco MSCI Sustainable Future ETF 0.7 62 33 3.0 -0.2
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 0.6 12 83 5.3 +2.1
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 0.6 65 30 1.4 -1.8
DFE WisdomTree Europe SmallCap Dividend Fund 0.5 58 37 7.6 +4.4
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF 0.5 15 80 6.2 +3.1
DLS WisdomTree International SmallCap Dividend Fund 0.5 58 37 7.5 +4.3
XJR iShares ESG Screened S&P Small-Cap ETF 0.5 12 83 6.2 +3.0
IDLV Invesco S&P International Developed Low Volatility ETF 0.4 25 70 6.5 +3.3
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF 0.4 3 92 6.4 +3.2
VIOO Vanguard S&P Small-Cap 600 ETF 0.4 7 88 6.2 +3.1
IJR iShares Core S&P Small Cap ETF 0.4 6 89 6.3 +3.2
FNY First Trust Mid Cap Growth AlphaDEX Fund 0.4 70 25 2.1 -1.1
EUDG WisdomTree Europe Quality Dividend Growth Fund 0.4 58 37 6.4 +3.3
SMDX Intech S&P Small-Mid Cap Divers Alp ETF 0.4 35 60 6.3 +3.2
DIM WisdomTree International MidCap Dividend Fund 0.4 58 37 6.4 +3.2
MADE iShares U.S. Manufacturing ETF 0.3 40 55 3.4 +0.3
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 0.3 39 56 3.5 +0.4
NUDM Nuveen ESG International Developed Markets Equity ETF 0.3 31 64 5.6 +2.4
OCEN IQ Clean Oceans ETF 0.3 45 50 4.6 +1.4
FEP First Trust Europe AlphaDEX Fund 0.3 80 15 6.8 +3.6
FEOE First Eagle Overseas Equity ETF 0.3 79 16 6.2 +3.1
IEUS iShares MSCI Europe Small-Cap ETF 0.3 42 53 6.7 +3.5
DTH WisdomTree International High Dividend Fund 0.3 58 37 7.4 +4.2
LCTD BlackRock World ex U.S. Carbon Transition Readiness ETF 0.3 20 75 5.7 +2.5
KXI iShares Global Consumer Staples ETF 0.3 41 54 5.3 +2.2
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.2 49 46 6.1 +2.9
IQSM IQ Candriam U.S. Mid Cap Equity ETF 0.2 15 80 5.1 +1.9
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.2 12 83 4.4 +1.3
IWN iShares Russell 2000 Value ETF 0.2 24 71 4.8 +1.6
VTWV Vanguard Russell 2000 Value ETF 0.2 10 85 5.0 +1.8
RSSL Global X Russell 2000 ETF 0.2 8 87 2.7 -0.5
RWJ Invesco S&P SmallCap 600 Revenue ETF 0.2 39 56 7.4 +4.3
IWM iShares Russell 2000 ETF 0.2 19 76 2.6 -0.5
NUSC Nuveen ESG Small-Cap ETF 0.2 31 64 4.9 +1.7
VBK Vanguard Small-Cap Growth ETF 0.2 7 88 1.2 -1.9
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.2 39 56 2.3 -0.9
FNDC Schwab Fundamental International Small Co. Index ETF 0.2 39 56 6.8 +3.7
IWO iShares Russell 2000 Growth ETF 0.2 24 71 0.5 -2.7
STXM Strive Mid-Cap ETF 0.2 18 77 5.8 +2.7
VTWO Vanguard Russell 2000 ETF 0.2 7 88 2.8 -0.4
IQDG WisdomTree International Quality Dividend Growth Fund 0.2 42 53 5.8 +2.6
SCHC Schwab International Small-Cap Equity ETF 0.2 11 84 6.7 +3.5
ESGD iShares ESG Aware MSCI EAFE ETF 0.2 20 75 5.8 +2.6
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.2 58 37 5.4 +2.2
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.2 40 55 5.7 +2.6
DWM WisdomTree International Equity Fund 0.2 48 47 5.7 +2.5
CSA VictoryShares US Small Cap Volatility Wtd ETF 0.2 35 60 6.6 +3.4
ISMD Inspire Small/Mid Cap ETF 0.2 54 41 5.0 +1.8
TRFM AAM Transformers ETF 0.2 49 46 1.0 -2.2
ISCG iShares Morningstar Small-Cap Growth ETF 0.2 6 89 2.7 -0.4
VTWG Vanguard Russell 2000 Growth ETF 0.2 10 85 0.6 -2.5
KOMP State Street SPDR S&P Kensho New Economies Composite ETF 0.2 20 75 0.8 -2.4
BKMC BNY Mellon US Mid Cap Core Equity ETF 0.2 4 91 5.6 +2.4
SCHA Schwab U.S. Small-Cap ETF 0.1 4 91 4.4 +1.2
FNX First Trust Mid Cap Core AlphaDEX Fund 0.1 60 35 6.2 +3.1
DMXF iShares ESG Advanced MSCI EAFE ETF 0.1 12 83 4.9 +1.8
JPIN J.P. Morgan Diversified Return International Equity ETF 0.1 37 58 7.2 +4.0
LVHI Franklin International Low Volatility High Dividend Index ET 0.1 40 55 7.7 +4.5
EFG iShares MSCI EAFE Growth ETF 0.1 36 59 3.8 +0.6
SCHM Schwab U.S. Mid-Cap ETF 0.1 4 91 5.8 +2.6
IEUR iShares Core MSCI Europe ETF 0.1 11 84 6.4 +3.2
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 87 6.3 +3.2
SCZ iShares MSCI EAFE Small-Cap ETF 0.1 40 55 6.1 +3.0
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.1 20 75 4.7 +1.6
VGK Vanguard FTSE Europe ETF 0.1 6 89 6.6 +3.4
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 0.1 7 88 5.3 +2.1
FSMD Fidelity Small-Mid Multifactor ETF 0.1 15 80 6.5 +3.3
SPEU SPDR Portfolio Europe ETF 0.1 7 88 6.5 +3.3
FAD First Trust Multi Cap Growth AlphaDEX Fund 0.1 64 31 1.3 -1.9
ISCB iShares Morningstar Small-Cap ETF 0.1 4 91 5.4 +2.2
DBEU Xtrackers MSCI Europe Hedged Equity ETF 0.1 46 49 5.5 +2.4
EZM WisdomTree U.S. MidCap Fund 0.1 38 57 8.0 +4.8
WSML iShares MSCI World Small-Cap ETF 0.1 15 80 5.3 +2.2
ESML iShares ESG Aware MSCI USA Small-Cap ETF 0.1 17 78 4.9 +1.8
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 0.1 25 70 6.3 +3.2
FFSM Fidelity Fundamental Small-Mid Cap ETF 0.1 43 52 4.9 +1.7
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 0.1 20 75 4.0 +0.8
AVDS Avantis International Small Cap Equity ETF 0.1 30 65 6.0 +2.9
VYMI Vanguard International High Dividend Yield ETF 0.1 17 78 8.1 +4.9
BBEU JPMorgan BetaBuilders Europe ETF 0.1 9 86 6.2 +3.1
FLEE Franklin FTSE Europe ETF 0.1 9 86 6.3 +3.1
VIS Vanguard Industrials ETF 0.1 9 86 3.6 +0.4
FNDA Schwab Fundamental US Small Co. Index ETF 0.1 25 70 6.1 +3.0
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 0.1 14 81 5.3 +2.2
CEFA Global X S&P Catholic Values Developed ex-US ETF 0.1 35 60 5.7 +2.6
DON WisdomTree U.S. MidCap Dividend Fund 0.1 38 57 8.2 +5.0
FIDU Fidelity MSCI Industrial Index ETF 0.1 8 87 3.6 +0.4
VB Vanguard Small-Cap ETF 0.1 5 90 5.2 +2.0
SMMD iShares Russell 2500 ETF 0.1 15 80 5.5 +2.3
IVLU iShares MSCI Intl Value Factor ETF 0.1 30 65 8.1 +4.9
VXF Vanguard Extended Market ETF 0.1 5 90 3.7 +0.6
BKIE BNY Mellon International Equity ETF 0.1 4 91 6.0 +2.9
GSID Goldman Sachs MarketBeta International Equity ETF 0.1 20 75 5.9 +2.7
VFMO Vanguard U.S. Momentum Factor ETF 0.1 13 82 1.7 -1.5
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 0.1 24 71 6.9 +3.8
IEFA iShares Core MSCI EAFE ETF 0.1 7 88 6.1 +2.9
IDEV iShares Core MSCI International Developed Markets ETF 0.1 4 91 6.0 +2.9
VSGX Vanguard ESG International Stock ETF 0.1 10 85 6.6 +3.4
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 0.1 20 75 5.7 +2.5
IEV iShares Europe ETF 0.1 67 28 5.9 +2.7
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 0.1 36 59 5.4 +2.2
DIVI Franklin International Core Dividend Tilt Index ETF 0.1 9 86 6.6 +3.4
JHMM John Hancock Multifactor Mid Cap ETF 0.1 42 53 5.4 +2.3
ISCV iShares Morningstar Small Cap Value ETF 0.1 6 89 7.8 +4.6
EFA iShares MSCI EAFE ETF 0.1 35 60 5.8 +2.6
HEFA iShares Currency Hedged MSCI EAFE ETF 0.1 35 60 5.8 +2.6
GSIE Goldman Sachs ActiveBeta International Equity ETF 0.1 25 70 6.2 +3.1
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.1 18 77 6.4 +3.2
AVSD Avantis Responsible International Equity ETF 0.1 23 72 6.0 +2.8
VEA Vanguard FTSE Developed Markets ETF 0.1 3 92 6.0 +2.8
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.1 39 56 7.0 +3.8
VEXC Vanguard Emerging Markets Ex-China ETF 0.1 7 88 5.7 +2.6
VXUS Vanguard Total International Stock ETF 0.1 5 90 6.7 +3.5
DFAI Dimensional International Core Equity Market ETF 0.1 18 77 6.1 +2.9
HFXI IQ FTSE International Equity Currency Neutral ETF 0.1 20 75 5.6 +2.5
SCHF Schwab International Equity ETF 0.0 6 89 6.0 +2.8
IXUS iShares Core MSCI Total International Stock ETF 0.0 7 88 6.6 +3.4
VEU Vanguard FTSE All-World ex-US Index Fund 0.0 4 91 6.7 +3.6
DFIC Dimensional International Core Equity 2 ETF 0.0 23 72 6.3 +3.1
SCHE Schwab Emerging Markets Equity ETF 0.0 11 84 9.5 +6.4
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.0 41 54 6.0 +2.8
IQSI IQ Candriam International Equity ETF 0.0 15 80 5.6 +2.4
PTL Inspire 500 ETF 0.0 9 86 4.4 +1.2
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.0 45 50 6.8 +3.6
ACWX iShares MSCI ACWI ex U.S. ETF 0.0 34 61 6.4 +3.2
DFSI Dimensional International Sustainability Core 1 ETF 0.0 24 71 5.7 +2.5
VWO Vanguard FTSE Emerging Markets ETF 0.0 7 88 9.2 +6.0
JSTC Adasina Social Justice All Cap Global ETF 0.0 89 6 4.3 +1.2
FNDF Schwab Fundamental International Large Co. Index ETF 0.0 25 70 7.4 +4.2
SPDW SPDR Portfolio Developed World ex-US ETF 0.0 3 92 5.8 +2.7
DISV Dimensional International Small Cap Value ETF 0.0 42 53 8.1 +5.0
AVMC Avantis U.S. Mid Cap Equity ETF 0.0 18 77 6.0 +2.8
ESGG FlexShares STOXX Global ESG Select Index Fund 0.0 42 53 4.0 +0.9
JHMD John Hancock Multifactor Developed International ETF 0.0 39 56 6.2 +3.1
VT Vanguard Total World Stock ETF 0.0 6 89 5.0 +1.8
DFIS Dimensional International Small Cap ETF 0.0 39 56 6.1 +3.0
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.0 30 65 6.4 +3.3
DEW WisdomTree Global High Dividend Fund 0.0 58 37 7.2 +4.1
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.0 39 56 6.2 +3.1
AVDV Avantis International Small Cap Value ETF 0.0 36 59 7.7 +4.5
DFAS Dimensional U.S. Small Cap ETF 0.0 26 69 5.6 +2.4
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.0 30 65 6.2 +3.1
DFAT Dimensional U.S. Targeted Value ETF 0.0 28 67 8.6 +5.5
URTH iShares MSCI World ETF 0.0 24 71 4.3 +1.2
DFIV Dimensional International Value ETF 0.0 27 68 7.8 +4.7
TOK iShares MSCI Kokusai ETF 0.0 26 69 4.3 +1.1
DXIV Dimensional International Vector Equity ETF 0.0 34 61 6.6 +3.4
ACWI iShares MSCI ACWI ETF 0.0 32 63 4.6 +1.5
MMTM State Street SPDR S&P 1500 Momentum Tilt ETF 0.0 12 83 3.6 +0.4
ESGV Vanguard ESG U.S. Stock ETF 0.0 9 86 4.1 +1.0
GWX SPDR S&P International Small Cap ETF 0.0 40 55 5.9 +2.7
AVDE Avantis International Equity ETF 0.0 23 72 6.2 +3.1
KOKU Xtrackers MSCI Kokusai Equity ETF 0.0 9 86 4.4 +1.2
DTD WisdomTree U.S. Total Dividend Fund 0.0 28 67 5.7 +2.5
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 0.0 29 66 5.6 +2.4
TILT FlexShares Morningstar US Market Factor Tilt Index Fund 0.0 25 70 4.9 +1.7
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF 0.0 11 84 4.1 +1.0
AVSU Avantis Responsible U.S. Equity ETF 0.0 15 80 4.9 +1.7
CVLC Calvert US Large-Cap Core Responsible Index ETF 0.0 15 80 4.2 +1.0
SCHB Schwab U.S. Broad Market ETF 0.0 3 92 4.2 +1.0
SCHK Schwab 1000 Index ETF 0.0 5 90 4.2 +1.1
VTHR Vanguard Russell 3000 ETF 0.0 7 88 4.1 +1.0
VTI Vanguard Total Stock Market ETF 0.0 3 92 4.1 +0.9
IWV iShares Russell 3000 ETF 0.0 20 75 4.0 +0.8
SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market 0.0 3 92 4.3 +1.2
ITOT iShares Core S&P Total U.S. Stock Market ETF 0.0 3 92 4.1 +1.0
FNDB Schwab Fundamental US Broad Market Index ETF 0.0 25 70 6.1 +3.0
QWLD SPDR MSCI World StrategicFactors ETF 0.0 30 65 5.2 +2.0
VLU State Street SPDR S&P 1500 Value Tilt ETF 0.0 12 83 6.2 +3.0
AVUS Avantis U.S. Equity ETF 0.0 15 80 4.7 +1.6

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:		 GlacierShares Nasdaq Iceland 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 13.7 %
Divided by: Fwd. P/BV 3.3 x
Less: Expense ratio 95 bp
Equals: ALTAR Score 3.2 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 2.00 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.