Invesco Defensive Equity ETF
ALTAR
Score™
5.1% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
21.6x P/Sales
ratio
1.8x
P/BV
ratio
4.8x Div.
yield
1.6%


  • 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) $268
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) $147,607
Large cap (>$10bn) 98.1%
Mid cap ($2-10bn) 1.9%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
TYLER TECHNOLOGIES INC 1.2 %
XILINX INC 1.1 %
IDEXX LABORATORIES INC 1.1 %
DANAHER CORP 1.1 %
DOLLAR GENERAL CORP 1.1 %
QUEST DIAGNOSTICS 1.1 %
BALL CORP 1.1 %
DUKE ENERGY CORP 1.1 %
THERMO FISHER SCIENTIFIC INC 1.1 %
NIKE INC -CL B 1.1 %
Total 11.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.0 %
BRITAIN 2.0 %
IRELAND 2.0 %
SWITZERLAND 1.0 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-0.2% 3.8% 11.9% 11.3% 8.1%

Market Correlations
versus... Beta R-squared
S&P500 0.87 93%
MSCI EAFE 0.90 81%
MSCI Emg. Mkts. 0.63 63%

Technical Indicators
Recent close $56.38
30d moving avg. $55.69
Annualized volatility 16.1%
Short interest (ETF) 0.1%
Short interest (Underlying) 3.7%
Relative strength (RSI) 52

Liquidity measures
Avg. volume (thou.) 47
Turnover 1.0%
Bid/Ask (% of price) 0.31%
ADV underlying (mns) $87,960

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
(%)
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 57.8 25 30 5.8 +0.7
SPLV Invesco S&P 500 Low Volatility ETF 52.4 25 30 5.4 +0.3
ALTL Pacer Lunt Large Cap Alternator ETF 52.4 60 -5 5.1 -0.0
FVL First Trust Value Line 100 Exchange-Traded Fund 41.9 70 -15 5.2 +0.1
LSLT Salt Low truBeta US Market ETF 39.5 60 -5 5.7 +0.6
FLLV Franklin Liberty U.S. Low Volatility ETF 39.4 29 26 5.4 +0.3
USMV iShares Edge MSCI Min Vol USA ETF 37.9 15 40 5.4 +0.3
FLQL Franklin LibertyQ U.S. Equity ETF 37.0 15 40 6.0 +0.9
EQWL Invesco Russell Top 200 Equal Weight ETF 36.9 25 30 6.1 +1.0
FDLO Fidelity Low Volatility Factor ETF 34.5 29 26 5.1 +0.0
JQUA JPMorgan U.S. Quality Factor ETF 33.6 12 43 5.2 +0.1
HUSV First Trust Horizon Managed Volatility Domestic ETF 32.9 70 -15 5.6 +0.5
AFLG First Trust Active Factor Large Cap ETF 32.7 55 0 5.3 +0.2
RBUS Nationwide Risk-Based U.S. Equity ETF 32.5 30 25 4.5 -0.6
QUS SPDR MSCI USA StrategicFactors ETF 32.4 15 40 5.7 +0.6
ROUS Hartford Multifactor US Equity ETF 32.2 19 36 6.3 +1.2
PSET Principal Price Setters Index ETF 32.0 15 40 4.8 -0.3
PBP Invesco S&P 500 BuyWrite ETF 31.1 49 6 4.8 -0.3
BKLC BNY Mellon US Large Cap Core Equity ETF 31.1 0 55 4.9 -0.2
IQSU IQ Candriam ESG US Equity ETF 31.0 9 46 4.9 -0.2
HSPX Global X S&P 500 Covered Call ETF 31.0 60 -5 4.8 -0.3
SPXN ProShares S&P 500 Ex-Financials ETF 30.9 27 28 4.8 -0.3
IWL iShares Russell Top 200 ETF 30.8 15 40 4.8 -0.3
CLRG IQ Chaikin U.S. Large Cap ETF 30.5 25 30 5.7 +0.6
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 30.4 20 35 5.1 +0.0
XYLG Global X S&P 500 Covered Call & Growth ETF 30.3 60 -5 4.8 -0.3
MGC Vanguard Mega Cap Index Fund 30.2 7 48 5.0 -0.1
GBLO Global Beta Low Beta ETF 30.2 29 26 7.2 +2.1
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 30.2 9 46 5.4 +0.3
SPXE ProShares S&P 500 Ex-Energy ETF 30.1 27 28 5.1 -0.0
SPY SPDR S&P 500 ETF Trust 30.1 9 46 5.1 +0.0
IVV iShares Core S&P 500 ETF 30.0 3 52 5.2 +0.1
SPLG SPDR Portfolio Large Cap ETF 30.0 3 52 5.2 +0.1
OEF iShares S&P 100 ETF 29.8 20 35 4.6 -0.5
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 29.8 29 26 5.8 +0.7
VOO VANGUARD S&P 500 ETF 29.7 3 52 5.2 +0.1
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 29.6 49 6 4.9 -0.2
JMIN JPMorgan U.S. Minimum Volatility ETF 29.5 12 43 5.4 +0.3
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 29.2 20 35 4.8 -0.3
SPXT ProShares S&P 500 Ex-Technology ETF 29.0 27 28 5.4 +0.3
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 29.0 7 48 5.0 -0.1
SCHV Schwab U.S. Large-Cap Value ETF 28.9 4 51 6.7 +1.6
DLN WisdomTree U.S. LargeCap Dividend Fund 28.6 28 27 6.3 +1.2
BBUS JP Morgan Betabuilders U.S. Equity ETF 28.6 2 53 5.1 -0.0
PBUS Invesco PureBeta MSCI USA ETF 28.5 4 51 5.0 -0.1
VV Vanguard Large-Cap Index Fund 28.5 4 51 5.0 -0.1
EPS WisdomTree U.S. Earnings 500 Fund 28.4 8 47 6.3 +1.2
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF 28.3 60 -5 3.0 -2.1
ESGU iShares MSCI USA ESG Optimized ETF 28.2 15 40 4.9 -0.2
SPTM SPDR Portfolio Total Stock Market ETF 28.2 3 52 5.3 +0.2
ESGV Vanguard ESG U.S. Stock ETF 28.1 12 43 4.9 -0.2
SPMV Invesco S&P 500 Minimum Variance ETF 28.1 10 45 5.6 +0.5
SFY SoFi Select 500 ETF 28.1 0 55 4.9 -0.2
SCHX Schwab U.S. Large-Cap ETF 27.8 3 52 5.0 -0.1
VOOV Vanguard S&P 500 Value ETF 27.8 10 45 7.2 +2.1
FQAL Fidelity Quality Factor ETF 27.5 29 26 5.3 +0.2
DYNF BlackRock U.S. Equity Factor Rotation ETF 27.4 30 25 6.4 +1.3
XLG Invesco S&P 500 Top 50 ETF 27.4 20 35 4.3 -0.8
IWB iShares Russell 1000 ETF 27.4 15 40 4.9 -0.2
SCHK Schwab 1000 Index ETF 27.3 5 50 5.0 -0.1
EFIV SPDR S&P 500 ESG ETF 27.3 10 45 4.9 -0.2
SNPE Xtrackers S&P 500 ESG ETF 27.2 10 45 4.9 -0.2
IYY iShares Dow Jones U.S. ETF 27.1 20 35 4.9 -0.2
DTD WisdomTree U.S.Total Dividend Fund 27.1 28 27 6.6 +1.5
VONE Vanguard Russell 1000 ETF 26.9 8 47 5.0 -0.1
MMTM SPDR S&P 1500 Momentum Tilt ETF 26.9 12 43 4.5 -0.6
DIVB iShares U.S. Dividend & Buyback ETF 26.8 25 30 6.7 +1.6
FNDX Schwab Fundamental U.S. Large Co. Index ETF 26.8 25 30 6.6 +1.5
FTHI First Trust High Income ETF 26.7 85 -30 4.8 -0.3
FTLB First Trust Hedged BuyWrite Income ETF 26.7 85 -30 4.8 -0.3
JHML John Hancock Multifactor Large Cap ETF 26.7 29 26 5.3 +0.2
IVE iShares S&P 500 Value ETF 26.6 18 37 7.1 +2.0
SPYV SPDR Portfolio S&P 500 Value ETF 26.6 4 51 7.2 +2.1
VALQ American Century STOXX U.S. Quality Value ETF 26.6 29 26 8.7 +3.6
QDEF FlexShares Quality Dividend Defensive Index Fund 26.6 37 18 5.9 +0.8
XOUT GraniteShares XOUT U.S. Large Cap ETF 26.6 60 -5 4.0 -1.1
VFMV Vanguard U.S. Minimum Volatility ETF 26.5 13 42 4.3 -0.8
ACIO Aptus Collared Income Opportunity ETF 26.5 79 -24 4.2 -0.9
VTHR Vanguard Russell 3000 Index Fund 26.4 10 45 4.8 -0.3
IUS Invesco Strategic US ETF 26.4 19 36 6.3 +1.2
VOOG Vanguard S&P 500 Growth ETF 26.3 10 45 4.1 -1.0
QLC FlexShares US Quality Large Cap Index Fund 26.3 32 23 5.0 -0.1
SZNE Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF 26.2 60 -5 6.4 +1.3
PRF Invesco FTSE RAFI US 1000 ETF 26.2 39 16 6.7 +1.6
IWV iShares Russell 3000 ETF 26.2 20 35 4.8 -0.3
SCHB Schwab U.S. Broad Market ETF 26.1 3 52 4.9 -0.2
USDY Pacific Global US Equity Income ETF 26.1 29 26 7.0 +1.9
ITOT iShares Core S&P Total U.S. Stock Market ETF 26.0 3 52 4.9 -0.2
CATH Global X S&P 500 Catholic Values Custom ETF 26.0 29 26 5.0 -0.1
PFM Invesco Dividend Achievers ETF 25.9 53 2 5.2 +0.1
RWL Invesco S&P 500 Revenue ETF 25.8 39 16 7.1 +2.0
RNLC Large Cap US Equity Select ETF 25.8 60 -5 6.0 +0.9
IVW iShares S&P 500 Growth ETF 25.7 18 37 16.8 +11.7
SPYG SPDR Portfolio S&P 500 Growth ETF 25.7 4 51 4.2 -0.9
FTCS First Trust Capital Strength ETF 25.6 58 -3 4.7 -0.4
SPXV ProShares S&P 500 Ex-Health Care ETF 25.5 27 28 4.8 -0.3
VTI Vanguard Total Stock Market Index Fund 25.4 3 52 4.9 -0.2
ULVM VictoryShares USAA MSCI USA Value Momentum ETF 25.4 20 35 7.4 +2.3
NACP Impact Shares NAACP Minority Empowerment ETF 25.4 75 -20 4.7 -0.4
IUSV iShares Core S&P U.S. Value ETF 25.3 4 51 7.3 +2.2

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 24.2 %
Divided by: Fwd. P/BV 4.3 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
1.51
 
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.