Invests in S&P 500 Index derivatives to replicate the index's performance. Backs derivative positions with a portfolio of fixed income instruments. Now — the numbers.
This is an established company with proven profits.
An average decline of 6% a year over the last 4 years — the most striking risk in this picture. Red columns mark years that ended in a loss.
The market pays 161.5× for every dollar this company earns in a year — a price that already assumes things go well.
No analyst target is on record for this company.
The stock trades below its recent peak — about 14% off the top. A pullback, not a collapse.
The net profit margin is 85% — the profit kept from each dollar of revenue is the company’s cushion in hard quarters.
It pays out $1.23 per share each year — regular cash for whoever holds the stock.
Over the last 4 years, sales fell about 6% a year on average. Profit is holding up, but a shrinking business is a risk worth watching.
The company’s market value is 162 times its annual profit. Even a small disappointment could hit the price hard.
We grade companies — revenue, margins, balance sheets. This is a fund, so there is no report card to give. That is not a low grade; it is a different kind of thing.
One-line summary: a basket, not a business. Judge it by what it holds.