HSMV
First Trust Horizon Managed Volatility Small/Mid ETF
HSMV is an active fund of small- and midcap US stocks selected based on volatility forecast.
US
EQUITY
Active
MANAGEMENT STYLE
80 bp
EXPENSES
$116.2 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | First Trust |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Apr 06, 2020 |
| Assets (mns) | $116 |
| Expense ratio | 80 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| LEXINGTON REALTY TRUST | 0.7 % |
| CUBESMART | 0.7 % |
| EVERCORE PARTNERS INC-CL A | 0.7 % |
| GLOBUS MEDICAL INC - A | 0.7 % |
| INTERDIGITAL INC | 0.7 % |
| UNITED THERAPEUTICS CORP | 0.7 % |
| CHESAPEAKE UTILITIES CORP | 0.7 % |
| BJ'S WHOLESALE CLUB HOLDINGS, INC. | 0.6 % |
| NEUROCRINE BIOSCIENCES INC | 0.6 % |
| PLEXUS CORP | 0.6 % |
Constituent Breakdown
| Number of holdings | 1206 |
| Herfindahl-Hirschman Index | 54 |
| Wgt avg mkt cap (mns) | $6,718 |
| Large cap (>$10bn) | 17.1% |
| Mid cap ($2-10bn) | 78.0% |
| Small cap (<$2bn) | 4.9% |
| Developed mkts. | 99.5% |
| Emerging mkts. | 0.5% |
Country Exposure
 |
UNITED STATES | 95.3 % |
 |
BERMUDA | 2.0 % |
 |
BRITAIN | 1.0 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 4.1% | 9.3% | 7.6% | 2.3% | -- | -- | 10.6% | Volatility | 11.7% | 13.3% | 16.3% | 16.0% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.83 | 81% |
| MSCI EAFE | 0.84 | 77% |
| MSCI Emg Mkts | 0.55 | 34% |
Liquidity Measures
| Avg. volume (000) | 1 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.15% |
| ADV of underlying (mns) | $18,919 |
Technical Indicators
| Recent close | $35.16 |
| 30d moving avg. | $33.85 |
| Annualized volatility | 16.6% |
| Relative strength (RSI) | 51 |
| Short interest (ETF) | 0.0% |
| Short interest (underlying) | 3.8% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. HSMV |
Expenses vs. HSMV |
ALTAR Score™ vs. HSMV |
|---|---|---|---|---|
| QVMM | Invesco S&P MidCap 400 QVM Multi-factor ETF | 42.6% | -65 bp | +0.7% |
| IJH | iShares Core S&P Mid-Cap ETF | 41.3% | -75 bp | +0.4% |
| MDY | SPDR S&P Midcap 400 ETF Trust | 41.3% | -57 bp | +0.3% |
| IVOO | Vanguard S&P Mid-Cap 400 ETF | 41.3% | -70 bp | +0.4% |
| XJH | iShares ESG Screened S&P Mid-Cap ETF | 41.1% | -68 bp | +0.4% |
| IJJ | iShares S&P Mid-Cap 400 Value ETF | 40.7% | -62 bp | +1.4% |
| IVOV | Vanguard S&P Mid-Cap 400 Value ETF | 40.6% | -65 bp | +1.5% |
| SPMD | SPDR Portfolio S&P 400 Mid Cap ETF | 40.3% | -77 bp | +0.4% |
| MDYV | SPDR S&P 400 Mid Cap Value ETF | 39.8% | -65 bp | +1.4% |
| XMLV | Invesco S&P MidCap Low Volatility ETF | 37.4% | -55 bp | +0.4% |
Risk and Returns: HSMV 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 | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
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 | --% |
Based on closing prices from 7/25/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
HSMV
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™
HSMV
6.2%
Cat. Avg
5.7%
Fund Category: US
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 6.2% |
Recommendation
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.
Category Overview
There are 899 funds in the US category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. HSMV's ALTAR Score™ is approximately
0.2 standard deviations
above
the category average. This places HSMV in the 58th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
HSMV
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Active US Equity ETFs |
| # of ETFs | 308 |
| Avg. Expense Ratio | 67.1 bp |
| Std. Deviation | 37 bp |
| HSMV (80 bp) Percentile rank | 64 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| HSMV | 80.0 | 15.4 | 95.4 |
| Peer Avg. | 47.5 | 20.2 | 67.7 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .