Elkhorn Lunt Low Vol/High Beta Tactical
ALTAR
Score™
6.1% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
18.5x P/Sales
ratio
1.9x
P/BV
ratio
2.6x Div.
yield
1.5%


  • 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) $154
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 98
Wgt avg mkt cap (mns) $81,397
Large cap (>$10bn) 83.7%
Mid cap ($2-10bn) 16.3%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ADVANCED MICRO DEVICES 2.2 %
NVIDIA CORP 1.6 %
MICRON TECHNOLOGY INC 1.5 %
WESTERN DIGITAL CORP 1.5 %
WYNN RESORTS LTD 1.4 %
AUTODESK INC 1.3 %
UNITED RENTALS INC 1.2 %
TWITTER INC 1.2 %
SKYWORKS SOLUTIONS INC 1.2 %
APPLE INC 1.2 %
Total 14.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.3 %
IRELAND 2.7 %
BRITAIN 0.8 %








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.
32.9% 32.9% -- -- 16.6%

Market Correlations
versus... Beta R-squared
S&P500 0.62 63%
MSCI EAFE 0.58 45%
MSCI Emg. Mkts. 0.43 42%

Technical Indicators
Recent close $39.36
30d moving avg. $38.67
Annualized volatility 9.5%
Short interest (ETF) 0.0%
Relative strength (RSI) 68

Liquidity measures
Avg. volume (thou.) 17
Turnover 0.4%
Bid/Ask (% of price) 0.18%
ADV underlying (mns) $46,815

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™: 6.1%


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
(%)
SPHB Invesco S&P 500 High Beta 98.0 25 27 6.4 +0.3
RYT Invesco S&P Equal Weight Technology 43.4 40 12 6.0 -0.1
SLT Salt TruBeta High Exposure 42.2 29 23 6.8 +0.7
JHMT John Hancock Multifactor Technology 33.1 40 12 5.5 -0.7
QQEW First Trust NASDAQ 100 Equal Weight 32.1 60 -8 4.9 -1.2
QQQE Direxion NASDAQ-100 Equal Weight 32.0 35 17 5.2 -1.0
RPG Invesco S&P 500 Pure Growth ETF 30.8 35 17 4.8 -1.4
QTEC First Trust NASDAQ 100 Tech 28.3 57 -5 5.2 -1.0
FCTR First Trust Lunt U.S. Factor Rotation 27.8 65 -13 6.2 +0.0
SZNE Pacer CFRA-Stovall Equal Weight Seasonal Rotation 27.6 60 -8 7.1 +1.0
SPYB SPDR S&P 500 Buyback 26.5 35 17 7.1 +0.9
FXL First Trust Technology Alphadex 24.8 63 -11 5.1 -1.0
SPGP Invesco S&P 500 GARP 24.3 35 17 7.5 +1.3
XLK Technology Select Sector SPDR 23.5 13 39 5.0 -1.1
PEXL Pacer US Export Leaders 23.3 60 -8 6.0 -0.1
IGM iShares S&P N. American Technology 22.8 46 6 4.1 -2.1
RVRS Reverse Cap Weighted US Large Cap 22.6 29 23 7.3 +1.1
RNLC Large Cap US Equity Select 22.2 60 -8 5.9 -0.2
VGT Vanguard Info Tech ETF 22.1 10 42 4.9 -1.2
FTEC Fidelity MSCI Info Technology 22.0 8 44 4.9 -1.2

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:

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 15.5 %
Divided by: Fwd. P/BV 2.3 x
Less: Expense ratio 52 bp
Equals: ALTAR Score 6.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.51 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.