Invesco Defensive Equity
ALTAR
Score™
4.8% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
20.7x P/Sales
ratio
2.9x
P/BV
ratio
3.5x Div.
yield
1.9%


  • 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) $280
Currency USD
Expense ratio 59 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) $84,579
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
ALLEGION PLC 1.2 %
JPMORGAN CHASE & CO 1.1 %
EMERSON ELECTRIC CO 1.1 %
GARMIN LTD 1.1 %
CITRIX SYSTEMS INC 1.1 %
BLACKROCK INC 1.1 %
BANK OF AMERICA CORP 1.1 %
AMPHENOL CORP-CL A 1.1 %
PNC FINANCIAL SERVICES GROUP 1.1 %
RESMED INC 1.1 %
Total 11.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 92.0 %
IRELAND 5.3 %
SWITZERLAND 1.1 %
BRITAIN 1.1 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
26.2% 15.6% 9.8% 12.8% 8.5%

Market Correlations
versus... Beta R-squared
S&P500 0.84 92%
MSCI EAFE 0.76 62%
MSCI Emg. Mkts. 0.53 49%

Technical Indicators
Recent close $55.98
30d moving avg. $55.00
Annualized volatility 10.6%
Short interest (ETF) 0.2%
Short interest (Underlying) 3.7%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 26
Turnover 0.5%
Bid/Ask (% of price) 0.09%
ADV underlying (mns) $32,781

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco Defensive Equity 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: 59 bp ALTAR Score™: 4.8%


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 55.1 25 34 5.9 +1.0
HUSV First Trust Horizon Managed Volatility Domestic 45.0 70 -11 4.9 +0.0
USMV iShares MSCI USA Minimum Volatility 41.2 15 44 5.2 +0.4
FLLV Franklin Liberty U.S. Low Volatility 38.8 29 30 5.2 +0.4
SPLV Invesco S&P 500 Low Volatility 38.3 25 34 5.3 +0.5
FDLO Fidelity Low Volatility Factor 38.2 29 30 5.3 +0.5
LGLV SPDR Russell 1000 Low Volatility 38.1 12 47 5.2 +0.4
LVUS Hartford Multifactor Low Volatility US Equity 36.9 21 38 5.7 +0.9
LSLT Salt Low truBeta US Market 35.2 0 59 6.7 +1.9
EQWL Invesco Fundamental Pure Large Core 34.4 25 34 6.2 +1.4
OVOL Invesco Russell 1000 Low Volatility Factor ETF 33.5 19 40 5.6 +0.8
PSET Principal Price Setters 33.3 29 30 5.4 +0.6
QUS SPDR MSCI USA Quality Mix 30.3 15 44 5.9 +1.1
SPXT ProShares S&P 500 Ex-Technology 29.8 27 32 5.9 +1.1
OMOM Invesco Russell 1000 Momentum Factor ETF 29.2 19 40 5.2 +0.4
MMTM SPDR S&P1500 Momentum Tilt 29.1 12 47 5.3 +0.5
MGC Vanguard Mega Cap 300 ETF 29.0 7 52 5.7 +0.9
IWX iShares Russell Top 200 Value 28.9 20 39 6.8 +2.0
IWL iShares Russell Top 200 28.8 15 44 5.6 +0.8
RBUS Nationwide Risk-Based U.S. Equity 28.7 30 29 6.0 +1.2

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

  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 Defensive Equity
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 17.0 %
Divided by: Fwd. P/BV 3.1 x
Less: Expense ratio 59 bp
Equals: ALTAR Score 4.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.60 CATEGORY
AVERAGE
1.56
 
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.