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ENY vs. ETF Alternatives
The Guggenheim Canadian Energy Income ETF (NYSE:ENY), seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of an equity index called the S&P/TSX Canadian High Income Energy Index. The S&P/TSX High Income Energy Index is part of the S&P/TSX index family, which aims to provide investable indices for the Canadian equity markets. The Index selection methodology is designed to provide exposure to high yielding Canadian securities in the energy sector that meet size and liquidity requirements. Securities must be part of the S&P/TSX Composite Index (the “Composite”), which is designed to provide a broad market measure of the Canadian equity markets. The Composite includes common stocks and income trust units listed on the TSX and are companies that are Canadian incorporated (established in the case of income trusts, or formed in the case of limited partnerships) under Canadian federal, provincial or territorial jurisdictions. Liquidity is measured by float turnover (total number of shares traded in Canadian markets in the previous 12 months divided by float eligible shares outstanding at the end of the period). Securities that are ineligible for inclusion in the Composite include securities issued by mutual funds, preferred shares, exchangeable shares, warrants, installment receipts and “paper-clipped” or “stapled” securities. ENY will invest at least 80% of its total assets in securities that comprise the Index. ENY generally will invest in all the securities comprising the Index in proportion to their weighting in the Index.
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Monday, Feb 243:35 PM
Monday, Feb 243:35 PM| 10 Comments
- Comparing metrics for the two of the more popular dividend strategies - the SPDR S&P Dividend ETF (SDY +0.4%) and the Vanguard Dividend Appreciation ETF (VIG +0.7%) - against the two largest large-cap value ETFs - the Russell 1000 Value ETF (IWD +0.9%) and Vanguard's Value ETF (VTV +0.7%) - Larry Swedroe finds valuations quite stretched for the dividend players.
- The SDY sports a P/E ratio of 17.2x, price/book ratio of 2.5x, and price/cash flow ratio of 10.5x, with the VIG showing similar. The value ETFs have P/E below 14x, price/books below 2x, and price/cash flow below 6x.
- The popularity of dividends has led to a pleasing rise in the values of the stocks, but has thus reduced expected future returns, reminds Swedroe. And for taxable accounts, it's even worse as dividends are less tax-efficient than capital gains.
- Dividend ETFs: DVY, VIG, AMLP, SDY, VYM, AMJ, BDCL, SCHD, HDV, MLPL, YMLP, KBWD, BDCS, DES, PEY, MLPI, SPHD, DIV, DLN, DHS, MLPA, ENY, DTD, DGRW, DON, MLPN, FDL, NOBL, FVD, PFM, EMLP, MLPS, BIZD, MLPG, MLPY, MLPX, MLPJ, SDYL, AMU, YMLI, DVYL, ATMP, DGRS, ZMLP, RDIV, RDVY, MLPW, IMLP, QDYN, ENFR, QDF, QDEF, MLPC
Wednesday, Aug 72013, 11:48 AM
Wednesday, Aug 72013, 11:48 AM| 1 Comment
- The Guggenheim Canadian Energy Income Fund (ENY) - the only U.S.-listed ETF devoted exclusively to energy stocks - changes its underlying index to the S&P/TSX Canadian High Income Energy Index.
- It previously tracked the Sustainable Canadian Energy Income Index,
- Guggenheim says the switch gives the ETF more exposure to high-yielding Canadian energy names. Top holdings at the moment include: Crescent Point Energy (CSCTF.PK), Suncor (SU), TransCanada (TRP), and Enbridge (ENB).
Friday, Mar 222013, 9:05 AM
Tuesday, Feb 122013, 7:23 PMYorkville ETF Advisors expanded its MLP ETF lineup by launching its High Income Infrastructure MLP fund YMLI today. The ETF debuts following the success of YMLP last year. The two ETFs will have no overlap in holdings and will provide composite exposure to the MLP universe. Competitors: AMJ, EMLP, MLPI, AMLP, MLPJ (pdf) |Tuesday, Feb 122013, 7:23 PM| 1 Comment
Thursday, Jan 192012, 3:30 AMMore fallout from the U.S. rejection of the Keystone XL oil pipeline: Canada may turn to China in order to "diversify" its energy exports, as relying less on the U.S. would strengthen the country’s “financial security.” Currently, 99% of Canada’s crude exports go to the U.S. |Thursday, Jan 192012, 3:30 AM| 6 Comments
Sunday, Mar 272011, 7:03 AMCanada Fin Min Jim Flaherty will reintroduce his latest budget unchanged if the Conservatives win the election on May 2, which polls indicate they will. The only possible updates to the program of tax and spending cuts will be to the economic assumptions used for fiscal planning. |Sunday, Mar 272011, 7:03 AM| Comment!
Thursday, Dec 92010, 3:25 PMCalling his country an "emerging energy superpower," and a "safe, reliable source of resources," Canadian Finance Minister Flaherty takes a bow in NYC. In addition to the commodity angle, Flaherty cited Canada's solid banking sector, low corporate taxes, and declining deficit. |Thursday, Dec 92010, 3:25 PM| 2 Comments