Innovation Shares NextGen Protocol
ALTAR
Score™
4.3% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
21.5x P/Sales
ratio
2.2x
P/BV
ratio
3.6x Div.
yield
1.9%


  • 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) $9
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 44
Wgt avg mkt cap (mns) $231,239
Large cap (>$10bn) 98.5%
Mid cap ($2-10bn) 1.2%
Small cap (<$2bn) 0.3%
Developed mkts 90.8%
Emerging mkts 9.3%

TOP TEN HOLDINGS
SALESFORCE.COM INC 4.5 %
INTEL CORP 4.4 %
TAIWAN SEMICONDUCTOR-SP ADR 4.3 %
VISA INC-CLASS A SHARES 4.3 %
MASTERCARD INC-CLASS A 4.3 %
NVIDIA CORP 4.2 %
MICROSOFT CORP 4.2 %
BP PLC 4.2 %
PAYPAL HOLDINGS INC 4.2 %
AMAZON.COM INC 4.1 %
Total 42.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 64.3 %
FRANCE 6.6 %
TAIWAN 5.5 %
BRITAIN 5.0 %
SWITZERLAND 4.1 %
IRELAND 3.5 %
HONG KONG 2.0 %
INDIA 1.9 %
SOUTH KOREA 1.5 %
JAPAN 1.1 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
31.9% 31.9% -- -- 8.6%

Market Correlations
versus... Beta R-squared
S&P500 1.04 91%
MSCI EAFE 1.05 69%
MSCI Emg. Mkts. 0.72 50%

Technical Indicators
Recent close $29.60
30d moving avg. $28.66
Annualized volatility 15.9%
Short interest (ETF) 0.1%
Relative strength (RSI) 71

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.3%
Bid/Ask (% of price) 0.38%
ADV underlying (mns) $26,987

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 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™: 4.3%


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 36.0 13 82 5.1 +0.7
XNTK SPDR NYSE Technology 33.4 35 60 4.8 +0.4
VGT Vanguard Info Tech ETF 32.8 10 85 4.9 +0.6
FTEC Fidelity MSCI Info Technology 32.7 8 87 5.0 +0.6
IGM iShares S&P N. American Technology 32.1 46 49 4.1 -0.2
IXN iShares S&P Global Technology 31.0 46 49 4.8 +0.5
IETC iShares Evolved U.S. Technology 29.9 18 77 4.3 -0.0
BLCN Reality Shares NASDAQ NextGen Economy 29.5 68 27 5.1 +0.7
AIQ Global X Future Analytics Tech 26.2 68 27 4.1 -0.2
JHMT John Hancock Multifactor Technology 26.2 40 55 5.5 +1.2
LEGR First Trust Indxx Innovative Transaction & Process 25.8 65 30 6.3 +1.9
PLAT WisdomTree Modern Tech Platforms 25.8 45 50 2.7 -1.7
NACP Impact Shares NAACP Minority Empowerment 24.2 75 20 5.1 +0.8
GDAT Goldman Sachs Motif Data-Driven World 24.2 50 45 5.4 +1.1
TDIV First Trust NASDAQ Technology Dividend 23.2 50 45 6.3 +1.9
IYW iShares US Technology 22.9 42 53 4.7 +0.4
SKYY First Trust Cloud Computing 22.8 60 35 2.5 -1.9
TDV ProShares S&P Technology Dividend Aristocrats 22.5 45 50 5.0 +0.6
JKE iShares Morningstar Large Cap Growth 22.4 25 70 3.4 -0.9

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 3.2 x
Less: Expense ratio 95 bp
Equals: ALTAR Score 4.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.43 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.