Invesco S&P Midcap 400 Pure Growth ETF
ALTAR
Score™
3.8% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
33.7x P/Sales
ratio
2.2x
P/BV
ratio
4.1x Div.
yield
0.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco S&P Midcap 400 Pure Growth ETF is an exchange-traded fund incorporated in the USA. The Fund's objective is to replicate as closely as possible, before expenses, the performance of the S&P Midcap 400/Citigroup Pure Growth Index.

FUND BASICS
Category US Equities
Fund Sponsor Security Investors LLC
Website guggenheiminvestments.com
Inception date Mar 01, 2006
Assets (mns) $355
Currency USD
Expense ratio 35 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Fundamental
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 91
Wgt avg mkt cap (mns) $6,934
Large cap (>$10bn) 22.6%
Mid cap ($2-10bn) 76.1%
Small cap (<$2bn) 1.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
SOLAREDGE TECHNOLOGIES, INC. 5.2 %
RH 3.2 %
GENERAC HOLDINGS INC 3.1 %
PAYLOCITY HOLDING CORP 2.8 %
REPLIGEN CORP 2.7 %
BOSTON BEER COMPANY INC-CL A 2.5 %
TOPBUILD CORP 2.2 %
ESSENT GROUP LTD 2.1 %
AXON ENTERPRISE INC 2.1 %
PENUMBRA, INC. 1.8 %
Total 27.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.5 %
BERMUDA 3.5 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
10.3% 19.7% 7.0% 10.2% 8.9%

Market Correlations
versus... Beta R-squared
S&P500 1.25 87%
MSCI EAFE 1.27 74%
MSCI Emg. Mkts. 0.96 67%

Technical Indicators
Recent close $182.27
30d moving avg. $172.77
Annualized volatility 23.7%
Short interest (ETF) 0.0%
Short interest (Underlying) 6.5%
Relative strength (RSI) 70

Liquidity measures
Avg. volume (thou.) 3
Turnover 0.2%
Bid/Ask (% of price) 0.14%
ADV underlying (mns) $5,947

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Invesco S&P Midcap 400 Pure Growth ETF ETF based on the alternatives' overlap in portfolio holdings with RFG. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: RFG Expense: 35 bp ALTAR Score™: 3.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH RFG
Ticker Fund
Name
Overlap1
vs RFG
(%)
Expense
ratio
(bp)
Savings
vs RFG
(bp)
ALTAR
Score™
(%)
ALTAR
vs RFG
(%)
IJK iShares S&P Mid-Cap 400 Growth ETF 97.6 24 11 4.7 +1.0
MDYG SPDR S&P 400 Mid Cap Growth ETF 53.3 15 20 4.8 +1.1
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 51.1 15 20 4.7 +1.0
XMMO Invesco S&P MidCap Momentum ETF 42.5 34 1 3.8 -0.0
MDY SPDR S&P Midcap 400 ETF Trust 31.7 23 12 6.1 +2.3
SPMD SPDR Portfolio Mid Cap ETF 31.6 5 30 6.3 +2.5
IJH iShares Core S&P Mid-Cap ETF 31.6 5 30 6.3 +2.5
IVOO Vanguard S&P Mid-Cap 400 ETF 30.2 10 25 6.1 +2.3
SMDY Syntax Stratified MidCap ETF 27.7 30 5 6.5 +2.7
EWMC Invesco S&P MidCap 400 Equal Weight ETF 23.2 40 -5 7.0 +3.2
BUL Pacer US Cash Cows Growth ETF 22.0 60 -25 6.6 +2.8
AFMC First Trust Active Factor Mid Cap ETF 20.7 65 -30 6.1 +2.3
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 20.0 30 5 5.4 +1.6
FNY First Trust Mid Cap Growth AlphaDEX Fund 19.0 70 -35 2.0 -1.8
JKK iShares Morningstar Small-Cap Growth ETF 19.0 30 5 1.0 -2.8
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 18.2 7 28 5.0 +1.2
VBK Vanguard Small-Cap Growth Index Fund 18.1 7 28 2.2 -1.6
EQWM Invesco S&P MidCap Quality ETF 17.8 25 10 6.1 +2.3
SFYX Sofi Next 500 ETF 17.7 0 35 5.6 +1.9
RWK Invesco S&P MidCap 400 Revenue ETF 17.4 39 -4 7.7 +3.9
XMLV Invesco S&P MidCap Low Volatility ETF 16.8 25 10 5.4 +1.6
SCHM Schwab U.S. Mid-Cap ETF 14.9 4 31 5.7 +2.0
FSMD Fidelity Small-Mid Factor ETF 14.9 29 6 6.0 +2.3
RNMC Mid Cap US Equity Select ETF 14.4 60 -25 7.2 +3.5
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 14.1 30 5 7.3 +3.5
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 14.0 80 -45 5.5 +1.7
EZM WisdomTree U.S. MidCap Earnings Fund 14.0 38 -3 8.4 +4.6
FNX First Trust Mid Cap Core AlphaDEX Fund 13.7 61 -26 6.2 +2.4
PBSM Invesco PureBeta MSCI USA Small Cap ETF 13.4 6 29 4.9 +1.2
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 13.3 17 18 4.6 +0.8
PEXL Pacer US Export Leaders ETF 13.1 60 -25 5.8 +2.0
NUSC Nuveen ESG Small-Cap ETF 12.6 40 -5 4.6 +0.8
VB Vanguard Small-Cap ETF 12.2 5 30 5.1 +1.3
JHSC John Hancock Multifactor Small Cap ETF 12.1 42 -7 5.3 +1.6
BKSE BNY Mellon US Small Cap Core Equity ETF 12.0 4 31 5.5 +1.7
AFSM First Trust Active Factor Small Cap ETF 11.6 75 -40 5.3 +1.5
JKJ iShares Morningstar Small-Cap ETF 11.2 25 10 6.1 +2.3
FXR First Trust Industrials/Producer Durables AlphaDEX Fund 10.9 63 -28 5.8 +2.1
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 9.7 24 11 6.3 +2.5
PXMV Invesco S&P MidCap Value with Momentum ETF 9.7 39 -4 9.2 +5.4
TPLC Timothy Plan US Large Cap Core ETF 9.6 52 -17 5.1 +1.3
MFMS Motley Fool Small-Cap Growth ETF 9.6 85 -50 -1.4 -5.2
QGRO American Century STOXX U.S. Quality Growth ETF 9.5 29 6 3.7 -0.1
IWO iShares Russell 2000 Growth ETF 9.4 24 11 -0.1 -3.9
JHMM John Hancock Multifactor Mid Cap ETF 9.3 42 -7 5.3 +1.5
SCHA Schwab U.S. Small-Cap ETF 9.1 4 31 4.6 +0.8
IWP iShares Russell Mid-Cap Growth ETF 9.1 24 11 2.8 -1.0
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 9.0 20 15 8.8 +5.1
FXH First Trust Health Care AlphaDEX Fund 9.0 62 -27 3.9 +0.1
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 8.8 24 11 5.9 +2.1
SMMD iShares Russell 2500 ETF 8.8 15 20 5.5 +1.7
VXF Vanguard Extended Market Index Fund 8.7 6 29 3.4 -0.4
IUSS Invesco Strategic US Small Company ETF 8.5 23 12 5.0 +1.2
BFOR Barron's 400 ETF 8.5 65 -30 6.3 +2.5
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 8.3 35 0 5.7 +2.0
BOSS Global X Founder-Run Companies ETF 8.2 45 -10 3.2 -0.6
VTWG Vanguard Russell 2000 Growth Index Fund 8.1 15 20 0.1 -3.7
FNK First Trust Mid Cap Value AlphaDEX Fund 7.8 70 -35 10.3 +6.5
XHB SPDR S&P Homebuilders ETF 7.6 35 0 6.7 +3.0
CZA Invesco Zacks Mid-Cap ETF 7.6 69 -34 5.8 +2.0
FNDA Schwab Fundamental U.S. Small Co. Index ETF 7.6 25 10 7.0 +3.2
PDP Invesco DWA Momentum ETF 7.6 62 -27 2.3 -1.5
FAD First Trust Multi Cap Growth AlphaDEX Fund 7.5 66 -31 2.2 -1.6
HELX Franklin Genomic Advancements ETF 7.5 50 -15 -1.2 -5.0
ONEO SPDR Russell 1000 Momentum Focus ETF 7.5 20 15 6.2 +2.4
PEZ Invesco DWA Consumer Cyclicals Momentum ETF 7.4 60 -25 0.4 -3.4
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 7.4 20 15 4.5 +0.8
STMB iShares Factors US Mid Blend Style ETF 7.3 30 5 5.5 +1.7
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 7.2 39 -4 4.4 +0.6
DON WisdomTree U.S. MidCap Dividend Fund 7.2 38 -3 7.3 +3.5
VBR Vanguard Small Cap Value Index Fund 7.2 7 28 7.7 +3.9
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF 7.2 30 5 5.4 +1.6
OSCV Opus Small Cap Value Plus ETF 7.0 79 -44 5.2 +1.5
DVLU First Trust Dorsey Wright Momentum & Value ETF 6.8 60 -25 8.1 +4.3
VFMF Vanguard U.S. Multifactor ETF 6.8 19 16 7.1 +3.3
GEX VanEck Vectors Global Alternative Energy ETF 6.8 62 -27 3.0 -0.8
QCLN First Trust Nasdaq Clean Edge Green Energy Index Fund 6.8 60 -25 0.5 -3.3
CFA VictoryShares US 500 Volatility Weighted Index ETF 6.8 35 0 5.5 +1.7
CFO VictoryShares US 500 Enhanced Volatility Weighted Index ETF 6.8 35 0 5.5 +1.7
JKH iShares Morningstar Mid-Cap Growth ETF 6.8 30 5 1.9 -1.8
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 6.7 41 -6 5.9 +2.2
USMF WisdomTree U.S. Multifactor Fund 6.5 28 7 5.6 +1.9
EQAL Invesco Russell 1000 Equal Weight ETF 6.4 20 15 5.7 +1.9
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 6.4 29 6 4.8 +1.1
IWM iShares Russell 2000 ETF 6.3 19 16 3.2 -0.6
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 6.3 17 18 6.1 +2.4
VFMO Vanguard U.S. Momentum Factor ETF 6.2 13 22 0.7 -3.1
VTWO Vanguard Russell 2000 Index Fund 6.1 10 25 3.4 -0.4
PSL Invesco DWA Consumer Staples Momentum ETF 5.9 60 -25 5.6 +1.9
HTEC ROBO Global Healthcare Technology & Innovation ETF 5.9 68 -33 0.1 -3.7
OUSM O'Shares FTSE Russell Small Cap Quality Dividend ETF 5.9 48 -13 6.1 +2.3
JHMI John Hancock Multifactor Industrials ETF 5.8 40 -5 5.4 +1.6
PTH Invesco DWA Healthcare Momentum ETF 5.8 60 -25 -4.9 -8.7
FXN First Trust Energy AlphaDEX Fund 5.8 65 -30 3.0 -0.8
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 5.8 29 6 6.6 +2.8
STSB iShares Factors US Small Blend Style ETF 5.8 35 0 3.5 -0.3
LSAF LeaderShares AlphaFactor US Core Equity ETF 5.7 75 -40 5.8 +2.0
PPA Invesco Aerospace & Defense ETF 5.7 59 -24 5.6 +1.8
ONEV SPDR Russell 1000 Low Volatility Focus ETF 5.5 20 15 6.7 +2.9
XSW SPDR S&P Software & Services ETF 5.5 35 0 4.3 +0.5

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 S&P Midcap 400 Pure Growth ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 15.3 %
Divided by: Fwd. P/BV 3.7 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 3.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.44 CATEGORY
AVERAGE
1.51
 
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.