ETFs: Analyst Reports

Wednesday, June 7, 2023 8:30:45 AM EDT

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In order to access the reports, please log on to your TD Ameritrade account or open an account.

CFRA Analyst Picks

Need help finding the right ETF for your investment goals? See CFRA's highest-rated ETFs by asset class, including domestic equity, foreign markets and sector funds. Access CFRA reports on each ETF, summarizing performance, risk and costs. View a sample report.

Performance analytics include:

CFRA STARS rating
CFRA Fair Value quantitative ranking of equity holdings relative to the universe
Technical models analyzing past pricing and volume

Risk considerations include:

S&P Capital IQ Quality Rank, measuring earnings and dividend strength
Risk assessment, credit ranking and standard deviation, measuring credit risk and volatility

Cost factors include:

Analysis of operating expenses, management fees and net asset value
Analysis of bid/ask spread 5-day moving average

CFRA Focus ETF of the Month

Looking for new ETF ideas? Discover a different highly rated ETF each month chosen by CFRA analysts. Reports include investment rationale, ratings, holdings and cost analysis.

CFRA Trends & Ideas

CFRA's Trends and Ideas reports delivers actionable insights, ideas and analysis each day to help you make informed investing decisions.

In order to access the reports, please log on to your TD Ameritrade account or open an account.

Carefully consider the investment objectives, risks, charges and expenses before investing. A prospectus, obtained by clicking the Prospectus link, contains this and other important information about an investment company. Read carefully before investing.

Performance data quoted represents past performance, is no guarantee of future results, and may not provide an adequate basis for evaluating the performance potential of the product over varying market conditions or economic cycles. Current performance may be higher or lower than the performance data quotes. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

ETFs are subject to risk similar to those of their underlying securities, including, but not limited to, market, investment, sector, or industry risks, and those regarding short-selling and margin account maintenance. Some ETFs may involve international risk, currency risk, commodity risk, leverage risk, credit risk, and interest rate risk. Performance may be affected by risks associated with nondiversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, small-capitalization securities, and commodities. Unlike mutual funds, shares of ETFs are not individually redeemable directly with the ETF. Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV).

Information provided by TD Ameritrade, including without limitation that related to the ETF Market Center, is for general educational and informational purposes only and should not be considered a recommendation or investment advice.

TD Ameritrade receives remuneration from certain ETFs for shareholder, administrative, and/or other services.

No Margin for 30 Days. Certain ETFs will not be immediately marginable at TD Ameritrade through the first 30 days from settlement. For the purposes of calculation the day of settlement is considered Day 1.

PLEASE READ IMPORTANT ADDITIONAL MUTUAL FUND, EXCHANGE-TRADED FUND, AND CLOSED-END FUND RISK DISCLOSURES.

Exchange-Traded Notes (ETNs)
ETNs are not funds and are not registered investment companies. ETNs are not secured debt and most do not provide principal protection. ETNs involve credit risk. The repayment of the principal, any interest, and the payment of any returns at maturity or upon redemption depend on the issuer's ability to pay. The market value of an ETN may be impacted if the issuer's credit rating is downgraded. ETNs may be subject to specific sector or industry risks. Leveraged and inverse ETNs are subject to substantial volatility risk and other unique risks that should be understood before investing. ETNs containing components traded in foreign currencies are subject to foreign exchange risk. ETNs may have call features that allow the issuer to call the ETN. A call right by an issuer may adversely affect the value of the notes.

Sector investing may involve a greater degree of risk than an investment in other funds with broader diversification. Diversification does not eliminate the risk of investment losses.

Leveraged ETPs (exchange-traded products, such a ETFs and ETNs) seek to provide a multiple of the investment returns of a given index or benchmark on a daily basis. Inverse ETPs seek to provide the opposite of the investment returns, also daily, of a given index or benchmark, either in whole or by multiples. Due to the effects of compounding and possible correlation errors, leveraged and inverse ETPs may experience greater losses than one would ordinarily expect. Compounding can also cause a widening differential between the performances of an ETP and its underlying index or benchmark, so that returns over periods longer than one day can differ in amount and direction from the target return of the same period. Consequently, these ETPs may experience losses even in situations where the underlying index or benchmark has performed as hoped. Aggressive investment techniques, such as futures, forward contracts, swap agreements, derivatives, and options, can increase ETP volatility and decrease performance. Leveraged and inverse ETPs are subject to substantial volatility risk and other unique risks that should be understood before investing. Investors holding these ETPs should therefore monitor their positions as frequently as daily. It is important to remember that most of these securities are designed for daily use only, and are not intended to be held overnight or long term.

Leveraged ETP margin requirements

Leveraged ETPs are set to a margin requirement equal to 2X or 3X the TD Ameritrade base maintenance requirement of 30% (not to exceed 100%): 2X = 60% and 3X = 90%

The TD Ameritrade base maintenance requirement for naked options is multiplied to correspond with the equity margin requirement.

For naked calls: Greater of 60% or 90% of market value of deliverable, plus option value minus out of the money amount (if any); or 20% or 30% of market value of deliverable plus option value.
For naked puts: Greater of 60% or 90% of market value of deliverable, plus option value, minus out of the money amount (if any); or 20% or 30% of strike price + option value.

All leveraged ETPs are ineligible for use of day trading buying power.

Margin calls will be generated for any accounts with equity that is less than the margin required. Standard due dates will be assigned.

Research and planning tools are obtained by unaffiliated third party sources deemed reliable by TD Ameritrade. However, TD Ameritrade does not guarantee accuracy and completeness, and makes no warranties with respect to results to be obtained from their use.

3rd Party Research Disclosure /public-8:30:45

Market Data Disclosure