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Barron's 400 ETF Rebalance Identifies Significant Areas Of Quality Across Broad Segments Of The U.S. Economy

The Barron's 400 ETF (NYSE Arca: BFOR), a smart beta exchange-traded fund that seeks to track the Barron's 400 Index (B400), completed its most recent semi-annual reconstitution and rebalance on Friday, March 19, 2021. Following the new stock selection, B400 replaced 167, or 41.8%, of its constituents, slightly below its historical average turnover of 42.2%. B400 was designed to give investors a means of tracking some of America's highest-performing companies based on the strength of their financials and the attractiveness of their share prices. Launched in 2007, B400 was jointly developed by Barron's, America's premier financial magazine, and MarketGrader, an independent equity research and indexing firm. In order to adhere to B400's growth at a reasonable price (GARP) investment philosophy and focus on long-term capital appreciation, the Index is reconstituted and rebalanced twice a year, ensuring B400 is composed of the top-ranked stocks from the universe of U.S. equities covered by MarketGrader's research, regardless of sector or market capitalization.


Barron's 400 Index

American stock market index

The Barron's 400 Index or B400 is a stock market index of 400 public companies in the United States, as selected by editors and associates of Barron's magazine. Established in 2007, the Barron's 400 has tended to outperform certain other major indexes at least through the first half of 2013.[1]


The index is equal-weighted, aiming to hold each of 400 companies in equal proportion of about a quarter percent of the overall index. The index selects companies based on fundamental analysis criteria such as Return on investment, growth, market value, profits and cash flow. The Barron's 400 employs a consistent “growth-at-a-reasonable price” (GARP) selection strategy.

The index differs from other major indexes in that it is equal-weighted, unlike the Dow Jones US Total Stock Market Index, the NASDAQ Composite and the Standard & Poor's 500 (S&P 500), which are capitalization-weighted. In that respect it also differs from the Dow Jones Industrial Average, which is calculated as the average of the share prices of the underlying components.

The Barron's 400 (also known as the B400) is compiled, maintained and updated by Corp. MarketGrader developed the Barron's 400 in consultation with editors at Barron's, a financial news magazine.[2][3] The two companies continue to maintain an ongoing partnership for the index. The index is calculated by NYSE/Euronext.[4]


The B400 was first calculated on June 25, 2007. Its estimated back-tested history availability dates to December 31, 1997, which is also the index's base value date.[5] The index was first published in Barron's on September 3, 2007, and was the subject of the magazine's cover story on that date.[6]

The B400 hit an all-time closing high of 451.40 on July 22, 2013 during an extended broader bull market that commenced in March, 2009.[7]

The B400's peak annual return through 2012, excluding its back-tested history, came in 2009, when the index gained 39.1%. The B400's worst annual performance through 2012 came in 2008, when it sank 40.0% during a general broad market meltdown provoked by the collapse of the U.S. real estate market that spread to the wider economy.

As of July 5, 2013, the B400 had a cumulative 10-year price-only return (excluding dividends) of 153.0%, compared to a Dow Jones Industrial Average (DJIA) cumulative return of 62.6%, an S&P 500 return of 60.8%, a NASDAQ return of 100.1% and the Dow Jones Total Stock Market (DJUSTSM) return of 75.2%.for the same time period.

As of July 5, 2013, the B400 had a 10-year annualized return of 9.9%, compared to a DJIA annualized return of 5.2%, an S&P500 return of 5.1%, a NASDAQ return of 7.5% and a DJUSTSM return of 6.0% for the same time period.

An updated chart of the B400 has appeared in The Trader section of Barron's magazine since the index's inception.


The components of the Barron's 400, a rules-based index, are selected primarily based on proprietary analytics supplied by MarketGrader that evaluate stocks based on their growth, value, profitability and cash flow.[8]

Stocks under evaluation are assigned a grade based on those four fundamentals.[9] MarketGrader employs a stock-selection process that employs 24 variables to judge the health of a company and the valuation of its shares.[10] It also analyzes a company according to its growth trajectory, whether its stock is cheap or expensive relative to the company's underlying fundamentals, its profit margins, leverage, return on shareholder equity, and the way it grows and manages the cash it generates from operations. The selection process also measure a stock's reaction to the latest earnings reports and the degree to which it may be overlooked by analysts.

The value test for potential inclusion in the B400 takes into consideration a company's capital structure, price-to-book, price-to-cash-flow and price-to-sales ratios; overall market capitalization and price/earnings measures. Profitability is determined by a combination of asset and capital use, operating margins, relative margins, return on equity and quality of revenues. Cash flow is analyzed from cash flow growth, cash flow margin, debt-to-cash-flow ratio; interest coverage capacity, economic value and cash-retention rate.

REITS, although covered by MarketGrader, are excluded from B400. Also excluded companies that have not reported quarterly or annual results within the past six months. Each stock selected for the B400 must have a minimum three-month average daily dollar-trading volume of $2 million. The minimum float-adjusted capitalization of a component is $250 million, and at least 25% of the components must have a market value of at least $3 billion.

All components must be U.S. companies publicly listed on either the New York Stock Exchange or NASDAQ. The components are drawn from the MarketGrader universe of about 6,000 North American stocks. Turnover in the components tends to be high. The median historical turnover pace is 43.5%. The average “holding period” for a component in the B400 is less than two years.

Equal weighting[edit]

All 400 components of the B400 are equally weighted in the index at each semi-annual rebalance. The result prevents a small minority of huge companies from steering the index, while giving smaller issues equal opportunity to contribute to the B400's overall performance. By definition, each stock represents one quarter of one percent of the overall index.


The Barron's 400 Index is updated semi-annually, in March and September. As of March, 2013, only 16 companies had been in the index for at least five years.[11]

The companies with the most selections in the B400 since its 1997 inception are Microsoft Corp., Wal-Mart Stores, Inc., Amgen Inc., Bed Bath & Beyond Inc., The Home Depot, Inc., International Business Machines, NIKE Inc., Oracle Corporation, PepsiCo Inc. and Apollo Group Inc.

Sector breakdown[edit]

The components of the Barron's 400 Index are drawn from major stock sectors: Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Technology, Telecommunications and Utilities. The number of stocks from any one sector is limited to 20% of the index.[12]

Update frequency[edit]

The B400 index value is updated every 15 seconds during trading sessions and is disseminated by NYSE Euronext.

Every six months, on the third Friday of March and September, the B400 component stocks are updated to incorporate recent financial results and market action, and to revise the index – some stocks are removed and some are added at those times.

The index can be found under the symbol B400.[13]


The Barron's 400 Index is managed by MarketGrader, led by President Carlos Diezhe lives in Panama, who founded the stock research firm in 1999. MarketGrader rates 6,000 North American equities listed in U.S. and Canadian exchanges. MarketGrader also created and publishes a family of equally weighted indexes in addition to the Barron's 400 Index. In May, 2013, MarketGrader named former Dow Jones Indexes executive John Prestbo as a senior adviser for the growth and development of the B400.[14][15]

Related investment product[edit]

The Barron's 400 Index is the basis for the Barron's 400 ETF (NYSE Arca: BFOR), an exchange-traded fund (ETF) launched June 4, 2013 under the ALPS ETF Trust.[16][17] The ETF tracks the index and seeks results corresponding to the underlying B400 index of 400 stocks. ALPS, headquartered in Denver CO, provides asset servicing and gathering to the financial services industry.[18][19]

External links[edit]


  1. ^Barron's Online Barron's 400 Performance Page MarketWatch Chart B400 vs. S&P500: MarketWatch Chart B400 vs. DJIA: MarketWatch Chart: B400 vs. NASDAQ: Morningstar, Feb. 18, 2013
  2. ^Barron's Focus on Funds, June 4, 2013
  3. ^SEC Filing, Form N-1A, Index Description, Pgs. 6-7, Feb. 8, 2013
  4. ^NYSE/Euronext "Archived copy". Archived from the original on 2013-09-18. Retrieved 2013-07-08.CS1 maint: archived copy as title (link)
  5. ^Dow Jones' Barron's 400 Fact Sheet's_400_Fact_Sheet.pdfArchived 2016-03-04 at the Wayback Machine
  6. ^Barron's Cover Story, Sept. 3, 2007
  7. ^Wall Street Journal B400 Quote, July 22, 2013
  8. ^Barron's Sept. 3, 2007 2012-05-13 at the Wayback Machine
  9. ^, 2007
  10. ^Investor Place, June 12, 2013
  11. ^Barron's B400 Snapshot Page
  12. ^Bloomberg Black[permanent dead link]
  13. ^Wall Street Journal Quote Page
  14. ^ETF Express article on John Prestbo appointment.
  15. ^Institutional Asset Manager, May 29, 2013
  16. ^ETF Database, July 22, 2013
  17. ^ETF Daily News, June 18, 2013
  18. ^Article from ETF Guide on Barron's Online, June 8, 2013 Index Universe, June 4, 2013 ETF Database Baron's 400 ETF
  19. ^NASDAQ Trader, June 4, 2013
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Barron’s 400 – ETF Tracker

ETFs Tracking The Barron’s 400 – ETF List

ETFs tracking the Barron’s 400 are presented in the following table.

ETFs Tracking The Barron’s 400 – ETF Returns

The following table presents historical return data for ETFs tracking the Barron’s 400.

ETFs Tracking The Barron’s 400 – ETF Fund Flow

The table below includes fund flow data for all U.S. listed Highland Capital Management ETFs. Total fund flow is the capital inflow into an ETF minus the capital outflow from the ETF for a particular time period.

Fund Flows in millions of U.S. Dollars.

ETFs Tracking The Barron’s 400 – ETF Expenses

The following table presents expense information for ETFs tracking the Barron’s 400.

ETFs Tracking The Barron’s 400 – ETF Dividends

The following table presents dividend information for ETFs tracking the Barron’s 400, including yield and dividend date.

ETFs Tracking The Barron’s 400 – ETF Holdings

The following table presents holdings data for all ETFs tracking the Barron’s 400. For more detailed holdings data for an ETF click the ‘View’ link in the right column.

ETFs Tracking The Barron’s 400 – ETF Tax Rates

The following table presents sortable tax data for ETFs currently tracking the Barron’s 400.

ETFs Tracking The Barron’s 400 – ETF Technicals

The following table presents certain technical indicators for ETFs tracking the Barron’s 400. To see complete technical metrics click the ‘View’ link in the right column.

ETFs Tracking The Barron’s 400 – ETF Analysis

The following table presents links to in-depth analysis for ETFs tracking the Barron’s 400.

ETFs Tracking The Barron’s 400 – ETF Realtime Ratings

The following table presents a proprietary ETF Database rating for ETFs tracking the Barron’s 400.

Barrons 400 ETF
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"Barron's©" is a service mark of Dow Jones & Company, Inc. and has been licensed to MarketGrader Capital LLC for use with the Barron's 400 Index and sublicensed for certain purposes by ALPS Advisors, Inc. ALPS's Barron's 400SM ETF based on the Barron's 400 IndexSM, is not sponsored, endorsed, sold or promoted by Dow Jones, or its affiliates, and Dow Jones and its affiliates make no representation regarding the advisability of investing in such product.

There are risks involved with investing in ETFs including the loss of money. Additional information regarding the risks of this investment is available in the disclosure.

Diversification does not eliminate the risk of experiencing investment losses.

ETFs are considered to have continuous liquidity because they allow for an individual to trade throughout the day.

Shares are not individually redeemable. Investors buy and sell shares on a secondary market. Only market makers or “authorized participants” may trade directly with the Fund, typically in blocks of 5,000, 25,000 or 50,000 shares.

An investor should consider the investment objectives, risks, charges and expenses carefully before investing. Click the link to obtain a prospectus, which contains this and other information, or call 1.855.724.0450. Read the prospectus carefully before investing.

ALPS Portfolio Solutions Distributor, Inc. is the Distributor for the Barron's 400SM ETF.

ALPS Advisors, Inc., ALPS Distributors, Inc., ALPS Portfolio Solutions Distributor, Inc., and ALPS Fund Services, Inc. are subsidiaries of ALPS Holdings, Inc. ALPS Distributors, Inc. and ALPS Portfolio Solutions Distributor, Inc. are registered broker-dealers and FINRA Members.

© 2013-2021 ALPS Advisors Inc. All rights reserved.

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Base Date

December 31, 1997

No. of Constituents


Minimum Market Cap

USD $250 million

Minimum Liquidity

USD $2 million

Sector Limit

20% (80 companies)

Geographic Exposure

United States

Rebalance Frequency


Underlying Universe

Companies domiciled in the North America, excluding Canada, listed in U.S. exchanges


Related Products

The Barron's 400 ETF (NYSE Arca: BFOR)

Licensing Opportunities

156 Almeria Ave, Suite 201
Coral Gables, Florida 33134 USA
Phone (888) 529-1767
[email protected]


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