ETF Characteristics
- Underlying data are from FactSet. Fund characteristics are weighted averages by security weight and derived by Alpha Architect.
- Market capitalization is defined as the total market value of the company’s listed equity in billions.
- Earnings/Price is defined as net income divided by price (inverted to create Price/Earnings).
- EBIT/TEV is defined as earnings before interest and taxes divided by total enterprise value.
- Momentum (2-12) is defined as the cumulative total return for the past 12 months, excluding the most recent month. Momentum is a characteristic of the underlying holdings and should not be construed as fund or index performance.
- Return on assets is defined as net income divided by total assets.
- The CRSP Mid-Cap Index, CRSP Mid-Cap Value Index, Russell 1000 Index, and S&P 500 Index benchmark holdings data are derived from the Vanguard Mid-Cap ETF (“VO”), the Vanguard Mid-Cap Value ETF (“VOE”), the iShares Russell 1000 ETF (“IWB”), and the SPDR® S&P 500® ETF Trust (“SPY”), respectively.
- The MSCI EAFE, MSCI EAFE Value, and MSCI EAFE Growth Index benchmark holdings data are derived from the iShares MSCI EAFE ETF (“EFA”), the iShares MSCI EAFE Value ETF (“EFV”), and iShares MSCI EAFE Growth ETF (“EFG”), respectively.
- The Russell 1000 Index (Russell 1000) is a capitalization-weighted index that measures the performance of the broad U.S. equity market. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The S&P 500 Index (S&P 500) is a capitalization-weighted index that measures the performance of the broad U.S. equity market. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The CRSP US Mid-Cap Index is a capitalization-weighted index that measures the performance of medium-size U.S. stocks. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The CRSP US Mid-Cap Value Index is a capitalization-weighted index that measures the performance of medium-size U.S. value stocks. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The CRSP US Mid-Cap Growth Index is a capitalization-weighted index that measures the performance of medium-size U.S. growth stocks. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The MSCI EAFE Index is a capitalization-weighted index that measures the performance of international developed stocks. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The MSCI EAFE Value Index is a capitalization-weighted index that measures the performance of international developed value stocks. It is not possible to invest directly in an index. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The MSCI EAFE Growth Index is a capitalization-weighted index that measures the performance of international developed growth stocks. It is not possible to invest directly in an index. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
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ETF Sector Allocations
- Underlying data are from FactSet. Sector breakdowns are based on FactSet Revere Business Industry Classification System (RBICS).
- Sector designations may be different than the sector designations presented in other Fund materials. The sector designations above are broad-based groupings that are not considered when complying with industry diversification and concentration requirements.
- The CRSP Mid-Cap Index, CRSP Mid-Cap Value Index, Russell 1000 Index, and S&P 500 Index benchmark holdings data are derived from the Vanguard Mid-Cap ETF (“VO”), the Vanguard Mid-Cap Value ETF (“VOE”), the iShares Russell 1000 ETF (“IWB”), and the SPDR® S&P 500® ETF Trust (“SPY”), respectively.
- The MSCI EAFE, MSCI EAFE Value, and MSCI EAFE Growth Index benchmark holdings data are derived from the iShares MSCI EAFE ETF (“EFA”), the iShares MSCI EAFE Value ETF (“EFV”), and iShares MSCI EAFE Growth ETF (“EFG”), respectively.
- The Russell 1000 Index (Russell 1000) is a capitalization-weighted index that measures the performance of the broad U.S. equity market. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The S&P 500 Index (S&P 500) is a capitalization-weighted index that measures the performance of the broad U.S. equity market. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The CRSP US Mid-Cap Index is a capitalization-weighted index that measures the performance of medium-size U.S. stocks. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The CRSP US Mid-Cap Value Index is a capitalization-weighted index that measures the performance of medium-size U.S. value stocks. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The CRSP US Mid-Cap Growth Index is a capitalization-weighted index that measures the performance of medium-size U.S. growth stocks. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The MSCI EAFE Index is a capitalization-weighted index that measures the performance of international developed stocks. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The MSCI EAFE Value Index is a capitalization-weighted index that measures the performance of international developed value stocks. It is not possible to invest directly in an index. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The MSCI EAFE Growth Index is a capitalization-weighted index that measures the performance of international developed growth stocks. It is not possible to invest directly in an index. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
ETF Country Allocations
- Underlying data are from FactSet. Fund characteristics are weighted averages by security weight and derived by Alpha Architect.
- The country is determined based on a firm’s primary exchange and global headquarters location.
- The CRSP Mid-Cap Index, CRSP Mid-Cap Value Index, Russell 1000 Index, and S&P 500 Index benchmark holdings data are derived from the Vanguard Mid-Cap ETF (“VO”), the Vanguard Mid-Cap Value ETF (“VOE”), the iShares Russell 1000 ETF (“IWB”), and the SPDR® S&P 500® ETF Trust (“SPY”), respectively.
- The MSCI EAFE, MSCI EAFE Value, and MSCI EAFE Growth Index benchmark holdings data are derived from the iShares MSCI EAFE ETF (“EFA”), the iShares MSCI EAFE Value ETF (“EFV”), and iShares MSCI EAFE Growth ETF (“EFG”), respectively.
- The Russell 1000 Index (Russell 1000) is a capitalization-weighted index that measures the performance of the broad U.S. equity market. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The S&P 500 Index (S&P 500) is a capitalization-weighted index that measures the performance of the broad U.S. equity market. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The CRSP US Mid-Cap Index is a capitalization-weighted index that measures the performance of medium-size U.S. stocks. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The CRSP US Mid-Cap Value Index is a capitalization-weighted index that measures the performance of medium-size U.S. value stocks. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The CRSP US Mid-Cap Growth Index is a capitalization-weighted index that measures the performance of medium-size U.S. growth stocks. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The MSCI EAFE Index is a capitalization-weighted index that measures the performance of international developed stocks. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The MSCI EAFE Value Index is a capitalization-weighted index that measures the performance of international developed value stocks. It is not possible to invest directly in an index. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
- The MSCI EAFE Growth Index is a capitalization-weighted index that measures the performance of international developed growth stocks. It is not possible to invest directly in an index. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
Active Share
Ticker | Name | CUSIP | Shares | Price | Market Value ($mm) | % of Net Assets | EFFECTIVE_DATE |
---|---|---|---|---|---|---|---|
AGCO | AGCO Corp | 001084102 | 361 | 87.56 | 0.03 | 0.31 | 09/09/2024 |
AMN | AMN Healthcare Services Inc | 001744101 | 1,228 | 45.65 | 0.06 | 0.55 | 09/09/2024 |
AYI | Acuity Brands Inc | 00508Y102 | 228 | 242.35 | 0.06 | 0.54 | 09/09/2024 |
AAP | Advance Auto Parts Inc | 00751Y106 | 594 | 39.76 | 0.02 | 0.23 | 09/09/2024 |
ALK | Alaska Air Group Inc | 011659109 | 1,216 | 37.59 | 0.05 | 0.45 | 09/09/2024 |
ALSN | Allison Transmission Holdings Inc | 01973R101 | 494 | 86.21 | 0.04 | 0.42 | 09/09/2024 |
AEP | American Electric Power Co Inc | 025537101 | 792 | 102.05 | 0.08 | 0.79 | 09/09/2024 |
AMP | Ameriprise Financial Inc | 03076C106 | 190 | 430.17 | 0.08 | 0.80 | 09/09/2024 |
APO | Apollo Global Management Inc | 03769M106 | 304 | 108.00 | 0.03 | 0.32 | 09/09/2024 |
ARW | Arrow Electronics Inc | 042735100 | 587 | 126.47 | 0.07 | 0.73 | 09/09/2024 |
CAR | Avis Budget Group Inc | 053774105 | 440 | 69.16 | 0.03 | 0.30 | 09/09/2024 |
BK | Bank of New York Mellon Corp/The | 064058100 | 855 | 66.41 | 0.06 | 0.55 | 09/09/2024 |
BECN | Beacon Roofing Supply Inc | 073685109 | 342 | 81.58 | 0.03 | 0.27 | 09/09/2024 |
BIIB | Biogen Inc | 09062X103 | 342 | 200.81 | 0.07 | 0.67 | 09/09/2024 |
BYD | Boyd Gaming Corp | 103304101 | 1,296 | 59.72 | 0.08 | 0.76 | 09/09/2024 |
MODG | Topgolf Callaway Brands Corp | 131193104 | 2,014 | 10.20 | 0.02 | 0.20 | 09/09/2024 |
COF | Capital One Financial Corp | 14040H105 | 646 | 139.00 | 0.09 | 0.88 | 09/09/2024 |
CNC | Centene Corp | 15135B101 | 2,069 | 70.83 | 0.15 | 1.43 | 09/09/2024 |
CRL | Charles River Laboratories International Inc | 159864107 | 137 | 187.96 | 0.03 | 0.25 | 09/09/2024 |
GTLS | Chart Industries Inc | 16115Q308 | 524 | 112.06 | 0.06 | 0.57 | 09/09/2024 |
LNG | Cheniere Energy Inc | 16411R208 | 380 | 180.64 | 0.07 | 0.67 | 09/09/2024 |
CTVA | Corteva Inc | 22052L104 | 2,850 | 55.33 | 0.16 | 1.54 | 09/09/2024 |
CUZ | Cousins Properties Inc | 222795502 | 1,178 | 28.33 | 0.03 | 0.33 | 09/09/2024 |
DAL | Delta Air Lines Inc | 247361702 | 1,035 | 42.03 | 0.04 | 0.43 | 09/09/2024 |
FANG | Diamondback Energy Inc | 25278X109 | 570 | 179.73 | 0.10 | 1.00 | 09/09/2024 |
DFS | Discover Financial Services | 254709108 | 550 | 128.68 | 0.07 | 0.69 | 09/09/2024 |
DOCU | DocuSign Inc | 256163106 | 1,631 | 59.19 | 0.10 | 0.94 | 09/09/2024 |
EWBC | East West Bancorp Inc | 27579R104 | 380 | 78.73 | 0.03 | 0.29 | 09/09/2024 |
EFC | Ellington Financial Inc | 28852N109 | 4,234 | 13.03 | 0.06 | 0.54 | 09/09/2024 |
ET | Energy Transfer LP | 29273V100 | 6,194 | 15.89 | 0.10 | 0.96 | 09/09/2024 |
NVST | Envista Holdings Corp | 29415F104 | 2,421 | 17.44 | 0.04 | 0.41 | 09/09/2024 |
EFX | Equifax Inc | 294429105 | 154 | 292.08 | 0.04 | 0.44 | 09/09/2024 |
EQR | Equity Residential | 29476L107 | 760 | 74.34 | 0.06 | 0.55 | 09/09/2024 |
EXPE | Expedia Group Inc | 30212P303 | 1,022 | 132.26 | 0.14 | 1.32 | 09/09/2024 |
AGM | Federal Agricultural Mortgage Corp | 313148306 | 152 | 183.79 | 0.03 | 0.27 | 09/09/2024 |
FGXXX | First American Government Obligations Fund 12/01/2031 | 31846V336 | 119,370 | 100.00 | 0.12 | 1.17 | 09/09/2024 |
FAF | First American Financial Corp | 31847R102 | 722 | 65.02 | 0.05 | 0.46 | 09/09/2024 |
FSLR | First Solar Inc | 336433107 | 116 | 208.65 | 0.02 | 0.24 | 09/09/2024 |
GPN | Global Payments Inc | 37940X102 | 2,004 | 107.95 | 0.22 | 2.11 | 09/09/2024 |
GPK | Graphic Packaging Holding Co | 388689101 | 5,472 | 29.07 | 0.16 | 1.55 | 09/09/2024 |
HAL | Halliburton Co | 406216101 | 2,394 | 28.59 | 0.07 | 0.67 | 09/09/2024 |
HBI | Hanesbrands Inc | 410345102 | 6,916 | 6.32 | 0.04 | 0.43 | 09/09/2024 |
HOG | Harley-Davidson Inc | 412822108 | 1,862 | 36.47 | 0.07 | 0.66 | 09/09/2024 |
HUM | Humana Inc | 444859102 | 297 | 357.86 | 0.11 | 1.04 | 09/09/2024 |
IDCC | InterDigital Inc | 45867G101 | 266 | 132.23 | 0.04 | 0.34 | 09/09/2024 |
JEF | Jefferies Financial Group Inc | 47233W109 | 1,060 | 56.12 | 0.06 | 0.58 | 09/09/2024 |
JLL | Jones Lang LaSalle Inc | 48020Q107 | 342 | 245.00 | 0.08 | 0.82 | 09/09/2024 |
KVUE | Kenvue Inc | 49177J102 | 6,856 | 22.86 | 0.16 | 1.53 | 09/09/2024 |
KR | Kroger Co/The | 501044101 | 712 | 52.27 | 0.04 | 0.36 | 09/09/2024 |
LPLA | LPL Financial Holdings Inc | 50212V100 | 453 | 211.43 | 0.10 | 0.94 | 09/09/2024 |
LH | Labcorp Holdings Inc | 504922105 | 228 | 223.91 | 0.05 | 0.50 | 09/09/2024 |
LAD | Lithia Motors Inc | 536797103 | 479 | 275.94 | 0.13 | 1.29 | 09/09/2024 |
LYV | Live Nation Entertainment Inc | 538034109 | 1,284 | 92.78 | 0.12 | 1.16 | 09/09/2024 |
LYFT | Lyft Inc | 55087P104 | 1,824 | 11.06 | 0.02 | 0.20 | 09/09/2024 |
MAT | Mattel Inc | 577081102 | 2,266 | 18.44 | 0.04 | 0.41 | 09/09/2024 |
MTH | Meritage Homes Corp | 59001A102 | 266 | 189.65 | 0.05 | 0.49 | 09/09/2024 |
MCHP | Microchip Technology Inc | 595017104 | 474 | 74.09 | 0.04 | 0.34 | 09/09/2024 |
MOH | Molina Healthcare Inc | 60855R100 | 494 | 327.48 | 0.16 | 1.58 | 09/09/2024 |
TAP | Molson Coors Beverage Co | 60871R209 | 971 | 55.77 | 0.05 | 0.53 | 09/09/2024 |
NXST | Nexstar Media Group Inc | 65336K103 | 190 | 161.45 | 0.03 | 0.30 | 09/09/2024 |
NTRS | Northern Trust Corp | 665859104 | 798 | 86.66 | 0.07 | 0.68 | 09/09/2024 |
OLN | Olin Corp | 680665205 | 547 | 41.59 | 0.02 | 0.22 | 09/09/2024 |
OTIS | Otis Worldwide Corp | 68902V107 | 532 | 91.43 | 0.05 | 0.48 | 09/09/2024 |
PYPL | PayPal Holdings Inc | 70450Y103 | 1,226 | 68.89 | 0.08 | 0.83 | 09/09/2024 |
PLAB | Photronics Inc | 719405102 | 1,369 | 22.00 | 0.03 | 0.29 | 09/09/2024 |
QRVO | Qorvo Inc | 74736K101 | 374 | 104.35 | 0.04 | 0.38 | 09/09/2024 |
RWT | Redwood Trust Inc | 758075402 | 6,478 | 7.39 | 0.05 | 0.47 | 09/09/2024 |
RGA | Reinsurance Group of America Inc | 759351604 | 241 | 212.24 | 0.05 | 0.50 | 09/09/2024 |
REZI | Resideo Technologies Inc | 76118Y104 | 2,546 | 18.25 | 0.05 | 0.45 | 09/09/2024 |
SLM | SLM Corp | 78442P106 | 4,674 | 20.14 | 0.09 | 0.92 | 09/09/2024 |
SKX | Skechers USA Inc | 830566105 | 456 | 66.08 | 0.03 | 0.29 | 09/09/2024 |
SJM | J M Smucker Co/The | 832696405 | 442 | 120.27 | 0.05 | 0.52 | 09/09/2024 |
STWD | Starwood Property Trust Inc | 85571B105 | 2,488 | 19.65 | 0.05 | 0.48 | 09/09/2024 |
SNX | TD SYNNEX Corp | 87162W100 | 608 | 110.97 | 0.07 | 0.66 | 09/09/2024 |
TPX | TEMPUR SEALY INTERNATIONAL INC | 88023U101 | 735 | 49.52 | 0.04 | 0.36 | 09/09/2024 |
TER | Teradyne Inc | 880770102 | 428 | 121.45 | 0.05 | 0.51 | 09/09/2024 |
TFC | TRUIST FINANCIAL CORP | 89832Q109 | 1,848 | 42.06 | 0.08 | 0.76 | 09/09/2024 |
USB | US Bancorp | 902973304 | 1,271 | 44.49 | 0.06 | 0.55 | 09/09/2024 |
USPH | US Physical Therapy Inc | 90337L108 | 304 | 84.56 | 0.03 | 0.25 | 09/09/2024 |
ULTA | ULTA BEAUTY INC | 90384S303 | 139 | 367.59 | 0.05 | 0.50 | 09/09/2024 |
VLO | Valero Energy Corp | 91913Y100 | 646 | 134.19 | 0.09 | 0.85 | 09/09/2024 |
VOE | Vanguard Mid-Cap Value ETF | 922908512 | 6,574 | 159.92 | 1.05 | 10.27 | 09/09/2024 |
VBR | Vanguard Small-Cap Value ETF | 922908611 | 5,282 | 189.75 | 1.00 | 9.79 | 09/09/2024 |
VO | Vanguard Mid-Cap ETF | 922908629 | 4,104 | 249.03 | 1.02 | 9.99 | 09/09/2024 |
VB | Vanguard Small-Cap ETF | 922908751 | 2,280 | 222.23 | 0.51 | 4.95 | 09/09/2024 |
VNOM | Viper Energy Inc | 927959106 | 2,166 | 45.60 | 0.10 | 0.97 | 09/09/2024 |
WBA | Walgreens Boots Alliance Inc | 931427108 | 2,455 | 8.77 | 0.02 | 0.21 | 09/09/2024 |
WCC | WESCO International Inc | 95082P105 | 494 | 149.87 | 0.07 | 0.72 | 09/09/2024 |
WU | Western Union Co/The | 959802109 | 4,443 | 12.15 | 0.05 | 0.53 | 09/09/2024 |
WTFC | Wintrust Financial Corp | 97650W108 | 573 | 103.37 | 0.06 | 0.58 | 09/09/2024 |
WKC | World Kinect Corp | 981475106 | 2,166 | 27.60 | 0.06 | 0.58 | 09/09/2024 |
WH | Wyndham Hotels & Resorts Inc | 98311A105 | 836 | 77.39 | 0.06 | 0.63 | 09/09/2024 |
ZBH | ZIMMER BIOMET HOLDINGS INC | 98956P102 | 722 | 104.81 | 0.08 | 0.74 | 09/09/2024 |
ZM | Zoom Video Communications Inc | 98980L101 | 918 | 67.18 | 0.06 | 0.60 | 09/09/2024 |
Cash&Other | Cash & Other | 4,580 | 1.00 | 0.00 | 0.04 | 09/09/2024 | |
AGO | Assured Guaranty Ltd | G0585R106 | 631 | 77.93 | 0.05 | 0.48 | 09/09/2024 |
AXS | Axis Capital Holdings Ltd | G0692U109 | 1,216 | 76.70 | 0.09 | 0.91 | 09/09/2024 |
CWK | Cushman & Wakefield PLC | G2717B108 | 5,168 | 12.38 | 0.06 | 0.63 | 09/09/2024 |
ESNT | Essent Group Ltd | G3198U102 | 533 | 62.63 | 0.03 | 0.33 | 09/09/2024 |
ICLR | ICON PLC | G4705A100 | 304 | 302.52 | 0.09 | 0.90 | 09/09/2024 |
IGT | International Game Technology PLC | G4863A108 | 1,847 | 21.68 | 0.04 | 0.39 | 09/09/2024 |
NOMD | Nomad Foods Ltd | G6564A105 | 5,982 | 19.00 | 0.11 | 1.11 | 09/09/2024 |
NCLH | Norwegian Cruise Line Holdings Ltd | G66721104 | 2,378 | 16.95 | 0.04 | 0.39 | 09/09/2024 |
RNR | RenaissanceRe Holdings Ltd | G7496G103 | 684 | 258.27 | 0.18 | 1.73 | 09/09/2024 |
FLEX | Flex Ltd | Y2573F102 | 1,619 | 29.05 | 0.05 | 0.46 | 09/09/2024 |
Active Share is not a performance measurement. There are no assurances that any strategy or investment approach will meet its objectives. This information should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Past performance is not indicative of future results.
Active share is the percentage of a portfolio’s stock holdings that differ from its benchmark index.1 It is based on the weightings of securities in a portfolio compared with those of its benchmark and can be used as a measure of the degree of a portfolio’s active management. For example, an 80% active share means that 80% of the fund’s holdings deviate from its benchmark (active share values over 100% are possible when there are short positions in the portfolio). Active share is one of many portfolio characteristics that can help investors during the fund selection process, but Alpha Architect cautions against focusing solely on a single data point. When an investor is selecting an active fund, other factors, such as the fund’s objective and strategy, cost, and pre- and post-tax returns over the long term, along with the investor’s personal objectives, time horizon, and risk tolerance, are of primary importance.
Underlying data are from FactSet. Short positions and cash positions are excluded from the calculation.
1 Cremers, K. J. Martijn, and Antti Petajisto, 2009, How active is your fund manager? A new measure that predicts performance, Review of Financial Studies 22, 3329-3365.
The S&P 500 Index is a capitalization-weighted index that measures the performance of the broad U.S. equity market.
The MSCI EAFE Index is a capitalization-weighted index that measures the performance of developed market equities, excluding the U.S. and Canada.
The MSCI World Index is a capitalization-weighted index that measures the performance of developed market equities.