Invesco S&P 500 Quality
ALTAR
Score™
5.4% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
19.8x P/Sales
ratio
3.4x
P/BV
ratio
4.9x Div.
yield
1.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco S&P 500 High Quality Portfolio is an exchange-traded fund incorporated in the USA. It normally invests at least 90% of its total assets in common stocks that comprise the Index. The Index is designed to provide exposure to the constituents of the S&P 500 Index that are identified as stocks reflecting long-term growth and stability of a company's earnings and dividends.

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Dec 06, 2005
Assets (mns) $1,829
Currency USD
Expense ratio 15 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 100
Wgt avg mkt cap (mns) $250,251
Large cap (>$10bn) 98.9%
Mid cap ($2-10bn) 1.1%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
APPLE INC 5.6 %
VISA INC-CLASS A SHARES 5.3 %
MASTERCARD INC-CLASS A 5.3 %
JOHNSON & JOHNSON 5.0 %
PROCTER & GAMBLE CO/THE 4.5 %
CISCO SYSTEMS INC 4.1 %
MERCK & CO. INC. 4.0 %
INTEL CORP 3.8 %
PFIZER INC 3.5 %
PEPSICO INC 3.3 %
Total 44.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.5 %
IRELAND 1.5 %
SWITZERLAND 0.7 %
BERMUDA 0.2 %
BRITAIN 0.2 %






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.
33.6% 33.6% 11.4% 14.5% 7.8%

Market Correlations
versus... Beta R-squared
S&P500 0.96 95%
MSCI EAFE 0.88 66%
MSCI Emg. Mkts. 0.56 45%

Technical Indicators
Recent close $37.68
30d moving avg. $36.43
Annualized volatility 12.0%
Short interest (ETF) 0.3%
Short interest (Underlying) 3.6%
Relative strength (RSI) 79

Liquidity measures
Avg. volume (thou.) 337
Turnover 0.7%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $34,321

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: SPHQ Expense: 15 bp ALTAR Score™: 5.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SPHQ
Ticker Fund
Name
Overlap1
vs SPHQ
(%)
Expense
ratio
(bp)
Savings
vs SPHQ
(bp)
ALTAR
Score™
(%)
ALTAR
vs SPHQ
(%)
QUAL iShares Edge MSCI USA Quality Factor 46.6 15 0 5.4 +0.1
OUSA O'Shares FTSE U.S. Quality Dividend 45.8 48 -33 5.7 +0.3
QARP Xtrackers Russell 1000 US QARP 39.3 19 -4 6.0 +0.7
USMC Principal U.S. Mega-Cap Multi-Factor Index 38.5 12 3 5.1 -0.3
QLC FlexShares US Quality Large Cap 37.8 32 -17 5.7 +0.4
HLAL Wahed FTSE USA Shariah 37.5 50 -35 5.3 -0.1
DURA VanEck Vectors Morningstar Durable Dividend 37.2 29 -14 6.5 +1.1
JQUA JPMorgan U.S. Quality Factor 36.8 12 3 5.5 +0.1
DGRW WisdomTree US Dividend Growth 36.6 28 -13 7.1 +1.7
OQAL Invesco Russell 1000 Quality Factor ETF 36.2 19 -4 4.9 -0.5
QUS SPDR MSCI USA Quality Mix 35.8 15 0 5.6 +0.2
SPUS SP Funds S&P 500 Sharia Industry Exclusions 35.4 49 -34 4.7 -0.7
EDOW First Trust Dow 30 Equal Weight 34.3 50 -35 5.9 +0.5
DGRO iShares Core Dividend Growth 33.6 8 7 6.1 +0.7
DIVB iShares U.S. Dividend & Buyback 33.3 25 -10 6.4 +1.0
QDF FlexShares Quality Dividend 33.1 37 -22 6.8 +1.4
JKF iShares Morningstar Large Value 32.6 25 -10 7.4 +2.0
FTCS First Trust Capital Strength 32.1 60 -45 5.0 -0.4
DYNF BlackRock U.S. Equity Factor Rotation 31.8 30 -15 6.2 +0.8
XLK Technology Select Sector SPDR 31.5 13 2 5.0 -0.3

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 S&P 500 Quality
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 23.3 %
Divided by: Fwd. P/BV 4.2 x
Less: Expense ratio 15 bp
Equals: ALTAR Score 5.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.54 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.