Invesco Multi-Asset Income
ALTAR
Score™
7.8% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
10.9x P/Sales
ratio
0.9x
P/BV
ratio
1.3x Div.
yield
4.7%


  • 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) $215
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) $34,502
Large cap (>$10bn) 49.5%
Mid cap ($2-10bn) 34.4%
Small cap (<$2bn) 16.2%
Developed mkts 96.7%
Emerging mkts 3.3%

TOP TEN HOLDINGS
CONE MIDSTREAM PARTNERS LP 1.2 %
BLACK STONE MINERALS LP 1.2 %
MPLX LP 1.2 %
GENESIS ENERGY L.P. 1.2 %
BRISTOL-MYERS SQUIBB CO 1.1 %
USA COMPRESSION PARTNERS LP 1.1 %
WELLS FARGO & COMPANY 1.1 %
WFC 5.85 1.1 %
STATE STREET CORP 1.1 %
CONOCOPHILLIPS 1.1 %
Total 11.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 71.6 %
BRITAIN 2.9 %
SPAIN 1.3 %
BRAZIL 1.0 %
CYPRUS 0.8 %
FRANCE 0.7 %
CANADA 0.7 %
ITALY 0.7 %
NORWAY 0.7 %
JAPAN 0.6 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
26.0% 26.0% 5.4% 7.8% 4.8%

Market Correlations
versus... Beta R-squared
S&P500 0.96 79%
MSCI EAFE 0.96 65%
MSCI Emg. Mkts. 0.63 49%

Technical Indicators
Recent close $23.39
30d moving avg. $23.24
Annualized volatility 13.0%
Short interest (ETF) 0.0%
Short interest (Underlying) 3.3%
Relative strength (RSI) 66

Liquidity measures
Avg. volume (thou.) 22
Turnover 0.2%
Bid/Ask (% of price) 0.24%
ADV underlying (mns) $8,719

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco Multi-Asset Income 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™: 7.8%


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
(%)
CDC Victory CEMP US EQ Income Enhanced Volatility Wtd 22.4 35 62 7.5 -0.3
CDL Victory CEMP US Large Cap High Div Volatility Wtd 22.3 35 62 7.5 -0.3
PY Principal Shareholder Yield 18.5 29 68 7.7 -0.1
FXO First Trust Financial Alphadex 17.3 63 34 7.6 -0.2
FTA First Trust Large Cap Value 16.8 62 35 8.1 +0.4
USDY Pacific Global US Equity Income 16.7 29 68 7.1 -0.6
ESGS Columbia Sustainable U.S. Equity Income 16.3 35 62 7.9 +0.2
KBE KBW Bank ETF 16.3 35 62 8.0 +0.3
SPVU Invesco S&P 500 Value 16.2 13 84 10.1 +2.4
ONEY SPDR Russell 1000 Yield Focus 15.9 20 77 7.8 +0.1
RPV Invesco S&P 500 Pure Value ETF 15.8 35 62 10.3 +2.5
RYF Invesco S&P Equal Weight Financials 15.6 40 57 7.0 -0.8
SYLD Cambria Shareholder Yield 14.6 59 38 8.5 +0.7
JHMF John Hancock Multifactor Financials 14.4 40 57 6.4 -1.4
QSY WisdomTree U.S. Quality Shareholder Yield 14.3 38 59 6.7 -1.1
IEFN iShares Evolved U.S. Financials 14.2 18 79 7.1 -0.6
FAB First Trust Multi Cap Value 14.1 71 26 8.0 +0.2
KRE SPDR KBW Regional Banking 13.9 35 62 7.9 +0.2
SPVM Invesco S&P 500 Value with Momentum 13.7 39 58 7.9 +0.1
CLRG IQ Chaikin U.S. Large Cap 13.7 25 72 7.8 +0.0

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 Multi-Asset Income
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 1.2 x
Less: Expense ratio 97 bp
Equals: ALTAR Score 7.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.63 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.