PowerShares QQQ
ALTAR
Score™
5.8% info Recommen-
dation
UNDERWEIGHT
2017E    2018E
P/E
ratio
22.1x P/Sales
ratio
3.0x
P/BV
ratio
3.7x Div.
yield
1.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Exchange traded fund designed to correspond to the price and yield performance of the Nasdaq-100 Index, which consists of the 100 largest non-financial companies listed on NASDAQ.

FUND BASICS
Category Traditional Indices
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Mar 10, 1999
Assets (mns) $50,447
Currency USD
Expense ratio 20 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-End Investment Co
Custodian Bank of New York Mellon
Weighting Tiered
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 107
Wgt avg mkt cap (mns) $303,677
Large cap (>$10bn) 99.0%
Mid cap ($2-10bn) 1.0%
Small cap (<$2bn) 0.1%
Developed mkts 97.5%
Emerging mkts 2.5%

TOP TEN HOLDINGS
APPLE INC 12.3 %
MICROSOFT CORP 8.4 %
AMAZON.COM INC 6.9 %
FACEBOOK 5.9 %
ALPHABET INC. CLASS C 4.7 %
ALPHABET INC. CLASS A 4.1 %
COMCAST CORP-CL A 2.9 %
INTEL CORP 2.5 %
CISCO SYSTEMS INC 2.4 %
AMGEN INC 1.9 %
Total 52.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.2 %
CHINA 2.2 %
BRITAIN 0.6 %
IRELAND 0.3 %
ISRAEL 0.3 %
ARGENTINA 0.2 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
21.5% 25.6% 18.6% 12.7% 6.3%

Market Correlations
versus... Beta R-squared
S&P500 1.22 81%
MSCI EAFE 0.92 68%
MSCI Emg. Mkts. 0.51 36%

Technical Indicators
Recent close $141.23
Annualized volatility 13.9%
Short Interest (ETF) 17.9%
Short Interest (Underlying) 2.4%
Tracking Error 0.00
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 40,284
Turnover 11.3%
Bid/Ask (% of price) 0.01%
ADV underlying (mns) $49,471

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the PowerShares QQQ ETF based on the alternatives' overlap in portfolio holdings with QQQ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: QQQ Expense: 20 bp ALTAR Score™: 5.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH QQQ
Ticker Fund
Name
Overlap1
vs QQQ
(%)
Expense
ratio
(bp)
Savings
vs QQQ
(bp)
ALTAR
Score™
(%)
ALTAR
vs QQQ
(%)
QYLD Horizons NASDAQ-100 Covered Call 97.3 60 -40 5.4 -0.4
ONEQ Fidelity NASDAQ Composite 67.6 26 -6 5.6 -0.2
IGM iShares S&P N. American Technology 62.0 48 -28 4.8 -1.0
JKE iShares Morningstar Large Cap Growth 57.5 25 -5 4.5 -1.3
VGT Vanguard Info Tech ETF 56.9 10 10 5.8 -0.0
FTEC Fidelity Info Technology 56.9 12 8 5.7 -0.1
XLK Technology Select Sector SPDR 56.6 14 6 6.0 +0.2
IXN iShares S&P Global Technology 56.1 48 -28 5.7 -0.2
IYW iShares US Technology 53.4 45 -25 5.5 -0.4
QQEW First Trust NASDAQ 100 Equal Weight 53.1 60 -40 7.2 +1.4
QQQE Direxion NASDAQ-100 Equal Weight 53.0 35 -15 7.4 +1.6
IWY iShares Russell Top 200 Growth 51.1 20 0 5.3 -0.5
MGK Vanguard Mega Cap 300 Growth 48.9 9 11 5.6 -0.2
VUG Vanguard Growth ETF 45.3 9 11 5.6 -0.2
VOOG Vanguard S&P 500 Growth ETF 43.5 15 5 5.5 -0.3
SPYG SPDR S&P500 Growth 43.4 15 5 5.4 -0.4
IVW iShares S&P 500 Growth 43.4 18 2 5.3 -0.5
VONG Vanguard Russell 1000 Growth 43.3 15 5 5.6 -0.3
IWF iShares Russell 1000 Growth 43.3 20 0 5.4 -0.4
JHMT John Hancock Multifactor Technology 42.8 50 -30 5.6 -0.2

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

  2012 2013 2014 2015 2016 2017E 2018E
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
  2016 2017E 2018E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
PowerShares QQQ
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores above 3.0% but below 6.0%. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 20.5 %
Divided by: Fwd. P/BV 3.4 x
Less: Expense ratio 20 bp
Equals: ALTAR Score 5.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.37 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.