ECML
Euclidean Fundamental Value ETF
ECML is an actively managed fund that targets US value stocks of any market-cap across all sectors, excluding financials. The fund uses a multi-step approach that applies machine learning in its proprietary models.
US
EQUITY
Active
MANAGEMENT STYLE
95 bp
EXPENSES
$183.5 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Alpha Architect |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | May 18, 2023 |
| Assets (mns) | $183 |
| Expense ratio | 95 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| CAREER EDUCATION CORP | 2.0 % |
| GREEN BRICK PARTNERS, INC. | 1.9 % |
| KB HOME | 1.8 % |
| TRI POINTE HOMES INC | 1.8 % |
| TOLL BROTHERS INC | 1.8 % |
| TAYLOR MORRISON HOME CORP-A | 1.7 % |
| PULTE HOMES INC | 1.7 % |
| ALLISON TRANSMISSION HOLDING | 1.7 % |
| HEIDRICK & STRUGGLES INTL | 1.7 % |
| NVR INC | 1.7 % |
Constituent Breakdown
| Number of holdings | 67 |
| Herfindahl-Hirschman Index | 152 |
| Wgt avg mkt cap (mns) | $28,079 |
| Large cap (>$10bn) | 38.4% |
| Mid cap ($2-10bn) | 43.2% |
| Small cap (<$2bn) | 17.2% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 98.8 % |
 |
CANADA | 1.5 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | -5.3% | -- | -- | -- | -- | -- | 8.0% | Volatility | 16.0% | 18.0% | -- | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.10 | 61% |
| MSCI EAFE | 1.19 | 84% |
| MSCI Emg Mkts | 0.99 | 55% |
Liquidity Measures
| Avg. volume (000) | 1 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.38% |
| ADV of underlying (mns) | $17,604 |
Technical Indicators
| Recent close | $33.95 |
| 30d moving avg. | $32.19 |
| Annualized volatility | 20.4% |
| Relative strength (RSI) | 47 |
| Short interest (ETF) | 0.0% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. ECML |
Expenses vs. ECML |
ALTAR Score™ vs. ECML |
|---|---|---|---|---|
| QVAL | Alpha Architect US Quantitative Value ETF | 28.5% | -56 bp | -1.5% |
| COWZ | Pacer US Cash Cows 100 ETF | 25.7% | -46 bp | -1.6% |
| SYLD | Cambria Shareholder Yield ETF | 24.8% | -36 bp | -1.7% |
| SURE | AdvisorShares Insiders Advantage ETF | 24.7% | -5 bp | -2.8% |
| FLOW | Global X U.S. Cash Flow Kings 100 ETF | 24.6% | -70 bp | -1.6% |
| VAMO | Cambria Value & Momentum ETF | 24.1% | -34 bp | -3.8% |
| SMRI | Bushido Capital US Equity ETF | 22.8% | -24 bp | -3.4% |
| ZIG | Acquirers Fund | 22.3% | -11 bp | +0.8% |
| XHB | SPDR S&P Homebuilders ETF | 21.5% | -60 bp | -2.9% |
| SPGP | Invesco S&P 500 GARP ETF | 20.2% | -61 bp | -4.7% |
Risk and Returns: ECML vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
ECML
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
ECML
12.9%
Cat. Avg
5.7%
Fund Category: US
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 12.9% |
Recommendation
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.
Category Overview
There are 899 funds in the US category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. ECML's ALTAR Score™ is approximately
3.0 standard deviations
above
the category average. This places ECML in the 99th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
ECML
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Active US Equity ETFs |
| # of ETFs | 308 |
| Avg. Expense Ratio | 67.1 bp |
| Std. Deviation | 37 bp |
| ECML (95 bp) Percentile rank | 77 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| ECML | 95.0 | 37.8 | 132.8 |
| Peer Avg. | 36.9 | 15.0 | 51.8 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .