Invesco S&P 500 Low Volatility
ALTAR
Score™
5.2% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
20.0x P/Sales
ratio
2.8x
P/BV
ratio
2.8x Div.
yield
2.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Invesco S&P 500 Low Volatility Portfolio seeks results that correspond (before fees and expenses) generally to the price and yield of the S&P 500 Low Volatility Index.

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date May 05, 2011
Assets (mns) $12,454
Currency USD
Expense ratio 25 bp
Distributions Monthly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 101
Wgt avg mkt cap (mns) $66,589
Large cap (>$10bn) 93.0%
Mid cap ($2-10bn) 7.0%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
EVERSOURCE ENERGY 1.3 %
REPUBLIC SERVICES INC 1.2 %
DTE ENERGY COMPANY 1.2 %
DUKE ENERGY CORP 1.2 %
AMERICAN ELECTRIC POWER 1.2 %
NEXTERA ENERGY GROUP 1.2 %
SOUTHERN CO 1.2 %
WESTAR ENERGY INC 1.2 %
ALLIANT ENERGY CORP 1.2 %
CMS ENERGY CORP 1.2 %
Total 12.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.2 %
IRELAND 1.9 %
SWITZERLAND 1.0 %
BERMUDA 0.9 %
BRITAIN 0.9 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
25.7% 17.1% 11.3% -- 13.1%

Market Correlations
versus... Beta R-squared
S&P500 0.59 65%
MSCI EAFE 0.51 40%
MSCI Emg. Mkts. 0.34 28%

Technical Indicators
Recent close $57.43
30d moving avg. $57.20
Annualized volatility 8.8%
Short interest (ETF) 3.0%
Short interest (Underlying) 2.8%
Relative strength (RSI) 49

Liquidity measures
Avg. volume (thou.) 3,714
Turnover 1.7%
Bid/Ask (% of price) 0.02%
ADV underlying (mns) $25,356

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: SPLV Expense: 25 bp ALTAR Score™: 5.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SPLV
Ticker Fund
Name
Overlap1
vs SPLV
(%)
Expense
ratio
(bp)
Savings
vs SPLV
(bp)
ALTAR
Score™
(%)
ALTAR
vs SPLV
(%)
LVHB Elkhorn Lunt Low Vol/High Beta Tactical 99.5 52 -27 5.0 -0.2
HUSV First Trust Horizon Managed Volatility Domestic 61.1 70 -45 4.9 -0.4
USMV iShares MSCI USA Minimum Volatility 45.9 15 10 5.2 -0.1
LSLT Salt Low truBeta US Market 43.3 0 25 6.7 +1.4
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility 43.3 25 0 5.9 +0.7
LGLV SPDR Russell 1000 Low Volatility 42.1 12 13 5.2 -0.0
DEF Invesco Defensive Equity 38.3 59 -34 4.9 -0.4
FDLO Fidelity Low Volatility Factor 35.6 29 -4 5.4 +0.1
JMIN JPMorgan U.S. Minimum Volatility 35.1 12 13 5.6 +0.4
KLCD KFA Large Cap Quality Dividend Index 34.5 41 -16 5.0 -0.2
RBUS Nationwide Risk-Based U.S. Equity 33.5 30 -5 6.1 +0.8
FLLV Franklin Liberty U.S. Low Volatility 33.5 29 -4 5.3 +0.0
FCTR First Trust Lunt U.S. Factor Rotation 32.8 65 -40 5.6 +0.4
LVUS Hartford Multifactor Low Volatility US Equity 32.6 21 4 5.8 +0.6
SCIU Global X Scientific Beta US 32.2 19 6 5.7 +0.5
DVOL First Trust Dorsey Wright Momentum & Low Volatility 30.8 60 -35 4.5 -0.7
FVD First Trust Value Line Dividend 30.6 70 -45 5.8 +0.5
NFO Invesco Insider Sentiment 29.2 66 -41 4.5 -0.8
OVOL Invesco Russell 1000 Low Volatility Factor ETF 28.5 19 6 5.6 +0.4
SPMV Invesco S&P 500 Minimum Variance 28.2 10 15 6.1 +0.8

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%.

Content on this tab for subscribers only**

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 Low Volatility
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 14.3 %
Divided by: Fwd. P/BV 2.6 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 5.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.68 CATEGORY
AVERAGE
1.56
 
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.