Salt Low truBeta US Market ETF
ALTAR
Score™
8.5% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
14.5x P/Sales
ratio
1.4x
P/BV
ratio
2.2x Div.
yield
3.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
LSLT seeks to track the investment results of The Salt Low truBeta™ US Market Index. The Index targets U.S. large and midcap stocks with lower sensitivity to the SPDR S&P 500 ETF and less variability in their historical betas.

FUND BASICS
Category US Equities
Fund Sponsor Salt Financial
Website www.salt-funds.com
Inception date Mar 12, 2019
Assets (mns) $9
Currency USD
Expense ratio 0 bp
Distributions Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 100
Wgt avg mkt cap (mns) $53,122
Large cap (>$10bn) 79.3%
Mid cap ($2-10bn) 19.7%
Small cap (<$2bn) 1.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
CITRIX SYSTEMS INC 1.3 %
CONAGRA FOODS INC 1.3 %
HORMEL FOODS CORP 1.2 %
TYSON FOODS INC-CL A 1.2 %
CLOROX COMPANY 1.1 %
KEURIG DR PEPPER INC. 1.1 %
BROWN-FORMAN CORP-CLASS B 1.1 %
DOLLAR GENERAL CORP 1.1 %
PUBLIC SERVICE ENTERPRISE GP 1.1 %
DUKE REALTY CORP 1.1 %
Total 11.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.3 %
IRELAND 1.1 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-18.9% -- -- -- -8.0%

Market Correlations
versus... Beta R-squared
S&P500 0.81 83%
MSCI EAFE 0.76 79%
MSCI Emg. Mkts. 0.55 58%

Technical Indicators
Recent close $22.50
30d moving avg. $25.07
Annualized volatility 17.5%
Short interest (ETF) 0.0%
Relative strength (RSI) 36

Liquidity measures
Avg. volume (thou.) 11
Turnover 2.8%
Bid/Ask (% of price) 0.58%
ADV underlying (mns) $54,971

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Salt Low truBeta US Market ETF ETF based on the alternatives' overlap in portfolio holdings with LSLT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: LSLT Expense: 0 bp ALTAR Score™: 8.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH LSLT
Ticker Fund
Name
Overlap1
vs LSLT
(%)
Expense
ratio
(bp)
Savings
vs LSLT
(bp)
ALTAR
Score™
(%)
ALTAR
vs LSLT
(%)
USMV iShares Edge MSCI Min Vol USA ETF 41.7 15 -15 6.8 -1.7
JMIN JPMorgan U.S. Minimum Volatility ETF 40.0 12 -12 7.2 -1.4
SPLV Invesco S&P 500 Low Volatility ETF 38.5 25 -25 6.7 -1.9
RBUS Nationwide Risk-Based U.S. Equity ETF 34.1 30 -30 7.2 -1.4
JDIV JPMorgan U.S. Dividend ETF 32.4 12 -12 10.7 +2.2
DEF Invesco Defensive Equity ETF 32.1 55 -55 6.4 -2.2
FDLO Fidelity Low Volatility Factor ETF 30.7 29 -29 6.5 -2.0
LVUS Hartford Multifactor Low Volatility US Equity ETF 29.8 19 -19 7.6 -0.9
DTN WisdomTree U.S. Dividend ex-Financials Fund 29.5 38 -38 10.2 +1.7
FLQL Franklin LibertyQ U.S. Equity ETF 29.3 15 -15 8.0 -0.5
VOOV Vanguard S&P 500 Value ETF 28.8 15 -15 9.2 +0.6
SPYV SPDR Portfolio S&P 500 Value ETF 28.8 4 -4 9.2 +0.7
IVE iShares S&P 500 Value ETF 28.8 18 -18 9.1 +0.6
MXDU Nationwide Maximum Diversification US Core Equity ETF 27.8 34 -34 6.8 -1.7
IUSV iShares Core S&P U.S. Value ETF 27.7 4 -4 9.4 +0.8
SCHV Schwab U.S. Large-Cap Value ETF 27.6 4 -4 9.0 +0.4
KLCD KFA Large Cap Quality Dividend Index ETF 27.6 41 -41 6.6 -1.9
QUS SPDR MSCI USA StrategicFactors ETF 27.5 15 -15 7.3 -1.3
LGLV SPDR Russell 1000 Low Volatility ETF 27.5 12 -12 7.1 -1.5
SPMV Invesco S&P 500 Minimum Variance ETF 27.4 10 -10 7.3 -1.2
VTV Vanguard Value Index Fund 27.2 4 -4 9.1 +0.6
ROUS Hartford Multifactor US Equity ETF 27.2 19 -19 9.2 +0.7
JPUS JPMorgan Diversified Return U.S. Equity ETF 27.1 19 -19 8.3 -0.2
DLN WisdomTree U.S. LargeCap Dividend Fund 27.1 28 -28 8.0 -0.5
SPXT ProShares S&P 500 Ex-Technology ETF 26.7 27 -27 7.3 -1.2
OUSA O'Shares FTSE US Quality Dividend ETF 26.4 48 -48 7.0 -1.6
VYM Vanguard High Dividend Yield Index ETF 26.4 6 -6 8.9 +0.4
ACWV iShares Edge MSCI Min Vol Global ETF 26.4 20 -20 6.7 -1.8
MGV Vanguard Mega Cap Value ETF 26.0 7 -7 8.8 +0.3
DTD WisdomTree U.S.Total Dividend Fund 25.9 28 -28 8.5 -0.1
IECS iShares Evolved U.S. Consumer Staples ETF 25.6 18 -18 6.4 -2.2
JHMS John Hancock Multifactor Consumer Staples ETF 25.4 40 -40 6.8 -1.7
DVY iShares Select Dividend ETF 25.3 39 -39 10.9 +2.3
RHS Invesco S&P 500 Equal Weight Consumer Staples ETF 25.3 40 -40 6.9 -1.7
DYNF BlackRock U.S. Equity Factor Rotation ETF 25.3 30 -30 8.1 -0.5
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 25.2 25 -25 7.7 -0.9
SCIU Global X Scientific Beta US ETF 25.0 19 -19 7.6 -0.9
VONV Vanguard Russell 1000 Value Index Fund 24.2 8 -8 9.3 +0.7
EQWL Invesco Russell Top 200 Equal Weight ETF 24.1 25 -25 7.5 -1.0
IWD iShares Russell 1000 Value ETF 24.0 19 -19 9.1 +0.6
CDL Victory CEMP US Large Cap High Dividend Volatility Wtd Idx E 23.8 35 -35 11.3 +2.8
HSPX Global X S&P 500 Covered Call ETF 23.8 65 -65 6.2 -2.4
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 23.8 29 -29 8.2 -0.3
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 23.5 35 -35 7.6 -0.9
KRMA Global X Conscious Companies ETF 23.5 43 -43 7.3 -1.2
PBP Invesco S&P 500 BuyWrite ETF 23.4 49 -49 6.5 -2.0
XLP Consumer Staples Select Sector SPDR Fund 23.4 13 -13 5.9 -2.6
VDC Vanguard Consumer Staples Index Fund 23.1 10 -10 6.0 -2.5
SPXN ProShares S&P 500 Ex-Financials ETF 23.0 27 -27 6.6 -1.9
LVHD Legg Mason Low Volatility High Dividend ETF 23.0 27 -27 8.6 +0.1
PFM Invesco Dividend Achievers ETF 23.0 54 -54 6.4 -2.1
USDY Pacific Global US Equity Income ETF 22.9 29 -29 10.5 +2.0
FNDX Schwab Fundamental U.S. Large Co. Index ETF 22.8 25 -25 8.3 -0.2
IWX iShares Russell Top 200 Value ETF 22.7 20 -20 8.7 +0.2
MGC Vanguard Mega Cap Index Fund 22.6 7 -7 6.8 -1.7
USMF WisdomTree U.S. Multifactor Fund 22.6 28 -28 8.1 -0.5
FSTA Fidelity MSCI Consumer Staples Index ETF 22.5 8 -8 6.0 -2.6
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 22.5 9 -9 7.3 -1.2
RNLC Large Cap US Equity Select ETF 22.4 60 -60 8.2 -0.3
PRF Invesco FTSE RAFI US 1000 ETF 22.3 39 -39 9.2 +0.7
SPMO Invesco S&P 500 Momentum ETF 22.3 13 -13 5.3 -3.3
SPY SPDR S&P 500 ETF Trust 22.1 9 -9 7.1 -1.5
SPLG SPDR Portfolio Large Cap ETF 22.1 3 -3 7.1 -1.4
VOO VANGUARD S&P 500 ETF 22.0 3 -3 7.1 -1.4
IVV iShares Core S&P 500 ETF 22.0 4 -4 7.1 -1.4
FXG First Trust Consumer Staples AlphaDEX Fund 22.0 64 -64 8.8 +0.3
IUS Invesco Strategic US ETF 21.9 19 -19 7.9 -0.6
VV Vanguard Large-Cap Index Fund 21.9 4 -4 7.0 -1.6
FNDB Schwab Fundamental U.S. Broad Market Index ETF 21.8 25 -25 8.4 -0.1
SPXE ProShares S&P 500 Ex-Energy ETF 21.8 27 -27 7.0 -1.6
VFMV Vanguard U.S. Minimum Volatility ETF 21.7 13 -13 6.2 -2.3
IWL iShares Russell Top 200 ETF 21.7 15 -15 6.6 -1.9
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 21.7 20 -20 7.1 -1.4
FVD First Trust Value Line Dividend Index Fund 21.6 70 -70 8.0 -0.5
RFDA RiverFront Dynamic US Dividend Advantage ETF 21.6 52 -52 7.9 -0.7
PMOM Principal Sustainable Momentum Index ETF 21.5 29 -29 7.2 -1.4
EPS WisdomTree U.S. Earnings 500 Fund 21.5 8 -8 8.5 -0.1
BBUS JP Morgan Betabuilders U.S. Equity ETF 21.3 2 -2 7.1 -1.5
PBUS Invesco PureBeta MSCI USA ETF 21.1 4 -4 7.2 -1.4
SNPE Xtrackers S&P 500 ESG ETF 21.1 11 -11 6.8 -1.7
SCHX Schwab U.S. Large-Cap ETF 21.1 3 -3 7.0 -1.5
ESGU iShares MSCI USA ESG Optimized ETF 21.1 15 -15 6.7 -1.9
DGRO iShares Core Dividend Growth ETF 21.0 8 -8 8.4 -0.2
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 20.9 20 -20 6.6 -1.9
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF 20.9 35 -35 7.9 -0.6
FLLV Franklin Liberty U.S. Low Volatility ETF 20.9 29 -29 7.1 -1.5
AMCA iShares Russell 1000 Pure U.S. Revenue ETF 20.9 15 -15 8.9 +0.4
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 20.9 17 -17 9.0 +0.4
VONE Vanguard Russell 1000 ETF 20.8 8 -8 7.0 -1.5
SPTM SPDR Portfolio Total Stock Market ETF 20.8 3 -3 7.3 -1.3
IWB iShares Russell 1000 ETF 20.8 15 -15 7.0 -1.6
SPYD SPDR S&P 500 High Dividend ETF 20.7 7 -7 14.3 +5.8
JHML John Hancock Multifactor Large Cap ETF 20.7 34 -34 7.5 -1.1
RWL Invesco S&P 500 Revenue ETF 20.7 39 -39 9.2 +0.7
QDEF FlexShares Quality Dividend Defensive Index Fund 20.6 37 -37 7.9 -0.6
AFLG First Trust Active Factor Large Cap ETF 20.6 55 -55 7.7 -0.8
SCHK Schwab 1000 Index ETF 20.6 5 -5 7.0 -1.5
JQUA JPMorgan U.S. Quality Factor ETF 20.5 12 -12 6.6 -1.9
VALQ American Century STOXX U.S. Quality Value ETF 20.5 29 -29 11.5 +3.0
IYY iShares Dow Jones U.S. ETF 20.4 20 -20 6.9 -1.6

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:
Salt Low truBeta US Market 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 18.1 %
Divided by: Fwd. P/BV 2.1 x
Less: Expense ratio 0 bp
Equals: ALTAR Score 8.5 %
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.