Invesco S&P 500 Low Volatility ETF
ALTAR
Score™
6.7% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
15.7x P/Sales
ratio
2.2x
P/BV
ratio
2.1x Div.
yield
3.2%


  • 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) $8,808
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 100
Wgt avg mkt cap (mns) $64,798
Large cap (>$10bn) 91.8%
Mid cap ($2-10bn) 8.3%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
CITRIX SYSTEMS INC 1.5 %
WAL-MART STORES INC 1.4 %
EVERSOURCE ENERGY 1.3 %
DUKE ENERGY CORP 1.3 %
CONSOLIDATED EDISON INC 1.3 %
NEXTERA ENERGY GROUP 1.3 %
ALLIANT ENERGY CORP 1.3 %
ATMOS ENERGY CORP 1.3 %
WEC ENERGY GROUP INC 1.3 %
CMS ENERGY CORP 1.3 %
Total 13.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.6 %
IRELAND 2.8 %
BRITAIN 1.0 %
SWITZERLAND 0.9 %
BERMUDA 0.8 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-19.0% -8.8% 6.7% -- 10.1%

Market Correlations
versus... Beta R-squared
S&P500 0.76 76%
MSCI EAFE 0.72 66%
MSCI Emg. Mkts. 0.51 48%

Technical Indicators
Recent close $45.53
30d moving avg. $51.31
Annualized volatility 13.3%
Short interest (ETF) 4.5%
Short interest (Underlying) 2.8%
Relative strength (RSI) 37

Liquidity measures
Avg. volume (thou.) 10,950
Turnover 5.7%
Bid/Ask (% of price) 0.07%
ADV underlying (mns) $54,994

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Invesco S&P 500 Low Volatility ETF 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™: 6.7%


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
(%)
DEF Invesco Defensive Equity ETF 49.6 55 -30 6.4 -0.3
USMV iShares Edge MSCI Min Vol USA ETF 48.2 15 10 6.8 +0.1
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 45.7 25 0 7.7 +1.0
LGLV SPDR Russell 1000 Low Volatility ETF 44.5 12 13 7.1 +0.4
LSLT Salt Low truBeta US Market ETF 38.5 0 25 8.5 +1.9
JMIN JPMorgan U.S. Minimum Volatility ETF 36.6 12 13 7.2 +0.5
RBUS Nationwide Risk-Based U.S. Equity ETF 35.6 30 -5 7.2 +0.5
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF 35.1 60 -35 6.3 -0.4
FLLV Franklin Liberty U.S. Low Volatility ETF 34.9 29 -4 7.1 +0.4
LVUS Hartford Multifactor Low Volatility US Equity ETF 34.5 19 6 7.6 +0.9
FDLO Fidelity Low Volatility Factor ETF 34.4 29 -4 6.5 -0.2
SCIU Global X Scientific Beta US ETF 33.8 19 6 7.6 +0.9
QLV FlexShares US Quality Low Volatility Index Fund 31.7 22 3 6.4 -0.3
FVD First Trust Value Line Dividend Index Fund 31.1 70 -45 8.0 +1.4
ACWV iShares Edge MSCI Min Vol Global ETF 30.4 20 5 6.7 +0.1
SPYV SPDR Portfolio S&P 500 Value ETF 30.4 4 21 9.2 +2.6
IVE iShares S&P 500 Value ETF 30.3 18 7 9.1 +2.4
EQWL Invesco Russell Top 200 Equal Weight ETF 29.9 25 0 7.5 +0.9
VOOV Vanguard S&P 500 Value ETF 29.9 15 10 9.2 +2.5
QUS SPDR MSCI USA StrategicFactors ETF 29.6 15 10 7.3 +0.6
PFM Invesco Dividend Achievers ETF 29.6 54 -29 6.4 -0.3
IUSV iShares Core S&P U.S. Value ETF 29.1 4 21 9.4 +2.7
SPMO Invesco S&P 500 Momentum ETF 28.7 13 12 5.3 -1.4
SPMV Invesco S&P 500 Minimum Variance ETF 28.5 10 15 7.3 +0.7
FLQL Franklin LibertyQ U.S. Equity ETF 28.5 15 10 8.0 +1.4
JHMU John Hancock Multifactor Utilities ETF 28.4 40 -15 6.6 -0.1
RYU Invesco S&P 500 Equal Weight Utilities ETF 28.4 40 -15 6.5 -0.2
XLU Utilities Select Sector SPDR Fund 28.4 13 12 6.3 -0.3
IDU iShares U.S. Utilities ETF 28.3 43 -18 6.1 -0.6
FUTY Fidelity MSCI Utilities Index ETF 28.3 8 17 6.3 -0.4
SPXT ProShares S&P 500 Ex-Technology ETF 28.0 27 -2 7.3 +0.7
SCHV Schwab U.S. Large-Cap Value ETF 27.7 4 21 9.0 +2.3
IWD iShares Russell 1000 Value ETF 27.7 19 6 9.1 +2.5
VONV Vanguard Russell 1000 Value Index Fund 27.7 8 17 9.3 +2.6
KLCD KFA Large Cap Quality Dividend Index ETF 27.4 41 -16 6.6 -0.1
VPU Vanguard Utilities Index Fund 27.2 10 15 6.2 -0.4
DLN WisdomTree U.S. LargeCap Dividend Fund 26.9 28 -3 8.0 +1.3
JXI iShares Global Utilities ETF 26.9 46 -21 6.6 -0.0
DVY iShares Select Dividend ETF 26.2 39 -14 10.9 +4.2
HSPX Global X S&P 500 Covered Call ETF 26.1 65 -40 6.2 -0.5
PBP Invesco S&P 500 BuyWrite ETF 26.0 49 -24 6.5 -0.1
DYNF BlackRock U.S. Equity Factor Rotation ETF 26.0 30 -5 8.1 +1.4
IWX iShares Russell Top 200 Value ETF 26.0 20 5 8.7 +2.1
JPUS JPMorgan Diversified Return U.S. Equity ETF 25.9 19 6 8.3 +1.6
VIG Vanguard Dividend Appreciation Index Fund 25.8 6 19 6.3 -0.3
DTD WisdomTree U.S.Total Dividend Fund 25.6 28 -3 8.5 +1.8
VTV Vanguard Value Index Fund 25.1 4 21 9.1 +2.5
VYM Vanguard High Dividend Yield Index ETF 25.1 6 19 8.9 +2.2
JDIV JPMorgan U.S. Dividend ETF 25.0 12 13 10.7 +4.0
SPXE ProShares S&P 500 Ex-Energy ETF 25.0 27 -2 7.0 +0.3
VFMV Vanguard U.S. Minimum Volatility ETF 24.9 13 12 6.2 -0.4
ROUS Hartford Multifactor US Equity ETF 24.9 19 6 9.2 +2.6
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 24.8 20 5 7.1 +0.4
OUSA O'Shares FTSE US Quality Dividend ETF 24.7 48 -23 7.0 +0.3
FCTR First Trust Lunt U.S. Factor Rotation ETF 24.6 65 -40 4.4 -2.2
SPY SPDR S&P 500 ETF Trust 24.6 9 16 7.1 +0.4
RFDA RiverFront Dynamic US Dividend Advantage ETF 24.6 52 -27 7.9 +1.2
SPLG SPDR Portfolio Large Cap ETF 24.6 3 22 7.1 +0.5
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 24.6 35 -10 7.6 +1.0
IVV iShares Core S&P 500 ETF 24.6 4 21 7.1 +0.4
FXU First Trust Utilities AlphaDEX Fund 24.6 63 -38 6.5 -0.1
JQUA JPMorgan U.S. Quality Factor ETF 24.5 12 13 6.6 -0.1
DGRO iShares Core Dividend Growth ETF 24.5 8 17 8.4 +1.7
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 24.4 29 -4 8.2 +1.6
VOO VANGUARD S&P 500 ETF 24.3 3 22 7.1 +0.4
LVHD Legg Mason Low Volatility High Dividend ETF 24.1 27 -2 8.6 +2.0
AFLG First Trust Active Factor Large Cap ETF 24.0 55 -30 7.7 +1.0
MGC Vanguard Mega Cap Index Fund 24.0 7 18 6.8 +0.2
SPXV ProShares S&P 500 Ex-Health Care ETF 23.9 27 -2 6.8 +0.1
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 23.9 9 16 7.3 +0.6
AMCA iShares Russell 1000 Pure U.S. Revenue ETF 23.9 15 10 8.9 +2.3
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 23.9 17 8 9.0 +2.3
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 23.8 15 10 6.9 +0.3
VV Vanguard Large-Cap Index Fund 23.8 4 21 7.0 +0.3
IWL iShares Russell Top 200 ETF 23.7 15 10 6.6 -0.1
MTUM iShares Edge MSCI USA Momentum Factor ETF 23.6 15 10 5.7 -0.9
MAGA Point Bridge GOP Stock Tracker ETF 23.6 72 -47 9.4 +2.7
SNPE Xtrackers S&P 500 ESG ETF 23.5 11 14 6.8 +0.2
BBUS JP Morgan Betabuilders U.S. Equity ETF 23.5 2 23 7.1 +0.4
ESGU iShares MSCI USA ESG Optimized ETF 23.4 15 10 6.7 +0.0
PBUS Invesco PureBeta MSCI USA ETF 23.4 4 21 7.2 +0.5
MXDU Nationwide Maximum Diversification US Core Equity ETF 23.4 34 -9 6.8 +0.1
SCHX Schwab U.S. Large-Cap ETF 23.3 3 22 7.0 +0.4
USDY Pacific Global US Equity Income ETF 23.2 29 -4 10.5 +3.9
SPTM SPDR Portfolio Total Stock Market ETF 23.2 3 22 7.3 +0.6
MGV Vanguard Mega Cap Value ETF 23.1 7 18 8.8 +2.1
JHML John Hancock Multifactor Large Cap ETF 23.0 34 -9 7.5 +0.8
IWB iShares Russell 1000 ETF 22.9 15 10 7.0 +0.3
NOBL ProShares S&P 500 Dividend Aristocrats ETF 22.9 35 -10 7.5 +0.8
KNG Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF 22.9 75 -50 7.0 +0.4
PMOM Principal Sustainable Momentum Index ETF 22.9 29 -4 7.2 +0.5
PRF Invesco FTSE RAFI US 1000 ETF 22.9 39 -14 9.2 +2.5
VONE Vanguard Russell 1000 ETF 22.8 8 17 7.0 +0.4
FNDX Schwab Fundamental U.S. Large Co. Index ETF 22.7 25 0 8.3 +1.7
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 22.7 20 5 6.6 -0.0
SCHK Schwab 1000 Index ETF 22.7 5 20 7.0 +0.4
IYY iShares Dow Jones U.S. ETF 22.5 20 5 6.9 +0.3
SPXN ProShares S&P 500 Ex-Financials ETF 22.5 27 -2 6.6 -0.0
OEF iShares S&P 100 ETF 22.5 20 5 6.3 -0.3
MMTM SPDR S&P 1500 Momentum Tilt ETF 22.5 12 13 6.7 +0.1

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 500 Low Volatility 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 14.0 %
Divided by: Fwd. P/BV 2.0 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 6.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.59 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.