Virtus Glovista Emerging Markets ETF
ALTAR
Score™
9.1% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
11.4x P/Sales
ratio
1.2x
P/BV
ratio
1.3x Div.
yield
3.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Virtus Glovista Emerging Markets ETF tracks a multi-factor-selected, market-cap-weighted index of stocks from 15 large liquid emerging-market countries.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Virtus
Website www.virtus.com
Inception date Nov 07, 2017
Assets (mns) $2
Currency USD
Expense ratio 67 bp
Distributions Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 531
Wgt avg mkt cap (mns) $48,540
Large cap (>$10bn) 53.7%
Mid cap ($2-10bn) 42.4%
Small cap (<$2bn) 2.8%
Developed mkts 0.8%
Emerging mkts 99.2%

TOP TEN HOLDINGS
FRANKLIN FTSE INDIA ETF 3.4 %
TAIWAN SEMICONDUCTOR MANUFAC 2.4 %
SAMSUNG ELECTRONICS CO LTD 2.3 %
NASPERS LTD-N SHS 1.8 %
ALIBABA GROUP HOLDING LTD. SPONSOR 1.6 %
SM INVESTMENTS CORP 1.3 %
LUKOIL OAO 1.3 %
TENCENT HOLDINGS LTD 1.2 %
AKBANK T.A.S. 1.1 %
TURKIYE GARANTI BANKASI 1.0 %
Total 17.4 %

TOP COUNTRY EXPOSURE
TURKEY 8.6 %
PHILIPPINES 8.3 %
CHINA 6.9 %
MEXICO 6.7 %
MALAYSIA 6.5 %
RUSSIA 6.5 %
SOUTH AFRICA 6.3 %
CHILE 5.9 %
BRAZIL 5.9 %
TAIWAN 5.7 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
1.4% 2.7% -- -- 0.3%

Market Correlations
versus... Beta R-squared
S&P500 0.68 35%
MSCI EAFE 0.98 57%
MSCI Emg. Mkts. 0.87 76%

Technical Indicators
Recent close $23.58
30d moving avg. $23.59
Annualized volatility 16.2%
Short interest (ETF) 0.0%
Relative strength (RSI) 41

Liquidity measures
Avg. volume (thou.) 8
Turnover 8.0%
Bid/Ask (% of price) 0.67%
ADV underlying (mns) $21,862

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: EMEM Expense: 67 bp ALTAR Score™: 9.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EMEM
Ticker Fund
Name
Overlap1
vs EMEM
(%)
Expense
ratio
(bp)
Savings
vs EMEM
(bp)
ALTAR
Score™
(%)
ALTAR
vs EMEM
(%)
EWEM Invesco MSCI Emerging Markets Equal Country Weight ETF 41.9 70 -3 8.7 -0.3
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 36.9 49 18 8.7 -0.4
EMXC iShares MSCI Emerging Markets ex China ETF 36.2 49 18 8.9 -0.2
EEM iShares MSCI Emerging Markets ETF 36.1 68 -1 8.6 -0.4
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 35.4 65 2 8.6 -0.5
IEMG iShares Core MSCI Emerging Markets ETF 34.9 14 53 9.0 -0.0
PBEE Invesco PureBeta FTSE Emerging Markets ETF 33.7 14 53 9.4 +0.4
JHEM John Hancock Multifactor Emerging Markets ETF 33.1 55 12 9.2 +0.2
SCHE Schwab Emerging Markets Equity ETF 31.0 13 54 8.7 -0.4
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 30.9 45 22 9.2 +0.1
VWO Vanguard FTSE Emerging Markets ETF 30.6 10 57 9.0 -0.1
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 30.5 32 35 7.1 -2.0
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 30.3 30 37 8.8 -0.3
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 29.8 59 8 14.3 +5.2
CEZ Victory CEMP Emerging Market Volatility Wtd Index ETF 29.3 50 17 10.1 +1.1
PXH Invesco FTSE RAFI Emerging Markets ETF 29.2 50 17 13.2 +4.1
ESGE iShares ESG MSCI EM ETF 28.1 25 42 9.4 +0.4
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 28.0 30 37 9.4 +0.3
SPEM SPDR Portfolio Emerging Markets ETF 27.9 11 56 8.8 -0.2
REEM Invesco Emerging Markets Revenue ETF 27.3 46 21 12.0 +2.9

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:
Virtus Glovista Emerging Markets ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.9 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 67 bp
Equals: ALTAR Score 9.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.55 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.