ProShares Global Infrastructure
ALTAR
Score™
4.9% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
20.2x P/Sales
ratio
1.8x
P/BV
ratio
2.1x Div.
yield
4.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
ProShares DJ Brookfield Global Infrastructure ETF is an exchange-traded fund incorporated in the USA. The ETF seeks investment results, before fees and expenses, that track the performance of the DJ Brookfield Global Infrasctructure Composite Index.

FUND BASICS
Category Global Equities
Fund Sponsor ProShare Advisors LLC
Website www.proshares.com
Inception date Mar 25, 2014
Assets (mns) $147
Currency USD
Expense ratio 46 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 123
Wgt avg mkt cap (mns) $32,732
Large cap (>$10bn) 79.1%
Mid cap ($2-10bn) 18.4%
Small cap (<$2bn) 2.5%
Developed mkts 97.5%
Emerging mkts 2.5%

TOP TEN HOLDINGS
AMERICAN TOWER CORP-CL A 7.3 %
ENBRIDGE INC 6.4 %
VINCI SA 4.5 %
CROWN CASTLE INTL CORP 4.3 %
TRANSCANADA CORP 3.9 %
NATIONAL GRID PLC 3.7 %
SEMPRA ENERGY 3.1 %
ENTERPRISE PRODUCTS PARTNERS 3.0 %
KINDER MORGAN INC 2.9 %
ONEOK INC 2.2 %
Total 41.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 50.0 %
CANADA 14.9 %
FRANCE 5.8 %
BRITAIN 5.5 %
AUSTRALIA 4.2 %
HONG KONG 3.7 %
SPAIN 3.5 %
ITALY 3.2 %
CHINA 1.9 %
JAPAN 1.3 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
26.9% 26.9% 5.0% -- 6.0%

Market Correlations
versus... Beta R-squared
S&P500 0.55 47%
MSCI EAFE 0.61 48%
MSCI Emg. Mkts. 0.43 40%

Technical Indicators
Recent close $48.11
30d moving avg. $46.40
Annualized volatility 9.7%
Short interest (ETF) 0.2%
Relative strength (RSI) 79

Liquidity measures
Avg. volume (thou.) 28
Turnover 0.9%
Bid/Ask (% of price) 0.20%
ADV underlying (mns) $5,647

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the ProShares Global Infrastructure ETF based on the alternatives' overlap in portfolio holdings with TOLZ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: TOLZ Expense: 46 bp ALTAR Score™: 4.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH TOLZ
Ticker Fund
Name
Overlap1
vs TOLZ
(%)
Expense
ratio
(bp)
Savings
vs TOLZ
(bp)
ALTAR
Score™
(%)
ALTAR
vs TOLZ
(%)
GLIF AGFiQ Global Infrastructure 55.5 45 1 4.9 +0.1
IGF iShares S&P Global Infrastructure 37.0 46 0 4.5 -0.3
GII SPDR FTSE/Macquarie Global Infrastructure 36.8 40 6 4.6 -0.3
TPYP Tortoise North American Pipeline 35.8 40 6 4.4 -0.5
INFR Legg Mason Global Infrastructure 35.4 40 6 5.4 +0.5
YMLP Yorkville High Income MLP 31.5 84 -38 3.6 -1.2
MLPX Global X MLP & Energy Infrastructure 31.1 45 1 3.6 -1.2
ENFR Alerian Energy Infrastructure 31.0 55 -9 3.8 -1.1
EMLP First Trust N. American Energy Infrastructure 30.7 95 -49 4.6 -0.3
USAI American Energy Independence 30.5 75 -29 1.9 -3.0
NFRA FlexShares STOXX Global Broad Infrastructure 23.9 47 -1 6.2 +1.3
JXI iShares S&P Global Utilities 23.5 46 0 5.0 +0.2
GHII Invesco S&P High Income Infrastructure 18.1 45 1 5.2 +0.3
FUTY Fidelity MSCI Utilities 17.0 8 38 4.9 +0.0
VPU Vanguard Utilities ETF 17.0 10 36 4.9 0.0
IDU iShares DJ US Utilities 16.1 43 3 4.6 -0.3
JHMU John Hancock Multifactor Utilities 15.1 40 6 4.9 +0.0
UTES Reaves Utilities 14.9 49 -3 4.0 -0.8
ECLN First Trust EIP Carbon Impact 14.5 95 -49 3.2 -1.7

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

  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:
ProShares Global Infrastructure
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 10.9 %
Divided by: Fwd. P/BV 2.1 x
Less: Expense ratio 46 bp
Equals: ALTAR Score 4.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.61 CATEGORY
AVERAGE
1.54
 
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.