Direxion NASDAQ-100 Equal Weight
ALTAR
Score™
6.3% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
20.8x P/Sales
ratio
2.7x
P/BV
ratio
4.3x Div.
yield
1.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Direxion NASDAQ-100 Equal Weighted Index Shares is an exchange-traded fund incorporated in the USA. The Fund seeks daily investment results, before fees and expenses, that correspond to the daily performance of the NASDAQ 100 Equal Weighted Index.

FUND BASICS
Category US Equities
Fund Sponsor Rafferty Asset Management LLC
Website www.direxionshares.com
Inception date Mar 21, 2012
Assets (mns) $234
Currency USD
Expense ratio 35 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Equal
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 103
Wgt avg mkt cap (mns) $98,632
Large cap (>$10bn) 98.6%
Mid cap ($2-10bn) 1.5%
Small cap (<$2bn) 0.0%
Developed mkts 95.1%
Emerging mkts 4.9%

TOP TEN HOLDINGS
TESLA MOTORS INC 1.4 %
ALIGN TECHNOLOGY INC 1.3 %
ADVANCED MICRO DEVICES 1.2 %
SKYWORKS SOLUTIONS INC 1.2 %
APPLE INC 1.2 %
APPLIED MATERIALS INC 1.2 %
LAM RESEARCH CORP 1.1 %
QUALCOMM INC 1.1 %
NVIDIA CORP 1.1 %
BIOGEN IDEC INC 1.1 %
Total 12.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 89.2 %
CHINA 4.0 %
BRITAIN 2.5 %
NETHERLANDS 2.1 %
ISRAEL 1.0 %
ARGENTINA 1.0 %





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.
27.3% 19.6% 11.8% -- 14.7%

Market Correlations
versus... Beta R-squared
S&P500 1.17 89%
MSCI EAFE 1.10 68%
MSCI Emg. Mkts. 0.82 61%

Technical Indicators
Recent close $52.51
30d moving avg. $51.10
Annualized volatility 14.9%
Short interest (ETF) 0.2%
Short interest (Underlying) 4.6%
Relative strength (RSI) 70

Liquidity measures
Avg. volume (thou.) 31
Turnover 0.7%
Bid/Ask (% of price) 0.09%
ADV underlying (mns) $52,061

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Direxion NASDAQ-100 Equal Weight ETF based on the alternatives' overlap in portfolio holdings with QQQE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: QQQE Expense: 35 bp ALTAR Score™: 6.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH QQQE
Ticker Fund
Name
Overlap1
vs QQQE
(%)
Expense
ratio
(bp)
Savings
vs QQQE
(bp)
ALTAR
Score™
(%)
ALTAR
vs QQQE
(%)
QQEW First Trust NASDAQ 100 Equal Weight 99.6 60 -25 6.0 -0.3
QQXT First Trust NASDAQ-100 Ex-Tech 61.1 60 -25 6.0 -0.2
QYLD Global X NASDAQ 100 Covered Call ETF 50.9 60 -25 4.9 -1.4
QQQ Invesco QQQ 49.7 20 15 5.2 -1.1
QTEC First Trust NASDAQ 100 Tech 38.8 57 -22 6.0 -0.3
SPHB Invesco S&P 500 High Beta 37.5 25 10 6.3 +0.0
ONEQ Fidelity NASDAQ Composite 34.3 21 14 4.2 -2.1
RYT Invesco S&P Equal Weight Technology 33.7 40 -5 6.5 +0.2
SLT Salt TruBeta High Exposure 32.0 29 6 6.4 +0.1
JKE iShares Morningstar Large Cap Growth 31.9 25 10 4.0 -2.2
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 27.3 75 -40 4.6 -1.6
JHMT John Hancock Multifactor Technology 27.1 40 -5 6.0 -0.3
FLQL Franklin LibertyQ U.S. Equity 26.3 15 20 6.8 +0.6
XOUT GraniteShares XOUT US Large Cap 26.1 60 -25 5.1 -1.2
IGM iShares S&P N. American Technology 26.1 46 -11 4.6 -1.7
VUG Vanguard Growth ETF 26.0 4 31 4.8 -1.5
EQWL Invesco Fundamental Pure Large Core 26.0 25 10 6.4 +0.1
IWF iShares Russell 1000 Growth 25.9 19 16 4.9 -1.3
VONG Vanguard Russell 1000 Growth 25.8 12 23 5.0 -1.3
IWY iShares Russell Top 200 Growth 25.1 20 15 5.0 -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%.

Content on this tab for subscribers only**

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:
Direxion NASDAQ-100 Equal Weight
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 24.4 %
Divided by: Fwd. P/BV 3.7 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 6.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.55 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.