Invesco KBW High Dividend Yield Financial ETF
ALTAR
Score™
23.4% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
4.3x P/Sales
ratio
1.4x
P/BV
ratio
0.4x Div.
yield
20.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco KBW High Dividend Yield Financial Portfolio seeks investment results that correspond (before fees and expenses) generally to the price and yield of the index called KBW Financial Sector Dividend Yield Index.

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Dec 01, 2010
Assets (mns) $140
Currency USD
Expense ratio 158 bp
Distributions Monthly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 40
Wgt avg mkt cap (mns) $2,037
Large cap (>$10bn) 1.4%
Mid cap ($2-10bn) 31.9%
Small cap (<$2bn) 66.7%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
VIRTU FINANCIAL, INC. CLASS A 5.1 %
ORCHID ISLAND CAPITAL INC 4.8 %
AGNC INVESTMENT CORP. 4.1 %
DYNEX CAPITAL INC 4.0 %
PROSPECT CAPITAL CORP 4.0 %
ARTISAN PARTNERS ASSET MA -A 3.8 %
NEWTEK BUSINESS SERVICES CORP. 3.5 %
FS INVESTMENT CORP 3.5 %
MOELIS & CO - CLASS A 3.5 %
ARMOUR RESIDENTIAL REIT, INC. 3.2 %
Total 39.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 93.3 %
BERMUDA 4.0 %
BRITAIN 2.2 %








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.
-49.1% -45.0% -7.9% -- 0.0%

Market Correlations
versus... Beta R-squared
S&P500 1.53 59%
MSCI EAFE 1.56 60%
MSCI Emg. Mkts. 1.20 52%

Technical Indicators
Recent close $10.03
30d moving avg. $15.16
Annualized volatility 30.3%
Short interest (ETF) 0.2%
Short interest (Underlying) 3.8%
Relative strength (RSI) 23

Liquidity measures
Avg. volume (thou.) 187
Turnover 1.3%
Bid/Ask (% of price) 0.37%
ADV underlying (mns) $918

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: KBWD Expense: 158 bp ALTAR Score™: 23.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KBWD
Ticker Fund
Name
Overlap1
vs KBWD
(%)
Expense
ratio
(bp)
Savings
vs KBWD
(bp)
ALTAR
Score™
(%)
ALTAR
vs KBWD
(%)
BIZD VanEck Vectors BDC Income ETF 20.3 962 -804 12.4 -11.0
REM iShares Mortgage Real Estate ETF 19.5 48 110 34.0 +10.6
SRET Global X SuperDividend REIT ETF 19.0 59 99 27.6 +4.2
MORT VanEck Vectors Mortgage REIT Income ETF 18.5 42 116 35.4 +12.0
KCE SPDR S&P Capital Markets ETF 14.3 35 123 10.0 -13.4
PEX ProShares Global Listed Private Equity ETF 11.7 313 -155 10.3 -13.1
WBIY WBI Power Factor High Dividend ETF 9.9 70 88 18.6 -4.8
PEY Invesco High Yield Equity Dividend Achievers ETF 9.2 53 105 9.5 -13.9
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF 7.7 30 128 16.3 -7.1
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 7.3 38 120 12.6 -10.8
FXO First Trust Financials AlphaDEX Fund 7.2 63 95 13.2 -10.2
GBDV Global Beta Smart Income ETF 6.1 29 129 15.6 -7.8
VALX Validea Market Legends ETF 6.0 79 79 17.6 -5.8
SDIV Global X SuperDividend ETF 5.7 58 100 23.8 +0.4
CSB Victory CEMP US Small Cap High Dividend Volatility Wtd Idx E 5.6 35 123 11.9 -11.5
FTXO First Trust Nasdaq Bank ETF 5.6 60 98 14.4 -9.1
IAI iShares U.S. Broker-Dealers ETF 5.0 42 116 7.9 -15.5
OUSM O'Shares FTSE Russell Small Cap Quality Dividend ETF 4.8 48 110 8.5 -14.9
FOVL iShares Focused Value Factor ETF 4.6 25 133 13.5 -9.9
DVY iShares Select Dividend ETF 4.6 39 119 10.1 -13.3
SDOG ALPS Sector Dividend Dogs ETF 4.4 40 118 13.1 -10.3
RFV Invesco S&P Midcap 400 Pure Value ETF 4.3 35 123 15.5 -7.9
KBE SPDR S&P Bank ETF 4.2 35 123 15.0 -8.4
STLV iShares Factors US Value Style ETF 4.1 25 133 9.4 -14.0
DES WisdomTree U.S. SmallCap Dividend Fund 4.1 38 120 11.8 -11.6
FNK First Trust Mid Cap Value AlphaDEX Fund 4.0 70 88 15.0 -8.4
JKL iShares Morningstar Small Cap Value ETF 3.8 30 128 14.2 -9.2
ROOF IQ US Real Estate Small Cap ETF 3.7 70 88 14.4 -9.0
SLT Salt TruBeta High Exposure ETF 3.6 29 129 11.4 -12.1
KIE SPDR S&P Insurance ETF 3.6 35 123 11.3 -12.1
KBWR Invesco KBW Regional Banking ETF 3.6 35 123 14.5 -8.9
QVM Arrow QVM Equity Factor ETF 3.5 65 93 13.7 -9.8
FDVV Fidelity Core Dividend ETF 3.5 29 129 9.3 -14.1
RPV Invesco S&P 500 Pure Value ETF 3.4 35 123 16.1 -7.3
RYF Invesco S&P 500 Equal Weight Financials ETF 3.4 40 118 11.2 -12.2
AUSF Global X Adaptive U.S. Factor ETF 3.2 27 131 9.9 -13.5
PSP Invesco Global Listed Private Equity ETF 3.2 178 -20 8.0 -15.4
SPYD SPDR S&P 500 High Dividend ETF 3.1 7 151 13.4 -10.0
JDIV JPMorgan U.S. Dividend ETF 3.0 12 146 10.2 -13.2
QABA First Trust NASDAQ ABA Community Bank Index Fund 2.9 60 98 12.8 -10.6
NUMV Nuveen ESG Mid-Cap Value ETF 2.9 40 118 11.2 -12.2
CDL Victory CEMP US Large Cap High Dividend Volatility Wtd Idx E 2.9 35 123 10.8 -12.6
IAK iShares U.S. Insurance ETF 2.9 43 115 11.5 -12.0
RDIV Invesco S&P Ultra Dividend Revenue ETF 2.8 39 119 14.1 -9.3
SQLV Legg Mason Small-Cap Quality Value 2.8 62 96 10.7 -12.7
DIV Global X SuperDividend US ETF 2.8 45 113 14.7 -8.7
PXMV Invesco S&P MidCap Value with Momentum ETF 2.7 39 119 13.0 -10.4
WDIV SPDR Global Dividend ETF 2.7 40 118 12.2 -11.2
VFH Vanguard Financials Index Fund 2.7 10 148 11.1 -12.3
SPDV AAM S&P 500 High Dividend Value ETF 2.6 29 129 13.7 -9.7
SPHD Invesco S&P 500 High Dividend Low Volatility ETF 2.6 30 128 11.3 -12.1
PSCF Invesco S&P SmallCap Financials ETF 2.6 29 129 14.7 -8.7
IAT iShares U.S. Regional Banks ETF 2.6 42 116 14.5 -9.0
IEFN iShares Evolved U.S. Financials ETF 2.6 18 140 11.5 -11.9
KBWP Invesco KBW Property & Casualty Insurance ETF 2.5 35 123 8.3 -15.1
PSC Principal U.S. Small Cap Index ETF 2.5 38 120 10.1 -13.3
FNCL Fidelity MSCI Financials Index ETF 2.4 8 150 11.1 -12.3
JVAL JPMorgan U.S. Value Factor ETF 2.4 12 146 11.3 -12.1
SPHB Invesco S&P 500 High Beta ETF 2.3 25 133 10.5 -12.9
DVP Deep Value ETF 2.2 59 99 20.9 -2.5
CDC Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF 2.2 35 123 10.8 -12.6
FGD First Trust Dow Jones Global Select Dividend Index Fund 2.2 58 100 13.0 -10.4
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 2.2 12 146 11.1 -12.3
CSML IQ Chaikin U.S. Small Cap ETF 2.1 35 123 7.3 -16.1
QMOM Alpha Architect U.S. Quantitative Momentum ETF 2.1 49 109 4.7 -18.8
QDIV Global X S&P 500 Quality Dividend ETF 2.1 20 138 10.1 -13.3
ONEY SPDR Russell 1000 Yield Focus ETF 2.1 20 138 11.4 -12.0
PY Principal Shareholder Yield Index ETF 2.1 29 129 11.8 -11.6
XSLV Invesco S&P SmallCap Low Volatility ETF 2.1 25 133 11.2 -12.2
SPVU Invesco S&P 500 Enhanced Value ETF 2.1 13 145 14.9 -8.5
JHMF John Hancock Multifactor Financials ETF 2.1 40 118 10.1 -13.3
JKI iShares Morningstar Mid-Cap Value ETF 2.0 30 128 12.5 -10.9
FNX First Trust Mid Cap Core AlphaDEX Fund 2.0 61 97 9.6 -13.8
AFSM First Trust Active Factor Small Cap ETF 2.0 75 83 8.9 -14.5
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 2.0 40 118 7.6 -15.8
AVUV Avantis U.S. Small Cap Value ETF 2.0 25 133 12.8 -10.6
FINX Global X FinTech Thematic ETF 2.0 68 90 6.2 -17.2
IVOV Vanguard S&P Mid-Cap 400 Value ETF 2.0 15 143 11.6 -11.8
IJJ iShares S&P Mid-Cap 400 Value ETF 2.0 25 133 11.4 -12.0
MDYV SPDR S&P 400 Mid Cap Value ETF 2.0 15 143 11.5 -11.9
KRE SPDR S&P Regional Banking ETF 2.0 35 123 15.1 -8.3
ROGS Hartford Multifactor Global Small Cap ETF 2.0 34 124 11.0 -12.4
AFMC First Trust Active Factor Mid Cap ETF 1.9 65 93 9.2 -14.3
VBR Vanguard Small Cap Value Index Fund 1.9 7 151 11.4 -12.0
FAB First Trust Multi Cap Value AlphaDEX Fund 1.9 71 87 12.6 -10.8
VFVA Vanguard U.S. Value Factor ETF 1.9 13 145 15.6 -7.8
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 1.8 30 128 10.1 -13.3
XSVM Invesco S&P SmallCap Value with Momentum ETF 1.8 39 119 15.0 -8.4
FLAG FLAG-Forensic Accounting Long Short ETF 1.8 152 6 11.1 -12.3
USDY Pacific Global US Equity Income ETF 1.8 29 129 10.0 -13.4
HOMZ Hoya Capital Housing ETF 1.7 45 113 10.4 -13.0
RNSC Small Cap US Equity Select ETF 1.6 60 98 9.0 -14.4
IYR iShares U.S. Real Estate ETF 1.6 42 116 7.8 -15.6
FNDA Schwab Fundamental U.S. Small Co. Index ETF 1.6 25 133 9.1 -14.3
GDVD Principal Active Global Dividend Income ETF 1.6 58 100 7.0 -16.4
DFNL Davis Select Financial ETF 1.6 64 94 10.8 -12.6
DINT Davis Select International ETF 1.6 75 83 7.8 -15.6
RNDV US Equity Dividend Select ETF 1.6 50 108 10.0 -13.4
RNMC Mid Cap US Equity Select ETF 1.5 60 98 9.5 -14.0
VOE Vanguard Mid-Cap Value Index Fund 1.5 7 151 10.2 -13.3

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 KBW High Dividend Yield Financial 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 10.9 %
Divided by: Fwd. P/BV 0.4 x
Less: Expense ratio 158 bp
Equals: ALTAR Score 23.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.71 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.