Invesco S&P 500 Minimum Variance
ALTAR
Score™
6.1% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
19.1x P/Sales
ratio
2.1x
P/BV
ratio
3.2x Div.
yield
2.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Invesco S&P 500 Minimum Variance Portfolio tracks an index of stocks selected from the S&P 500. Holdings are selected and weighted to create a low-volatility portfolio, subject to constraints.

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.invesco.com
Inception date Jul 13, 2017
Assets (mns) $2
Currency USD
Expense ratio 10 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Multi-Factor
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 117
Wgt avg mkt cap (mns) $178,969
Large cap (>$10bn) 97.7%
Mid cap ($2-10bn) 2.3%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
UNITEDHEALTH GROUP INC 2.3 %
CVS CAREMARK CORP 2.3 %
MICROSOFT CORP 2.2 %
MARSH & MCLENNAN COS 2.1 %
WASTE MANAGEMENT INC 2.0 %
ADOBE SYSTEMS INC 1.9 %
NIKE INC -CL B 1.9 %
JPMORGAN CHASE & CO 1.9 %
QUALCOMM INC 1.9 %
AT&T INC 1.9 %
Total 20.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.4 %
IRELAND 2.6 %
SWITZERLAND 1.3 %
BRITAIN 0.7 %







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.
27.7% 16.8% -- -- 12.6%

Market Correlations
versus... Beta R-squared
S&P500 0.91 92%
MSCI EAFE 0.92 71%
MSCI Emg. Mkts. 0.66 56%

Technical Indicators
Recent close $31.41
30d moving avg. $31.07
Annualized volatility 13.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $58,932

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: SPMV Expense: 10 bp ALTAR Score™: 6.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SPMV
Ticker Fund
Name
Overlap1
vs SPMV
(%)
Expense
ratio
(bp)
Savings
vs SPMV
(bp)
ALTAR
Score™
(%)
ALTAR
vs SPMV
(%)
IWL iShares Russell Top 200 39.3 15 -5 5.7 -0.4
OVOL Invesco Russell 1000 Low Volatility Factor ETF 38.9 19 -9 5.7 -0.4
MGC Vanguard Mega Cap 300 ETF 38.8 7 3 5.9 -0.2
USMV iShares MSCI USA Minimum Volatility 38.0 15 -5 5.2 -0.9
PBP Invesco S&P 500 Buy/Write 37.6 49 -39 5.5 -0.6
IVV iShares Core S&P 500 37.3 4 6 6.0 -0.1
SPY S&P 500 SPDR 37.3 9 1 5.9 -0.2
VOO Vanguard S&P 500 ETF 37.2 3 7 6.0 -0.1
HSPX Global X S&P 500 Covered Call 37.1 65 -55 5.3 -0.7
QUS SPDR MSCI USA Quality Mix 37.1 15 -5 6.0 -0.1
SPYX SPDR S&P 500 Fossil Fuel Reserves Free 36.8 20 -10 5.9 -0.2
SPXE ProShares S&P 500 Ex-Energy 36.8 27 -17 5.9 -0.2
JUST Goldman Sachs JUST U.S. Large Cap Equity 36.4 20 -10 5.6 -0.5
VV Vanguard Large-Cap ETF 36.3 4 6 5.8 -0.2
CATH Global X S&P 500 Catholic Values 36.2 29 -19 5.9 -0.2
BBUS JP Morgan Betabuilders U.S. Equity 35.8 2 8 5.9 -0.2
PBUS Invesco PureBeta MSCI USA 35.7 4 6 6.0 -0.1
SPXV ProShares S&P 500 Ex-Health Care 35.6 27 -17 5.7 -0.4
SNPE Xtrackers S&P 500 ESG 35.5 11 -1 5.8 -0.3
USMC Principal U.S. Mega-Cap Multi-Factor Index 35.4 12 -2 5.4 -0.7

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 Minimum Variance
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 17.9 %
Divided by: Fwd. P/BV 2.9 x
Less: Expense ratio 10 bp
Equals: ALTAR Score 6.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.57 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.