AlphaClone Alternative Alpha
ALTAR
Score™
3.9% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
27.1x P/Sales
ratio
1.7x
P/BV
ratio
2.2x Div.
yield
0.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The AlphaClone Alternative Alpha ETF seeks to track the price and yield, before fees and expenses, of the AlphaClone Hedge Fund Masters Index.

FUND BASICS
Category US Equities
Fund Sponsor Exchange Traded Concepts LLC
Website www.alphaclonefunds.com
Inception date May 30, 2012
Assets (mns) $23
Currency USD
Expense ratio 65 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian U.S. Bank National Association
Weighting Tiered
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 42
Wgt avg mkt cap (mns) $132,554
Large cap (>$10bn) 63.9%
Mid cap ($2-10bn) 26.5%
Small cap (<$2bn) 9.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MARATHON PETROLEUM 3.2 %
GUIDEWIRE SOFTWARE INC 2.8 %
BANK OF AMERICA CORP 2.8 %
JPMORGAN CHASE & CO 2.7 %
ACADIA HEALTHCARE CO INC 2.7 %
BRINK'S CO/THE 2.7 %
CDW CORP/DE 2.7 %
UNITEDHEALTH GROUP INC 2.7 %
CITIGROUP INC 2.7 %
ZEBRA TECHNOLOGIES CORP-CL A 2.7 %
Total 27.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 90.3 %
CANADA 4.9 %
SWITZERLAND 2.6 %
BRITAIN 2.2 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
32.5% 23.8% 6.8% -- 11.8%

Market Correlations
versus... Beta R-squared
S&P500 1.09 83%
MSCI EAFE 0.91 49%
MSCI Emg. Mkts. 0.64 40%

Technical Indicators
Recent close $57.36
30d moving avg. $55.89
Annualized volatility 14.5%
Short interest (ETF) 0.0%
Relative strength (RSI) 76

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.3%
Bid/Ask (% of price) 0.25%
ADV underlying (mns) $22,915

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: ALFA Expense: 65 bp ALTAR Score™: 3.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH ALFA
Ticker Fund
Name
Overlap1
vs ALFA
(%)
Expense
ratio
(bp)
Savings
vs ALFA
(bp)
ALTAR
Score™
(%)
ALTAR
vs ALFA
(%)
GVIP Goldman Sachs Hedge Industry VIP 29.0 45 20 5.6 +1.7
JKE iShares Morningstar Large Cap Growth 21.7 25 40 4.0 +0.1
XLG Invesco S&P Top 50 21.1 20 45 5.1 +1.2
USMC Principal U.S. Mega-Cap Multi-Factor Index 19.2 12 53 5.7 +1.8
RECS Columbia Research Enhanced Core 19.2 15 50 5.8 +1.9
OEF iShares S&P 100 19.2 20 45 5.5 +1.6
PLC Principal U.S. Large-Cap Multi-Factor Core Index 19.2 15 50 5.4 +1.5
SCHG Schwab U.S. Large-Cap Growth 18.9 4 61 4.9 +1.0
XOUT GraniteShares XOUT US Large Cap 18.6 60 5 5.1 +1.2
PDP Invesco DWA Technical Leaders 18.5 62 3 3.8 -0.1
IWL iShares Russell Top 200 18.4 15 50 5.7 +1.7
TMFC Motley Fool 100 Index 18.3 50 15 4.3 +0.4
MGK Vanguard Mega Cap 300 Growth 18.3 7 58 5.0 +1.0
IWY iShares Russell Top 200 Growth 18.2 20 45 5.0 +1.1
FDMO Fidelity Momentum Factor 18.1 29 36 4.1 +0.2
MGC Vanguard Mega Cap 300 ETF 17.6 7 58 5.8 +1.9
FVAL Fidelity Value Factor 17.3 29 36 8.1 +4.2
PRID InsightShares LGBT Employment Equality 17.3 65 0 5.7 +1.8
VUG Vanguard Growth ETF 17.2 4 61 4.8 +0.9
JUST Goldman Sachs JUST U.S. Large Cap Equity 17.2 20 45 5.6 +1.7

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:
AlphaClone Alternative Alpha
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.1 %
Divided by: Fwd. P/BV 2.0 x
Less: Expense ratio 65 bp
Equals: ALTAR Score 3.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.42 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.