Invesco S&P High Income Infrastructure
ALTAR
Score™
5.2% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
20.6x P/Sales
ratio
1.2x
P/BV
ratio
1.6x Div.
yield
6.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Invesco S&P High Income Infrastructure ETF tracks an index of roughly 50 high-yielding, infrastructure-themed global stocks.

FUND BASICS
Category Global Equities
Fund Sponsor Guggenheim
Website guggenheiminvestments.com
Inception date Feb 11, 2015
Assets (mns) $65
Currency USD
Expense ratio 45 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Dividend
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 49
Wgt avg mkt cap (mns) $12,009
Large cap (>$10bn) 33.9%
Mid cap ($2-10bn) 53.0%
Small cap (<$2bn) 13.2%
Developed mkts 99.4%
Emerging mkts 0.6%

TOP TEN HOLDINGS
MACQUARIE INFRASTRUCTURE CO 5.4 %
INTER PIPELINE FUND LP-A 5.0 %
TARGA RESOURCES CORP 4.9 %
ENBRIDGE INC 4.1 %
CENTRICA PLC 4.0 %
KEYERA CORP 3.3 %
SYDNEY AIRPORT 3.2 %
SSE PLC 3.2 %
ONEOK INC 3.2 %
SHIP FINANCE INTL LTD 3.1 %
Total 39.4 %

TOP COUNTRY EXPOSURE
CANADA 27.6 %
UNITED STATES 23.9 %
BRITAIN 11.1 %
AUSTRALIA 8.9 %
HONG KONG 7.8 %
SPAIN 4.7 %
FRANCE 3.3 %
BERMUDA 3.1 %
PORTUGAL 2.8 %
SINGAPORE 1.8 %

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.
28.0% 28.0% -- -- 7.8%

Market Correlations
versus... Beta R-squared
S&P500 0.67 52%
MSCI EAFE 0.80 60%
MSCI Emg. Mkts. 0.52 44%

Technical Indicators
Recent close $28.98
30d moving avg. $28.71
Annualized volatility 11.3%
Short interest (ETF) 0.0%
Relative strength (RSI) 64

Liquidity measures
Avg. volume (thou.) 6
Turnover 0.3%
Bid/Ask (% of price) 0.30%
ADV underlying (mns) $1,724

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco S&P High Income Infrastructure ETF based on the alternatives' overlap in portfolio holdings with GHII. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: GHII Expense: 45 bp ALTAR Score™: 5.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GHII
Ticker Fund
Name
Overlap1
vs GHII
(%)
Expense
ratio
(bp)
Savings
vs GHII
(bp)
ALTAR
Score™
(%)
ALTAR
vs GHII
(%)
YMLP Yorkville High Income MLP 30.9 84 -39 3.8 -1.5
ENFR Alerian Energy Infrastructure 29.5 55 -10 3.9 -1.3
USAI Pacer American Energy Independence ETF 28.6 75 -30 2.0 -3.3
TPYP Tortoise North American Pipeline 25.3 40 5 4.5 -0.8
GLIF AGFiQ Global Infrastructure 21.7 45 0 4.9 -0.3
INFR Legg Mason Global Infrastructure 21.2 40 5 5.3 +0.1
IGF iShares S&P Global Infrastructure 18.5 46 -1 4.5 -0.7
GII SPDR FTSE/Macquarie Global Infrastructure 18.5 40 5 4.6 -0.6
TOLZ ProShares Global Infrastructure 18.0 46 -1 4.9 -0.4
MLPX Global X MLP & Energy Infrastructure 17.1 45 0 3.8 -1.5
EFAS Global X MSCI SuperDividend EAFE 14.5 55 -10 8.5 +3.3
IDHD Invesco S&P Intl Developed High Div Low Volatility 14.2 30 15 6.3 +1.1
DOO WisdomTree Int'l Dividend Ex-Financials 14.2 58 -13 7.9 +2.7
JXI iShares S&P Global Utilities 13.8 46 -1 4.9 -0.3
EMLP First Trust N. American Energy Infrastructure 13.7 95 -50 4.6 -0.6
FAN First Trust Global Wind 12.8 60 -15 5.1 -0.1
FID First Trust S&P International Dividend Aristocrats 12.3 60 -15 7.0 +1.7
FDD First Trust STOXX European Select Dividend 12.1 57 -12 7.3 +2.1
NFRA FlexShares STOXX Global Broad Infrastructure 11.6 47 -2 6.2 +0.9
CID Victory CEMP International High Div Volatility Wtd 11.4 45 0 8.8 +3.5

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 S&P High Income Infrastructure
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 9.0 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 5.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.68 CATEGORY
AVERAGE
1.54
 
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.