Invesco Zacks Multi-Asset Income ETF
ALTAR
Score™
10.2% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
13.9x P/Sales
ratio
0.9x
P/BV
ratio
1.0x Div.
yield
5.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco Multi-Asset Income Index ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the Zacks Multi-Asset Income Index, which is comprised of 125 to 150 securities with superior risk-return potential selected from a universe of common stocks, ADRs, REITs, MLPs, closed-end funds and preferred stocks by Zacks Inv Research.

FUND BASICS
Category US Equities
Fund Sponsor Guggenheim
Website guggenheiminvestments.com
Inception date Sep 21, 2006
Assets (mns) $113
Currency USD
Expense ratio 94 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Multi-Factor
Index replication Optimized
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 149
Wgt avg mkt cap (mns) $22,065
Large cap (>$10bn) 43.2%
Mid cap ($2-10bn) 38.2%
Small cap (<$2bn) 18.0%
Developed mkts 92.5%
Emerging mkts 7.5%

TOP TEN HOLDINGS
ALLY FINANCIAL INC 1.3 %
INERGY LP 1.2 %
OASIS MIDSTREAM PARTNERS LP 1.2 %
USA COMPRESSION PARTNERS LP 1.2 %
SYNCHRONY FINANCIAL 1.1 %
CENTERPOINT ENERGY INC 1.1 %
EXTRA SPACE STORAGE INC 1.1 %
AMERIPRISE FINANCIAL INC 1.1 %
INTEL CORP 1.1 %
WELLS FARGO & COMPANY 1.1 %
Total 11.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 70.7 %
BRAZIL 1.9 %
JAPAN 1.5 %
CHINA 1.3 %
LUXEMBOURG 1.0 %
RUSSIA 0.9 %
COLOMBIA 0.7 %
FRANCE 0.7 %
SOUTH KOREA 0.6 %
CANADA 0.6 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-27.9% -23.7% 1.7% 3.3% 2.1%

Market Correlations
versus... Beta R-squared
S&P500 1.24 81%
MSCI EAFE 1.38 82%
MSCI Emg. Mkts. 1.02 71%

Technical Indicators
Recent close $17.39
30d moving avg. $16.86
Annualized volatility 24.5%
Short interest (ETF) 0.0%
Short interest (Underlying) 3.3%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 20
Turnover 0.3%
Bid/Ask (% of price) 0.26%
ADV underlying (mns) $13,338

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Invesco Zacks Multi-Asset Income ETF ETF based on the alternatives' overlap in portfolio holdings with CVY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: CVY Expense: 94 bp ALTAR Score™: 10.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH CVY
Ticker Fund
Name
Overlap1
vs CVY
(%)
Expense
ratio
(bp)
Savings
vs CVY
(bp)
ALTAR
Score™
(%)
ALTAR
vs CVY
(%)
FXO First Trust Financials AlphaDEX Fund 19.7 63 31 11.5 +1.4
SPVU Invesco S&P 500 Enhanced Value ETF 15.9 13 81 11.3 +1.1
IEFN iShares Evolved U.S. Financials ETF 14.8 18 76 8.9 -1.3
JHMF John Hancock Multifactor Financials ETF 14.6 40 54 7.4 -2.7
ESGS Columbia Sustainable U.S. Equity Income ETF 14.4 35 59 8.5 -1.7
SPVM Invesco S&P 500 Value with Momentum ETF 14.2 39 55 8.6 -1.6
PY Principal Shareholder Yield Index ETF 14.1 15 79 8.9 -1.3
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 14.0 29 65 9.0 -1.2
FNK First Trust Mid Cap Value AlphaDEX Fund 13.7 70 24 10.4 +0.2
FTA First Trust Large Cap Value AlphaDEX Fund 13.6 60 34 8.8 -1.3
RPV Invesco S&P 500 Pure Value ETF 13.4 35 59 10.4 +0.2
AUSF Global X Adaptive U.S. Factor ETF 13.4 27 67 9.0 -1.2
USDY Pacific Global US Equity Income ETF 13.4 29 65 7.0 -3.1
RYF Invesco S&P 500 Equal Weight Financials ETF 13.2 40 54 9.3 -0.9
DON WisdomTree U.S. MidCap Dividend Fund 13.0 38 56 7.3 -2.8
FAB First Trust Multi Cap Value AlphaDEX Fund 13.0 71 23 9.2 -0.9
ONEY SPDR Russell 1000 Yield Focus ETF 13.0 20 74 8.6 -1.6
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 12.7 35 59 8.5 -1.6
EQWL Invesco Russell Top 200 Equal Weight ETF 12.5 25 69 6.1 -4.1
VFVA Vanguard U.S. Value Factor ETF 12.3 14 80 10.6 +0.4
FNCL Fidelity MSCI Financials Index ETF 12.2 8 86 8.4 -1.7
SPHB Invesco S&P 500 High Beta ETF 12.2 25 69 8.4 -1.8
VLUE iShares Edge MSCI USA Value Factor ETF 11.6 15 79 11.1 +0.9
FUNL CornerCap Fundametrics Large-Cap ETF 11.6 50 44 8.0 -2.1
VYM Vanguard High Dividend Yield Index ETF 11.6 6 88 7.3 -2.9
VFH Vanguard Financials Index Fund 11.6 10 84 8.4 -1.7
STLV iShares Factors US Value Style ETF 11.4 25 69 7.1 -3.1
FVAL Fidelity Value Factor ETF 11.2 29 65 7.5 -2.7
TPHD Timothy Plan High Dividend Stock ETF 11.1 52 42 7.2 -3.0
RNDV US Equity Dividend Select ETF 11.1 50 44 7.7 -2.5
JVAL JPMorgan U.S. Value Factor ETF 10.9 12 82 8.1 -2.0
CDC VictoryShares US EQ Income Enhanced Volatility Wtd Index ETF 10.6 35 59 8.6 -1.5
RWL Invesco S&P 500 Revenue ETF 10.3 39 55 7.0 -3.2
DGRO iShares Core Dividend Growth ETF 10.3 8 86 6.5 -3.7
VLU SPDR S&P 1500 Value Tilt ETF 10.2 12 82 7.1 -3.0
ULVM VictoryShares USAA MSCI USA Value Momentum ETF 10.1 20 74 7.3 -2.8
IYF iShares U.S. Financials ETF 10.1 42 52 6.8 -3.4
JKI iShares Morningstar Mid-Cap Value ETF 10.0 30 64 8.6 -1.6
RAFE PIMCO RAFI ESG U.S. ETF 10.0 29 65 7.4 -2.7
PKW Invesco Buyback Achievers ETF 9.9 62 32 6.6 -3.6
PWV Invesco Dynamic Large Cap Value ETF 9.9 56 38 8.0 -2.1
XLF Financial Select Sector SPDR Fund 9.9 13 81 8.0 -2.2
DIVB iShares U.S. Dividend & Buyback ETF 9.7 25 69 6.6 -3.5
QSY WisdomTree U.S. LargeCap Value Fund 9.7 38 56 6.4 -3.7
MAGA Point Bridge GOP Stock Tracker ETF 9.5 72 22 6.2 -3.9
KBE SPDR S&P Bank ETF 9.5 35 59 10.1 -0.1
VTV Vanguard Value Index Fund 9.5 4 90 7.2 -3.0
IYG iShares US Financial Services ETF 9.4 42 52 6.8 -3.4
FDRR Fidelity Dividend ETF for Rising Rates 9.3 29 65 6.6 -3.6
VOOV Vanguard S&P 500 Value ETF 9.2 10 84 7.1 -3.1
DTD WisdomTree U.S.Total Dividend Fund 9.2 28 66 6.5 -3.6
SYLD Cambria Shareholder Yield ETF 9.2 59 35 8.4 -1.8
JKF iShares Morningstar Large Cap Value ETF 9.1 25 69 7.5 -2.7
EPS WisdomTree U.S. Earnings 500 Fund 9.1 8 86 6.2 -3.9
VALQ American Century STOXX U.S. Quality Value ETF 9.0 29 65 8.7 -1.4
REVS Columbia Research Enhanced Value ETF 9.0 19 75 7.6 -2.6
MGV Vanguard Mega Cap Value ETF 8.9 7 87 7.1 -3.1
VUSE Vident Core US Equity Fund 8.9 48 46 8.6 -1.5
IVE iShares S&P 500 Value ETF 8.9 18 76 7.0 -3.2
SPYV SPDR Portfolio S&P 500 Value ETF 8.9 4 90 7.1 -3.0
IUSV iShares Core S&P U.S. Value ETF 8.8 4 90 7.2 -2.9
PRF Invesco FTSE RAFI US 1000 ETF 8.8 39 55 6.6 -3.6
JKL iShares Morningstar Small Cap Value ETF 8.8 30 64 9.6 -0.5
FNDX Schwab Fundamental U.S. Large Co. Index ETF 8.8 25 69 6.5 -3.7
FNX First Trust Mid Cap Core AlphaDEX Fund 8.7 61 33 6.2 -3.9
SCHV Schwab U.S. Large-Cap Value ETF 8.6 4 90 6.6 -3.5
KIE SPDR S&P Insurance ETF 8.6 35 59 9.8 -0.3
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 8.5 20 74 8.9 -1.3
QDYN FlexShares Quality Dividend Dynamic Index Fund 8.5 37 57 5.9 -4.3
RVRS Reverse Cap Weighted U.S. Large Cap ETF 8.5 29 65 7.2 -2.9
FNDB Schwab Fundamental U.S. Broad Market Index ETF 8.5 25 69 6.5 -3.6
JKJ iShares Morningstar Small-Cap ETF 8.4 25 69 6.2 -4.0
VOE Vanguard Mid-Cap Value Index Fund 8.3 7 87 7.4 -2.8
CLRG IQ Chaikin U.S. Large Cap ETF 8.3 25 69 5.6 -4.5
IWX iShares Russell Top 200 Value ETF 8.2 20 74 6.6 -3.5
TUSA First Trust Total US Market AlphaDEX ETF 8.2 70 24 5.5 -4.6
SYV SPDR MFS Systematic Value Equity ETF 8.1 60 34 7.2 -3.0
EXT WisdomTree U.S. Total Earnings Fund 8.1 28 66 5.4 -4.8
IWD iShares Russell 1000 Value ETF 8.1 19 75 6.7 -3.5
SPGP Invesco S&P 500 GARP ETF 8.1 34 60 6.6 -3.5
VONV Vanguard Russell 1000 Value Index Fund 8.1 8 86 6.8 -3.4
DES WisdomTree U.S. SmallCap Dividend Fund 8.0 38 56 8.2 -2.0
DLN WisdomTree U.S. LargeCap Dividend Fund 8.0 28 66 6.3 -3.9
NULV Nuveen ESG Large-Cap Value ETF 8.0 35 59 7.1 -3.1
COWZ Pacer US Cash Cows 100 ETF 7.9 49 45 11.4 +1.2
STLC iShares Factors US Blend Style ETF 7.8 25 69 5.1 -5.0
FDVV Fidelity Core Dividend ETF 7.8 29 65 6.9 -3.3
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 7.8 17 77 6.6 -3.6
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 7.8 60 34 7.6 -2.6
FVD First Trust Value Line Dividend Index Fund 7.7 70 24 6.1 -4.1
RDVY First Trust Rising Dividend Achievers ETF 7.7 50 44 7.6 -2.5
EQRR ProShares Equities for Rising Rates ETF 7.6 35 59 6.9 -3.3
EZM WisdomTree U.S. MidCap Earnings Fund 7.4 38 56 8.4 -1.7
SYE SPDR MFS Systematic Core Equity ETF 7.4 60 34 5.5 -4.6
DYNF BlackRock U.S. Equity Factor Rotation ETF 7.4 30 64 6.4 -3.8
DTN WisdomTree U.S. Dividend ex-Financials Fund 7.4 38 56 7.8 -2.3
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 7.3 15 79 6.0 -4.1
QDF FlexShares Quality Dividend Index Fund 7.3 37 57 5.8 -4.3
MIDF iShares Edge MSCI Multifactor USA Mid-Cap ETF 7.3 25 69 7.4 -2.8

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 Zacks Multi-Asset Income ETF
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 10.6 %
Divided by: Fwd. P/BV 1.0 x
Less: Expense ratio 94 bp
Equals: ALTAR Score 10.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.53 CATEGORY
AVERAGE
1.51
 
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.