Invesco Spin-Off
ALTAR
Score™
9.5% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
14.5x P/Sales
ratio
0.9x
P/BV
ratio
1.2x Div.
yield
2.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco Spin-Off ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the performance of the Beacon Spin-Off Total Return Index, which is comprised of approximately 40 U.S. stocks of companies that are spin-offs, carve-outs or partial initial public offerings within the past two years.

FUND BASICS
Category US Equities
Fund Sponsor Guggenheim
Website guggenheiminvestments.com
Inception date Dec 15, 2006
Assets (mns) $115
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 37
Wgt avg mkt cap (mns) $13,066
Large cap (>$10bn) 45.9%
Mid cap ($2-10bn) 39.7%
Small cap (<$2bn) 14.4%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
DOW, INC. 8.5 %
HEWLETT PACKARD ENTERPRISE CO. 8.4 %
SYNCHRONY FINANCIAL 7.9 %
FORTIVE CORP. 7.6 %
LAMB WESTON HOLDINGS, INC. 7.5 %
CORTEVA INC 6.7 %
IAA, INC. 4.1 %
PARK HOTELS & RESORTS, INC. 3.9 %
WYNDHAM HOTELS & RESORTS, INC. 3.8 %
JBG SMITH PROPERTIES 3.4 %
Total 61.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.3 %
BRITAIN 3.4 %
IRELAND 1.3 %








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.
11.0% -5.0% 2.0% 11.9% 6.3%

Market Correlations
versus... Beta R-squared
S&P500 1.27 79%
MSCI EAFE 1.17 58%
MSCI Emg. Mkts. 0.80 44%

Technical Indicators
Recent close $47.90
30d moving avg. $47.41
Annualized volatility 17.2%
Short interest (ETF) 0.0%
Short interest (Underlying) 6.3%
Relative strength (RSI) 70

Liquidity measures
Avg. volume (thou.) 19
Turnover 0.8%
Bid/Ask (% of price) 0.26%
ADV underlying (mns) $1,646

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Invesco Spin-Off ETF based on the alternatives' overlap in portfolio holdings with CSD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: CSD Expense: 62 bp ALTAR Score™: 9.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH CSD
Ticker Fund
Name
Overlap1
vs CSD
(%)
Expense
ratio
(bp)
Savings
vs CSD
(bp)
ALTAR
Score™
(%)
ALTAR
vs CSD
(%)
IYM iShares DJ US Basic Material 10.7 42 20 8.8 -0.7
FTAG First Trust Indxx Global Agriculture 9.0 70 -8 8.6 -0.9
DJD Invesco Dow Jones Industrial Average Dividend 8.5 7 55 7.4 -2.1
XLB Materials Select Sector SPDR 7.8 13 49 9.4 -0.1
FMAT Fidelity MSCI Materials 7.6 8 54 8.8 -0.7
VAW Vanguard Materials 7.5 10 52 8.7 -0.7
RTM Invesco S&P Equal Weight Materials 7.0 40 22 8.6 -0.9
FPX First Trust US IPO 5.8 59 3 5.6 -3.9
XKST SPDR Kensho Smart Mobility 5.8 45 17 6.3 -3.2
XLSY Cushing Energy Supply Chain & MLP 5.5 65 -3 5.7 -3.8
JHMA John Hancock Multifactor Materials 5.4 40 22 7.6 -1.9
VEGI iShares MSCI Global Agriculture Producers 5.4 39 23 7.0 -2.5
FLAG Forensic Accounting 5.0 152 -90 8.9 -0.5
TCLD Tortoise Cloud Infrastructure Fund 4.9 40 22 5.0 -4.5
DIET Defiance Next Gen Food & Agriculture 4.4 30 32 5.9 -3.6
JHMS John Hancock Multifactor Consumer Staples 4.3 40 22 7.6 -1.8
RFV Invesco S&P Midcap 400 Pure Value 4.1 35 27 10.0 +0.5
MOO VanEck Vectors Agribusiness ETF 3.9 54 8 6.4 -3.0
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure 3.8 70 -8 5.2 -4.3

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

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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 Spin-Off
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 10.9 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 62 bp
Equals: ALTAR Score 9.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.58 CATEGORY
AVERAGE
1.55
 
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.