Virtus Reaves Utilities ETF
ALTAR
Score™
4.5% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
22.4x P/Sales
ratio
2.7x
P/BV
ratio
2.3x Div.
yield
2.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Reaves Utilities ETF is an actively managed ETF that holds US-listed utility stocks. UTES’ managers aim to outperform the sector by selecting and weighting stocks based on fundamental, growth and risk metrics.

FUND BASICS
Category US Equities
Fund Sponsor Virtus
Website www.reavesetfs.com
Inception date Sep 23, 2015
Assets (mns) $27
Currency USD
Expense ratio 49 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Proprietary
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 21
Wgt avg mkt cap (mns) $45,375
Large cap (>$10bn) 83.4%
Mid cap ($2-10bn) 14.7%
Small cap (<$2bn) 1.9%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NEXTERA ENERGY GROUP 22.2 %
PUBLIC SERVICE ENTERPRISE GP 5.5 %
SEMPRA ENERGY 5.3 %
AMERICAN WATER WORKS CO INC 5.2 %
CMS ENERGY CORP 5.2 %
EVERSOURCE ENERGY 5.2 %
XCEL ENERGY INC 5.0 %
ATMOS ENERGY CORP 4.7 %
ALLIANT ENERGY CORP 4.7 %
NISOURCE INC 4.5 %
Total 67.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 93.3 %
CANADA 4.2 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-4.8% 2.9% -- -- 11.6%

Market Correlations
versus... Beta R-squared
S&P500 0.44 29%
MSCI EAFE 0.44 24%
MSCI Emg. Mkts. 0.27 15%

Technical Indicators
Recent close $38.88
30d moving avg. $37.50
Annualized volatility 14.2%
Short interest (ETF) 0.0%
Relative strength (RSI) 74

Liquidity measures
Avg. volume (thou.) 5
Turnover 0.7%
Bid/Ask (% of price) 0.24%
ADV underlying (mns) $3,044

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: UTES Expense: 49 bp ALTAR Score™: 4.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH UTES
Ticker Fund
Name
Overlap1
vs UTES
(%)
Expense
ratio
(bp)
Savings
vs UTES
(bp)
ALTAR
Score™
(%)
ALTAR
vs UTES
(%)
ECLN First Trust EIP Carbon Impact ETF 55.4 96 -47 3.5 -1.0
XLU Utilities Select Sector SPDR Fund 52.4 13 36 5.7 +1.2
RYU Invesco S&P 500 Equal Weight Utilities ETF 50.9 40 9 6.1 +1.6
IDU iShares U.S. Utilities ETF 48.2 43 6 5.4 +0.9
FUTY Fidelity MSCI Utilities Index ETF 47.2 8 41 5.7 +1.2
VPU Vanguard Utilities Index Fund 47.0 10 39 5.6 +1.1
JHMU John Hancock Multifactor Utilities ETF 44.8 40 9 6.0 +1.5
PUI Invesco DWA Utilities Momentum ETF 40.4 60 -11 4.7 +0.2
JXI iShares Global Utilities ETF 33.3 46 3 5.8 +1.3
FXU First Trust Utilities AlphaDEX Fund 32.0 63 -14 5.9 +1.5
EMLP First Trust North American Energy Infrastructure Fund 32.0 96 -47 5.1 +0.6
GII SPDR S&P Global Infrastructure ETF 15.2 40 9 5.5 +1.0
IGF iShares Global Infrastructure ETF 15.2 46 3 5.4 +1.0
IFRA iShares U.S. Infrastructure ETF 14.5 40 9 5.7 +1.2
DVY iShares Select Dividend ETF 14.1 39 10 9.4 +4.9
GLIF AGFiQ Global Infrastructure ETF 13.6 45 4 5.2 +0.8
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 13.5 46 3 5.3 +0.9
TPYP Tortoise North American Pipeline Fund 11.6 40 9 5.6 +1.1
HUSV First Trust Horizon Managed Volatility Domestic ETF 9.8 70 -21 4.6 +0.2
FVD First Trust Value Line Dividend Index Fund 9.2 70 -21 6.2 +1.7
LSLT Salt Low truBeta US Market ETF 9.0 29 20 5.9 +1.4
JKI iShares Morningstar Mid-Cap Value ETF 8.4 30 19 8.9 +4.4
NLR VanEck Vectors Uranium+Nuclear Energy ETF 8.1 61 -12 9.8 +5.4
CZA Invesco Zacks Mid-Cap ETF 8.1 76 -27 6.0 +1.5
JMIN JPMorgan U.S. Minimum Volatility ETF 8.1 12 37 5.4 +0.9
VOE Vanguard Mid-Cap Value Index Fund 8.1 7 42 7.6 +3.1
LVHD Legg Mason Low Volatility High Dividend ETF 7.8 27 22 8.7 +4.3
INFR Legg Mason Global Infrastructure ETF 7.3 40 9 6.2 +1.7
BIBL Inspire ETF 7.3 35 14 4.6 +0.2
JDIV JPMorgan U.S. Dividend ETF 7.1 12 37 7.7 +3.2
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 6.6 35 14 8.4 +3.9
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 6.4 47 2 6.3 +1.9
ACSI American Customer Satisfaction Core Alpha ETF 5.9 66 -17 5.2 +0.7
KLCD KFA Large Cap Quality Dividend Index ETF 5.9 41 8 5.1 +0.6
IWS iShares Russell Mid-Cap Value ETF 5.8 24 25 7.0 +2.5
AMCA iShares Russell 1000 Pure U.S. Revenue ETF 5.8 15 34 6.7 +2.2
SPMO Invesco S&P 500 Momentum ETF 5.6 13 36 4.1 -0.4
SCIU Global X Scientific Beta US ETF 5.5 19 30 5.6 +1.1
YLDE ClearBridge Dividend Strategy ESG ETF 5.4 60 -11 4.8 +0.3
ESGS Columbia Sustainable U.S. Equity Income ETF 5.3 35 14 8.3 +3.8
FTA First Trust Large Cap Value AlphaDEX Fund 5.3 60 -11 9.2 +4.7
TBLU Tortoise Water Fund 5.2 40 9 4.7 +0.2
CGW Invesco S&P Global Water Index ETF 5.2 59 -10 4.1 -0.4
PHO Invesco Water Resources ETF 5.2 60 -11 3.4 -1.1
XKCP SPDR Kensho Clean Power ETF 5.2 45 4 0.2 -4.2
CDC VictoryShares US EQ Income Enhanced Volatility Wtd Index ETF 5.1 35 14 8.4 +4.0
SPVM Invesco S&P 500 Value with Momentum ETF 4.7 39 10 8.8 +4.3
SPHD Invesco S&P 500 High Dividend Low Volatility ETF 4.7 30 19 9.7 +5.2
RBUS Nationwide Risk-Based U.S. Equity ETF 4.7 30 19 4.6 +0.1
JPUS JPMorgan Diversified Return U.S. Equity ETF 4.6 18 31 6.0 +1.6
FIW First Trust Water ETF 4.5 55 -6 3.6 -0.9
PWV Invesco Dynamic Large Cap Value ETF 4.5 55 -6 8.7 +4.2
FLV American Century Focused Large Cap Value ETF 4.4 42 7 6.4 +1.9
SPMV Invesco S&P 500 Minimum Variance ETF 4.4 10 39 5.6 +1.1
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 4.4 24 25 6.0 +1.5
PIO Invesco Global Water ETF 4.4 75 -26 3.8 -0.7
VYM Vanguard High Dividend Yield Index ETF 4.3 6 43 7.3 +2.9
USMV iShares Edge MSCI Min Vol USA ETF 4.3 15 34 5.4 +0.9
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 4.2 35 14 5.2 +0.8
DEF Invesco Defensive Equity ETF 4.2 55 -6 4.9 +0.4
MAGA Point Bridge GOP Stock Tracker ETF 4.1 72 -23 6.3 +1.8
EQAL Invesco Russell 1000 Equal Weight ETF 4.1 20 29 5.4 +1.0
CFA VictoryShares US 500 Volatility Weighted Index ETF 4.0 35 14 5.6 +1.2
ONEV SPDR Russell 1000 Low Volatility Focus ETF 4.0 20 29 6.8 +2.3
SPLV Invesco S&P 500 Low Volatility ETF 3.9 25 24 5.5 +1.0
VIG Vanguard Dividend Appreciation Index Fund 3.8 6 43 5.2 +0.8
QLV FlexShares US Quality Low Volatility Index Fund 3.7 22 27 4.6 +0.2
IWR iShares Russell Midcap ETF 3.7 19 30 5.5 +1.0
HDV iShares Core High Dividend ETF 3.7 8 41 6.7 +2.2
PFM Invesco Dividend Achievers ETF 3.7 54 -5 5.3 +0.8
VFMV Vanguard U.S. Minimum Volatility ETF 3.7 13 36 3.9 -0.6
VO Vanguard Mid-Cap Index Fund 3.7 4 45 5.1 +0.6
FAN First Trust Global Wind Energy ETF 3.6 62 -13 5.4 +0.9
VTV Vanguard Value Index Fund 3.6 4 45 7.3 +2.8
BKMC BNY Mellon US Mid Cap Core Equity ETF 3.5 4 45 5.4 +0.9
DGRO iShares Core Dividend Growth ETF 3.5 8 41 6.5 +2.0
ACES ALPS Clean Energy ETF 3.4 65 -16 0.7 -3.8
REVS Columbia Research Enhanced Value ETF 3.4 19 30 7.3 +2.8
DON WisdomTree U.S. MidCap Dividend Fund 3.4 38 11 7.4 +2.9
ACWV iShares Edge MSCI Min Vol Global ETF 3.4 20 29 5.6 +1.1
ACIO Aptus Collared Income Opportunity ETF 3.4 79 -30 4.1 -0.4
FLQL Franklin LibertyQ U.S. Equity ETF 3.2 15 34 6.0 +1.5
SPYV SPDR Portfolio S&P 500 Value ETF 3.2 4 45 7.3 +2.8
IVE iShares S&P 500 Value ETF 3.2 18 31 7.1 +2.6
VOOV Vanguard S&P 500 Value ETF 3.2 15 34 7.1 +2.7
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 3.1 9 40 5.8 +1.3
IWD iShares Russell 1000 Value ETF 3.1 19 30 6.8 +2.3
VONV Vanguard Russell 1000 Value Index Fund 3.1 8 41 6.9 +2.4
SUSA iShares MSCI USA ESG Select ETF 3.1 25 24 4.6 +0.1
FDL First Trust Morningstar Dividend Leaders Index Fund 3.1 45 4 10.0 +5.5
RSP Invesco S&P 500 Equal Weight ETF 3.1 20 29 6.5 +2.0
IUSV iShares Core S&P U.S. Value ETF 3.1 4 45 7.3 +2.8
SPYD SPDR S&P 500 High Dividend ETF 3.0 7 42 10.5 +6.0
FEX First Trust Large Cap Core AlphaDEX Fund 3.0 60 -11 5.8 +1.4
VSDA VictoryShares Dividend Accelerator ETF 3.0 35 14 4.8 +0.3
PSET Principal Price Setters Index ETF 3.0 29 20 4.6 +0.1
PEY Invesco High Yield Equity Dividend Achievers ETF 3.0 53 -4 9.7 +5.2
YLCO Global X YieldCo Index ETF 3.0 65 -16 4.4 -0.1
GBDV Global Beta Smart Income ETF 3.0 29 20 8.5 +4.0
NULV Nuveen ESG Large-Cap Value ETF 2.9 35 14 7.2 +2.7

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

  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:
Virtus Reaves Utilities ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 10.9 %
Divided by: Fwd. P/BV 2.2 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 4.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.58 CATEGORY
AVERAGE
1.52
 
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.