Cushing Energy & MLP
ALTAR
Score™
3.5% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
19.1x P/Sales
ratio
0.7x
P/BV
ratio
1.2x Div.
yield
6.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
XLEY tracks an index of midstream energy MLPs and large-cap energy firms, selected by dividend yields.

FUND BASICS
Category US Equities
Fund Sponsor Cushing
Website cushingetfs.com
Inception date Dec 06, 2018
Assets (mns) $1
Currency USD
Expense ratio 65 bp
Distributions Monthly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 39
Wgt avg mkt cap (mns) $36,799
Large cap (>$10bn) 54.7%
Mid cap ($2-10bn) 32.2%
Small cap (<$2bn) 13.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
HELMERICH & PAYNE 6.2 %
SCHLUMBERGER LTD 5.4 %
OCCIDENTAL PETROLEUM CORP 5.0 %
WILLIAMS COS INC 4.8 %
VALERO ENERGY CORP 4.6 %
MARATHON PETROLEUM 4.6 %
ONEOK INC 4.0 %
EXXON MOBIL CORP 4.0 %
HALLIBURTON CO 3.9 %
KINDER MORGAN INC 3.7 %
Total 46.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.3 %
BRITAIN 1.3 %









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.
8.3% -- -- -- 8.3%

Market Correlations
versus... Beta R-squared
S&P500 -- --
MSCI EAFE -- --
MSCI Emg. Mkts. -- --

Technical Indicators
Recent close $22.55
30d moving avg. $22.65
Annualized volatility 0.0%
Short interest (ETF) 2.6%
Relative strength (RSI) 47

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $6,565

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Cushing Energy & MLP ETF based on the alternatives' overlap in portfolio holdings with XLEY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: XLEY Expense: 65 bp ALTAR Score™: 3.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH XLEY
Ticker Fund
Name
Overlap1
vs XLEY
(%)
Expense
ratio
(bp)
Savings
vs XLEY
(bp)
ALTAR
Score™
(%)
ALTAR
vs XLEY
(%)
RYE Invesco S&P Equal Weight Energy ETF 66.4 40 25 3.4 -0.1
JHME John Hancock Multifactor Energy 62.2 40 25 3.3 -0.2
XLSY Cushing Energy Supply Chain & MLP 57.6 65 0 5.4 +1.9
XLE Energy Select Sector SPDR 51.0 13 52 4.3 +0.8
IYE iShares DJ US Energy Sector 47.1 42 23 3.9 +0.4
FTXN First Trust Nasdaq Oil & Gas 46.4 60 5 2.6 -0.9
FENY Fidelity MSCI Energy 46.4 8 57 3.9 +0.4
VDE Vanguard Energy ETF 46.2 10 55 3.9 +0.4
FXN First Trust Energy Alphadex 42.4 63 2 4.2 +0.7
IGE iShares North American Natural Resources 39.3 46 19 3.9 +0.4
PXI Invesco Dynamic Energy Sector 35.0 60 5 -0.8 -4.3
XOP SPDR S&P Oil & Gas Exploration 33.4 35 30 3.5 -0.1
IEO iShares U.S. Oil & Gas Exploration & Production 31.4 42 23 3.2 -0.3
IXC iShares S&P Global Energy Sector 31.2 46 19 5.1 +1.6
AMZA InfraCap MLP 24.2 240 -175 6.1 +2.6
XLUY Cushing Utility & MLP 21.2 65 0 4.8 +1.3
XLTY Cushing Transportation & MLP 21.2 65 0 7.3 +3.8
MLPX Global X MLP & Energy Infrastructure 20.7 45 20 4.0 +0.5
FRAK VanEck Vectors Unconventional Oil & Gas 20.7 54 11 2.2 -1.3
FILL iShares MSCI Global Energy Producers 20.5 39 26 5.6 +2.1

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:
Cushing Energy & MLP
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 4.8 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 65 bp
Equals: ALTAR Score 3.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.51 CATEGORY
AVERAGE
1.56
 
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.