Invesco Dynamic Software ETF
ALTAR
Score™
2.9% info Recommen-
dation
AVOID
2020E    2021E
P/E
ratio
33.7x P/Sales
ratio
4.2x
P/BV
ratio
4.5x Div.
yield
0.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Invesco Dynamic Software Portfolio ETF uses a quantitative model to choose US software companies across the market cap spectrum.

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Jun 23, 2005
Assets (mns) $458
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 31
Wgt avg mkt cap (mns) $96,594
Large cap (>$10bn) 65.1%
Mid cap ($2-10bn) 14.5%
Small cap (<$2bn) 20.4%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ACTIVISION BLIZZARD INC 5.6 %
SYNOPSYS INC 5.6 %
ELECTRONIC ARTS INC 5.2 %
MICROSOFT CORP 5.2 %
ADOBE SYSTEMS INC 5.1 %
ANSYS INC 4.9 %
LIBERTY BROADBAND CORP. CLASS C 4.3 %
CERNER CORP 4.3 %
BANDWIDTH INC. CLASS A 4.2 %
SCIPLAY CORP. CLASS A 3.8 %
Total 48.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 93.7 %
ISRAEL 2.6 %









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.
10.7% 20.7% 21.1% 17.6% 14.3%

Market Correlations
versus... Beta R-squared
S&P500 1.06 68%
MSCI EAFE 0.96 48%
MSCI Emg. Mkts. 0.71 40%

Technical Indicators
Recent close $110.35
30d moving avg. $101.20
Annualized volatility 21.8%
Short interest (ETF) 1.3%
Short interest (Underlying) 5.2%
Relative strength (RSI) 68

Liquidity measures
Avg. volume (thou.) 35
Turnover 0.8%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $12,913

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: PSJ Expense: 58 bp ALTAR Score™: 2.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PSJ
Ticker Fund
Name
Overlap1
vs PSJ
(%)
Expense
ratio
(bp)
Savings
vs PSJ
(bp)
ALTAR
Score™
(%)
ALTAR
vs PSJ
(%)
IGV iShares North American Tech-Software ETF 27.5 46 12 2.6 -0.3
IEME iShares Evolved U.S. Media & Entertainment ETF 15.7 18 40 7.6 +4.8
QTEC First Trust NASDAQ-100 Technology Sector Index Fund 15.1 57 1 5.1 +2.2
PTF Invesco DWA Technology Momentum ETF 13.6 60 -2 1.3 -1.6
JHMT John Hancock Multifactor Technology ETF 13.4 40 18 5.1 +2.3
XSW SPDR S&P Software & Services ETF 12.9 35 23 3.6 +0.7
QMOM Alpha Architect U.S. Quantitative Momentum ETF 12.8 49 9 3.2 +0.3
AMOM Qraft AI-Enhanced U.S. Large Cap Momentum ETF 12.7 75 -17 2.2 -0.7
GAMR ETFMG Video Game Tech ETF 12.3 75 -17 3.6 +0.7
HERO Global X Video Games & Esports ETF 11.7 50 8 3.1 +0.2
FXL First Trust Technology AlphaDEX Fund 11.4 61 -3 3.4 +0.5
ESPO VanEck Vectors Video Gaming & eSports ETF 10.8 55 3 2.9 +0.0
IYW iShares U.S. Technology ETF 10.7 42 16 4.3 +1.5
MTUM iShares Edge MSCI USA Momentum Factor ETF 10.5 15 43 4.7 +1.9
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF 10.3 35 23 6.7 +3.9
IGM iShares North American Tech ETF 10.1 46 12 4.1 +1.2
TECB iShares US Tech Breakthrough Multisector ETF 10.1 40 18 4.1 +1.2
SPMO Invesco S&P 500 Momentum ETF 10.1 13 45 4.5 +1.6
SKYY First Trust Cloud Computing ETF 10.0 60 -2 2.0 -0.9
VGT Vanguard Information Technology Index Fund 9.8 10 48 4.8 +2.0
FTEC Fidelity MSCI Information Technology Index ETF 9.8 8 50 4.9 +2.0
RYT Invesco S&P 500 Equal Weight Technology ETF 9.6 40 18 7.4 +4.6
IETC iShares Evolved U.S. Technology ETF 9.5 18 40 4.1 +1.2
FDMO Fidelity Momentum Factor ETF 9.5 29 29 3.9 +1.1
XLK Technology Select Sector SPDR Fund 9.4 13 45 5.0 +2.1
CACG ClearBridge All Cap Growth ETF 9.3 54 4 4.5 +1.6
QYLD Global X NASDAQ 100 Covered Call ETF 9.2 60 -2 3.8 +0.9
GURU Global X Guru Index ETF 9.2 75 -17 3.7 +0.8
XNTK SPDR Morgan Stanley Technology ETF 9.1 35 23 4.0 +1.1
VFMV Vanguard U.S. Minimum Volatility ETF 9.1 13 45 4.0 +1.1
XLC The Communication Services Select Sector SPDR Fund 9.0 13 45 6.1 +3.2
NUSI Nationwide Risk-Managed Income ETF 9.0 68 -10 3.7 +0.9
QQQ Invesco QQQ Trust 9.0 20 38 4.1 +1.3
USMF WisdomTree U.S. Multifactor Fund 9.0 28 30 6.3 +3.4
AIQ Global X Future Analytics Tech ETF 8.9 68 -10 4.2 +1.3
EWCO Invesco S&P 500 Equal Weight Communication Services ETF 8.9 40 18 8.0 +5.1
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF 8.9 60 -2 3.4 +0.5
SYG SPDR MFS Systematic Growth Equity ETF 8.8 60 -2 4.7 +1.8
ECOZ TrueMark ESG Active Opportunities ETF 8.8 58 0 4.5 +1.6
FTC First Trust Large Cap Growth AlphaDEX Fund 8.7 61 -3 3.0 +0.2
NERD Roundhill BITKRAFT Esports & Digital Entertainment ETF 8.7 25 33 2.4 -0.5
JHCS John Hancock Multifactor Media & Communications ETF 8.7 40 18 5.8 +2.9
IXN iShares Global Tech ETF 8.6 46 12 4.9 +2.0
CWS AdvisorShares Focused Equity ETF 8.5 85 -27 5.4 +2.6
PWB Invesco Dynamic Large Cap Growth ETF 8.5 55 3 3.5 +0.6
ONEQ Fidelity Nasdaq Composite Index Tracking Stock 8.5 21 37 3.3 +0.4
VEGN US Vegan Climate ETF 8.4 60 -2 5.3 +2.5
KNOW Direxion All Cap Insider Sentiment Shares 8.3 59 -1 5.5 +2.6
LRGE ClearBridge Large Cap Growth ESG ETF 8.1 60 -2 4.0 +1.1
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund 8.1 60 -2 4.3 +1.4
OGIG O'Shares Global Internet Giants ETF 8.1 48 10 0.5 -2.3
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares 8.1 35 23 4.5 +1.7
GDAT Goldman Sachs Motif Data-Driven World Etf 8.1 50 8 5.3 +2.4
SCHG Schwab U.S. Large-Cap Growth ETF 8.1 4 54 4.4 +1.5
JKE iShares Morningstar Large-Cap Growth ETF 8.1 25 33 3.5 +0.6
VUG Vanguard Growth Index Fund 8.0 4 54 4.3 +1.4
TDV ProShares S&P Technology Dividend Aristocrats ETF 7.9 45 13 4.9 +2.0
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 7.9 9 49 5.7 +2.8
FVL First Trust Value Line 100 Exchange-Traded Fund 7.9 70 -12 4.0 +1.1
PRNT The 3D Printing ETF 7.8 66 -8 1.3 -1.6
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 7.8 49 9 4.2 +1.4
AFLG First Trust Active Factor Large Cap ETF 7.8 55 3 6.0 +3.1
TMFC Motley Fool 100 Index ETF 7.7 50 8 4.0 +1.2
USMC Principal U.S. Mega-Cap Multi-Factor Index ETF 7.7 12 46 4.9 +2.0
FQAL Fidelity Quality Factor ETF 7.7 29 29 5.5 +2.7
CLOU Global X Cloud Computing ETF 7.6 68 -10 0.7 -2.1
VONG Vanguard Russell 1000 Growth Index Fund 7.6 8 50 4.5 +1.6
IWF iShares Russell 1000 Growth ETF 7.6 19 39 4.4 +1.5
MMTM SPDR S&P 1500 Momentum Tilt ETF 7.5 12 46 5.1 +2.2
MGK Vanguard Mega Cap Growth ETF 7.5 7 51 4.4 +1.5
OMFL Oppenheimer Russell 1000 Dynamic Multifactor ETF 7.5 29 29 4.4 +1.5
XOUT GraniteShares XOUT U.S. Large Cap ETF 7.4 60 -2 4.6 +1.7
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 7.4 10 48 5.5 +2.7
SUSL iShares ESG MSCI USA Leaders ETF 7.4 10 48 5.5 +2.7
IQSU IQ Candriam ESG US Equity ETF 7.3 9 49 5.3 +2.4
NUMG Nuveen ESG Mid-Cap Growth ETF 7.3 40 18 3.2 +0.3
IUSG iShares Core S&P US Growth ETF 7.2 4 54 4.5 +1.7
VOOG Vanguard S&P 500 Growth ETF 7.2 10 48 4.5 +1.6
SPYG SPDR Portfolio S&P 500 Growth ETF 7.2 4 54 4.5 +1.7
IVW iShares S&P 500 Growth ETF 7.2 18 40 4.4 +1.5
DEF Invesco Defensive Equity ETF 7.1 55 3 5.1 +2.2
NULC Nuveen ESG Large-Cap ETF 7.1 20 38 5.4 +2.5
DSI iShares MSCI KLD 400 Social ETF 7.1 25 33 5.3 +2.5
SPMV Invesco S&P 500 Minimum Variance ETF 7.1 10 48 5.9 +3.0
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 7.0 65 -7 3.9 +1.1
PNQI Invesco NASDAQ Internet ETF 7.0 62 -4 1.3 -1.6
SPXN ProShares S&P 500 Ex-Financials ETF 7.0 27 31 5.2 +2.3
SCHX Schwab U.S. Large-Cap ETF 7.0 3 55 5.5 +2.7
SPXV ProShares S&P 500 Ex-Health Care ETF 6.9 27 31 5.3 +2.4
ADME Aptus Drawdown Managed Equity ETF 6.9 81 -23 3.8 +0.9
IWY iShares Russell Top 200 Growth ETF 6.9 20 38 4.3 +1.5
CATH Global X S&P 500 Catholic Values Custom ETF 6.9 29 29 5.4 +2.6
IWB iShares Russell 1000 ETF 6.9 15 43 5.4 +2.5
ESGV Vanguard ESG U.S. Stock ETF 6.9 12 46 5.4 +2.5
VV Vanguard Large-Cap Index Fund 6.9 4 54 5.5 +2.6
EXT WisdomTree U.S. Total Earnings Fund 6.9 28 30 5.9 +3.0
RFDA RiverFront Dynamic US Dividend Advantage ETF 6.9 52 6 6.2 +3.3
SCHK Schwab 1000 Index ETF 6.9 5 53 5.5 +2.6
ESGU iShares MSCI USA ESG Optimized ETF 6.9 15 43 5.3 +2.4
PBP Invesco S&P 500 BuyWrite ETF 6.8 49 9 5.3 +2.4

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

  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 Dynamic Software ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 14.7 %
Divided by: Fwd. P/BV 4.3 x
Less: Expense ratio 58 bp
Equals: ALTAR Score 2.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.43 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.