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AlphaClone Alternative Alpha ETF
mutual fund
ALFA
Payout Change
None
Price as of:
$62.1
+0.05
+0.08%
primary theme
N/A
share class
ALFA (Mutual Fund)
AlphaClone Alternative Alpha ETF
ALFA (Mutual Fund)
AlphaClone Alternative Alpha ETF
Payout Change
None
Price as of:
$62.1
+0.05
+0.08%
primary theme
N/A
share class
Name
As of 08/30/2022Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
N/A
1 yr return
N/A
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$24.2 M
Holdings in Top 10
21.5%
52 WEEK LOW AND HIGH
$62.1
$50.98
$89.79
Expenses
OPERATING FEES
Expense Ratio 0.65%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 207.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 08/30/2022Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
ALFA - Profile
Distributions
- YTD Total Return N/A
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.18%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annually
Fund Details
-
Legal NameAlphaClone Alternative Alpha ETF
-
Fund Family NameAlphaClone
-
Inception DateMay 31, 2012
-
Shares Outstanding400000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerAndrew Serowik
Fund Description
The Fund uses a “passive management” (or indexing) approach to track the performance, before fees and expenses, of the Index.
AlphaClone Hedge Fund Masters Index
The Index utilizes a proprietary, quantitative Clone Score methodology developed by AlphaClone, Inc. (“AlphaClone” or the “Index Provider”), the Fund’s index provider, to replicate the five most heavily weighted U.S. equity securities from each of the ten hedge funds and institutional investors with the highest Clone Scores (as described below). The Index was established by AlphaClone in 2017 and is composed of up to 50 U.S.-listed equity securities of small, mid, or large capitalization companies and reconstituted quarterly.
AlphaClone’s Clone Score methodology analyzes the historical returns of a given hedge fund’s or institutional investor’s holdings and assigns a Clone Score (i.e., ranking) to each such hedge fund and institutional investor based on such returns. Clone Scores are recalculated semi-annually. The Clone Score methodology incorporates information from hedge fund and institutional investor public disclosure filings (e.g., Form 13F filings) with the SEC to identify their disclosed holdings at the end of each quarter. Index constituents are equal weighted at the time of each reconstitution, although each individual constituent is limited to a 5% weighting at the time of each reconstitution.
The equity securities that may comprise the Index include, but are not limited to, U.S.-listed common and preferred stock of domestic and foreign companies, including those in emerging markets, real estate investment trusts (“REITs”), master limited partnerships (“MLPs”), and American Depositary Receipts (“ADRs”). Such securities may be issued by small, mid, or large capitalization companies and must meet certain liquidity thresholds at the time of reconstitution to be included in the Index.
The Fund’s Investment Strategy
The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. The Fund expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better.
The Fund will generally use a “replication” strategy to achieve its investment objective, meaning the Fund generally will invest in all of the component securities of the Index in approximately the same proportion as in the Index. However, the Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole, when the Fund’s investment adviser believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index).
The Fund generally may invest in securities or other investments not included in the Index, but which the Fund’s investment adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions and deletions). On a day-to-day basis, the Fund also may hold money market mutual funds or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements.
To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. Securities in the consumer, industrial, and information technology sectors are expected to represent a significant portion of the Index, although specific sector exposures may change over time.
ALFA - Performance
Return Ranking - Trailing
| Period | ALFA Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | N/A | -98.8% | 82.0% | 10.75% |
| 1 Yr | N/A | -98.8% | 82.0% | 84.11% |
| 3 Yr | N/A* | -77.6% | 26.3% | 92.63% |
| 5 Yr | N/A* | -61.3% | 23.2% | 91.38% |
| 10 Yr | N/A* | -35.5% | 17.7% | 97.70% |
* Annualized
Return Ranking - Calendar
| Period | ALFA Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | N/A | -75.2% | 326.9% | 69.25% |
| 2022 | N/A | -18.9% | 56.5% | 34.82% |
| 2021 | N/A | -10.7% | 34.6% | 1.25% |
| 2020 | N/A | -27.1% | 2.5% | 6.81% |
| 2019 | N/A | -7.6% | 33.2% | 40.96% |
Total Return Ranking - Trailing
| Period | ALFA Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | N/A | -98.8% | 82.0% | 88.79% |
| 1 Yr | N/A | -98.8% | 82.0% | 82.52% |
| 3 Yr | N/A* | -77.6% | 32.9% | 92.33% |
| 5 Yr | N/A* | -61.3% | 22.9% | 90.34% |
| 10 Yr | N/A* | -35.5% | 17.7% | 97.42% |
* Annualized
Total Return Ranking - Calendar
| Period | ALFA Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | N/A | -75.2% | 326.9% | 69.01% |
| 2022 | N/A | -18.9% | 56.5% | 34.82% |
| 2021 | N/A | -10.7% | 34.6% | 1.25% |
| 2020 | N/A | -19.4% | 3.9% | 19.52% |
| 2019 | N/A | -5.5% | 35.6% | 75.25% |
NAV & Total Return History
ALFA - Holdings
Concentration Analysis
| ALFA | Category Low | Category High | ALFA % Rank | |
|---|---|---|---|---|
| Net Assets | 24.2 M | 189 K | 222 B | 92.85% |
| Number of Holdings | 49 | 1 | 3509 | 65.63% |
| Net Assets in Top 10 | 5.21 M | -1.37 M | 104 B | 94.55% |
| Weighting of Top 10 | 21.46% | 9.4% | 100.0% | 98.56% |
Top 10 Holdings
- Progyny Inc 4.38%
- Codexis Inc 3.90%
- Bill.com Holdings Inc Ordinary Shares 3.84%
- Facebook Inc A 3.70%
- ProPetro Holding Corp 3.61%
- Avis Budget Group Inc 3.51%
- Evercore Inc A 3.49%
- Stereotaxis Inc 3.48%
- Caesars Entertainment Inc 3.41%
- Costco Wholesale Corp 3.40%
Asset Allocation
| Weighting | Return Low | Return High | ALFA % Rank | |
|---|---|---|---|---|
| Stocks | 99.65% | 0.00% | 107.71% | 21.80% |
| Cash | 0.35% | -10.83% | 100.00% | 76.46% |
| Preferred Stocks | 0.00% | 0.00% | 4.41% | 11.05% |
| Other | 0.00% | -2.66% | 17.15% | 17.11% |
| Convertible Bonds | 0.00% | 0.00% | 1.94% | 5.45% |
| Bonds | 0.00% | -1.84% | 98.58% | 4.62% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | ALFA % Rank | |
|---|---|---|---|---|
| Technology | 24.93% | 0.00% | 69.82% | 85.37% |
| Industrials | 18.68% | 0.00% | 30.65% | 2.73% |
| Basic Materials | 16.83% | 0.00% | 22.00% | 0.38% |
| Consumer Cyclical | 16.68% | 0.00% | 62.57% | 41.47% |
| Communication Services | 8.43% | 0.00% | 66.40% | 71.19% |
| Healthcare | 4.19% | 0.00% | 39.76% | 96.59% |
| Consumer Defense | 2.12% | 0.00% | 25.50% | 69.52% |
| Utilities | 2.08% | 0.00% | 16.07% | 8.87% |
| Financial Services | 2.08% | 0.00% | 43.06% | 94.16% |
| Real Estate | 2.06% | 0.00% | 29.57% | 27.60% |
| Energy | 1.92% | 0.00% | 41.09% | 26.84% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | ALFA % Rank | |
|---|---|---|---|---|
| US | 87.21% | 0.00% | 105.43% | 86.45% |
| Non US | 12.44% | 0.00% | 54.22% | 7.49% |
ALFA - Expenses
Operational Fees
| ALFA Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.65% | 0.01% | 7.09% | 74.29% |
| Management Fee | 0.65% | 0.00% | 1.50% | 55.29% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 0.15% |
| Administrative Fee | N/A | 0.00% | 1.02% | N/A |
Sales Fees
| ALFA Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 8.50% | N/A |
| Deferred Load | N/A | 1.00% | 5.50% | N/A |
Trading Fees
| ALFA Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 5.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| ALFA Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 207.00% | 0.00% | 316.74% | 98.57% |
ALFA - Distributions
Dividend Yield Analysis
| ALFA | Category Low | Category High | ALFA % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 6.91% | 16.90% |
Dividend Distribution Analysis
| ALFA | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annually | Annually | Monthly | Semi-Annually |
Net Income Ratio Analysis
| ALFA | Category Low | Category High | ALFA % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.18% | -6.13% | 2.90% | 39.03% |
Capital Gain Distribution Analysis
| ALFA | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 23, 2020 | $0.367 | OrdinaryDividend |
| Jan 02, 2020 | $0.092 | OrdinaryDividend |
| Dec 20, 2018 | $0.109 | OrdinaryDividend |
| Dec 19, 2014 | $0.004 | OrdinaryDividend |
| Dec 20, 2013 | $0.005 | OrdinaryDividend |
| Dec 21, 2012 | $0.060 | OrdinaryDividend |
ALFA - Fund Manager Analysis
Managers
Andrew Serowik
Start Date
Tenure
Tenure Rank
Jan 08, 2020
2.39
2.4%
Mr. Serowik joined Exchange Traded Concepts, LLC from Goldman Sachs in May 2018. He began his career at Spear, Leeds & Kellogg, continuing with Goldman after its acquisition of SLK in September 2000. During his career of more than 18 years at the combined companies, he held various roles, including managing the global Quant ETF Strats team and One Delta ETF Strats. He designed and developed systems for portfolio risk calculation, algorithmic ETF trading, and execution monitoring, with experience across all asset classes. He graduated from the University of Michigan with a Bachelor of Business Administration degree in Finance.
Todd Alberico
Start Date
Tenure
Tenure Rank
Jun 30, 2021
0.92
0.9%
Mr. Alberico joined Exchange Traded Concepts, LLC in November 2020, having spent the past 14 years in ETF trading at Goldman Sachs, Cantor Fitzgerald, and, most recently, Virtu Financial. He spent most of that time focused on the Trading and Portfolio Risk Management of ETFs exposed to international and domestic equity. He has worked on several different strategies including lead market-making and electronic trading, to customer facing institutional business developing models for block trading as well as transitional trades. Mr. Alberico graduated from St. John’s University in NY with a Bachelor of Science degree in Finance.
Gabriel Tan
Start Date
Tenure
Tenure Rank
Jun 30, 2021
0.92
0.9%
Mr. Tan joined Exchange Traded Concepts, LLC in May 2019 as an Associate Portfolio Manager and was promoted to Portfolio Manager in December 2020. He began his career at UBS and BBR Partners where he worked as a financial planning analyst and a portfolio strategist for over four years. During his time there, he developed comprehensive wealth management solutions focused on portfolio optimization, trust and estate planning, and tax planning.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.04 | 54.45 | 8.12 | 2.92 |
