Global X S&P 500 Covered Call ETF
ALTAR
Score™
4.7% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
25.6x P/Sales
ratio
2.6x
P/BV
ratio
3.5x Div.
yield
1.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Global X S&P 500 Covered Call ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the S&P 500 Stock Covered Call Index.

FUND BASICS
Category US Equities
Fund Sponsor Exchange Traded Concepts LLC
Website us.horizonsetfs.com
Inception date Jun 21, 2013
Assets (mns) $110
Currency USD
Expense ratio 60 bp
Distributions Monthly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian Citibank NA
Weighting Technical
Index replication Full
Uses derivatives Yes
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 506
Wgt avg mkt cap (mns) $480,806
Large cap (>$10bn) 97.9%
Mid cap ($2-10bn) 2.1%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
APPLE INC 6.8 %
MICROSOFT CORP 6.0 %
AMAZON.COM INC 5.0 %
FACEBOOK 2.5 %
ALPHABET INC. CLASS A 1.8 %
ALPHABET INC. CLASS C 1.8 %
BERKSHIRE HATHAWAY INC-CL B 1.5 %
JOHNSON & JOHNSON 1.4 %
PROCTER & GAMBLE CO/THE 1.3 %
NVIDIA CORP 1.2 %
Total 29.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 101.6 %
IRELAND 1.7 %
BRITAIN 1.1 %
SWITZERLAND 0.4 %
BERMUDA 0.0 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-7.0% -1.8% 7.6% -- 7.2%

Market Correlations
versus... Beta R-squared
S&P500 0.83 88%
MSCI EAFE 0.88 81%
MSCI Emg. Mkts. 0.62 63%

Technical Indicators
Recent close $44.72
30d moving avg. $44.79
Annualized volatility 15.8%
Short interest (ETF) 0.1%
Short interest (Underlying) 2.3%
Relative strength (RSI) 52

Liquidity measures
Avg. volume (thou.) 11
Turnover 0.5%
Bid/Ask (% of price) 0.79%
ADV underlying (mns) $213,279

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Global X S&P 500 Covered Call ETF ETF based on the alternatives' overlap in portfolio holdings with HSPX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: HSPX Expense: 60 bp ALTAR Score™: 4.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH HSPX
Ticker Fund
Name
Overlap1
vs HSPX
(%)
Expense
ratio
(bp)
Savings
vs HSPX
(bp)
ALTAR
Score™
(%)
ALTAR
vs HSPX
(%)
PBP Invesco S&P 500 BuyWrite ETF 101.0 49 11 4.7 0.0
XYLG Global X S&P 500 Covered Call & Growth ETF 100.7 60 0 4.8 +0.0
SPY SPDR S&P 500 ETF Trust 99.5 9 51 5.1 +0.3
IVV iShares Core S&P 500 ETF 99.5 3 57 5.1 +0.4
SPLG SPDR Portfolio Large Cap ETF 99.4 3 57 5.1 +0.4
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 99.3 20 40 5.1 +0.3
SPXE ProShares S&P 500 Ex-Energy ETF 98.6 27 33 5.0 +0.3
VOO VANGUARD S&P 500 ETF 97.9 3 57 5.2 +0.4
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 94.6 7 53 5.0 +0.2
BBUS JP Morgan Betabuilders U.S. Equity ETF 92.9 2 58 5.0 +0.3
PBUS Invesco PureBeta MSCI USA ETF 92.2 4 56 5.0 +0.2
SPTM SPDR Portfolio Total Stock Market ETF 91.7 3 57 5.3 +0.5
VV Vanguard Large-Cap Index Fund 91.4 4 56 5.0 +0.2
SPXN ProShares S&P 500 Ex-Financials ETF 90.9 27 33 4.7 -0.0
SCHX Schwab U.S. Large-Cap ETF 89.9 3 57 4.9 +0.2
SPXV ProShares S&P 500 Ex-Health Care ETF 89.2 27 33 4.8 +0.0
MGC Vanguard Mega Cap Index Fund 88.6 7 53 4.9 +0.2
ESGV Vanguard ESG U.S. Stock ETF 88.4 12 48 4.9 +0.1
SCHK Schwab 1000 Index ETF 87.9 5 55 5.0 +0.2
IWB iShares Russell 1000 ETF 87.8 15 45 4.8 +0.1
IYY iShares Dow Jones U.S. ETF 87.0 20 40 4.8 +0.1
IWL iShares Russell Top 200 ETF 86.1 15 45 4.7 -0.0
CATH Global X S&P 500 Catholic Values Custom ETF 86.1 29 31 4.9 +0.2
VONE Vanguard Russell 1000 ETF 85.9 8 52 4.9 +0.2
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 85.7 20 40 4.7 -0.0
BKLC BNY Mellon US Large Cap Core Equity ETF 84.9 0 60 4.9 +0.2
VTHR Vanguard Russell 3000 Index Fund 83.6 10 50 4.8 +0.1
IWV iShares Russell 3000 ETF 82.6 20 40 4.7 -0.0
SCHB Schwab U.S. Broad Market ETF 82.5 3 57 4.9 +0.1
ITOT iShares Core S&P Total U.S. Stock Market ETF 82.2 3 57 4.8 +0.1
ESGU iShares MSCI USA ESG Optimized ETF 81.7 15 45 4.8 +0.1
VTI Vanguard Total Stock Market Index Fund 79.4 3 57 4.8 +0.1
EFIV SPDR S&P 500 ESG ETF 78.4 10 50 4.9 +0.1
SFY SoFi Select 500 ETF 78.4 0 60 4.9 +0.2
SNPE Xtrackers S&P 500 ESG ETF 78.3 10 50 4.8 +0.1
EPS WisdomTree U.S. Earnings 500 Fund 77.0 8 52 6.2 +1.5
MMTM SPDR S&P 1500 Momentum Tilt ETF 76.9 12 48 4.5 -0.3
IQSU IQ Candriam ESG US Equity ETF 75.9 9 51 4.9 +0.1
SPXT ProShares S&P 500 Ex-Technology ETF 75.1 27 33 5.3 +0.6
JHML John Hancock Multifactor Large Cap ETF 74.9 29 31 5.3 +0.5
VOOG Vanguard S&P 500 Growth ETF 74.4 10 50 4.1 -0.6
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 74.3 9 51 5.3 +0.6
SPYG SPDR Portfolio S&P 500 Growth ETF 73.8 4 56 4.2 -0.6
IVW iShares S&P 500 Growth ETF 73.7 18 42 16.6 +11.9
IUSG iShares Core S&P US Growth ETF 72.5 4 56 4.2 -0.5
XOUT GraniteShares XOUT U.S. Large Cap ETF 69.9 60 0 3.9 -0.8
OEF iShares S&P 100 ETF 69.7 20 40 4.6 -0.1
QUS SPDR MSCI USA StrategicFactors ETF 68.7 15 45 5.6 +0.9
FNDX Schwab Fundamental U.S. Large Co. Index ETF 68.5 25 35 6.5 +1.7
PRF Invesco FTSE RAFI US 1000 ETF 67.0 39 21 6.6 +1.8
KOKU Xtrackers MSCI Kokusai Equity ETF 66.7 9 51 5.5 +0.8
TOK iShares MSCI Kokusai ETF 66.7 25 35 5.4 +0.6
ESG FlexShares STOXX US ESG Impact Index Fund 66.4 32 28 4.9 +0.2
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 66.1 25 35 6.0 +1.3
AVUS Avantis U.S. Equity ETF 66.0 15 45 5.4 +0.6
FNDB Schwab Fundamental U.S. Broad Market Index ETF 65.9 25 35 6.5 +1.8
IUS Invesco Strategic US ETF 63.7 19 41 6.3 +1.5
DIVB iShares U.S. Dividend & Buyback ETF 63.6 25 35 6.6 +1.9
URTH iShares MSCI World ETF 61.9 24 36 5.4 +0.7
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 61.7 15 45 6.0 +1.3
DLN WisdomTree U.S. LargeCap Dividend Fund 61.7 28 32 6.3 +1.5
DTD WisdomTree U.S.Total Dividend Fund 61.3 28 32 6.5 +1.8
IWF iShares Russell 1000 Growth ETF 60.3 19 41 3.6 -1.2
VONG Vanguard Russell 1000 Growth Index Fund 60.0 8 52 3.7 -1.0
VLU SPDR S&P 1500 Value Tilt ETF 59.8 12 48 7.1 +2.3
RWL Invesco S&P 500 Revenue ETF 59.5 39 21 7.0 +2.2
DYNF BlackRock U.S. Equity Factor Rotation ETF 59.0 30 30 6.4 +1.7
VOOV Vanguard S&P 500 Value ETF 58.5 10 50 7.1 +2.4
IVE iShares S&P 500 Value ETF 58.1 18 42 7.0 +2.2
SPYV SPDR Portfolio S&P 500 Value ETF 58.1 4 56 7.1 +2.4
XLG Invesco S&P 500 Top 50 ETF 57.8 20 40 4.3 -0.4
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 57.7 29 31 5.8 +1.0
VUG Vanguard Growth Index Fund 57.5 4 56 3.8 -1.0
IUSV iShares Core S&P U.S. Value ETF 57.1 4 56 7.2 +2.5
VONV Vanguard Russell 1000 Value Index Fund 57.1 8 52 6.8 +2.0
SCHV Schwab U.S. Large-Cap Value ETF 57.1 4 56 6.6 +1.9
IWD iShares Russell 1000 Value ETF 57.0 19 41 6.7 +1.9
NACP Impact Shares NAACP Minority Empowerment ETF 56.4 75 -15 4.6 -0.1
DSI iShares MSCI KLD 400 Social ETF 56.0 25 35 4.9 +0.2
IWY iShares Russell Top 200 Growth ETF 55.6 20 40 3.7 -1.0
EXT WisdomTree U.S. Total Earnings Fund 55.1 28 32 5.3 +0.6
AFLG First Trust Active Factor Large Cap ETF 54.8 55 5 5.2 +0.5
RECS Columbia Research Enhanced Core ETF 54.8 15 45 5.4 +0.7
WOMN Impact Shares YWCA Women's Empowerment ETF 53.9 75 -15 4.1 -0.7
ACWI iShares MSCI ACWI ETF 53.8 32 28 5.6 +0.9
ESGG FlexShares STOXX Global ESG Impact Index Fund 53.7 42 18 5.1 +0.4
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 53.6 49 11 3.9 -0.9
LOWC SPDR MSCI ACWI Low Carbon Target ETF 53.3 20 40 5.8 +1.1
CRBN iShares MSCI ACWI Low Carbon Target ETF 53.1 20 40 5.8 +1.1
SUSL iShares ESG MSCI USA Leaders ETF 52.9 10 50 5.1 +0.4
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 52.8 10 50 5.1 +0.4
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 52.0 19 41 5.8 +1.1
MGK Vanguard Mega Cap Growth ETF 51.5 7 53 3.9 -0.8
QWLD SPDR MSCI World StrategicFactors ETF 51.5 30 30 6.0 +1.2
KRMA Global X Conscious Companies ETF 51.0 43 17 5.0 +0.2
DGRO iShares Core Dividend Growth ETF 50.8 8 52 6.5 +1.7
VEGN US Vegan Climate ETF 50.7 60 0 4.9 +0.1
RSP Invesco S&P 500 Equal Weight ETF 50.5 20 40 6.3 +1.5
SPGM SPDR Portfolio MSCI Global Stock Market ETF 49.9 9 51 5.7 +1.0
QLC FlexShares US Quality Large Cap Index Fund 49.2 32 28 5.0 +0.3

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:
Global X S&P 500 Covered Call 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 16.9 %
Divided by: Fwd. P/BV 3.2 x
Less: Expense ratio 60 bp
Equals: ALTAR Score 4.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.43 CATEGORY
AVERAGE
1.51
 
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.