Tortoise Digital Payments Infrastructure Fund
ALTAR
Score™
5.3% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
43.1x P/Sales
ratio
4.9x
P/BV
ratio
3.9x Div.
yield
0.6%


  • 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) $8
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 49
Wgt avg mkt cap (mns) $71,112
Large cap (>$10bn) 78.8%
Mid cap ($2-10bn) 14.3%
Small cap (<$2bn) 4.5%
Developed mkts 99.8%
Emerging mkts 0.2%

TOP TEN HOLDINGS
WORLDLINE SA 6.5 %
SQUARE, INC. CLASS A 5.7 %
DISCOVER FINANCIAL SERVICES 5.4 %
ADYEN NV 4.7 %
AFTERPAY TOUCH GROUP LTD. 4.7 %
FISERV INC 4.7 %
GLOBAL PAYMENTS INC 4.5 %
AMERICAN EXPRESS CO 4.5 %
FLEETCOR TECHNOLOGIES INC 4.4 %
PAYPAL HOLDINGS INC 4.3 %
Total 49.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 67.7 %
BRAZIL 6.7 %
FRANCE 6.6 %
AUSTRALIA 5.1 %
NETHERLANDS 4.7 %
JAPAN 2.9 %
ITALY 2.4 %
HONG KONG 1.3 %
PUERTO RICO 0.8 %
BRITAIN 0.3 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
30.7% 29.8% -- -- 33.2%

Market Correlations
versus... Beta R-squared
S&P500 1.33 83%
MSCI EAFE 1.25 78%
MSCI Emg. Mkts. 0.93 52%

Technical Indicators
Recent close $41.75
30d moving avg. $38.80
Annualized volatility 29.8%
Short interest (ETF) 0.0%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 2
Turnover 1.0%
Bid/Ask (% of price) 0.56%
ADV underlying (mns) $12,743

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 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™: 5.3%


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 73.8 75 -35 6.3 +1.0
FINX Global X FinTech Thematic ETF 38.2 68 -28 3.0 -2.3
JHMF John Hancock Multifactor Financials ETF 17.7 40 0 6.9 +1.6
FDG American Century Focused Dynamic Growth ETF 16.7 45 -5 1.5 -3.8
SHE SPDR SSGA Gender Diversity Index ETF 15.5 20 20 4.4 -0.9
ARKF ARK Fintech Innovation ETF 14.9 75 -35 0.4 -4.9
DTEC ALPS Disruptive Technologies ETF 14.9 50 -10 3.0 -2.3
BUYZ Franklin Disruptive Commerce ETF 14.3 50 -10 -0.3 -5.6
KOIN Innovation Shares NextGen Protocol ETF 14.2 95 -55 4.1 -1.2
LEND Amplify CrowdBureau Peer-to-Peer Lending & Crowdfunding ETF 13.8 65 -25 17.1 +11.8
XLK Technology Select Sector SPDR Fund 13.8 13 27 4.5 -0.8
FTEC Fidelity MSCI Information Technology Index ETF 13.4 8 32 4.2 -1.1
VGT Vanguard Information Technology Index Fund 12.9 10 30 4.2 -1.1
IYJ iShares U.S. Industrials ETF 12.5 42 -2 5.1 -0.2
PLAT WisdomTree Modern Tech Platforms Fund 12.1 20 20 1.7 -3.6
IXN iShares Global Tech ETF 11.9 46 -6 4.1 -1.2
MMLG First Trust Multi-Manager Large Growth ETF 11.9 85 -45 2.0 -3.3
IGM iShares Expanded Tech Sector ETF 11.6 46 -6 3.6 -1.7
RYT Invesco S&P 500 Equal Weight Technology ETF 11.5 40 0 6.1 +0.8
XSW SPDR S&P Software & Services ETF 11.4 35 5 4.2 -1.1
TECB iShares US Tech Breakthrough Multisector ETF 11.3 40 0 3.9 -1.4
IYG iShares US Financial Services ETF 11.3 42 -2 6.2 +0.9
VEGN US Vegan Climate ETF 11.2 60 -20 4.7 -0.6
BLOK Amplify Transformational Data Sharing ETF 11.1 70 -30 5.0 -0.3
PFI Invesco DWA Financial Momentum ETF 11.0 60 -20 5.6 +0.3
FPXI First Trust International Equity Opportunities ETF 10.7 70 -30 3.4 -1.9
MILN Global X Millennials Thematic ETF 10.6 50 -10 2.1 -3.2
IYF iShares U.S. Financials ETF 9.9 42 -2 6.3 +1.0
PWB Invesco Dynamic Large Cap Growth ETF 9.7 56 -16 3.3 -2.0
GENY Principal Millennials Index ETF 9.6 45 -5 3.8 -1.5
FPXE First Trust IPOX Europe Equity Opportunities ETF 9.2 70 -30 2.2 -3.1
GVIP Goldman Sachs Hedge Industry VIP ETF 9.2 45 -5 3.6 -1.7
BLCN Reality Shares Nasdaq NextGen Economy ETF 9.1 68 -28 5.3 +0.0
FPX First Trust US IPO Index Fund 9.0 58 -18 1.4 -3.9
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 8.9 49 -9 4.8 -0.5
ECOZ TrueMark ESG Active Opportunities ETF 8.7 58 -18 3.3 -2.0
MGK Vanguard Mega Cap Growth ETF 8.6 7 33 3.8 -1.5
GIGE SoFi Gig Economy ETF 8.6 59 -19 -0.5 -5.8
GBGR Global Beta Momentum-Growth ETF 8.5 29 11 5.1 -0.2
ARKW ARK Web x.0 ETF 8.4 76 -36 -0.8 -6.1
JKE iShares Morningstar Large-Cap Growth ETF 8.4 25 15 2.9 -2.5
ADME Aptus Drawdown Managed Equity ETF 8.4 79 -39 3.3 -2.0
IETC iShares Evolved U.S. Technology ETF 8.3 18 22 3.6 -1.7
JMOM JPMorgan U.S. Momentum Factor ETF 8.1 12 28 3.3 -2.0
ARKK ARK Innovation ETF 8.0 75 -35 -2.1 -7.4
TDV ProShares S&P Technology Dividend Aristocrats ETF 7.9 46 -6 4.6 -0.7
USXF iShares ESG Advanced MSCI USA ETF 7.9 10 30 4.7 -0.7
VSL Volshares Large Capital ETF 7.9 65 -25 4.2 -1.1
LCG Sterling Capital Focus Equity ETF 7.7 59 -19 2.4 -2.9
SCHG Schwab U.S. Large-Cap Growth ETF 7.6 4 36 3.4 -1.9
SPQQ Siren Large Cap Blend Index ETF 7.4 20 20 4.4 -0.9
USMC Principal U.S. Mega-Cap Multi-Factor Index ETF 7.4 12 28 5.1 -0.2
HIPR Direxion High Growth ETF 7.3 40 0 4.3 -1.0
QLV FlexShares US Quality Low Volatility Index Fund 7.3 22 18 4.7 -0.6
LRGE ClearBridge Large Cap Growth ESG ETF 7.1 59 -19 3.5 -1.8
TMFC Motley Fool 100 Index ETF 7.1 50 -10 3.2 -2.1
CLRG IQ Chaikin U.S. Large Cap ETF 7.1 25 15 5.3 +0.0
FDLO Fidelity Low Volatility Factor ETF 7.0 29 11 5.0 -0.3
IWY iShares Russell Top 200 Growth ETF 7.0 20 20 3.8 -1.5
VUG Vanguard Growth Index Fund 6.9 4 36 3.7 -1.6
FDN First Trust Dow Jones Internet Index Fund 6.8 52 -12 1.9 -3.4
EDOW First Trust Dow 30 Equal Weight ETF 6.8 50 -10 5.3 +0.0
IEFN iShares Evolved U.S. Financials ETF 6.7 18 22 8.1 +2.8
DIA SPDR Dow Jones Industrial Average ETF Trust 6.7 16 24 5.2 -0.2
JOYY Infusive Compounding Global Equities ETF 6.5 50 -10 3.6 -1.7
PSJ Invesco Dynamic Software ETF 6.4 56 -16 11.5 +6.2
VOOG Vanguard S&P 500 Growth ETF 6.3 10 30 4.1 -1.2
IWF iShares Russell 1000 Growth ETF 6.2 19 21 3.7 -1.7
RFFC RiverFront Dynamic US Flex-Cap ETF 6.2 52 -12 4.7 -0.6
BTEK BlackRock Future Tech ETF 6.1 88 -48 0.1 -5.2
QUAL iShares MSCI Usa Quality Factor ETF 6.1 15 25 5.1 -0.2
USMV iShares Edge MSCI Min Vol USA ETF 6.1 15 25 5.4 +0.1
SPYG SPDR Portfolio S&P 500 Growth ETF 6.0 4 36 4.2 -1.1
IVW iShares S&P 500 Growth ETF 6.0 18 22 4.0 -1.3
VONG Vanguard Russell 1000 Growth Index Fund 6.0 8 32 3.8 -1.6
FDNI First Trust Dow Jones International Internet ETF 5.9 65 -25 2.5 -2.8
FMK First Trust Mega Cap AlphaDEX Fund 5.9 70 -30 4.8 -0.5
IUSG iShares Core S&P US Growth ETF 5.8 4 36 4.2 -1.1
SLT Pacer Salt High TruBeta US Market ETF 5.8 60 -20 3.1 -2.2
DSI iShares MSCI KLD 400 Social ETF 5.7 25 15 4.8 -0.5
ESGV Vanguard ESG U.S. Stock ETF 5.7 12 28 4.7 -0.6
WOMN Impact Shares YWCA Women's Empowerment ETF 5.7 75 -35 3.9 -1.4
RPG Invesco S&P 500 Pure Growth ETF 5.7 35 5 4.2 -1.1
QUS SPDR MSCI USA StrategicFactors ETF 5.6 15 25 5.5 +0.2
XLG Invesco S&P 500 Top 50 ETF 5.6 20 20 4.3 -1.0
ACIO Aptus Collared Income Opportunity ETF 5.6 79 -39 3.9 -1.4
NULG Nuveen ESG Large-Cap Growth ETF 5.5 35 5 3.6 -1.7
FXR First Trust Industrials/Producer Durables AlphaDEX Fund 5.4 63 -23 5.6 +0.3
ENTR Entrepreneur 30 Fund 5.3 49 -9 1.0 -4.3
JKH iShares Morningstar Mid-Cap Growth ETF 5.3 30 10 1.9 -3.4
YLDE ClearBridge Dividend Strategy ESG ETF 5.2 60 -20 4.5 -0.8
SFY SoFi Select 500 ETF 5.1 0 40 4.8 -0.5
ANEW ProShares MSCI Transformational Changes ETF 5.1 45 -5 2.7 -2.6
BUL Pacer US Cash Cows Growth ETF 5.1 60 -20 6.5 +1.2
IWL iShares Russell Top 200 ETF 5.0 15 25 4.6 -0.7
LEAD Reality Shares DIVCON Leaders Dividend ETF 5.0 43 -3 4.4 -0.9
OEF iShares S&P 100 ETF 4.9 20 20 4.5 -0.8
MGC Vanguard Mega Cap Index Fund 4.9 7 33 4.8 -0.5

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:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 20.2 %
Divided by: Fwd. P/BV 3.5 x
Less: Expense ratio 40 bp
Equals: ALTAR Score 5.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.45 CATEGORY
AVERAGE
1.48
 
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.