Acruence Active Hedge U.S. Equity ETF
ALTAR
Score™		 3.0% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 24.7x P/Sales
ratio		 2.1x
P/BV
ratio		 2.8x Div.
yield		 2.4%


  • 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) $2
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 50
Wgt avg mkt cap (mns) $99,739
Large cap (>$10bn) 78.0%
Mid cap ($2-10bn) 12.3%
Small cap (<$2bn) 9.7%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ENTERGY CORP 3.4 %
BROOKFIELD RENEWABLE PARTNERS LP 3.2 %
US BANCORP 2.8 %
UNIVERSAL CORP/VA 2.7 %
PINNACLE WEST CAPITAL 2.6 %
ROBINHOOD MARKETS, INC. CLASS A 2.6 %
CASH & OTHER 2.5 %
SIMMONS FIRST NATL CORP-CL A 2.4 %
BROADCOM INC. 2.4 %
AFFIRM HOLDINGS, INC. CLASS A 2.3 %
Total 26.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.4 %
BERMUDA 3.3 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
6.3% 8.8% -- -- 4.9%

Market Correlations
versus... Beta R-squared
S&P500 1.01 83%
MSCI EAFE 0.62 36%
MSCI Emg. Mkts. 0.45 20%

Technical Indicators
Recent close $23.19
30d moving avg. $22.60
Annualized volatility 16.9%
Short interest (ETF) 25.3%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 1
Turnover 1.3%
Bid/Ask (% of price) 0.87%
ADV underlying (mns) $86,699

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 32 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™: 3.0%


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
(%)
FTHI First Trust BuyWrite Income ETF 11.9 75 8 4.3 +1.3
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF 11.4 58 25 2.2 -0.8
FTQI First Trust Nasdaq BuyWrite Income ETF 10.9 75 8 3.7 +0.8
QTR Global X NASDAQ 100 Tail Risk ETF 10.8 26 57 4.0 +1.0
QYLD Global X NASDAQ 100 Covered Call ETF 10.8 60 23 3.8 +0.8
QRMI Global X NASDAQ 100 Risk Managed Income ETF 10.8 60 23 4.0 +1.0
QYLG Global X Nasdaq 100 Covered Call & Growth ETF 10.8 60 23 3.7 +0.8
QCLR Global X NASDAQ 100 Collar 95-110 ETF 10.8 25 58 4.1 +1.1
MMLG First Trust Multi-Manager Large Growth ETF 10.4 85 -2 1.6 -1.3
NUSI Nationwide Nasdaq-100 Risk-Managed Income ETF 10.2 68 15 3.7 +0.7
JEPQ J.P. Morgan Nasdaq Equity Premium Income ETF 9.9 35 48 4.0 +1.1
PBP Invesco S&P 500 BuyWrite ETF 9.7 49 34 4.7 +1.7
SFLR Innovator Equity Managed Floor ETF 9.3 89 -6 3.7 +0.8
XRMI Global X S&P 500 Risk Managed Income ETF 9.1 60 23 4.7 +1.7
XYLD Global X S&P 500 Covered Call ETF 9.1 60 23 4.6 +1.7
XYLG Global X S&P 500 Covered Call & Growth ETF 9.1 60 23 4.5 +1.5
XCLR Global X S&P 500 Collar 95-110 ETF 9.1 25 58 4.7 +1.8
XTR Global X S&P 500 Tail Risk ETF 9.0 26 57 4.7 +1.7
SIXH ETC 6 Meridian Hedged Equity Index Option ETF 8.3 82 1 6.8 +3.8
ACIO Aptus Collared Investment Opportunity ETF 8.2 79 4 4.1 +1.1
QUSA VistaShares Target 15 USA Quality Income ETF 8.2 95 -12 0.0 -3.0
GARP iShares MSCI USA Quality GARP ETF 8.1 15 68 4.3 +1.3
THNQ ROBO Global Artificial Intelligence ETF 6.4 68 15 2.2 -0.8
TYLG Global X Information Technology Covered Call & Growth ETF 6.2 60 23 4.0 +1.0
DIVO Amplify CWP Enhanced Dividend Income ETF 3.7 55 28 4.9 +2.0
EFIV SPDR S&P 500 ESG ETF 2.3 10 73 5.1 +2.1
CCOR Core Alternative ETF 2.1 107 -24 5.5 +2.5
KNG FT Vest S&P 500 Dividend Aristocrats Target Income ETF 1.9 75 8 5.8 +2.9
LCG Sterling Capital Focus Equity ETF 1.4 59 24 3.0 +0.0
IDVO Amplify International Enhanced Dividend Income ETF 1.0 65 18 4.5 +1.5
DJIA Global X Dow 30 Covered Call ETF 0.6 60 23 5.2 +2.2
DYLG Global X Dow 30 Covered Call & Growth ETF 0.6 60 23 5.1 +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%.

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RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
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
  2024 2025E 2026E
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:

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 10.1 %
Divided by: Fwd. P/BV 2.6 x
Less: Expense ratio 83 bp
Equals: ALTAR Score 3.0 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.57 CATEGORY
AVERAGE		 1.59
 
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.