Invesco DWA Technology Momentum
ALTAR
Score™
1.5% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
47.6x P/Sales
ratio
4.6x
P/BV
ratio
11.0x Div.
yield
0.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Invesco DWA Technology Momentum Portfolio tracks an index of U.S. tech 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) $215
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 43
Wgt avg mkt cap (mns) $53,753
Large cap (>$10bn) 58.6%
Mid cap ($2-10bn) 32.1%
Small cap (<$2bn) 9.2%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
RINGCENTRAL, INC. CLASS A 7.7 %
CADENCE DESIGN SYS INC 4.7 %
BROADCOM INC. 4.5 %
COUPA SOFTWARE, INC. 4.3 %
ADOBE SYSTEMS INC 4.0 %
ADVANCED MICRO DEVICES 3.8 %
SBA COMMUNICATIONS CORP. CLASS A 3.7 %
INTUIT INC 3.5 %
CDW CORP/DE 3.5 %
KLA-TENCOR CORPORATION 3.3 %
Total 42.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 100.1 %










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.
35.7% 26.0% 14.9% 13.5% 8.4%

Market Correlations
versus... Beta R-squared
S&P500 1.15 44%
MSCI EAFE 0.87 22%
MSCI Emg. Mkts. 0.66 21%

Technical Indicators
Recent close $74.25
30d moving avg. $70.63
Annualized volatility 20.8%
Short interest (ETF) 0.7%
Short interest (Underlying) 6.6%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 49
Turnover 1.7%
Bid/Ask (% of price) 0.14%
ADV underlying (mns) $9,273

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: PTF Expense: 60 bp ALTAR Score™: 1.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PTF
Ticker Fund
Name
Overlap1
vs PTF
(%)
Expense
ratio
(bp)
Savings
vs PTF
(bp)
ALTAR
Score™
(%)
ALTAR
vs PTF
(%)
DWAQ Invesco DWA NASDAQ Momentum Portfolio 25.6 60 0 0.6 -0.9
QTEC First Trust NASDAQ 100 Tech 23.0 57 3 6.1 +4.6
IGV iShares N. American Tech-Software 21.7 46 14 3.2 +1.7
FXL First Trust Technology Alphadex 21.1 63 -3 5.6 +4.2
PSJ Invesco Dynamic Software 18.1 58 2 3.3 +1.9
RYT Invesco S&P Equal Weight Technology 17.9 40 20 6.6 +5.1
JHMT John Hancock Multifactor Technology 16.9 40 20 6.0 +4.6
SYG SPDR MFS Systematic Growth Equity 16.1 61 -1 5.8 +4.4
PSI Invesco Dynamic Semiconductors 15.5 58 2 5.6 +4.2
FTXL First Trust Nasdaq Semiconductor 15.4 60 0 6.2 +4.8
XSD SPDR S&P Semiconductors 14.6 35 25 4.9 +3.4
SOXX iShares PHLX SOX Semiconductor 14.3 46 14 6.0 +4.5
XNTK SPDR NYSE Technology 14.1 35 25 5.5 +4.1
SMH VanEck Vectors Semiconductors 13.4 35 25 6.3 +4.8
FNG AdvisorShares New Tech & Media ETF 13.2 86 -26 1.9 +0.4
IYW iShares US Technology 12.9 42 18 5.2 +3.7
PDP Invesco DWA Technical Leaders 12.6 62 -2 3.9 +2.4
AMOM Qraft AI-Enhanced U.S. Large Cap Momentum 12.5 75 -15 3.6 +2.2
XSW SPDR S&P Software & Services 12.5 35 25 4.2 +2.8
AIQ Global X Future Analytics Tech 12.3 68 -8 4.7 +3.2

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 DWA Technology Momentum
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 18.5 %
Divided by: Fwd. P/BV 9.0 x
Less: Expense ratio 60 bp
Equals: ALTAR Score 1.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.43 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.