Invesco S&P 500 Buy/Write
ALTAR
Score™
5.6% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
18.3x P/Sales
ratio
2.2x
P/BV
ratio
3.2x Div.
yield
1.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Invesco S&P 500 BuyWrite Portfolio is an exchange traded Fund ('ETF') that purchases the S&P 500 stock portfolio and sells near term S&P 500 calls monthly. It is a passive investment that tracks the BXM .

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Dec 20, 2007
Assets (mns) $292
Currency USD
Expense ratio 49 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Fixed
Index replication Full
Uses derivatives Yes
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 505
Wgt avg mkt cap (mns) $260,761
Large cap (>$10bn) 97.6%
Mid cap ($2-10bn) 2.5%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MICROSOFT CORP 4.2 %
APPLE INC 4.0 %
AMAZON.COM INC 2.9 %
FACEBOOK 1.8 %
BERKSHIRE HATHAWAY INC-CL B 1.6 %
JPMORGAN CHASE & CO 1.6 %
ALPHABET INC. CLASS C 1.5 %
ALPHABET INC. CLASS A 1.5 %
JOHNSON & JOHNSON 1.4 %
VISA INC-CLASS A SHARES 1.2 %
Total 21.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.3 %
IRELAND 1.9 %
BRITAIN 1.1 %
SWITZERLAND 0.5 %
BERMUDA 0.0 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
10.8% -1.9% 5.2% 7.2% 4.3%

Market Correlations
versus... Beta R-squared
S&P500 0.59 84%
MSCI EAFE 0.50 50%
MSCI Emg. Mkts. 0.32 33%

Technical Indicators
Recent close $21.89
30d moving avg. $21.64
Annualized volatility 7.9%
Short interest (ETF) 0.0%
Short interest (Underlying) 2.4%
Relative strength (RSI) 52

Liquidity measures
Avg. volume (thou.) 115
Turnover 0.9%
Bid/Ask (% of price) 0.41%
ADV underlying (mns) $144,207

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco S&P 500 Buy/Write ETF based on the alternatives' overlap in portfolio holdings with PBP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PBP Expense: 49 bp ALTAR Score™: 5.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PBP
Ticker Fund
Name
Overlap1
vs PBP
(%)
Expense
ratio
(bp)
Savings
vs PBP
(bp)
ALTAR
Score™
(%)
ALTAR
vs PBP
(%)
SPY S&P 500 SPDR 99.5 9 40 6.1 +0.5
IVV iShares Core S&P 500 99.4 4 45 6.1 +0.5
VOO Vanguard S&P 500 ETF 98.8 3 46 6.1 +0.5
HSPX Global X S&P 500 Covered Call 98.6 65 -16 5.5 -0.1
SPYX SPDR S&P 500 Fossil Fuel Reserves Free 96.1 20 29 6.1 +0.5
SPXE ProShares S&P 500 Ex-Energy 95.4 27 22 6.0 +0.4
VV Vanguard Large-Cap ETF 95.1 4 45 6.0 +0.5
BBUS JP Morgan Betabuilders U.S. Equity 94.3 2 47 6.0 +0.4
PBUS Invesco PureBeta MSCI USA 94.1 4 45 6.1 +0.5
SCHX Schwab U.S. Large-Cap 91.4 3 46 6.0 +0.4
SPLG SPDR Portfolio Large Cap 90.1 3 46 6.0 +0.4
VONE Vanguard Russell 1000 89.1 12 37 5.9 +0.4
IWB iShares Russell 1000 89.0 15 34 5.9 +0.3
SCHK Schwab 1000 Index 88.9 5 44 6.0 +0.4
IYY iShares DJ US Total Market 87.1 20 29 5.8 +0.2
SPXV ProShares S&P 500 Ex-Health Care 86.1 27 22 5.8 +0.2
SFY SoFi Select 500 85.3 0 49 5.8 +0.2
MGC Vanguard Mega Cap 300 ETF 85.3 7 42 6.0 +0.5
CATH Global X S&P 500 Catholic Values 84.4 29 20 6.0 +0.4
SPXN ProShares S&P 500 Ex-Financials 83.7 27 22 6.0 +0.4

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 S&P 500 Buy/Write
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 17.6 %
Divided by: Fwd. P/BV 2.9 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 5.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.48 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.