Legg Mason Low Volatility High Dividend ETF
ALTAR
Score™
8.8% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
14.0x P/Sales
ratio
1.6x
P/BV
ratio
1.9x Div.
yield
4.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Legg Mason Low Volatility High Dividend ETF tracks an index of roughly 50-100 US stocks selected from across the market cap spectrum. Stocks are selected and weighted to emphasize profitability, high dividends, low price volatility and low earnings volatility.

FUND BASICS
Category US Equities
Fund Sponsor Legg Mason
Website www.leggmasonetf.com
Inception date Dec 28, 2015
Assets (mns) $666
Currency USD
Expense ratio 27 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Multi-Factor
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 83
Wgt avg mkt cap (mns) $51,916
Large cap (>$10bn) 73.2%
Mid cap ($2-10bn) 23.1%
Small cap (<$2bn) 3.7%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ABBVIE INC 2.8 %
UNITED PARCEL SERVICE-CL B 2.6 %
EATON CORP PLC 2.6 %
3M CO 2.5 %
DTE ENERGY COMPANY 2.4 %
OMNICOM GROUP 2.4 %
CROWN CASTLE INTL CORP 2.4 %
GENERAL MILLS INC 2.4 %
PPL CORPORATION 2.4 %
INTL BUSINESS MACHINES CORP 2.3 %
Total 24.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 93.4 %
IRELAND 4.6 %
BRITAIN 0.9 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-14.6% -8.0% -- -- 6.6%

Market Correlations
versus... Beta R-squared
S&P500 0.82 83%
MSCI EAFE 0.83 73%
MSCI Emg. Mkts. 0.58 57%

Technical Indicators
Recent close $28.88
30d moving avg. $29.14
Annualized volatility 15.3%
Short interest (ETF) 0.1%
Short interest (Underlying) 3.9%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 78
Turnover 0.3%
Bid/Ask (% of price) 0.23%
ADV underlying (mns) $24,272

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Legg Mason Low Volatility High Dividend ETF ETF based on the alternatives' overlap in portfolio holdings with LVHD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: LVHD Expense: 27 bp ALTAR Score™: 8.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH LVHD
Ticker Fund
Name
Overlap1
vs LVHD
(%)
Expense
ratio
(bp)
Savings
vs LVHD
(bp)
ALTAR
Score™
(%)
ALTAR
vs LVHD
(%)
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 38.4 35 -8 8.7 -0.2
SPHD Invesco S&P 500 High Dividend Low Volatility ETF 32.1 30 -3 9.8 +1.0
SDOG ALPS Sector Dividend Dogs ETF 31.1 40 -13 10.4 +1.5
DHS WisdomTree U.S. High Dividend Fund 30.8 38 -11 8.7 -0.2
CDC VictoryShares US EQ Income Enhanced Volatility Wtd Index ETF 30.5 35 -8 8.7 -0.2
SPYD SPDR S&P 500 High Dividend ETF 29.8 7 20 10.4 +1.6
DTN WisdomTree U.S. Dividend ex-Financials Fund 28.9 38 -11 8.0 -0.9
SPDV AAM S&P 500 High Dividend Value ETF 27.4 29 -2 11.0 +2.2
SCHD Schwab U.S. Dividend Equity ETF 27.0 6 21 8.3 -0.6
DVY iShares Select Dividend ETF 26.4 39 -12 9.7 +0.9
HDV iShares Core High Dividend ETF 26.4 8 19 6.8 -2.1
VYM Vanguard High Dividend Yield Index ETF 24.1 6 21 7.4 -1.4
GBDV Global Beta Smart Income ETF 23.8 29 -2 8.8 -0.0
OUSA O'Shares FTSE US Quality Dividend ETF 23.6 48 -21 5.7 -3.1
NULV Nuveen ESG Large-Cap Value ETF 22.7 35 -8 7.4 -1.4
FDL First Trust Morningstar Dividend Leaders Index Fund 22.5 45 -18 10.3 +1.5
USDY Pacific Global US Equity Income ETF 21.7 29 -2 7.3 -1.6
JDIV JPMorgan U.S. Dividend ETF 21.5 12 15 7.9 -0.9
DURA VanEck Vectors Morningstar Durable Dividend ETF 21.3 29 -2 7.2 -1.6
HDIV QRAFT AI-Enhanced U.S. High Dividend ETF 21.1 75 -48 6.2 -2.6
DEW WisdomTree Global High Dividend Fund 20.5 58 -31 9.4 +0.5
PWV Invesco Dynamic Large Cap Value ETF 20.0 55 -28 8.9 +0.1
MGV Vanguard Mega Cap Value ETF 20.0 7 20 7.3 -1.5
SPLV Invesco S&P 500 Low Volatility ETF 19.8 25 2 5.7 -3.1
FLQL Franklin LibertyQ U.S. Equity ETF 19.6 15 12 6.3 -2.5
DLN WisdomTree U.S. LargeCap Dividend Fund 19.4 28 -1 6.4 -2.4
TPHD Timothy Plan High Dividend Stock ETF 19.3 52 -25 7.7 -1.1
SCHV Schwab U.S. Large-Cap Value ETF 19.2 4 23 7.2 -1.6
LSLT Salt Low truBeta US Market ETF 19.1 29 -2 6.1 -2.8
PEY Invesco High Yield Equity Dividend Achievers ETF 19.0 53 -26 9.2 +0.3
RAFE PIMCO RAFI ESG U.S. ETF 18.9 29 -2 7.9 -1.0
DTD WisdomTree U.S.Total Dividend Fund 18.6 28 -1 6.7 -2.2
RNDV US Equity Dividend Select ETF 18.6 50 -23 7.7 -1.1
VTV Vanguard Value Index Fund 18.3 4 23 7.5 -1.3
FDRR Fidelity Dividend ETF for Rising Rates 18.3 29 -2 7.0 -1.8
JHMU John Hancock Multifactor Utilities ETF 17.9 40 -13 6.1 -2.7
VALQ American Century STOXX U.S. Quality Value ETF 17.8 29 -2 9.2 +0.3
FXU First Trust Utilities AlphaDEX Fund 17.6 63 -36 6.4 -2.5
VOOV Vanguard S&P 500 Value ETF 17.3 15 12 7.4 -1.4
SPYV SPDR Portfolio S&P 500 Value ETF 17.2 4 23 7.5 -1.4
IVE iShares S&P 500 Value ETF 17.2 18 9 7.3 -1.5
VPU Vanguard Utilities Index Fund 16.9 10 17 5.8 -3.0
FUTY Fidelity MSCI Utilities Index ETF 16.9 8 19 5.9 -3.0
DGRO iShares Core Dividend Growth ETF 16.8 8 19 6.7 -2.2
RYU Invesco S&P 500 Equal Weight Utilities ETF 16.7 40 -13 6.3 -2.6
JKF iShares Morningstar Large Cap Value ETF 16.7 25 2 7.6 -1.2
FVD First Trust Value Line Dividend Index Fund 16.5 70 -43 6.4 -2.4
XLU Utilities Select Sector SPDR Fund 16.5 13 14 5.9 -2.9
IDU iShares U.S. Utilities ETF 16.4 43 -16 5.6 -3.2
IUSV iShares Core S&P U.S. Value ETF 16.4 4 23 7.6 -1.3
DJD Invesco Dow Jones Industrial Average Dividend ETF 15.9 7 20 6.9 -1.9
EDOW First Trust Dow 30 Equal Weight ETF 15.9 50 -23 6.0 -2.8
ONEY SPDR Russell 1000 Yield Focus ETF 15.5 20 7 9.4 +0.5
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 15.5 29 -2 6.3 -2.5
ROUS Hartford Multifactor US Equity ETF 15.4 19 8 7.3 -1.5
USMV iShares Edge MSCI Min Vol USA ETF 15.4 15 12 5.5 -3.3
ESGS Columbia Sustainable U.S. Equity Income ETF 15.1 35 -8 8.6 -0.3
SPVM Invesco S&P 500 Value with Momentum ETF 15.1 39 -12 9.2 +0.4
KNG Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF 15.0 75 -48 5.8 -3.0
NOBL ProShares S&P 500 Dividend Aristocrats ETF 15.0 35 -8 6.2 -2.7
CLRG IQ Chaikin U.S. Large Cap ETF 14.9 25 2 6.1 -2.8
QDEF FlexShares Quality Dividend Defensive Index Fund 14.8 37 -10 5.9 -2.9
FDVV Fidelity Core Dividend ETF 14.8 29 -2 7.2 -1.7
VLUE iShares Edge MSCI USA Value Factor ETF 14.7 15 12 11.5 +2.6
NULC Nuveen ESG Large-Cap ETF 14.7 20 7 5.0 -3.8
JMIN JPMorgan U.S. Minimum Volatility ETF 14.6 12 15 5.9 -2.9
EQWL Invesco Russell Top 200 Equal Weight ETF 14.6 25 2 6.2 -2.7
SDY SPDR S&P Dividend ETF 14.4 35 -8 7.0 -1.8
DGRW WisdomTree U.S. Quality Dividend Growth Fund 14.2 28 -1 6.5 -2.3
SCHH Schwab U.S. REIT ETF 14.2 7 20 6.6 -2.2
QDIV Global X S&P 500 Quality Dividend ETF 14.2 20 7 7.7 -1.2
FREL Fidelity MSCI Real Estate Index ETF 14.1 8 19 6.6 -2.2
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 14.0 25 2 6.0 -2.8
RFDA RiverFront Dynamic US Dividend Advantage ETF 14.0 52 -25 5.1 -3.8
BVAL Brand Value ETF 14.0 65 -38 6.2 -2.7
PSR Invesco Active U.S. Real Estate Fund 13.8 35 -8 6.3 -2.6
LVUS Hartford Multifactor Low Volatility US Equity ETF 13.7 19 8 6.1 -2.8
IYR iShares U.S. Real Estate ETF 13.7 42 -15 6.5 -2.3
FVAL Fidelity Value Factor ETF 13.6 29 -2 8.1 -0.7
JVAL JPMorgan U.S. Value Factor ETF 13.6 12 15 8.8 -0.0
JKI iShares Morningstar Mid-Cap Value ETF 13.6 30 -3 9.3 +0.4
FXG First Trust Consumer Staples AlphaDEX Fund 13.4 64 -37 7.1 -1.8
FLLV Franklin Liberty U.S. Low Volatility ETF 13.4 29 -2 5.9 -3.0
RHS Invesco S&P 500 Equal Weight Consumer Staples ETF 13.3 40 -13 6.5 -2.4
PFM Invesco Dividend Achievers ETF 13.3 54 -27 5.5 -3.3
SHE SPDR SSGA Gender Diversity Index ETF 13.1 20 7 5.5 -3.3
QLV FlexShares US Quality Low Volatility Index Fund 13.1 22 5 4.9 -4.0
JXI iShares Global Utilities ETF 13.1 46 -19 6.0 -2.9
VNQ Vanguard REIT Index Fund 13.1 12 15 6.6 -2.2
FNDX Schwab Fundamental U.S. Large Co. Index ETF 13.1 25 2 6.6 -2.3
SZNE Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF 13.0 60 -33 6.3 -2.6
USRT iShares Core U.S. REIT ETF 12.9 8 19 7.4 -1.4
PRF Invesco FTSE RAFI US 1000 ETF 12.9 39 -12 6.9 -2.0
IWX iShares Russell Top 200 Value ETF 12.8 20 7 7.2 -1.6
REVS Columbia Research Enhanced Value ETF 12.8 19 8 7.8 -1.0
QDF FlexShares Quality Dividend Index Fund 12.7 37 -10 6.2 -2.7
QUS SPDR MSCI USA StrategicFactors ETF 12.7 15 12 5.9 -3.0
JQUA JPMorgan U.S. Quality Factor ETF 12.7 12 15 5.3 -3.6
COWZ Pacer US Cash Cows 100 ETF 12.6 49 -22 10.9 +2.0
FRI First Trust S&P REIT Index Fund 12.5 50 -23 7.0 -1.8

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:
Legg Mason Low Volatility High Dividend ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 17.1 %
Divided by: Fwd. P/BV 1.9 x
Less: Expense ratio 27 bp
Equals: ALTAR Score 8.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.69 CATEGORY
AVERAGE
1.52
 
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.