Invesco MSCI Green Building ETF
ALTAR
Score™
8.3% info Recommen-
dation
SPECULATIVE
2024E    2025E
P/E
ratio
11.8x P/Sales
ratio
2.6x
P/BV
ratio
0.8x Div.
yield
4.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
GBLD is a market-cap-weighted index of global companies focused on the sustainability of the worlds green building ecosystem.

FUND BASICS
Category Global Equities
Fund Sponsor Invesco
Website www.invesco.com
Inception date Apr 22, 2021
Assets (mns) $6
Currency USD
Expense ratio 39 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication
Uses derivatives Yes
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 89
Wgt avg mkt cap (mns) $7,062
Large cap (>$10bn) 25.4%
Mid cap ($2-10bn) 61.7%
Small cap (<$2bn) 12.9%
Developed mkts 99.2%
Emerging mkts 0.8%

TOP TEN HOLDINGS
ALEXANDRIA REAL ESTATE EQUIT 8.1 %
DAIWA HOUSE INDUSTRY CO LTD 6.9 %
BERKELEY GROUP HOLDINGS PLC 4.2 %
BOSTON PROPERTIES INC 3.9 %
UNIBAIL-RODAMCO-WESTFIELD STAPLED 3.5 %
ASCENDAS REAL ESTATE INV TRT 3.1 %
CAPITAMALL TRUST 3.1 %
NIPPON BUILDING FUND INC 2.4 %
MERITAGE HOMES CORP 2.3 %
LAND SECURITIES GROUP PLC 2.3 %
Total 39.8 %

TOP COUNTRY EXPOSURE
JAPAN 30.6 %
UNITED STATES 28.2 %
SINGAPORE 11.4 %
FRANCE 5.9 %
BRITAIN 4.0 %
NETHERLANDS 3.7 %
HONG KONG 3.3 %
AUSTRALIA 2.5 %
SPAIN 2.1 %
CANADA 1.4 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-5.3% -4.7% -- -- -7.4%

Market Correlations
versus... Beta R-squared
S&P500 0.92 67%
MSCI EAFE 1.05 84%
MSCI Emg. Mkts. 0.84 57%

Technical Indicators
Recent close $16.20
30d moving avg. $16.40
Annualized volatility 20.3%
Short interest (ETF) 0.3%
Relative strength (RSI) 68

Liquidity measures
Avg. volume (thou.) 15
Turnover 4.3%
Bid/Ask (% of price) 0.49%
ADV underlying (mns) $1,511

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 12 potential alternatives to the Invesco MSCI Green Building ETF ETF based on the alternatives' overlap in portfolio holdings with GBLD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: GBLD Expense: 39 bp ALTAR Score™: 8.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GBLD
Ticker Fund
Name
Overlap1
vs GBLD
(%)
Expense
ratio
(bp)
Savings
vs GBLD
(bp)
ALTAR
Score™
(%)
ALTAR
vs GBLD
(%)
FTHI First Trust BuyWrite Income ETF 1.6 75 -36 5.5 -2.9
RYLD Global X Russell 2000 Covered Call ETF 0.8 60 -21 3.4 -4.9
DDLS WisdomTree Dynamic Currency Hedged International SmallCap Eq 0.8 48 -9 9.0 +0.6
ISVL iShares International Developed Small Cap Value Factor ETF 0.4 30 9 7.6 -0.8
XYLE Global X S&P 500 ESG Covered Call ETF 0.1 60 -21 4.8 -3.5
EFIV SPDR S&P 500 ESG ETF 0.1 10 29 5.1 -3.2
XYLD Global X S&P 500 Covered Call ETF 0.1 60 -21 4.8 -3.6
XRMI Global X S&P 500 Risk Managed Income ETF 0.1 60 -21 4.8 -3.5
XYLG Global X S&P 500 Covered Call & Growth ETF 0.1 60 -21 4.7 -3.7
PBP Invesco S&P 500 BuyWrite ETF 0.1 49 -10 4.9 -3.5
XTR Global X S&P 500 Tail Risk ETF 0.1 26 13 5.0 -3.3
XCLR Global X S&P 500 Collar 95-110 ETF 0.0 25 14 5.1 -3.3

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

  2019 2020 2021 2022 2023 2024E 2025E
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
  2023 2024E 2025E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Invesco MSCI Green Building ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 6.9 %
Divided by: Fwd. P/BV 0.8 x
Less: Expense ratio 39 bp
Equals: ALTAR Score 8.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.64 CATEGORY
AVERAGE
1.50
 
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.