Invesco Global Shipping
ALTAR
Score™
1.4% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
18.2x P/Sales
ratio
0.6x
P/BV
ratio
0.8x Div.
yield
3.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Claymore/Delta Global Shipping Index ETF objective is to provide investment results that correspond generally to the performance (before the Fund's fees and expenses) of the Delta Global Shipp

FUND BASICS
Category Global Equities
Fund Sponsor Guggenheim
Website guggenheiminvestments.com
Inception date Aug 25, 2008
Assets (mns) $47
Currency USD
Expense ratio 66 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 26
Wgt avg mkt cap (mns) $6,566
Large cap (>$10bn) 19.2%
Mid cap ($2-10bn) 29.7%
Small cap (<$2bn) 51.1%
Developed mkts 86.1%
Emerging mkts 13.9%

TOP TEN HOLDINGS
A.P. MOLLER - MAERSK A/S CLASS B 20.0 %
MITSUI OSK LINES LTD 8.1 %
NIPPON YUSEN 7.8 %
EURONAV SA 5.5 %
MATSON INC 4.4 %
SITC INTERNATIONAL HOLDINGS 4.1 %
SCORPIO TANKERS INC 3.9 %
KAWASAKI KISEN KAISHA LTD 3.9 %
GOLAR LNG LTD 3.7 %
SHIP FINANCE INTL LTD 3.3 %
Total 64.7 %

TOP COUNTRY EXPOSURE
DENMARK 20.0 %
JAPAN 19.8 %
BERMUDA 11.5 %
UNITED STATES 11.0 %
MONACO 9.7 %
HONG KONG 9.6 %
BELGIUM 5.5 %
SOUTH KOREA 5.5 %
CHINA 4.8 %
BRITAIN 1.8 %

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.
20.3% 6.7% -9.0% -- -5.8%

Market Correlations
versus... Beta R-squared
S&P500 1.26 56%
MSCI EAFE 1.44 62%
MSCI Emg. Mkts. 1.02 51%

Technical Indicators
Recent close $9.55
30d moving avg. $9.45
Annualized volatility 20.3%
Short interest (ETF) 0.6%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 39
Turnover 0.8%
Bid/Ask (% of price) 0.17%
ADV underlying (mns) $269

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: SEA Expense: 66 bp ALTAR Score™: 1.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SEA
Ticker Fund
Name
Overlap1
vs SEA
(%)
Expense
ratio
(bp)
Savings
vs SEA
(bp)
ALTAR
Score™
(%)
ALTAR
vs SEA
(%)
PXJ Invesco Dynamic Oil & Gas Services 10.0 63 3 2.4 +0.9
YMLP Yorkville High Income MLP 8.1 84 -18 5.2 +3.8
XLTY Cushing Transportation & MLP 4.4 65 1 7.6 +6.2
GREK Global X MSCI Greece 3.8 59 7 4.5 +3.0
SDIV Global X Superdividend 3.6 58 8 11.1 +9.7
EDEN iShares MSCI Denmark Capped 3.2 53 13 4.8 +3.3
GHII Invesco S&P High Income Infrastructure 3.1 45 21 4.9 +3.4
DIV Global X SuperDividend US ETF 2.5 45 21 7.6 +6.2
PLCY EventShares US Policy Alpha 2.2 75 -9 3.9 +2.5
IYT iShares Transportation Average 2.1 42 24 8.6 +7.1
HAO Invesco China Small Cap ETF 1.8 75 -9 9.3 +7.9
ZMLP Direxion Zacks MLP High Income 1.8 65 1 7.0 +5.6
RFAP First Trust Riverfront Dynamic Asia Pacific 1.7 83 -17 7.3 +5.9
CHIE Global X MSCI China Energy 1.7 66 0 8.0 +6.6
EWK iShares MSCI Belgium Investable 1.4 47 19 6.0 +4.5
GXF Global X FTSE Nordic 30 1.3 58 8 5.1 +3.7
ECNS iShares MSCI China Small Cap 1.2 59 7 9.8 +8.4
PSCI Invesco S&P Small Cap Industrials 1.2 29 37 6.6 +5.2
DWMC AdvisorShares Dorsey Wright Micro-Cap 1.2 125 -59 0.3 -1.2
NORW Global X MSCI Norway 1.2 50 16 3.9 +2.5

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

  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

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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 Global Shipping
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 1.5 %
Divided by: Fwd. P/BV 0.7 x
Less: Expense ratio 66 bp
Equals: ALTAR Score 1.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.44 CATEGORY
AVERAGE
1.54
 
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.