Invesco DWA Financial Momentum ETF
ALTAR
Score™
3.5% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
27.4x P/Sales
ratio
5.4x
P/BV
ratio
4.4x Div.
yield
1.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Invesco DWA Financial Momentum Portfolio tracks an index of U.S. financial firms selected and weighted by price momentum.

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Oct 12, 2006
Assets (mns) $26
Currency USD
Expense ratio 60 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian BNY Mellon
Weighting Momentum
Index replication
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 40
Wgt avg mkt cap (mns) $52,811
Large cap (>$10bn) 66.4%
Mid cap ($2-10bn) 26.6%
Small cap (<$2bn) 7.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MARKETAXESS HOLDINGS INC 9.1 %
AMERICAN TOWER CORP-CL A 7.5 %
PROGRESSIVE CORP 4.6 %
S&P GLOBAL, INC. 3.6 %
MOODY'S CORP 3.6 %
MSCI INC-A 3.5 %
MASTERCARD INC-CLASS A 3.5 %
VISA INC-CLASS A SHARES 3.1 %
KINSALE CAPITAL GROUP, INC. 2.8 %
NASDAQ OMX GROUP/THE 2.6 %
Total 43.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 98.0 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-10.9% -1.5% 3.5% 8.7% 3.7%

Market Correlations
versus... Beta R-squared
S&P500 1.02 78%
MSCI EAFE 1.06 72%
MSCI Emg. Mkts. 0.74 54%

Technical Indicators
Recent close $34.09
30d moving avg. $31.94
Annualized volatility 19.6%
Short interest (ETF) 0.0%
Short interest (Underlying) 3.2%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 23
Turnover 3.1%
Bid/Ask (% of price) 0.44%
ADV underlying (mns) $8,685

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Invesco DWA Financial Momentum ETF ETF based on the alternatives' overlap in portfolio holdings with PFI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PFI Expense: 60 bp ALTAR Score™: 3.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PFI
Ticker Fund
Name
Overlap1
vs PFI
(%)
Expense
ratio
(bp)
Savings
vs PFI
(bp)
ALTAR
Score™
(%)
ALTAR
vs PFI
(%)
IYF iShares U.S. Financials ETF 24.4 42 18 7.2 +3.7
KCE SPDR S&P Capital Markets ETF 23.0 35 25 8.1 +4.6
PSR Invesco Active U.S. Real Estate Fund 20.7 35 25 6.5 +3.0
JHMF John Hancock Multifactor Financials ETF 19.6 40 20 7.9 +4.4
FREL Fidelity MSCI Real Estate Index ETF 19.5 8 52 7.0 +3.5
IYG iShares US Financial Services ETF 19.3 42 18 7.0 +3.5
IYR iShares U.S. Real Estate ETF 19.0 42 18 6.9 +3.4
VNQ Vanguard REIT Index Fund 18.9 12 48 6.9 +3.5
XLRE The Real Estate Select Sector SPDR Fund 18.1 13 47 5.7 +2.3
KIE SPDR S&P Insurance ETF 17.2 35 25 10.0 +6.5
VFH Vanguard Financials Index Fund 16.5 10 50 9.0 +5.5
ICF iShares Cohen & Steers REIT ETF 16.3 34 26 6.2 +2.7
SRVR Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF 16.1 60 0 3.0 -0.5
FNCL Fidelity MSCI Financials Index ETF 16.1 8 52 9.0 +5.5
XLF Financial Select Sector SPDR Fund 15.9 13 47 8.4 +4.9
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 15.9 39 21 6.4 +3.0
RYF Invesco S&P 500 Equal Weight Financials ETF 15.7 40 20 10.1 +6.6
GFIN Goldman Sachs Motif Finance Reimagined ETF 15.6 50 10 5.7 +2.3
EWRE Invesco S&P 500 Equal Weight Real Estate ETF 14.5 40 20 7.5 +4.0
SPMO Invesco S&P 500 Momentum ETF 14.1 13 47 4.5 +1.0
IAI iShares U.S. Broker-Dealers ETF 14.0 42 18 6.4 +3.0
OMFL Oppenheimer Russell 1000 Dynamic Multifactor ETF 13.9 29 31 4.4 +0.9
DDIV First Trust Dorsey Wright Momentum & Dividend ETF 13.6 60 0 5.4 +1.9
GRI ALPS REIT Dividend Dogs ETF 13.5 35 25 16.3 +12.8
ALFA AlphaClone Alternative Alpha ETF 13.4 65 -5 3.9 +0.5
LEAD Reality Shares DIVCON Leaders Dividend ETF 12.7 43 17 4.4 +0.9
IEFN iShares Evolved U.S. Financials ETF 12.4 18 42 9.4 +5.9
FXO First Trust Financials AlphaDEX Fund 12.1 63 -3 12.7 +9.2
IAK iShares U.S. Insurance ETF 12.0 43 17 10.2 +6.8
PPTY PPTY-U.S. Diversified Real Estate ETF 11.8 53 7 6.7 +3.3
QUAL iShares MSCI Usa Quality Factor ETF 11.5 15 45 5.5 +2.0
VEGN US Vegan Climate ETF 11.3 60 0 5.3 +1.9
FRI First Trust S&P REIT Index Fund 11.3 50 10 7.4 +4.0
PSET Principal Price Setters Index ETF 11.3 29 31 4.7 +1.2
USRT iShares Core U.S. REIT ETF 11.3 8 52 7.8 +4.4
UTRN Vesper U.S. Large Cap Short-Term Reversal Strategy ETF 11.2 75 -15 5.4 +1.9
BBRE JPMorgan BetaBuilders MSCI U.S. REIT ETF 11.1 11 49 7.8 +4.4
GLIF AGFiQ Global Infrastructure ETF 11.0 45 15 5.2 +1.7
FDMO Fidelity Momentum Factor ETF 11.0 29 31 3.9 +0.5
PDP Invesco DWA Momentum ETF 10.9 62 -2 2.8 -0.7
PWB Invesco Dynamic Large Cap Growth ETF 10.9 55 5 3.5 +0.0
JKE iShares Morningstar Large-Cap Growth ETF 10.6 25 35 3.5 +0.0
QGRO American Century STOXX U.S. Quality Growth ETF 10.2 29 31 3.1 -0.3
SCHH Schwab U.S. REIT ETF 10.1 7 53 8.1 +4.6
QLV FlexShares US Quality Low Volatility Index Fund 10.0 22 38 5.2 +1.8
LGLV SPDR Russell 1000 Low Volatility ETF 10.0 12 48 5.7 +2.3
ACIO Aptus Collared Income Opportunity ETF 9.9 79 -19 4.6 +1.1
INDS Pacer Benchmark Industrial Real Estate SCTR ETF 9.8 60 0 4.3 +0.9
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 9.8 46 14 5.5 +2.0
RWR SPDR Dow Jones REIT ETF 9.7 25 35 7.9 +4.4
JMOM JPMorgan U.S. Momentum Factor ETF 9.4 12 48 4.0 +0.5
FTC First Trust Large Cap Growth AlphaDEX Fund 9.3 61 -1 3.0 -0.4
REET iShares Global REIT ETF 9.3 14 46 7.8 +4.4
FLLV Franklin Liberty U.S. Low Volatility ETF 9.3 29 31 5.7 +2.2
FDLO Fidelity Low Volatility Factor ETF 9.2 29 31 5.3 +1.8
MGK Vanguard Mega Cap Growth ETF 9.1 7 53 4.4 +0.9
DFND Reality Shares DIVCON Dividend Defender ETF 9.0 121 -61 3.7 +0.2
PLAT WisdomTree Modern Tech Platforms Fund 9.0 45 15 1.4 -2.1
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 8.9 10 50 5.5 +2.1
SUSL iShares ESG MSCI USA Leaders ETF 8.9 10 50 5.5 +2.1
FIVG Defiance Next Gen Connectivity ETF 8.8 30 30 4.4 +1.0
ADME Aptus Drawdown Managed Equity ETF 8.6 81 -21 3.8 +0.3
ECOZ TrueMark ESG Active Opportunities ETF 8.6 58 2 4.5 +1.0
DSI iShares MSCI KLD 400 Social ETF 8.5 25 35 5.3 +1.9
KOIN Innovation Shares NextGen Protocol ETF 8.5 95 -35 4.4 +1.0
FQAL Fidelity Quality Factor ETF 8.5 29 31 5.5 +2.1
TTAC TrimTabs Float Shrink ETF 8.4 59 1 3.6 +0.1
FFR First Trust FTSE EPRA/NAREIT Developed Markets Real Estate 8.4 60 0 7.6 +4.2
HECO EcoLogical Strategy ETF 8.4 107 -47 3.4 -0.1
VUG Vanguard Growth Index Fund 8.4 4 56 4.3 +0.8
TMFC Motley Fool 100 Index ETF 8.3 50 10 4.0 +0.6
IXG iShares Global Financials ETF 8.2 46 14 10.4 +7.0
JQUA JPMorgan U.S. Quality Factor ETF 8.2 12 48 5.3 +1.8
YLDE ClearBridge Dividend Strategy ESG ETF 8.1 60 0 5.1 +1.6
NULC Nuveen ESG Large-Cap ETF 8.1 20 40 5.4 +1.9
USMV iShares Edge MSCI Min Vol USA ETF 7.9 15 45 5.7 +2.3
NULG Nuveen ESG Large-Cap Growth ETF 7.9 35 25 3.4 -0.1
RPG Invesco S&P 500 Pure Growth ETF 7.7 35 25 4.5 +1.1
IWY iShares Russell Top 200 Growth ETF 7.7 20 40 4.3 +0.9
VGFO Virtus WMC Global Factor Opportunities ETF 7.6 49 11 6.3 +2.8
VOOG Vanguard S&P 500 Growth ETF 7.6 10 50 4.5 +1.0
SPYG SPDR Portfolio S&P 500 Growth ETF 7.5 4 56 4.5 +1.1
IVW iShares S&P 500 Growth ETF 7.5 18 42 4.4 +0.9
KBWP Invesco KBW Property & Casualty Insurance ETF 7.5 35 25 7.7 +4.2
RWO SPDR Dow Jones Global Real Estate ETF 7.5 50 10 7.5 +4.0
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 7.3 19 41 5.8 +2.3
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 7.3 49 11 5.6 +2.1
NXTG First Trust Indxx NextG ETF 7.3 70 -10 6.2 +2.7
SPMV Invesco S&P 500 Minimum Variance ETF 7.3 10 50 5.9 +2.4
SCHG Schwab U.S. Large-Cap Growth ETF 7.3 4 56 4.4 +0.9
IUSG iShares Core S&P US Growth ETF 7.2 4 56 4.5 +1.1
QLC FlexShares US Quality Large Cap Index Fund 7.2 32 28 5.6 +2.2
GQRE FlexShares Global Quality Real Estate Index Fund 7.2 45 15 7.9 +4.4
SPHQ Invesco S&P 500 Quality ETF 7.1 15 45 5.2 +1.7
DEF Invesco Defensive Equity ETF 7.1 55 5 5.1 +1.6
QUS SPDR MSCI USA StrategicFactors ETF 7.0 15 45 5.9 +2.4
BIBL Inspire ETF 7.0 35 25 4.8 +1.3
LSLT Salt Low truBeta US Market ETF 7.0 0 60 7.3 +3.8
CLRG IQ Chaikin U.S. Large Cap ETF 7.0 25 35 6.3 +2.8
TECB iShares US Tech Breakthrough Multisector ETF 6.9 40 20 4.1 +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

  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 DWA Financial Momentum ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 17.5 %
Divided by: Fwd. P/BV 4.3 x
Less: Expense ratio 60 bp
Equals: ALTAR Score 3.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.49 CATEGORY
AVERAGE
1.52
 
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.