BLDRs Emerging Markets 50 ADR
ALTAR
Score™
5.7% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
18.0x P/Sales
ratio
1.4x
P/BV
ratio
2.0x Div.
yield
2.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
BLDRS Emerging Markets 50 ADR Index Fund is a unit investment trust incorporated in the USA. The Fund seeks results that correspond to the price and yield performance of The Bank of New York Emerging Markets 50 ADR Index, which is a capitalization-weight index.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Bank of New York
Website www.powershares.com
Inception date Nov 13, 2002
Assets (mns) $150
Currency USD
Expense ratio 30 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 50
Wgt avg mkt cap (mns) $190,288
Large cap (>$10bn) 92.7%
Mid cap ($2-10bn) 3.8%
Small cap (<$2bn) 0.0%
Developed mkts 8.1%
Emerging mkts 91.9%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 20.9 %
TAIWAN SEMICONDUCTOR-SP ADR 16.1 %
HDFC BANK LTD-ADR 6.0 %
CHINA MOBILE LIMITED SPONSORED ADR 3.5 %
VALE SA-SP ADR 3.1 %
INFOSYS TECHNOLOGIES-SP ADR 2.9 %
ITAU UNIBANCO HLDNG-PREF ADR 2.9 %
BAIDU INC - SPON ADR 2.8 %
JD.COM INC-ADR 2.6 %
BANCO BRADESCO-ADR 2.5 %
Total 63.2 %

TOP COUNTRY EXPOSURE
CHINA 39.2 %
TAIWAN 18.1 %
BRAZIL 14.6 %
INDIA 11.0 %
HONG KONG 5.5 %
SOUTH KOREA 4.3 %
MEXICO 3.6 %
SOUTH AFRICA 1.4 %
INDONESIA 1.0 %
CHILE 0.6 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
24.8% 24.8% 6.5% 2.3% 12.0%

Market Correlations
versus... Beta R-squared
S&P500 1.06 58%
MSCI EAFE 1.32 75%
MSCI Emg. Mkts. 1.10 90%

Technical Indicators
Recent close $45.44
30d moving avg. $44.23
Annualized volatility 16.8%
Short interest (ETF) 0.1%
Short interest (Underlying) 1.4%
Relative strength (RSI) 70

Liquidity measures
Avg. volume (thou.) 15
Turnover 0.5%
Bid/Ask (% of price) 0.29%
ADV underlying (mns) $5,336

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the BLDRs Emerging Markets 50 ADR ETF based on the alternatives' overlap in portfolio holdings with ADRE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: ADRE Expense: 30 bp ALTAR Score™: 5.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH ADRE
Ticker Fund
Name
Overlap1
vs ADRE
(%)
Expense
ratio
(bp)
Savings
vs ADRE
(bp)
ALTAR
Score™
(%)
ALTAR
vs ADRE
(%)
ADRA BLDRs Asia 50 ADR 60.4 30 0 8.6 +2.9
EEB Invesco BRIC 46.2 64 -34 6.1 +0.3
FNI First Trust ISE Chindia 36.0 59 -29 3.6 -2.1
CXSE WisdomTree China ex-State Owned Enterprises 27.1 32 -2 6.1 +0.4
FLCH Franklin FTSE China 26.6 19 11 8.5 +2.8
PGJ Invesco Golden Dragon China 25.7 70 -40 3.2 -2.5
MCHI iShares MSCI China 25.1 59 -29 8.1 +2.3
KWEB KraneShares CSI China Internet 21.9 76 -46 3.5 -2.2
GXC SPDR S&P China ETF 21.6 59 -29 8.1 +2.3
CHIL Global X MSCI China Large-Cap 50 20.6 29 1 9.3 +3.6
FDNI First Trust Dow Jones International Internet 19.8 65 -35 3.7 -2.0
BICK First Trust BICK Index Fund 19.2 64 -34 4.9 -0.8
EMQQ Emerging Markets Internet & E-Commerce 18.5 86 -56 3.2 -2.6
GMF SPDR S&P Emerging Asia Pacific 18.0 49 -19 7.4 +1.6
KALL KraneShares MSCI China All Shares 17.8 49 -19 8.1 +2.4
CHIQ Global X MSCI China Consumer Discretionary 17.2 65 -35 4.7 -1.1
FRDM Freedom 100 Emerging Markets ETF 17.1 49 -19 7.6 +1.9
CN Xtrackers Harvest MSCI All China 17.0 50 -20 8.2 +2.4
PNQI Invesco Nasdaq Internet 16.9 62 -32 2.4 -3.3
TTTN TigerShares China-U.S. Internet Titans 16.8 59 -29 3.6 -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

Content on this tab for subscribers only

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:
BLDRs Emerging Markets 50 ADR
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 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.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.6 %
Divided by: Fwd. P/BV 1.9 x
Less: Expense ratio 30 bp
Equals: ALTAR Score 5.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.34 CATEGORY
AVERAGE
1.48
 
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.