Invesco KBW Bank ETF
ALTAR
Score™
13.4% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
7.5x P/Sales
ratio
1.8x
P/BV
ratio
0.7x Div.
yield
5.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco KBW Bank 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 KBW Bank Index (the "Underlying Index"). The Fund will normally invest at least 90% of its total assets in securities that comprise the Underlying Index.

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Nov 01, 2011
Assets (mns) $325
Currency USD
Expense ratio 35 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 25
Wgt avg mkt cap (mns) $74,047
Large cap (>$10bn) 81.4%
Mid cap ($2-10bn) 18.0%
Small cap (<$2bn) 0.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
JPMORGAN CHASE & CO 9.2 %
BANK OF AMERICA CORP 8.5 %
US BANCORP 7.7 %
CITIGROUP INC 7.5 %
WELLS FARGO & CO 7.1 %
FIRST REPUBLIC BANK/CA 4.8 %
STATE STREET CORP 4.8 %
NORTHERN TRUST CORP 4.7 %
BANK OF NEW YORK MELLON CORP 4.6 %
M & T BANK CORP 4.2 %
Total 63.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 99.9 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-41.8% -28.2% 0.1% -- 8.7%

Market Correlations
versus... Beta R-squared
S&P500 1.62 79%
MSCI EAFE 1.56 71%
MSCI Emg. Mkts. 1.20 62%

Technical Indicators
Recent close $33.52
30d moving avg. $41.89
Annualized volatility 27.7%
Short interest (ETF) 15.6%
Short interest (Underlying) 2.3%
Relative strength (RSI) 34

Liquidity measures
Avg. volume (thou.) 776
Turnover 8.0%
Bid/Ask (% of price) 0.14%
ADV underlying (mns) $3,586

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: KBWB Expense: 35 bp ALTAR Score™: 13.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KBWB
Ticker Fund
Name
Overlap1
vs KBWB
(%)
Expense
ratio
(bp)
Savings
vs KBWB
(bp)
ALTAR
Score™
(%)
ALTAR
vs KBWB
(%)
FTXO First Trust Nasdaq Bank ETF 69.1 60 -25 14.2 +0.8
IAT iShares U.S. Regional Banks ETF 45.7 42 -7 14.3 +0.9
IYG iShares US Financial Services ETF 39.6 42 -7 9.4 -4.0
XLF Financial Select Sector SPDR Fund 38.5 13 22 10.4 -3.0
DFNL Davis Select Financial ETF 37.8 64 -29 10.7 -2.7
KBE SPDR S&P Bank ETF 37.1 35 0 14.7 +1.3
VFH Vanguard Financials Index Fund 35.2 10 25 11.2 -2.2
FNCL Fidelity MSCI Financials Index ETF 34.4 8 27 11.2 -2.2
KRE SPDR S&P Regional Banking ETF 33.5 35 0 14.9 +1.5
RYF Invesco S&P 500 Equal Weight Financials ETF 28.5 40 -5 11.4 -2.0
IEFN iShares Evolved U.S. Financials ETF 28.5 18 17 11.6 -1.8
JHMF John Hancock Multifactor Financials ETF 25.6 40 -5 10.3 -3.1
IYF iShares U.S. Financials ETF 23.5 42 -7 8.9 -4.5
DUSA Davis Select U.S. Equity ETF 21.9 63 -28 7.5 -5.9
PKW Invesco Buyback Achievers ETF 20.0 62 -27 9.1 -4.3
SPVU Invesco S&P 500 Enhanced Value ETF 19.8 13 22 15.1 +1.7
IXG iShares Global Financials ETF 19.8 46 -11 12.0 -1.4
CLRG IQ Chaikin U.S. Large Cap ETF 16.4 25 10 11.0 -2.4
EQRR ProShares Equities for Rising Rates ETF 15.4 35 0 11.3 -2.1
PWV Invesco Dynamic Large Cap Value ETF 14.8 55 -20 10.3 -3.1
FXO First Trust Financials AlphaDEX Fund 13.4 63 -28 13.1 -0.3
DIVB iShares U.S. Dividend & Buyback ETF 12.8 25 10 8.5 -4.9
JKF iShares Morningstar Large Cap Value ETF 12.4 25 10 9.4 -4.0
RAFE PIMCO RAFI ESG U.S. ETF 12.1 29 6 10.0 -3.4
DURA VanEck Vectors Morningstar Durable Dividend ETF 11.7 29 6 8.3 -5.1
IWX iShares Russell Top 200 Value ETF 11.5 20 15 8.6 -4.8
DGRO iShares Core Dividend Growth ETF 11.3 8 27 8.2 -5.2
QVM Arrow QVM Equity Factor ETF 11.1 65 -30 13.7 +0.3
CDL Victory CEMP US Large Cap High Dividend Volatility Wtd Idx E 11.0 35 0 11.0 -2.4
FMK First Trust Mega Cap AlphaDEX Fund 10.5 70 -35 6.9 -6.5
USDY Pacific Global US Equity Income ETF 10.4 29 6 10.2 -3.2
RDVY First Trust Rising Dividend Achievers ETF 10.3 50 -15 9.6 -3.8
FDVV Fidelity Core Dividend ETF 10.0 29 6 9.5 -3.9
PY Principal Shareholder Yield Index ETF 9.9 29 6 11.9 -1.5
RPV Invesco S&P 500 Pure Value ETF 9.9 35 0 16.5 +3.2
MGV Vanguard Mega Cap Value ETF 9.8 7 28 8.7 -4.7
SPYB SPDR S&P 500 Buyback ETF 9.8 35 0 11.0 -2.4
REVS Columbia Research Enhanced Value ETF 9.7 19 16 9.6 -3.8
TTFS AdvisorShares Wilshire Buyback ETF 9.6 91 -56 7.8 -5.6
VONV Vanguard Russell 1000 Value Index Fund 9.5 8 27 9.0 -4.4
CVY Invesco Zacks Multi-Asset Income ETF 9.4 97 -62 17.5 +4.1
VTV Vanguard Value Index Fund 9.2 4 31 9.0 -4.4
IWD iShares Russell 1000 Value ETF 9.1 19 16 8.9 -4.5
SLT Salt TruBeta High Exposure ETF 9.1 29 6 11.5 -1.9
SCHV Schwab U.S. Large-Cap Value ETF 9.0 4 31 8.8 -4.6
FTA First Trust Large Cap Value AlphaDEX Fund 8.8 60 -25 11.6 -1.8
VOOV Vanguard S&P 500 Value ETF 8.8 15 20 9.0 -4.4
SPYV SPDR Portfolio S&P 500 Value ETF 8.8 4 31 9.0 -4.4
IVE iShares S&P 500 Value ETF 8.8 18 17 8.9 -4.5
FOVL iShares Focused Value Factor ETF 8.6 25 10 13.3 -0.1
EPS WisdomTree U.S. Earnings 500 Fund 8.6 8 27 8.3 -5.1
VYM Vanguard High Dividend Yield Index ETF 8.5 6 29 8.8 -4.6
AMCA iShares Russell 1000 Pure U.S. Revenue ETF 8.5 15 20 8.6 -4.8
IUSV iShares Core S&P U.S. Value ETF 8.3 4 31 9.2 -4.2
DWLD Davis Select Worldwide ETF 8.0 64 -29 8.5 -4.9
KNOW Direxion All Cap Insider Sentiment Shares 7.8 59 -24 7.0 -6.4
VLU SPDR S&P 1500 Value Tilt ETF 7.7 12 23 9.3 -4.1
SYV SPDR MFS Systematic Value Equity ETF 7.6 60 -25 9.5 -3.9
SDGA Impact Shares Sustainable Development Goals Global ETF 7.6 75 -40 6.8 -6.6
VETS Pacer Military Times Best Employers ETF 7.6 60 -25 8.0 -5.4
FDL First Trust Morningstar Dividend Leaders Index Fund 7.5 45 -10 10.8 -2.6
DLN WisdomTree U.S. LargeCap Dividend Fund 7.3 28 7 7.9 -5.5
ESGS Columbia Sustainable U.S. Equity Income ETF 7.2 35 0 11.7 -1.7
JKI iShares Morningstar Mid-Cap Value ETF 7.1 30 5 12.8 -0.6
PRF Invesco FTSE RAFI US 1000 ETF 7.0 39 -4 8.9 -4.5
DTD WisdomTree U.S.Total Dividend Fund 6.9 28 7 8.3 -5.1
QDYN FlexShares Quality Dividend Dynamic Index Fund 6.8 37 -2 8.9 -4.5
NACP Impact Shares NAACP Minority Empowerment ETF 6.6 75 -40 6.0 -7.4
NULV Nuveen ESG Large-Cap Value ETF 6.4 35 0 9.1 -4.3
SHE SPDR SSGA Gender Diversity Index ETF 6.4 20 15 7.3 -6.1
JVAL JPMorgan U.S. Value Factor ETF 6.4 12 23 11.5 -1.9
CZA Invesco Zacks Mid-Cap ETF 6.3 76 -41 8.8 -4.6
MAGA Point Bridge GOP Stock Tracker ETF 6.3 72 -37 9.1 -4.3
HOMZ Hoya Capital Housing ETF 6.1 45 -10 10.3 -3.1
QDEF FlexShares Quality Dividend Defensive Index Fund 6.1 37 -2 7.7 -5.7
EXT WisdomTree U.S. Total Earnings Fund 6.1 28 7 7.4 -6.0
SPXT ProShares S&P 500 Ex-Technology ETF 6.1 27 8 7.2 -6.2
FTHI First Trust High Income ETF 6.0 85 -50 7.5 -5.9
SYLD Cambria Shareholder Yield ETF 6.0 59 -24 14.3 +0.9
SPYD SPDR S&P 500 High Dividend ETF 6.0 7 28 13.6 +0.2
QDF FlexShares Quality Dividend Index Fund 5.9 37 -2 8.6 -4.8
AUSF Global X Adaptive U.S. Factor ETF 5.9 27 8 10.0 -3.4
VLUE iShares Edge MSCI USA Value Factor ETF 5.9 15 20 13.8 +0.4
SPHD Invesco S&P 500 High Dividend Low Volatility ETF 5.9 30 5 11.4 -2.0
MOAT VanEck Vectors Morningstar Wide Moat ETF 5.8 49 -14 7.9 -5.5
WBIY WBI Power Factor High Dividend ETF 5.8 70 -35 20.1 +6.7
XLG Invesco S&P 500 Top 50 ETF 5.7 20 15 5.8 -7.6
FDRR Fidelity Dividend ETF for Rising Rates 5.7 29 6 9.4 -4.0
SPGP Invesco S&P 500 GARP ETF 5.7 35 0 10.3 -3.1
QSY WisdomTree U.S. LargeCap Value Fund 5.6 38 -3 9.2 -4.2
FNDX Schwab Fundamental U.S. Large Co. Index ETF 5.6 25 10 8.1 -5.3
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 5.5 20 15 6.5 -6.9
BVAL Brand Value ETF 5.4 65 -30 8.6 -4.8
SPXV ProShares S&P 500 Ex-Health Care ETF 5.4 27 8 6.6 -6.8
OEF iShares S&P 100 ETF 5.4 20 15 6.2 -7.2
ESG FlexShares STOXX US ESG Impact Index Fund 5.3 32 3 6.6 -6.8
VFVA Vanguard U.S. Value Factor ETF 5.2 13 22 15.5 +2.1
FNDB Schwab Fundamental U.S. Broad Market Index ETF 5.2 25 10 8.2 -5.2
EQWL Invesco Russell Top 200 Equal Weight ETF 5.2 25 10 7.4 -6.0
PWC Invesco Dynamic Market ETF 5.2 59 -24 8.9 -4.5

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%.

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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 KBW Bank 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 9.6 %
Divided by: Fwd. P/BV 0.7 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 13.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.66 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.