AAM S&P Developed Markets High Dividend Value ETF
ALTAR
Score™
11.1% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
17.3x P/Sales
ratio
0.5x
P/BV
ratio
0.8x Div.
yield
4.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
DMDV tracks an equal-weighted index of developed-market international large- and midcap stocks that score highly for both dividend yield and free cash flow.

FUND BASICS
Category International Equities
Fund Sponsor Advisors Asset Management
Website www.aamlive.com
Inception date Nov 27, 2018
Assets (mns) $2
Currency USD
Expense ratio 39 bp
Distributions Monthly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Equal
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 55
Wgt avg mkt cap (mns) $27,517
Large cap (>$10bn) 46.6%
Mid cap ($2-10bn) 48.1%
Small cap (<$2bn) 5.4%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ROYAL AHOLD DELHAIZE N.V. 2.7 %
ROCHE HOLDING AG-BR 2.5 %
ORION OYJ CLASS B 2.5 %
DEUTSCHE TELEKOM AG 2.5 %
NN GROUP NV 2.4 %
VENTURE CORP LTD 2.4 %
ENDESA SA 2.4 %
RED ELECTRICA CORP. SA 2.2 %
SNAM RETE GAS 2.2 %
H LUNDBECK A/S 2.1 %
Total 23.9 %

TOP COUNTRY EXPOSURE
BRITAIN 19.1 %
JAPAN 17.7 %
SPAIN 9.6 %
ITALY 7.3 %
NETHERLANDS 6.9 %
FRANCE 6.5 %
GERMANY 4.5 %
AUSTRALIA 4.4 %
SWITZERLAND 4.3 %
SWEDEN 4.0 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-30.9% -16.8% -- -- -15.4%

Market Correlations
versus... Beta R-squared
S&P500 1.18 63%
MSCI EAFE 1.35 76%
MSCI Emg. Mkts. 1.13 83%

Technical Indicators
Recent close $19.85
30d moving avg. $20.04
Annualized volatility 32.0%
Short interest (ETF) 11.6%
Relative strength (RSI) 54

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 1.24%
ADV underlying (mns) $5,646

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the AAM S&P Developed Markets High Dividend Value ETF ETF based on the alternatives' overlap in portfolio holdings with DMDV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: DMDV Expense: 39 bp ALTAR Score™: 11.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH DMDV
Ticker Fund
Name
Overlap1
vs DMDV
(%)
Expense
ratio
(bp)
Savings
vs DMDV
(bp)
ALTAR
Score™
(%)
ALTAR
vs DMDV
(%)
IDOG ALPS International Sector Dividend Dogs ETF 22.8 50 -11 11.1 -0.1
DOO WisdomTree International Dividend ex-Financials Fund 21.4 58 -19 8.9 -2.3
EFAS Global X MSCI SuperDividend EAFE ETF 17.8 56 -17 9.7 -1.4
FIVA Fidelity International Value Factor ETF 16.9 39 0 10.1 -1.1
CID VictoryShares Intl High Dividend Volatility Wtd Index ETF 16.7 45 -6 10.0 -1.1
DTH WisdomTree DEFA Equity Income Fund 15.7 58 -19 9.8 -1.3
FYLD Cambria Foreign Shareholder Yield ETF 14.3 59 -20 9.4 -1.8
ICOW Pacer Developed Markets International Cash Cows 100 ETF 14.0 65 -26 11.0 -0.1
IVLU iShares Edge MSCI Intl Value Factor ETF 14.0 30 9 11.5 +0.4
IDHD Invesco S&P Intl Developed High Dividend Low Volatility ETF 13.9 30 9 7.6 -3.6
LVHI Legg Mason International Low Volatility High Dividend ETF 13.8 40 -1 9.3 -1.8
OEUR O'shares FTSE Europe Quality Dividend ETF 13.0 48 -9 6.6 -4.5
ESGN Columbia Sustainable International Equity Income ETF 12.7 45 -6 10.8 -0.3
EFV iShares MSCI EAFE Value ETF 12.0 39 0 9.6 -1.5
DOL WisdomTree International LargeCap Dividend Fund 11.7 48 -9 8.6 -2.5
IDV iShares International Select Dividend ETF 11.5 49 -10 10.2 -0.9
IQIN IQ 500 International ETF 11.0 25 14 9.0 -2.1
VYMI Vanguard International High Dividend Yield ETF 10.6 32 7 10.2 -0.9
FLGB Franklin FTSE United Kingdom ETF 10.6 9 30 7.7 -3.4
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 10.6 45 -6 9.0 -2.2
EWU iShares MSCI United Kingdom ETF 10.5 50 -11 7.2 -3.9
IDY Pacific Global International Equity Income ETF 10.5 39 0 8.1 -3.0
FNDF Schwab Fundamental International Large Co. Index ETF 10.2 25 14 8.9 -2.2
DWX SPDR S&P International Dividend ETF 10.1 45 -6 8.1 -3.1
QGBR SPDR MSCI UK StrategicFactors ETF 10.1 14 25 7.8 -3.4
MOTI VanEck Vectors Morningstar International Moat ETF 10.0 57 -18 8.5 -2.7
FGD First Trust Dow Jones Global Select Dividend Index Fund 9.8 59 -20 11.3 +0.2
FEZ SPDR EURO STOXX 50 ETF 9.7 29 10 7.1 -4.1
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 9.7 35 4 8.6 -2.6
IEV iShares Europe ETF 9.5 59 -20 6.8 -4.4
DWM WisdomTree International Equity Fund 9.4 48 -9 8.3 -2.8
EWP iShares MSCI Spain ETF 9.4 50 -11 8.5 -2.6
BBEU JPMorgan BetaBuilders Europe ETF 9.3 9 30 7.3 -3.8
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 9.2 30 9 6.8 -4.3
FLEH Franklin FTSE Europe Hedged ETF 9.1 9 30 7.1 -4.0
FDD First Trust Stoxx European Select Dividend Index Fund 9.1 58 -19 11.6 +0.5
EZU iShares MSCI Eurozone ETF 9.1 49 -10 6.6 -4.6
FLEE Franklin FTSE Europe ETF 9.1 9 30 7.0 -4.1
HDEF Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF 9.0 20 19 9.6 -1.6
DBEU Xtrackers MSCI Europe Hedged Equity ETF 9.0 45 -6 6.7 -4.5
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 8.9 25 14 6.5 -4.6
EURZ Xtrackers Eurozone Equity ETF 8.9 9 30 7.1 -4.1
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 8.7 20 19 11.1 -0.1
JPEU JPMorgan Diversified Return Europe Equity ETF 8.7 37 2 7.0 -4.1
FIDI Fidelity International High Dividend ETF 8.6 39 0 11.2 +0.0
FID First Trust S&P International Dividend Aristocrats ETF 8.5 60 -21 9.9 -1.2
INTF iShares Edge MSCI Multifactor Intl ETF 8.5 30 9 7.9 -3.2
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 8.3 45 -6 6.8 -4.3
VGK Vanguard FTSE Europe ETF 8.3 8 31 7.4 -3.7
IEUR iShares Core MSCI Europe ETF 8.2 9 30 7.3 -3.9
ISDX Invesco Strategic Developed ex-US ETF 8.1 23 16 7.6 -3.5
FEU SPDR Portfolio Europe ETF 8.1 9 30 7.4 -3.8
FLIY Franklin FTSE Italy ETF 8.1 9 30 7.6 -3.5
GCOW Pacer Global High Dividend ETF 7.8 60 -21 10.5 -0.7
HEDJ WisdomTree Europe Hedged Equity Fund 7.7 58 -19 6.9 -4.2
FKU First Trust United Kingdom AlphaDEX Fund 7.4 80 -41 9.4 -1.7
EWI iShares MSCI Italy ETF 7.4 49 -10 7.6 -3.6
RODM Hartford Multifactor Developed Markets (ex-US) ETF 7.3 29 10 8.8 -2.4
PDEV Principal International Multi-Factor Core Index ETF 7.0 25 14 8.0 -3.1
JHMD John Hancock Multifactor Developed International ETF 7.0 39 0 7.5 -3.6
EUMV iShares Edge MSCI Min Vol Europe ETF 7.0 25 14 5.0 -6.1
WDIV SPDR Global Dividend ETF 6.8 40 -1 9.9 -1.2
PQIN PGIM QMA Strategic Alpha International Equity ETF 6.8 29 10 7.7 -3.4
GSID Goldman Sachs MarketBeta International Equity ETF 6.8 20 19 7.4 -3.8
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 6.6 35 4 6.8 -4.3
EFA iShares MSCI EAFE ETF 6.6 32 7 7.1 -4.1
GVAL Cambria Global Value ETF 6.6 69 -30 10.9 -0.3
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 6.6 35 4 6.9 -4.2
EUDV ProShares MSCI Europe Dividend Growers ETF 6.5 55 -16 5.7 -5.5
UIVM VictoryShares USAA MSCI International Value Momentum ETF 6.5 35 4 8.9 -2.3
DVYA iShares Asia/Pacific Dividend ETF 6.4 49 -10 13.4 +2.3
DIM WisdomTree International MidCap Dividend Fund 6.4 58 -19 7.8 -3.3
HFXI IQ 50 Percent Hedged FTSE International ETF 6.3 20 19 7.5 -3.6
BKIE BNY Mellon International Equity ETF 6.2 4 35 7.5 -3.6
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 6.1 7 32 7.6 -3.5
JPIN JPMorgan Diversified Return International Equity ETF 6.1 37 2 8.1 -3.1
IEFA iShares Core MSCI EAFE ETF 5.8 7 32 7.4 -3.8
ESGD iShares MSCI EAFE ESG Optimized ETF 5.8 20 19 7.0 -4.2
QEFA SPDR MSCI EAFE Quality Mix ETF 5.8 30 9 6.9 -4.3
IQSI IQ Candriam ESG International Equity ETF 5.8 15 24 7.3 -3.8
RFEU First Trust Riverfront Dynamic Europe ETF 5.7 83 -44 5.4 -5.8
SCHF Schwab International Equity ETF 5.7 6 33 7.4 -3.7
GSIE Goldman Sachs ActiveBeta International Equity ETF 5.6 25 14 6.6 -4.5
DXJ WisdomTree Japan Hedged Equity Fund 5.5 48 -9 8.4 -2.7
IXC iShares Global Energy ETF 5.5 46 -7 6.1 -5.0
FILL iShares MSCI Global Energy Producers ETF 5.5 39 0 6.6 -4.5
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 5.4 20 19 7.1 -4.0
EUFN iShares MSCI Europe Financials ETF 5.4 48 -9 11.6 +0.5
EWN iShares MSCI Netherlands ETF 5.4 50 -11 5.1 -6.0
IDEV iShares Core MSCI International Developed Markets ETF 5.4 5 34 7.3 -3.8
NUDM Nuveen ESG International Developed Markets Equity ETF 5.3 40 -1 7.0 -4.1
SCID Global X Scientific Beta Europe ETF 5.3 39 0 6.5 -4.7
FEUZ First Trust Eurozone AlphaDEX ETF 5.1 80 -41 7.7 -3.4
SPDW SPDR Portfolio Developed World ex-US ETF 5.1 4 35 7.2 -3.9
DEW WisdomTree Global High Dividend Fund 5.1 58 -19 9.4 -1.7
VEA Vanguard FTSE Developed Markets ETF 5.1 5 34 7.5 -3.6
IQDY FlexShares International Quality Dividend Dynamic Index Fund 5.0 47 -8 12.7 +1.6
WLDR Affinity World Leaders Equity ETF 4.8 47 -8 9.6 -1.6

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

  2015 2016 2017 2018 2019 2020E 2021E
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

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
AAM S&P Developed Markets High Dividend Value ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.7 %
Divided by: Fwd. P/BV 0.8 x
Less: Expense ratio 39 bp
Equals: ALTAR Score 11.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.64 CATEGORY
AVERAGE
1.59
 
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.