Invesco Defensive Equity ETF
ALTAR
Score™
6.0% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
17.5x P/Sales
ratio
2.4x
P/BV
ratio
2.8x Div.
yield
2.4%


  • 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) $231
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 102
Wgt avg mkt cap (mns) $72,800
Large cap (>$10bn) 93.9%
Mid cap ($2-10bn) 6.1%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
CITRIX SYSTEMS INC 1.6 %
ELI LILLY & CO 1.4 %
T-MOBILE US, INC. 1.4 %
JACK HENRY & ASSOCIATES INC 1.4 %
WAL-MART STORES INC 1.3 %
RESMED INC 1.3 %
COLGATE-PALMOLIVE CO 1.3 %
VERISIGN INC 1.2 %
ZOETIS INC 1.2 %
AMERICAN WATER WORKS CO INC 1.2 %
Total 13.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 91.3 %
IRELAND 4.7 %
BRITAIN 2.1 %
SWITZERLAND 0.9 %
BERMUDA 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.
-19.7% -9.4% 5.1% 9.6% 6.6%

Market Correlations
versus... Beta R-squared
S&P500 0.92 93%
MSCI EAFE 0.86 80%
MSCI Emg. Mkts. 0.63 62%

Technical Indicators
Recent close $46.19
30d moving avg. $47.47
Annualized volatility 14.5%
Short interest (ETF) 0.6%
Short interest (Underlying) 3.7%
Relative strength (RSI) 37

Liquidity measures
Avg. volume (thou.) 76
Turnover 1.5%
Bid/Ask (% of price) 1.26%
ADV underlying (mns) $58,518

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™: 6.0%


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
(%)
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 59.4 25 30 7.3 +1.2
LVHB Innovator Lunt Low Vol/High Beta Tactical ETF 49.8 49 6 6.1 +0.1
SPLV Invesco S&P 500 Low Volatility ETF 49.8 25 30 6.3 +0.3
USMV iShares Edge MSCI Min Vol USA ETF 46.2 15 40 6.5 +0.5
FLLV Franklin Liberty U.S. Low Volatility ETF 44.9 29 26 6.7 +0.7
FDLO Fidelity Low Volatility Factor ETF 41.8 29 26 6.2 +0.1
LGLV SPDR Russell 1000 Low Volatility ETF 39.4 12 43 6.6 +0.6
LVUS Hartford Multifactor Low Volatility US Equity ETF 38.7 19 36 7.3 +1.3
EQWL Invesco Russell Top 200 Equal Weight ETF 34.8 25 30 7.2 +1.2
PSET Principal Price Setters Index ETF 32.8 29 26 6.5 +0.5
QUS SPDR MSCI USA StrategicFactors ETF 32.6 15 40 6.9 +0.9
LSLT Salt Low truBeta US Market ETF 32.3 0 55 8.2 +2.2
SPMO Invesco S&P 500 Momentum ETF 32.0 13 42 5.0 -1.1
RBUS Nationwide Risk-Based U.S. Equity ETF 31.8 30 25 6.8 +0.8
PBP Invesco S&P 500 BuyWrite ETF 30.2 49 6 6.3 +0.3
HSPX Global X S&P 500 Covered Call ETF 29.9 65 -10 6.1 +0.1
FLQL Franklin LibertyQ U.S. Equity ETF 29.8 15 40 7.6 +1.6
CLRG IQ Chaikin U.S. Large Cap ETF 29.7 25 30 7.9 +1.9
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 29.6 49 6 7.1 +1.1
JMIN JPMorgan U.S. Minimum Volatility ETF 29.6 12 43 6.9 +0.8
SPXT ProShares S&P 500 Ex-Technology ETF 29.4 27 28 7.0 +0.9
MGC Vanguard Mega Cap Index Fund 29.2 7 48 6.5 +0.4
SCHV Schwab U.S. Large-Cap Value ETF 29.1 4 51 8.6 +2.5
VOOV Vanguard S&P 500 Value ETF 28.7 15 40 8.7 +2.7
IVE iShares S&P 500 Value ETF 28.5 18 37 8.7 +2.6
SPYV SPDR Portfolio S&P 500 Value ETF 28.5 4 51 8.8 +2.8
IWL iShares Russell Top 200 ETF 28.4 15 40 6.3 +0.3
DLN WisdomTree U.S. LargeCap Dividend Fund 28.3 28 27 7.6 +1.6
JQUA JPMorgan U.S. Quality Factor ETF 28.2 12 43 6.3 +0.3
SPY SPDR S&P 500 ETF Trust 28.2 9 46 6.7 +0.7
VOO VANGUARD S&P 500 ETF 28.1 3 52 6.7 +0.7
SPLG SPDR Portfolio Large Cap ETF 28.1 3 52 6.8 +0.7
IVV iShares Core S&P 500 ETF 28.1 4 51 6.7 +0.7
PFM Invesco Dividend Achievers ETF 28.0 54 1 6.1 +0.1
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 27.9 15 40 6.5 +0.4
SPXN ProShares S&P 500 Ex-Financials ETF 27.9 27 28 6.3 +0.2
FQAL Fidelity Quality Factor ETF 27.7 29 26 6.7 +0.6
DGRO iShares Core Dividend Growth ETF 27.6 8 47 8.0 +1.9
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 27.5 20 35 6.3 +0.3
JPUS JPMorgan Diversified Return U.S. Equity ETF 27.5 19 36 7.9 +1.9
VV Vanguard Large-Cap Index Fund 27.5 4 51 6.6 +0.6
SNPE Xtrackers S&P 500 ESG ETF 27.5 11 44 6.5 +0.5
IUSV iShares Core S&P U.S. Value ETF 27.4 4 51 8.9 +2.9
SPXV ProShares S&P 500 Ex-Health Care ETF 27.4 27 28 6.4 +0.4
SPXE ProShares S&P 500 Ex-Energy ETF 27.3 27 28 6.6 +0.6
QLV FlexShares US Quality Low Volatility Index Fund 27.2 22 33 6.1 +0.0
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 27.1 9 46 6.9 +0.9
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 27.1 20 35 6.7 +0.7
BBUS JP Morgan Betabuilders U.S. Equity ETF 27.0 2 53 6.7 +0.7
PBUS Invesco PureBeta MSCI USA ETF 26.9 4 51 6.7 +0.7
VFMV Vanguard U.S. Minimum Volatility ETF 26.8 13 42 5.7 -0.3
DTD WisdomTree U.S.Total Dividend Fund 26.8 28 27 8.1 +2.1
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 26.7 29 26 7.7 +1.7
EPS WisdomTree U.S. Earnings 500 Fund 26.6 8 47 8.0 +2.0
SCHX Schwab U.S. Large-Cap ETF 26.5 3 52 6.7 +0.6
JMOM JPMorgan U.S. Momentum Factor ETF 26.5 12 43 4.9 -1.2
SCIU Global X Scientific Beta US ETF 26.4 19 36 7.2 +1.2
KRMA Global X Conscious Companies ETF 26.4 43 12 7.0 +0.9
SPTM SPDR Portfolio Total Stock Market ETF 26.3 3 52 6.9 +0.9
OMFL Oppenheimer Russell 1000 Dynamic Multifactor ETF 26.3 29 26 5.3 -0.8
VONE Vanguard Russell 1000 ETF 26.2 8 47 6.7 +0.6
ROUS Hartford Multifactor US Equity ETF 26.2 19 36 8.8 +2.7
VTV Vanguard Value Index Fund 26.1 4 51 8.7 +2.7
OUSA O'Shares FTSE US Quality Dividend ETF 26.1 48 7 6.6 +0.6
IWB iShares Russell 1000 ETF 26.0 15 40 6.6 +0.6
IQSU IQ Candriam ESG US Equity ETF 25.9 9 46 6.3 +0.3
MMTM SPDR S&P 1500 Momentum Tilt ETF 25.9 12 43 6.4 +0.3
IWX iShares Russell Top 200 Value ETF 25.9 20 35 8.3 +2.3
SCHK Schwab 1000 Index ETF 25.8 5 50 6.7 +0.6
OEF iShares S&P 100 ETF 25.8 20 35 6.0 -0.0
ESGU iShares MSCI USA ESG Optimized ETF 25.8 15 40 6.3 +0.3
IYY iShares Dow Jones U.S. ETF 25.6 20 35 6.6 +0.5
CATH Global X S&P 500 Catholic Values Custom ETF 25.5 29 26 6.6 +0.6
SFY SoFi Select 500 ETF 25.4 0 55 6.3 +0.3
ACWV iShares Edge MSCI Min Vol Global ETF 25.4 20 35 6.5 +0.5
JHML John Hancock Multifactor Large Cap ETF 25.3 34 21 7.0 +1.0
DIVB iShares U.S. Dividend & Buyback ETF 25.3 25 30 8.3 +2.3
VIG Vanguard Dividend Appreciation Index Fund 25.3 6 49 6.0 0.0
MGV Vanguard Mega Cap Value ETF 25.2 7 48 8.5 +2.4
VONV Vanguard Russell 1000 Value Index Fund 25.1 8 47 8.8 +2.8
JKD iShares Morningstar Large-Cap ETF 25.1 20 35 7.1 +1.0
AFLG First Trust Active Factor Large Cap ETF 25.0 55 0 7.3 +1.2
ESG FlexShares STOXX US ESG Impact Index Fund 24.9 32 23 6.4 +0.4
VTHR Vanguard Russell 3000 Index Fund 24.9 10 45 6.6 +0.5
SCHB Schwab U.S. Broad Market ETF 24.8 3 52 6.7 +0.6
FNDX Schwab Fundamental U.S. Large Co. Index ETF 24.7 25 30 7.9 +1.9
IWV iShares Russell 3000 ETF 24.7 20 35 6.5 +0.4
SPMV Invesco S&P 500 Minimum Variance ETF 24.7 10 45 7.0 +0.9
IWD iShares Russell 1000 Value ETF 24.7 19 36 8.7 +2.7
VTI Vanguard Total Stock Market Index Fund 24.7 3 52 6.6 +0.6
RNLC Large Cap US Equity Select ETF 24.7 60 -5 7.6 +1.6
ITOT iShares Core S&P Total U.S. Stock Market ETF 24.7 3 52 6.6 +0.6
RECS Columbia Research Enhanced Core ETF 24.4 15 40 7.1 +1.0
USDY Pacific Global US Equity Income ETF 24.4 29 26 10.0 +4.0
FDMO Fidelity Momentum Factor ETF 24.4 29 26 5.2 -0.9
RAFE PIMCO RAFI ESG U.S. ETF 24.4 29 26 9.6 +3.5
ESGV Vanguard ESG U.S. Stock ETF 24.3 12 43 6.6 +0.6
ACIO Aptus Collared Income Opportunity ETF 24.0 79 -24 6.0 -0.1
IUS Invesco Strategic US ETF 23.9 19 36 7.5 +1.5
SUSL iShares ESG MSCI USA Leaders ETF 23.7 10 45 6.6 +0.5

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 18.1 %
Divided by: Fwd. P/BV 2.8 x
Less: Expense ratio 55 bp
Equals: ALTAR Score 6.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.55 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.