First Trust Horizon Managed Volatility Small/Mid ETF
ALTAR
Score™
5.7% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
21.7x P/Sales
ratio
1.2x
P/BV
ratio
2.1x Div.
yield
1.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
HSMV is an active fund of small- and midcap US stocks selected based on volatility forecast.

FUND BASICS
Category US Equities
Fund Sponsor First Trust
Website www.ftportfolios.com
Inception date Apr 06, 2020
Assets (mns) $2
Currency USD
Expense ratio 80 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 150
Wgt avg mkt cap (mns) $3,878
Large cap (>$10bn) 7.5%
Mid cap ($2-10bn) 55.5%
Small cap (<$2bn) 37.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
SPS COMMERCE INC 1.4 %
WEST PHARMACEUTICAL SERVICES 1.3 %
STURM RUGER & CO INC 1.3 %
BJ'S WHOLESALE CLUB HOLDINGS, INC. 1.2 %
BIO-TECHNE CORPORATION 1.2 %
CIENA CORP 1.1 %
HMS HOLDINGS CORP 1.1 %
MURPHY USA, INC. 1.1 %
CENTRAL GARDEN & PET CO 1.1 %
MASIMO CORPORATION 1.1 %
Total 11.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.6 %
PUERTO RICO 0.6 %
BERMUDA 0.4 %








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.
5.0% -- -- -- 5.0%

Market Correlations
versus... Beta R-squared
S&P500 -- --
MSCI EAFE -- --
MSCI Emg. Mkts. -- --

Technical Indicators
Recent close $24.10
30d moving avg. $24.10
Annualized volatility 0.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 41
Turnover 41.0%
Bid/Ask (% of price) 0.21%
ADV underlying (mns) $7,490

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the First Trust Horizon Managed Volatility Small/Mid ETF ETF based on the alternatives' overlap in portfolio holdings with HSMV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: HSMV Expense: 80 bp ALTAR Score™: 5.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH HSMV
Ticker Fund
Name
Overlap1
vs HSMV
(%)
Expense
ratio
(bp)
Savings
vs HSMV
(bp)
ALTAR
Score™
(%)
ALTAR
vs HSMV
(%)
XMLV Invesco S&P MidCap Low Volatility ETF 31.0 25 55 5.6 -0.0
XSLV Invesco S&P SmallCap Low Volatility ETF 30.0 25 55 6.0 +0.4
IVOO Vanguard S&P Mid-Cap 400 ETF 23.4 10 70 6.5 +0.9
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 22.5 15 65 5.0 -0.7
MDY SPDR S&P Midcap 400 ETF Trust 21.8 23 57 6.5 +0.8
IJH iShares Core S&P Mid-Cap ETF 21.8 6 74 6.7 +1.0
SPMD SPDR Portfolio Mid Cap ETF 21.7 5 75 6.7 +1.0
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 21.4 20 60 4.7 -0.9
SMDY Syntax Stratified MidCap ETF 20.9 30 50 6.4 +0.8
IJK iShares S&P Mid-Cap 400 Growth ETF 20.7 24 56 4.9 -0.8
MDYG SPDR S&P 400 Mid Cap Growth ETF 20.6 15 65 5.0 -0.7
AFMC First Trust Active Factor Mid Cap ETF 19.8 65 15 6.4 +0.7
EWMC Invesco S&P MidCap 400 Equal Weight ETF 19.2 40 40 7.3 +1.6
OUSM O'Shares FTSE Russell Small Cap Quality Dividend ETF 18.1 48 32 5.8 +0.1
IVOV Vanguard S&P Mid-Cap 400 Value ETF 18.0 15 65 8.7 +3.0
RWK Invesco S&P MidCap 400 Revenue ETF 17.9 39 41 8.2 +2.5
MDYV SPDR S&P 400 Mid Cap Value ETF 17.5 15 65 8.8 +3.1
IJJ iShares S&P Mid-Cap 400 Value ETF 17.5 25 55 8.7 +3.0
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 16.0 7 73 5.5 -0.1
FSMD Fidelity Small-Mid Factor ETF 15.9 29 51 7.1 +1.4
TPSC Timothy Plan US Small Cap Core ETF 15.6 52 28 8.4 +2.7
EZM WisdomTree U.S. MidCap Earnings Fund 15.2 38 42 9.3 +3.7
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 14.9 30 50 7.9 +2.2
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 14.7 35 45 8.4 +2.7
RNMC Mid Cap US Equity Select ETF 13.9 60 20 7.8 +2.2
VB Vanguard Small-Cap ETF 13.6 5 75 5.4 -0.2
XSHQ Invesco S&P SmallCap Quality ETF 13.5 29 51 6.7 +1.1
ISMD Inspire Small/Mid Cap Impact ETF 13.4 60 20 6.6 +0.9
IJT iShares S&P Small-Cap 600 Growth ETF 13.3 25 55 5.2 -0.5
SLYG SPDR S&P 600 Small Cap Growth ETF 13.3 15 65 5.3 -0.4
VBR Vanguard Small Cap Value Index Fund 13.3 7 73 8.5 +2.8
SPSM SPDR Portfolio Small Cap ETF 13.3 5 75 7.2 +1.6
IJR iShares Core S&P Small Cap ETF 13.3 7 73 7.2 +1.5
SLY SPDR S&P 600 Small Cap ETF 13.3 15 65 7.1 +1.4
VIOG Vanguard S&P Small-Cap 600 Growth ETF 13.2 16 64 5.2 -0.4
VIOO Vanguard S&P Small-Cap 600 ETF 13.0 10 70 7.3 +1.6
SFYX Sofi Next 500 ETF 13.0 0 80 6.0 +0.3
VBK Vanguard Small-Cap Growth Index Fund 12.8 7 73 2.4 -3.2
SCHM Schwab U.S. Mid-Cap ETF 12.7 4 76 6.3 +0.7
ROGS Hartford Multifactor Global Small Cap ETF 12.3 34 46 8.0 +2.4
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 12.2 17 63 5.2 -0.5
JKJ iShares Morningstar Small-Cap ETF 12.1 25 55 6.8 +1.1
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 11.8 40 40 6.2 +0.6
XMMO Invesco S&P MidCap Momentum ETF 11.8 39 41 4.7 -1.0
IJS iShares S&P Small-cap 600 Value ETF 11.8 25 55 9.3 +3.7
PBSM Invesco PureBeta MSCI USA Small Cap ETF 11.7 6 74 5.4 -0.3
SLYV SPDR S&P 600 Small Cap Value ETF 11.7 15 65 9.4 +3.7
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 11.7 40 40 6.8 +1.2
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 11.7 20 60 9.6 +3.9
FNY First Trust Mid Cap Growth AlphaDEX Fund 11.7 70 10 2.1 -3.6
JHSC John Hancock Multifactor Small Cap ETF 11.7 42 38 6.0 +0.3
VIOV Vanguard S&P Small-Cap 600 Value ETF 11.6 15 65 9.8 +4.1
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 11.6 35 45 8.3 +2.6
RNSC Small Cap US Equity Select ETF 11.4 60 20 7.8 +2.1
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 11.2 35 45 5.4 -0.3
PXMV Invesco S&P MidCap Value with Momentum ETF 11.2 39 41 10.3 +4.7
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 11.2 35 45 6.4 +0.8
ONEV SPDR Russell 1000 Low Volatility Focus ETF 11.2 20 60 7.1 +1.5
NUSC Nuveen ESG Small-Cap ETF 11.1 40 40 5.4 -0.2
RFG Invesco S&P Midcap 400 Pure Growth ETF 11.1 35 45 4.0 -1.7
BKSE BNY Mellon US Small Cap Core Equity ETF 10.9 4 76 5.7 +0.1
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 10.9 24 56 7.3 +1.7
FNDA Schwab Fundamental U.S. Small Co. Index ETF 10.9 25 55 6.8 +1.1
FNX First Trust Mid Cap Core AlphaDEX Fund 10.8 61 19 6.4 +0.8
DON WisdomTree U.S. MidCap Dividend Fund 10.7 38 42 7.8 +2.1
PSC Principal U.S. Small Cap Index ETF 10.7 38 42 7.1 +1.5
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 10.4 24 56 6.2 +0.6
SSLY Syntax Stratified SmallCap ETF 10.4 30 50 6.3 +0.6
TPLC Timothy Plan US Large Cap Core ETF 10.4 52 28 5.5 -0.1
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 10.1 29 51 5.7 -0.0
VXF Vanguard Extended Market Index Fund 10.0 7 73 3.8 -1.9
IUSS Invesco Strategic US Small Company ETF 10.0 23 57 5.5 -0.2
EQWM Invesco S&P MidCap Quality ETF 9.9 25 55 6.5 +0.8
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 9.9 12 68 7.9 +2.2
VFMF Vanguard U.S. Multifactor ETF 9.8 19 61 7.3 +1.6
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 9.7 29 51 9.9 +4.2
SCHA Schwab U.S. Small-Cap ETF 9.7 4 76 4.7 -0.9
CALF Pacer US Small Cap Cash Cows 100 ETF 9.7 59 21 13.4 +7.7
DES WisdomTree U.S. SmallCap Dividend Fund 9.7 38 42 8.8 +3.2
RZG Invesco S&P Smallcap 600 Pure Growth ETF 9.6 35 45 6.0 +0.4
SQLV Legg Mason Small-Cap Quality Value 9.4 62 18 8.0 +2.3
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 9.3 17 63 6.4 +0.8
USMF WisdomTree U.S. Multifactor Fund 9.3 28 52 5.5 -0.2
AFSM First Trust Active Factor Small Cap ETF 9.0 75 5 5.7 +0.1
BFOR Barron's 400 ETF 8.9 65 15 6.4 +0.7
SMMD iShares Russell 2500 ETF 8.6 15 65 5.5 -0.2
VUSE Vident Core US Equity Fund 8.6 48 32 8.4 +2.7
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 8.5 38 42 9.2 +3.5
VFMV Vanguard U.S. Minimum Volatility ETF 8.5 13 67 3.9 -1.7
PSCI Invesco S&P SmallCap Industrials ETF 8.4 29 51 6.7 +1.0
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 8.4 39 41 4.2 -1.4
CSB VictoryShares US Small Cap High Dividend Volatility Wtd Idx 8.3 35 45 9.6 +3.9
ONEO SPDR Russell 1000 Momentum Focus ETF 8.3 20 60 6.5 +0.9
CSML IQ Chaikin U.S. Small Cap ETF 8.3 35 45 4.2 -1.4
JHMM John Hancock Multifactor Mid Cap ETF 8.2 42 38 5.8 +0.2
FYC First Trust Small Cap Growth AlphaDEX Fund 8.2 70 10 2.5 -3.2
JKK iShares Morningstar Small-Cap Growth ETF 8.1 30 50 1.1 -4.5
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 8.0 60 20 8.6 +2.9
VFQY Vanguard U.S. Quality Factor ETF 8.0 13 67 6.1 +0.5
FAD First Trust Multi Cap Growth AlphaDEX Fund 8.0 66 14 2.5 -3.1

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:
First Trust Horizon Managed Volatility Small/Mid 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 13.1 %
Divided by: Fwd. P/BV 2.0 x
Less: Expense ratio 80 bp
Equals: ALTAR Score 5.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.59 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.