Innovation Shares NextGen Protocol
ALTAR
Score™
4.7% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
19.9x P/Sales
ratio
2.1x
P/BV
ratio
3.3x Div.
yield
2.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
KOIN seeks to give investors access to companies that may benefit from a blockchain technology.

FUND BASICS
Category Global Equities
Fund Sponsor Innovation Shares
Website www.innovationshares.com
Inception date Jan 30, 2018
Assets (mns) $8
Currency USD
Expense ratio 95 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 46
Wgt avg mkt cap (mns) $218,061
Large cap (>$10bn) 98.8%
Mid cap ($2-10bn) 1.0%
Small cap (<$2bn) 0.2%
Developed mkts 90.1%
Emerging mkts 9.9%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR-SP ADR 5.0 %
INTEL CORP 4.8 %
NVIDIA CORP 4.6 %
VISA INC-CLASS A SHARES 4.5 %
MASTERCARD INC-CLASS A 4.4 %
MICROSOFT CORP 4.3 %
BP PLC 4.2 %
ORACLE CORP 4.0 %
SALESFORCE.COM INC 3.9 %
NESTLE SA-REG 3.9 %
Total 43.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 63.3 %
FRANCE 7.0 %
TAIWAN 6.5 %
BRITAIN 5.0 %
SWITZERLAND 3.9 %
IRELAND 3.4 %
SOUTH KOREA 1.7 %
HONG KONG 1.6 %
INDIA 1.4 %
JAPAN 1.0 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
25.5% 14.9% -- -- 6.4%

Market Correlations
versus... Beta R-squared
S&P500 1.06 92%
MSCI EAFE 1.07 70%
MSCI Emg. Mkts. 0.81 55%

Technical Indicators
Recent close $27.98
30d moving avg. $27.18
Annualized volatility 16.5%
Short interest (ETF) 0.3%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.3%
Bid/Ask (% of price) 0.40%
ADV underlying (mns) $24,509

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Innovation Shares NextGen Protocol ETF based on the alternatives' overlap in portfolio holdings with KOIN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: KOIN Expense: 95 bp ALTAR Score™: 4.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KOIN
Ticker Fund
Name
Overlap1
vs KOIN
(%)
Expense
ratio
(bp)
Savings
vs KOIN
(bp)
ALTAR
Score™
(%)
ALTAR
vs KOIN
(%)
XLK Technology Select Sector SPDR 37.2 13 82 5.5 +0.8
XNTK SPDR NYSE Technology 36.7 35 60 5.5 +0.8
FTEC Fidelity MSCI Info Technology 33.7 8 87 5.4 +0.7
VGT Vanguard Info Tech ETF 33.0 10 85 5.4 +0.7
IGM iShares S&P N. American Technology 32.1 46 49 4.6 -0.1
IXN iShares S&P Global Technology 32.0 46 49 5.3 +0.6
BKCH AdvisorShares Sabretooth ETF 31.2 85 10 0.0 -4.7
IETC iShares Evolved U.S. Technology 30.8 18 77 4.8 +0.1
BLCN Reality Shares NASDAQ NextGen Economy 29.2 68 27 5.6 +1.0
JHMT John Hancock Multifactor Technology 26.9 40 55 5.9 +1.3
AIQ Global X Future Analytics Tech 26.7 68 27 4.6 -0.1
SPHQ Invesco S&P High Quality Portfolio 25.2 15 80 5.6 +1.0
LEGR First Trust Indxx Innovative Transaction & Process 24.8 65 30 6.8 +2.1
NACP Impact Shares NAACP Minority Empowerment 24.4 75 20 5.6 +0.9
GDAT Goldman Sachs Motif Data-Driven World 24.2 50 45 5.6 +0.9
PLAT WisdomTree Modern Tech Platforms 23.7 45 50 2.9 -1.8
TDIV First Trust NASDAQ Technology Dividend 23.6 50 45 6.5 +1.9
IYW iShares US Technology 23.3 42 53 5.1 +0.5
SKYY First Trust Cloud Computing 23.1 60 35 2.4 -2.2
TCLD Tortoise Cloud Infrastructure Fund 22.4 40 55 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

  2014 2015 2016 2017 2018 2019E 2020E
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
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Innovation Shares NextGen Protocol
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 16.9 %
Divided by: Fwd. P/BV 3.0 x
Less: Expense ratio 95 bp
Equals: ALTAR Score 4.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.45 CATEGORY
AVERAGE
1.54
 
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.