Invesco S&P SmallCap High Div Low Volatility
ALTAR
Score™
8.2% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
13.7x P/Sales
ratio
1.1x
P/BV
ratio
1.2x Div.
yield
6.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Invesco S&P SmallCap High Dividend Low Volatility ETF tracks a dividend-yield-weighted index of the 60 least volatile stocks chosen from a list of the 90 highest-yielding US small-cap stocks.

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.invesco.com
Inception date Dec 01, 2016
Assets (mns) $27
Currency USD
Expense ratio 30 bp
Distributions Monthly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 59
Wgt avg mkt cap (mns) $1,134
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 7.6%
Small cap (<$2bn) 92.4%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
PETMED EXPRESS INC 3.7 %
RAMCO-GERSHENSON PROPERTIES 3.5 %
KITE REALTY GROUP TRUST 3.4 %
CEDAR SHOPPING CENTERS INC 3.3 %
WHITESTONE REIT 3.2 %
GANNETT CO., INC. 3.1 %
PENNYMAC MORTGAGE INVESTMENT 3.1 %
GLOBAL NET LEASE INC 3.1 %
NEW YORK MORTGAGE TRUST INC 3.0 %
INNOPHOS HOLDINGS INC 3.0 %
Total 32.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 99.8 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
15.5% 6.4% -- -- 2.8%

Market Correlations
versus... Beta R-squared
S&P500 0.87 55%
MSCI EAFE 0.76 35%
MSCI Emg. Mkts. 0.45 20%

Technical Indicators
Recent close $24.21
30d moving avg. $24.08
Annualized volatility 14.5%
Short interest (ETF) 0.0%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 6
Turnover 0.6%
Bid/Ask (% of price) 0.34%
ADV underlying (mns) $647

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: XSHD Expense: 30 bp ALTAR Score™: 8.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH XSHD
Ticker Fund
Name
Overlap1
vs XSHD
(%)
Expense
ratio
(bp)
Savings
vs XSHD
(bp)
ALTAR
Score™
(%)
ALTAR
vs XSHD
(%)
XSLV Invesco S&P SmallCap Low Volatility 24.5 25 5 6.9 -1.3
SRET Global X SuperDividend REIT 22.1 59 -29 10.1 +1.9
DIV Global X SuperDividend US ETF 19.9 45 -15 7.6 -0.6
MORT VanEck Vectors Mortgage REIT 19.2 42 -12 11.1 +2.9
ROOF IQ US Real Estate Small Cap 16.9 70 -40 8.6 +0.4
REM iShares Mortgage Real Estate Capped 16.6 48 -18 10.9 +2.7
CSB Victory CEMP US Small Cap High Div Volatility Wtd 15.4 35 -5 7.4 -0.8
PSCU Invesco S&P Small Cap Utilities 15.2 29 1 2.0 -6.2
KBWY Invesco KBW Premium Yield Equity REIT 12.4 35 -5 14.8 +6.6
XSVM Invesco S&P SmallCap Value with Momentum 12.3 39 -9 8.3 +0.2
DES WisdomTree Smallcap Dividend 11.6 38 -8 7.3 -0.9
IJS iShares S&P 600 SmallCap Value 11.3 25 5 7.3 -0.9
SLYV SPDR S&P600 Small Cap Value 11.3 15 15 7.4 -0.8
PSCF Invesco S&P Small Cap Financials 11.1 29 1 8.7 +0.5
VIOV Vanguard S&P Small-Cap 600 Value 11.1 20 10 7.3 -0.9
KBWD Invesco KBW High Dividend Financial 10.3 242 -212 10.3 +2.1
SDIV Global X Superdividend 10.1 58 -28 11.1 +2.9
EWSC Invesco S&P Small Cap 600 Equal Weight 9.8 40 -10 5.7 -2.5
IJR iShares Core S&P Small-Cap 9.7 7 23 6.1 -2.1
SLY SPDR S&P 600 Small Cap 9.7 15 15 6.1 -2.1

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

  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

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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 SmallCap High Div Low Volatility
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.8 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 30 bp
Equals: ALTAR Score 8.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.80 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.