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) | $1,933 |
| Expense ratio | 61 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 % |
| NORTHROP GRUMMAN CORP | 6.3 % |
| LOCKHEED MARTIN CORP | 6.1 % |
| GENERAL ELECTRIC COMPANY | 5.7 % |
| RAYTHEON TECHNOLOGIES CORPORATION | 5.0 % |
| GENERAL DYNAMICS CORP | 5.0 % |
| HONEYWELL INTERNATIONAL INC | 4.6 % |
| L3HARRIS TECHNOLOGIES INC | 4.2 % |
| TRANSDIGM GROUP INC | 3.8 % |
| AXON ENTERPRISE INC | 3.6 % |
Constituent Breakdown
| Number of holdings | 53 |
| Herfindahl-Hirschman Index | 367 |
| Wgt avg mkt cap (mns) | $57,704 |
| Large cap (>$10bn) | 75.1% |
| Mid cap ($2-10bn) | 22.8% |
| Small cap (<$2bn) | 1.0% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 92.9 % |
 |
IRELAND | 2.7 % |
 |
ISRAEL | 2.4 % |
 |
CANADA | 2.0 % |
Historical Performance
Standardized Annual Returns (as of 08/31/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 8.4% | 19.2% | 8.0% | 14.1% | 8.4% | 13.6% | 11.4% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.88 | 54% |
| MSCI EAFE | 0.90 | 59% |
| MSCI Emg Mkts | 0.48 | 16% |
Liquidity Measures
| Avg. volume (000) | 86 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.07% |
| ADV of underlying (mns) | $3,765 |
Technical Indicators
| Recent close | $79.96 |
| 30d moving avg. | $83.09 |
| Annualized volatility | 21.5% |
| Relative strength (RSI) | 33 |
| Short interest (ETF) | 0.2% |
| 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 |
|---|---|---|---|---|
| MISL | First Trust Indxx Aerospace & Defense ETF | 63.1% | -1 bp | +0.2% |
| ITA | iShares U.S. Aerospace & Defense ETF | 59.2% | -21 bp | -1.0% |
| XAR | SPDR S&P Aerospace & Defense ETF | 52.1% | -26 bp | -2.9% |
| ROKT | SPDR S&P Kensho Final Frontiers ETF | 45.0% | -16 bp | -2.8% |
| XLI | Industrial Select Sector SPDR Fund | 31.9% | -51 bp | +1.0% |
| FITE | SPDR Kensho Future Security ETF | 26.4% | -16 bp | -0.6% |
| FIDU | Fidelity MSCI Industrials Index ETF | 26.4% | -53 bp | +0.9% |
| VIS | Vanguard Industrials Index Fund | 25.9% | -51 bp | +0.7% |
| RSPN | Invesco S&P 500 Equal Weight Industrials ETF | 22.4% | -21 bp | +0.3% |
| IYJ | iShares U.S. Industrials ETF | 21.1% | -22 bp | +1.1% |
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
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | 2024E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2022 | 2023E | Fwd Est | 2024E | |
| 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 9/28/2023
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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
4.5%
Cat. Avg
6.4%
Fund Category: US Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 4.5% |
Recommendation
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
Category Overview
There are 898 funds in the US Equities category, with an average ALTAR Score™
of 6.4% and a standard deviation of
3.1%. PPA's ALTAR Score™ is approximately
0.6 standard deviations
below
the category average. This places PPA in the 26th 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 |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| PPA | 61.0 | 6.9 | 67.9 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .