Principal Shareholder Yield Index ETF
ALTAR
Score™
8.5% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
12.2x P/Sales
ratio
1.3x
P/BV
ratio
1.9x Div.
yield
2.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Principal Shareholder Yield Index ETF tracks an index of dividend-paying large- and midcap US stocks that are selected by several fundamental factors, including dividend yield and buyback yield. Holdings are equally weighted within two tiers.

FUND BASICS
Category US Equities
Fund Sponsor The Principal Financial Group
Website www.principaletfs.com
Inception date Mar 21, 2016
Assets (mns) $11
Currency USD
Expense ratio 29 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 135
Wgt avg mkt cap (mns) $55,879
Large cap (>$10bn) 64.7%
Mid cap ($2-10bn) 34.7%
Small cap (<$2bn) 0.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
LAM RESEARCH CORP 1.6 %
APPLIED MATERIALS INC 1.5 %
FORTUNE BRANDS HOME & SECURI 1.3 %
CDW CORP/DE 1.3 %
TOLL BROTHERS INC 1.2 %
AMERIPRISE FINANCIAL INC 1.2 %
ILLINOIS TOOL WORKS 1.2 %
ALLSTATE CORP 1.2 %
SANTANDER CONSUMER USA HOLDI 1.2 %
WILLIAMS-SONOMA INC 1.1 %
Total 12.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.6 %
IRELAND 2.5 %
SWITZERLAND 1.0 %
CHINA 0.5 %
PUERTO RICO 0.5 %
BRITAIN 0.5 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-4.1% 10.4% -- -- 9.6%

Market Correlations
versus... Beta R-squared
S&P500 1.25 84%
MSCI EAFE 1.17 61%
MSCI Emg. Mkts. 0.77 46%

Technical Indicators
Recent close $32.79
30d moving avg. $34.10
Annualized volatility 16.5%
Short interest (ETF) 3.6%
Relative strength (RSI) 49

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.3%
Bid/Ask (% of price) 0.21%
ADV underlying (mns) $36,472

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Principal Shareholder Yield Index ETF ETF based on the alternatives' overlap in portfolio holdings with PY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PY Expense: 29 bp ALTAR Score™: 8.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PY
Ticker Fund
Name
Overlap1
vs PY
(%)
Expense
ratio
(bp)
Savings
vs PY
(bp)
ALTAR
Score™
(%)
ALTAR
vs PY
(%)
SPYB SPDR S&P 500 Buyback ETF 34.7 35 -6 8.7 +0.3
ESGS Columbia Sustainable U.S. Equity Income ETF 32.4 35 -6 8.6 +0.2
QSY WisdomTree U.S. LargeCap Value Fund 32.4 38 -9 7.6 -0.9
LSAF LeaderShares AlphaFactor US Core Equity ETF 26.6 75 -46 6.8 -1.7
QDYN FlexShares Quality Dividend Dynamic Index Fund 26.6 37 -8 7.3 -1.2
JVAL JPMorgan U.S. Value Factor ETF 26.1 12 17 8.8 +0.3
ONEY SPDR Russell 1000 Yield Focus ETF 25.8 20 9 8.6 +0.1
CLRG IQ Chaikin U.S. Large Cap ETF 25.8 25 4 8.4 -0.1
SYLD Cambria Shareholder Yield ETF 25.7 59 -30 9.6 +1.1
ESGW Columbia Sustainable Global Equity Income ETF 25.6 40 -11 9.3 +0.8
FXO First Trust Financials AlphaDEX Fund 24.7 63 -34 8.1 -0.4
DIVB iShares U.S. Dividend & Buyback ETF 24.4 25 4 6.9 -1.6
FTA First Trust Large Cap Value AlphaDEX Fund 24.3 60 -31 8.7 +0.2
USDY Pacific Global US Equity Income ETF 23.7 29 0 7.7 -0.8
OVLU Invesco Russell 1000 Value Factor ETF 23.4 19 10 7.6 -0.8
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 23.1 15 14 5.6 -2.9
RYF Invesco S&P 500 Equal Weight Financials ETF 23.1 40 -11 7.6 -0.8
QDF FlexShares Quality Dividend Index Fund 22.9 37 -8 7.5 -1.0
JHMF John Hancock Multifactor Financials ETF 22.8 40 -11 6.9 -1.5

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:
Principal Shareholder Yield Index 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 16.7 %
Divided by: Fwd. P/BV 1.9 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 8.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.62 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.