Salt TruBeta High Exposure
ALTAR
Score™
6.4% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
16.3x P/Sales
ratio
1.5x
P/BV
ratio
2.4x Div.
yield
1.8%


  • 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 16, 2018
Assets (mns) $14
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) $75,328
Large cap (>$10bn) 76.9%
Mid cap ($2-10bn) 23.1%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
TESLA MOTORS INC 1.4 %
ADVANCED MICRO DEVICES 1.2 %
APPLE INC 1.2 %
LAM RESEARCH CORP 1.2 %
MARATHON PETROLEUM 1.1 %
APPLIED MATERIALS INC 1.1 %
SKYWORKS SOLUTIONS INC 1.1 %
UNITED RENTALS INC 1.1 %
KLA-TENCOR CORPORATION 1.1 %
VALERO ENERGY CORP 1.1 %
Total 11.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.6 %
BRITAIN 1.1 %
IRELAND 1.0 %
BERMUDA 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.
25.4% 12.3% -- -- 2.8%

Market Correlations
versus... Beta R-squared
S&P500 1.58 90%
MSCI EAFE 1.77 82%
MSCI Emg. Mkts. 1.41 76%

Technical Indicators
Recent close $27.08
30d moving avg. $25.91
Annualized volatility 26.5%
Short interest (ETF) 0.0%
Relative strength (RSI) 69

Liquidity measures
Avg. volume (thou.) 2
Turnover 0.4%
Bid/Ask (% of price) 0.16%
ADV underlying (mns) $45,753

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Salt TruBeta High Exposure 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™: 6.4%


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 42.0 25 4 6.3 -0.1
QQEW First Trust NASDAQ 100 Equal Weight 32.0 60 -31 6.0 -0.4
QQQE Direxion NASDAQ-100 Equal Weight 32.0 35 -6 6.3 -0.1
PXLG Invesco Fundamental Pure Large Growth 29.4 35 -6 8.1 +1.7
RYT Invesco S&P Equal Weight Technology 27.3 40 -11 6.5 +0.1
SZNE Pacer CFRA-Stovall Equal Weight Seasonal Rotation 26.3 60 -31 6.6 +0.3
JHMT John Hancock Multifactor Technology 26.0 40 -11 6.0 -0.4
ONEY SPDR Russell 1000 Yield Focus 22.3 20 9 8.3 +1.9
FTA First Trust Large Cap Value 22.0 62 -33 8.7 +2.3
SPYB SPDR S&P 500 Buyback 21.9 35 -6 7.3 +0.9
FVAL Fidelity Value Factor 21.7 29 0 8.1 +1.7
PY Principal Shareholder Yield 21.3 29 0 7.9 +1.6
QTEC First Trust NASDAQ 100 Tech 21.3 57 -28 6.0 -0.4
KRMA Global X Conscious Companies 21.3 43 -14 6.2 -0.2
RPV Invesco S&P 500 Pure Value ETF 21.1 35 -6 9.7 +3.4
IGM iShares S&P N. American Technology 20.9 46 -17 4.6 -1.8
SYLD Cambria Shareholder Yield 20.5 59 -30 9.0 +2.6
PEXL Pacer US Export Leaders 20.3 60 -31 6.1 -0.3
SPVU Invesco S&P 500 Value 19.9 13 16 11.0 +4.6
CDL Victory CEMP US Large Cap High Div Volatility Wtd 19.8 35 -6 7.8 +1.4

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:
Salt TruBeta High Exposure
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 14.6 %
Divided by: Fwd. P/BV 2.2 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 6.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.52 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.