AlphaClone Alternative Alpha ETF
ALTAR
Score™
3.4% info Recommen-
dation
AVOID
2020E    2021E
P/E
ratio
37.1x P/Sales
ratio
2.9x
P/BV
ratio
4.9x Div.
yield
0.7%


  • 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 31, 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 38
Wgt avg mkt cap (mns) $271,541
Large cap (>$10bn) 90.9%
Mid cap ($2-10bn) 9.1%
Small cap (<$2bn) 0.0%
Developed mkts 97.3%
Emerging mkts 2.7%

TOP TEN HOLDINGS
CARVANA CO. CLASS A 3.5 %
ETSY, INC. 3.5 %
AMAZON.COM INC 3.0 %
ADOBE SYSTEMS INC 2.9 %
APPLE INC 2.9 %
PAYPAL HOLDINGS INC 2.9 %
CREDIT ACCEPTANCE CORP 2.9 %
MICROSOFT CORP 2.9 %
VEEVA SYSTEMS INC-CLASS A 2.8 %
GUIDEWIRE SOFTWARE INC 2.8 %
Total 30.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 89.2 %
CANADA 5.3 %
BRITAIN 2.8 %
CHINA 2.8 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-3.1% 8.5% 4.9% -- 11.0%

Market Correlations
versus... Beta R-squared
S&P500 1.21 91%
MSCI EAFE 1.18 75%
MSCI Emg. Mkts. 0.85 62%

Technical Indicators
Recent close $57.63
30d moving avg. $56.08
Annualized volatility 21.4%
Short interest (ETF) 0.0%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.3%
Bid/Ask (% of price) 0.26%
ADV underlying (mns) $69,905

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the AlphaClone Alternative Alpha ETF 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™: 3.4%


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
(%)
USMC Principal U.S. Mega-Cap Multi-Factor Index ETF 31.1 12 53 4.9 +1.4
GVIP Goldman Sachs Hedge Industry VIP ETF 31.0 45 20 4.7 +1.3
XLG Invesco S&P 500 Top 50 ETF 28.5 20 45 4.5 +1.1
JKE iShares Morningstar Large-Cap Growth ETF 28.2 25 40 2.9 -0.6
OEF iShares S&P 100 ETF 27.2 20 45 4.8 +1.4
IWY iShares Russell Top 200 Growth ETF 27.0 20 45 4.2 +0.7
JOYY Infusive Compounding Global Equities ETF 27.0 50 15 3.8 +0.4
VOOG Vanguard S&P 500 Growth ETF 26.9 10 55 4.3 +0.9
SPYG SPDR Portfolio S&P 500 Growth ETF 26.8 4 61 4.4 +0.9
IVW iShares S&P 500 Growth ETF 26.8 18 47 4.2 +0.8
ADME Aptus Drawdown Managed Equity ETF 26.6 81 -16 3.6 +0.2
IUSG iShares Core S&P US Growth ETF 26.3 4 61 4.4 +1.0
SPMO Invesco S&P 500 Momentum ETF 26.0 13 52 4.4 +1.0
XOUT GraniteShares XOUT U.S. Large Cap ETF 25.7 60 5 4.4 +1.0
IWF iShares Russell 1000 Growth ETF 25.5 19 46 4.2 +0.8
SCHG Schwab U.S. Large-Cap Growth ETF 25.4 4 61 4.2 +0.7
HIPR Direxion High Growth ETF 25.1 40 25 2.9 -0.6
TECB iShares US Tech Breakthrough Multisector ETF 25.1 40 25 4.0 +0.6
IGM iShares Expanded Tech Sector ETF 25.1 46 19 3.8 +0.4
MGK Vanguard Mega Cap Growth ETF 25.1 7 58 4.2 +0.8
TMFC Motley Fool 100 Index ETF 24.9 50 15 3.8 +0.4
IWL iShares Russell Top 200 ETF 24.6 15 50 5.1 +1.7
BKLC BNY Mellon US Large Cap Core Equity ETF 24.5 0 65 5.3 +1.9
VONG Vanguard Russell 1000 Growth Index Fund 24.2 8 57 4.3 +0.9
MGC Vanguard Mega Cap Index Fund 24.1 7 58 5.3 +1.9
SPXN ProShares S&P 500 Ex-Financials ETF 24.0 27 38 5.0 +1.6
VUG Vanguard Growth Index Fund 24.0 4 61 4.1 +0.7
IETC iShares Evolved U.S. Technology ETF 24.0 18 47 3.8 +0.4
BVAL Brand Value ETF 23.9 65 0 6.2 +2.8
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 23.8 20 45 5.0 +1.6
SYG SPDR MFS Systematic Growth Equity ETF 23.7 60 5 4.3 +0.9
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 23.6 15 50 6.3 +2.8
ACIO Aptus Collared Income Opportunity ETF 23.5 79 -14 4.4 +1.0
SPXV ProShares S&P 500 Ex-Health Care ETF 23.5 27 38 5.1 +1.6
NACP Impact Shares NAACP Minority Empowerment ETF 23.4 75 -10 4.6 +1.2
LRGE ClearBridge Large Cap Growth ESG ETF 23.3 59 6 3.8 +0.4
IQSU IQ Candriam ESG US Equity ETF 23.3 9 56 5.1 +1.7
SPXE ProShares S&P 500 Ex-Energy ETF 23.2 27 38 5.4 +2.0
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 23.0 20 45 5.4 +2.0
PBP Invesco S&P 500 BuyWrite ETF 23.0 49 16 5.0 +1.6
QLV FlexShares US Quality Low Volatility Index Fund 22.9 22 43 4.9 +1.5
WOMN Impact Shares YWCA Women's Empowerment ETF 22.8 75 -10 4.6 +1.2
SPY SPDR S&P 500 ETF Trust 22.8 9 56 5.4 +2.0
HSPX Global X S&P 500 Covered Call ETF 22.7 65 0 4.9 +1.5
SPLG SPDR Portfolio Large Cap ETF 22.7 3 62 5.5 +2.0
IVV iShares Core S&P 500 ETF 22.7 4 61 5.5 +2.0
ECOZ TrueMark ESG Active Opportunities ETF 22.7 58 7 4.4 +1.0
VOO VANGUARD S&P 500 ETF 22.7 3 62 5.5 +2.1
QUAL iShares MSCI Usa Quality Factor ETF 22.6 15 50 5.4 +2.0
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 22.6 7 58 5.3 +1.8
VEGN US Vegan Climate ETF 22.6 60 5 5.2 +1.8
VV Vanguard Large-Cap Index Fund 22.4 4 61 5.3 +1.9
BBUS JP Morgan Betabuilders U.S. Equity ETF 22.3 2 63 5.4 +1.9
SNPE Xtrackers S&P 500 ESG ETF 22.3 11 54 5.2 +1.7
NUSI Nationwide Risk-Managed Income ETF 22.2 68 -3 3.5 +0.0
FDMO Fidelity Momentum Factor ETF 22.2 29 36 3.9 +0.5
FDLO Fidelity Low Volatility Factor ETF 22.2 29 36 5.2 +1.7
PWB Invesco Dynamic Large Cap Growth ETF 22.2 55 10 3.4 -0.0
QYLD Global X NASDAQ 100 Covered Call ETF 22.2 60 5 3.5 +0.1
PDP Invesco DWA Momentum ETF 22.2 62 3 2.8 -0.7
PBUS Invesco PureBeta MSCI USA ETF 22.1 4 61 5.3 +1.9
JQUA JPMorgan U.S. Quality Factor ETF 22.0 12 53 5.3 +1.8
ESGU iShares MSCI USA ESG Optimized ETF 22.0 15 50 5.2 +1.7
SCHX Schwab U.S. Large-Cap ETF 22.0 3 62 5.3 +1.9
QQQ Invesco QQQ Trust 21.9 20 45 3.9 +0.5
SPTM SPDR Portfolio Total Stock Market ETF 21.7 3 62 5.6 +2.2
MMTM SPDR S&P 1500 Momentum Tilt ETF 21.7 12 53 5.0 +1.6
VONE Vanguard Russell 1000 ETF 21.6 8 57 5.3 +1.9
SCHK Schwab 1000 Index ETF 21.6 5 60 5.3 +1.9
IWB iShares Russell 1000 ETF 21.5 15 50 5.2 +1.8
ESGV Vanguard ESG U.S. Stock ETF 21.5 12 53 5.2 +1.8
RECS Columbia Research Enhanced Core ETF 21.5 15 50 5.7 +2.3
IYY iShares Dow Jones U.S. ETF 21.5 20 45 5.2 +1.8
EXT WisdomTree U.S. Total Earnings Fund 21.3 28 37 5.3 +1.9
QUS SPDR MSCI USA StrategicFactors ETF 21.2 15 50 5.9 +2.5
QLC FlexShares US Quality Large Cap Index Fund 21.2 32 33 5.4 +2.0
DSI iShares MSCI KLD 400 Social ETF 21.1 25 40 5.2 +1.7
SFY SoFi Select 500 ETF 21.0 0 65 5.3 +1.9
FQAL Fidelity Quality Factor ETF 21.0 29 36 5.5 +2.1
ESG FlexShares STOXX US ESG Impact Index Fund 21.0 32 33 5.1 +1.7
SCHB Schwab U.S. Broad Market ETF 20.9 3 62 5.3 +1.9
VTI Vanguard Total Stock Market Index Fund 20.9 3 62 5.2 +1.8
VTHR Vanguard Russell 3000 Index Fund 20.9 10 55 5.2 +1.8
ITOT iShares Core S&P Total U.S. Stock Market ETF 20.8 3 62 5.2 +1.8
IWV iShares Russell 3000 ETF 20.8 20 45 5.1 +1.7
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 20.6 10 55 5.3 +1.9
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 20.6 9 56 5.6 +2.2
SUSL iShares ESG MSCI USA Leaders ETF 20.6 10 55 5.3 +1.9
MTUM iShares Edge MSCI USA Momentum Factor ETF 20.3 15 50 4.2 +0.8
CACG ClearBridge All Cap Growth ETF 20.2 54 11 4.4 +1.0
YLDE ClearBridge Dividend Strategy ESG ETF 20.2 60 5 5.0 +1.6
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 20.1 19 46 5.7 +2.3
JMOM JPMorgan U.S. Momentum Factor ETF 20.1 12 53 3.9 +0.5
SFYF SoFi 50 ETF 19.9 29 36 5.4 +2.0
ONEQ Fidelity Nasdaq Composite Index Tracking Stock 19.8 21 44 3.0 -0.5
FVAL Fidelity Value Factor ETF 19.7 29 36 8.1 +4.7
CATH Global X S&P 500 Catholic Values Custom ETF 19.7 29 36 5.3 +1.8
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 19.7 49 16 4.1 +0.7
EPS WisdomTree U.S. Earnings 500 Fund 19.7 8 57 6.5 +3.1
MILN Global X Millennials Thematic ETF 19.5 50 15 2.5 -0.9

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

  2015 2016 2017 2018 2019 2020E 2021E
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

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VALUATION METRICS
  2019 2020E 2021E
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 ETF
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 18.7 %
Divided by: Fwd. P/BV 4.6 x
Less: Expense ratio 65 bp
Equals: ALTAR Score 3.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.41 CATEGORY
AVERAGE
1.52
 
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.