ACES

ALPS Clean Energy ETF

ACES tracks an index of US- and Canada-listed companies in the clean energy industry.


US

EQUITY

Rules-Based

MANAGEMENT STYLE

55 bp

EXPENSES

$231.0 M

ASSETS UNDER MGMT

FACTOR SCORECARD

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Fund Basics
Fund sponsorALPS
CategoryUS
Asset classEquity
Websitelink...
Inception dateJun 27, 2018
Assets (mns)$231
Expense ratio55 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsAnnually
Taxation1099
Stock selectionMarket Cap
WeightingMarket Cap
Holdings TransparencyFull
Derivatives-basedNo
Options availableYes
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings Complete list  + 
RIVIAN AUTOMOTIVE INC-A 7.5 %
TESLA MOTORS INC 7.1 %
DARLING INTERNATIONAL INC 5.2 %
ITRON INC 5.0 %
ORMAT TECHNOLOGIES INC 4.6 %
NORTHLAND POWER INC 4.6 %
BROOKFIELD RENEWABLE PARTNERS LP 4.6 %
NEXTRACKER, INC. CLASS A 4.5 %
ENPHASE ENERGY INC 4.2 %
FIRST SOLAR INC 4.2 %
Constituent Breakdown
Number of holdings37
Herfindahl-Hirschman Index 406
Wgt avg mkt cap (mns)$47,025
Large cap (>$10bn)27.2%
Mid cap ($2-10bn)50.6%
Small cap (<$2bn)22.2%
Developed mkts.100.0%
Emerging mkts.0.0%
Country Exposure
UNITED STATES 81.9 %
CANADA 9.1 %
BERMUDA 4.6 %
Historical Performance


Standardized Performance (as of 06/30/2024)
 YTD1 YR2 YR3 YR5 YR10 YRIncep.
Total Returns -20.5% -36.0% -22.5% -27.0% 0.3% -- 3.3%
Volatility 34.4% 35.9% 37.8% 37.9% 38.8% -- --
Market Correlations
versus...BetaR-squared
S&P 5001.5144%
MSCI EAFE1.3734%
MSCI Emg Mkts1.1324%
Liquidity Measures
Avg. volume (000)101
Turnover1.3%
Avg. Bid/Ask (% of price)0.26%
ADV of underlying (mns)$24,908
Technical Indicators
Recent close$29.84
30d moving avg.$30.00
Annualized volatility41.1%
Relative strength (RSI)56
Short interest (ETF)2.0%
Short interest (underlying)7.9%
Distributions
Assets Under Management (mns)

Money Flows (mns)

Short Interest (as % of shares outstanding)

Long Money Flows (mns)

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Risk and Returns: ACES vs. Comps (1 YR)

Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.

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Results & Estimates
  2019 2020 2021 2022 2023 2024E 2025E  
Sales per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Earnings per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Dividends per share -- -- -- -- -- -- --
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Book value per share -- -- -- -- -- -- --
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Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates

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Valuation Metrics
  2023 2024E Fwd Est 2025E
Price-to-sales --x --x --x --x
Price-to-earnings --x --x --x --x
Price-to-cash flow --x --x --x --x
Price-to-growth --x --x --x --x
Price-to-book value --x --x --x --x
Yield --% --% --x --%
1.4 -57.1 1.7 1.9% --
Based on closing prices from 7/19/2024
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
ACES



Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.

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ETF Research Center Fund Rating

Our measure of an ETF's overall investment merit

ALTAR Score™

ACES

-3.3%

Cat. Avg

5.7%

Fund Category: US

Avg. Return on Equity--%
Divided by: Fwd. P/BV--x
Less: Expenses-- bp
Equals: ALTAR Score™-3.3%
Recommendation

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 be less relevant.

Category Overview
There are 899 funds in the US category, with an average ALTAR Score™ of 5.7% and a standard deviation of 2.5%. ACES's ALTAR Score™ is approximately 3.7 standard deviations below the category average. This places ACES in the 1st percentile among funds in the category.
Consensus Recommendation

Sell-side recommendations on the ETF's individual constituents

Composite
ACES
Peer Average
SELL
U/W
HOLD
O/W
BUY



Recent Trends


Breakdown
Expense Analysis

Peer Group Rules-Based
US Equity ETFs
# of ETFs 609
Avg. Expense Ratio 46.6 bp
Std. Deviation 32.9 bp
ACES (55 bp) Percentile rank 60
Peer Group Expense Ratio Distribution


Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
ACES 55.0 25.8 80.8
Peer Avg. 44.3 17.3 61.6
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .