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.
Fund Basics
| Fund sponsor | Invesco |
| Category | Global Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Oct 07, 2021 |
| Assets (mns) | $3 |
| Expense ratio | 60 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 | 19.8 % |
| RIOT BLOCKCHAIN INC | 6.0 % |
| MARATHON DIGITAL HOLDINGS INC | 5.8 % |
| COINBASE GLOBAL, INC. CLASS A | 5.3 % |
| BAKKT HOLDINGS, INC. CLASS A | 4.7 % |
| MICROSTRATEGY INC-CL A | 4.5 % |
| BIT DIGITAL, INC. | 4.4 % |
| CANAAN INC. SPONSORED ADR CLASS A | 4.3 % |
| HUT 8 MINING CORP. | 4.3 % |
| BITFARMS LTD. | 4.1 % |
Constituent Breakdown
| Number of holdings | 35 |
| Herfindahl-Hirschman Index | 610 |
| Wgt avg mkt cap (mns) | $77,395 |
| Large cap (>$10bn) | 29.9% |
| Mid cap ($2-10bn) | 10.2% |
| Small cap (<$2bn) | 59.4% |
| Developed mkts. | 93.4% |
| Emerging mkts. | 6.6% |
Country Exposure
 |
UNITED STATES | 75.8 % |
 |
CANADA | 8.4 % |
 |
CHINA | 6.0 % |
 |
BRITAIN | 3.5 % |
 |
TAIWAN | 0.8 % |
 |
SOUTH KOREA | 0.8 % |
 |
NORWAY | 0.7 % |
Historical Performance
Standardized Annual Returns (as of 02/28/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 48.5% | -64.6% | -- | -- | -- | -- | -68.5% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 2.46 | 42% |
| MSCI EAFE | 2.14 | 30% |
| MSCI Emg Mkts | 1.12 | 9% |
Liquidity Measures
| Avg. volume (000) | 3 |
| Turnover | 0.7% |
| Avg. Bid/Ask (% of price) | 0.64% |
| ADV of underlying (mns) | $75,423 |
Technical Indicators
| Recent close | $6.17 |
| 30d moving avg. | $5.88 |
| Annualized volatility | 86.0% |
| Relative strength (RSI) | 43 |
| Short interest (ETF) | 0.0% |
| 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 |
|---|---|---|---|---|
| BLKC | Invesco Alerian Galaxy Blockchain Users and Decentralized Co | 57.4% | 0 bp | +25.2% |
| BITQ | Bitwise Crypto Industry Innovators ETF | 54.1% | +25 bp | +1.8% |
| BKCH | Global X Blockchain ETF | 52.2% | -10 bp | -5.9% |
| DAPP | VanEck Digital Transformation ETF | 47.6% | -10 bp | -62.3% |
| GFOF | Grayscale Future of Finance ETF | 46.2% | +10 bp | +20.5% |
| IBLC | iShares Blockchain and Tech ETF | 39.1% | -13 bp | -5.4% |
| DAM | VanEck Digital Assets Mining ETF | 38.3% | -10 bp | -282.0% |
| BLOK | Amplify Transformational Data Sharing ETF | 37.0% | +11 bp | +25.5% |
| CRPT | First Trust SkyBridge Crypto Industry and Digital Economy ET | 34.9% | +25 bp | +23.1% |
| WGMI | Valkyrie Bitcoin Miners ETF | 30.6% | +15 bp | -105.6% |
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
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022E | 2023E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2021 | 2022E | Fwd Est | 2023E | |
| 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 3/17/2023
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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
-22.5%
Cat. Avg
4.4%
Fund Category: Global Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | -22.5% |
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 338 funds in the Global Equities category, with an average ALTAR Score™
of 4.4% and a standard deviation of
5.0%. SATO's ALTAR Score™ is approximately
5.4 standard deviations
below
the category average. This places SATO in the 1st 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
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| SATO | 60.0 | 64.4 | 124.4 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .