Global X YieldCo Index ETF
ALTAR
Score™
4.6% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
19.8x P/Sales
ratio
1.7x
P/BV
ratio
1.6x Div.
yield
4.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Global X YieldCo & Renewable Energy Income ETF seeks to provide investors with exposure to an emerging class of income-generating renewable energy assets called YieldCos.

FUND BASICS
Category Global Equities
Fund Sponsor Global X Management Co LLC
Website www.globalxfunds.com
Inception date May 28, 2015
Assets (mns) $48
Currency USD
Expense ratio 65 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian Brown Brothers Harriman & Co
Weighting Tiered
Index replication Full
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 35
Wgt avg mkt cap (mns) $8,305
Large cap (>$10bn) 13.8%
Mid cap ($2-10bn) 78.4%
Small cap (<$2bn) 7.9%
Developed mkts 79.0%
Emerging mkts 21.0%

TOP TEN HOLDINGS
DONG ENERGY A/S 6.9 %
EDP-ENERGIAS DE PORTUGAL SA 6.5 %
BROOKFIELD RENEWABLE PARTNERS LP 6.3 %
ENERSIS SA 6.0 %
AGL ENERGY LTD 5.0 %
ALGONQUIN POWER & UTILITIES 4.6 %
MERIDIAN ENERGY LTD 4.5 %
ENGIE BRASIL ENERGIA S.A. 4.2 %
ENERSIS CHILE SA 3.7 %
IDACORP INC 3.3 %
Total 51.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 18.0 %
CANADA 12.8 %
CHILE 11.7 %
NEW ZEALAND 9.5 %
DENMARK 6.9 %
PORTUGAL 6.5 %
BERMUDA 6.3 %
ITALY 6.1 %
BRITAIN 5.8 %
AUSTRALIA 5.0 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-6.7% 11.0% -- -- 2.2%

Market Correlations
versus... Beta R-squared
S&P500 0.72 64%
MSCI EAFE 0.81 68%
MSCI Emg. Mkts. 0.62 62%

Technical Indicators
Recent close $13.66
30d moving avg. $13.01
Annualized volatility 15.3%
Short interest (ETF) 0.1%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 12
Turnover 0.3%
Bid/Ask (% of price) 0.78%
ADV underlying (mns) $471

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Global X YieldCo Index ETF ETF based on the alternatives' overlap in portfolio holdings with YLCO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: YLCO Expense: 65 bp ALTAR Score™: 4.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH YLCO
Ticker Fund
Name
Overlap1
vs YLCO
(%)
Expense
ratio
(bp)
Savings
vs YLCO
(bp)
ALTAR
Score™
(%)
ALTAR
vs YLCO
(%)
ACES ALPS Clean Energy ETF 20.1 65 0 1.3 -3.3
FAN First Trust Global Wind Energy ETF 18.6 60 5 6.5 +1.9
ICLN iShares Global Clean Energy ETF 16.4 46 19 3.5 -1.1
PBD Invesco Global Clean Energy ETF 15.8 75 -10 2.1 -2.5
QCLN First Trust Nasdaq Clean Edge Green Energy Index Fund 15.4 60 5 0.8 -3.8
ECH iShares MSCI Chile ETF 11.7 59 6 9.0 +4.4
ECLN First Trust EIP Carbon Impact ETF 9.5 95 -30 3.8 -0.9
ENZL iShares MSCI New Zealand Capped ETF 9.1 50 15 3.0 -1.7
OSCV Opus Small Cap Value Plus ETF 7.3 79 -14 5.9 +1.3
EDEN iShares MSCI Denmark Capped ETF 6.7 53 12 6.2 +1.6
TAN Invesco Solar ETF 6.6 71 -6 2.0 -2.6
PGAL Global X FTSE Portugal 20 ETF 6.5 57 8 6.6 +2.0
PUI Invesco DWA Utilities Momentum ETF 6.2 60 5 4.5 -0.1
ICOL iShares MSCI Colombia ETF 6.0 61 4 10.1 +5.5
FID First Trust S&P International Dividend Aristocrats ETF 5.9 60 5 10.3 +5.7
XKCP SPDR Kensho Clean Power ETF 5.1 45 20 -11.0 -15.6
FPXE First Trust IPOX Europe Equity Opportunities ETF 4.9 70 -5 3.1 -1.5
SCIX Global X Scientific Beta Asia ex-Japan ETF 4.9 38 27 7.2 +2.6
PACA Xtrackers MSCI Latin America Pacific Alliance ETF 4.9 45 20 9.0 +4.4
GEX VanEck Vectors Global Alternative Energy ETF 4.7 63 2 5.0 +0.4
WDIV SPDR Global Dividend ETF 4.7 40 25 10.3 +5.7
DWX SPDR S&P International Dividend ETF 4.7 45 20 8.3 +3.7
PBW Invesco WilderHill Clean Energy ETF 4.6 70 -5 -4.8 -9.4
IMOM Alpha Architect International Quantitative Momentum ETF 4.5 59 6 4.4 -0.2
FLN First Trust Latin America AlphaDEX Fund 4.5 80 -15 9.0 +4.4
FAUS First Trust Australia AlphaDEX Fund 4.3 80 -15 8.3 +3.7
PID Invesco International Dividend Achievers ETF 4.3 54 11 11.5 +6.9
EMLP First Trust North American Energy Infrastructure Fund 4.1 95 -30 5.9 +1.3
CGW Invesco S&P Global Water Index ETF 3.9 62 3 4.4 -0.2
KSCD KFA Small Cap Quality Dividend Index ETF 3.8 51 14 6.3 +1.7
ZMLP Direxion Zacks MLP High Income Shares 3.8 65 0 5.8 +1.2
FIW First Trust Water ETF 3.8 55 10 3.9 -0.7
FXU First Trust Utilities AlphaDEX Fund 3.8 63 2 6.2 +1.6
PLCY EventShares U.S. Legislative Opportunities ETF 3.7 75 -10 3.9 -0.7
SDEM Global X SuperDividend Emerging Markets ETF 3.7 67 -2 24.0 +19.4
GXF Global X FTSE Nordic Region ETF 3.6 58 7 11.6 +7.0
GXG Global X MSCI Colombia ETF 3.6 61 4 10.7 +6.1
EFAS Global X MSCI SuperDividend EAFE ETF 3.6 55 10 10.8 +6.2
DOGS Arrow Dogs of the World ETF 3.5 134 -69 11.7 +7.1
WOMN Impact Shares YWCA Women's Empowerment ETF 3.3 75 -10 4.7 +0.1
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 3.1 20 45 6.2 +1.6
FIDI Fidelity International High Dividend ETF 3.1 39 26 11.9 +7.3
VRAI Virtus Real Asset Income ETF 3.1 55 10 11.7 +7.1
FPXI First Trust International Equity Opportunities ETF 2.9 70 -5 2.9 -1.7
JKL iShares Morningstar Small Cap Value ETF 2.9 30 35 10.4 +5.8
JXI iShares Global Utilities ETF 2.9 46 19 5.9 +1.3
SMDV ProShares Russell 2000 Dividend Growers ETF 2.7 40 25 7.1 +2.5
DIV Global X SuperDividend US ETF 2.7 45 20 10.7 +6.1
CID VictoryShares Intl High Dividend Volatility Wtd Index ETF 2.6 45 20 10.6 +6.0
IDHD Invesco S&P Intl Developed High Dividend Low Volatility ETF 2.6 30 35 7.7 +3.1
IFRA iShares U.S. Infrastructure ETF 2.6 40 25 5.9 +1.3
AFMC First Trust Active Factor Mid Cap ETF 2.5 65 0 6.5 +1.9
UTES Virtus Reaves Utilities ETF 2.4 49 16 5.1 +0.5
FLLA Franklin FTSE Latin America ETF 2.4 19 46 7.7 +3.1
SDGA Impact Shares Sustainable Development Goals Global ETF 2.4 75 -10 5.6 +1.0
NACP Impact Shares NAACP Minority Empowerment ETF 2.4 75 -10 4.7 +0.1
XMLV Invesco S&P MidCap Low Volatility ETF 2.4 25 40 5.4 +0.8
VPU Vanguard Utilities Index Fund 2.2 10 55 5.7 +1.1
UIVM VictoryShares USAA MSCI International Value Momentum ETF 2.2 35 30 9.1 +4.5
FUTY Fidelity MSCI Utilities Index ETF 2.1 8 57 5.7 +1.1
IDOG ALPS International Sector Dividend Dogs ETF 2.1 50 15 11.7 +7.1
DIM WisdomTree International MidCap Dividend Fund 2.1 58 7 8.2 +3.6
DTEC ALPS Disruptive Technologies ETF 2.1 50 15 3.7 -0.9
XKII SPDR Kensho Intelligent Structures ETF 2.0 45 20 6.6 +2.0
FEM First Trust Emerging Markets AlphaDEX Fund 2.0 80 -15 12.2 +7.6
EUSC WisdomTree Europe Hedged SmallCap Equity Fund 2.0 58 7 8.4 +3.8
EEMD AAM S&P Emerging Markets High Dividend Value ETF 2.0 50 15 22.0 +17.4
FVD First Trust Value Line Dividend Index Fund 1.9 70 -5 6.4 +1.8
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 1.9 39 26 6.4 +1.8
PSCU Invesco S&P SmallCap Utilities ETF 1.9 29 36 3.9 -0.7
DNL WisdomTree Global ex-US Dividend Growth Fund 1.9 58 7 8.1 +3.5
INFR Legg Mason Global Infrastructure ETF 1.9 40 25 6.3 +1.7
GVAL Cambria Global Value ETF 1.9 69 -4 12.1 +7.5
GLIF AGFiQ Global Infrastructure ETF 1.8 45 20 5.2 +0.6
FGD First Trust Dow Jones Global Select Dividend Index Fund 1.8 58 7 10.9 +6.3
JHMU John Hancock Multifactor Utilities ETF 1.8 40 25 5.9 +1.3
NUDM Nuveen ESG International Developed Markets Equity ETF 1.8 40 25 7.2 +2.6
AFSM First Trust Active Factor Small Cap ETF 1.8 75 -10 6.6 +2.0
DOO WisdomTree International Dividend ex-Financials Fund 1.7 58 7 9.3 +4.7
PXSG Invesco S&P SmallCap Momentum ETF 1.7 39 26 5.4 +0.8
IDV iShares International Select Dividend ETF 1.7 49 16 13.3 +8.7
DDIV First Trust Dorsey Wright Momentum & Dividend ETF 1.7 60 5 5.4 +0.8
KGRN KraneShares MSCI China Environment Index ETF 1.7 80 -15 8.6 +4.0
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF 1.6 30 35 12.6 +8.0
IDU iShares U.S. Utilities ETF 1.6 43 22 5.4 +0.8
DVY iShares Select Dividend ETF 1.6 39 26 8.3 +3.7
LVIN Hartford Multifactor Low Volatility International Equity ETF 1.6 29 36 13.0 +8.4
KOMP SPDR Kensho New Economies Composite ETF 1.5 20 45 1.8 -2.9
DON WisdomTree U.S. MidCap Dividend Fund 1.5 38 27 8.1 +3.5
MORT VanEck Vectors Mortgage REIT Income ETF 1.5 42 23 22.6 +18.0
REM iShares Mortgage Real Estate ETF 1.5 48 17 21.7 +17.1
PZD Invesco Cleantech ETF 1.5 68 -3 5.0 +0.4
EDOG ALPS Emerging Sector Dividend Dogs ETF 1.4 60 5 11.0 +6.4
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 1.3 24 41 7.9 +3.3
IDMO Invesco S&P International Developed Momentum ETF 1.3 25 40 4.8 +0.2
IQDG WisdomTree International Quality Dividend Growth Fund 1.3 38 27 6.7 +2.1
DES WisdomTree U.S. SmallCap Dividend Fund 1.3 38 27 9.0 +4.4
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 1.3 17 48 5.2 +0.6
FLRU Franklin FTSE Russia ETF 1.2 19 46 19.7 +15.1
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 1.2 58 7 6.6 +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

  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:
Global X YieldCo Index 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 8.4 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 65 bp
Equals: ALTAR Score 4.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

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