Invesco S&P Spin-Off ETF
ALTAR
Score™
6.5% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
54.7x P/Sales
ratio
0.9x
P/BV
ratio
1.4x Div.
yield
1.9%


  • 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) $56
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 34
Wgt avg mkt cap (mns) $11,145
Large cap (>$10bn) 38.7%
Mid cap ($2-10bn) 47.6%
Small cap (<$2bn) 13.7%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
FORTIVE CORP. 8.0 %
CARRIER GLOBAL CORP. 7.9 %
OTIS WORLDWIDE CORPORATION 7.6 %
DOW, INC. 7.4 %
CORTEVA INC 7.3 %
LAMB WESTON HOLDINGS, INC. 7.2 %
IAA, INC. 5.3 %
WYNDHAM HOTELS & RESORTS, INC. 4.1 %
PENN NATIONAL GAMING INC 4.1 %
FRONTDOOR, INC. 3.9 %
Total 62.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 77.6 %
BRITAIN 4.2 %
IRELAND 1.4 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-25.4% -23.7% -2.5% 8.2% 4.3%

Market Correlations
versus... Beta R-squared
S&P500 1.61 84%
MSCI EAFE 1.70 81%
MSCI Emg. Mkts. 1.28 73%

Technical Indicators
Recent close $37.53
30d moving avg. $38.23
Annualized volatility 29.8%
Short interest (ETF) 0.0%
Short interest (Underlying) 6.3%
Relative strength (RSI) 57

Liquidity measures
Avg. volume (thou.) 4
Turnover 0.3%
Bid/Ask (% of price) 0.38%
ADV underlying (mns) $2,879

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Invesco S&P Spin-Off ETF 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™: 6.5%


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
(%)
VEGI iShares MSCI Global Agriculture Producers ETF 9.1 39 23 6.2 -0.3
IYM iShares U.S. Basic Materials ETF 9.1 42 20 5.5 -0.9
XLB Materials Select Sector SPDR Fund 7.6 13 49 6.0 -0.5
DJD Invesco Dow Jones Industrial Average Dividend ETF 7.4 7 55 7.0 +0.5
RFV Invesco S&P Midcap 400 Pure Value ETF 7.0 35 27 10.9 +4.4
RTM Invesco S&P 500 Equal Weight Materials ETF 6.9 40 22 6.4 -0.1
FMAT Fidelity MSCI Materials Index ETF 6.3 8 54 6.2 -0.3
VAW Vanguard Materials Index Fund 6.2 10 52 6.2 -0.3
RDIV Invesco S&P Ultra Dividend Revenue ETF 6.1 39 23 11.3 +4.9
FTAG First Trust Indxx Global Agriculture ETF 5.5 70 -8 6.6 +0.1
PYZ Invesco DWA Basic Materials Momentum ETF 5.4 60 2 6.2 -0.3
DUSA Davis Select U.S. Equity ETF 5.2 63 -1 5.8 -0.6
XKST SPDR Kensho Smart Mobility ETF 5.2 45 17 5.5 -1.0
FPX First Trust US IPO Index Fund 4.9 58 4 2.7 -3.8
MOO VanEck Vectors Agribusiness ETF 4.9 56 6 5.6 -0.9
SIMS SPDR S&P Kensho Intelligent Structures ETF 4.6 45 17 6.0 -0.4
PAVE Global X U.S. Infrastructure Development ETF 4.3 47 15 5.9 -0.5
RGI Invesco S&P 500 Equal Weight Industrials ETF 4.2 40 22 5.8 -0.7
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure Inde 4.1 70 -8 4.3 -2.2
BETZ Roundhill Sports Betting & iGaming ETF 4.1 75 -13 10.4 +3.9
BUL Pacer US Cash Cows Growth ETF 4.0 60 2 6.3 -0.2
NANR SPDR S&P North American Natural Resources ETF 4.0 35 27 3.5 -3.0
DWLD Davis Select Worldwide ETF 4.0 63 -1 6.7 +0.2
UTRN Vesper U.S. Large Cap Short-Term Reversal Strategy ETF 3.9 75 -13 6.0 -0.5
XHB SPDR S&P Homebuilders ETF 3.9 35 27 7.9 +1.4
GBDV Global Beta Smart Income ETF 3.8 29 33 8.9 +2.4
JKL iShares Morningstar Small Cap Value ETF 3.7 30 32 10.6 +4.1
JHMS John Hancock Multifactor Consumer Staples ETF 3.7 40 22 6.0 -0.4
NOBL ProShares S&P 500 Dividend Aristocrats ETF 3.6 35 27 6.2 -0.2
KNG Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF 3.5 75 -13 5.9 -0.6
JKG iShares Morningstar Mid-Cap ETF 3.5 25 37 5.6 -0.9
YMLP VanEck Vectors High Income MLP ETF 3.5 45 17 5.4 -1.1
MLPX Global X MLP & Energy Infrastructure ETF 3.5 45 17 3.8 -2.7
MDYV SPDR S&P 400 Mid Cap Value ETF 3.3 15 47 8.8 +2.4
IJJ iShares S&P Mid-Cap 400 Value ETF 3.3 25 37 8.7 +2.3
EDOW First Trust Dow 30 Equal Weight ETF 3.3 50 12 6.1 -0.4
ENFR Alerian Energy Infrastructure ETF 3.2 65 -3 5.2 -1.3
IVOV Vanguard S&P Mid-Cap 400 Value ETF 3.2 15 47 8.7 +2.3
RWK Invesco S&P MidCap 400 Revenue ETF 3.1 39 23 8.3 +1.8
GUNR Flexshares Morningstar Global Upstream Natural Resources 3.1 46 16 5.9 -0.6
JHMA John Hancock Multifactor Materials ETF 3.0 40 22 7.0 +0.5
XLI Industrial Select Sector SPDR Fund 3.0 13 49 5.9 -0.5
PSCI Invesco S&P SmallCap Industrials ETF 3.0 29 33 6.7 +0.2
PVAL Principal Contrarian Value Index ETF 3.0 29 33 10.2 +3.8
USAI Pacer American Energy Independence ETF 3.0 75 -13 2.7 -3.7
RHS Invesco S&P 500 Equal Weight Consumer Staples ETF 2.9 40 22 6.5 +0.0
FIDU Fidelity MSCI Industrials Index ETF 2.8 8 54 6.0 -0.4
VIS Vanguard Industrials Index Fund 2.8 10 52 6.0 -0.5
MXI iShares Global Materials ETF 2.8 46 16 6.2 -0.3
FXR First Trust Industrials/Producer Durables AlphaDEX Fund 2.7 63 -1 7.1 +0.7
FTXG First Trust Nasdaq Food & Beverage ETF 2.7 60 2 6.5 -0.0
FNDA Schwab Fundamental U.S. Small Co. Index ETF 2.7 25 37 6.8 +0.4
CALF Pacer US Small Cap Cash Cows 100 ETF 2.6 59 3 13.4 +7.0
EWMC Invesco S&P MidCap 400 Equal Weight ETF 2.6 40 22 7.3 +0.9
ABEQ Absolute Core Strategy ETF 2.6 85 -23 4.7 -1.7
PSCH Invesco S&P SmallCap Health Care ETF 2.4 29 33 3.1 -3.4
MOAT VanEck Vectors Morningstar Wide Moat ETF 2.4 49 13 6.4 -0.1
IUSS Invesco Strategic US Small Company ETF 2.3 23 39 5.6 -0.9
KOMP SPDR Kensho New Economies Composite ETF 2.3 20 42 2.6 -3.9
FITE SPDR Kensho Future Security ETF 2.3 45 17 4.1 -2.4
SLYV SPDR S&P 600 Small Cap Value ETF 2.3 15 47 9.4 +3.0
IJS iShares S&P Small-cap 600 Value ETF 2.3 25 37 9.4 +2.9
VOE Vanguard Mid-Cap Value Index Fund 2.3 7 55 8.1 +1.6
RZV Invesco S&P Smallcap 600 Pure Value ETF 2.2 35 27 10.4 +3.9
COWZ Pacer US Cash Cows 100 ETF 2.2 49 13 10.9 +4.5
DTN WisdomTree U.S. Dividend ex-Financials Fund 2.2 38 24 8.0 +1.5
AVUV Avantis U.S. Small Cap Value ETF 2.2 25 37 9.5 +3.1
JHMI John Hancock Multifactor Industrials ETF 2.2 40 22 6.1 -0.4
EZM WisdomTree U.S. MidCap Earnings Fund 2.1 38 24 9.4 +2.9
TPYP Tortoise North American Pipeline Fund 2.1 40 22 6.0 -0.4
XME SPDR S&P Metals & Mining ETF 2.1 35 27 8.5 +2.0
STLV iShares Factors US Value Style ETF 2.1 25 37 7.9 +1.5
FXZ First Trust Materials AlphaDEX Fund 2.1 65 -3 7.4 +1.0
AIRR First Trust RBA American Industrial Renaissance ETF 2.1 70 -8 7.5 +1.0
XKCP SPDR Kensho Clean Power ETF 2.1 45 17 0.4 -6.1
RWJ Invesco S&P SmallCap 600 Revenue ETF 2.1 39 23 7.9 +1.4
SPDV AAM S&P 500 High Dividend Value ETF 2.1 29 33 11.0 +4.6
VBR Vanguard Small Cap Value Index Fund 2.1 7 55 8.5 +2.1
IHAK iShares Cybersecurity & Tech ETF 2.0 47 15 3.8 -2.7
BKSE BNY Mellon US Small Cap Core Equity ETF 2.0 4 58 5.8 -0.7
FYT First Trust Small Cap Value AlphaDEX Fund 2.0 72 -10 9.7 +3.2
DES WisdomTree U.S. SmallCap Dividend Fund 2.0 38 24 8.9 +2.4
JHSC John Hancock Multifactor Small Cap ETF 2.0 42 20 6.0 -0.5
GRI ALPS REIT Dividend Dogs ETF 2.0 35 27 16.5 +10.0
ONEY SPDR Russell 1000 Yield Focus ETF 2.0 20 42 9.4 +3.0
IYJ iShares U.S. Industrials ETF 1.9 42 20 6.0 -0.5
PXI Invesco DWA Energy Momentum ETF 1.9 60 2 4.2 -2.3
MDY SPDR S&P Midcap 400 ETF Trust 1.9 23 39 6.5 +0.1
IJH iShares Core S&P Mid-Cap ETF 1.9 6 56 6.7 +0.2
SPMD SPDR Portfolio Mid Cap ETF 1.9 5 57 6.7 +0.3
NURE Nuveen Short-Term REIT ETF 1.9 35 27 7.2 +0.7
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 1.9 40 22 6.3 -0.2
BJK VanEck Vectors Gaming ETF 1.9 66 -4 5.5 -1.0
NUMG Nuveen ESG Mid-Cap Growth ETF 1.9 40 22 2.4 -4.1
IVOO Vanguard S&P Mid-Cap 400 ETF 1.9 10 52 6.6 +0.1
IWS iShares Russell Mid-Cap Value ETF 1.9 24 38 7.3 +0.9
IEZ iShares U.S. Oil Equipment & Services ETF 1.9 42 20 0.7 -5.8
PXJ Invesco Dynamic Oil & Gas Services ETF 1.9 63 -1 -0.1 -6.6
FXN First Trust Energy AlphaDEX Fund 1.9 65 -3 -0.8 -7.3
XES SPDR S&P Oil & Gas Equipment & Services ETF 1.9 35 27 -2.2 -8.7

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

  2015 2016 2017 2018 2019 2020E 2021E
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
  2019 2020E 2021E
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 Spin-Off ETF
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 9.4 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 62 bp
Equals: ALTAR Score 6.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.58 CATEGORY
AVERAGE
1.52
 
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.