Invesco Dynamic Financial Sector
ALTAR
Score™
4.7% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
20.3x P/Sales
ratio
4.5x
P/BV
ratio
3.5x Div.
yield
2.2%


  • 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) $58
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 41
Wgt avg mkt cap (mns) $59,704
Large cap (>$10bn) 65.7%
Mid cap ($2-10bn) 22.4%
Small cap (<$2bn) 11.9%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
AMERICAN TOWER CORP-CL A 7.1 %
CROWN CASTLE INTL CORP 7.0 %
EXTRA SPACE STORAGE INC 3.3 %
JPMORGAN CHASE & CO 3.2 %
MASTERCARD INC-CLASS A 3.2 %
DISCOVER FINANCIAL SERVICES 3.0 %
MOODY'S CORP 3.0 %
S&P GLOBAL, INC. 2.9 %
MSCI INC-A 2.9 %
VISA INC-CLASS A SHARES 2.9 %
Total 38.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 98.3 %
PUERTO RICO 1.6 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
33.2% 20.2% 6.1% 10.3% 4.6%

Market Correlations
versus... Beta R-squared
S&P500 0.88 62%
MSCI EAFE 0.70 34%
MSCI Emg. Mkts. 0.46 24%

Technical Indicators
Recent close $37.27
30d moving avg. $37.30
Annualized volatility 13.4%
Short interest (ETF) 0.5%
Short interest (Underlying) 3.2%
Relative strength (RSI) 49

Liquidity measures
Avg. volume (thou.) 57
Turnover 3.7%
Bid/Ask (% of price) 0.34%
ADV underlying (mns) $9,318

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco Dynamic Financial Sector 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™: 4.7%


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 DJ US Financials 21.3 42 18 6.2 +1.5
XLRE Real Estate Select Sector SPDR 21.0 13 47 5.4 +0.7
JHMF John Hancock Multifactor Financials 20.3 40 20 6.7 +2.0
RYF Invesco S&P Equal Weight Financials 19.3 40 20 7.5 +2.8
IYG iShares DJ US Financial Services 18.8 42 18 6.5 +1.8
FREL Fidelity MSCI Real Estate 18.7 8 52 6.2 +1.4
IYR iShares U.S. Real Estate 18.6 42 18 5.9 +1.1
PSR Invesco Active US Real Estate 18.2 35 25 5.5 +0.8
KCE SPDR KBW Capital Markets 17.8 35 25 8.2 +3.5
VNQ Vanguard REIT ETF 17.0 12 48 6.1 +1.4
EWRE Invesco S&P 500 Equal Weight Real Estate 16.3 40 20 5.6 +0.9
KIE SPDR S&P Insurance 16.1 35 25 7.3 +2.5
SRVR Pacer Benchmark Data & Infrastructure Real Estate 16.0 60 0 5.8 +1.0
DDIV First Trust Dorsey Wright Momentum & Dividend 15.9 60 0 6.7 +1.9
DVLU First Trust Dorsey Wright Momentum & Value 14.2 60 0 8.4 +3.7
GLIF AGFiQ Global Infrastructure 13.8 45 15 5.3 +0.6
XLF Financials Select Sector SPDR 13.7 13 47 7.1 +2.4
ICF iShares Cohen & Steers Realty Majors 13.7 34 26 5.3 +0.6
FNCL Fidelity MSCI Financials 12.9 8 52 7.4 +2.7
VFH Vanguard Financials 12.9 10 50 7.4 +2.7

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 Dynamic Financial Sector
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 16.8 %
Divided by: Fwd. P/BV 3.2 x
Less: Expense ratio 60 bp
Equals: ALTAR Score 4.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.58 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.