Invesco KBW Regional Bank
ALTAR
Score™
8.3% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
12.7x P/Sales
ratio
3.6x
P/BV
ratio
1.2x Div.
yield
2.7%


  • 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) $67
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 51
Wgt avg mkt cap (mns) $3,957
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 93.4%
Small cap (<$2bn) 6.7%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
COMMERCE BANCSHARES INC 4.0 %
SIGNATURE BANK 3.9 %
CHEMICAL FINANCIAL CORP 3.7 %
EAST WEST BANCORP INC 3.6 %
CULLEN/FROST BANKERS INC 3.1 %
UMPQUA HOLDINGS CORP 2.2 %
WESTERN ALLIANCE BANCORP 2.1 %
POPULAR INC 2.1 %
HOME BANCSHARES INC 2.1 %
WEBSTER FINANCIAL CORP 2.1 %
Total 29.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.8 %
PUERTO RICO 2.1 %









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.
23.6% 23.6% 8.3% -- 12.7%

Market Correlations
versus... Beta R-squared
S&P500 1.36 60%
MSCI EAFE 1.15 36%
MSCI Emg. Mkts. 0.73 25%

Technical Indicators
Recent close $53.73
30d moving avg. $53.58
Annualized volatility 21.2%
Short interest (ETF) 3.1%
Short interest (Underlying) 5.8%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 4
Turnover 0.3%
Bid/Ask (% of price) 0.17%
ADV underlying (mns) $958

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco KBW Regional Bank 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™: 8.3%


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
(%)
KRE SPDR KBW Regional Banking 45.5 35 0 7.9 -0.3
KBE KBW Bank ETF 44.3 35 0 7.9 -0.3
QABA First Trust NASDAQ ABA Community Bank 42.2 60 -25 7.8 -0.4
IAT iShares DJ US Regional Banks 28.0 42 -7 7.3 -0.9
FTXO First Trust Nasdaq Bank 19.8 60 -25 7.6 -0.7
PSCF Invesco S&P Small Cap Financials 16.8 29 6 8.9 +0.7
FOVL iShares Focused Value Factor 16.7 25 10 8.4 +0.2
PXMV Invesco Fundamental Pure Mid Value 14.8 39 -4 8.3 +0.0
MDYV SPDR S&P400 Mid Cap Value 13.7 15 20 7.6 -0.7
IJJ iShares S&P MidCap 400 Value 13.7 25 10 7.5 -0.8
SDVY First Trust SMID Cap Rising Dividend Achievers 13.7 60 -25 7.1 -1.1
JKL iShares Morningstar Small Cap Value 12.9 30 5 8.7 +0.5
FXO First Trust Financial Alphadex 12.7 63 -28 7.5 -0.7
REGL ProShares S&P MidCap 400 Dividend Aristocrats 11.7 40 -5 5.6 -2.6
IVOV Vanguard S&P Mid-Cap 400 Value 11.3 20 15 7.1 -1.2
FNK First Trust Mid Cap Value AlphaDEX 10.6 70 -35 8.6 +0.3
TPSC Timothy Plan US Small Cap Core 9.9 52 -17 6.5 -1.7
EZM WisdomTree Midcap Earnings 9.7 38 -3 8.2 -0.0
JHSC John Hancock Multifactor Small Cap 9.3 50 -15 5.4 -2.8
XSLV Invesco S&P SmallCap Low Volatility 9.1 25 10 6.9 -1.3

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

  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 Regional Bank
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 9.8 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 8.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.68 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.