Acruence Active Hedge U.S. Equity ETF
ALTAR
Score™		 5.2% info Recommen-
dation		 NEUTRAL
2024E    2025E
P/E
ratio		 19.7x P/Sales
ratio		 2.1x
P/BV
ratio		 2.8x Div.
yield		 2.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
XVOL is an actively managed fund that seeks capital growth with reduced volatility as compared to the S&P 500 by purchasing options contracts on the VIX Index.

FUND BASICS
Category US Equities
Fund Sponsor Toroso Investments
Website www.acruenceetf.com
Inception date Apr 22, 2021
Assets (mns) $6
Currency USD
Expense ratio 83 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Proprietary
Index replication
Uses derivatives Yes
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 55
Wgt avg mkt cap (mns) $86,337
Large cap (>$10bn) 74.7%
Mid cap ($2-10bn) 18.6%
Small cap (<$2bn) 6.7%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
BROADCOM INC. 5.5 %
KEYCORP 3.4 %
BANCORPSOUTH BANK 3.3 %
HERITAGE FINANCIAL CORP 3.3 %
GLACIER BANCORP INC 3.2 %
LINCOLN NATIONAL CORP 2.7 %
TRUIST FINANCIAL CORPORATION 2.7 %
PRUDENTIAL FINANCIAL INC 2.4 %
BROOKFIELD INFRASTRUCTURE PA 2.4 %
OLD REPUBLIC INTL CORP 2.4 %
Total 31.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.9 %
BERMUDA 2.4 %









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.
23.4% 28.5% -- -- 4.6%

Market Correlations
versus... Beta R-squared
S&P500 0.97 91%
MSCI EAFE 0.83 65%
MSCI Emg. Mkts. 0.58 32%

Technical Indicators
Recent close $21.59
30d moving avg. $23.69
Annualized volatility 17.8%
Short interest (ETF) 0.0%
Relative strength (RSI) 51

Liquidity measures
Avg. volume (thou.) 2
Turnover 0.7%
Bid/Ask (% of price) 0.92%
ADV underlying (mns) $21,613

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 33 potential alternatives to the Acruence Active Hedge U.S. Equity ETF ETF based on the alternatives' overlap in portfolio holdings with XVOL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: XVOL Expense: 83 bp ALTAR Score™: 5.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH XVOL
Ticker Fund
Name		 Overlap1
vs XVOL
(%)		 Expense
ratio
(bp)		 Savings
vs XVOL
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs XVOL
(%)
GARP iShares MSCI USA Quality GARP ETF 14.7 15 68 4.8 -0.5
QYLG Global X Nasdaq 100 Covered Call & Growth ETF 13.4 60 23 4.0 -1.2
NUSI Nationwide Nasdaq-100 Risk-Managed Income ETF 13.2 68 15 4.0 -1.2
XYLG Global X S&P 500 Covered Call & Growth ETF 12.9 60 23 4.4 -0.9
XTR Global X S&P 500 Tail Risk ETF 12.8 26 57 5.0 -0.3
SFLR Innovator Equity Managed Floor ETF 12.8 89 -6 4.1 -1.2
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF 12.7 58 25 3.8 -1.4
XCLR Global X S&P 500 Collar 95-110 ETF 12.7 25 58 5.0 -0.3
QCLR Global X NASDAQ 100 Collar 95-110 ETF 12.5 25 58 4.4 -0.8
QYLE Global X Nasdaq 100 ESG Covered Call ETF 12.5 60 23 4.2 -1.0
QYLD Global X NASDAQ 100 Covered Call ETF 12.3 60 23 4.1 -1.2
QRMI Global X NASDAQ 100 Risk Managed Income ETF 12.2 60 23 4.0 -1.2
QTR Global X NASDAQ 100 Tail Risk ETF 11.9 26 57 4.4 -0.8
XYLD Global X S&P 500 Covered Call ETF 11.8 60 23 4.3 -0.9
FTHI First Trust BuyWrite Income ETF 11.6 75 8 4.8 -0.5
XRMI Global X S&P 500 Risk Managed Income ETF 11.6 60 23 4.3 -0.9
PBP Invesco S&P 500 BuyWrite ETF 11.6 49 34 4.5 -0.8
FTQI First Trust Nasdaq BuyWrite Income ETF 11.2 75 8 3.4 -1.9
MMLG First Trust Multi-Manager Large Growth ETF 11.0 85 -2 1.9 -3.3
TYLG Global X Information Technology Covered Call & Growth ETF 9.6 60 23 4.6 -0.7
ACIO Aptus Collared Investment Opportunity ETF 9.5 79 4 4.1 -1.1
JEPQ J.P. Morgan Nasdaq Equity Premium Income ETF 9.2 35 48 4.4 -0.9
SIXH ETC 6 Meridian Hedged Equity Index Option ETF 8.5 82 1 5.8 +0.6
XYLE Global X S&P 500 ESG Covered Call ETF 8.2 60 23 4.7 -0.6
DYLG Global X Dow 30 Covered Call & Growth ETF 7.9 60 23 4.8 -0.4
DJIA Global X Dow 30 Covered Call ETF 7.8 60 23 4.7 -0.5
EFIV SPDR S&P 500 ESG ETF 7.7 10 73 5.1 -0.1
THNQ ROBO Global Artificial Intelligence ETF 6.0 68 15 1.4 -3.9
KNG FT Vest S&P 500 Dividend Aristocrats Target Income ETF 4.1 75 8 5.7 +0.5
FYLG Global X Financials Covered Call & Growth ETF 3.5 60 23 4.9 -0.4
DIVO Amplify CWP Enhanced Dividend Income ETF 3.1 55 28 5.5 +0.3
CCOR Core Alternative ETF 1.7 107 -24 4.8 -0.4
IDVO Amplify International Enhanced Dividend Income ETF 1.1 65 18 7.3 +2.0

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

  2019 2020 2021 2022 2023 2024E 2025E
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
  2023 2024E 2025E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Acruence Active Hedge U.S. Equity ETF
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 15.6 %
Divided by: Fwd. P/BV 2.6 x
Less: Expense ratio 83 bp
Equals: ALTAR Score 5.2 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.56 CATEGORY
AVERAGE		 1.58
 
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.