Invesco S&P 500 Low Volatility ETF
ALTAR
Score™		 5.5% info Recommen-
dation		 OVERWEIGHT
2020E    2021E
P/E
ratio		 21.7x P/Sales
ratio		 2.4x
P/BV
ratio		 4.5x Div.
yield		 1.9%


  • 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) $8,132
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) $110,234
Large cap (>$10bn) 98.1%
Mid cap ($2-10bn) 1.9%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
VERIZON COMMUNICATIONS INC 1.3 %
JOHNSON & JOHNSON 1.3 %
ELI LILLY & CO 1.3 %
BRISTOL-MYERS SQUIBB CO 1.3 %
ELECTRONIC ARTS INC 1.2 %
COSTCO WHOLESALE CORP 1.2 %
CERNER CORP 1.2 %
ABBVIE INC 1.2 %
CLOROX COMPANY 1.2 %
PERKINELMER INC 1.2 %
Total 12.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.4 %
BRITAIN 2.7 %
IRELAND 1.9 %
SWITZERLAND 1.0 %







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.
-1.4% -1.4% 10.2% -- 11.6%

Market Correlations
versus... Beta R-squared
S&P500 0.68 76%
MSCI EAFE 0.63 64%
MSCI Emg. Mkts. 0.51 54%

Technical Indicators
Recent close $56.79
30d moving avg. $55.98
Annualized volatility 14.8%
Short interest (ETF) 5.5%
Short interest (Underlying) 2.8%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 2,989
Turnover 2.1%
Bid/Ask (% of price) 0.02%
ADV underlying (mns) $56,000

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 96 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™: 5.5%


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
(%)
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 63.8 25 0 5.8 +0.3
DEF Invesco Defensive Equity ETF 53.8 55 -30 5.2 -0.3
HUSV First Trust Horizon Managed Volatility Domestic ETF 50.1 70 -45 4.8 -0.7
LSLT Salt Low truBeta US Market ETF 46.5 60 -35 5.7 +0.2
USMV iShares Edge MSCI Min Vol USA ETF 41.8 15 10 5.3 -0.2
GBLO Global Beta Low Beta ETF 41.7 29 -4 7.3 +1.8
RBUS Nationwide Risk-Based U.S. Equity ETF 38.9 30 -5 4.6 -1.0
JMIN JPMorgan U.S. Minimum Volatility ETF 36.6 12 13 5.3 -0.2
FLQL Franklin LibertyQ U.S. Equity ETF 35.2 15 10 5.9 +0.4
FLLV Franklin Liberty U.S. Low Volatility ETF 34.9 29 -4 4.9 -0.6
FDLO Fidelity Low Volatility Factor ETF 33.0 29 -4 4.9 -0.6
QUS SPDR MSCI USA StrategicFactors ETF 31.4 15 10 5.3 -0.3
SPXT ProShares S&P 500 Ex-Technology ETF 31.1 27 -2 4.9 -0.7
EQWL Invesco Russell Top 200 Equal Weight ETF 31.0 25 0 5.6 +0.1
VOOV Vanguard S&P 500 Value ETF 30.3 10 15 6.6 +1.1
SCHV Schwab U.S. Large-Cap Value ETF 29.3 4 21 6.1 +0.6
MGV Vanguard Mega Cap Value ETF 28.6 7 18 6.5 +0.9
OUSA O'Shares FTSE US Quality Dividend ETF 28.6 48 -23 5.5 -0.1
DLN WisdomTree U.S. LargeCap Dividend Fund 28.5 28 -3 6.1 +0.6
VYM Vanguard High Dividend Yield Index ETF 28.1 6 19 6.7 +1.1
AFLG First Trust Active Factor Large Cap ETF 28.0 55 -30 4.6 -0.9
SPMV Invesco S&P 500 Minimum Variance ETF 27.9 10 15 5.5 -0.1
FTCS First Trust Capital Strength ETF 27.9 58 -33 5.0 -0.5
ACIO Aptus Collared Income Opportunity ETF 27.9 79 -54 3.8 -1.7
ROUS Hartford Multifactor US Equity ETF 27.7 19 6 5.8 +0.3
VTV Vanguard Value Index Fund 27.7 4 21 6.6 +1.0
PSET Principal Price Setters Index ETF 27.7 15 10 4.6 -0.9
ESGV Vanguard ESG U.S. Stock ETF 27.6 12 13 4.5 -1.1
IWX iShares Russell Top 200 Value ETF 27.3 20 5 6.1 +0.5
DTD WisdomTree U.S.Total Dividend Fund 27.0 28 -3 6.2 +0.7
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 26.9 30 -5 5.0 -0.5
SPYV SPDR Portfolio S&P 500 Value ETF 26.9 4 21 6.4 +0.9
IVE iShares S&P 500 Value ETF 26.9 18 7 6.3 +0.8
QLV FlexShares US Quality Low Volatility Index Fund 26.6 22 3 4.3 -1.2
EPS WisdomTree U.S. Earnings 500 Fund 26.4 8 17 5.9 +0.4
RYH Invesco S&P 500 Equal Weight Health Care ETF 26.2 40 -15 6.3 +0.8
JOET Virtus Terranova US Quality Momentum ETF 26.2 29 -4 4.6 -0.9
JQUA JPMorgan U.S. Quality Factor ETF 26.1 12 13 5.0 -0.5
MXDU Nationwide Maximum Diversification US Core Equity ETF 26.0 34 -9 4.3 -1.3
ACWV iShares MSCI Global Min Vol Factor ETF 25.9 20 5 5.5 -0.1
IUSV iShares Core S&P U.S. Value ETF 25.7 4 21 6.4 +0.9
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 25.7 17 8 6.1 +0.6
VONV Vanguard Russell 1000 Value Index Fund 25.6 8 17 6.2 +0.7
MGC Vanguard Mega Cap Index Fund 25.6 7 18 4.6 -1.0
LGLV SPDR Russell 1000 Low Volatility ETF 25.3 12 13 5.2 -0.3
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 25.2 20 5 4.8 -0.8
PFM Invesco Dividend Achievers ETF 25.1 53 -28 5.0 -0.5
PBP Invesco S&P 500 BuyWrite ETF 25.1 49 -24 4.3 -1.2
IWL iShares Russell Top 200 ETF 25.0 15 10 4.4 -1.2
BKLC BNY Mellon US Large Cap Core Equity ETF 24.9 0 25 4.4 -1.1
KLCD KFA Large Cap Quality Dividend Index ETF 24.9 42 -17 5.1 -0.5
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 24.9 9 16 4.8 -0.7
JKF iShares Morningstar Large Cap Value ETF 24.8 25 0 6.7 +1.2
SPXE ProShares S&P 500 Ex-Energy ETF 24.8 27 -2 4.6 -0.9
NOBL ProShares S&P 500 Dividend Aristocrats ETF 24.8 35 -10 5.7 +0.2
KNG Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF 24.8 75 -50 5.3 -0.3
XYLG Global X S&P 500 Covered Call & Growth ETF 24.8 60 -35 4.4 -1.1
IWD iShares Russell 1000 Value ETF 24.8 19 6 6.0 +0.5
SIXA 6 Meridian Mega Cap Equity ETF 24.7 82 -57 5.8 +0.3
SPXN ProShares S&P 500 Ex-Financials ETF 24.7 27 -2 4.3 -1.2
OEF iShares S&P 100 ETF 24.7 20 5 4.2 -1.4
DGRO iShares Core Dividend Growth ETF 24.5 8 17 6.0 +0.5
SPY SPDR S&P 500 ETF Trust 24.4 9 16 4.7 -0.9
IVV iShares Core S&P 500 ETF 24.4 3 22 4.7 -0.8
SPLG SPDR Portfolio Large Cap ETF 24.4 3 22 4.7 -0.8
RHS Invesco S&P 500 Equal Weight Consumer Staples ETF 24.3 40 -15 6.3 +0.7
JHMS John Hancock Multifactor Consumer Staples ETF 24.3 40 -15 5.7 +0.1
VOO VANGUARD S&P 500 ETF 24.1 3 22 4.8 -0.7
DIVB iShares U.S. Dividend & Buyback ETF 24.0 25 0 5.9 +0.4
JHMH John Hancock Multifactor Healthcare ETF 23.9 40 -15 5.8 +0.2
JCTR JPMorgan Carbon Transition U.S. Equity ETF 23.9 15 10 4.6 -0.9
DSTL Distillate US Fundamental Stability & Value ETF 23.9 39 -14 5.7 +0.2
FVD First Trust Value Line Dividend Index Fund 23.8 70 -45 5.8 +0.2
USMF WisdomTree U.S. Multifactor Fund 23.7 28 -3 5.4 -0.2
FVL First Trust Value Line 100 ETF 23.7 70 -45 6.0 +0.4
DGRW WisdomTree U.S. Quality Dividend Growth Fund 23.6 28 -3 6.0 +0.5
DTN WisdomTree U.S. Dividend ex-Financials Fund 23.5 38 -13 7.6 +2.1
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 23.5 7 18 4.5 -1.0
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 23.4 35 -10 5.1 -0.5
VSDA VictoryShares Dividend Accelerator ETF 23.4 35 -10 4.6 -0.9
PRF Invesco FTSE RAFI US 1000 ETF 23.4 39 -14 5.8 +0.3
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 23.3 20 5 4.6 -1.0
VV Vanguard Large-Cap Index Fund 23.3 4 21 4.6 -1.0
BBUS JP Morgan Betabuilders U.S. Equity ETF 23.1 2 23 4.6 -0.9
EFIV SPDR S&P 500 ESG ETF 23.1 10 15 4.6 -1.0
SFY SoFi Select 500 ETF 23.1 0 25 4.6 -1.0
SNPE Xtrackers S&P 500 ESG ETF 23.1 10 15 4.6 -1.0
PBUS Invesco PureBeta MSCI USA ETF 23.1 4 21 4.6 -0.9
XLP Consumer Staples Select Sector SPDR Fund 23.0 13 12 5.4 -0.1
XLG Invesco S&P 500 Top 50 ETF 22.9 20 5 4.0 -1.5
XVV iShares ESG Screened S&P 500 ETF 22.9 8 17 4.9 -0.7
FQAL Fidelity Quality Factor ETF 22.8 29 -4 5.0 -0.6
FNDX Schwab Fundamental U.S. Large Co. Index ETF 22.7 25 0 5.7 +0.2
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF 22.7 60 -35 3.5 -2.0
IQSU IQ Candriam ESG US Equity ETF 22.6 9 16 4.5 -1.0
QDEF FlexShares Quality Dividend Defensive Index Fund 22.6 37 -12 5.4 -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:

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 22.9 %
Divided by: Fwd. P/BV 4.0 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 5.5 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.58 CATEGORY
AVERAGE		 1.49
 
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.