Core Alternative ETF
ALTAR
Score™		 4.8% info Recommen-
dation		 UNDERWEIGHT
2024E    2025E
P/E
ratio		 19.6x P/Sales
ratio		 3.1x
P/BV
ratio		 3.6x Div.
yield		 2.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
CCOR is an actively managed ETF that seeks capital appreciation and preservation with low correlation to the broad US equity market. The fund primarily holds dividend-paying large-cap stocks with an option collar overlay.

FUND BASICS
Category US Equities
Fund Sponsor Core Alternative Capital
Website corealtfunds.com
Inception date May 23, 2017
Assets (mns) $105
Currency USD
Expense ratio 107 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Proprietary
Index replication
Uses derivatives Yes
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 38
Wgt avg mkt cap (mns) $458,665
Large cap (>$10bn) 98.8%
Mid cap ($2-10bn) 1.2%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MORGAN STANLEY 3.6 %
MICROSOFT CORP 3.5 %
ALPHABET INC. CLASS A 3.4 %
FISERV, INC. 3.4 %
EMERSON ELECTRIC CO 3.2 %
AIR PRODUCTS & CHEMICALS INC 3.1 %
WAL-MART STORES INC 3.1 %
JPMORGAN CHASE & CO 3.0 %
PAYCHEX INC 2.9 %
WASTE MANAGEMENT INC 2.9 %
Total 32.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 90.1 %
SWITZERLAND 2.8 %
IRELAND 2.6 %
BRITAIN 2.0 %
NETHERLANDS 1.7 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-1.4% -1.4% 0.8% -- 2.1%

Market Correlations
versus... Beta R-squared
S&P500 0.17 10%
MSCI EAFE 0.22 16%
MSCI Emg. Mkts. 0.09 3%

Technical Indicators
Recent close $25.60
30d moving avg. $26.41
Annualized volatility 9.5%
Short interest (ETF) 0.1%
Short interest (Underlying) 1.0%
Relative strength (RSI) 45

Liquidity measures
Avg. volume (thou.) 11
Turnover 0.3%
Bid/Ask (% of price) 0.32%
ADV underlying (mns) $40,810

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 34 potential alternatives to the Core Alternative ETF ETF based on the alternatives' overlap in portfolio holdings with CCOR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: CCOR Expense: 107 bp ALTAR Score™: 4.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH CCOR
Ticker Fund
Name		 Overlap1
vs CCOR
(%)		 Expense
ratio
(bp)		 Savings
vs CCOR
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs CCOR
(%)
SIXH ETC 6 Meridian Hedged Equity Index Option ETF 27.1 82 25 5.8 +1.1
DJIA Global X Dow 30 Covered Call ETF 26.4 60 47 4.7 -0.0
DYLG Global X Dow 30 Covered Call & Growth ETF 26.3 60 47 4.8 +0.1
XYLE Global X S&P 500 ESG Covered Call ETF 25.6 60 47 4.7 -0.1
EFIV SPDR S&P 500 ESG ETF 25.2 10 97 5.1 +0.4
DIVO Amplify CWP Enhanced Dividend Income ETF 24.5 55 52 5.5 +0.8
ACIO Aptus Collared Investment Opportunity ETF 23.5 79 28 4.1 -0.7
KNG FT Vest S&P 500 Dividend Aristocrats Target Income ETF 21.9 75 32 5.7 +0.9
PBP Invesco S&P 500 BuyWrite ETF 21.3 49 58 4.5 -0.3
XRMI Global X S&P 500 Risk Managed Income ETF 21.2 60 47 4.4 -0.4
XYLD Global X S&P 500 Covered Call ETF 21.2 60 47 4.3 -0.5
SFLR Innovator Equity Managed Floor ETF 21.1 89 18 4.1 -0.7
XYLG Global X S&P 500 Covered Call & Growth ETF 21.0 60 47 4.4 -0.4
XCLR Global X S&P 500 Collar 95-110 ETF 20.8 25 82 5.0 +0.2
XTR Global X S&P 500 Tail Risk ETF 20.8 26 81 5.0 +0.2
FTHI First Trust BuyWrite Income ETF 18.8 75 32 4.8 -0.0
GARP iShares MSCI USA Quality GARP ETF 15.3 15 92 4.8 +0.1
QYLD Global X NASDAQ 100 Covered Call ETF 13.7 60 47 4.1 -0.7
QRMI Global X NASDAQ 100 Risk Managed Income ETF 13.7 60 47 4.0 -0.8
NUSI Nationwide Nasdaq-100 Risk-Managed Income ETF 13.5 68 39 4.0 -0.8
QYLG Global X Nasdaq 100 Covered Call & Growth ETF 13.5 60 47 4.1 -0.7
QCLR Global X NASDAQ 100 Collar 95-110 ETF 13.4 25 82 4.4 -0.4
QTR Global X NASDAQ 100 Tail Risk ETF 13.3 26 81 4.4 -0.4
FTQI First Trust Nasdaq BuyWrite Income ETF 13.1 75 32 3.4 -1.4
QYLE Global X Nasdaq 100 ESG Covered Call ETF 12.9 60 47 4.2 -0.6
MMLG First Trust Multi-Manager Large Growth ETF 11.2 85 22 1.9 -2.9
HYLG Global X Health Care Covered Call & Growth ETF 10.9 60 47 7.2 +2.5
JEPQ J.P. Morgan Nasdaq Equity Premium Income ETF 10.5 35 72 4.4 -0.4
TYLG Global X Information Technology Covered Call & Growth ETF 8.4 60 47 4.6 -0.2
FYLG Global X Financials Covered Call & Growth ETF 6.7 60 47 4.9 +0.1
THNQ ROBO Global Artificial Intelligence ETF 6.6 68 39 1.4 -3.4
LCG Sterling Capital Focus Equity ETF 3.5 59 48 3.6 -1.2
XVOL Acruence Active Hedge U.S. Equity ETF 3.2 83 24 5.1 +0.3
IDVO Amplify International Enhanced Dividend Income ETF 1.2 65 42 7.3 +2.5

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

  2019 2020 2021 2022 2023 2024E 2025E
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
  2023 2024E 2025E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Core Alternative ETF
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 19.0 %
Divided by: Fwd. P/BV 3.2 x
Less: Expense ratio 107 bp
Equals: ALTAR Score 4.8 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.62 CATEGORY
AVERAGE		 1.58
 
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.