Invesco Dynamic Semiconductors
ALTAR
Score™
5.8% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
21.9x P/Sales
ratio
3.8x
P/BV
ratio
3.5x Div.
yield
1.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Invesco Dynamic Semiconductors Portfolio ETF uses a quantitative model to select and weight semiconductor companies.

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Jun 23, 2005
Assets (mns) $203
Currency USD
Expense ratio 58 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 30
Wgt avg mkt cap (mns) $56,275
Large cap (>$10bn) 59.3%
Mid cap ($2-10bn) 24.9%
Small cap (<$2bn) 15.7%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ADVANCED MICRO DEVICES 5.1 %
TEXAS INSTRUMENTS INC 5.1 %
MICRON TECHNOLOGY INC 5.0 %
BROADCOM INC. 5.0 %
QUALCOMM INC 5.0 %
NVIDIA CORP 4.9 %
APPLIED MATERIALS INC 4.9 %
INTEL CORP 4.9 %
DIODES INC 2.8 %
AMKOR TECHNOLOGY INC 2.8 %
Total 45.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 91.9 %
NETHERLANDS 2.8 %
ISRAEL 2.8 %
BERMUDA 2.5 %







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.
41.3% 28.9% 21.3% 18.9% 11.2%

Market Correlations
versus... Beta R-squared
S&P500 1.52 56%
MSCI EAFE 1.45 42%
MSCI Emg. Mkts. 1.13 41%

Technical Indicators
Recent close $62.40
30d moving avg. $62.30
Annualized volatility 24.5%
Short interest (ETF) 0.8%
Short interest (Underlying) 5.3%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 27
Turnover 0.8%
Bid/Ask (% of price) 0.06%
ADV underlying (mns) $8,478

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco Dynamic Semiconductors ETF based on the alternatives' overlap in portfolio holdings with PSI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PSI Expense: 58 bp ALTAR Score™: 5.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PSI
Ticker Fund
Name
Overlap1
vs PSI
(%)
Expense
ratio
(bp)
Savings
vs PSI
(bp)
ALTAR
Score™
(%)
ALTAR
vs PSI
(%)
XSD SPDR S&P Semiconductors 55.0 35 23 5.0 -0.8
SOXX iShares PHLX SOX Semiconductor 54.6 46 12 6.1 +0.2
SMH VanEck Vectors Semiconductors 51.0 35 23 6.3 +0.5
FTXL First Trust Nasdaq Semiconductor 48.0 60 -2 6.4 +0.6
QTEC First Trust NASDAQ 100 Tech 32.7 57 1 6.0 +0.2
XNTK SPDR NYSE Technology 24.8 35 23 5.6 -0.2
JHMT John Hancock Multifactor Technology 23.8 40 18 6.1 +0.2
PTF Invesco DWA Technology Momentum 22.9 60 -2 1.5 -4.3
QTUM Defiance Quantum 22.0 40 18 6.4 +0.6
TDIV First Trust NASDAQ Technology Dividend 21.6 50 8 6.7 +0.9
DRIV Global X Autonomous & Electric Vehicles 20.5 68 -10 7.5 +1.7
KARS KraneShares Electric Vehicles & Future Mobility Index 18.4 70 -12 6.5 +0.7
IDRV iShares Self-driving EV & Tech 17.4 47 11 8.9 +3.1
FXL First Trust Technology Alphadex 16.8 63 -5 5.5 -0.3
RYT Invesco S&P Equal Weight Technology 16.8 40 18 6.4 +0.6
PXLG Invesco Fundamental Pure Large Growth 16.3 35 23 8.0 +2.2
XLK Technology Select Sector SPDR 15.9 13 45 5.6 -0.2
IYW iShares US Technology 15.8 42 16 5.2 -0.6
RDVY First Trust Nasdaq Rising Dividend Achievers 14.7 50 8 7.2 +1.4
VGT Vanguard Info Tech ETF 14.7 10 48 5.4 -0.4

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

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 Semiconductors
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 19.6 %
Divided by: Fwd. P/BV 3.1 x
Less: Expense ratio 58 bp
Equals: ALTAR Score 5.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.56 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.