ALPS Clean Energy
ALTAR
Score™
0.4% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
106.4x P/Sales
ratio
2.3x
P/BV
ratio
2.8x Div.
yield
2.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
ACES tracks an index of US- and Canada-listed companies in the clean energy industry.

FUND BASICS
Category US Equities
Fund Sponsor ALPS
Website www.alpsfunds.com
Inception date Jun 29, 2018
Assets (mns) $137
Currency USD
Expense ratio 65 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 32
Wgt avg mkt cap (mns) $7,697
Large cap (>$10bn) 6.2%
Mid cap ($2-10bn) 56.3%
Small cap (<$2bn) 37.4%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
TESLA MOTORS INC 7.4 %
ENPHASE ENERGY INC 6.0 %
CREE INC 5.1 %
NORTHLAND POWER INC 4.7 %
UNIVERSAL DISPLAY CORP 4.7 %
ORMAT TECHNOLOGIES INC 4.7 %
NEXTERA ENERGY PARTNERS LP 4.7 %
ITRON INC 4.6 %
BROOKFIELD RENEWABLE PARTNERS LP 4.3 %
PATTERN ENERGY GROUP INC 4.3 %
Total 50.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 77.7 %
CANADA 17.6 %
BERMUDA 4.3 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
51.7% 51.7% -- -- 23.4%

Market Correlations
versus... Beta R-squared
S&P500 1.12 86%
MSCI EAFE 1.16 66%
MSCI Emg. Mkts. 0.86 55%

Technical Indicators
Recent close $36.53
30d moving avg. $34.48
Annualized volatility 19.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 88

Liquidity measures
Avg. volume (thou.) 15
Turnover 0.4%
Bid/Ask (% of price) 0.12%
ADV underlying (mns) $5,523

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the ALPS Clean Energy ETF based on the alternatives' overlap in portfolio holdings with ACES. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: ACES Expense: 65 bp ALTAR Score™: 0.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH ACES
Ticker Fund
Name
Overlap1
vs ACES
(%)
Expense
ratio
(bp)
Savings
vs ACES
(bp)
ALTAR
Score™
(%)
ALTAR
vs ACES
(%)
QCLN First Trust NASDAQ Clean Edge Green Energy 50.0 60 5 1.3 +0.8
GEX VanEck Vectors Global Alternative Energy 38.6 63 2 3.5 +3.1
ICLN iShares S&P Global Clean Energy 36.2 46 19 3.4 +2.9
PBW Invesco WilderHill Clean Energy 33.2 70 -5 -1.2 -1.6
XKCP SPDR Kensho Clean Power 28.8 45 20 -9.8 -10.2
TAN Invesco Global Solar Energy 22.4 70 -5 -1.4 -1.8
PBD Invesco Gbl Clean Energy 22.2 75 -10 -1.9 -2.3
YLCO Global X YieldCo & Renewable Energy Income 17.8 65 0 4.2 +3.8
FAN First Trust Global Wind 14.6 60 5 5.1 +4.7
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure 11.5 70 -5 4.7 +4.3
PZD Invesco Cleantech 11.2 68 -3 4.4 +3.9
XSD SPDR S&P Semiconductors 10.5 35 30 4.1 +3.7
GHII Invesco S&P High Income Infrastructure 9.0 45 20 5.2 +4.8
XKST SPDR Kensho Smart Mobility 8.8 45 20 3.8 +3.4
CARZ First Trust NASDAQ Global Auto 7.4 70 -5 14.1 +13.7
LIT Global X Lithium & Battery Tech ETF 7.4 75 -10 4.3 +3.8
ARKQ ARK Industrial Innovation 7.4 75 -10 0.8 +0.4
ARKW ARK Web x.O 7.4 75 -10 -0.8 -1.2
ARKK ARK Innovation 7.4 75 -10 -4.1 -4.6
XKII SPDR Kensho Intelligent Structures 7.2 45 20 6.0 +5.6

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
ALPS Clean Energy
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 3.0 %
Divided by: Fwd. P/BV 2.8 x
Less: Expense ratio 65 bp
Equals: ALTAR Score 0.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.59 CATEGORY
AVERAGE
1.55
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.