ETFMG Alternative Harvest
ALTAR
Score™
-3.3% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
-55.1x P/Sales
ratio
2.9x
P/BV
ratio
2.5x Div.
yield
1.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The ETFMG Alternative Harvest ETF tracks a market-cap-weighted index of global firms engaged in the legal cultivation, production, marketing or distribution of cannabis, cannabinoids or tobacco products.lf

FUND BASICS
Category US Equities
Fund Sponsor ETF Managers Group
Website www.etfmj.com
Inception date Dec 03, 2015
Assets (mns) $680
Currency USD
Expense ratio 75 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 36
Wgt avg mkt cap (mns) $9,766
Large cap (>$10bn) 11.6%
Mid cap ($2-10bn) 21.7%
Small cap (<$2bn) 66.7%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
TILRAY, INC. 8.1 %
CANOPY GROWTH CORPORATION 7.8 %
CRONOS GROUP INC 7.3 %
GW PHARMACEUTICALS PLC SPONSORED A 6.4 %
AURORA CANNABIS INC. 6.3 %
HEXO CORPORATION 4.2 %
APHRIA INC 4.0 %
CORBUS PHARMACEUTICALS HOLDINGS IN 3.5 %
MEDIPHARM LABS CORP. 3.5 %
ORGANIGRAM HOLDINGS INC 3.3 %
Total 54.5 %

TOP COUNTRY EXPOSURE
CANADA 53.6 %
UNITED STATES 27.5 %
BRITAIN 11.1 %
SWEDEN 2.2 %
JAPAN 2.1 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-29.2% -38.9% -- -- -25.7%

Market Correlations
versus... Beta R-squared
S&P500 2.11 36%
MSCI EAFE 2.06 25%
MSCI Emg. Mkts. 1.66 23%

Technical Indicators
Recent close $16.84
30d moving avg. $18.27
Annualized volatility 52.2%
Short interest (ETF) 6.8%
Relative strength (RSI) 36

Liquidity measures
Avg. volume (thou.) 941
Turnover 2.3%
Bid/Ask (% of price) 0.25%
ADV underlying (mns) $1,583

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the ETFMG Alternative Harvest ETF based on the alternatives' overlap in portfolio holdings with MJ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: MJ Expense: 75 bp ALTAR Score™: -3.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH MJ
Ticker Fund
Name
Overlap1
vs MJ
(%)
Expense
ratio
(bp)
Savings
vs MJ
(bp)
ALTAR
Score™
(%)
ALTAR
vs MJ
(%)
THCX Cannabis 62.0 70 5 -5.6 -2.3
TOKE Cambria Cannabis 50.8 42 33 0.7 +4.0
CNBS Amplify Seymour Cannabis 47.9 75 0 -8.1 -4.8
YOLO AdvisorShares Pure Cannabis 36.8 74 1 -18.1 -14.8
POTX Global X Cannabis 13.5 50 25 -26.0 -22.7
ACT AdvisorShares Vice 13.2 99 -24 7.9 +11.2
DIV Global X SuperDividend US ETF 10.4 45 30 7.5 +10.7
PEY Invesco High Yield Equity Dividend Acheivers 8.5 53 22 6.7 +10.0
KXI iShares S&P Global Consumer Staples 8.3 46 29 5.3 +8.6
GCOW Pacer Global Cash Cows Dividend 6.7 60 15 9.8 +13.0
FDVV Fidelity Core Dividend 6.6 29 46 7.3 +10.6
IDOG ALPS International Sector Dividend Dogs 5.6 50 25 7.4 +10.6
DMDV AAM S&P Developed Markets High Dividend Value 5.0 39 36 10.2 +13.5
DOO WisdomTree Int'l Dividend Ex-Financials 4.8 58 17 8.0 +11.3
VDC Vanguard Consumer Staples 4.6 10 65 5.5 +8.7
IECS iShares Evolved U.S. Consumer Staples 4.6 18 57 6.2 +9.5
CALF Pacer US Small Cap Cash Cows 100 4.6 59 16 11.2 +14.5
FSTA Fidelity MSCI Consumer Staples 4.5 8 67 5.5 +8.7
DEW WisdomTree Global Equity Income 4.4 58 17 8.4 +11.7
SPHD Invesco S&P 500 High Dividend 4.4 30 45 7.8 +11.1

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

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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:
ETFMG Alternative Harvest
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity -6.8 %
Divided by: Fwd. P/BV 2.7 x
Less: Expense ratio 75 bp
Equals: ALTAR Score -3.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.47 CATEGORY
AVERAGE
1.56
 
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.