AGFiQ US Market Neutral Momentum Fund

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Основные параметры

Цена последней сделки 22
Код ценной бумаги MOM
Полное наименование AGFiQ US Market Neutral Momentum Fund
Объем 4660000000
Изм за день, % -0.06
Комиссия 2.58
Дата основания Sep 07. 2011
Сайт ссылка
Тип актива Alternatives
Индекс Dow Jones U.S. Thematic Market Neutral Momentum Total Return Index
Регион North America
Средний P/E 31.34
Дивиденды 2.58
5 летняя доходность -15.78
3 летняя доходность -12.70
Годовая доходность -16.42
Валюта usd
Топ 10 эмитентов, % 128.27
Количество компаний 203

Топ эмитентов

Эмитент Доля, % P/BV P/S P/E EV/Ebitda
Novavax, Inc. 1.13 19.73 27.08 -31.71
Vir Biotechnology, Inc. 1.09 6.16 73.29 -18.43
Morgan Stanley 0.85 1.54 2.72 10.28
ETSY 0.78 37.97 16.36 83.25 59.87
Generac Holdings Inc. 0.72 14.84 8.31 59.92 38.13
Moderna 0.71 23.28 74.55 -71
Chewy 0.69 4.89 -558.33
Zillow Group, Inc. 0.68 7.15 10.21 265.73
Freeport-McMoRan Inc. 0.67 4.88 3.5 83.02 15.84
SVB 0.67 3.26 7.13 21.64
Snap Inc. 0.67 40.82 38.07 -123.99
HubSpot, Inc. 0.66 31.39 27.24 -788.51
MongoDB, Inc. 0.66 851.3 31.38 -95.92

Похожие ETF

Описание AGFiQ US Market Neutral Momentum Fund

This ETF is part of a suite of "market neutral" products offered by QuantShares, a unique lineup of funds that has the potential to appreciate (or lose value) in any type of market. Because MOM maintains equal long and short dollar positions, its performance is independent of the overall U.S. stock market; rather, it depends on how certain sub-sets (or factors) of the U.S. equity market perform relative to one another. As such, these securities can be used in a number of different ways. Since it should exhibit very low correlations to both stock and bond markets (MOM should have a beta of close to zero), some may see this ETF as a tool for smoothing out portfolio volatility--essentially a diversifying agent within traditional stock-and-bond portfolios. Others who believe the methodology has the potential to exploit market inefficiencies may see it as a means of generating alpha over both long and short time periods.

Specifically, MOM is designed to capture the spread return between high momentum stocks and low momentum stocks; the portfolio maintains long positions in high momentum U.S. equities and short positions in low momentum U.S. equities (QuantShares also offers NOMO, which swaps the long and short exposure). Given this objective, MOM can be generally expected to perform well when recent trends continue, and poorly if recent laggards of the stock market reverse course. But MOM will exhibit far less volatility than a traditional long position in stocks with high momentum; returns will be limited to the differential between these two segments of the U.S. equity market, and should be expected to be close to zero over the long haul. This investment approach is certainly nothing new; investors have been implementing momentum-based allocation strategies designed to capture the spreads between asset classes or sub-classes for decades. But the availability of this strategy within the ETF wrapper is a new innovation; it gives investors an opportunity to access a technique that may be time consuming and quite expensive if implemented individually through a single ticker symbol that brings all the efficiencies of ETFs.

There are a couple noteworthy aspects of MOM (and all QuantShares ETFs for that matter). The underlying portfolios are sector neutral, which ensures that the fund isn't simply long in corners of the market that have performed well recently and short sectors that have been the laggards over the last year or so; rather, MOM consists of both long and short positions in each sector of the market. Moreover, individual positions are equal weighted, which ensures that no one stock will dominate either the long or short positions in the portfolio.

For investors who are seeking a low maintenance way to implement a momentum-focused strategy, MOM could be an attractive option. Others wishing to customize the exposure achieved may wish to stick to "do it yourself" sector rotation strategies or other long/short techniques based on other metrics. This ETF could also be a useful tool for investors looking to bet on continued strong performance from market leaders, but unwilling to take on the risk of loss that comes with a traditional long-only strategy. The most significant drawback we see to this ETF is the relatively high expense ratio charged. Because the underlying portfolio is market neutral (it is comprised of equal long and short positions), it would be reasonable to expect that long-term performance, before fees, should be close to zero. After taking out 80 basis points or so in expenses, that makes it likely that MOM will lose money over the long haul, especially if markets move sideways or trend downwards over the long run. MOM's appeal lies in its low volatility and low maintenance access to an in-depth investment strategy, not in its potential for impressive long-term performance.