FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF
ALTAR
Score™		 6.7% info Recommen-
dation		 NEUTRAL
2023E    2024E
P/E
ratio		 16.6x P/Sales
ratio		 1.4x
P/BV
ratio		 3.0x Div.
yield		 2.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
KNG tracks an equal-weighted index of US large-cap companies that have increased dividends for at least 25 years, with a partial overlay of covered call options.

FUND BASICS
Category US Equities
Fund Sponsor First Trust
Website www.ftportfolios.com
Inception date Mar 26, 2018
Assets (mns) $1,279
Currency USD
Expense ratio 75 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 68
Wgt avg mkt cap (mns) $90,880
Large cap (>$10bn) 98.5%
Mid cap ($2-10bn) 1.5%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
EXXON MOBIL CORP 1.8 %
AFLAC INC 1.7 %
CATERPILLAR INC 1.7 %
ABBVIE INC 1.7 %
EMERSON ELECTRIC CO 1.7 %
CHEVRON CORP 1.7 %
CHUBB LIMITED 1.7 %
GENERAL DYNAMICS CORP 1.7 %
INTL BUSINESS MACHINES CORP 1.7 %
WEST PHARMACEUTICAL SERVICES 1.6 %
Total 17.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 91.8 %
BRITAIN 4.7 %
SWITZERLAND 1.7 %
IRELAND 1.5 %







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.
0.4% 13.7% 7.5% -- 8.3%

Market Correlations
versus... Beta R-squared
S&P500 0.88 83%
MSCI EAFE 0.83 77%
MSCI Emg. Mkts. 0.54 31%

Technical Indicators
Recent close $48.51
30d moving avg. $51.46
Annualized volatility 17.3%
Short interest (ETF) 0.0%
Short interest (Underlying) 1.8%
Relative strength (RSI) 30

Liquidity measures
Avg. volume (thou.) 297
Turnover 1.1%
Bid/Ask (% of price) 0.09%
ADV underlying (mns) $13,044

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 34 potential alternatives to the FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF ETF based on the alternatives' overlap in portfolio holdings with KNG. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: KNG Expense: 75 bp ALTAR Score™: 6.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KNG
Ticker Fund
Name		 Overlap1
vs KNG
(%)		 Expense
ratio
(bp)		 Savings
vs KNG
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs KNG
(%)
CCOR Core Alternative ETF 21.8 107 -32 5.4 -1.3
SIXH 6 Meridian Hedged Equity-Index Option Strategy ETF 21.2 82 -7 7.7 +1.1
PBP Invesco S&P 500 BuyWrite ETF 14.3 49 26 5.8 -0.9
XYLD Global X S&P 500 Covered Call ETF 14.3 60 15 5.6 -1.0
XYLG Global X S&P 500 Covered Call & Growth ETF 14.3 60 15 5.6 -1.0
ACIO Aptus Collared Income Opportunity ETF 14.2 79 -4 5.3 -1.4
DYLG Global X Dow 30 Covered Call & Growth ETF 14.2 60 15 6.3 -0.4
DJIA Global X Dow 30 Covered Call ETF 14.2 60 15 6.3 -0.4
XTR Global X S&P 500 Tail Risk ETF 14.2 61 14 5.8 -0.9
XRMI Global X S&P 500 Risk Managed Income ETF 14.1 60 15 5.6 -1.1
SFLR Innovator Equity Managed Floor ETF 14.0 89 -14 5.0 -1.6
XCLR Global X S&P 500 Collar 95-110 ETF 13.8 60 15 5.8 -0.8
XYLE Global X S&P 500 ESG Covered Call ETF 13.3 60 15 5.7 -1.0
EFIV SPDR S&P 500 ESG ETF 13.3 10 65 6.2 -0.5
FTHI First Trust High Income ETF 11.4 85 -10 6.0 -0.7
DIVO Amplify YieldShares CWP Dividend & Option Income ETF 9.2 55 20 6.6 -0.1
GRES IQ Global Resources ETF 8.8 30 45 8.5 +1.9
XVOL Acruence Active Hedge U.S. Equity ETF 7.1 83 -8 6.3 -0.3
HYLG Global X Health Care Covered Call & Growth ETF 6.7 60 15 8.0 +1.4
FTQI First Trust Nasdaq BuyWrite Income ETF 6.1 85 -10 4.5 -2.1
STLG iShares Factors US Growth Style ETF 3.6 25 50 6.9 +0.3
QYLE Global X Nasdaq 100 ESG Covered Call ETF 3.3 60 15 5.4 -1.3
FYLG Global X Financials Covered Call & Growth ETF 3.1 60 15 6.9 +0.3
JEPQ J.P. Morgan Nasdaq Equity Premium Income ETF 3.0 35 40 5.4 -1.3
QYLD Global X NASDAQ 100 Covered Call ETF 2.9 60 15 5.1 -1.6
QYLG Global X Nasdaq 100 Covered Call & Growth ETF 2.9 60 15 5.1 -1.6
NUSI Nationwide Risk-Managed Income ETF 2.9 68 7 5.0 -1.7
QRMI Global X NASDAQ 100 Risk Managed Income ETF 2.9 60 15 5.0 -1.6
QTR Global X NASDAQ 100 Tail Risk ETF 2.9 61 14 5.1 -1.5
QCLR Global X NASDAQ 100 Collar 95-110 ETF 2.9 60 15 5.0 -1.7
MMLG First Trust Multi-Manager Large Growth ETF 2.0 85 -10 2.9 -3.8
THNQ ROBO Global Artificial Intelligence ETF 1.6 68 7 2.4 -4.3
LCG Sterling Capital Focus Equity ETF 1.4 59 16 6.0 -0.6
TYLG Global X Information Technology Covered Call & Growth ETF 1.0 60 15 5.6 -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

  2018 2019 2020 2021 2022 2023E 2024E
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
  2022 2023E 2024E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 FT Cboe Vest S&P 500 Dividend Aristocrats Target Income 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 19.8 %
Divided by: Fwd. P/BV 2.7 x
Less: Expense ratio 75 bp
Equals: ALTAR Score 6.7 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.70 CATEGORY
AVERAGE		 1.50
 
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.