Invesco S&P 500 BuyWrite ETF
ALTAR
Score™
4.5% info Recommen-
dation
NEUTRAL
2021E    2022E
P/E
ratio
22.1x P/Sales
ratio
2.6x
P/BV
ratio
3.6x Div.
yield
1.6%


  • 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) $164
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) $527,839
Large cap (>$10bn) 98.6%
Mid cap ($2-10bn) 1.4%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
APPLE INC 6.6 %
MICROSOFT CORP 5.8 %
AMAZON.COM INC 4.4 %
FACEBOOK 2.0 %
ALPHABET INC. CLASS A 2.0 %
ALPHABET INC. CLASS C 1.9 %
TESLA MOTORS INC 1.9 %
BERKSHIRE HATHAWAY INC-CL B 1.5 %
JPMORGAN CHASE & CO 1.4 %
JOHNSON & JOHNSON 1.4 %
Total 28.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 101.0 %
IRELAND 1.7 %
BRITAIN 1.0 %
SWITZERLAND 0.4 %
BERMUDA 0.0 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru February 28)
Year-to-date 1 year 5 years 10 years Since Incep.
1.3% 6.9% 5.5% 5.3% 4.0%

Market Correlations
versus... Beta R-squared
S&P500 0.70 85%
MSCI EAFE 0.69 80%
MSCI Emg. Mkts. 0.53 59%

Technical Indicators
Recent close $20.75
30d moving avg. $20.92
Annualized volatility 14.1%
Short interest (ETF) 0.2%
Short interest (Underlying) 1.5%
Relative strength (RSI) 52

Liquidity measures
Avg. volume (thou.) 35
Turnover 0.4%
Bid/Ask (% of price) 0.54%
ADV underlying (mns) $246,662

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the Invesco S&P 500 BuyWrite ETF 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™: 4.5%


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
(%)
XYLG Global X S&P 500 Covered Call & Growth ETF 101.6 60 -11 4.4 -0.0
SPY SPDR S&P 500 ETF Trust 99.8 9 40 4.8 +0.3
SPLG SPDR Portfolio Large Cap ETF 99.8 3 46 4.9 +0.4
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 99.7 20 29 4.9 +0.4
IVV iShares Core S&P 500 ETF 99.7 3 46 4.9 +0.4
SPXE ProShares S&P 500 Ex-Energy ETF 99.0 27 22 4.8 +0.3
VOO VANGUARD S&P 500 ETF 97.9 3 46 4.9 +0.4
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 93.9 7 42 4.7 +0.2
BBUS JP Morgan Betabuilders U.S. Equity ETF 92.6 2 47 4.8 +0.3
VV Vanguard Large-Cap Index Fund 92.4 4 45 4.7 +0.2
PBUS Invesco PureBeta MSCI USA ETF 92.2 4 45 4.8 +0.3
XVV iShares ESG Screened S&P 500 ETF 92.2 8 41 4.9 +0.4
SPTM SPDR Portfolio Total Stock Market ETF 90.9 3 46 4.9 +0.4
SCHX Schwab U.S. Large-Cap ETF 90.2 3 46 4.7 +0.2
SPXV ProShares S&P 500 Ex-Health Care ETF 89.8 27 22 4.4 -0.1
SPXN ProShares S&P 500 Ex-Financials ETF 89.4 27 22 4.4 -0.1
ESGV Vanguard ESG U.S. Stock ETF 87.8 12 37 4.6 +0.1
IWB iShares Russell 1000 ETF 87.6 15 34 4.6 +0.1
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 87.1 20 29 4.7 +0.2
MGC Vanguard Mega Cap Index Fund 87.1 7 42 4.8 +0.3
CATH Global X S&P 500 Catholic Values Custom ETF 86.7 29 20 4.6 +0.1
IYY iShares Dow Jones U.S. ETF 86.7 20 29 4.6 +0.1
SCHK Schwab 1000 Index ETF 86.7 5 44 4.7 +0.2
IWL iShares Russell Top 200 ETF 84.8 15 34 4.6 +0.2
BKLC BNY Mellon US Large Cap Core Equity ETF 84.6 0 49 4.7 +0.2
VONE Vanguard Russell 1000 ETF 84.2 8 41 4.7 +0.2
VTHR Vanguard Russell 3000 Index Fund 82.1 10 39 4.5 +0.0
IWV iShares Russell 3000 ETF 81.6 20 29 4.4 -0.1
SCHB Schwab U.S. Broad Market ETF 81.3 3 46 4.6 +0.1
ITOT iShares Core S&P Total U.S. Stock Market ETF 80.8 3 46 4.5 +0.1
ESGU iShares MSCI USA ESG Optimized ETF 80.6 15 34 4.6 +0.2
VTI Vanguard Total Stock Market Index Fund 79.0 3 46 4.5 +0.1
SFY SoFi Select 500 ETF 78.9 0 49 4.7 +0.3
DFAU Dimensional US Core Equity Market ETF 78.6 12 37 4.8 +0.3
SNPE Xtrackers S&P 500 ESG ETF 75.6 10 39 4.9 +0.4
EFIV SPDR S&P 500 ESG ETF 75.6 10 39 4.9 +0.4
MMTM SPDR S&P 1500 Momentum Tilt ETF 75.0 12 37 4.1 -0.4
JHML John Hancock Multifactor Large Cap ETF 74.8 29 20 5.0 +0.5
IQSU IQ Candriam ESG US Equity ETF 74.7 9 40 4.7 +0.2
SPXT ProShares S&P 500 Ex-Technology ETF 74.5 27 22 5.0 +0.6
JCTR JPMorgan Carbon Transition U.S. Equity ETF 74.4 15 34 4.9 +0.4
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 72.4 9 40 5.0 +0.5
EPS WisdomTree U.S. Earnings 500 Fund 71.5 8 41 6.1 +1.7
OEF iShares S&P 100 ETF 68.7 20 29 4.5 +0.0
VOOG Vanguard S&P 500 Growth ETF 68.3 10 39 3.9 -0.6
QUS SPDR MSCI USA StrategicFactors ETF 68.2 15 34 5.4 +0.9
ESG FlexShares STOXX US ESG Impact Index Fund 67.4 32 17 4.7 +0.2
SPYG SPDR Portfolio S&P 500 Growth ETF 67.4 4 45 3.9 -0.6
IVW iShares S&P 500 Growth ETF 67.4 18 31 3.8 -0.7
IUSG iShares Core S&P US Growth ETF 66.4 4 45 3.9 -0.6
TOK iShares MSCI Kokusai ETF 66.0 25 24 4.9 +0.5
KOKU Xtrackers MSCI Kokusai Equity ETF 65.9 9 40 5.1 +0.7
VOOV Vanguard S&P 500 Value ETF 65.3 10 39 6.2 +1.8
FNDX Schwab Fundamental U.S. Large Co. Index ETF 65.2 25 24 5.6 +1.2
PRF Invesco FTSE RAFI US 1000 ETF 65.2 39 10 5.7 +1.2
DIVB iShares U.S. Dividend & Buyback ETF 64.2 25 24 6.0 +1.5
AVUS Avantis U.S. Equity ETF 64.0 15 34 5.0 +0.5
XOUT GraniteShares XOUT U.S. Large Cap ETF 63.0 60 -11 3.7 -0.8
SPYV SPDR Portfolio S&P 500 Value ETF 63.0 4 45 6.3 +1.8
IVE iShares S&P 500 Value ETF 62.9 18 31 6.1 +1.7
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 62.6 25 24 5.0 +0.5
FNDB Schwab Fundamental U.S. Broad Market Index ETF 62.4 25 24 5.5 +1.0
IUSV iShares Core S&P U.S. Value ETF 61.7 4 45 6.3 +1.8
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 61.2 15 34 0.0 -4.5
IUS Invesco Strategic US ETF 61.1 19 30 5.2 +0.8
URTH iShares MSCI World ETF 61.0 24 25 5.1 +0.6
RWL Invesco S&P 500 Revenue ETF 60.8 39 10 6.1 +1.6
DYNF BlackRock U.S. Equity Factor Rotation ETF 60.1 30 19 5.2 +0.7
IWF iShares Russell 1000 Growth ETF 59.0 19 30 3.6 -0.9
VONG Vanguard Russell 1000 Growth Index Fund 58.6 8 41 3.7 -0.8
VLU SPDR S&P 1500 Value Tilt ETF 57.7 12 37 5.9 +1.4
VONV Vanguard Russell 1000 Value Index Fund 57.6 8 41 6.1 +1.6
SCHV Schwab U.S. Large-Cap Value ETF 56.9 4 45 6.1 +1.6
IWD iShares Russell 1000 Value ETF 56.8 19 30 5.9 +1.5
HIPR Direxion High Growth ETF 56.6 40 9 4.1 -0.4
DLN WisdomTree U.S. LargeCap Dividend Fund 56.5 28 21 6.4 +1.9
VUG Vanguard Growth Index Fund 56.4 4 45 3.5 -1.0
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 56.3 30 19 5.1 +0.6
DSI iShares MSCI KLD 400 Social ETF 56.3 25 24 4.6 +0.2
NACP Impact Shares NAACP Minority Empowerment ETF 55.9 49 0 4.9 +0.5
RESP WisdomTree US ESG Fund of Benef Interest 55.5 28 21 5.4 +0.9
WOMN Impact Shares YWCA Women's Empowerment ETF 55.1 75 -26 3.7 -0.8
DTD WisdomTree U.S.Total Dividend Fund 55.1 28 21 6.4 +1.9
XLG Invesco S&P 500 Top 50 ETF 54.8 20 29 4.3 -0.2
IWY iShares Russell Top 200 Growth ETF 54.1 20 29 3.8 -0.7
ESGG FlexShares STOXX Global ESG Impact Index Fund 54.1 42 7 4.8 +0.4
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 53.8 49 0 3.7 -0.8
ACWI iShares MSCI ACWI ETF 52.4 32 17 5.2 +0.7
KRMA Global X Conscious Companies ETF 52.3 43 6 5.1 +0.7
RECS Columbia Research Enhanced Core ETF 52.2 15 34 5.4 +0.9
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 51.7 10 39 5.0 +0.5
SUSL iShares ESG MSCI USA Leaders ETF 51.7 10 39 4.9 +0.5
CRBN iShares MSCI ACWI Low Carbon Target ETF 51.5 20 29 5.4 +0.9
LOWC SPDR MSCI ACWI Low Carbon Target ETF 51.5 20 29 5.4 +0.9
RSP Invesco S&P 500 Equal Weight ETF 51.0 20 29 5.4 +0.9
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 50.9 19 30 5.2 +0.7
AFLG First Trust Active Factor Large Cap ETF 50.9 55 -6 4.8 +0.3
QWLD SPDR MSCI World StrategicFactors ETF 50.9 30 19 5.5 +1.1

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

  2016 2017 2018 2019 2020 2021E 2022E
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
  2020 2021E 2022E
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 BuyWrite ETF
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 17.5 %
Divided by: Fwd. P/BV 3.5 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 4.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.43 CATEGORY
AVERAGE
1.50
 
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.