The Cannabis ETF
ALTAR
Score™
-12.6% info Recommen-
dation
AVOID
2020E    2021E
P/E
ratio
-10.0x P/Sales
ratio
0.1x
P/BV
ratio
1.0x Div.
yield
0.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Cannabis ETF tracks a market cap-selected and weighted index of North American cannabis companies.

FUND BASICS
Category Global Equities
Fund Sponsor OBP Capital LLC
Website thcxetf.com
Inception date Jul 09, 2019
Assets (mns) $14
Currency USD
Expense ratio 70 bp
Distributions Monthly

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 31
Wgt avg mkt cap (mns) $1,487
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 29.7%
Small cap (<$2bn) 70.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
CRONOS GROUP INC 9.5 %
SCOTTS MIRACLE-GRO CO-CL A 8.1 %
APHRIA INC 7.9 %
GW PHARMACEUTICALS PLC SPONSORED A 7.5 %
CANOPY GROWTH CORPORATION 7.2 %
ORGANIGRAM HOLDINGS INC 6.0 %
CHARLOTTE'S WEB HOLDINGS, INC. 5.8 %
AURORA CANNABIS INC. 4.9 %
MEDIPHARM LABS CORP. 3.9 %
TILRAY, INC. 3.6 %
Total 64.5 %

TOP COUNTRY EXPOSURE
CANADA 68.4 %
UNITED STATES 19.1 %
BRITAIN 7.5 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 01)
Year-to-date 1 year 5 years 10 years Since Incep.
-- -- -- -- 0.0%

Market Correlations
versus... Beta R-squared
S&P500 -- --
MSCI EAFE -- --
MSCI Emg. Mkts. -- --

Technical Indicators
Recent close $7.22
30d moving avg. $8.41
Annualized volatility 0.0%
Short interest (ETF) 7.5%
Relative strength (RSI) 31

Liquidity measures
Avg. volume (thou.) 63
Turnover 3.3%
Bid/Ask (% of price) 1.71%
ADV underlying (mns) $351

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the The Cannabis ETF ETF based on the alternatives' overlap in portfolio holdings with THCX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: THCX Expense: 70 bp ALTAR Score™: -12.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH THCX
Ticker Fund
Name
Overlap1
vs THCX
(%)
Expense
ratio
(bp)
Savings
vs THCX
(bp)
ALTAR
Score™
(%)
ALTAR
vs THCX
(%)
POTX Global X Cannabis ETF 69.1 50 20 -47.4 -34.8
CNBS Amplify Seymour Cannabis ETF 56.7 75 -5 -14.7 -2.1
MJ ETFMG Alternative Harvest ETF 56.1 75 -5 -6.4 +6.2
TOKE Cambria Cannabis ETF 50.3 42 28 -5.8 +6.8
YOLO AdvisorShares Pure Cannabis ETF 39.2 74 -4 -23.8 -11.3
ACT AdvisorShares Vice ETF 7.2 99 -29 7.2 +19.8
SOIL Global X Fertilizers/Potash ETF 6.8 69 1 7.4 +19.9
FXZ First Trust Materials AlphaDEX Fund 3.9 65 5 10.6 +23.2
PSL Invesco DWA Consumer Staples Momentum ETF 2.5 60 10 4.8 +17.4
BBC Virtus LifeSci Biotech Clinical Trials ETF 2.4 79 -9 0.0 +12.6
XMMO Invesco S&P MidCap Momentum ETF 2.2 39 31 5.4 +18.0
FTAG First Trust Indxx Global Agriculture ETF 2.0 70 0 8.6 +21.1
GEX VanEck Vectors Global Alternative Energy ETF 1.9 63 7 7.2 +19.7
PZD Invesco Cleantech ETF 1.9 68 2 7.1 +19.7
XSD SPDR S&P Semiconductor ETF 1.9 35 35 5.7 +18.3
QCLN First Trust Nasdaq Clean Edge Green Energy Index Fund 1.9 60 10 2.4 +15.0
ACES ALPS Clean Energy ETF 1.9 65 5 2.1 +14.7
PBW Invesco WilderHill Clean Energy ETF 1.9 70 0 -6.4 +6.2
NUMG Nuveen ESG Mid-Cap Growth ETF 1.7 40 30 4.6 +17.2
JKJ iShares Morningstar Small-Cap ETF 1.7 25 45 9.3 +21.9
FTXL First Trust Nasdaq Semiconductor ETF 1.6 60 10 7.2 +19.8
VEGI iShares MSCI Global Agriculture Producers ETF 1.6 39 31 7.5 +20.1
HUSV First Trust Horizon Managed Volatility Domestic ETF 1.6 70 0 6.7 +19.3
RYH Invesco S&P 500 Equal Weight Health Care ETF 1.5 40 30 8.0 +20.6
RFG Invesco S&P Midcap 400 Pure Growth ETF 1.4 35 35 6.2 +18.7
XPH SPDR S&P Pharmaceuticals ETF 1.4 35 35 6.2 +18.8
PPH VanEck Vectors Pharmaceutical ETF 1.4 36 34 11.8 +24.3
EQWM Invesco S&P MidCap Quality ETF 1.3 25 45 7.0 +19.6
DIET Defiance Next Gen Food & Agriculture ETF 1.3 30 40 5.9 +18.5
PBD Invesco Global Clean Energy ETF 1.3 75 -5 3.1 +15.6
SMDY Syntax Stratified MidCap ETF 1.2 30 40 9.4 +21.9
HTEC ROBO Global Healthcare Technology & Innovation ETF 1.2 68 2 1.0 +13.6
VBR Vanguard Small Cap Value Index Fund 1.0 7 63 12.3 +24.9
IYM iShares U.S. Basic Materials ETF 0.9 42 28 8.0 +20.6
JHMA John Hancock Multifactor Materials ETF 0.9 40 30 9.6 +22.2
RYJ Invesco Raymond James SB-1 Equity ETF 0.9 82 -12 5.8 +18.3
FNDA Schwab Fundamental U.S. Small Co. Index ETF 0.8 25 45 9.9 +22.4
QDEF FlexShares Quality Dividend Defensive Index Fund 0.8 37 33 8.0 +20.6
DRIV Global X Autonomous & Electric Vehicles ETF 0.8 68 2 8.7 +21.3
FNY First Trust Mid Cap Growth AlphaDEX Fund 0.8 70 0 4.7 +17.2
FXH First Trust Health Care AlphaDEX Fund 0.8 62 8 6.6 +19.2
SFYX Sofi Next 500 ETF 0.8 0 70 8.3 +20.9
SCHM Schwab U.S. Mid-Cap ETF 0.7 4 66 9.2 +21.8
IJJ iShares S&P Mid-Cap 400 Value ETF 0.7 25 45 12.3 +24.9
MDYV SPDR S&P 400 Mid Cap Value ETF 0.7 15 55 12.4 +25.0
IVOV Vanguard S&P Mid-Cap 400 Value ETF 0.7 15 55 12.5 +25.1
VAW Vanguard Materials Index Fund 0.7 10 60 8.6 +21.2
EWMC Invesco S&P MidCap 400 Equal Weight ETF 0.7 40 30 10.0 +22.6
FMAT Fidelity MSCI Materials Index ETF 0.7 8 62 8.6 +21.2
GUNR Flexshares Morningstar Global Upstream Natural Resources 0.7 46 24 7.9 +20.4
CACG ClearBridge All Cap Growth ETF 0.7 54 16 5.7 +18.3
SOXX iShares PHLX Semiconductor ETF 0.6 46 24 7.2 +19.8
MDY SPDR S&P Midcap 400 ETF Trust 0.6 23 47 9.1 +21.7
SPMD SPDR Portfolio Mid Cap ETF 0.6 5 65 9.3 +21.9
IJH iShares Core S&P Mid-Cap ETF 0.6 6 64 9.3 +21.9
IVOO Vanguard S&P Mid-Cap 400 ETF 0.6 10 60 9.3 +21.8
JDIV JPMorgan U.S. Dividend ETF 0.6 12 58 11.0 +23.5
VB Vanguard Small-Cap ETF 0.6 5 65 8.2 +20.8
IUSS Invesco Strategic US Small Company ETF 0.6 23 47 9.1 +21.7
ETHO Etho Climate Leadership U.S. ETF 0.6 47 23 6.8 +19.4
KRMA Global X Conscious Companies ETF 0.6 43 27 7.5 +20.0
MDYG SPDR S&P 400 Mid Cap Growth ETF 0.6 15 55 6.9 +19.5
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 0.6 15 55 6.9 +19.5
IJK iShares S&P Mid-Cap 400 Growth ETF 0.6 24 46 6.8 +19.4
DON WisdomTree U.S. MidCap Dividend Fund 0.6 38 32 11.2 +23.8
QDYN FlexShares Quality Dividend Dynamic Index Fund 0.5 37 33 9.3 +21.8
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 0.5 24 46 8.5 +21.1
JPUS JPMorgan Diversified Return U.S. Equity ETF 0.5 19 51 8.5 +21.0
EWC iShares MSCI Canada ETF 0.5 49 21 8.9 +21.5
SMMD iShares Russell 2500 ETF 0.5 15 55 8.2 +20.8
JKH iShares Morningstar Mid-Cap Growth ETF 0.5 30 40 3.6 +16.2
JHSC John Hancock Multifactor Small Cap ETF 0.5 50 20 8.9 +21.5
IBB iShares NASDAQ Biotechnology ETF 0.5 47 23 0.8 +13.4
FNX First Trust Mid Cap Core AlphaDEX Fund 0.5 61 9 10.5 +23.1
JMIN JPMorgan U.S. Minimum Volatility ETF 0.5 12 58 7.3 +19.9
RWK Invesco S&P MidCap 400 Revenue ETF 0.5 39 31 12.0 +24.6
SCHA Schwab U.S. Small-Cap ETF 0.5 4 66 7.5 +20.1
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 0.4 24 46 11.3 +23.8
JHMM John Hancock Multifactor Mid Cap ETF 0.4 44 26 8.4 +21.0
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 0.4 17 53 9.2 +21.8
IWC iShares Micro-Cap ETF 0.4 60 10 -5.0 +7.6
FAD First Trust Multi Cap Growth AlphaDEX Fund 0.4 66 4 4.3 +16.9
RVRS Reverse Cap Weighted U.S. Large Cap ETF 0.4 29 41 10.7 +23.2
EQAL Invesco Russell 1000 Equal Weight ETF 0.4 20 50 7.7 +20.2
TPLC Timothy Plan US Large Cap Core ETF 0.4 52 18 7.5 +20.1
NUSC Nuveen ESG Small-Cap ETF 0.4 40 30 7.6 +20.2
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 0.4 29 41 9.4 +22.0
PBSM Invesco PureBeta MSCI USA Small Cap ETF 0.4 6 64 8.1 +20.7
EXT WisdomTree U.S. Total Earnings Fund 0.4 28 42 7.8 +20.4
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 0.4 17 53 7.4 +19.9
ONEO SPDR Russell 1000 Momentum Focus ETF 0.4 20 50 9.6 +22.2
BBCA JPMorgan BetaBuilders Canada ETF 0.4 19 51 9.1 +21.7
QCAN SPDR MSCI Canada Quality Mix ETF 0.4 14 56 9.0 +21.6
JHMH John Hancock Multifactor Healthcare ETF 0.4 40 30 7.3 +19.8
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 0.3 17 53 9.4 +22.0
CROP IQ Global Agribusiness Small Cap ETF 0.3 76 -6 6.5 +19.1
FTC First Trust Large Cap Growth AlphaDEX Fund 0.3 61 9 4.5 +17.0
EZM WisdomTree U.S. MidCap Earnings Fund 0.3 38 32 14.2 +26.7
IWS iShares Russell Mid-Cap Value ETF 0.3 24 46 10.1 +22.7
IHE iShares U.S. Pharmaceuticals ETF 0.3 42 28 6.4 +19.0

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:
The Cannabis ETF
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 -11.6 %
Divided by: Fwd. P/BV 1.0 x
Less: Expense ratio 70 bp
Equals: ALTAR Score -12.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.42 CATEGORY
AVERAGE
1.49
 
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.