Salt TruBeta High Exposure ETF
ALTAR
Score™
8.4% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
-2,258.1x P/Sales
ratio
1.0x
P/BV
ratio
1.1x Div.
yield
2.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Salt truBeta High Exposure ETF tracks an equal-weighted index of US large-cap companies predicted to have high beta to the SPDR S&P 500 ETF (SPY).

FUND BASICS
Category US Equities
Fund Sponsor Salt Financial
Website www.saltfinancial.com
Inception date May 15, 2018
Assets (mns) $8
Currency USD
Expense ratio 29 bp
Distributions Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 101
Wgt avg mkt cap (mns) $15,046
Large cap (>$10bn) 46.4%
Mid cap ($2-10bn) 53.6%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
SQUARE, INC. CLASS A 1.6 %
FREEPORT-MCMORAN COPPER 1.5 %
CARVANA CO. CLASS A 1.5 %
ENPHASE ENERGY INC 1.4 %
PVH CORP 1.3 %
PERFORMANCE FOOD GROUP COMPANY 1.3 %
TOLL BROTHERS INC 1.3 %
MOSAIC CO/THE 1.3 %
LEGGETT & PLATT INC 1.3 %
HOWMET AEROSPACE INC. 1.2 %
Total 13.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 98.4 %
BERMUDA 1.1 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
0.3% 16.6% -- -- 6.3%

Market Correlations
versus... Beta R-squared
S&P500 1.61 89%
MSCI EAFE 1.73 84%
MSCI Emg. Mkts. 1.32 77%

Technical Indicators
Recent close $28.32
30d moving avg. $27.85
Annualized volatility 33.4%
Short interest (ETF) 0.0%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 2
Turnover 0.7%
Bid/Ask (% of price) 0.12%
ADV underlying (mns) $5,767

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Salt TruBeta High Exposure ETF ETF based on the alternatives' overlap in portfolio holdings with SLT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SLT Expense: 29 bp ALTAR Score™: 8.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SLT
Ticker Fund
Name
Overlap1
vs SLT
(%)
Expense
ratio
(bp)
Savings
vs SLT
(bp)
ALTAR
Score™
(%)
ALTAR
vs SLT
(%)
SPHB Invesco S&P 500 High Beta ETF 51.3 25 4 8.6 +0.2
PVAL Principal Contrarian Value Index ETF 29.0 29 0 9.5 +1.1
PMOM Principal Sustainable Momentum Index ETF 28.6 29 0 8.6 +0.2
RPV Invesco S&P 500 Pure Value ETF 25.9 35 -6 10.7 +2.2
FTA First Trust Large Cap Value AlphaDEX Fund 25.0 60 -31 9.0 +0.5
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 23.3 29 0 9.1 +0.7
RVRS Reverse Cap Weighted U.S. Large Cap ETF 21.4 29 0 7.7 -0.8
FXO First Trust Financials AlphaDEX Fund 20.5 63 -34 12.4 +4.0
JKI iShares Morningstar Mid-Cap Value ETF 20.0 30 -1 8.8 +0.4
AUSF Global X Adaptive U.S. Factor ETF 20.0 27 2 9.1 +0.7
SPYD SPDR S&P 500 High Dividend ETF 19.8 7 22 10.9 +2.5
SPVU Invesco S&P 500 Enhanced Value ETF 19.6 13 16 11.4 +3.0
ONEY SPDR Russell 1000 Yield Focus ETF 19.4 20 9 8.7 +0.3
FXD First Trust Consumer Discretionary AlphaDEX Fund 19.1 64 -35 5.6 -2.8
RYF Invesco S&P 500 Equal Weight Financials ETF 18.9 40 -11 9.5 +1.1
JKL iShares Morningstar Small Cap Value ETF 17.0 30 -1 9.9 +1.5
FAB First Trust Multi Cap Value AlphaDEX Fund 16.6 71 -42 9.5 +1.1
PY Principal Shareholder Yield Index ETF 16.5 15 14 9.2 +0.8
FCTR First Trust Lunt U.S. Factor Rotation ETF 16.2 65 -36 3.1 -5.3
VOE Vanguard Mid-Cap Value Index Fund 15.7 7 22 7.6 -0.9
JHMF John Hancock Multifactor Financials ETF 15.6 40 -11 7.7 -0.7
KBE SPDR S&P Bank ETF 15.5 35 -6 11.3 +2.9
DVY iShares Select Dividend ETF 15.5 39 -10 9.3 +0.9
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 15.5 35 -6 8.3 -0.1
RDIV Invesco S&P Ultra Dividend Revenue ETF 15.0 39 -10 10.2 +1.8
SYLD Cambria Shareholder Yield ETF 14.7 59 -30 8.7 +0.3
MAGA Point Bridge GOP Stock Tracker ETF 14.6 72 -43 6.2 -2.2
FEX First Trust Large Cap Core AlphaDEX Fund 14.2 60 -31 6.0 -2.5
VLUE iShares Edge MSCI USA Value Factor ETF 13.8 15 14 11.3 +2.9
JVAL JPMorgan U.S. Value Factor ETF 13.6 12 17 8.7 +0.3
RCD Invesco S&P 500 Equal Weight Consumer Discretionary ETF 13.5 40 -11 6.0 -2.4
IEFN iShares Evolved U.S. Financials ETF 13.5 18 11 9.2 +0.8
RNDV US Equity Dividend Select ETF 13.3 50 -21 7.8 -0.6
FNK First Trust Mid Cap Value AlphaDEX Fund 13.3 70 -41 10.7 +2.3
QSY WisdomTree U.S. LargeCap Value Fund 13.2 38 -9 6.7 -1.7
SPGP Invesco S&P 500 GARP ETF 13.1 34 -5 7.0 -1.4
RSP Invesco S&P 500 Equal Weight ETF 12.5 20 9 6.4 -2.0
VFVA Vanguard U.S. Value Factor ETF 12.5 14 15 10.8 +2.4
VLU SPDR S&P 1500 Value Tilt ETF 12.2 12 17 7.4 -1.0
CDC VictoryShares US EQ Income Enhanced Volatility Wtd Index ETF 12.2 35 -6 8.3 -0.1
IWS iShares Russell Mid-Cap Value ETF 12.1 24 5 6.9 -1.5
KRE SPDR S&P Regional Banking ETF 11.9 35 -6 11.1 +2.7
TUSA First Trust Total US Market AlphaDEX ETF 11.8 70 -41 5.9 -2.5
ESGS Columbia Sustainable U.S. Equity Income ETF 11.6 35 -6 8.7 +0.3
RWL Invesco S&P 500 Revenue ETF 11.6 39 -10 7.2 -1.2
RNLC Large Cap US Equity Select ETF 11.4 60 -31 6.1 -2.3
NUMV Nuveen ESG Mid-Cap Value ETF 11.4 40 -11 7.0 -1.5
IAT iShares U.S. Regional Banks ETF 11.2 42 -13 10.9 +2.5
WBIY WBI Power Factor High Dividend ETF 11.2 70 -41 10.8 +2.4
EQRR ProShares Equities for Rising Rates ETF 10.9 35 -6 6.7 -1.7
FNCL Fidelity MSCI Financials Index ETF 10.9 8 21 8.7 +0.3
JDIV JPMorgan U.S. Dividend ETF 10.8 12 17 7.6 -0.8
SIZE iShares Edge MSCI USA Size Factor ETF 10.7 15 14 6.1 -2.4
VFH Vanguard Financials Index Fund 10.6 10 19 8.7 +0.2
XLF Financial Select Sector SPDR Fund 10.5 13 16 8.1 -0.3
KBWB Invesco KBW Bank ETF 10.2 35 -6 10.2 +1.7
FTXO First Trust Nasdaq Bank ETF 10.1 60 -31 9.1 +0.7
EUSA iShares MSCI USA Equal Weighted ETF 10.1 15 14 6.1 -2.3
FXN First Trust Energy AlphaDEX Fund 10.0 65 -36 3.1 -5.4
BKMC BNY Mellon US Mid Cap Core Equity ETF 9.9 4 25 5.5 -2.9
VO Vanguard Mid-Cap Index Fund 9.8 4 25 5.2 -3.2
CVY Invesco Zacks Multi-Asset Income ETF 9.8 94 -65 10.2 +1.8
PKW Invesco Buyback Achievers ETF 9.8 62 -33 7.2 -1.2
SPVM Invesco S&P 500 Value with Momentum ETF 9.6 39 -10 8.7 +0.3
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 9.5 20 9 9.2 +0.8
SCHD Schwab U.S. Dividend Equity ETF 9.4 6 23 7.8 -0.6
ULVM VictoryShares USAA MSCI USA Value Momentum ETF 9.1 20 9 7.6 -0.8
RGI Invesco S&P 500 Equal Weight Industrials ETF 9.0 40 -11 4.9 -3.6
JHMC John Hancock Multifactor Consumer Discretionary ETF 9.0 40 -11 4.2 -4.3
BOSS Global X Founder-Run Companies ETF 8.9 45 -16 3.4 -5.0
IWR iShares Russell Midcap ETF 8.8 19 10 5.5 -2.9
FNDX Schwab Fundamental U.S. Large Co. Index ETF 8.8 25 4 7.2 -1.2
JHME John Hancock Multifactor Energy ETF 8.8 40 -11 4.2 -4.2
RYE Invesco S&P 500 Equal Weight Energy ETF 8.8 40 -11 4.2 -4.3
IGE iShares North American Natural Resources ETF 8.7 46 -17 4.3 -4.1
EQAL Invesco Russell 1000 Equal Weight ETF 8.7 20 9 5.5 -2.9
SDOG ALPS Sector Dividend Dogs ETF 8.7 40 -11 10.0 +1.6
XLE Energy Select Sector SPDR Fund 8.7 13 16 5.1 -3.4
EZM WisdomTree U.S. MidCap Earnings Fund 8.6 38 -9 8.8 +0.4
PRF Invesco FTSE RAFI US 1000 ETF 8.6 39 -10 7.1 -1.3
IYF iShares U.S. Financials ETF 8.5 42 -13 6.8 -1.6
BUY USCF SummerHaven SHPEI Index Fund 8.4 80 -51 8.7 +0.3
BKSE BNY Mellon US Small Cap Core Equity ETF 8.4 4 25 6.0 -2.4
FDL First Trust Morningstar Dividend Leaders Index Fund 8.4 45 -16 10.0 +1.6
FNDB Schwab Fundamental U.S. Broad Market Index ETF 8.3 25 4 7.2 -1.3
JHMM John Hancock Multifactor Mid Cap ETF 8.3 42 -13 5.6 -2.8
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 8.3 9 20 5.9 -2.5
IYE iShares U.S. Energy ETF 8.3 42 -13 4.5 -3.9
DON WisdomTree U.S. MidCap Dividend Fund 8.3 38 -9 7.5 -0.9
RAFE PIMCO RAFI ESG U.S. ETF 8.2 29 0 7.5 -0.9
FENY Fidelity MSCI Energy Index ETF 8.2 8 21 4.7 -3.7
DIVB iShares U.S. Dividend & Buyback ETF 8.2 25 4 7.0 -1.4
FNX First Trust Mid Cap Core AlphaDEX Fund 8.2 61 -32 6.5 -1.9
FVAL Fidelity Value Factor ETF 8.2 29 0 8.3 -0.1
IYG iShares US Financial Services ETF 8.1 42 -13 6.9 -1.6
VDE Vanguard Energy Index Fund 8.1 10 19 4.7 -3.7
SFYF SoFi 50 ETF 8.1 29 0 2.7 -5.7
IUS Invesco Strategic US ETF 8.1 19 10 6.9 -1.5
NULV Nuveen ESG Large-Cap Value ETF 8.0 35 -6 7.1 -1.3

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:
Salt TruBeta High Exposure 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 9.0 %
Divided by: Fwd. P/BV 1.0 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 8.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.54 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.