Invesco S&P Global Water
ALTAR
Score™
4.4% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
21.7x P/Sales
ratio
1.8x
P/BV
ratio
2.8x Div.
yield
2.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco S&P Global Water ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond generally to the performance of the S&P Global Water Index.

FUND BASICS
Category Global Equities
Fund Sponsor Guggenheim
Website guggenheiminvestments.com
Inception date May 14, 2007
Assets (mns) $733
Currency USD
Expense ratio 62 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 50
Wgt avg mkt cap (mns) $13,713
Large cap (>$10bn) 38.3%
Mid cap ($2-10bn) 55.1%
Small cap (<$2bn) 6.6%
Developed mkts 96.0%
Emerging mkts 4.0%

TOP TEN HOLDINGS
AMERICAN WATER WORKS CO INC 8.8 %
XYLEM INC 6.8 %
GEBERIT AG-REG 5.3 %
IDEX CORP 4.9 %
VEOLIA ENVIRONNEMENT 4.8 %
DANAHER CORP 4.7 %
HALMA PLC 4.5 %
AQUA AMERICA INC 4.2 %
ALFA LAVAL AB 3.6 %
PENTAIR PLC 3.6 %
Total 51.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 44.2 %
BRITAIN 16.4 %
FRANCE 7.6 %
SWITZERLAND 7.3 %
HONG KONG 4.5 %
SWEDEN 3.6 %
CANADA 3.0 %
NETHERLANDS 2.1 %
SOUTH KOREA 2.0 %
BRAZIL 2.0 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
27.2% 25.5% 8.9% 10.6% 5.9%

Market Correlations
versus... Beta R-squared
S&P500 0.75 62%
MSCI EAFE 0.87 71%
MSCI Emg. Mkts. 0.62 60%

Technical Indicators
Recent close $39.07
30d moving avg. $38.81
Annualized volatility 11.5%
Short interest (ETF) 0.0%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 135
Turnover 0.7%
Bid/Ask (% of price) 0.11%
ADV underlying (mns) $1,298

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco S&P Global Water ETF based on the alternatives' overlap in portfolio holdings with CGW. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: CGW Expense: 62 bp ALTAR Score™: 4.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH CGW
Ticker Fund
Name
Overlap1
vs CGW
(%)
Expense
ratio
(bp)
Savings
vs CGW
(bp)
ALTAR
Score™
(%)
ALTAR
vs CGW
(%)
TBLU Tortoise Water Fund 62.0 40 22 5.0 +0.6
PIO Invesco Global Water 51.0 75 -13 4.5 +0.1
PHO Invesco Water Resources 39.3 60 2 4.2 -0.1
FIW First Trust ISE Water 37.1 55 7 3.9 -0.5
FTRI First Trust ISE Global Natural Resources Income 12.4 70 -8 10.0 +5.7
XKII SPDR Kensho Intelligent Structures 11.9 45 17 6.6 +2.2
PUI Invesco DWA Utilities Momentum 8.7 60 2 4.3 -0.1
PRN Invesco DWA Industrials Momentum 7.7 60 2 4.2 -0.2
SMDV ProShares Russell 2000 Dividend Growers 6.4 40 22 5.6 +1.2
GRES Index IQ Global Resources 6.2 77 -15 6.2 +1.8
EMIF iShares S&P Emerging Markets Infrastructure 6.1 75 -13 7.7 +3.3
IFRA iShares U.S. Infrastructure 6.0 40 22 5.9 +1.5
KSCD KFA Small Cap Quality Dividend Index 5.3 51 11 4.8 +0.5
TOLZ ProShares Global Infrastructure 5.2 46 16 5.3 +0.9
IHI iShares DJ US Medical Devices 4.7 43 19 3.9 -0.5
GUNR Flexshares Global Upstream Natural Resources 4.6 46 16 5.7 +1.4
SDG iShares MSCI Global Impact 4.5 49 13 6.2 +1.9
PAVE Global X U.S. Infrastructure Development 4.4 47 15 5.8 +1.4
RGI Invesco S&P Equal Weight Industrials 4.3 40 22 6.6 +2.3
CWS AdvisorShares Focused Equity 4.2 85 -23 5.6 +1.2

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Invesco S&P Global Water
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 13.2 %
Divided by: Fwd. P/BV 2.7 x
Less: Expense ratio 62 bp
Equals: ALTAR Score 4.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.67 CATEGORY
AVERAGE
1.54
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.