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MOM
AGFiQ US Market Neutral Momentum Fund

Price: $24.41
Change: $0.76 (-0.03%)
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 $22.06
  • 52 Week Hi $32.72
  • AUM $5.1 M
  • Shares 0.2 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 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.

Historical Trading Data

  • 1 Month Avg. Volume 18,414
  • 3 Month Avg. Volume 13,738

Alternative ETFs in the Long-Short Category

Type Symbol Expense Ratio Assets Avg. Daily Vol YTD Return
Cheapest QMJ 0.37% $11.4 M 489
Largest (AUM) QAI 0.80% $760.2 M 115,728 4.29%
Most Liquid (Volume) BTAL 2.11% $145.6 M 130,150 -13.91%
Top YTD Performer CLIX 0.65% $240.3 M 41,620 81.35%

Top 15 Holdings

Concentration Analysis

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

204
Number of Holdings
115.21%
% Assets in Top 10
117.48%
% Assets in Top 15
132.87%
% Assets in Top 50
Number of Holdings
204

% Assets in Top 10
115.21%

% Assets in Top 15
117.48%

% Assets in Top 50
132.87%

Sector Breakdown

MOM Valuation

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

P/E Ratio
26.4

MOM Dividend

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

Dividend
$0.62
Dividend Date
2011-12-20
Annual Dividend Rate
n/a

$0.62
Dividend
2011-12-20
Dividend Date
n/a
Annual Dividend Rate
Annual Dividend Yield
No Ranking Available
Rank
N/A

MOM 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: 3.13 M 3 Year Net Flows: 718.11 K 5 Year Net Flows: 2.15 M 10 Year Net Flows: 1.05 M

Realtime Rating

The adjacent table gives investors an individual Realtime Rating for MOM 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:

MOM Expenses & Fees

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

Expenses Ratio Analysis

ETF Average
0.534%
ETF Wtd. Average
-0.13%
Category Average
1.11%
Expense Ratio
2.62%
ESG Themes and Scores

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

MOM Performance

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

0.54%
1 Week Return
-19.70%
4 Week Return
-17.25%
13 Week Return
-7.74%
26 Week Return
6.07%
Year to Date Return
2.42%
1 Year Return
-0.30%
3 Year Return
-12.52%
5 Year Return
1 Week Return
0.54%

4 Week Return
-19.70%

13 Week Return
-17.25%

26 Week Return
-7.74%

Year to Date Return
6.07%

1 Year Return
2.42%

3 Year Return
-0.30%

5 Year Return
-12.52%

MOM Price and Volume Chart

MOM Technicals

Volatility Analysis

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

5 Day Volatility
140.31%
Rank
4 of 21

20 Day Volatility
67.12%
Rank
1 of 20

50 Day Volatility
46.78%
Rank
1 of 20

200 Day Volatility
39.11%
Rank
1 of 20

Beta
-0.34
Rank
19 of 20

Standard Deviation
2.59%
Rank
5 of 15

Technicals

  • 20 Day MA $26.34
  • 60 Day MA $29.14
  • MACD 15 Period -1.21
  • MACD 100 Period -5.07
  • Williams % Range 10 Day 73.09
  • Williams % Range 20 Day 90.83
  • RSI 10 Day 36
  • RSI 20 Day 37
  • RSI 30 Day 39
  • Ultimate Oscillator 39

Bollinger Brands

  • Lower Bollinger (10 Day) $23.98
  • Upper Bollinger (10 Day) $26.35
  • Lower Bollinger (20 Day) $22.91
  • Upper Bollinger (20 Day) $30.09
  • Lower Bollinger (30 Day) $23.02
  • Upper Bollinger (30 Day) $32.64

Support & Resistance

  • Support Level 1 $23.99
  • Support Level 2 $23.57
  • Resistance Level 1 $25.14
  • Resistance Level 2 $25.87

Stochastic

  • Stochastic Oscillator %D (1 Day) 35.69
  • Stochastic Oscillator %D (5 Day) 33.48
  • Stochastic Oscillator %K (1 Day) 44.89
  • Stochastic Oscillator %K (5 Day) 38.28

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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