InfraCap MLP
ALTAR
Score™
5.5% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
10.8x P/Sales
ratio
0.4x
P/BV
ratio
0.7x Div.
yield
10.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
InfraCap Active MLP ETF is an exchange-traded fund incorporated in the USA. The Fund seeks total return primarily through investments in equity securities of publicly-traded master limited partnerships and limited liability companies taxed as partnerships ("MLPs").

FUND BASICS
Category US Equities
Fund Sponsor ETFis Capital LLC
Website
Inception date Oct 02, 2014
Assets (mns) $303
Currency USD
Expense ratio 240 bp
Distributions Quarterly

FUND STRUCTURE
Regulation
Custodian Bank of New York Mellon
Weighting Proprietary
Index replication Not Applicable
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 27
Wgt avg mkt cap (mns) $18,082
Large cap (>$10bn) 32.7%
Mid cap ($2-10bn) 30.9%
Small cap (<$2bn) 36.5%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ENERGY TRANSFER EQUITY LP 14.9 %
MPLX LP 13.1 %
ENTERPRISE PRODUCTS PARTNERS 12.5 %
PLAINS ALL AMER PIPELINE LP 11.6 %
WESTERN GAS EQUITY PARTNERS LP 7.9 %
TALLGRASS ENERGY GP LP CLASS A 6.9 %
BP MIDSTREAM PARTNERS LP 6.5 %
DCP MIDSTREAM PARTNERS LP 6.0 %
MAGELLAN MIDSTREAM PARTNERS 5.9 %
NOBLE MIDSTREAM PARTNERS LP 5.7 %
Total 91.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 125.7 %
BRITAIN 0.8 %









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.
3.0% -16.2% -- -- -14.8%

Market Correlations
versus... Beta R-squared
S&P500 1.49 62%
MSCI EAFE 1.39 46%
MSCI Emg. Mkts. 0.87 30%

Technical Indicators
Recent close $4.13
30d moving avg. $4.46
Annualized volatility 22.8%
Short interest (ETF) 0.6%
Short interest (Underlying) 3.1%
Relative strength (RSI) 32

Liquidity measures
Avg. volume (thou.) 680
Turnover 0.9%
Bid/Ask (% of price) 0.22%
ADV underlying (mns) $2,131

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: AMZA Expense: 240 bp ALTAR Score™: 5.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH AMZA
Ticker Fund
Name
Overlap1
vs AMZA
(%)
Expense
ratio
(bp)
Savings
vs AMZA
(bp)
ALTAR
Score™
(%)
ALTAR
vs AMZA
(%)
AMLP Alerian MLP ETF 83.9 85 155 4.9 -0.6
MLPA Global X MLP 74.8 45 195 5.7 +0.2
ZMLP Direxion Zacks MLP High Income 46.4 65 175 7.2 +1.7
MLPX Global X MLP & Energy Infrastructure 28.8 45 195 4.3 -1.3
ENFR Alerian Energy Infrastructure 28.7 55 185 4.2 -1.3
USAI American Energy Independence 24.9 75 165 2.6 -2.9
EMLP First Trust N. American Energy Infrastructure 23.0 95 145 5.1 -0.4
XLEY Cushing Energy & MLP 22.9 65 175 3.7 -1.8
TPYP Tortoise North American Pipeline 20.7 40 200 4.7 -0.8
XLSY Cushing Energy Supply Chain & MLP 20.5 65 175 5.6 +0.1
XLUY Cushing Utility & MLP 16.5 65 175 4.9 -0.7
XLTY Cushing Transportation & MLP 15.4 65 175 7.9 +2.3
TOLZ ProShares Global Infrastructure 12.3 46 194 5.2 -0.3
FCG First Trust ISE-Revere Natural Gas 9.8 60 180 3.6 -1.9
JHME John Hancock Multifactor Energy 9.1 40 200 3.4 -2.1
VRAI Virtus Real Asset Income ETF 7.4 55 185 8.8 +3.2
FTXN First Trust Nasdaq Oil & Gas 7.3 60 180 2.7 -2.9
VDE Vanguard Energy ETF 7.2 10 230 3.9 -1.6
FENY Fidelity MSCI Energy 7.2 8 232 4.0 -1.5
RYE Invesco S&P Equal Weight Energy ETF 7.2 40 200 3.6 -1.9

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%.

Content on this tab for subscribers only**

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:
InfraCap MLP
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 5.6 %
Divided by: Fwd. P/BV 0.7 x
Less: Expense ratio 240 bp
Equals: ALTAR Score 5.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.47 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.