Invesco KBW Bank Portfolio
ALTAR
Score™
7.5% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
11.8x P/Sales
ratio
3.4x
P/BV
ratio
1.4x Div.
yield
2.7%


  • 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) $587
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) $123,794
Large cap (>$10bn) 96.6%
Mid cap ($2-10bn) 3.4%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
BANK OF AMERICA CORP 8.2 %
JPMORGAN CHASE & CO 8.0 %
CITIGROUP INC 8.0 %
WELLS FARGO & CO 7.9 %
US BANCORP 7.6 %
STATE STREET CORP 4.8 %
NORTHERN TRUST CORP 4.1 %
PNC FINANCIAL SERVICES GROUP 4.0 %
BANK OF NEW YORK MELLON CORP 4.0 %
KEYCORP 3.9 %
Total 60.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 99.8 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
23.9% 7.7% 9.7% -- 15.5%

Market Correlations
versus... Beta R-squared
S&P500 1.50 63%
MSCI EAFE 1.14 31%
MSCI Emg. Mkts. 0.72 20%

Technical Indicators
Recent close $56.42
30d moving avg. $52.71
Annualized volatility 22.8%
Short interest (ETF) 2.3%
Short interest (Underlying) 2.3%
Relative strength (RSI) 66

Liquidity measures
Avg. volume (thou.) 275
Turnover 2.6%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $7,089

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco KBW Bank Portfolio 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™: 7.5%


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 71.9 60 -25 7.6 +0.1
IAT iShares DJ US Regional Banks 46.8 42 -7 7.3 -0.2
IYG iShares DJ US Financial Services 43.7 42 -7 6.4 -1.1
XLF Financials Select Sector SPDR 42.5 13 22 7.0 -0.5
RWW Invesco S&P Financials Revenue 39.5 45 -10 7.3 -0.2
DFNL Davis Select Financial 38.2 64 -29 6.6 -0.9
FNCL Fidelity MSCI Financials 37.8 8 27 7.3 -0.2
VFH Vanguard Financials 37.5 10 25 7.3 -0.2
KBE KBW Bank ETF 36.5 35 0 8.1 +0.6
RYF Invesco S&P Equal Weight Financials 34.0 40 -5 7.4 -0.1
KRE SPDR KBW Regional Banking 33.8 35 0 8.0 +0.5
IEFN iShares Evolved U.S. Financials 33.0 18 17 7.3 -0.2
JHMF John Hancock Multifactor Financials 30.4 40 -5 6.6 -0.9
IYF iShares DJ US Financials 28.0 42 -7 6.1 -1.4
SPVU Invesco S&P 500 Value 23.2 13 22 10.8 +3.3
IXG iShares S&P Global Financial Sector 22.6 46 -11 8.2 +0.7
DUSA Davis Select U.S. Equity 22.1 63 -28 5.0 -2.5
CLRG IQ Chaikin U.S. Large Cap 21.2 25 10 8.1 +0.6
PWV Invesco Dynamic Large Cap Value 16.7 55 -20 7.8 +0.3
JKF iShares Morningstar Large Value 16.6 25 10 7.7 +0.2

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%.

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 KBW Bank Portfolio
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 10.2 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 7.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.66 CATEGORY
AVERAGE
1.55
 
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.