SATO
Invesco Alerian Galaxy Crypto Economy ETF
SATO tracks an index that holds cryptocurrency-focused equities, and crypto ETPs and trusts. The index is weighted in tier.
Global
EQUITY
Rules-Based
MANAGEMENT STYLE
61 bp
EXPENSES
$8.1 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Invesco |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Oct 07, 2021 |
| Assets (mns) | $8 |
| Expense ratio | 61 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Tiered |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| GRAYSCALE BITCOIN TRUST | 4.7 % |
| CIPHER MINING INC | 4.1 % |
| MICROSTRATEGY INC-CL A | 3.7 % |
| MARATHON DIGITAL HOLDINGS INC | 3.7 % |
| RIOT BLOCKCHAIN INC | 3.7 % |
| COINBASE GLOBAL, INC. CLASS A | 3.4 % |
| CLEANSPARK, INC. | 3.4 % |
| TERAWULF INC. | 3.4 % |
| CANAAN INC. SPONSORED ADR CLASS A | 3.3 % |
| BITFARMS LTD. | 3.3 % |
Constituent Breakdown
| Number of holdings | 36 |
| Herfindahl-Hirschman Index | 960 |
| Wgt avg mkt cap (mns) | $91,194 |
| Large cap (>$10bn) | 32.3% |
| Mid cap ($2-10bn) | 9.7% |
| Small cap (<$2bn) | 58.0% |
| Developed mkts. | 91.8% |
| Emerging mkts. | 8.2% |
Country Exposure
 |
UNITED STATES | 48.7 % |
 |
GERMANY | 6.1 % |
 |
CHINA | 4.8 % |
 |
CANADA | 3.3 % |
 |
AUSTRALIA | 2.9 % |
 |
JAPAN | 1.5 % |
 |
NORWAY | 0.8 % |
 |
SOUTH KOREA | 0.7 % |
 |
TAIWAN | 0.7 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 14.8% | 83.7% | 67.5% | -- | -- | -- | -6.9% | Volatility | 64.2% | 63.5% | 67.6% | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 2.92 | 50% |
| MSCI EAFE | 2.57 | 37% |
| MSCI Emg Mkts | 2.09 | 24% |
Liquidity Measures
| Avg. volume (000) | 5 |
| Turnover | 1.0% |
| Avg. Bid/Ask (% of price) | 0.36% |
| ADV of underlying (mns) | $107,165 |
Technical Indicators
| Recent close | $16.17 |
| 30d moving avg. | $16.79 |
| Annualized volatility | 78.1% |
| Relative strength (RSI) | 62 |
| Short interest (ETF) | 0.2% |
| Short interest (underlying) | 0.0% |
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. SATO |
Expenses vs. SATO |
ALTAR Score™ vs. SATO |
|---|---|---|---|---|
| DAPP | VanEck Digital Transformation ETF | 47.3% | -11 bp | -0.6% |
| BITQ | Bitwise Crypto Industry Innovators ETF | 46.6% | +24 bp | -0.5% |
| BKCH | Global X Blockchain ETF | 45.1% | -11 bp | -2.6% |
| GFOF | Grayscale Future of Finance ETF | 44.2% | +9 bp | +1.3% |
| BLKC | Invesco Alerian Galaxy Blockchain Users and Decentralized Co | 42.3% | 0 bp | +3.7% |
| IBLC | iShares Blockchain and Tech ETF | 34.5% | -14 bp | +0.1% |
| FDIG | Fidelity Crypto Industry and Digital Payments ETF | 33.5% | -22 bp | +0.4% |
| CRPT | First Trust SkyBridge Crypto Industry & Digital Economy ETF | 33.1% | +24 bp | +0.0% |
| WGMI | Valkyrie Bitcoin Miners ETF | 30.9% | +14 bp | -6.0% |
| BLOK | Amplify Transformational Data Sharing ETF | 29.3% | +14 bp | +2.0% |
Risk and Returns: SATO 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
SATO
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™
SATO
-1.0%
Cat. Avg
4.0%
Fund Category: Global
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | -1.0% |
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 352 funds in the Global category, with an average ALTAR Score™
of 4.0% and a standard deviation of
4.8%. SATO's ALTAR Score™ is approximately
1.1 standard deviations
below
the category average. This places SATO in the 15th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
SATO
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Rules-Based Global Equity ETFs |
| # of ETFs | 191 |
| Avg. Expense Ratio | 55.4 bp |
| Std. Deviation | 17.5 bp |
| SATO (61 bp) Percentile rank | 63 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| SATO | 61.0 | 35.9 | 96.9 |
| Peer Avg. | 56.7 | 40.3 | 97.0 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .