PPA
Invesco Aerospace & Defense ETF
Invesco Aerospace & Defense Portfolio seeks investment results that correspond to the price and yield of the SPADE(TM) Defense Index, which tracks stocks of companies involved in the defense industry.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
58 bp
EXPENSES
$3.5 B
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Invesco PowerShares |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Oct 26, 2005 |
| Assets (mns) | $3,509 |
| Expense ratio | 58 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Committee |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| BOEING CO | 6.6 % |
| LOCKHEED MARTIN CORP | 6.6 % |
| RAYTHEON TECHNOLOGIES CORPORATION | 6.4 % |
| GENERAL ELECTRIC COMPANY | 6.3 % |
| NORTHROP GRUMMAN CORP | 4.8 % |
| GENERAL DYNAMICS CORP | 4.7 % |
| L3HARRIS TECHNOLOGIES INC | 4.7 % |
| HONEYWELL INTERNATIONAL INC | 4.5 % |
| PARKER HANNIFIN CORP | 4.3 % |
| HOWMET AEROSPACE INC. | 3.9 % |
Constituent Breakdown
| Number of holdings | 52 |
| Herfindahl-Hirschman Index | 378 |
| Wgt avg mkt cap (mns) | $70,277 |
| Large cap (>$10bn) | 82.5% |
| Mid cap ($2-10bn) | 16.1% |
| Small cap (<$2bn) | 1.4% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 93.8 % |
 |
IRELAND | 3.5 % |
 |
ISRAEL | 1.5 % |
 |
CANADA | 1.1 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 11.7% | 22.6% | 22.0% | 11.8% | 10.6% | 13.3% | 12.0% | Volatility | 11.0% | 12.5% | 16.7% | 17.4% | 23.7% | 19.8% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.72 | 49% |
| MSCI EAFE | 0.75 | 50% |
| MSCI Emg Mkts | 0.42 | 16% |
Liquidity Measures
| Avg. volume (000) | 121 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.06% |
| ADV of underlying (mns) | $20,929 |
Technical Indicators
| Recent close | $107.11 |
| 30d moving avg. | $103.88 |
| Annualized volatility | 18.4% |
| Relative strength (RSI) | 55 |
| Short interest (ETF) | 0.3% |
| Short interest (underlying) | 2.2% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. PPA |
Expenses vs. PPA |
ALTAR Score™ vs. PPA |
|---|---|---|---|---|
| ITA | iShares U.S. Aerospace & Defense ETF | 63.7% | -18 bp | -0.8% |
| MISL | First Trust Indxx Aerospace & Defense ETF | 61.0% | +2 bp | -0.2% |
| XAR | SPDR S&P Aerospace & Defense ETF | 54.7% | -23 bp | -0.7% |
| ROKT | SPDR S&P Kensho Final Frontiers ETF | 44.6% | -13 bp | -0.4% |
| SHLD | Global X Defense Tech ETF | 39.0% | -8 bp | +1.9% |
| XLI | Industrial Select Sector SPDR Fund | 31.7% | -49 bp | +1.3% |
| FITE | SPDR S&P Kensho Future Security ETF | 27.5% | -13 bp | -0.7% |
| FIDU | Fidelity MSCI Industrial Index ETF | 26.9% | -50 bp | +1.6% |
| VIS | Vanguard Industrials ETF | 26.4% | -48 bp | +1.3% |
| FTWO | Strive FAANG 2.0 ETF | 21.4% | -9 bp | +2.1% |
Risk and Returns: PPA vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
PPA
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
PPA
3.1%
Cat. Avg
5.7%
Fund Category: US
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 3.1% |
Recommendation
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
Category Overview
There are 899 funds in the US category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. PPA's ALTAR Score™ is approximately
1.1 standard deviations
below
the category average. This places PPA in the 14th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
PPA
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 609 |
| Avg. Expense Ratio | 46.6 bp |
| Std. Deviation | 32.9 bp |
| PPA (58 bp) Percentile rank | 64 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| PPA | 58.0 | 5.5 | 63.5 |
| Peer Avg. | 44.3 | 17.3 | 61.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .