Tortoise Digital Payments Infrastructure Fund
ALTAR
Score™
5.9% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
31.4x P/Sales
ratio
3.8x
P/BV
ratio
3.4x Div.
yield
0.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
TPAY fund invests in companies that have the potential to benefit as the world continues to evolve from traditional cash payments to the speed, accuracy and efficiency of digital payments.

FUND BASICS
Category Global Equities
Fund Sponsor Montage Managers
Website etp.tortoiseadvisors.com
Inception date Jan 31, 2019
Assets (mns) $6
Currency USD
Expense ratio 40 bp
Distributions Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 50
Wgt avg mkt cap (mns) $62,552
Large cap (>$10bn) 69.8%
Mid cap ($2-10bn) 25.2%
Small cap (<$2bn) 5.0%
Developed mkts 99.7%
Emerging mkts 0.3%

TOP TEN HOLDINGS
DOCUSIGN, INC. 7.2 %
ADYEN NV 6.0 %
PAYPAL HOLDINGS INC 5.9 %
SQUARE, INC. CLASS A 5.3 %
JACK HENRY & ASSOCIATES INC 4.7 %
VISA INC-CLASS A SHARES 4.5 %
MASTERCARD INC-CLASS A 4.5 %
FLEETCOR TECHNOLOGIES INC 4.4 %
GLOBAL PAYMENTS INC 4.2 %
FIDELITY NATIONAL INFORMATIO 4.2 %
Total 51.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 71.1 %
FRANCE 6.9 %
NETHERLANDS 6.0 %
BRAZIL 3.3 %
JAPAN 3.2 %
GERMANY 3.2 %
AUSTRALIA 2.7 %
PUERTO RICO 0.8 %
HONG KONG 0.6 %
CYPRUS 0.3 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru April 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-10.4% -0.7% -- -- 12.6%

Market Correlations
versus... Beta R-squared
S&P500 1.23 82%
MSCI EAFE 1.20 71%
MSCI Emg. Mkts. 0.89 58%

Technical Indicators
Recent close $31.71
30d moving avg. $28.45
Annualized volatility 28.8%
Short interest (ETF) 0.0%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 9
Turnover 4.5%
Bid/Ask (% of price) 0.82%
ADV underlying (mns) $10,557

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Tortoise Digital Payments Infrastructure Fund ETF based on the alternatives' overlap in portfolio holdings with TPAY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: TPAY Expense: 40 bp ALTAR Score™: 5.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH TPAY
Ticker Fund
Name
Overlap1
vs TPAY
(%)
Expense
ratio
(bp)
Savings
vs TPAY
(bp)
ALTAR
Score™
(%)
ALTAR
vs TPAY
(%)
IPAY ETFMG Prime Mobile Payments ETF 70.6 75 -35 6.7 +0.8
FINX Global X FinTech Thematic ETF 35.6 68 -28 4.6 -1.3
GFIN Goldman Sachs Motif Finance Reimagined ETF 34.9 50 -10 5.8 -0.1
JHMF John Hancock Multifactor Financials ETF 19.7 40 0 7.7 +1.8
KOIN Innovation Shares NextGen Protocol ETF 17.7 95 -55 4.5 -1.4
BUYZ Franklin Disruptive Commerce ETF 17.1 50 -10 -0.1 -6.0
LEND Amplify CrowdBureau Peer-to-Peer Lending & Crowdfunding ETF 16.8 65 -25 14.3 +8.4
ARKF ARK Fintech Innovation ETF 15.1 75 -35 1.1 -4.8
XLK Technology Select Sector SPDR Fund 14.9 13 27 5.1 -0.8
FTEC Fidelity MSCI Information Technology Index ETF 14.4 8 32 4.9 -1.0
IYJ iShares U.S. Industrials ETF 14.3 42 -2 6.0 +0.1
FPX First Trust US IPO Index Fund 14.3 59 -19 4.4 -1.5
VGT Vanguard Information Technology Index Fund 14.2 10 30 4.9 -1.0
SPHQ Invesco S&P 500 Quality ETF 13.3 15 25 5.2 -0.7
RYT Invesco S&P 500 Equal Weight Technology ETF 13.1 40 0 7.5 +1.6
IXN iShares Global Tech ETF 13.0 46 -6 4.9 -1.0
GVIP Goldman Sachs Hedge Industry VIP ETF 12.5 45 -5 4.6 -1.3
IGM iShares North American Tech ETF 12.2 46 -6 4.1 -1.8
IYG iShares US Financial Services ETF 11.9 42 -2 6.8 +0.9
XSW SPDR S&P Software & Services ETF 11.9 35 5 3.7 -2.3
SPMO Invesco S&P 500 Momentum ETF 11.9 13 27 4.5 -1.4
OMFL Oppenheimer Russell 1000 Dynamic Multifactor ETF 11.3 29 11 4.4 -1.5
SHE SPDR SSGA Gender Diversity Index ETF 11.1 20 20 5.6 -0.3
DTEC ALPS Disruptive Technologies ETF 11.0 50 -10 3.7 -2.2
TECB iShares US Tech Breakthrough Multisector ETF 11.0 40 0 4.2 -1.8
GIGE SoFi Gig Economy ETF 10.8 59 -19 -0.4 -6.3
FXR First Trust Industrials/Producer Durables AlphaDEX Fund 10.7 63 -23 7.2 +1.3
IYF iShares U.S. Financials ETF 10.7 42 -2 7.1 +1.2
BLCN Reality Shares Nasdaq NextGen Economy ETF 10.5 68 -28 4.6 -1.3
VEGN US Vegan Climate ETF 10.3 60 -20 5.4 -0.5
QGRO American Century STOXX U.S. Quality Growth ETF 9.7 29 11 3.2 -2.7
BLOK Amplify Transformational Data Sharing ETF 9.5 70 -30 5.6 -0.3
JOYY Infusive Compounding Global Equities ETF 9.0 50 -10 4.0 -1.9
MILN Global X Millennials Thematic ETF 8.9 50 -10 3.2 -2.7
JMOM JPMorgan U.S. Momentum Factor ETF 8.8 12 28 4.0 -1.9
ADME Aptus Drawdown Managed Equity ETF 8.8 81 -41 3.9 -2.0
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 8.8 49 -9 5.7 -0.2
JKE iShares Morningstar Large-Cap Growth ETF 8.8 25 15 3.6 -2.3
IETC iShares Evolved U.S. Technology ETF 8.6 18 22 4.2 -1.7
TDV ProShares S&P Technology Dividend Aristocrats ETF 8.6 45 -5 4.9 -1.0
GENY Principal Millennials Index ETF 8.6 45 -5 4.4 -1.5
ALFA AlphaClone Alternative Alpha ETF 8.4 65 -25 4.0 -2.0
UTRN Vesper U.S. Large Cap Short-Term Reversal Strategy ETF 8.3 75 -35 5.5 -0.4
LRGE ClearBridge Large Cap Growth ESG ETF 8.2 60 -20 4.0 -1.9
MGK Vanguard Mega Cap Growth ETF 8.2 7 33 4.4 -1.5
HECO EcoLogical Strategy ETF 8.1 107 -67 3.4 -2.5
IPO Renaissance IPO ETF 8.0 60 -20 -6.6 -12.5
QLV FlexShares US Quality Low Volatility Index Fund 7.9 22 18 5.3 -0.6
PWB Invesco Dynamic Large Cap Growth ETF 7.9 55 -15 3.6 -2.3
FDN First Trust Dow Jones Internet Index Fund 7.7 52 -12 2.6 -3.3
FDLO Fidelity Low Volatility Factor ETF 7.5 29 11 5.3 -0.6
CLRG IQ Chaikin U.S. Large Cap ETF 7.5 25 15 6.3 +0.4
TMFC Motley Fool 100 Index ETF 7.2 50 -10 4.1 -1.9
VUG Vanguard Growth Index Fund 7.2 4 36 4.3 -1.6
EDOW First Trust Dow 30 Equal Weight ETF 7.1 50 -10 5.9 -0.0
QVM Arrow QVM Equity Factor ETF 7.1 65 -25 5.2 -0.8
ARKW ARK Web x.0 ETF 7.1 76 -36 -0.8 -6.7
IEFN iShares Evolved U.S. Financials ETF 7.0 18 22 9.1 +3.2
DIA SPDR Dow Jones Industrial Average ETF Trust 7.0 16 24 5.7 -0.2
SCHG Schwab U.S. Large-Cap Growth ETF 7.0 4 36 4.4 -1.5
IHAK iShares Cybersecurity & Tech ETF 6.8 47 -7 3.8 -2.1
IWP iShares Russell Mid-Cap Growth ETF 6.8 24 16 4.4 -1.5
VONG Vanguard Russell 1000 Growth Index Fund 6.8 8 32 4.5 -1.4
IWF iShares Russell 1000 Growth ETF 6.8 19 21 4.4 -1.5
IWY iShares Russell Top 200 Growth ETF 6.8 20 20 4.4 -1.5
LEGR First Trust Index Digital Transaction & Process Technology E 6.7 65 -25 7.5 +1.6
ECOZ TrueMark ESG Active Opportunities ETF 6.7 58 -18 4.6 -1.3
QUAL iShares MSCI Usa Quality Factor ETF 6.6 15 25 5.5 -0.4
USMV iShares Edge MSCI Min Vol USA ETF 6.6 15 25 5.8 -0.1
PFI Invesco DWA Financial Momentum ETF 6.6 60 -20 3.6 -2.3
FLLV Franklin Liberty U.S. Low Volatility ETF 6.6 29 11 5.8 -0.1
VOOG Vanguard S&P 500 Growth ETF 6.5 10 30 4.5 -1.4
SPYG SPDR Portfolio S&P 500 Growth ETF 6.5 4 36 4.5 -1.4
IVW iShares S&P 500 Growth ETF 6.5 18 22 4.4 -1.5
VGFO Virtus WMC Global Factor Opportunities ETF 6.4 49 -9 6.4 +0.5
RPG Invesco S&P 500 Pure Growth ETF 6.4 35 5 4.6 -1.3
QUS SPDR MSCI USA StrategicFactors ETF 6.4 15 25 5.9 0.0
PDP Invesco DWA Momentum ETF 6.4 62 -22 2.9 -3.0
ACIO Aptus Collared Income Opportunity ETF 6.3 79 -39 4.6 -1.3
IUSG iShares Core S&P US Growth ETF 6.2 4 36 4.6 -1.3
BVAL Brand Value ETF 6.1 65 -25 6.3 +0.4
IPOS Renaissance International IPO ETF 6.0 80 -40 5.7 -0.2
BOUT Innovator IBD Breakout Opportunities ETF 5.9 80 -40 2.9 -3.0
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 5.9 19 21 5.8 -0.1
XLG Invesco S&P 500 Top 50 ETF 5.7 20 20 4.7 -1.2
YLDE ClearBridge Dividend Strategy ESG ETF 5.6 60 -20 5.1 -0.8
ARKK ARK Innovation ETF 5.5 75 -35 -3.3 -9.2
PTF Invesco DWA Technology Momentum ETF 5.5 60 -20 1.4 -4.5
PRN Invesco DWA Industrials Momentum ETF 5.5 60 -20 4.8 -1.1
SPGP Invesco S&P 500 GARP ETF 5.4 35 5 7.5 +1.6
PLAT WisdomTree Modern Tech Platforms Fund 5.4 45 -5 1.4 -4.5
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 5.3 10 30 5.5 -0.4
SUSL iShares ESG MSCI USA Leaders ETF 5.3 10 30 5.5 -0.4
SPXV ProShares S&P 500 Ex-Health Care ETF 5.2 27 13 5.3 -0.6
SFYF SoFi 50 ETF 5.2 29 11 5.7 -0.2
LEAD Reality Shares DIVCON Leaders Dividend ETF 5.1 43 -3 4.4 -1.5
FPXE First Trust IPOX Europe Equity Opportunities ETF 5.1 70 -30 3.2 -2.7
JQUA JPMorgan U.S. Quality Factor ETF 5.1 12 28 5.3 -0.6
SYG SPDR MFS Systematic Growth Equity ETF 5.0 60 -20 4.7 -1.2
OEF iShares S&P 100 ETF 5.0 20 20 5.0 -0.9

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:
Tortoise Digital Payments Infrastructure Fund
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 20.3 %
Divided by: Fwd. P/BV 3.2 x
Less: Expense ratio 40 bp
Equals: ALTAR Score 5.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.46 CATEGORY
AVERAGE
1.51
 
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.