Legg Mason Global Infrastructure ETF
ALTAR
Score™
6.0% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
19.9x P/Sales
ratio
1.7x
P/BV
ratio
1.8x Div.
yield
3.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Legg Mason Global Infrastructure ETF tracks an index of global infrastructure firms, selected for yield and cash flow. Holdings are weighted by a combination of market cap, infrastructure exposure, low volatility, and economic indicators.

FUND BASICS
Category Global Equities
Fund Sponsor Legg Mason
Website www.leggmasonetf.com
Inception date Dec 29, 2016
Assets (mns) $8
Currency USD
Expense ratio 40 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 96
Wgt avg mkt cap (mns) $42,568
Large cap (>$10bn) 84.3%
Mid cap ($2-10bn) 15.5%
Small cap (<$2bn) 0.2%
Developed mkts 96.9%
Emerging mkts 3.1%

TOP TEN HOLDINGS
IBERDROLA SA 5.5 %
UNION PACIFIC CORP 5.3 %
CROWN CASTLE INTL CORP 5.0 %
ENEL SPA 4.9 %
ENBRIDGE INC 4.4 %
NATIONAL GRID PLC 4.1 %
CSX CORP 3.7 %
NORFOLK SOUTHERN CORP 3.4 %
DOMINION RESOURCES INC/VA 3.1 %
TRANSCANADA CORP 3.0 %
Total 42.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 39.1 %
CANADA 10.9 %
SPAIN 9.2 %
JAPAN 8.6 %
ITALY 7.3 %
BRITAIN 6.6 %
HONG KONG 3.6 %
AUSTRALIA 2.2 %
FRANCE 2.1 %
GERMANY 1.7 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-11.6% -6.0% -- -- 5.6%

Market Correlations
versus... Beta R-squared
S&P500 0.61 58%
MSCI EAFE 0.70 64%
MSCI Emg. Mkts. 0.47 46%

Technical Indicators
Recent close $28.25
30d moving avg. $27.58
Annualized volatility 13.9%
Short interest (ETF) 0.8%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.3%
Bid/Ask (% of price) 2.34%
ADV underlying (mns) $7,997

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Legg Mason Global Infrastructure ETF ETF based on the alternatives' overlap in portfolio holdings with INFR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: INFR Expense: 40 bp ALTAR Score™: 6.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH INFR
Ticker Fund
Name
Overlap1
vs INFR
(%)
Expense
ratio
(bp)
Savings
vs INFR
(bp)
ALTAR
Score™
(%)
ALTAR
vs INFR
(%)
JXI iShares Global Utilities ETF 46.6 46 -6 5.8 -0.3
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 37.1 47 -7 6.2 +0.2
GII SPDR S&P Global Infrastructure ETF 36.5 40 0 5.4 -0.6
IGF iShares Global Infrastructure ETF 36.4 46 -6 5.4 -0.7
GLIF AGFiQ Global Infrastructure ETF 32.5 45 -5 5.2 -0.9
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 30.8 46 -6 5.3 -0.8
FUTY Fidelity MSCI Utilities Index ETF 18.6 8 32 5.6 -0.4
VPU Vanguard Utilities Index Fund 18.6 10 30 5.6 -0.5
IDU iShares U.S. Utilities ETF 18.3 43 -3 5.4 -0.7
RYU Invesco S&P 500 Equal Weight Utilities ETF 18.0 40 0 6.0 -0.0
XLU Utilities Select Sector SPDR Fund 18.0 13 27 5.6 -0.4
JHMU John Hancock Multifactor Utilities ETF 17.9 40 0 5.9 -0.1
EMLP First Trust North American Energy Infrastructure Fund 16.3 96 -56 5.1 -1.0
FXU First Trust Utilities AlphaDEX Fund 15.5 63 -23 5.9 -0.2
IFRA iShares U.S. Infrastructure ETF 15.3 40 0 5.5 -0.5
IYT iShares Transportation Average ETF 13.6 42 -2 4.3 -1.7
DWX SPDR S&P International Dividend ETF 12.9 45 -5 7.6 +1.5
PUI Invesco DWA Utilities Momentum ETF 12.8 60 -20 4.7 -1.4
TPHD Timothy Plan High Dividend Stock ETF 12.6 52 -12 7.2 +1.2
HDEF Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF 12.3 20 20 9.4 +3.4
NLR VanEck Vectors Uranium+Nuclear Energy ETF 12.1 61 -21 9.6 +3.6
FAN First Trust Global Wind Energy ETF 11.3 62 -22 5.2 -0.8
LSLT Salt Low truBeta US Market ETF 11.1 29 11 5.8 -0.2
XLI Industrial Select Sector SPDR Fund 10.9 13 27 5.3 -0.8
IDHD Invesco S&P Intl Developed High Dividend Low Volatility ETF 10.9 30 10 8.5 +2.5
AMCA iShares Russell 1000 Pure U.S. Revenue ETF 10.8 15 25 6.5 +0.5
QCAN SPDR MSCI Canada Quality Mix ETF 10.8 14 26 6.7 +0.7
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 10.7 35 5 8.2 +2.2
DURA VanEck Vectors Morningstar Durable Dividend ETF 10.6 29 11 6.8 +0.8
BBCA JPMorgan BetaBuilders Canada ETF 10.5 19 21 6.7 +0.7
PAVE Global X U.S. Infrastructure Development ETF 10.4 47 -7 5.2 -0.9
IDMO Invesco S&P International Developed Momentum ETF 10.4 26 14 4.4 -1.6
TPYP Tortoise North American Pipeline Fund 10.3 40 0 5.6 -0.5
EWC iShares MSCI Canada ETF 10.2 49 -9 6.5 +0.4
CDC VictoryShares US EQ Income Enhanced Volatility Wtd Index ETF 10.0 35 5 8.3 +2.2
DHS WisdomTree U.S. High Dividend Fund 9.9 38 2 8.4 +2.4
SPHD Invesco S&P 500 High Dividend Low Volatility ETF 9.9 30 10 9.1 +3.1
JDIV JPMorgan U.S. Dividend ETF 9.8 12 28 7.5 +1.5
IXC iShares Global Energy ETF 9.8 46 -6 5.9 -0.2
ENFR Alerian Energy Infrastructure ETF 9.8 65 -25 4.8 -1.3
USAI Pacer American Energy Independence ETF 9.8 75 -35 3.3 -2.7
MLPX Global X MLP & Energy Infrastructure ETF 9.8 45 -5 3.2 -2.9
ECLN First Trust EIP Carbon Impact ETF 9.7 96 -56 3.4 -2.7
DTH WisdomTree DEFA Equity Income Fund 9.6 58 -18 9.6 +3.5
FLCA Franklin FTSE Canada ETF 9.6 9 31 6.9 +0.9
LVHI Legg Mason International Low Volatility High Dividend ETF 9.6 40 0 9.0 +3.0
BIBL Inspire ETF 9.6 35 5 4.7 -1.3
LVHD Legg Mason Low Volatility High Dividend ETF 9.6 27 13 8.0 +1.9
FDL First Trust Morningstar Dividend Leaders Index Fund 9.4 45 -5 9.8 +3.8
DVY iShares Select Dividend ETF 9.4 39 1 9.2 +3.1
IDV iShares International Select Dividend ETF 9.4 49 -9 10.0 +4.0
JMIN JPMorgan U.S. Minimum Volatility ETF 9.4 12 28 5.3 -0.8
DEW WisdomTree Global High Dividend Fund 9.3 58 -18 9.1 +3.0
DOO WisdomTree International Dividend ex-Financials Fund 9.3 58 -18 8.6 +2.6
EWP iShares MSCI Spain ETF 9.2 50 -10 8.7 +2.7
EUMV iShares Edge MSCI Min Vol Europe ETF 9.1 25 15 5.0 -1.1
SPYD SPDR S&P 500 High Dividend ETF 9.0 7 33 10.9 +4.8
DTN WisdomTree U.S. Dividend ex-Financials Fund 8.9 38 2 7.6 +1.6
XTN SPDR S&P Transportation ETF 8.9 35 5 4.6 -1.5
UTES Virtus Reaves Utilities ETF 8.9 49 -9 4.5 -1.6
OEUR O'shares FTSE Europe Quality Dividend ETF 8.7 48 -8 6.6 +0.5
FIDU Fidelity MSCI Industrials Index ETF 8.7 8 32 5.4 -0.7
VGFO Virtus WMC Global Factor Opportunities ETF 8.7 49 -9 7.8 +1.7
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 8.6 20 20 10.8 +4.8
JKI iShares Morningstar Mid-Cap Value ETF 8.6 30 10 8.6 +2.6
EFAV iShares Edge MSCI Min Vol EAFE ETF 8.5 20 20 5.4 -0.6
REVS Columbia Research Enhanced Value ETF 8.4 19 21 7.2 +1.1
VIS Vanguard Industrials Index Fund 8.4 10 30 5.3 -0.8
JPIN JPMorgan Diversified Return International Equity ETF 8.4 37 3 7.8 +1.8
FVD First Trust Value Line Dividend Index Fund 8.4 70 -30 6.1 +0.0
GVAL Cambria Global Value ETF 8.2 69 -29 11.2 +5.2
CID VictoryShares Intl High Dividend Volatility Wtd Index ETF 8.2 45 -5 9.8 +3.7
DIVO Amplify YieldShares CWP Dividend & Option Income ETF 8.2 49 -9 4.3 -1.8
FTXR First Trust Nasdaq Transportation ETF 8.2 60 -20 5.4 -0.7
DIM WisdomTree International MidCap Dividend Fund 7.7 58 -18 7.5 +1.5
EXI iShares Global Industrials ETF 7.7 46 -6 5.6 -0.4
MAGA Point Bridge GOP Stock Tracker ETF 7.6 72 -32 6.1 +0.1
WDIV SPDR Global Dividend ETF 7.6 40 0 9.4 +3.3
VETS Pacer Military Times Best Employers ETF 7.5 60 -20 6.6 +0.6
FTA First Trust Large Cap Value AlphaDEX Fund 7.3 60 -20 8.9 +2.8
FLIY Franklin FTSE Italy ETF 7.3 9 31 7.5 +1.5
FID First Trust S&P International Dividend Aristocrats ETF 7.3 60 -20 9.3 +3.2
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 7.2 32 8 6.3 +0.2
EFV iShares MSCI EAFE Value ETF 7.1 39 1 9.4 +3.4
EWI iShares MSCI Italy ETF 7.1 49 -9 7.3 +1.3
JPUS JPMorgan Diversified Return U.S. Equity ETF 7.0 18 22 5.9 -0.1
VYMI Vanguard International High Dividend Yield ETF 6.8 32 8 9.9 +3.9
EZU iShares MSCI Eurozone ETF 6.8 49 -9 6.5 +0.4
IYJ iShares U.S. Industrials ETF 6.7 42 -2 5.4 -0.6
DIV Global X SuperDividend US ETF 6.7 46 -6 6.9 +0.9
PID Invesco International Dividend Achievers ETF 6.6 54 -14 9.1 +3.0
MVIN Natixis Seeyond International Minimum Volatility ETF 6.6 56 -16 5.3 -0.8
EURZ Xtrackers Eurozone Equity ETF 6.6 9 31 6.9 +0.9
ONEY SPDR Russell 1000 Yield Focus ETF 6.6 20 20 8.8 +2.7
JHMI John Hancock Multifactor Industrials ETF 6.6 40 0 5.4 -0.7
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 6.5 80 -40 6.5 +0.4
SCIU Global X Scientific Beta US ETF 6.5 19 21 5.6 -0.5
IWS iShares Russell Mid-Cap Value ETF 6.5 24 16 6.8 +0.8
FEZ SPDR EURO STOXX 50 ETF 6.3 29 11 7.0 +1.0
CIL VictoryShares International Volatility Weighted Index ETF 6.2 45 -5 6.5 +0.5

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

  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:
Legg Mason Global Infrastructure ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.0 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 40 bp
Equals: ALTAR Score 6.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.58 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.