Invesco KBW High Dividend Financial
ALTAR
Score™
10.0% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
10.2x P/Sales
ratio
2.7x
P/BV
ratio
0.9x Div.
yield
10.4%


  • 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) $294
Currency USD
Expense ratio 242 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) $2,659
Large cap (>$10bn) 1.1%
Mid cap ($2-10bn) 45.4%
Small cap (<$2bn) 53.5%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ORCHID ISLAND CAPITAL INC 4.8 %
ARLINGTON ASSET INVESTMENT-A 4.3 %
NEW RESIDENTIAL INVESTMENT 4.1 %
AGNC INVESTMENT CORP. 3.9 %
DYNEX CAPITAL INC 3.9 %
FS INVESTMENT CORP 3.8 %
TWO HARBORS INVESTMENT CORP. 3.8 %
WESTERN ASSET MORTGAGE CAPIT 3.7 %
AG MORTGAGE INVESTMENT TRUST 3.5 %
ANNALY CAPITAL MANAGEMENT IN 3.5 %
Total 39.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.2 %
BRITAIN 2.6 %
BERMUDA 2.0 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
18.2% 6.7% 5.1% -- 7.6%

Market Correlations
versus... Beta R-squared
S&P500 0.87 51%
MSCI EAFE 0.82 37%
MSCI Emg. Mkts. 0.56 28%

Technical Indicators
Recent close $21.60
30d moving avg. $21.38
Annualized volatility 14.8%
Short interest (ETF) 0.4%
Short interest (Underlying) 3.8%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 51
Turnover 0.4%
Bid/Ask (% of price) 0.11%
ADV underlying (mns) $982

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco KBW High Dividend Financial 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: 242 bp ALTAR Score™: 10.0%


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
(%)
MORT VanEck Vectors Mortgage REIT 32.5 42 200 10.7 +0.6
REM iShares Mortgage Real Estate Capped 31.0 48 194 10.4 +0.4
SRET Global X SuperDividend REIT 24.5 59 183 9.9 -0.2
KCE SPDR KBW Capital Markets 14.5 35 207 8.0 -2.0
DIV Global X SuperDividend US ETF 12.8 45 197 7.4 -2.6
SDIV Global X Superdividend 12.7 58 184 11.0 +1.0
XSHD Invesco S&P SmallCap High Div Low Volatility 10.7 30 212 8.1 -1.9
FDVV Fidelity Core Dividend 7.9 29 213 7.3 -2.7
FXO First Trust Financial Alphadex 7.8 63 179 7.9 -2.2
PEY Invesco High Yield Equity Dividend Acheivers 7.6 53 189 6.7 -3.4
JKL iShares Morningstar Small Cap Value 7.2 30 212 8.9 -1.1
CSB Victory CEMP US Small Cap High Div Volatility Wtd 6.7 35 207 7.3 -2.8
BIZD VanEck Vectors BDC Income 6.2 962 -720 1.7 -8.4
KBE KBW Bank ETF 6.1 35 207 8.3 -1.8
ROOF IQ US Real Estate Small Cap 6.0 70 172 8.5 -1.6
OUSM O'Shares FTSE Russell Small Cap Quality Dividend 6.0 48 194 6.7 -3.3
FTXO First Trust Nasdaq Bank 5.9 60 182 7.7 -2.3
DVY iShares Select Dividend 5.8 39 203 8.0 -2.0
AUSF Global X Adaptive U.S. Factor 5.8 27 215 6.9 -3.1
RFV Invesco S&P Midcap 400 Pure Value 5.6 35 207 9.5 -0.6

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

  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

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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 High Dividend Financial
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 10.8 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 242 bp
Equals: ALTAR Score 10.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.75 CATEGORY
AVERAGE
1.56
 
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.