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CHEP
AGFiQ US Market Neutral Value Fund

Price: $13.94
Change: $0.04 (-0.0%)
Category: Long-Short
Last Updated:

Vitals

Investment Themes

Trading Data

Open - Volume -
Day Lo - Day Hi -
  • Open
  • Volume
  • Day Lo
  • Day Hi
  • 52 Week Lo $12.17
  • 52 Week Hi $21.30
  • AUM $0.7 M
  • Shares 0.1 M

Analyst Report

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 CHEP maintains equal long and short dollar positions, its performance is independent of the overall market; rather, it depends on how certain sub-sets 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 they should exhibit very low correlations to both stock and bond markets, some may see CHEP 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, CHEP gives investors a way to bet that stocks with below-average valuations based on ratios such as earnings to price, book to price, and cash flow from operations to price will outperform peers with above-average valuations based on the same ratios. This strategy is, of course, nothing new; investors have been implementing long-short strategies 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.

There are a couple interesting aspects of CHEP (and all QuantShares ETFs for that matter). The underlying portfolios are sector neutral, which ensures that the fund isn't simply long in one sector and short another; rather, CHEP 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 access this long/short strategy, CHEP could be an attractive option. The most significant drawback we see is the relatively high expense ratio. Because the underlying portfolio is market neutral, 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 CHEP will lose money over the long haul.

Historical Trading Data

  • 1 Month Avg. Volume 6,191
  • 3 Month Avg. Volume 3,955

Alternative ETFs in the Long-Short Category

Type Symbol Expense Ratio Assets Avg. Daily Vol YTD Return
Cheapest QMJ 0.37% $10.9 M 514
Largest (AUM) QAI 0.80% $733.7 M 124,256 1.36%
Most Liquid (Volume) QAI 0.80% $733.7 M 124,256 1.36%
Top YTD Performer CLIX 0.65% $0.0 M 50,853 78.60%

Top 15 Holdings

Concentration Analysis

This section compares how balanced and deep this ETF is relative to the peer group ETFdb.com Category.

377
Number of Holdings
210.76%
% Assets in Top 10
212.12%
% Assets in Top 15
221.06%
% Assets in Top 50
Number of Holdings
377

% Assets in Top 10
210.76%

% Assets in Top 15
212.12%

% Assets in Top 50
221.06%

Sector Breakdown

CHEP Valuation

This section shows how the P/E multiple of this ETF compares to the peer group ETFdb.com Category.

P/E Ratio
10.67

CHEP Dividend

This section shows how the dividend yield of this ETF compares to the peer group ETFdb.com Category.

Dividend
$0.44
Dividend Date
2019-12-27
Annual Dividend Rate
$0.44

$0.44
Dividend
2019-12-27
Dividend Date
$0.44
Annual Dividend Rate
Annual Dividend Yield
3.16%

CHEP Fund Flows

View charts featuring ETF fund flow data.

5 Day Net Flows: 0 1 Month Net Flows: 0 3 Month Net Flows: 0 6 Month Net Flows: 0 1 Year Net Flows: 0 3 Year Net Flows: 0 5 Year Net Flows: -1.19 M 10 Year Net Flows: -3.64 M

Realtime Rating

The adjacent table gives investors an individual Realtime Rating for CHEP on several different metrics, including liquidity, expenses, performance, volatility, dividend, concentration of holdings in addition to an overall rating. The "A+ Metric Rated ETF" field, available to ETFdb Pro members, shows the ETF in the Long-Short with the highest Metric Realtime Rating for each individual field. To view all of this data, sign up for a free 14-day trial for ETFdb Pro. To view information on how the ETFdb Realtime Ratings work, click here.

Metric Metric Realtime Rating A+ Metric Rated ETF
Liquidity B n/a
Expenses C+ n/a
Performance
Volatility
Dividend
Concentration

A+ Overall Rated ETF:

CHEP Expenses & Fees

This section compares the cost efficiency of this ETF to peers in the same ETFdb.com Category.

Expenses Ratio Analysis

ETF Average
0.535%
ETF Wtd. Average
0.18%
Category Average
1.07%
Expense Ratio
1.91%
ESG Themes and Scores

CHEP does not have an ESG score. There are no ESG themes that map to this ETF.

CHEP Performance

This section shows how this ETF has performed relative to its peer group ETFdb.com Category.

2.16%
1 Week Return
2.99%
4 Week Return
-3.76%
13 Week Return
-8.43%
26 Week Return
-33.48%
Year to Date Return
-31.99%
1 Year Return
-42.82%
3 Year Return
-42.59%
5 Year Return
1 Week Return
2.16%

4 Week Return
2.99%

13 Week Return
-3.76%

26 Week Return
-8.43%

Year to Date Return
-33.48%

1 Year Return
-31.99%

3 Year Return
-42.82%

5 Year Return
-42.59%

CHEP Price and Volume Chart

CHEP Technicals

Volatility Analysis

This section shows how the volatility of this ETF compares to the peer group ETFdb.com Category.

5 Day Volatility
21.61%
Rank
16 of 20

20 Day Volatility
19.43%
Rank
2 of 20

50 Day Volatility
19.19%
Rank
4 of 20

200 Day Volatility
23.39%
Rank
4 of 20

Beta
0.3
Rank
14 of 20

Standard Deviation
2.74%
Rank
5 of 15

Technicals

  • 20 Day MA $13.69
  • 60 Day MA $14.05
  • MACD 15 Period 0.21
  • MACD 100 Period -0.34
  • Williams % Range 10 Day 2.33
  • Williams % Range 20 Day 20.00
  • RSI 10 Day 58
  • RSI 20 Day 51
  • RSI 30 Day 49
  • Ultimate Oscillator 81

Bollinger Brands

  • Lower Bollinger (10 Day) $13.25
  • Upper Bollinger (10 Day) $14.05
  • Lower Bollinger (20 Day) $13.19
  • Upper Bollinger (20 Day) $14.03
  • Lower Bollinger (30 Day) $13.10
  • Upper Bollinger (30 Day) $14.29

Support & Resistance

  • Support Level 1 $13.94
  • Support Level 2 $13.94
  • Resistance Level 1 $13.94
  • Resistance Level 2 $13.94

Stochastic

  • Stochastic Oscillator %D (1 Day) 56.81
  • Stochastic Oscillator %D (5 Day) 91.94
  • Stochastic Oscillator %K (1 Day) 60.34
  • Stochastic Oscillator %K (5 Day) 84.36

Fact Sheet

Fact sheets are issued by the ETF provider and framed by ETFdb.com. Information contained within the fact sheet is not guaranteed to be timely or accurate.

Disclosures

Copyright © 2020 FactSet Research Systems Inc. All rights reserved.

Copyright MSCI ESG Research LLC [2018]. All Rights Reserved. MSCI ESG Research LLC’s (“MSCI ESG”) Fund Metrics products (the “Information”) provide environmental, social and governance data with respect to underlying securities within more than 23,000 multi-asset class Mutual Funds and ETFs globally. MSCI ESG is a Registered Investment Adviser under the Investment Advisers Act of 1940. MSCI ESG materials have not been submitted, to nor received approval from, the US SEC or any other regulatory body. None of the information constitutes an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the Information can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. All Information is provided solely for your internal use, and may not be reproduced or redisseminated in any form without express prior written permission from MSCI. Neither MSCI ESG nor any of its affiliates or any third party involved in or related to creating any Information makes any express or implied warranties, representations or guarantees, and in no event will MSCI ESG or any such affiliate or third party have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) relating to any Information. More information on MSCI ESG Fund Metrics, provided by MSCI ESG Research LLC, can be found at https://www.msci.com/esg-fund-metrics.
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