Invesco Zacks Multi-Asset Income ETF
ALTAR
Score™
18.8% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
6.1x P/Sales
ratio
0.6x
P/BV
ratio
0.6x Div.
yield
8.4%


  • 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) $104
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) $19,467
Large cap (>$10bn) 41.8%
Mid cap ($2-10bn) 35.9%
Small cap (<$2bn) 22.3%
Developed mkts 95.3%
Emerging mkts 4.7%

TOP TEN HOLDINGS
CABOT OIL & GAS CORP 1.9 %
CATERPILLAR INC 1.5 %
CVS CAREMARK CORP 1.4 %
WELLS FARGO & COMPANY 1.4 %
CUMMINS INC 1.3 %
BANK OF NEW YORK MELLON CORP 1.3 %
NUCOR CORP 1.3 %
STATE STREET CORP 1.2 %
HEWLETT PACKARD ENTERPRISE CO. 1.1 %
ROYAL DUTCH SHELL PLC-ADR 1.1 %
Total 13.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 67.8 %
BRITAIN 2.5 %
JAPAN 1.2 %
CHINA 1.0 %
FRANCE 0.9 %
ITALY 0.9 %
NORWAY 0.8 %
LUXEMBOURG 0.8 %
BRAZIL 0.8 %
SPAIN 0.8 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-40.1% -33.5% -4.9% 1.9% 0.8%

Market Correlations
versus... Beta R-squared
S&P500 1.32 79%
MSCI EAFE 1.35 80%
MSCI Emg. Mkts. 1.04 69%

Technical Indicators
Recent close $12.86
30d moving avg. $16.28
Annualized volatility 22.6%
Short interest (ETF) 0.6%
Short interest (Underlying) 3.3%
Relative strength (RSI) 29

Liquidity measures
Avg. volume (thou.) 76
Turnover 0.9%
Bid/Ask (% of price) 1.54%
ADV underlying (mns) $9,920

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™: 18.8%


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 17.3 63 34 14.4 -4.4
RPV Invesco S&P 500 Pure Value ETF 15.5 35 62 17.5 -1.3
SYLD Cambria Shareholder Yield ETF 15.1 59 38 15.5 -3.3
PY Principal Shareholder Yield Index ETF 15.0 29 68 12.9 -6.0
SPYB SPDR S&P 500 Buyback ETF 14.8 35 62 11.9 -7.0
CDL Victory CEMP US Large Cap High Dividend Volatility Wtd Idx E 14.2 35 62 11.6 -7.2
IEFN iShares Evolved U.S. Financials ETF 14.1 18 79 12.4 -6.4
ESGS Columbia Sustainable U.S. Equity Income ETF 14.0 35 62 12.3 -6.5
KBE SPDR S&P Bank ETF 13.9 35 62 16.3 -2.6
QDIV Global X S&P 500 Quality Dividend ETF 13.5 20 77 10.9 -8.0
SPVU Invesco S&P 500 Enhanced Value ETF 13.5 13 84 16.1 -2.7
RYF Invesco S&P 500 Equal Weight Financials ETF 13.4 40 57 12.1 -6.7
ONEY SPDR Russell 1000 Yield Focus ETF 13.1 20 77 12.4 -6.5
USDY Pacific Global US Equity Income ETF 12.9 29 68 10.7 -8.1
JKI iShares Morningstar Mid-Cap Value ETF 12.8 30 67 13.6 -5.3
FTA First Trust Large Cap Value AlphaDEX Fund 12.7 60 37 12.4 -6.5
VFVA Vanguard U.S. Value Factor ETF 12.5 13 84 16.9 -1.9
QSY WisdomTree U.S. LargeCap Value Fund 12.4 38 59 9.9 -9.0
DON WisdomTree U.S. MidCap Dividend Fund 12.4 38 59 11.2 -7.6
FNK First Trust Mid Cap Value AlphaDEX Fund 12.1 70 27 16.4 -2.4
JHMF John Hancock Multifactor Financials ETF 11.8 40 57 11.0 -7.9
AUSF Global X Adaptive U.S. Factor ETF 11.7 27 70 10.8 -8.1
FLAG FLAG-Forensic Accounting Long Short ETF 11.5 152 -55 12.1 -6.8
FAB First Trust Multi Cap Value AlphaDEX Fund 11.5 71 26 13.7 -5.1
SLT Salt TruBeta High Exposure ETF 11.3 29 68 12.6 -6.2
EZM WisdomTree U.S. MidCap Earnings Fund 11.1 38 59 14.2 -4.7
QDYN FlexShares Quality Dividend Dynamic Index Fund 11.0 37 60 9.3 -9.6
CDC Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF 10.7 35 62 11.6 -7.2
VFH Vanguard Financials Index Fund 10.7 10 87 12.0 -6.9
FNCL Fidelity MSCI Financials Index ETF 10.4 8 89 12.0 -6.9
VRAI Virtus Real Asset Income ETF 10.3 55 42 15.7 -3.2
KRE SPDR S&P Regional Banking ETF 10.3 35 62 16.4 -2.5
PKW Invesco Buyback Achievers ETF 9.8 62 35 9.6 -9.2
JVAL JPMorgan U.S. Value Factor ETF 9.7 12 85 12.2 -6.6
QDF FlexShares Quality Dividend Index Fund 9.6 37 60 9.0 -9.9
VALX Validea Market Legends ETF 9.6 79 18 19.2 +0.4
XLF Financial Select Sector SPDR Fund 9.6 13 84 11.1 -7.8
IAT iShares U.S. Regional Banks ETF 9.5 42 55 15.9 -3.0
VLUE iShares Edge MSCI USA Value Factor ETF 9.4 15 82 14.6 -4.2
KBWB Invesco KBW Bank ETF 9.4 35 62 14.6 -4.3
CLRG IQ Chaikin U.S. Large Cap ETF 9.3 25 72 8.5 -10.3
RDVY First Trust Rising Dividend Achievers ETF 9.2 50 47 10.3 -8.5
EQRR ProShares Equities for Rising Rates ETF 9.0 35 62 11.9 -7.0
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 8.9 20 77 10.5 -8.3
IYF iShares U.S. Financials ETF 8.9 42 55 9.6 -9.3
TPHD Timothy Plan High Dividend Stock ETF 8.7 52 45 9.6 -9.2
MDYV SPDR S&P 400 Mid Cap Value ETF 8.7 15 82 12.4 -6.4
IJJ iShares S&P Mid-Cap 400 Value ETF 8.7 25 72 12.3 -6.5
IVOV Vanguard S&P Mid-Cap 400 Value ETF 8.7 15 82 12.5 -6.3
FVAL Fidelity Value Factor ETF 8.6 29 68 11.1 -7.7
IYG iShares US Financial Services ETF 8.3 42 55 10.0 -8.8
VFMF Vanguard U.S. Multifactor ETF 8.3 18 79 11.2 -7.6
QVM Arrow QVM Equity Factor ETF 8.2 65 32 15.0 -3.9
RAFE PIMCO RAFI ESG U.S. ETF 8.2 29 68 10.2 -8.6
FTXO First Trust Nasdaq Bank ETF 8.1 60 37 15.7 -3.1
PVAL Principal Contrarian Value Index ETF 8.1 29 68 10.8 -8.0
VLU SPDR S&P 1500 Value Tilt ETF 8.1 12 85 9.8 -9.1
COWZ Pacer US Cash Cows 100 ETF 8.0 49 48 14.0 -4.9
ULVM VictoryShares USAA MSCI USA Value Momentum ETF 8.0 20 77 10.6 -8.3
NULV Nuveen ESG Large-Cap Value ETF 8.0 35 62 9.5 -9.4
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 7.8 60 37 13.1 -5.8
DTN WisdomTree U.S. Dividend ex-Financials Fund 7.8 38 59 10.3 -8.6
REVS Columbia Research Enhanced Value ETF 7.7 19 78 10.0 -8.8
AFMC First Trust Active Factor Mid Cap ETF 7.7 65 32 10.0 -8.9
JKF iShares Morningstar Large Cap Value ETF 7.7 25 72 9.7 -9.2
DVOP Source Dividend Opportunity ETF 7.7 50 47 11.5 -7.3
SPDV AAM S&P 500 High Dividend Value ETF 7.6 29 68 14.7 -4.1
SYV SPDR MFS Systematic Value Equity ETF 7.5 60 37 10.0 -8.9
SYE SPDR MFS Systematic Core Equity ETF 7.4 60 37 8.5 -10.3
TUSA First Trust Total US Market AlphaDEX ETF 7.3 70 27 9.5 -9.3
PRF Invesco FTSE RAFI US 1000 ETF 7.3 39 58 9.4 -9.5
MAGA Point Bridge GOP Stock Tracker ETF 7.3 72 25 9.5 -9.4
RWL Invesco S&P 500 Revenue ETF 7.2 39 58 9.3 -9.5
PWV Invesco Dynamic Large Cap Value ETF 7.2 55 42 10.8 -8.0
VONV Vanguard Russell 1000 Value Index Fund 7.1 8 89 9.4 -9.4
MIDF iShares Edge MSCI Multifactor USA Mid-Cap ETF 7.1 25 72 10.3 -8.5
FNX First Trust Mid Cap Core AlphaDEX Fund 7.0 61 36 10.5 -8.3
VYM Vanguard High Dividend Yield Index ETF 7.0 6 91 9.0 -9.8
VBR Vanguard Small Cap Value Index Fund 7.0 7 90 12.3 -6.5
EQWL Invesco Russell Top 200 Equal Weight ETF 7.0 25 72 7.7 -11.2
IWS iShares Russell Mid-Cap Value ETF 7.0 24 73 10.1 -8.7
DIVB iShares U.S. Dividend & Buyback ETF 6.9 25 72 8.9 -9.9
RNDV US Equity Dividend Select ETF 6.9 50 47 10.7 -8.2
IWD iShares Russell 1000 Value ETF 6.9 19 78 9.3 -9.6
SPHB Invesco S&P 500 High Beta ETF 6.8 25 72 11.6 -7.2
IXG iShares Global Financials ETF 6.8 46 51 12.7 -6.1
FVD First Trust Value Line Dividend Index Fund 6.8 70 27 8.2 -10.6
CZA Invesco Zacks Mid-Cap ETF 6.7 76 21 9.6 -9.3
SCHV Schwab U.S. Large-Cap Value ETF 6.7 4 93 9.1 -9.7
FNDX Schwab Fundamental U.S. Large Co. Index ETF 6.7 25 72 8.5 -10.4
SPGP Invesco S&P 500 GARP ETF 6.6 35 62 10.9 -7.9
ZMLP Direxion Zacks MLP High Income Shares 6.6 65 32 13.9 -4.9
STLV iShares Factors US Value Style ETF 6.6 25 72 10.0 -8.8
FNDB Schwab Fundamental U.S. Broad Market Index ETF 6.6 25 72 8.6 -10.3
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 6.6 29 68 9.4 -9.4
JDIV JPMorgan U.S. Dividend ETF 6.6 12 85 11.0 -7.9
VETS Pacer Military Times Best Employers ETF 6.6 60 37 8.5 -10.3
IUSV iShares Core S&P U.S. Value ETF 6.6 4 93 9.5 -9.3
FEX First Trust Large Cap Core AlphaDEX Fund 6.5 60 37 8.2 -10.6
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 6.5 24 73 8.5 -10.3

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

  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 11.9 %
Divided by: Fwd. P/BV 0.6 x
Less: Expense ratio 97 bp
Equals: ALTAR Score 18.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.57 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.