Invesco S&P 500 Minimum Variance ETF
ALTAR
Score™
5.5% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
22.8x P/Sales
ratio
2.6x
P/BV
ratio
3.7x Div.
yield
1.9%


  • 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) $4
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 94
Wgt avg mkt cap (mns) $264,329
Large cap (>$10bn) 100.0%
Mid cap ($2-10bn) 0.0%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
QUALCOMM INC 2.8 %
MICROSOFT CORP 2.6 %
ACCENTURE PLC-CL A 2.6 %
CVS CAREMARK CORP 2.5 %
BERKSHIRE HATHAWAY INC-CL B 2.5 %
UNITEDHEALTH GROUP INC 2.5 %
AMAZON.COM INC 2.5 %
NIKE INC -CL B 2.4 %
TEXAS INSTRUMENTS INC 2.4 %
ADOBE SYSTEMS INC 2.4 %
Total 25.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 91.7 %
IRELAND 4.3 %
SWITZERLAND 2.3 %
BRITAIN 1.6 %







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.
8.5% 8.5% -- -- 12.1%

Market Correlations
versus... Beta R-squared
S&P500 0.89 95%
MSCI EAFE 0.82 80%
MSCI Emg. Mkts. 0.66 66%

Technical Indicators
Recent close $34.15
30d moving avg. $33.76
Annualized volatility 17.1%
Short interest (ETF) 0.0%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.8%
Bid/Ask (% of price) 0.24%
ADV underlying (mns) $96,045

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the Invesco S&P 500 Minimum Variance ETF 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™: 5.5%


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
(%)
USMV iShares Edge MSCI Min Vol USA ETF 40.2 15 -5 5.3 -0.2
FDLO Fidelity Low Volatility Factor ETF 39.9 29 -19 4.9 -0.5
QUS SPDR MSCI USA StrategicFactors ETF 37.8 15 -5 5.3 -0.2
OUSA O'Shares FTSE US Quality Dividend ETF 36.4 48 -38 5.5 0.0
DLN WisdomTree U.S. LargeCap Dividend Fund 35.7 28 -18 6.1 +0.7
PFM Invesco Dividend Achievers ETF 35.5 53 -43 5.0 -0.4
VOOV Vanguard S&P 500 Value ETF 35.0 10 0 6.6 +1.1
IWL iShares Russell Top 200 ETF 35.0 15 -5 4.4 -1.1
MGC Vanguard Mega Cap Index Fund 34.8 7 3 4.6 -0.9
ESGV Vanguard ESG U.S. Stock ETF 34.8 12 -2 4.5 -1.0
SPQQ Siren Large Cap Blend Index ETF 34.6 20 -10 4.2 -1.2
BKLC BNY Mellon US Large Cap Core Equity ETF 34.5 0 10 4.4 -1.0
EPS WisdomTree U.S. Earnings 500 Fund 33.9 8 2 5.9 +0.4
JCTR JPMorgan Carbon Transition U.S. Equity ETF 33.5 15 -5 4.6 -0.8
PBP Invesco S&P 500 BuyWrite ETF 33.4 49 -39 4.3 -1.2
DTD WisdomTree U.S.Total Dividend Fund 33.1 28 -18 6.2 +0.8
XYLG Global X S&P 500 Covered Call & Growth ETF 33.0 60 -50 4.4 -1.1
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 32.8 20 -10 4.8 -0.7
OEF iShares S&P 100 ETF 32.8 20 -10 4.2 -1.3
SPY SPDR S&P 500 ETF Trust 32.7 9 1 4.7 -0.8
USMC Principal U.S. Mega-Cap Multi-Factor Index ETF 32.7 12 -2 4.9 -0.5
IVV iShares Core S&P 500 ETF 32.7 3 7 4.7 -0.7
SPLG SPDR Portfolio Large Cap ETF 32.6 3 7 4.7 -0.7
SPXE ProShares S&P 500 Ex-Energy ETF 32.6 27 -17 4.6 -0.9
DGRO iShares Core Dividend Growth ETF 32.5 8 2 6.0 +0.5
ACIO Aptus Collared Income Opportunity ETF 32.4 79 -69 3.8 -1.6
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 32.4 20 -10 4.6 -0.9
VOO VANGUARD S&P 500 ETF 32.3 3 7 4.8 -0.7
CATH Global X S&P 500 Catholic Values Custom ETF 32.1 29 -19 4.6 -0.9
XLG Invesco S&P 500 Top 50 ETF 32.0 20 -10 4.0 -1.4
VIG Vanguard Dividend Appreciation Index Fund 31.8 6 4 5.0 -0.5
SFY SoFi Select 500 ETF 31.7 0 10 4.6 -0.9
EFIV SPDR S&P 500 ESG ETF 31.6 10 0 4.6 -0.9
SNPE Xtrackers S&P 500 ESG ETF 31.6 10 0 4.6 -0.9
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 31.6 7 3 4.5 -0.9
VV Vanguard Large-Cap Index Fund 31.6 4 6 4.6 -0.9
IQSU IQ Candriam ESG US Equity ETF 31.5 9 1 4.5 -1.0
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 31.5 15 -5 5.8 +0.3
ESGU iShares MSCI USA ESG Optimized ETF 31.4 15 -5 4.4 -1.1
FLLV Franklin Liberty U.S. Low Volatility ETF 31.4 29 -19 4.9 -0.5
IWX iShares Russell Top 200 Value ETF 31.4 20 -10 6.1 +0.6
XVV iShares ESG Screened S&P 500 ETF 31.4 8 2 4.9 -0.6
MGV Vanguard Mega Cap Value ETF 31.3 7 3 6.5 +1.0
JQUA JPMorgan U.S. Quality Factor ETF 31.3 12 -2 5.0 -0.4
BBUS JP Morgan Betabuilders U.S. Equity ETF 31.2 2 8 4.6 -0.8
SPXN ProShares S&P 500 Ex-Financials ETF 31.2 27 -17 4.3 -1.1
SPYV SPDR Portfolio S&P 500 Value ETF 31.1 4 6 6.4 +1.0
IVE iShares S&P 500 Value ETF 31.1 18 -8 6.3 +0.8
PBUS Invesco PureBeta MSCI USA ETF 31.0 4 6 4.6 -0.9
ESG FlexShares STOXX US ESG Impact Index Fund 30.8 32 -22 4.4 -1.0
SPTM SPDR Portfolio Total Stock Market ETF 30.8 3 7 4.8 -0.7
FLQL Franklin LibertyQ U.S. Equity ETF 30.8 15 -5 5.9 +0.5
SCHX Schwab U.S. Large-Cap ETF 30.7 3 7 4.5 -0.9
QLV FlexShares US Quality Low Volatility Index Fund 30.3 22 -12 4.3 -1.2
SCHV Schwab U.S. Large-Cap Value ETF 30.2 4 6 6.1 +0.6
SCHK Schwab 1000 Index ETF 30.2 5 5 4.6 -0.9
IWB iShares Russell 1000 ETF 30.2 15 -5 4.4 -1.0
SIXA 6 Meridian Mega Cap Equity ETF 30.2 82 -72 5.8 +0.4
SPXV ProShares S&P 500 Ex-Health Care ETF 30.0 27 -17 4.3 -1.2
IYY iShares Dow Jones U.S. ETF 29.9 20 -10 4.4 -1.1
EQWL Invesco Russell Top 200 Equal Weight ETF 29.8 25 -15 5.6 +0.1
RWL Invesco S&P 500 Revenue ETF 29.7 39 -29 6.3 +0.8
FDRR Fidelity Dividend ETF for Rising Rates 29.7 29 -19 5.9 +0.5
VTHR Vanguard Russell 3000 Index Fund 29.6 10 0 4.4 -1.1
IUSV iShares Core S&P U.S. Value ETF 29.5 4 6 6.4 +1.0
QLC FlexShares US Quality Large Cap Index Fund 29.5 32 -22 4.4 -1.0
QUAL iShares MSCI Usa Quality Factor ETF 29.5 15 -5 5.0 -0.5
DGRW WisdomTree U.S. Quality Dividend Growth Fund 29.4 28 -18 6.0 +0.6
HUSV First Trust Horizon Managed Volatility Domestic ETF 29.3 70 -60 4.8 -0.7
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 29.2 9 1 4.8 -0.7
DIVB iShares U.S. Dividend & Buyback ETF 29.0 25 -15 5.9 +0.4
IWV iShares Russell 3000 ETF 28.8 20 -10 4.3 -1.2
VTV Vanguard Value Index Fund 28.8 4 6 6.6 +1.1
SCHB Schwab U.S. Broad Market ETF 28.7 3 7 4.4 -1.0
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 28.6 19 -9 5.3 -0.2
ITOT iShares Core S&P Total U.S. Stock Market ETF 28.6 3 7 4.4 -1.1
JHML John Hancock Multifactor Large Cap ETF 28.6 29 -19 4.8 -0.6
WOMN Impact Shares YWCA Women's Empowerment ETF 28.5 75 -65 3.5 -2.0
VONE Vanguard Russell 1000 ETF 28.5 8 2 4.5 -0.9
VYM Vanguard High Dividend Yield Index ETF 28.5 6 4 6.7 +1.2
JKD iShares Morningstar Large-Cap ETF 28.1 20 -10 4.7 -0.7
VTI Vanguard Total Stock Market Index Fund 28.1 3 7 4.4 -1.1
LGLV SPDR Russell 1000 Low Volatility ETF 28.1 12 -2 5.2 -0.3
HIPR Direxion High Growth ETF 28.0 40 -30 3.8 -1.7
XOUT GraniteShares XOUT U.S. Large Cap ETF 27.9 60 -50 3.6 -1.9
SPLV Invesco S&P 500 Low Volatility ETF 27.9 25 -15 5.5 +0.1
KRMA Global X Conscious Companies ETF 27.9 43 -33 4.9 -0.6
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 27.8 10 0 4.8 -0.6
FQAL Fidelity Quality Factor ETF 27.8 29 -19 5.0 -0.5
SUSL iShares ESG MSCI USA Leaders ETF 27.8 10 0 4.8 -0.6
IUS Invesco Strategic US ETF 27.7 19 -9 5.5 +0.0
DFAU Dimensional US Core Equity Market ETF 27.7 12 -2 4.7 -0.8
LSLT Salt Low truBeta US Market ETF 27.7 60 -50 5.7 +0.3
AFLG First Trust Active Factor Large Cap ETF 27.6 55 -45 4.6 -0.8
PRF Invesco FTSE RAFI US 1000 ETF 27.6 39 -29 5.8 +0.3
DEF Invesco Defensive Equity ETF 27.5 55 -45 5.2 -0.2
NACP Impact Shares NAACP Minority Empowerment ETF 27.5 49 -39 4.7 -0.8
VSDA VictoryShares Dividend Accelerator ETF 27.4 35 -25 4.6 -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%.

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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 Minimum Variance 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 18.6 %
Divided by: Fwd. P/BV 3.4 x
Less: Expense ratio 10 bp
Equals: ALTAR Score 5.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.50 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.