Invesco S&P 500 ex-Rate Sensitive Low Volatility
ALTAR
Score™
5.7% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
18.7x P/Sales
ratio
2.4x
P/BV
ratio
3.0x Div.
yield
2.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF tracks an index of large-cap US equities, selected for positive price sensitivity to rising interest rates and for low volatility. Stocks are weighted inversely to volatility.

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Apr 09, 2015
Assets (mns) $140
Currency USD
Expense ratio 25 bp
Distributions Monthly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian Bank of New York Mellon
Weighting Volatility
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 101
Wgt avg mkt cap (mns) $84,696
Large cap (>$10bn) 97.2%
Mid cap ($2-10bn) 2.8%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
REPUBLIC SERVICES INC 1.5 %
WASTE MANAGEMENT INC 1.3 %
MCDONALD'S CORP 1.3 %
MONDELEZ INTERNATIONAL INC-A 1.3 %
VERISK ANALYTICS INC-CLASS A 1.3 %
CITRIX SYSTEMS INC 1.2 %
MARSH & MCLENNAN COS 1.2 %
ARTHUR J GALLAGHER & CO 1.2 %
YUM! BRANDS INC 1.2 %
INTERCONTINENTALEXCHANGE INC 1.1 %
Total 12.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 89.7 %
BRITAIN 4.1 %
IRELAND 3.9 %
SWITZERLAND 1.1 %
BERMUDA 1.1 %






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.
29.8% 29.8% -- -- 13.5%

Market Correlations
versus... Beta R-squared
S&P500 0.84 91%
MSCI EAFE 0.76 62%
MSCI Emg. Mkts. 0.49 45%

Technical Indicators
Recent close $41.85
30d moving avg. $41.17
Annualized volatility 10.6%
Short interest (ETF) 0.3%
Short interest (Underlying) 2.9%
Relative strength (RSI) 68

Liquidity measures
Avg. volume (thou.) 8
Turnover 0.2%
Bid/Ask (% of price) 0.09%
ADV underlying (mns) $31,779

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: XRLV Expense: 25 bp ALTAR Score™: 5.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH XRLV
Ticker Fund
Name
Overlap1
vs XRLV
(%)
Expense
ratio
(bp)
Savings
vs XRLV
(bp)
ALTAR
Score™
(%)
ALTAR
vs XRLV
(%)
HUSV First Trust Horizon Managed Volatility Domestic 59.0 70 -45 4.7 -1.1
DEF Invesco Defensive Equity 54.9 59 -34 4.6 -1.1
LGLV SPDR Russell 1000 Low Volatility 44.8 12 13 5.0 -0.8
SPLV Invesco S&P 500 Low Volatility 43.3 25 0 5.0 -0.7
FLLV Franklin Liberty U.S. Low Volatility 41.6 29 -4 5.1 -0.7
USMV iShares MSCI USA Minimum Volatility 40.2 15 10 4.9 -0.8
LVUS Hartford Multifactor Low Volatility US Equity 40.1 21 4 5.6 -0.2
FDLO Fidelity Low Volatility Factor 35.4 29 -4 5.0 -0.7
OVOL Invesco Russell 1000 Low Volatility Factor ETF 32.7 19 6 5.3 -0.4
EQWL Invesco Fundamental Pure Large Core 31.1 25 0 6.0 +0.3
RBUS Nationwide Risk-Based U.S. Equity 30.5 30 -5 5.8 +0.0
IWX iShares Russell Top 200 Value 30.3 20 5 6.6 +0.9
ROUS Lattice U.S. Equity Strategy ETF 29.8 19 6 6.1 +0.4
RYF Invesco S&P Equal Weight Financials 29.4 40 -15 7.0 +1.3
LSLT Salt Low truBeta US Market 29.0 0 25 6.4 +0.7
QUS SPDR MSCI USA Quality Mix 28.5 15 10 5.6 -0.1
SPYV SPDR Portfolio S&P 500 Value 28.4 4 21 6.9 +1.2
IVE iShares S&P 500 Value 28.4 18 7 6.8 +1.1
SPXT ProShares S&P 500 Ex-Technology 28.1 27 -2 5.6 -0.1
DGRO iShares Core Dividend Growth 27.8 8 17 6.1 +0.4

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

  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 ex-Rate Sensitive Low Volatility
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 16.0 %
Divided by: Fwd. P/BV 2.7 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 5.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.63 CATEGORY
AVERAGE
1.55
 
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.