Elkhorn Lunt Low Vol/High Beta Tactical
ALTAR
Score™
5.0% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
19.6x P/Sales
ratio
2.7x
P/BV
ratio
2.7x Div.
yield
2.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Elkhorn Lunt Low Vol/High Beta Tactical ETF tracks an index that rotates between two sub-indices: the S&P 500 High Beta Index and the S&P 500 Low Volatility Index, whichever has the highest relative strength measure.

FUND BASICS
Category US Equities
Fund Sponsor Elkhorn
Website www.elkhorn.com
Inception date Oct 20, 2016
Assets (mns) $136
Currency USD
Expense ratio 52 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 101
Wgt avg mkt cap (mns) $68,889
Large cap (>$10bn) 94.1%
Mid cap ($2-10bn) 5.9%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
CITRIX SYSTEMS INC 1.2 %
WESTERN UNION CO 1.2 %
REPUBLIC SERVICES INC 1.2 %
US BANCORP 1.2 %
NEXTERA ENERGY GROUP 1.2 %
DUKE ENERGY CORP 1.2 %
ENTERGY CORP 1.2 %
EVERSOURCE ENERGY 1.1 %
WESTAR ENERGY INC 1.1 %
WASTE MANAGEMENT INC 1.1 %
Total 11.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.0 %
IRELAND 1.9 %
BRITAIN 1.9 %
SWITZERLAND 1.0 %
BERMUDA 0.9 %






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.
25.6% 21.9% -- -- 15.4%

Market Correlations
versus... Beta R-squared
S&P500 0.68 52%
MSCI EAFE 0.45 19%
MSCI Emg. Mkts. 0.28 12%

Technical Indicators
Recent close $36.14
30d moving avg. $36.44
Annualized volatility 11.3%
Short interest (ETF) 0.0%
Relative strength (RSI) 43

Liquidity measures
Avg. volume (thou.) 12
Turnover 0.3%
Bid/Ask (% of price) 0.18%
ADV underlying (mns) $24,111

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Elkhorn Lunt Low Vol/High Beta Tactical ETF based on the alternatives' overlap in portfolio holdings with LVHB. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: LVHB Expense: 52 bp ALTAR Score™: 5.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH LVHB
Ticker Fund
Name
Overlap1
vs LVHB
(%)
Expense
ratio
(bp)
Savings
vs LVHB
(bp)
ALTAR
Score™
(%)
ALTAR
vs LVHB
(%)
LVHB Elkhorn Lunt Low Vol/High Beta Tactical 99.5 52 0 5.0 0.0
HUSV First Trust Horizon Managed Volatility Domestic 59.3 70 -18 4.8 -0.2
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility 49.8 25 27 5.7 +0.7
USMV iShares MSCI USA Minimum Volatility 44.6 15 37 5.3 +0.2
LSLT Salt Low truBeta US Market 42.2 0 52 7.0 +2.0
LGLV SPDR Russell 1000 Low Volatility 41.2 12 40 5.3 +0.2
DEF Invesco Defensive Equity 39.2 59 -7 4.9 -0.1
RBUS Nationwide Risk-Based U.S. Equity 34.2 30 22 6.1 +1.1
JMIN JPMorgan U.S. Minimum Volatility 34.0 12 40 5.7 +0.6
FDLO Fidelity Low Volatility Factor 33.7 29 23 5.4 +0.4
FCTR First Trust Lunt U.S. Factor Rotation 32.9 65 -13 3.5 -1.6
FLLV Franklin Liberty U.S. Low Volatility 32.4 29 23 5.3 +0.3
SCIU Global X Scientific Beta US 32.0 19 33 5.7 +0.7
KLCD KFA Large Cap Quality Dividend Index 31.6 41 11 5.1 +0.0
FVD First Trust Value Line Dividend 31.0 70 -18 5.8 +0.8
LVUS Hartford Multifactor Low Volatility US Equity 30.1 21 31 5.8 +0.8
SPMV Invesco S&P 500 Minimum Variance 29.8 10 42 6.1 +1.1
OVOL Invesco Russell 1000 Low Volatility Factor ETF 29.2 19 33 5.6 +0.6
DVOL First Trust Dorsey Wright Momentum & Low Volatility 28.8 60 -8 4.6 -0.5
SPMO Invesco S&P 500 Momentum Portfolio 28.7 13 39 4.3 -0.7

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

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:
Elkhorn Lunt Low Vol/High Beta Tactical
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 14.0 %
Divided by: Fwd. P/BV 2.5 x
Less: Expense ratio 52 bp
Equals: ALTAR Score 5.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.67 CATEGORY
AVERAGE
1.55
 
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.