Invesco S&P 500 Equal Weight
ALTAR
Score™
6.8% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
16.5x P/Sales
ratio
1.6x
P/BV
ratio
2.5x Div.
yield
2.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco S&P Equal Weight 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 Equal Weight Index.

FUND BASICS
Category US Equities
Fund Sponsor Security Investors LLC
Website guggenheiminvestments.com
Inception date Apr 30, 2003
Assets (mns) $16,398
Currency USD
Expense ratio 20 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 505
Wgt avg mkt cap (mns) $56,160
Large cap (>$10bn) 85.4%
Mid cap ($2-10bn) 14.7%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ALIGN TECHNOLOGY INC 0.3 %
QORVO INC 0.3 %
LEGGETT & PLATT INC 0.3 %
TIFFANY & CO 0.3 %
XEROX CORP 0.2 %
MARATHON PETROLEUM 0.2 %
BIOGEN IDEC INC 0.2 %
GENERAL ELECTRIC CO 0.2 %
FORTINET INC 0.2 %
SKYWORKS SOLUTIONS INC 0.2 %
Total 2.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.9 %
IRELAND 2.0 %
BRITAIN 1.8 %
SWITZERLAND 0.6 %
BERMUDA 0.2 %






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.
21.4% 12.6% 8.8% 13.6% 11.5%

Market Correlations
versus... Beta R-squared
S&P500 1.05 94%
MSCI EAFE 0.92 62%
MSCI Emg. Mkts. 0.61 45%

Technical Indicators
Recent close $111.51
30d moving avg. $108.37
Annualized volatility 13.0%
Short interest (ETF) 0.3%
Short interest (Underlying) 4.3%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 449
Turnover 0.3%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $133,971

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco S&P 500 Equal Weight ETF based on the alternatives' overlap in portfolio holdings with RSP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: RSP Expense: 20 bp ALTAR Score™: 6.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH RSP
Ticker Fund
Name
Overlap1
vs RSP
(%)
Expense
ratio
(bp)
Savings
vs RSP
(bp)
ALTAR
Score™
(%)
ALTAR
vs RSP
(%)
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity 83.5 9 11 6.4 -0.4
EUSA iShares MSCI USA Equal Weight 78.8 15 5 6.5 -0.3
SIZE iShares MSCI USA Size Factor 77.8 15 5 6.3 -0.5
CFO Victory CEMP US 500 Enhanced Volatility Wtd 67.0 35 -15 6.1 -0.7
CFA Compass EMP US 500 Volatility Weighted 67.0 35 -15 6.1 -0.7
RVRS Reverse Cap Weighted US Large Cap 65.3 29 -9 7.8 +1.0
JHML John Hancock Multifactor Large Cap 64.4 34 -14 5.9 -0.8
RNLC Large Cap US Equity Select 63.7 60 -40 6.3 -0.5
SCIU Global X Scientific Beta US 60.7 19 1 5.7 -1.1
USEQ Invesco Russell 1000 Enhanced Equal Weight 57.9 29 -9 6.6 -0.2
PQLC PGIM QMA Strategic Alpha Large-Cap Core 56.1 17 3 7.0 +0.2
FEX First Trust Large Cap Core Alphadex 55.7 61 -41 6.4 -0.4
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity 55.6 9 11 6.4 -0.4
PBP Invesco S&P 500 Buy/Write 54.0 49 -29 5.6 -1.2
JPUS JPMorgan Diversified Return U.S. Equity 53.5 19 1 6.3 -0.5
HSPX Global X S&P 500 Covered Call 53.5 65 -45 5.4 -1.4
IVV iShares Core S&P 500 52.9 4 16 5.9 -0.8
SPY S&P 500 SPDR 52.9 9 11 5.9 -0.9
VOO Vanguard S&P 500 ETF 52.8 3 17 6.0 -0.8
DEUS Xtrackers Russell 1000 Comprehensive Factor 52.5 17 3 6.3 -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 S&P 500 Equal Weight
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 15.9 %
Divided by: Fwd. P/BV 2.3 x
Less: Expense ratio 20 bp
Equals: ALTAR Score 6.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.60 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.