Invesco DWA SmallCap Momentum ETF
ALTAR
Score™
-2.3% info Recommen-
dation
AVOID
2020E    2021E
P/E
ratio
-33.7x P/Sales
ratio
1.7x
P/BV
ratio
5.2x Div.
yield
0.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco DWA SmallCap Technical Leaders Portfolio is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that generally correspond (before fees and expenses) to the price and yield of the Dorsey Wright SmallCap Technical LeadersTM Index (the "Underlying Index").

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Jul 19, 2012
Assets (mns) $230
Currency USD
Expense ratio 60 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 201
Wgt avg mkt cap (mns) $2,354
Large cap (>$10bn) 3.7%
Mid cap ($2-10bn) 38.1%
Small cap (<$2bn) 58.2%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NOVAVAX INC 3.3 %
OVERSTOCK.COM INC 2.5 %
CRYOPORT, INC. 1.6 %
MIRATI THERAPEUTICS INC 1.6 %
QUIDEL CORP 1.5 %
HESKA CORP 1.3 %
CASELLA WASTE SYSTEMS INC-A 1.2 %
MERSANA THERAPEUTICS, INC. 1.2 %
INOVIO PHARMACEUTICALS INC 1.1 %
WORKHORSE GROUP INC. 1.1 %
Total 16.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.9 %
BRITAIN 0.6 %
BERMUDA 0.5 %
SWITZERLAND 0.4 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-0.2% 3.9% 6.3% -- 11.4%

Market Correlations
versus... Beta R-squared
S&P500 1.28 77%
MSCI EAFE 1.27 64%
MSCI Emg. Mkts. 0.89 52%

Technical Indicators
Recent close $59.83
30d moving avg. $55.75
Annualized volatility 24.9%
Short interest (ETF) 1.0%
Short interest (Underlying) 5.8%
Relative strength (RSI) 66

Liquidity measures
Avg. volume (thou.) 35
Turnover 0.9%
Bid/Ask (% of price) 0.18%
ADV underlying (mns) $9,038

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: DWAS Expense: 60 bp ALTAR Score™: -2.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH DWAS
Ticker Fund
Name
Overlap1
vs DWAS
(%)
Expense
ratio
(bp)
Savings
vs DWAS
(bp)
ALTAR
Score™
(%)
ALTAR
vs DWAS
(%)
FYC First Trust Small Cap Growth AlphaDEX Fund 23.4 70 -10 1.8 +4.1
IWO iShares Russell 2000 Growth ETF 22.8 24 36 -0.1 +2.2
VTWG Vanguard Russell 2000 Growth Index Fund 22.2 15 45 -0.0 +2.2
DWMC AdvisorShares Dorsey Wright Micro-Cap ETF 21.6 125 -65 -3.5 -1.2
AFSM First Trust Active Factor Small Cap ETF 17.4 75 -15 5.3 +7.5
JKK iShares Morningstar Small-Cap Growth ETF 17.3 30 30 1.0 +3.3
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 16.6 24 36 6.6 +8.8
FYX First Trust Small Cap Core AlphaDEX Fund 16.6 63 -3 6.3 +8.6
PTH Invesco DWA Healthcare Momentum ETF 16.3 60 0 -4.8 -2.5
IWM iShares Russell 2000 ETF 15.1 19 41 3.5 +5.7
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 15.1 29 31 0.0 +2.3
VIOG Vanguard S&P Small-Cap 600 Growth ETF 14.9 16 44 5.0 +7.3
VTWO Vanguard Russell 2000 Index Fund 14.7 10 50 3.6 +5.9
SLYG SPDR S&P 600 Small Cap Growth ETF 14.4 15 45 5.1 +7.3
IJT iShares S&P Small-Cap 600 Growth ETF 14.4 25 35 5.0 +7.2
SLY SPDR S&P 600 Small Cap ETF 14.2 15 45 6.5 +8.8
SPSM SPDR Portfolio Small Cap ETF 14.2 5 55 6.7 +8.9
IJR iShares Core S&P Small Cap ETF 14.2 7 53 6.6 +8.9
VIOO Vanguard S&P Small-Cap 600 ETF 13.9 10 50 6.6 +8.9
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 13.9 35 25 7.8 +10.1
BTEC Principal Healthcare Innovators Index ETF 13.7 42 18 -2.5 -0.2
XBI SPDR S&P BIOTECH ETF 13.5 35 25 -3.0 -0.8
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 13.5 29 31 4.7 +7.0
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 13.5 20 40 4.9 +7.1
BBC Virtus LifeSci Biotech Clinical Trials ETF 13.1 79 -19 -2.8 -0.5
RZG Invesco S&P Smallcap 600 Pure Growth ETF 13.0 35 25 5.7 +7.9
VFMO Vanguard U.S. Momentum Factor ETF 13.0 13 47 0.1 +2.4
SSLY Syntax Stratified SmallCap ETF 12.9 30 30 6.0 +8.2
IWC iShares Micro-Cap ETF 12.4 60 0 -3.5 -1.3
PXSG Invesco S&P SmallCap Momentum ETF 11.8 39 21 4.7 +6.9
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 11.4 30 30 7.2 +9.5
PEZ Invesco DWA Consumer Cyclicals Momentum ETF 11.1 60 0 -0.5 +1.7
EES WisdomTree SmallCap Earnings Fund 11.0 38 22 10.6 +12.9
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 11.0 40 20 6.3 +8.6
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 11.0 35 25 7.9 +10.2
SCHA Schwab U.S. Small-Cap ETF 10.9 4 56 4.4 +6.7
CSML IQ Chaikin U.S. Small Cap ETF 10.8 35 25 3.7 +6.0
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 10.4 35 25 5.8 +8.1
JSML Janus Henderson Small Cap Growth Alpha ETF 10.2 30 30 7.3 +9.6
NUSC Nuveen ESG Small-Cap ETF 9.8 40 20 4.9 +7.1
FAD First Trust Multi Cap Growth AlphaDEX Fund 9.4 66 -6 2.2 +4.5
PBSM Invesco PureBeta MSCI USA Small Cap ETF 9.4 6 54 5.0 +7.3
KOMP SPDR Kensho New Economies Composite ETF 9.3 20 40 2.4 +4.6
ROGS Hartford Multifactor Global Small Cap ETF 9.2 34 26 7.6 +9.9
BKSE BNY Mellon US Small Cap Core Equity ETF 9.2 4 56 5.8 +8.1
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 9.1 17 43 4.9 +7.2
ISMD Inspire Small/Mid Cap Impact ETF 8.9 60 0 6.0 +8.3
RWJ Invesco S&P SmallCap 600 Revenue ETF 8.8 39 21 6.2 +8.4
PSC Principal U.S. Small Cap Index ETF 8.6 38 22 6.6 +8.9
VAMO Cambria Value & Momentum ETF 8.5 64 -4 6.6 +8.8
VBK Vanguard Small-Cap Growth Index Fund 8.4 7 53 2.2 +4.5
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 8.2 39 21 4.0 +6.3
GERM ETFMG Treatments Testing and Advancements ETF 8.2 68 -8 -2.8 -0.6
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 7.9 30 30 5.4 +7.6
SBIO ALPS Medical Breakthroughs ETF 7.8 50 10 -2.2 +0.1
FNY First Trust Mid Cap Growth AlphaDEX Fund 7.7 70 -10 2.0 +4.2
SLYV SPDR S&P 600 Small Cap Value ETF 7.7 15 45 8.5 +10.7
IJS iShares S&P Small-cap 600 Value ETF 7.7 25 35 8.4 +10.6
VIOV Vanguard S&P Small-Cap 600 Value ETF 7.5 15 45 8.5 +10.7
FSMD Fidelity Small-Mid Factor ETF 7.5 29 31 6.7 +8.9
JHSC John Hancock Multifactor Small Cap ETF 7.0 42 18 5.6 +7.9
FPX First Trust US IPO Index Fund 7.0 58 2 2.4 +4.6
XSW SPDR S&P Software & Services ETF 7.0 35 25 3.8 +6.1
AVUV Avantis U.S. Small Cap Value ETF 7.0 25 35 8.4 +10.7
XRT SPDR S&P Retail ETF 6.9 35 25 5.0 +7.3
XHE SPDR S&P Health Care Equipment ETF 6.8 35 25 1.4 +3.7
HELX Franklin Genomic Advancements ETF 6.6 50 10 -1.3 +0.9
IBB iShares NASDAQ Biotechnology ETF 6.6 47 13 0.3 +2.5
IWN iShares Russell 2000 Value ETF 6.5 24 36 6.9 +9.2
FDM First Trust Dow Jones Select Microcap Index Fund 6.5 60 0 7.1 +9.4
FNX First Trust Mid Cap Core AlphaDEX Fund 6.5 61 -1 6.4 +8.7
BFOR Barron's 400 ETF 6.3 65 -5 6.1 +8.3
PRN Invesco DWA Industrials Momentum ETF 6.3 60 0 2.8 +5.1
PTF Invesco DWA Technology Momentum ETF 6.3 60 0 0.1 +2.4
VB Vanguard Small-Cap ETF 6.2 5 55 5.2 +7.5
IUSS Invesco Strategic US Small Company ETF 6.1 23 37 5.2 +7.5
HTEC ROBO Global Healthcare Technology & Innovation ETF 6.1 68 -8 0.1 +2.4
VFMF Vanguard U.S. Multifactor ETF 6.0 19 41 6.8 +9.1
VXF Vanguard Extended Market Index Fund 5.7 7 53 3.5 +5.8
XWEB SPDR S&P Internet ETF 5.7 35 25 -0.3 +2.0
PSCH Invesco S&P SmallCap Health Care ETF 5.7 29 31 2.9 +5.1
SQLV Legg Mason Small-Cap Quality Value 5.7 62 -2 7.4 +9.7
PSCT Invesco S&P SmallCap Information Technology ETF 5.6 29 31 5.3 +7.5
IEIH iShares Evolved U.S. Innovative Healthcare ETF 5.5 18 42 3.1 +5.3
FNDA Schwab Fundamental U.S. Small Co. Index ETF 5.5 25 35 6.2 +8.5
VTWV Vanguard Russell 2000 Value Index Fund 5.5 15 45 7.1 +9.4
IDNA iShares Genomics Immunology & Healthcare ETF 5.4 47 13 -2.9 -0.6
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 5.2 39 21 6.5 +8.8
RNSC Small Cap US Equity Select ETF 5.1 60 0 7.0 +9.2
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 5.1 12 48 7.3 +9.6
RZV Invesco S&P Smallcap 600 Pure Value ETF 4.9 35 25 7.8 +10.0
XSHQ Invesco S&P SmallCap Quality ETF 4.8 29 31 6.3 +8.5
XITK SPDR FactSet Innovative Technology ETF 4.7 45 15 0.3 +2.6
PWC Invesco Dynamic Market ETF 4.7 59 1 4.6 +6.9
DES WisdomTree U.S. SmallCap Dividend Fund 4.7 38 22 8.2 +10.5
VUSE Vident Core US Equity Fund 4.6 48 12 7.5 +9.7
VFQY Vanguard U.S. Quality Factor ETF 4.6 13 47 5.8 +8.0
PSCD Invesco S&P SmallCap Consumer Discretionary ETF 4.6 29 31 7.5 +9.8
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 4.5 20 40 4.6 +6.8
PSCI Invesco S&P SmallCap Industrials ETF 4.4 29 31 6.0 +8.3

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 DWA SmallCap Momentum ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity -8.5 %
Divided by: Fwd. P/BV 5.1 x
Less: Expense ratio 60 bp
Equals: ALTAR Score -2.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.36 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.