Invesco Zacks Multi-Asset Income ETF
ALTAR
Score™
11.6% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
13.9x P/Sales
ratio
1.0x
P/BV
ratio
0.9x Div.
yield
5.5%


  • 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) $121
Currency USD
Expense ratio 97 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 150
Wgt avg mkt cap (mns) $20,736
Large cap (>$10bn) 42.5%
Mid cap ($2-10bn) 42.0%
Small cap (<$2bn) 14.6%
Developed mkts 95.4%
Emerging mkts 4.6%

TOP TEN HOLDINGS
USA COMPRESSION PARTNERS LP 1.3 %
ENABLE MIDSTREAM PARTNERS LP 1.2 %
SUBURBAN PROPANE PARTNERS LP 1.1 %
CBS CORP-CLASS B NON VOTING 1.1 %
SYNCHRONY FINANCIAL 1.1 %
DISCOVER FINANCIAL SERVICES 1.1 %
MORGAN STANLEY 1.1 %
CATERPILLAR INC 1.1 %
BANCO BILBAO VIZCAYA-SP ADR 1.1 %
AMERIPRISE FINANCIAL INC 1.0 %
Total 11.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 66.6 %
BRITAIN 2.4 %
SPAIN 1.9 %
CANADA 1.4 %
SWITZERLAND 1.1 %
JAPAN 1.0 %
LUXEMBOURG 0.9 %
COLOMBIA 0.8 %
RUSSIA 0.8 %
SOUTH KOREA 0.8 %

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.
-28.3% -22.9% -0.7% 4.4% 2.1%

Market Correlations
versus... Beta R-squared
S&P500 1.30 82%
MSCI EAFE 1.40 83%
MSCI Emg. Mkts. 1.04 71%

Technical Indicators
Recent close $16.34
30d moving avg. $16.85
Annualized volatility 24.3%
Short interest (ETF) 0.1%
Short interest (Underlying) 3.3%
Relative strength (RSI) 53

Liquidity measures
Avg. volume (thou.) 26
Turnover 0.4%
Bid/Ask (% of price) 0.30%
ADV underlying (mns) $16,249

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 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: 97 bp ALTAR Score™: 11.6%


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 19.9 63 34 11.8 +0.2
SPYB SPDR S&P 500 Buyback ETF 19.3 0 97 0.0 -11.6
RYF Invesco S&P 500 Equal Weight Financials ETF 19.0 40 57 9.9 -1.7
JHMF John Hancock Multifactor Financials ETF 18.4 40 57 7.9 -3.7
IEFN iShares Evolved U.S. Financials ETF 18.3 18 79 9.5 -2.1
PY Principal Shareholder Yield Index ETF 17.6 29 68 9.6 -2.0
VFH Vanguard Financials Index Fund 15.9 10 87 9.0 -2.6
FNCL Fidelity MSCI Financials Index ETF 15.8 8 89 9.0 -2.6
KBE SPDR S&P Bank ETF 15.7 35 62 11.7 +0.1
SPHB Invesco S&P 500 High Beta ETF 15.4 25 72 9.6 -2.1
LVHB Innovator Lunt Low Vol/High Beta Tactical ETF 15.4 49 48 9.4 -2.3
RPV Invesco S&P 500 Pure Value ETF 14.3 35 62 11.3 -0.4
XLF Financial Select Sector SPDR Fund 14.2 13 84 8.5 -3.2
FTA First Trust Large Cap Value AlphaDEX Fund 14.0 60 37 9.3 -2.3
IYF iShares U.S. Financials ETF 13.4 42 55 7.2 -4.5
SLT Salt TruBeta High Exposure ETF 13.3 29 68 9.5 -2.1
PVAL Principal Contrarian Value Index ETF 13.3 29 68 10.2 -1.5
SPVM Invesco S&P 500 Value with Momentum ETF 13.1 39 58 9.2 -2.4
SPVU Invesco S&P 500 Enhanced Value ETF 13.1 13 84 11.5 -0.1
FNK First Trust Mid Cap Value AlphaDEX Fund 12.9 70 27 10.4 -1.3
FAB First Trust Multi Cap Value AlphaDEX Fund 12.6 71 26 9.7 -2.0
ESGS Columbia Sustainable U.S. Equity Income ETF 12.5 35 62 8.6 -3.1
AUSF Global X Adaptive U.S. Factor ETF 12.5 27 70 8.0 -3.6
VFVA Vanguard U.S. Value Factor ETF 12.4 14 83 11.7 +0.1
QSY WisdomTree U.S. LargeCap Value Fund 12.4 38 59 6.9 -4.7
RDVY First Trust Rising Dividend Achievers ETF 12.4 50 47 8.0 -3.6
SYLD Cambria Shareholder Yield ETF 12.3 59 38 9.0 -2.6
QDIV Global X S&P 500 Quality Dividend ETF 11.7 20 77 7.7 -4.0
USDY Pacific Global US Equity Income ETF 11.7 29 68 7.3 -4.3
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 11.6 60 37 8.6 -3.0
ONEY SPDR Russell 1000 Yield Focus ETF 11.4 20 77 9.4 -2.3
DON WisdomTree U.S. MidCap Dividend Fund 11.3 38 59 7.8 -3.9
IYG iShares US Financial Services ETF 11.2 42 55 7.0 -4.6
PMOM Principal Sustainable Momentum Index ETF 11.0 29 68 9.1 -2.5
PKW Invesco Buyback Achievers ETF 10.9 62 35 6.9 -4.8
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 10.6 35 62 8.7 -2.9
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 10.6 29 68 9.9 -1.7
IXG iShares Global Financials ETF 10.5 46 51 10.1 -1.6
VLU SPDR S&P 1500 Value Tilt ETF 10.5 12 85 7.5 -4.1
JKL iShares Morningstar Small Cap Value ETF 10.5 30 67 10.5 -1.1
SPGP Invesco S&P 500 GARP ETF 10.3 35 62 7.3 -4.4
SCHD Schwab U.S. Dividend Equity ETF 10.2 6 91 8.3 -3.4
JKI iShares Morningstar Mid-Cap Value ETF 10.2 30 67 9.3 -2.4
REVS Columbia Research Enhanced Value ETF 10.0 19 78 7.8 -3.8
PWV Invesco Dynamic Large Cap Value ETF 10.0 55 42 8.9 -2.7
EZM WisdomTree U.S. MidCap Earnings Fund 9.9 38 59 9.3 -2.3
QDYN FlexShares Quality Dividend Dynamic Index Fund 9.9 37 60 6.3 -5.3
IVOV Vanguard S&P Mid-Cap 400 Value ETF 9.7 15 82 8.7 -3.0
MDYV SPDR S&P 400 Mid Cap Value ETF 9.7 15 82 8.8 -2.9
IJJ iShares S&P Mid-Cap 400 Value ETF 9.7 25 72 8.7 -3.0
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 9.6 20 77 9.6 -2.1
FVAL Fidelity Value Factor ETF 9.5 29 68 8.1 -3.5
LSAF LeaderShares AlphaFactor US Core Equity ETF 9.3 75 22 7.4 -4.3
KRE SPDR S&P Regional Banking ETF 9.2 35 62 11.5 -0.1
JVAL JPMorgan U.S. Value Factor ETF 9.2 12 85 8.8 -2.8
JKF iShares Morningstar Large Cap Value ETF 9.1 25 72 7.6 -4.0
KIE SPDR S&P Insurance ETF 9.1 35 62 10.3 -1.3
VUSE Vident Core US Equity Fund 9.1 48 49 8.4 -3.2
STLV iShares Factors US Value Style ETF 9.1 25 72 7.9 -3.8
VONV Vanguard Russell 1000 Value Index Fund 9.0 8 89 7.4 -4.3
IWD iShares Russell 1000 Value ETF 8.9 19 78 7.2 -4.4
EQWL Invesco Russell Top 200 Equal Weight ETF 8.9 25 72 6.2 -5.5
KBWB Invesco KBW Bank ETF 8.7 35 62 10.5 -1.2
FTXO First Trust Nasdaq Bank ETF 8.7 60 37 9.1 -2.5
RAFE PIMCO RAFI ESG U.S. ETF 8.7 29 68 7.9 -3.7
IAK iShares U.S. Insurance ETF 8.7 43 54 9.9 -1.7
FVD First Trust Value Line Dividend Index Fund 8.7 70 27 6.4 -5.2
CDC VictoryShares US EQ Income Enhanced Volatility Wtd Index ETF 8.6 35 62 8.7 -3.0
SCHV Schwab U.S. Large-Cap Value ETF 8.5 4 93 7.2 -4.4
IWX iShares Russell Top 200 Value ETF 8.5 20 77 7.2 -4.4
NULV Nuveen ESG Large-Cap Value ETF 8.5 35 62 7.4 -4.2
DIVB iShares U.S. Dividend & Buyback ETF 8.5 25 72 6.7 -5.0
DGRO iShares Core Dividend Growth ETF 8.4 8 89 6.7 -4.9
PRF Invesco FTSE RAFI US 1000 ETF 8.4 39 58 6.9 -4.8
TPHD Timothy Plan High Dividend Stock ETF 8.3 52 45 7.7 -3.9
QDF FlexShares Quality Dividend Index Fund 8.3 37 60 6.2 -5.4
IUSV iShares Core S&P U.S. Value ETF 8.3 4 93 7.6 -4.1
VTV Vanguard Value Index Fund 8.2 4 93 7.5 -4.1
RWL Invesco S&P 500 Revenue ETF 8.2 39 58 7.3 -4.3
MGV Vanguard Mega Cap Value ETF 8.2 7 90 7.3 -4.3
FNX First Trust Mid Cap Core AlphaDEX Fund 8.1 61 36 6.4 -5.2
TUSA First Trust Total US Market AlphaDEX ETF 8.1 70 27 6.0 -5.6
VOOV Vanguard S&P 500 Value ETF 8.1 15 82 7.4 -4.2
ZMLP Direxion Zacks MLP High Income Shares 8.1 81 16 4.3 -7.3
VYM Vanguard High Dividend Yield Index ETF 8.0 6 91 7.4 -4.2
SPYV SPDR Portfolio S&P 500 Value ETF 8.0 4 93 7.5 -4.2
IVE iShares S&P 500 Value ETF 8.0 18 79 7.3 -4.3
VLUE iShares Edge MSCI USA Value Factor ETF 7.9 15 82 11.5 -0.2
EPS WisdomTree U.S. Earnings 500 Fund 7.9 8 89 6.5 -5.1
IAT iShares U.S. Regional Banks ETF 7.8 42 55 11.2 -0.5
DTD WisdomTree U.S.Total Dividend Fund 7.7 28 69 6.7 -4.9
CLRG IQ Chaikin U.S. Large Cap ETF 7.6 25 72 6.1 -5.6
FEX First Trust Large Cap Core AlphaDEX Fund 7.6 60 37 6.0 -5.6
ULVM VictoryShares USAA MSCI USA Value Momentum ETF 7.5 20 77 7.7 -4.0
FNDX Schwab Fundamental U.S. Large Co. Index ETF 7.4 25 72 6.6 -5.1
FNDB Schwab Fundamental U.S. Broad Market Index ETF 7.3 25 72 6.6 -5.0
MAGA Point Bridge GOP Stock Tracker ETF 7.2 72 25 6.6 -5.1
ROUS Hartford Multifactor US Equity ETF 7.2 19 78 7.3 -4.3
RNMC Mid Cap US Equity Select ETF 7.2 60 37 7.8 -3.8
JKJ iShares Morningstar Small-Cap ETF 7.2 25 72 6.8 -4.9

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 10.7 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 97 bp
Equals: ALTAR Score 11.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.54 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.