Invesco Defensive Equity ETF
ALTAR
Score™
5.1% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
22.3x P/Sales
ratio
2.0x
P/BV
ratio
4.8x Div.
yield
1.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco Defensive Equity ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the Sabrient Defensive Equity Index. The ETF invests in 100 companies with superior risk and return profiles during bear markets. The ETF holds large-cap stocks with its largest allocation to the U.S. and to financial companies. The ETF weights its holdings equally.

FUND BASICS
Category US Equities
Fund Sponsor Guggenheim
Website guggenheiminvestments.com
Inception date Dec 15, 2006
Assets (mns) $270
Currency USD
Expense ratio 55 bp
Distributions Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 101
Wgt avg mkt cap (mns) $144,798
Large cap (>$10bn) 97.2%
Mid cap ($2-10bn) 2.9%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
INCYTE CORP 1.2 %
AMGEN INC 1.1 %
PAYPAL HOLDINGS INC 1.1 %
EBAY INC 1.1 %
TRACTOR SUPPLY COMPANY 1.1 %
AMAZON.COM INC 1.1 %
AKAMAI TECHNOLOGIES 1.1 %
WEST PHARMACEUTICAL SERVICES 1.1 %
UNITED PARCEL SERVICE-CL B 1.1 %
CLOROX COMPANY 1.1 %
Total 11.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.4 %
IRELAND 3.9 %
BRITAIN 2.0 %








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.
-7.3% -1.2% 8.9% 11.7% 7.6%

Market Correlations
versus... Beta R-squared
S&P500 0.89 93%
MSCI EAFE 0.89 81%
MSCI Emg. Mkts. 0.61 60%

Technical Indicators
Recent close $51.94
30d moving avg. $51.23
Annualized volatility 15.6%
Short interest (ETF) 0.1%
Short interest (Underlying) 3.7%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 24
Turnover 0.5%
Bid/Ask (% of price) 0.43%
ADV underlying (mns) $105,378

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Invesco Defensive Equity ETF ETF based on the alternatives' overlap in portfolio holdings with DEF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: DEF Expense: 55 bp ALTAR Score™: 5.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH DEF
Ticker Fund
Name
Overlap1
vs DEF
(%)
Expense
ratio
(bp)
Savings
vs DEF
(bp)
ALTAR
Score™
(%)
ALTAR
vs DEF
(%)
SPLV Invesco S&P 500 Low Volatility ETF 52.1 25 30 5.7 +0.6
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 47.0 25 30 6.0 +0.9
HUSV First Trust Horizon Managed Volatility Domestic ETF 41.4 70 -15 4.8 -0.3
EQWL Invesco Russell Top 200 Equal Weight ETF 40.5 25 30 6.2 +1.0
USMV iShares Edge MSCI Min Vol USA ETF 40.3 15 40 5.5 +0.4
FLLV Franklin Liberty U.S. Low Volatility ETF 38.5 29 26 5.9 +0.7
FVL First Trust Value Line 100 Exchange-Traded Fund 38.1 70 -15 5.2 +0.0
LSLT Salt Low truBeta US Market ETF 37.8 29 26 6.1 +0.9
FLQL Franklin LibertyQ U.S. Equity ETF 37.6 15 40 6.3 +1.2
CLRG IQ Chaikin U.S. Large Cap ETF 36.2 25 30 6.1 +0.9
SPXN ProShares S&P 500 Ex-Financials ETF 34.4 27 28 5.0 -0.1
IWL iShares Russell Top 200 ETF 34.2 15 40 5.1 -0.1
JQUA JPMorgan U.S. Quality Factor ETF 34.2 12 43 5.3 +0.1
IQSU IQ Candriam ESG US Equity ETF 34.1 9 46 5.1 -0.0
QUS SPDR MSCI USA StrategicFactors ETF 34.0 15 40 5.9 +0.7
BKLC BNY Mellon US Large Cap Core Equity ETF 33.9 0 55 5.3 +0.1
SPXE ProShares S&P 500 Ex-Energy ETF 33.8 27 28 5.4 +0.2
PBP Invesco S&P 500 BuyWrite ETF 33.5 49 6 5.0 -0.1
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 33.5 20 35 5.4 +0.3
MMTM SPDR S&P 1500 Momentum Tilt ETF 33.5 12 43 5.0 -0.2
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 33.4 20 35 5.0 -0.1
OEF iShares S&P 100 ETF 33.3 20 35 4.8 -0.3
MGC Vanguard Mega Cap Index Fund 33.1 7 48 5.3 +0.1
SPY SPDR S&P 500 ETF Trust 33.1 9 46 5.4 +0.3
SPLG SPDR Portfolio Large Cap ETF 33.1 3 52 5.5 +0.3
IVV iShares Core S&P 500 ETF 33.1 4 51 5.5 +0.3
VOO VANGUARD S&P 500 ETF 33.0 3 52 5.5 +0.3
HSPX Global X S&P 500 Covered Call ETF 32.9 65 -10 4.9 -0.3
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 32.4 49 6 5.2 +0.1
FDLO Fidelity Low Volatility Factor ETF 32.4 29 26 5.2 +0.0
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 32.2 7 48 5.3 +0.1
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 32.0 9 46 5.6 +0.4
VV Vanguard Large-Cap Index Fund 31.9 4 51 5.3 +0.2
SFY SoFi Select 500 ETF 31.8 0 55 5.3 +0.2
BBUS JP Morgan Betabuilders U.S. Equity ETF 31.8 2 53 5.4 +0.2
ESGU iShares MSCI USA ESG Optimized ETF 31.7 15 40 5.2 +0.0
PBUS Invesco PureBeta MSCI USA ETF 31.6 4 51 5.3 +0.2
SPTM SPDR Portfolio Total Stock Market ETF 31.2 3 52 5.6 +0.4
SCHX Schwab U.S. Large-Cap ETF 31.2 3 52 5.3 +0.2
AFLG First Trust Active Factor Large Cap ETF 31.2 55 0 5.6 +0.5
SNPE Xtrackers S&P 500 ESG ETF 30.5 11 44 5.2 +0.0
VONE Vanguard Russell 1000 ETF 30.4 8 47 5.3 +0.2
JMIN JPMorgan U.S. Minimum Volatility ETF 30.4 12 43 5.9 +0.8
SCHK Schwab 1000 Index ETF 30.4 5 50 5.3 +0.2
SPXT ProShares S&P 500 Ex-Technology ETF 30.3 27 28 5.7 +0.6
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 30.2 29 26 6.3 +1.2
IWB iShares Russell 1000 ETF 30.2 15 40 5.2 +0.1
IYY iShares Dow Jones U.S. ETF 30.2 20 35 5.2 +0.1
XOUT GraniteShares XOUT U.S. Large Cap ETF 30.1 60 -5 4.4 -0.7
ECOZ TrueMark ESG Active Opportunities ETF 30.1 58 -3 4.4 -0.8
XLG Invesco S&P 500 Top 50 ETF 30.1 20 35 4.5 -0.6
ESG FlexShares STOXX US ESG Impact Index Fund 29.7 32 23 5.1 -0.0
DYNF BlackRock U.S. Equity Factor Rotation ETF 29.7 30 25 6.6 +1.4
VOOG Vanguard S&P 500 Growth ETF 29.7 10 45 4.3 -0.9
RBUS Nationwide Risk-Based U.S. Equity ETF 29.6 30 25 5.1 -0.1
EPS WisdomTree U.S. Earnings 500 Fund 29.6 8 47 6.5 +1.4
ACIO Aptus Collared Income Opportunity ETF 29.6 79 -24 4.4 -0.8
SPYG SPDR Portfolio S&P 500 Growth ETF 29.6 4 51 4.4 -0.8
IVW iShares S&P 500 Growth ETF 29.6 18 37 4.2 -0.9
ESGV Vanguard ESG U.S. Stock ETF 29.4 12 43 5.2 +0.1
SCHB Schwab U.S. Broad Market ETF 29.2 3 52 5.3 +0.1
SPXV ProShares S&P 500 Ex-Health Care ETF 29.2 27 28 5.1 -0.1
VTHR Vanguard Russell 3000 Index Fund 29.1 10 45 5.2 +0.1
NACP Impact Shares NAACP Minority Empowerment ETF 29.1 75 -20 4.6 -0.5
VTI Vanguard Total Stock Market Index Fund 29.1 3 52 5.2 +0.1
ITOT iShares Core S&P Total U.S. Stock Market ETF 29.0 3 52 5.2 +0.1
DSI iShares MSCI KLD 400 Social ETF 29.0 25 30 5.2 +0.0
JHML John Hancock Multifactor Large Cap ETF 29.0 29 26 5.6 +0.5
IWV iShares Russell 3000 ETF 28.9 20 35 5.1 -0.0
DLN WisdomTree U.S. LargeCap Dividend Fund 28.8 28 27 6.4 +1.3
FTC First Trust Large Cap Growth AlphaDEX Fund 28.7 61 -6 2.9 -2.2
DIVB iShares U.S. Dividend & Buyback ETF 28.6 25 30 6.7 +1.5
IUSG iShares Core S&P US Growth ETF 28.6 4 51 4.4 -0.8
LVUS Hartford Multifactor Low Volatility US Equity ETF 28.6 19 36 6.1 +1.0
PSET Principal Price Setters Index ETF 28.3 29 26 4.6 -0.5
EXT WisdomTree U.S. Total Earnings Fund 28.2 28 27 5.3 +0.1
ROUS Hartford Multifactor US Equity ETF 28.2 19 36 7.3 +2.2
IUS Invesco Strategic US ETF 27.9 19 36 6.7 +1.6
DGRO iShares Core Dividend Growth ETF 27.9 8 47 6.7 +1.6
KRMA Global X Conscious Companies ETF 27.9 43 12 5.3 +0.1
RECS Columbia Research Enhanced Core ETF 27.7 15 40 5.7 +0.5
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 27.6 17 38 6.6 +1.4
FQAL Fidelity Quality Factor ETF 27.6 29 26 5.5 +0.4
FNDX Schwab Fundamental U.S. Large Co. Index ETF 27.5 25 30 6.6 +1.4
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 27.5 10 45 5.3 +0.2
VONG Vanguard Russell 1000 Growth Index Fund 27.5 8 47 4.3 -0.9
SUSL iShares ESG MSCI USA Leaders ETF 27.4 10 45 5.3 +0.2
IWX iShares Russell Top 200 Value ETF 27.4 20 35 7.2 +2.1
FTCS First Trust Capital Strength ETF 27.3 58 -3 4.9 -0.2
RYT Invesco S&P 500 Equal Weight Technology ETF 27.2 40 15 6.7 +1.6
DTD WisdomTree U.S.Total Dividend Fund 27.2 28 27 6.7 +1.6
RNLC Large Cap US Equity Select ETF 27.0 60 -5 6.2 +1.1
PRF Invesco FTSE RAFI US 1000 ETF 27.0 39 16 6.9 +1.7
CATH Global X S&P 500 Catholic Values Custom ETF 26.8 29 26 5.3 +0.1
QDEF FlexShares Quality Dividend Defensive Index Fund 26.5 37 18 5.9 +0.8
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 26.4 15 40 6.3 +1.1
IWY iShares Russell Top 200 Growth ETF 26.2 20 35 4.2 -1.0
JMOM JPMorgan U.S. Momentum Factor ETF 26.2 12 43 3.9 -1.3
MTUM iShares Edge MSCI USA Momentum Factor ETF 26.1 15 40 4.2 -1.0
RAFE PIMCO RAFI ESG U.S. ETF 26.1 29 26 7.9 +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 Defensive Equity ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 25.2 %
Divided by: Fwd. P/BV 4.4 x
Less: Expense ratio 55 bp
Equals: ALTAR Score 5.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.53 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.