Core Alternative ETF
ALTAR
Score™		 4.5% info Recommen-
dation		 UNDERWEIGHT
2020E    2021E
P/E
ratio		 19.6x P/Sales
ratio		 2.1x
P/BV
ratio		 3.6x Div.
yield		 2.8%


  • 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 24, 2017
Assets (mns) $131
Currency USD
Expense ratio 123 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 47
Wgt avg mkt cap (mns) $226,396
Large cap (>$10bn) 98.2%
Mid cap ($2-10bn) 1.8%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
APPLE INC 3.3 %
MICROSOFT CORP 3.3 %
ORACLE CORP 2.9 %
JOHNSON & JOHNSON 2.7 %
AIR PRODUCTS & CHEMICALS INC 2.6 %
DOLLAR GENERAL CORP 2.6 %
AT&T INC 2.5 %
PEPSICO INC 2.5 %
WAL-MART STORES INC 2.4 %
ALPHABET INC. CLASS A 2.4 %
Total 27.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 89.3 %
IRELAND 2.1 %
BRITAIN 1.6 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru April 30)
Year-to-date 1 year 5 years 10 years Since Incep.
2.9% 7.6% -- -- 5.8%

Market Correlations
versus... Beta R-squared
S&P500 -0.10 10%
MSCI EAFE -0.12 14%
MSCI Emg. Mkts. -0.10 15%

Technical Indicators
Recent close $27.49
30d moving avg. $28.65
Annualized volatility 5.0%
Short interest (ETF) 0.2%
Relative strength (RSI) 35

Liquidity measures
Avg. volume (thou.) 32
Turnover 0.7%
Bid/Ask (% of price) 0.44%
ADV underlying (mns) $48,451

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 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: 123 bp ALTAR Score™: 4.5%


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
(%)
USMC Principal U.S. Mega-Cap Multi-Factor Index ETF 43.8 12 111 5.0 +0.5
DLN WisdomTree U.S. LargeCap Dividend Fund 38.2 28 95 6.7 +2.2
MGV Vanguard Mega Cap Value ETF 38.0 7 116 7.6 +3.1
OUSA O'Shares FTSE US Quality Dividend ETF 36.5 48 75 5.9 +1.5
VYM Vanguard High Dividend Yield Index ETF 35.4 6 117 7.6 +3.2
DGRO iShares Core Dividend Growth ETF 35.3 8 115 6.9 +2.5
DTD WisdomTree U.S.Total Dividend Fund 35.2 28 95 7.0 +2.5
PFM Invesco Dividend Achievers ETF 35.0 54 69 5.6 +1.2
XLG Invesco S&P 500 Top 50 ETF 34.9 20 103 4.8 +0.3
FDLO Fidelity Low Volatility Factor ETF 34.7 29 94 5.5 +1.0
VTV Vanguard Value Index Fund 34.6 4 119 7.8 +3.3
OEF iShares S&P 100 ETF 33.9 20 103 5.1 +0.6
QUS SPDR MSCI USA StrategicFactors ETF 33.0 15 108 6.1 +1.6
DIVB iShares U.S. Dividend & Buyback ETF 32.8 25 98 6.9 +2.5
ADME Aptus Drawdown Managed Equity ETF 32.3 81 42 3.9 -0.6
ACIO Aptus Collared Income Opportunity ETF 32.1 79 44 4.7 +0.2
EPS WisdomTree U.S. Earnings 500 Fund 31.0 8 115 6.9 +2.4
DGRW WisdomTree U.S. Quality Dividend Growth Fund 30.9 28 95 6.8 +2.4
QUAL iShares MSCI Usa Quality Factor ETF 30.8 15 108 5.7 +1.2
IWL iShares Russell Top 200 ETF 30.6 15 108 5.4 +0.9
FDRR Fidelity Dividend ETF for Rising Rates 30.5 29 94 7.4 +2.9
EDOW First Trust Dow 30 Equal Weight ETF 30.5 50 73 6.2 +1.7
QDEF FlexShares Quality Dividend Defensive Index Fund 30.4 37 86 6.6 +2.1
SCHV Schwab U.S. Large-Cap Value ETF 30.2 4 119 7.6 +3.1
MGC Vanguard Mega Cap Index Fund 29.8 7 116 5.6 +1.1
FQAL Fidelity Quality Factor ETF 29.7 29 94 5.7 +1.2
DJD Invesco Dow Jones Industrial Average Dividend ETF 29.4 7 116 7.0 +2.5
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 29.3 49 74 4.3 -0.2
NACP Impact Shares NAACP Minority Empowerment ETF 29.1 75 48 4.8 +0.4
ESG FlexShares STOXX US ESG Impact Index Fund 29.1 32 91 5.4 +1.0
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 28.9 20 103 5.3 +0.9
QVM Arrow QVM Equity Factor ETF 28.8 65 58 5.4 +0.9
DIA SPDR Dow Jones Industrial Average ETF Trust 28.7 16 107 5.9 +1.5
FNDX Schwab Fundamental U.S. Large Co. Index ETF 28.6 25 98 7.0 +2.6
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF 28.5 35 88 7.0 +2.6
QDF FlexShares Quality Dividend Index Fund 28.5 37 86 7.2 +2.8
EQWL Invesco Russell Top 200 Equal Weight ETF 28.4 25 98 6.4 +2.0
FDVV Fidelity Core Dividend ETF 28.3 29 94 7.9 +3.5
PBP Invesco S&P 500 BuyWrite ETF 28.2 49 74 5.3 +0.8
HSPX Global X S&P 500 Covered Call ETF 28.0 65 58 5.2 +0.7
IUS Invesco Strategic US ETF 27.9 19 104 6.5 +2.1
SPYV SPDR Portfolio S&P 500 Value ETF 27.9 4 119 7.8 +3.3
IVE iShares S&P 500 Value ETF 27.9 18 105 7.7 +3.2
IWX iShares Russell Top 200 Value ETF 27.8 20 103 7.4 +3.0
OMFL Oppenheimer Russell 1000 Dynamic Multifactor ETF 27.8 29 94 4.5 +0.0
VIG Vanguard Dividend Appreciation Index Fund 27.7 6 117 5.5 +1.0
RECS Columbia Research Enhanced Core ETF 27.6 15 108 5.9 +1.5
PRF Invesco FTSE RAFI US 1000 ETF 27.6 39 84 7.4 +2.9
IOO iShares Global 100 ETF 27.6 40 83 5.2 +0.7
VOOV Vanguard S&P 500 Value ETF 27.4 15 108 7.7 +3.2
SPXN ProShares S&P 500 Ex-Financials ETF 27.4 27 96 5.3 +0.9
RAFE PIMCO RAFI ESG U.S. ETF 27.2 29 94 8.3 +3.8
USMV iShares Edge MSCI Min Vol USA ETF 27.0 15 108 6.0 +1.5
SPLG SPDR Portfolio Large Cap ETF 27.0 3 120 5.8 +1.3
SPY SPDR S&P 500 ETF Trust 27.0 9 114 5.7 +1.2
IVV iShares Core S&P 500 ETF 26.9 4 119 5.8 +1.3
FNDB Schwab Fundamental U.S. Broad Market Index ETF 26.9 25 98 7.0 +2.6
SNPE Xtrackers S&P 500 ESG ETF 26.9 11 112 5.4 +1.0
VOO VANGUARD S&P 500 ETF 26.8 3 120 5.8 +1.3
WOMN Impact Shares YWCA Women's Empowerment ETF 26.8 75 48 4.8 +0.4
JKF iShares Morningstar Large Cap Value ETF 26.8 25 98 8.1 +3.6
DIVO Amplify YieldShares CWP Dividend & Option Income ETF 26.8 49 74 5.1 +0.6
FLLV Franklin Liberty U.S. Low Volatility ETF 26.8 29 94 5.9 +1.5
JQUA JPMorgan U.S. Quality Factor ETF 26.7 12 111 5.5 +1.0
HDIV QRAFT AI-Enhanced U.S. High Dividend ETF 26.6 75 48 6.3 +1.9
VV Vanguard Large-Cap Index Fund 26.4 4 119 5.6 +1.2
IUSV iShares Core S&P U.S. Value ETF 26.3 4 119 7.9 +3.4
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 26.2 20 103 5.8 +1.3
PBUS Invesco PureBeta MSCI USA ETF 26.1 4 119 5.7 +1.3
SPXE ProShares S&P 500 Ex-Energy ETF 26.1 27 96 5.7 +1.2
SPHQ Invesco S&P 500 Quality ETF 26.1 15 108 5.3 +0.9
BBUS JP Morgan Betabuilders U.S. Equity ETF 26.0 2 121 5.7 +1.2
QLC FlexShares US Quality Large Cap Index Fund 25.9 32 91 5.9 +1.4
ESGU iShares MSCI USA ESG Optimized ETF 25.6 15 108 5.4 +1.0
FVAL Fidelity Value Factor ETF 25.6 29 94 8.7 +4.3
SCHX Schwab U.S. Large-Cap ETF 25.5 3 120 5.7 +1.2
QDYN FlexShares Quality Dividend Dynamic Index Fund 25.5 37 86 7.2 +2.8
SPTM SPDR Portfolio Total Stock Market ETF 25.4 3 120 5.9 +1.4
SPXT ProShares S&P 500 Ex-Technology ETF 25.3 27 96 6.0 +1.5
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 25.2 19 104 5.9 +1.5
IWB iShares Russell 1000 ETF 25.1 15 108 5.6 +1.1
IQSU IQ Candriam ESG US Equity ETF 25.1 9 114 5.5 +1.0
FMK First Trust Mega Cap AlphaDEX Fund 25.1 70 53 5.5 +1.1
VONE Vanguard Russell 1000 ETF 25.0 8 115 5.7 +1.2
QLV FlexShares US Quality Low Volatility Index Fund 25.0 22 101 5.4 +1.0
SCHK Schwab 1000 Index ETF 24.9 5 118 5.7 +1.2
LVUS Hartford Multifactor Low Volatility US Equity ETF 24.7 19 104 6.4 +1.9
IYY iShares Dow Jones U.S. ETF 24.7 20 103 5.6 +1.1
MMTM SPDR S&P 1500 Momentum Tilt ETF 24.4 12 111 5.2 +0.8
SFY SoFi Select 500 ETF 24.3 0 123 5.6 +1.1
RWL Invesco S&P 500 Revenue ETF 24.3 39 84 7.3 +2.8
FDMO Fidelity Momentum Factor ETF 24.2 29 94 4.0 -0.5
SPXV ProShares S&P 500 Ex-Health Care ETF 24.2 27 96 5.4 +1.0
FTHI First Trust High Income ETF 24.2 85 38 6.0 +1.5
JKD iShares Morningstar Large-Cap ETF 24.0 20 103 6.2 +1.7
IWV iShares Russell 3000 ETF 24.0 20 103 5.4 +1.0
VTI Vanguard Total Stock Market Index Fund 24.0 3 120 5.6 +1.1
SCHB Schwab U.S. Broad Market ETF 24.0 3 120 5.6 +1.2
ITOT iShares Core S&P Total U.S. Stock Market ETF 23.9 3 120 5.6 +1.1
VTHR Vanguard Russell 3000 Index Fund 23.9 10 113 5.5 +1.1

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:

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 19.9 %
Divided by: Fwd. P/BV 3.5 x
Less: Expense ratio 123 bp
Equals: ALTAR Score 4.5 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.55 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.