Invesco Defensive Equity ETF
ALTAR
Score™
5.2% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
23.1x P/Sales
ratio
2.0x
P/BV
ratio
4.9x Div.
yield
1.5%


  • 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) $257
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 100
Wgt avg mkt cap (mns) $134,144
Large cap (>$10bn) 98.0%
Mid cap ($2-10bn) 2.0%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ELI LILLY & CO 1.3 %
IPG PHOTONICS CORP 1.2 %
INCYTE CORP 1.2 %
KEYSIGHT TECHNOLOGIES INC 1.1 %
SYNOPSYS INC 1.1 %
TRACTOR SUPPLY COMPANY 1.1 %
WEST PHARMACEUTICAL SERVICES 1.1 %
JUNIPER NETWORKS INC 1.1 %
ACTIVISION BLIZZARD INC 1.1 %
NEXTERA ENERGY GROUP 1.1 %
Total 11.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 93.2 %
BRITAIN 2.9 %
IRELAND 2.9 %
SWITZERLAND 1.0 %







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.
7.6% 7.6% 12.9% 11.4% 8.5%

Market Correlations
versus... Beta R-squared
S&P500 0.87 94%
MSCI EAFE 0.82 81%
MSCI Emg. Mkts. 0.64 64%

Technical Indicators
Recent close $59.84
30d moving avg. $59.08
Annualized volatility 16.9%
Short interest (ETF) 0.0%
Short interest (Underlying) 3.7%
Relative strength (RSI) 57

Liquidity measures
Avg. volume (thou.) 18
Turnover 0.4%
Bid/Ask (% of price) 0.25%
ADV underlying (mns) $66,795

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 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™: 5.2%


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 56.0 25 30 5.8 +0.6
SPLV Invesco S&P 500 Low Volatility ETF 53.8 25 30 5.5 +0.3
FLLV Franklin Liberty U.S. Low Volatility ETF 43.3 29 26 4.9 -0.3
USMV iShares Edge MSCI Min Vol USA ETF 41.2 15 40 5.3 +0.1
FLQL Franklin LibertyQ U.S. Equity ETF 37.6 15 40 5.9 +0.7
LSLT Salt Low truBeta US Market ETF 36.1 60 -5 5.7 +0.5
FTCS First Trust Capital Strength ETF 35.9 58 -3 5.0 -0.2
EQWL Invesco Russell Top 200 Equal Weight ETF 35.7 25 30 5.6 +0.4
HUSV First Trust Horizon Managed Volatility Domestic ETF 33.5 70 -15 4.8 -0.4
FDLO Fidelity Low Volatility Factor ETF 33.0 29 26 4.9 -0.3
RBUS Nationwide Risk-Based U.S. Equity ETF 32.8 30 25 4.6 -0.7
AFLG First Trust Active Factor Large Cap ETF 32.5 55 0 4.6 -0.6
ESGV Vanguard ESG U.S. Stock ETF 32.3 12 43 4.5 -0.8
QUS SPDR MSCI USA StrategicFactors ETF 32.0 15 40 5.3 +0.0
JOET Virtus Terranova US Quality Momentum ETF 31.4 29 26 4.6 -0.7
ROUS Hartford Multifactor US Equity ETF 30.9 19 36 5.8 +0.6
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 30.3 49 6 4.2 -1.0
JMIN JPMorgan U.S. Minimum Volatility ETF 29.6 12 43 5.3 +0.1
JQUA JPMorgan U.S. Quality Factor ETF 29.3 12 43 5.0 -0.2
OUSA O'Shares FTSE US Quality Dividend ETF 29.2 48 7 5.5 +0.2
GBLO Global Beta Low Beta ETF 28.9 29 26 7.3 +2.1
BKLC BNY Mellon US Large Cap Core Equity ETF 28.8 0 55 4.4 -0.8
VOOV Vanguard S&P 500 Value ETF 28.7 10 45 6.6 +1.4
SCHV Schwab U.S. Large-Cap Value ETF 28.7 4 51 6.1 +0.9
SPXN ProShares S&P 500 Ex-Financials ETF 28.7 27 28 4.3 -0.9
IWL iShares Russell Top 200 ETF 28.6 15 40 4.4 -0.9
MGC Vanguard Mega Cap Index Fund 28.6 7 48 4.6 -0.7
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 28.3 20 35 4.8 -0.5
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 28.2 30 25 5.0 -0.2
PBP Invesco S&P 500 BuyWrite ETF 28.1 49 6 4.3 -0.9
ACIO Aptus Collared Income Opportunity ETF 28.1 79 -24 3.8 -1.4
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 27.9 9 46 4.8 -0.5
SPXE ProShares S&P 500 Ex-Energy ETF 27.8 27 28 4.6 -0.6
IQSU IQ Candriam ESG US Equity ETF 27.7 9 46 4.5 -0.7
XYLG Global X S&P 500 Covered Call & Growth ETF 27.7 60 -5 4.4 -0.9
SPXT ProShares S&P 500 Ex-Technology ETF 27.7 27 28 4.9 -0.4
PSET Principal Price Setters Index ETF 27.6 15 40 4.6 -0.6
PFM Invesco Dividend Achievers ETF 27.6 53 2 5.0 -0.2
SPMV Invesco S&P 500 Minimum Variance ETF 27.5 10 45 5.5 +0.2
OEF iShares S&P 100 ETF 27.5 20 35 4.2 -1.1
SPY SPDR S&P 500 ETF Trust 27.4 9 46 4.7 -0.6
CLRG IQ Chaikin U.S. Large Cap ETF 27.4 25 30 5.0 -0.2
IVV iShares Core S&P 500 ETF 27.4 3 52 4.7 -0.5
SPLG SPDR Portfolio Large Cap ETF 27.3 3 52 4.7 -0.5
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 27.2 20 35 4.6 -0.7
DLN WisdomTree U.S. LargeCap Dividend Fund 27.2 28 27 6.1 +0.9
QDEF FlexShares Quality Dividend Defensive Index Fund 27.2 37 18 5.4 +0.2
VOO VANGUARD S&P 500 ETF 27.0 3 52 4.8 -0.4
JCTR JPMorgan Carbon Transition U.S. Equity ETF 26.9 15 40 4.6 -0.6
JKD iShares Morningstar Large-Cap ETF 26.8 20 35 4.7 -0.5
DGRO iShares Core Dividend Growth ETF 26.8 8 47 6.0 +0.8
EPS WisdomTree U.S. Earnings 500 Fund 26.8 8 47 5.9 +0.7
XVV iShares ESG Screened S&P 500 ETF 26.7 8 47 4.9 -0.4
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 26.4 7 48 4.5 -0.7
LGLV SPDR Russell 1000 Low Volatility ETF 26.3 12 43 5.2 -0.0
VV Vanguard Large-Cap Index Fund 26.2 4 51 4.6 -0.7
IWX iShares Russell Top 200 Value ETF 26.1 20 35 6.1 +0.8
BBUS JP Morgan Betabuilders U.S. Equity ETF 26.1 2 53 4.6 -0.6
FQAL Fidelity Quality Factor ETF 26.1 29 26 5.0 -0.3
PBUS Invesco PureBeta MSCI USA ETF 26.0 4 51 4.6 -0.7
VIG Vanguard Dividend Appreciation Index Fund 26.0 6 49 5.0 -0.3
SFY SoFi Select 500 ETF 25.7 0 55 4.6 -0.7
DYNF BlackRock U.S. Equity Factor Rotation ETF 25.7 30 25 5.2 0.0
ESGU iShares MSCI USA ESG Optimized ETF 25.6 15 40 4.4 -0.8
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 25.6 10 45 4.8 -0.4
EFIV SPDR S&P 500 ESG ETF 25.6 10 45 4.6 -0.7
SUSL iShares ESG MSCI USA Leaders ETF 25.6 10 45 4.8 -0.4
SNPE Xtrackers S&P 500 ESG ETF 25.5 10 45 4.6 -0.7
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 25.5 15 40 5.8 +0.6
SPTM SPDR Portfolio Total Stock Market ETF 25.5 3 52 4.8 -0.5
SCHX Schwab U.S. Large-Cap ETF 25.4 3 52 4.5 -0.7
SPYV SPDR Portfolio S&P 500 Value ETF 25.4 4 51 6.4 +1.2
IVE iShares S&P 500 Value ETF 25.4 18 37 6.3 +1.1
DTD WisdomTree U.S.Total Dividend Fund 25.4 28 27 6.2 +1.0
XLG Invesco S&P 500 Top 50 ETF 25.3 20 35 4.0 -1.2
RNLC Large Cap US Equity Select ETF 25.3 60 -5 5.2 +0.0
SPMO Invesco S&P 500 Momentum ETF 25.2 13 42 3.8 -1.5
DIVB iShares U.S. Dividend & Buyback ETF 25.2 25 30 5.9 +0.7
VOOG Vanguard S&P 500 Growth ETF 25.0 10 45 3.9 -1.4
SCHK Schwab 1000 Index ETF 24.9 5 50 4.6 -0.7
IWB iShares Russell 1000 ETF 24.8 15 40 4.4 -0.8
DGRW WisdomTree U.S. Quality Dividend Growth Fund 24.8 28 27 6.0 +0.8
RYT Invesco S&P 500 Equal Weight Technology ETF 24.8 40 15 5.7 +0.5
QLC FlexShares US Quality Large Cap Index Fund 24.7 32 23 4.4 -0.8
LSAF LeaderShares AlphaFactor US Core Equity ETF 24.7 75 -20 5.2 -0.0
IYY iShares Dow Jones U.S. ETF 24.6 20 35 4.4 -0.8
RWL Invesco S&P 500 Revenue ETF 24.5 39 16 6.3 +1.0
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 24.3 17 38 6.1 +0.9
FLRG Fidelity U.S. Multifactor ETF 24.2 29 26 5.8 +0.6
VTHR Vanguard Russell 3000 Index Fund 24.2 10 45 4.4 -0.9
JMOM JPMorgan U.S. Momentum Factor ETF 24.2 12 43 3.0 -2.3
IUSV iShares Core S&P U.S. Value ETF 24.1 4 51 6.4 +1.2
MGV Vanguard Mega Cap Value ETF 24.0 7 48 6.5 +1.2
VYM Vanguard High Dividend Yield Index ETF 24.0 6 49 6.7 +1.4
QDF FlexShares Quality Dividend Index Fund 23.9 37 18 5.5 +0.2
ESG FlexShares STOXX US ESG Impact Index Fund 23.9 32 23 4.4 -0.8
ACWV iShares MSCI Global Min Vol Factor ETF 23.9 20 35 5.5 +0.2

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:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 24.5 %
Divided by: Fwd. P/BV 4.2 x
Less: Expense ratio 55 bp
Equals: ALTAR Score 5.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.51 CATEGORY
AVERAGE
1.49
 
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.