Innovation Trade War
ALTAR
Score™
6.5% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
15.4x P/Sales
ratio
1.3x
P/BV
ratio
2.2x Div.
yield
2.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Innovation Trade War ETF tracks a global portfolio of stocks of companies selected and weighted by characteristics impacted by trade wars.

FUND BASICS
Category Global Equities
Fund Sponsor M-CAM International LLC
Website etf.m-cam.com
Inception date Jun 05, 2019
Assets (mns) $1
Currency USD
Expense ratio 81 bp
Distributions Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 120
Wgt avg mkt cap (mns) $99,273
Large cap (>$10bn) 85.2%
Mid cap ($2-10bn) 14.8%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MICRON TECHNOLOGY INC 1.4 %
TOKYO ELECTRON LTD 1.4 %
AT&T INC 1.3 %
BAYER AG 1.3 %
PROCTER & GAMBLE CO/THE 1.3 %
YAMAHA CORP 1.1 %
FISERV INC 1.1 %
TECHTRONIC INDUSTRIES CO 1.1 %
INTEL CORP 1.1 %
MEDTRONIC PLC 1.1 %
Total 12.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 61.8 %
JAPAN 16.1 %
BRITAIN 5.4 %
GERMANY 2.9 %
IRELAND 2.6 %
CANADA 2.4 %
BELGIUM 1.8 %
NETHERLANDS 1.6 %
FRANCE 1.5 %
HONG KONG 1.1 %

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 $28.35
30d moving avg. $27.58
Annualized volatility 0.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 72

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.15%
ADV underlying (mns) $45,505

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Innovation Trade War ETF based on the alternatives' overlap in portfolio holdings with TWAR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: TWAR Expense: 81 bp ALTAR Score™: 6.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH TWAR
Ticker Fund
Name
Overlap1
vs TWAR
(%)
Expense
ratio
(bp)
Savings
vs TWAR
(bp)
ALTAR
Score™
(%)
ALTAR
vs TWAR
(%)
INAG Innovation Global 87.6 81 0 6.6 +0.1
INAU Innovation United States 41.0 81 0 5.5 -1.0
EQWL Invesco Fundamental Pure Large Core 29.7 25 56 6.4 -0.1
SPXN ProShares S&P 500 Ex-Financials 28.1 27 54 5.9 -0.6
MGC Vanguard Mega Cap 300 ETF 27.8 7 74 5.9 -0.7
IUS Invesco Strategic US 27.8 19 62 6.7 +0.2
IWL iShares Russell Top 200 27.7 15 66 5.7 -0.8
NACP Impact Shares NAACP Minority Empowerment 27.5 75 6 5.6 -0.9
KRMA Global X Conscious Companies 27.2 43 38 6.2 -0.3
PBP Invesco S&P 500 Buy/Write 27.1 49 32 5.6 -1.0
PLC Principal U.S. Large-Cap Multi-Factor Core Index 27.1 15 66 5.5 -1.1
HSPX Global X S&P 500 Covered Call 26.8 65 16 5.4 -1.1
JUST Goldman Sachs JUST U.S. Large Cap Equity 26.7 20 61 5.6 -0.9
SPY S&P 500 SPDR 26.5 9 72 5.9 -0.6
IVV iShares Core S&P 500 26.5 4 77 6.0 -0.5
VOO Vanguard S&P 500 ETF 26.5 3 78 6.0 -0.5
DGT SPDR DJ Global Titans ETF 26.3 50 31 6.9 +0.3
OEF iShares S&P 100 26.3 20 61 5.5 -1.0
PRID InsightShares LGBT Employment Equality 26.3 65 16 5.4 -1.1
SPXE ProShares S&P 500 Ex-Energy 26.1 27 54 5.9 -0.6

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:
Innovation Trade War
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 14.4 %
Divided by: Fwd. P/BV 2.0 x
Less: Expense ratio 81 bp
Equals: ALTAR Score 6.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.56 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.