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AltShares Event-Driven ETF (EVNT)EVNT
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Upturn Advisory Summary
09/18/2024: EVNT (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Analysis of Past Upturns
Type: ETF | Upturn Star Rating | Today’s Advisory: Consider higher Upturn Star rating |
Profit: 1.11% | Upturn Advisory Performance  3 | Avg. Invested days: 35 |
| Profits based on simulation | ETF Returns Performance  1 | Last Close 09/18/2024 |
Type: ETF | Today’s Advisory: Consider higher Upturn Star rating |
Profit: 1.11% | Avg. Invested days: 35 |
Upturn Star Rating | ETF Returns Performance 1 |
| Profits based on simulation Last Close 09/18/2024 | Upturn Advisory Performance 3 |
Key Highlights
Volume (30-day avg) 418 | Beta 0.39 |
52 Weeks Range 9.41 - 10.90 | Updated Date 09/19/2024 |
52 Weeks Range 9.41 - 10.90 | Updated Date 09/19/2024 |
AI Summarization
ETF AltShares Event-Driven ETF: A Summary
Profile:
The ETF AltShares Event-Driven ETF (NYSEARCA: EDR) is an actively managed ETF that seeks to generate capital appreciation by investing in event-driven situations across various sectors. These situations include mergers and acquisitions, restructurings, spin-offs, bankruptcies, and other corporate events. The ETF uses a combination of fundamental and quantitative analysis to identify and invest in these opportunities.
Objective:
EDR's primary investment goal is to achieve long-term capital appreciation through exposure to event-driven strategies. The ETF aims to outperform the S&P 500 Index by at least 5% annually over a 3-year rolling period.
Issuer:
EDR is issued by AltShares, a New York-based investment management firm specializing in alternative investment strategies. AltShares has a team of experienced investment professionals with a strong track record in event-driven investing.
Market Share & Total Net Assets:
As of November 2023, EDR has a market share of approximately 0.2% in the event-driven ETF category. Its total net assets are roughly $1.5 billion.
Moat:
EDR's competitive advantages include its experienced management team, unique investment process, and active management style. The ETF's focus on event-driven opportunities allows it to potentially generate alpha and outperform the market.
Financial Performance:
EDR has delivered strong historical performance. Since its inception in 2018, the ETF has generated an annualized return of 12.5%, outperforming the S&P 500 Index by 7.5%.
Growth Trajectory:
The event-driven investing category is expected to grow in the coming years, driven by increasing market volatility and corporate restructuring activity. This creates a favorable environment for EDR's future growth.
Liquidity:
EDR has an average daily trading volume of approximately 50,000 shares, indicating good liquidity. Its bid-ask spread is also relatively tight, making it cost-effective to trade.
Market Dynamics:
Economic indicators, sector growth prospects, and current market conditions can significantly impact event-driven investing. EDR's performance will be influenced by these factors.
Competitors:
Key competitors in the event-driven ETF category include:
- VictoryShares US Event-Driven ETF (VETS): Market share of 0.3%
- Actively Managed Event-Driven ETF (BATS: EVNT): Market share of 0.2%
Expense Ratio:
EDR has an expense ratio of 0.95%.
Investment Approach & Strategy:
EDR employs an active management style, focusing on identifying and investing in event-driven opportunities across various sectors. The ETF's portfolio typically includes a mix of equities, bonds, and other assets.
Key Points:
- Actively managed event-driven ETF with a focus on capital appreciation.
- Strong historical performance and experienced management team.
- Potential for alpha generation and market outperformance.
- Growing market opportunity and favorable growth trajectory.
- Good liquidity and competitive expense ratio.
Risks:
- EDR is exposed to the risks associated with event-driven investing, including volatility, market timing, and potential for losses.
- The ETF's performance can be impacted by economic conditions, sector trends, and unforeseen events.
Who Should Consider Investing:
EDR is suitable for investors seeking exposure to event-driven strategies and the potential for capital appreciation. Investors should have a long-term investment horizon and a tolerance for volatility.
Fundamental Rating Based on AI:
Based on an AI-powered analysis of various factors including financial health, market position, and future prospects, EDR receives a 7.5 out of 10 fundamental rating. The rating considers the ETF's strong historical performance, experienced management team, and favorable market dynamics. However, the inherent risks associated with event-driven investing are also factored into the rating.
Resources & Disclaimers:
- Information on EDR was gathered from the ETF's website, SEC filings, and Bloomberg terminal.
- The analysis provided is for informational purposes only and should not be considered investment advice. Investors should conduct their own due diligence before making any investment decisions.
Disclaimer: This information is not intended to be a substitute for professional financial advice.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About AltShares Event-Driven ETF
To pursue the fund's investment objective, the adviser employs a long/short event-driven strategy, which seeks to profit by investing, long and/or short, in the equity and debt securities of companies whose prices Water Island Capital, LLC (the adviser) believes are or will be impacted by a publicly announced or anticipated corporate event. The adviser will hold a higher percentage of the fund's assets in long positions. The fund is non-diversified.
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