Invesco S&P 500 Minimum Variance ETF
ALTAR
Score™
5.9% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
22.3x P/Sales
ratio
2.3x
P/BV
ratio
3.1x Div.
yield
2.3%


  • 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 104
Wgt avg mkt cap (mns) $207,898
Large cap (>$10bn) 98.2%
Mid cap ($2-10bn) 1.8%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ADOBE SYSTEMS INC 3.1 %
AMAZON.COM INC 3.1 %
MICROSOFT CORP 2.8 %
ACCENTURE PLC-CL A 2.6 %
NEWMONT MINING CORP 2.4 %
UNITEDHEALTH GROUP INC 2.3 %
MCDONALD'S CORP 2.3 %
CVS CAREMARK CORP 2.3 %
AT&T INC 2.2 %
BERKSHIRE HATHAWAY INC-CL B 2.2 %
Total 25.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 92.8 %
IRELAND 4.1 %
SWITZERLAND 2.2 %
BRITAIN 0.7 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-6.0% 3.2% -- -- 8.9%

Market Correlations
versus... Beta R-squared
S&P500 0.93 95%
MSCI EAFE 0.93 82%
MSCI Emg. Mkts. 0.67 66%

Technical Indicators
Recent close $29.79
30d moving avg. $29.83
Annualized volatility 16.4%
Short interest (ETF) 0.0%
Relative strength (RSI) 51

Liquidity measures
Avg. volume (thou.) 6
Turnover 4.0%
Bid/Ask (% of price) 0.24%
ADV underlying (mns) $104,555

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 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™: 5.9%


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 38.9 15 -5 5.6 -0.3
QUS SPDR MSCI USA StrategicFactors ETF 37.0 15 -5 5.9 +0.0
IWL iShares Russell Top 200 ETF 35.2 15 -5 5.0 -0.8
BKLC BNY Mellon US Large Cap Core Equity ETF 35.0 0 10 5.2 -0.6
PFM Invesco Dividend Achievers ETF 34.8 54 -44 5.5 -0.4
MGC Vanguard Mega Cap Index Fund 34.6 7 3 5.2 -0.6
FDLO Fidelity Low Volatility Factor ETF 34.4 29 -19 5.2 -0.7
DLN WisdomTree U.S. LargeCap Dividend Fund 34.3 28 -18 6.4 +0.6
PBP Invesco S&P 500 BuyWrite ETF 34.3 49 -39 5.0 -0.9
VOOV Vanguard S&P 500 Value ETF 34.2 15 -5 7.4 +1.6
SPYV SPDR Portfolio S&P 500 Value ETF 34.1 4 6 7.5 +1.6
IVE iShares S&P 500 Value ETF 34.1 18 -8 7.3 +1.5
HSPX Global X S&P 500 Covered Call ETF 33.8 65 -55 4.9 -0.9
SPY SPDR S&P 500 ETF Trust 33.7 9 1 5.4 -0.5
IVV iShares Core S&P 500 ETF 33.7 4 6 5.4 -0.5
VOO VANGUARD S&P 500 ETF 33.7 3 7 5.4 -0.4
SPLG SPDR Portfolio Large Cap ETF 33.7 3 7 5.4 -0.4
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 33.3 20 -10 5.0 -0.9
USMC Principal U.S. Mega-Cap Multi-Factor Index ETF 33.1 12 -2 4.8 -1.1
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 33.1 20 -10 5.4 -0.5
SPXE ProShares S&P 500 Ex-Energy ETF 33.1 27 -17 5.3 -0.6
CATH Global X S&P 500 Catholic Values Custom ETF 33.0 29 -19 5.2 -0.6
JQUA JPMorgan U.S. Quality Factor ETF 32.9 12 -2 5.3 -0.6
OEF iShares S&P 100 ETF 32.8 20 -10 4.8 -1.1
IWX iShares Russell Top 200 Value ETF 32.8 20 -10 7.2 +1.3
VV Vanguard Large-Cap Index Fund 32.8 4 6 5.3 -0.6
IUSV iShares Core S&P U.S. Value ETF 32.8 4 6 7.6 +1.7
DTD WisdomTree U.S.Total Dividend Fund 32.8 28 -18 6.7 +0.8
ESGU iShares MSCI USA ESG Optimized ETF 32.7 15 -5 5.1 -0.8
SNPE Xtrackers S&P 500 ESG ETF 32.6 11 -1 5.1 -0.8
IQSU IQ Candriam ESG US Equity ETF 32.6 9 1 5.1 -0.8
FLQL Franklin LibertyQ U.S. Equity ETF 32.5 15 -5 6.3 +0.5
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 32.5 7 3 5.2 -0.7
BBUS JP Morgan Betabuilders U.S. Equity ETF 32.4 2 8 5.3 -0.6
SPXV ProShares S&P 500 Ex-Health Care ETF 32.0 27 -17 5.0 -0.9
SPTM SPDR Portfolio Total Stock Market ETF 32.0 3 7 5.5 -0.3
PBUS Invesco PureBeta MSCI USA ETF 31.9 4 6 5.3 -0.6
SCHX Schwab U.S. Large-Cap ETF 31.9 3 7 5.3 -0.6
SFY SoFi Select 500 ETF 31.9 0 10 5.2 -0.6
SPXN ProShares S&P 500 Ex-Financials ETF 31.8 27 -17 5.0 -0.9
OUSA O'Shares FTSE US Quality Dividend ETF 31.7 48 -38 5.7 -0.2
DYNF BlackRock U.S. Equity Factor Rotation ETF 31.7 30 -20 6.6 +0.7
FLLV Franklin Liberty U.S. Low Volatility ETF 31.5 29 -19 5.9 +0.0
VONE Vanguard Russell 1000 ETF 31.4 8 2 5.3 -0.6
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 31.4 9 1 5.6 -0.3
HUSV First Trust Horizon Managed Volatility Domestic ETF 31.3 70 -60 4.8 -1.1
SCHK Schwab 1000 Index ETF 31.3 5 5 5.3 -0.6
IWB iShares Russell 1000 ETF 31.2 15 -5 5.2 -0.7
EPS WisdomTree U.S. Earnings 500 Fund 31.1 8 2 6.5 +0.6
XLG Invesco S&P 500 Top 50 ETF 31.1 20 -10 4.4 -1.4
IYY iShares Dow Jones U.S. ETF 31.1 20 -10 5.2 -0.7
FDRR Fidelity Dividend ETF for Rising Rates 31.0 29 -19 7.0 +1.2
ESG FlexShares STOXX US ESG Impact Index Fund 30.8 32 -22 5.1 -0.8
QLC FlexShares US Quality Large Cap Index Fund 30.7 32 -22 5.4 -0.5
RWL Invesco S&P 500 Revenue ETF 30.7 39 -29 7.3 +1.4
MMTM SPDR S&P 1500 Momentum Tilt ETF 30.6 12 -2 4.9 -0.9
PRF Invesco FTSE RAFI US 1000 ETF 30.5 39 -29 6.9 +1.0
LVUS Hartford Multifactor Low Volatility US Equity ETF 30.4 19 -9 6.1 +0.3
FNDX Schwab Fundamental U.S. Large Co. Index ETF 30.3 25 -15 6.6 +0.7
IUS Invesco Strategic US ETF 30.2 19 -9 6.7 +0.9
VTHR Vanguard Russell 3000 Index Fund 30.2 10 0 5.1 -0.7
SCHB Schwab U.S. Broad Market ETF 30.2 3 7 5.3 -0.6
VTV Vanguard Value Index Fund 30.1 4 6 7.5 +1.6
ITOT iShares Core S&P Total U.S. Stock Market ETF 30.1 3 7 5.2 -0.7
IWV iShares Russell 3000 ETF 30.1 20 -10 5.1 -0.8
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 30.0 15 -5 6.2 +0.3
VTI Vanguard Total Stock Market Index Fund 30.0 3 7 5.2 -0.7
SPXT ProShares S&P 500 Ex-Technology ETF 29.9 27 -17 5.7 -0.2
JHML John Hancock Multifactor Large Cap ETF 29.8 29 -19 5.6 -0.3
QDEF FlexShares Quality Dividend Defensive Index Fund 29.7 37 -27 5.9 +0.0
MGV Vanguard Mega Cap Value ETF 29.7 7 3 7.3 +1.5
VIG Vanguard Dividend Appreciation Index Fund 29.7 6 4 5.4 -0.4
ACIO Aptus Collared Income Opportunity ETF 29.5 79 -69 4.4 -1.5
JMIN JPMorgan U.S. Minimum Volatility ETF 29.5 12 -2 5.9 +0.1
EQWL Invesco Russell Top 200 Equal Weight ETF 29.5 25 -15 6.1 +0.3
WOMN Impact Shares YWCA Women's Empowerment ETF 29.4 75 -65 4.5 -1.4
USDY Pacific Global US Equity Income ETF 29.4 29 -19 7.3 +1.5
DGRO iShares Core Dividend Growth ETF 29.3 8 2 6.7 +0.8
FQAL Fidelity Quality Factor ETF 29.2 29 -19 5.5 -0.4
IWD iShares Russell 1000 Value ETF 28.8 19 -9 7.2 +1.4
KRMA Global X Conscious Companies ETF 28.7 43 -33 5.2 -0.7
LGLV SPDR Russell 1000 Low Volatility ETF 28.6 12 -2 5.8 -0.1
FNDB Schwab Fundamental U.S. Broad Market Index ETF 28.5 25 -15 6.6 +0.8
RAFE PIMCO RAFI ESG U.S. ETF 28.5 29 -19 7.8 +2.0
VYM Vanguard High Dividend Yield Index ETF 28.4 6 4 7.4 +1.5
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 28.4 10 0 5.3 -0.6
VONV Vanguard Russell 1000 Value Index Fund 28.3 8 2 7.4 +1.5
SUSL iShares ESG MSCI USA Leaders ETF 28.3 10 0 5.3 -0.5
AFLG First Trust Active Factor Large Cap ETF 28.1 55 -45 5.6 -0.3
DIVB iShares U.S. Dividend & Buyback ETF 28.1 25 -15 6.6 +0.8
ESGV Vanguard ESG U.S. Stock ETF 28.0 12 -2 5.2 -0.7
SPLV Invesco S&P 500 Low Volatility ETF 27.9 25 -15 5.7 -0.2
JMOM JPMorgan U.S. Momentum Factor ETF 27.9 12 -2 3.9 -2.0
SCHV Schwab U.S. Large-Cap Value ETF 27.8 4 6 7.2 +1.4
LSLT Salt Low truBeta US Market ETF 27.7 29 -19 6.1 +0.2
QLV FlexShares US Quality Low Volatility Index Fund 27.3 22 -12 4.9 -1.0
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 27.2 29 -19 6.3 +0.4
BVAL Brand Value ETF 27.1 65 -55 6.1 +0.2
ROUS Hartford Multifactor US Equity ETF 27.0 19 -9 7.4 +1.5
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 27.0 25 -15 6.7 +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:

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 17.4 %
Divided by: Fwd. P/BV 2.9 x
Less: Expense ratio 10 bp
Equals: ALTAR Score 5.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.53 CATEGORY
AVERAGE
1.52
 
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.