Core Alternative ETF
ALTAR
Score™		 4.2% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 21.3x P/Sales
ratio		 2.4x
P/BV
ratio		 4.2x Div.
yield		 2.5%


  • 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) $150
Currency USD
Expense ratio 109 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 46
Wgt avg mkt cap (mns) $276,833
Large cap (>$10bn) 100.0%
Mid cap ($2-10bn) 0.0%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
JPMORGAN CHASE & CO 3.0 %
APPLE INC 3.0 %
MORGAN STANLEY 3.0 %
ELI LILLY & CO 2.9 %
ALPHABET INC. CLASS A 2.8 %
MICROSOFT CORP 2.6 %
NORFOLK SOUTHERN CORP 2.6 %
NEXTERA ENERGY GROUP 2.6 %
JOHNSON & JOHNSON 2.6 %
WAL-MART STORES INC 2.5 %
Total 27.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.9 %
IRELAND 2.5 %
BRITAIN 1.8 %








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.
4.0% 4.0% -- -- 5.0%

Market Correlations
versus... Beta R-squared
S&P500 -0.03 1%
MSCI EAFE -0.01 0%
MSCI Emg. Mkts. -0.06 4%

Technical Indicators
Recent close $28.03
30d moving avg. $28.47
Annualized volatility 6.0%
Short interest (ETF) 0.4%
Relative strength (RSI) 46

Liquidity measures
Avg. volume (thou.) 32
Turnover 0.6%
Bid/Ask (% of price) 0.38%
ADV underlying (mns) $49,435

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 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: 109 bp ALTAR Score™: 4.2%


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
(%)
OUSA O'Shares FTSE US Quality Dividend ETF 40.2 48 61 5.5 +1.3
MGV Vanguard Mega Cap Value ETF 38.0 7 102 6.5 +2.2
DGRO iShares Core Dividend Growth ETF 36.2 8 101 6.0 +1.8
USMC Principal U.S. Mega-Cap Multi-Factor Index ETF 34.9 12 97 4.9 +0.7
VYM Vanguard High Dividend Yield Index ETF 34.2 6 103 6.7 +2.4
DLN WisdomTree U.S. LargeCap Dividend Fund 34.1 28 81 6.2 +1.9
PFM Invesco Dividend Achievers ETF 32.6 53 56 5.0 +0.8
VTV Vanguard Value Index Fund 32.1 4 105 6.6 +2.3
JKF iShares Morningstar Large Cap Value ETF 31.8 25 84 6.6 +2.4
DIVB iShares U.S. Dividend & Buyback ETF 31.7 25 84 5.9 +1.7
DTD WisdomTree U.S.Total Dividend Fund 31.7 28 81 6.3 +2.0
XLG Invesco S&P 500 Top 50 ETF 31.6 20 89 4.1 -0.2
ACIO Aptus Collared Income Opportunity ETF 31.5 79 30 3.8 -0.4
EDOW First Trust Dow 30 Equal Weight ETF 30.5 50 59 5.1 +0.9
FMK First Trust Mega Cap AlphaDEX Fund 30.5 70 39 5.0 +0.8
SPQQ Siren Large Cap Blend Index ETF 30.5 20 89 4.2 -0.0
FDLO Fidelity Low Volatility Factor ETF 30.3 29 80 4.9 +0.7
DGRW WisdomTree U.S. Quality Dividend Growth Fund 30.0 28 81 6.0 +1.8
QUS SPDR MSCI USA StrategicFactors ETF 29.9 15 94 5.3 +1.0
OEF iShares S&P 100 ETF 29.9 20 89 4.2 -0.0
IWX iShares Russell Top 200 Value ETF 29.4 20 89 6.1 +1.8
DIA SPDR Dow Jones Industrial Average ETF Trust 29.1 16 93 5.0 +0.7
HDV iShares Core High Dividend ETF 29.1 8 101 6.4 +2.1
QDEF FlexShares Quality Dividend Defensive Index Fund 29.0 37 72 5.5 +1.3
VIG Vanguard Dividend Appreciation Index Fund 28.8 6 103 5.0 +0.8
EPS WisdomTree U.S. Earnings 500 Fund 28.8 8 101 5.9 +1.7
QDF FlexShares Quality Dividend Index Fund 28.6 37 72 5.5 +1.2
NACP Impact Shares NAACP Minority Empowerment ETF 28.6 49 60 4.7 +0.4
FDRR Fidelity Dividend ETF for Rising Rates 28.3 29 80 6.0 +1.7
VOOV Vanguard S&P 500 Value ETF 28.3 10 99 6.6 +2.4
EQWL Invesco Russell Top 200 Equal Weight ETF 28.3 25 84 5.6 +1.4
FLLV Franklin Liberty U.S. Low Volatility ETF 28.2 29 80 4.9 +0.7
FTCS First Trust Capital Strength ETF 27.9 58 51 5.1 +0.8
FQAL Fidelity Quality Factor ETF 27.2 29 80 5.0 +0.7
MGC Vanguard Mega Cap Index Fund 27.1 7 102 4.6 +0.3
IWL iShares Russell Top 200 ETF 27.0 15 94 4.4 +0.2
DIVO Amplify YieldShares CWP Dividend & Option Income ETF 26.9 49 60 4.1 -0.1
USMV iShares Edge MSCI Min Vol USA ETF 26.8 15 94 5.3 +1.1
SPMV Invesco S&P 500 Minimum Variance ETF 26.5 10 99 5.5 +1.2
BKLC BNY Mellon US Large Cap Core Equity ETF 26.4 0 109 4.5 +0.2
FLRG Fidelity U.S. Multifactor ETF 26.2 29 80 5.9 +1.6
XOUT GraniteShares XOUT U.S. Large Cap ETF 26.1 60 49 3.6 -0.7
DJD Invesco Dow Jones Industrial Average Dividend ETF 26.1 7 102 6.4 +2.1
IOO iShares Global 100 ETF 26.0 40 69 4.2 -0.0
ESG FlexShares STOXX US ESG Impact Index Fund 26.0 32 77 4.5 +0.2
FDVV Fidelity Core Dividend ETF 25.9 29 80 6.1 +1.8
ADME Aptus Drawdown Managed Equity ETF 25.7 79 30 3.1 -1.2
SCHV Schwab U.S. Large-Cap Value ETF 25.7 4 105 6.1 +1.8
VSDA VictoryShares Dividend Accelerator ETF 25.6 35 74 4.7 +0.4
RAFE PIMCO RAFI ESG U.S. ETF 25.5 30 79 6.7 +2.5
JCTR JPMorgan Carbon Transition U.S. Equity ETF 25.4 15 94 4.7 +0.4
KNG Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF 25.3 75 34 5.3 +1.0
SPHQ Invesco S&P 500 Quality ETF 25.3 15 94 4.4 +0.2
NOBL ProShares S&P 500 Dividend Aristocrats ETF 25.3 35 74 5.7 +1.5
DSTL Distillate US Fundamental Stability & Value ETF 25.2 39 70 5.7 +1.4
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 25.2 19 90 5.3 +1.0
PWV Invesco Dynamic Large Cap Value ETF 24.9 56 53 6.9 +2.6
QLV FlexShares US Quality Low Volatility Index Fund 24.9 22 87 4.3 +0.1
EFIV SPDR S&P 500 ESG ETF 24.7 10 99 4.6 +0.3
SNPE Xtrackers S&P 500 ESG ETF 24.6 10 99 4.6 +0.3
FNDX Schwab Fundamental U.S. Large Co. Index ETF 24.5 25 84 5.8 +1.5
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 24.3 20 89 4.6 +0.3
FVAL Fidelity Value Factor ETF 24.3 29 80 6.8 +2.6
HDIV QRAFT AI-Enhanced U.S. High Dividend ETF 24.3 75 34 5.3 +1.1
SPYV SPDR Portfolio S&P 500 Value ETF 24.2 4 105 6.4 +2.2
IVE iShares S&P 500 Value ETF 24.2 18 91 6.3 +2.0
PBP Invesco S&P 500 BuyWrite ETF 24.1 49 60 4.3 +0.1
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF 24.1 35 74 6.6 +2.4
ESGV Vanguard ESG U.S. Stock ETF 23.9 12 97 4.5 +0.2
XYLG Global X S&P 500 Covered Call & Growth ETF 23.8 60 49 4.4 +0.2
SPXN ProShares S&P 500 Ex-Financials ETF 23.8 27 82 4.4 +0.1
PRF Invesco FTSE RAFI US 1000 ETF 23.7 39 70 5.8 +1.5
SPY SPDR S&P 500 ETF Trust 23.5 9 100 4.7 +0.4
YLDE ClearBridge Dividend Strategy ESG ETF 23.5 60 49 4.5 +0.2
IVV iShares Core S&P 500 ETF 23.5 3 106 4.7 +0.5
SPLG SPDR Portfolio Large Cap ETF 23.4 3 106 4.7 +0.5
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 23.4 49 60 3.4 -0.8
QUAL iShares MSCI Usa Quality Factor ETF 23.4 15 94 5.0 +0.7
WOMN Impact Shares YWCA Women's Empowerment ETF 23.2 75 34 3.5 -0.8
VOO VANGUARD S&P 500 ETF 23.2 3 106 4.8 +0.6
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 23.1 7 102 4.5 +0.3
HUSV First Trust Horizon Managed Volatility Domestic ETF 23.1 70 39 4.8 +0.6
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 23.0 20 89 4.8 +0.5
RWL Invesco S&P 500 Revenue ETF 23.0 39 70 6.2 +2.0
IQSU IQ Candriam ESG US Equity ETF 23.0 9 100 4.5 +0.3
QDYN FlexShares Quality Dividend Dynamic Index Fund 22.9 37 72 5.3 +1.0
VV Vanguard Large-Cap Index Fund 22.8 4 105 4.6 +0.3
JQUA JPMorgan U.S. Quality Factor ETF 22.8 12 97 5.1 +0.8
SPXE ProShares S&P 500 Ex-Energy ETF 22.8 27 82 4.6 +0.4
IUS Invesco Strategic US ETF 22.8 19 90 5.5 +1.2
JKD iShares Morningstar Large-Cap ETF 22.7 20 89 4.7 +0.5
ESGU iShares MSCI USA ESG Optimized ETF 22.7 15 94 4.4 +0.2
FNDB Schwab Fundamental U.S. Broad Market Index ETF 22.6 25 84 5.7 +1.4
PBUS Invesco PureBeta MSCI USA ETF 22.6 4 105 4.6 +0.3
IUSV iShares Core S&P U.S. Value ETF 22.6 4 105 6.4 +2.2
KVLE KFA Value Liner Dynamic Core Equity Index ETF 22.6 56 53 5.7 +1.4
SPXT ProShares S&P 500 Ex-Technology ETF 22.5 27 82 4.9 +0.6

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

  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:		 Core Alternative ETF
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 20.0 %
Divided by: Fwd. P/BV 3.8 x
Less: Expense ratio 109 bp
Equals: ALTAR Score 4.2 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.53 CATEGORY
AVERAGE		 1.49
 
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.