Invesco Dynamic Energy Exploration & Production
ALTAR
Score™
2.8% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
16.8x P/Sales
ratio
0.5x
P/BV
ratio
0.7x Div.
yield
1.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Invesco Dynamic Energy Exploration & Production Portfolio ETF tracks an index of U.S. energy exploration and production companies selected and weighted by growth and value metrics.

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Oct 26, 2005
Assets (mns) $24
Currency USD
Expense ratio 63 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) $10,675
Large cap (>$10bn) 28.0%
Mid cap ($2-10bn) 27.3%
Small cap (<$2bn) 44.7%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
DEVON ENERGY CORPORATION 5.5 %
MARATHON OIL CORP 5.3 %
CONOCOPHILLIPS 5.1 %
CABOT OIL & GAS CORP 4.9 %
CONTINENTAL RESOURCES INC/OK 4.9 %
VALERO ENERGY CORP 4.5 %
MARATHON PETROLEUM 4.4 %
HOLLYFRONTIER CORP 4.3 %
CENTENNIAL RESOURCE DEVELOPMENT, I 3.6 %
SM ENERGY CO 3.3 %
Total 45.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.1 %
CHILE 2.9 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-1.7% -1.7% -7.0% 2.3% 1.9%

Market Correlations
versus... Beta R-squared
S&P500 1.52 40%
MSCI EAFE 1.65 38%
MSCI Emg. Mkts. 0.95 22%

Technical Indicators
Recent close $15.56
30d moving avg. $16.12
Annualized volatility 29.2%
Short interest (ETF) 1.0%
Short interest (Underlying) 5.4%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 19
Turnover 1.2%
Bid/Ask (% of price) 0.18%
ADV underlying (mns) $2,367

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Invesco Dynamic Energy Exploration & Production ETF based on the alternatives' overlap in portfolio holdings with PXE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PXE Expense: 63 bp ALTAR Score™: 2.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PXE
Ticker Fund
Name
Overlap1
vs PXE
(%)
Expense
ratio
(bp)
Savings
vs PXE
(bp)
ALTAR
Score™
(%)
ALTAR
vs PXE
(%)
XOP SPDR S&P Oil & Gas Exploration & Production 52.7 35 28 2.9 +0.1
FXN First Trust Energy Alphadex 49.4 63 0 3.9 +1.1
FCG First Trust ISE-Revere Natural Gas 39.0 60 3 6.4 +3.5
PXI Invesco Dynamic Energy Sector 35.1 60 3 0.4 -2.5
IEO iShares U.S. Oil & Gas Exploration & Production 32.1 42 21 2.8 -0.1
FTXN First Trust Nasdaq Oil & Gas 30.8 60 3 4.0 +1.2
FRAK VanEck Vectors Unconventional Oil & Gas 28.6 54 9 1.8 -1.0
JHME John Hancock Multifactor Energy 26.5 40 23 3.1 +0.2
RYE Invesco S&P Equal Weight Energy ETF 24.0 40 23 3.2 +0.3
PSCE Invesco S&P Small Cap Energy 20.8 29 34 -1.4 -4.3
VDE Vanguard Energy 17.3 10 53 3.8 +0.9
FENY Fidelity MSCI Energy 16.8 8 55 3.8 +1.0
IYE iShares DJ US Energy Sector 15.9 42 21 3.8 +1.0
XLE Energy Select Sector SPDR 15.1 13 50 4.2 +1.4
CRAK VanEck Vectors Oil Refiners 14.4 60 3 13.5 +10.6
BUYN USCF SummerHaven SHPEN Index 14.0 80 -17 5.5 +2.7
IGE iShares North American Natural Resources 12.6 46 17 3.8 +1.0
FILL iShares MSCI Global Energy Producers 10.2 39 24 5.5 +2.7
EQRR ProShares Equities for Rising Rates 9.9 35 28 7.5 +4.7

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%.

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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 Energy Exploration & Production
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 2.3 %
Divided by: Fwd. P/BV 0.7 x
Less: Expense ratio 63 bp
Equals: ALTAR Score 2.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.51 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.