Invesco KBW Regional Banking ETF
ALTAR
Score™
7.5% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
28.1x P/Sales
ratio
3.8x
P/BV
ratio
1.2x Div.
yield
2.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco KBW Regional Banking 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 Regional Banking 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 Tax Exempt Securities Trust In
Website www.powershares.com
Inception date Nov 01, 2011
Assets (mns) $48
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 No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 50
Wgt avg mkt cap (mns) $3,906
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 91.4%
Small cap (<$2bn) 8.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
EAST WEST BANCORP INC 4.5 %
SIGNATURE BANK 4.2 %
COMMERCE BANCSHARES INC 3.6 %
PROSPERITY BANCSHARES INC 3.3 %
CULLEN/FROST BANKERS INC 3.1 %
HANCOCK HOLDING CO 2.3 %
WESTERN ALLIANCE BANCORP 2.2 %
BANKUNITED INC 2.2 %
WEBSTER FINANCIAL CORP 2.2 %
PACWEST BANCORP 2.1 %
Total 29.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.1 %
PUERTO RICO 2.0 %









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.
-8.9% -8.9% 5.3% -- 10.1%

Market Correlations
versus... Beta R-squared
S&P500 1.38 65%
MSCI EAFE 1.33 60%
MSCI Emg. Mkts. 1.18 60%

Technical Indicators
Recent close $53.13
30d moving avg. $48.22
Annualized volatility 32.1%
Short interest (ETF) 6.0%
Short interest (Underlying) 5.8%
Relative strength (RSI) 72

Liquidity measures
Avg. volume (thou.) 10
Turnover 1.1%
Bid/Ask (% of price) 0.34%
ADV underlying (mns) $1,239

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Invesco KBW Regional Banking ETF ETF based on the alternatives' overlap in portfolio holdings with KBWR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: KBWR Expense: 35 bp ALTAR Score™: 7.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KBWR
Ticker Fund
Name
Overlap1
vs KBWR
(%)
Expense
ratio
(bp)
Savings
vs KBWR
(bp)
ALTAR
Score™
(%)
ALTAR
vs KBWR
(%)
QABA First Trust NASDAQ ABA Community Bank Index Fund 42.3 60 -25 7.4 -0.1
KBE SPDR S&P Bank ETF 37.5 35 0 8.1 +0.6
KRE SPDR S&P Regional Banking ETF 35.8 35 0 7.3 -0.1
IAT iShares U.S. Regional Banks ETF 26.7 42 -7 7.8 +0.3
FTXO First Trust Nasdaq Bank ETF 21.6 60 -25 6.6 -0.9
RFV Invesco S&P Midcap 400 Pure Value ETF 18.0 35 0 8.9 +1.4
FXO First Trust Financials AlphaDEX Fund 16.2 63 -28 9.1 +1.6
FOVL iShares Focused Value Factor ETF 15.2 25 10 7.7 +0.2
PSCF Invesco S&P SmallCap Financials ETF 14.4 29 6 9.0 +1.5
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 12.2 41 -6 5.4 -2.1
CSB VictoryShares US Small Cap High Dividend Volatility Wtd Idx 11.7 35 0 7.1 -0.4
IJJ iShares S&P Mid-Cap 400 Value ETF 11.6 18 17 6.9 -0.6
MDYV SPDR S&P 400 Mid Cap Value ETF 11.6 15 20 6.9 -0.5
FYT First Trust Small Cap Value AlphaDEX Fund 11.0 72 -37 8.0 +0.5
IVOV Vanguard S&P Mid-Cap 400 Value ETF 10.7 15 20 6.7 -0.8
PSC Principal U.S. Small Cap Index ETF 10.7 38 -3 4.6 -2.9
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 9.8 60 -25 6.2 -1.3
PFI Invesco DWA Financial Momentum ETF 9.8 60 -25 4.9 -2.6
XMVM Invesco S&P MidCap Value with Momentum ETF 9.7 39 -4 8.2 +0.7
JKJ iShares Morningstar Small-Cap ETF 9.4 25 10 5.1 -2.4
WBIY WBI Power Factor High Dividend ETF 8.8 70 -35 8.4 +0.9
AVUV Avantis U.S. Small Cap Value ETF 8.6 25 10 6.4 -1.1
EWMC Invesco S&P MidCap 400 Equal Weight ETF 8.3 40 -5 5.7 -1.8
DON WisdomTree U.S. MidCap Dividend Fund 8.1 38 -3 6.7 -0.8
JKL iShares Morningstar Small Cap Value ETF 7.5 30 5 7.6 +0.1
EZM WisdomTree U.S. MidCap Earnings Fund 7.4 38 -3 7.6 +0.1
XMHQ Invesco S&P MidCap Quality ETF 7.0 25 10 5.5 -2.0
FNK First Trust Mid Cap Value AlphaDEX Fund 7.0 70 -35 7.8 +0.3
MDY SPDR S&P Midcap 400 ETF Trust 6.4 23 12 5.2 -2.3
SPMD SPDR Portfolio Mid Cap ETF 6.4 5 30 5.4 -2.1
IJH iShares Core S&P Mid-Cap ETF 6.4 5 30 5.4 -2.1
SLYV SPDR S&P 600 Small Cap Value ETF 6.4 15 20 7.0 -0.5
VBR Vanguard Small Cap Value Index Fund 6.4 7 28 6.4 -1.1
IEFN iShares Evolved U.S. Financials ETF 6.4 18 17 7.5 -0.0
SDY SPDR S&P Dividend ETF 6.2 35 0 6.4 -1.1
FYX First Trust Small Cap Core AlphaDEX Fund 6.2 63 -28 5.5 -2.0
IVOO Vanguard S&P Mid-Cap 400 ETF 6.2 10 25 5.3 -2.2
BFOR Barron's 400 ETF 6.2 65 -30 5.6 -1.9
TPSC Timothy Plan US Small Cap Core ETF 6.1 52 -17 5.7 -1.8
XSHQ Invesco S&P SmallCap Quality ETF 6.0 29 6 5.3 -2.2
IJS iShares S&P Small-cap 600 Value ETF 6.0 18 17 6.8 -0.7
BKSE BNY Mellon US Small Cap Core Equity ETF 5.8 4 31 4.7 -2.8
VIOV Vanguard S&P Small-Cap 600 Value ETF 5.8 15 20 6.9 -0.5
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 5.8 35 0 6.0 -1.5
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 5.8 35 0 6.0 -1.5
IWN iShares Russell 2000 Value ETF 5.7 24 11 5.1 -2.4
FNDA Schwab Fundamental U.S. Small Co. Index ETF 5.4 25 10 4.8 -2.7
AUSF Global X Adaptive U.S. Factor ETF 5.4 27 8 8.0 +0.6
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 5.4 20 15 7.1 -0.4
JHSC John Hancock Multifactor Small Cap ETF 5.4 42 -7 4.6 -2.9
SMDV ProShares Russell 2000 Dividend Growers ETF 5.4 41 -6 5.4 -2.1
DES WisdomTree U.S. SmallCap Dividend Fund 5.3 38 -3 6.7 -0.8
NIFE Direxion Fallen Knives ETF 5.1 50 -15 4.2 -3.3
RNSC Small Cap US Equity Select ETF 5.1 60 -25 6.0 -1.5
VTWV Vanguard Russell 2000 Value Index Fund 5.0 15 20 5.2 -2.3
NUSC Nuveen ESG Small-Cap ETF 4.9 40 -5 4.0 -3.5
KBWD Invesco KBW High Dividend Yield Financial ETF 4.8 124 -89 10.1 +2.6
AFSM First Trust Active Factor Small Cap ETF 4.7 77 -42 4.4 -3.1
FGD First Trust Dow Jones Global Select Dividend Index Fund 4.6 59 -24 10.0 +2.5
FNCL Fidelity MSCI Financials Index ETF 4.5 8 27 7.1 -0.4
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 4.5 17 18 4.1 -3.4
FNX First Trust Mid Cap Core AlphaDEX Fund 4.3 61 -26 5.1 -2.4
FAB First Trust Multi Cap Value AlphaDEX Fund 4.3 71 -36 7.5 +0.0
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 4.3 7 28 3.9 -3.6
PBSM Invesco PureBeta MSCI USA Small Cap ETF 4.3 6 29 4.1 -3.4
VFH Vanguard Financials Index Fund 4.3 10 25 7.1 -0.4
VFVA Vanguard U.S. Value Factor ETF 4.2 14 21 8.5 +1.0
RNMC Mid Cap US Equity Select ETF 4.2 60 -25 6.1 -1.4
SCHA Schwab U.S. Small-Cap ETF 4.2 4 31 3.6 -3.9
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 4.1 38 -3 7.0 -0.5
AIRR First Trust RBA American Industrial Renaissance ETF 3.9 70 -35 5.2 -2.3
KSCD KFA Small Cap Quality Dividend Index ETF 3.9 51 -16 5.2 -2.3
ISMD Inspire Small/Mid Cap Impact ETF 3.8 60 -25 4.3 -3.2
RZV Invesco S&P Smallcap 600 Pure Value ETF 3.8 35 0 6.9 -0.6
PEY Invesco High Yield Equity Dividend Achievers ETF 3.7 52 -17 8.1 +0.6
VB Vanguard Small-Cap ETF 3.5 5 30 4.5 -3.0
SPSM SPDR Portfolio Small Cap ETF 3.5 5 30 5.7 -1.8
SLY SPDR S&P 600 Small Cap ETF 3.4 15 20 5.6 -1.9
IYG iShares US Financial Services ETF 3.4 42 -7 5.8 -1.7
VIOO Vanguard S&P Small-Cap 600 ETF 3.4 10 25 5.6 -1.9
IJR iShares Core S&P Small Cap ETF 3.3 6 29 5.7 -1.8
VTWO Vanguard Russell 2000 Index Fund 3.3 10 25 2.7 -4.8
RWK Invesco S&P MidCap 400 Revenue ETF 3.3 39 -4 6.4 -1.1
TMDV ProShares Russell US Dividend Growers ETF 3.2 36 -1 5.2 -2.3
DVY iShares Select Dividend ETF 3.2 39 -4 8.0 +0.5
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 3.2 29 6 6.0 -1.5
XSLV Invesco S&P SmallCap Low Volatility ETF 3.1 25 10 4.6 -2.9
SMDY Syntax Stratified MidCap ETF 3.0 30 5 5.2 -2.3
IWM iShares Russell 2000 ETF 3.0 19 16 2.5 -5.0
VNMC Natixis Vaughan Nelson Mid Cap ETF 2.9 90 -55 6.0 -1.5
EES WisdomTree SmallCap Earnings Fund 2.8 38 -3 7.6 +0.1
VFLQ Vanguard U.S. Liquidity Factor ETF 2.8 14 21 3.5 -4.0
VFQY Vanguard U.S. Quality Factor ETF 2.8 13 22 5.3 -2.2
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 2.7 12 23 6.1 -1.4
SFYX Sofi Next 500 ETF 2.7 0 35 4.9 -2.6
OSCV Opus Small Cap Value Plus ETF 2.7 79 -44 4.6 -2.9
SQLV Legg Mason Small-Cap Quality Value 2.6 62 -27 4.1 -3.4
AFMC First Trust Active Factor Mid Cap ETF 2.6 65 -30 5.3 -2.2
BBSC JPMorgan BetaBuilders U.S. Small Cap Equity ETF 2.5 9 26 3.3 -4.2

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%.

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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 Regional Banking 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 9.0 %
Divided by: Fwd. P/BV 1.2 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
1.49
 
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.