Invesco Aerospace & Defense ETF
ALTAR
Score™
5.5% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
23.9x P/Sales
ratio
1.5x
P/BV
ratio
3.7x Div.
yield
1.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco Aerospace & Defense Portfolio seeks investment results that correspond to the price and yield of the SPADE(TM) Defense Index, which tracks stocks of companies involved in the defense industry.

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Oct 26, 2005
Assets (mns) $768
Currency USD
Expense ratio 59 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 49
Wgt avg mkt cap (mns) $38,407
Large cap (>$10bn) 70.8%
Mid cap ($2-10bn) 26.4%
Small cap (<$2bn) 2.8%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
RAYTHEON TECHNOLOGIES CORPORATION 9.1 %
LOCKHEED MARTIN CORP 7.7 %
HONEYWELL INTERNATIONAL INC 7.1 %
NORTHROP GRUMMAN CORP 6.5 %
BOEING CO 5.8 %
GENERAL DYNAMICS CORP 4.9 %
BALL CORP 4.5 %
TRANSDIGM GROUP INC 4.3 %
HARRIS CORP 4.1 %
SAIC INC 3.9 %
Total 57.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.3 %
ISRAEL 1.6 %
CANADA 1.0 %








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.
-16.2% -4.9% 10.8% 14.0% 10.8%

Market Correlations
versus... Beta R-squared
S&P500 1.13 76%
MSCI EAFE 1.20 74%
MSCI Emg. Mkts. 0.84 55%

Technical Indicators
Recent close $60.70
30d moving avg. $53.65
Annualized volatility 21.9%
Short interest (ETF) 0.0%
Short interest (Underlying) 3.4%
Relative strength (RSI) 66

Liquidity measures
Avg. volume (thou.) 97
Turnover 0.8%
Bid/Ask (% of price) 0.10%
ADV underlying (mns) $11,530

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: PPA Expense: 59 bp ALTAR Score™: 5.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PPA
Ticker Fund
Name
Overlap1
vs PPA
(%)
Expense
ratio
(bp)
Savings
vs PPA
(bp)
ALTAR
Score™
(%)
ALTAR
vs PPA
(%)
ITA iShares U.S. Aerospace & Defense ETF 57.1 42 17 6.5 +1.0
XKFF SPDR Kensho Final Frontiers ETF 51.8 45 14 5.1 -0.4
XAR SPDR S&P Aerospace & Defense ETF 47.1 35 24 4.6 -0.9
FITE SPDR Kensho Future Security ETF 31.5 45 14 3.7 -1.8
XLI Industrial Select Sector SPDR Fund 27.3 13 46 5.7 +0.2
VIS Vanguard Industrials Index Fund 24.3 10 49 5.7 +0.2
FIDU Fidelity MSCI Industrials Index ETF 24.0 8 51 5.8 +0.3
IYJ iShares U.S. Industrials ETF 18.9 42 17 5.8 +0.3
JHMI John Hancock Multifactor Industrials ETF 18.3 40 19 5.8 +0.3
PRN Invesco DWA Industrials Momentum ETF 17.2 60 -1 4.7 -0.8
UFO Procure Space ETF 15.1 75 -16 -0.4 -5.9
RGI Invesco S&P 500 Equal Weight Industrials ETF 14.2 40 19 5.5 -0.0
EXI iShares Global Industrials ETF 14.0 46 13 6.1 +0.6
KOMP SPDR Kensho New Economies Composite ETF 13.3 20 39 1.6 -3.9
FXR First Trust Industrials/Producer Durables AlphaDEX Fund 12.3 63 -4 6.7 +1.3
PLCY EventShares U.S. Legislative Opportunities ETF 12.1 75 -16 3.7 -1.8
VETS Pacer Military Times Best Employers ETF 10.9 60 -1 6.2 +0.7
GMAN Goldman Sachs Motif Manufacturing Revolution ETF 9.8 50 9 4.1 -1.4
PDP Invesco DWA Momentum ETF 9.1 62 -3 2.8 -2.7
IHAK iShares Cybersecurity & Tech ETF 8.4 47 12 3.7 -1.8
CIBR First Trust NASDAQ CEA Cybersecurity ETF 8.3 60 -1 3.0 -2.4
HACK ETFMG Prime Cyber Security ETF 7.9 60 -1 3.1 -2.4
DVLU First Trust Dorsey Wright Momentum & Value ETF 7.4 60 -1 5.7 +0.2
JKD iShares Morningstar Large-Cap ETF 7.4 20 39 5.8 +0.3
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 6.8 25 34 5.9 +0.4
XKII SPDR Kensho Intelligent Structures ETF 6.7 45 14 6.0 +0.5
BUL Pacer US Cash Cows Growth ETF 6.7 60 -1 5.4 -0.1
RFG Invesco S&P Midcap 400 Pure Growth ETF 6.6 35 24 3.7 -1.8
XMMO Invesco S&P MidCap Momentum ETF 6.6 39 20 4.3 -1.2
VIG Vanguard Dividend Appreciation Index Fund 6.6 6 53 5.2 -0.3
EDOW First Trust Dow 30 Equal Weight ETF 6.1 50 9 5.7 +0.2
QVM Arrow QVM Equity Factor ETF 5.8 65 -6 4.9 -0.6
DIA SPDR Dow Jones Industrial Average ETF Trust 5.7 16 43 5.5 +0.0
MDYG SPDR S&P 400 Mid Cap Growth ETF 5.7 15 44 4.8 -0.7
IJK iShares S&P Mid-Cap 400 Growth ETF 5.7 24 35 4.7 -0.8
FTCS First Trust Capital Strength ETF 5.6 60 -1 4.9 -0.6
PVAL Principal Contrarian Value Index ETF 5.5 29 30 7.2 +1.7
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 5.5 39 20 6.1 +0.6
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 5.5 15 44 4.6 -0.8
MOAT VanEck Vectors Morningstar Wide Moat ETF 5.4 49 10 5.9 +0.4
KLCD KFA Large Cap Quality Dividend Index ETF 5.4 41 18 5.2 -0.3
QMOM Alpha Architect U.S. Quantitative Momentum ETF 5.3 49 10 3.3 -2.2
ACIO Aptus Collared Income Opportunity ETF 5.3 79 -20 4.5 -1.0
LEAD Reality Shares DIVCON Leaders Dividend ETF 5.2 43 16 4.3 -1.2
MAGA Point Bridge GOP Stock Tracker ETF 5.2 72 -13 6.3 +0.8
KNOW Direxion All Cap Insider Sentiment Shares 5.1 59 0 5.5 -0.0
CCOR Core Alternative ETF 5.0 123 -64 4.2 -1.2
DSTL Distillate US Fundamental Stability & Value ETF 5.0 39 20 6.4 +0.9
USMF WisdomTree U.S. Multifactor Fund 4.9 28 31 6.1 +0.6
EQWL Invesco Russell Top 200 Equal Weight ETF 4.7 25 34 5.9 +0.4
FTC First Trust Large Cap Growth AlphaDEX Fund 4.7 61 -2 3.0 -2.4
QTUM Defiance Quantum ETF 4.5 40 19 5.3 -0.1
JKJ iShares Morningstar Small-Cap ETF 4.5 25 34 6.3 +0.8
WLDR Affinity World Leaders Equity ETF 4.5 47 12 9.5 +4.0
ARKQ Ark Industrial Innovation ETF 4.5 75 -16 0.7 -4.7
XSW SPDR S&P Software & Services ETF 4.5 35 24 3.5 -2.0
EQWM Invesco S&P MidCap Quality ETF 4.4 25 34 5.0 -0.5
DGRW WisdomTree U.S. Quality Dividend Growth Fund 4.4 28 31 6.5 +1.0
LVUS Hartford Multifactor Low Volatility US Equity ETF 4.4 19 40 5.9 +0.4
OMFL Oppenheimer Russell 1000 Dynamic Multifactor ETF 4.4 29 30 4.3 -1.1
DUSA Davis Select U.S. Equity ETF 4.3 63 -4 5.6 +0.2
TPLC Timothy Plan US Large Cap Core ETF 4.3 52 7 5.3 -0.2
BFOR Barron's 400 ETF 4.2 66 -7 6.2 +0.7
ULVM VictoryShares USAA MSCI USA Value Momentum ETF 4.2 20 39 7.5 +2.0
TTFS AdvisorShares Wilshire Buyback ETF 4.2 91 -32 6.1 +0.7
CACG ClearBridge All Cap Growth ETF 4.2 54 5 4.5 -1.0
FLLV Franklin Liberty U.S. Low Volatility ETF 4.1 29 30 5.6 +0.1
TDV ProShares S&P Technology Dividend Aristocrats ETF 4.1 45 14 4.6 -0.8
JETS US Global Jets ETF 4.0 60 -1 4.2 -1.3
VBR Vanguard Small Cap Value Index Fund 4.0 7 52 8.1 +2.6
CZA Invesco Zacks Mid-Cap ETF 4.0 76 -17 5.9 +0.5
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 4.0 17 42 6.4 +0.9
FVL First Trust Value Line 100 Exchange-Traded Fund 3.9 70 -11 4.9 -0.6
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 3.9 60 -1 8.0 +2.5
DEF Invesco Defensive Equity ETF 3.8 55 4 5.1 -0.4
SCHM Schwab U.S. Mid-Cap ETF 3.8 4 55 6.2 +0.7
JKG iShares Morningstar Mid-Cap ETF 3.8 25 34 5.9 +0.4
BIBL Inspire ETF 3.8 35 24 4.7 -0.8
FLM First Trust Global Engineering & Construction ETF 3.8 70 -11 9.8 +4.3
DFND Reality Shares DIVCON Dividend Defender ETF 3.8 121 -62 3.6 -1.9
JHSC John Hancock Multifactor Small Cap ETF 3.7 50 9 5.7 +0.2
MIDF iShares Edge MSCI Multifactor USA Mid-Cap ETF 3.7 25 34 7.2 +1.7
JHMA John Hancock Multifactor Materials ETF 3.7 40 19 6.6 +1.2
XLB Materials Select Sector SPDR Fund 3.7 13 46 5.7 +0.3
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 3.7 65 -6 3.8 -1.7
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 3.6 7 52 5.4 -0.1
PWB Invesco Dynamic Large Cap Growth ETF 3.6 55 4 3.5 -2.0
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF 3.6 35 24 6.6 +1.1
FAD First Trust Multi Cap Growth AlphaDEX Fund 3.6 66 -7 2.6 -2.9
AFMC First Trust Active Factor Mid Cap ETF 3.6 65 -6 6.0 +0.5
MDY SPDR S&P Midcap 400 ETF Trust 3.6 23 36 6.1 +0.6
SPMD SPDR Portfolio Mid Cap ETF 3.6 5 54 6.2 +0.8
DWLD Davis Select Worldwide ETF 3.6 64 -5 6.6 +1.1
IJH iShares Core S&P Mid-Cap ETF 3.6 6 53 6.2 +0.8
SFYX Sofi Next 500 ETF 3.6 0 59 5.9 +0.4
PFM Invesco Dividend Achievers ETF 3.6 54 5 5.3 -0.2
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 3.6 20 39 9.1 +3.6
VB Vanguard Small-Cap ETF 3.5 5 54 5.4 -0.1
IVOO Vanguard S&P Mid-Cap 400 ETF 3.5 10 49 6.1 +0.6
FCTR First Trust Lunt U.S. Factor Rotation ETF 3.5 65 -6 4.8 -0.7

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

  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

Content on this tab for subscribers only

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 Aerospace & Defense 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 21.1 %
Divided by: Fwd. P/BV 3.5 x
Less: Expense ratio 59 bp
Equals: ALTAR Score 5.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.39 CATEGORY
AVERAGE
1.53
 
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.