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.
Fund Basics
| Fund sponsor | Invesco PowerShares |
| Category | US Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Oct 26, 2005 |
| Assets (mns) | $738 |
| Expense ratio | 59 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Committee |
| Weighting | Market Cap |
| Smart-beta | No |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| LOCKHEED MARTIN CORP | 7.7 % |
| HONEYWELL INTERNATIONAL INC | 7.7 % |
| BOEING CO | 7.4 % |
| RAYTHEON TECHNOLOGIES CORPORATION | 7.3 % |
| NORTHROP GRUMMAN CORP | 5.5 % |
| GENERAL DYNAMICS CORP | 5.1 % |
| HARRIS CORP | 4.5 % |
| TRANSDIGM GROUP INC | 4.0 % |
| BALL CORP | 4.0 % |
| JACOBS ENGINEERING GROUP INC | 3.3 % |
Constituent Breakdown
| Number of holdings | 54 |
| Herfindahl-Hirschman Index | 413 |
| Wgt avg mkt cap (mns) | $45,282 |
| Large cap (>$10bn) | 68.3% |
| Mid cap ($2-10bn) | 29.8% |
| Small cap (<$2bn) | 1.9% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 97.0 % |
 |
CANADA | 1.6 % |
 |
ISRAEL | 1.3 % |
Historical Performance
Standardized Annual Returns (as of 03/31/2021)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 7.4% | 46.9% | 13.2% | 9.7% | 16.8% | 15.0% | 12.0% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.21 | 76% |
| MSCI EAFE | 1.22 | 76% |
| MSCI Emg Mkts | 0.82 | 43% |
Liquidity Measures
| Avg. volume (000) | 42 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.08% |
| ADV of underlying (mns) | $10,896 |
Technical Indicators
| Recent close | $74.51 |
| 30d moving avg. | $71.70 |
| Annualized volatility | 25.5% |
| Relative strength (RSI) | 65 |
| Short interest (ETF) | 0.1% |
| Short interest (underlying) | 2.2% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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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 | 55.5% | -17 bp | +0.3% |
| SHLD | Victoryshares Protect America ETF | 54.8% | +1 bp | +0.7% |
| ROKT | SPDR S&P Kensho Final Frontiers ETF | 49.2% | -14 bp | -0.5% |
| XAR | SPDR S&P Aerospace & Defense ETF | 47.6% | -24 bp | -0.5% |
| FEDX | Emles Federal Contractors ETF | 41.1% | +1 bp | +4.7% |
| FITE | SPDR Kensho Future Security ETF | 29.7% | -14 bp | -2.0% |
| XLI | Industrial Select Sector SPDR Fund | 24.7% | -47 bp | -0.8% |
| VIS | Vanguard Industrials Index Fund | 24.1% | -49 bp | -1.0% |
| ARKX | ARK Space Exploration & Innovation ETF | 22.6% | +16 bp | -2.5% |
| FIDU | Fidelity MSCI Industrials Index ETF | 21.9% | -51 bp | -0.7% |
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Results & Estimates
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021E | 2022E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2020 | 2021E | Fwd Est | 2022E | |
| 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 4/14/2021
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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
5.3%
Cat. Avg
4.5%
Fund Category: US Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 5.3% |
Recommendation
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.
Category Overview
There are 771 funds in the US Equities category, with an average ALTAR Score™
of 4.5% and a standard deviation of
2.1%. PPA's ALTAR Score™ is approximately
0.4 standard deviations
above
the category average. This places PPA in the 64th 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
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
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