Looking only at the fundamentals of the portfolio, this appears to be the most attractive U.S. ETFs around. Valuation metrics such as price to earnings, price to book, and price to cash flow are significantly more favourable than either the iShares Core S&P 500 Index ETF (TSX: XSP), or the Vanguard U.S. Total Market Index ETF (TSX: VUS). This is not particularly surprising, given the methodology used to select and weight the stocks. Tracking an index constructed by Research Affiliates, it holds the top 1000 U.S. listed companies as ranked by three factors; total cash dividends, free cash flow, and total sales. It also considers book value in the ratings. What this fails to consider is earnings growth, and when this is taken into account, the other two ETFs on the Focus List look to be more attractive. Further, I had hoped the fundamental methodology would result in better risk measures, but unfortunately that has not played out as expected, as its volatility and down capture measures are in line with the others. While I like the theory of the construction methodology used for this ETF, I prefer the more cost effective cap weighted options XSP or VUS at the moment.