Invesco S&P Small Cap Financials
ALTAR
Score™
8.7% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
12.9x P/Sales
ratio
2.6x
P/BV
ratio
1.3x Div.
yield
3.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Invesco S&P Small Cap Financials is based on the S&P SmallCap 600 Capped Financials Index. The Index is a subset of the S&P SmallCap 600 Index, which is a float-adjusted, market-capitalization-weighted index reflecting the U.S. small-cap market.

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.invescopowershares.com
Inception date Apr 07, 2010
Assets (mns) $127
Currency USD
Expense ratio 29 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 No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 134
Wgt avg mkt cap (mns) $1,696
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 33.0%
Small cap (<$2bn) 67.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
RLI CORP 2.1 %
GLACIER BANCORP INC 2.0 %
COMMUNITY BANK SYSTEM INC 1.8 %
OLD NATL BANCORP/IN 1.7 %
AGREE REALTY CORP 1.6 %
COLUMBIA BANKING SYSTEM INC 1.5 %
INDEPENDENT BANK CORP/MA 1.5 %
CVB FINANCIAL CORP 1.5 %
AMERIS BANCORP 1.5 %
LEXINGTON REALTY TRUST 1.4 %
Total 16.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.6 %
PUERTO RICO 1.8 %
BERMUDA 1.0 %
CAYMAN ISLANDS 0.6 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
20.2% 4.7% 9.5% -- 10.9%

Market Correlations
versus... Beta R-squared
S&P500 1.00 57%
MSCI EAFE 0.82 32%
MSCI Emg. Mkts. 0.48 18%

Technical Indicators
Recent close $56.28
30d moving avg. $56.17
Annualized volatility 16.1%
Short interest (ETF) 0.4%
Short interest (Underlying) 5.1%
Relative strength (RSI) 55

Liquidity measures
Avg. volume (thou.) 5
Turnover 0.2%
Bid/Ask (% of price) 0.42%
ADV underlying (mns) $1,227

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: PSCF Expense: 29 bp ALTAR Score™: 8.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PSCF
Ticker Fund
Name
Overlap1
vs PSCF
(%)
Expense
ratio
(bp)
Savings
vs PSCF
(bp)
ALTAR
Score™
(%)
ALTAR
vs PSCF
(%)
XSLV Invesco S&P SmallCap Low Volatility 55.6 25 4 7.0 -1.7
ROOF IQ US Real Estate Small Cap 30.9 70 -41 8.5 -0.2
SLYV SPDR S&P600 Small Cap Value 28.4 15 14 6.8 -1.9
IJS iShares S&P 600 SmallCap Value 28.2 25 4 6.7 -2.0
VIOV Vanguard S&P Small-Cap 600 Value 28.2 20 9 6.8 -1.9
SLY SPDR S&P 600 Small Cap 25.1 15 14 5.7 -3.0
IJR iShares Core S&P Small-Cap 24.7 7 22 5.8 -3.0
VIOO Vanguard S&P Small-Cap 600 24.5 15 14 5.8 -3.0
QABA First Trust NASDAQ ABA Community Bank 23.5 60 -31 8.1 -0.6
EWSC Invesco S&P Small Cap 600 Equal Weight 22.5 40 -11 3.0 -5.7
PXSG Invesco Fundamental Pure Small Growth 22.5 39 -10 4.6 -4.1
SLYG SPDR S&P600 Small Cap Growth 21.4 15 14 4.6 -4.1
IJT iShares S&P 600 SmallCap Growth 21.1 25 4 4.5 -4.3
VIOG Vanguard S&P Small-Cap 600 Growth 20.9 20 9 4.5 -4.2
XSHQ Invesco S&P SmallCap Quality Portfolio 20.9 29 0 5.5 -3.3
XSVM Invesco S&P SmallCap Value with Momentum 19.8 39 -10 8.2 -0.5
KBWR Invesco KBW Regional Bank 17.0 35 -6 8.6 -0.1
IWN iShares Russell 2000 Value 15.4 24 5 6.2 -2.5
VTWV Vanguard Russell 2000 Value 15.3 20 9 6.3 -2.4
SMLV SPDR Russell 2000 Low Volatility 15.2 12 17 6.6 -2.1

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

  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

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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 Small Cap Financials
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 10.8 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 8.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.71 CATEGORY
AVERAGE
1.56
 
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.