Invesco Frontier Markets
ALTAR
Score™
11.4% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
9.6x P/Sales
ratio
2.0x
P/BV
ratio
1.4x Div.
yield
4.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Claymore/BNY Mellon Frontier Markets ETF seeks investment results that correspond to the price and yield performance of the Bank of New York Mellon New Frontier DR Index.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Guggenheim
Website guggenheiminvestments.com
Inception date Jun 12, 2008
Assets (mns) $60
Currency USD
Expense ratio 70 bp
Distributions Annually

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 55
Wgt avg mkt cap (mns) $6,154
Large cap (>$10bn) 23.2%
Mid cap ($2-10bn) 54.3%
Small cap (<$2bn) 22.5%
Developed mkts 10.1%
Emerging mkts 79.2%

TOP TEN HOLDINGS
MERCADOLIBRE INC 9.7 %
KAZAKHMYS PLC 8.7 %
BANK MUSCAT SAOG 8.6 %
COPA HOLDINGS SA-CLASS A 8.5 %
SAFARICOM PLC 5.4 %
BANCA TRANSILVANIA SA 4.4 %
GUARANTY TRUST BANK 4.3 %
GULF FINANCE HOUSE EC 3.6 %
ATTIJARIWAFA BANK 3.4 %
EQUITY BANK LTD 3.0 %
Total 59.6 %

TOP COUNTRY EXPOSURE
ARGENTINA 13.3 %
KENYA 10.7 %
NIGERIA 10.4 %
PANAMA 10.2 %
ROMANIA 9.6 %
BRITAIN 8.7 %
OMAN 8.6 %
MOROCCO 8.1 %
VIETNAM 7.0 %
BAHRAIN 3.6 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
13.5% 10.4% -0.0% 0.4% -2.4%

Market Correlations
versus... Beta R-squared
S&P500 0.55 21%
MSCI EAFE 0.85 43%
MSCI Emg. Mkts. 0.70 49%

Technical Indicators
Recent close $14.29
30d moving avg. $13.88
Annualized volatility 14.4%
Short interest (ETF) 0.3%
Relative strength (RSI) 66

Liquidity measures
Avg. volume (thou.) 25
Turnover 0.6%
Bid/Ask (% of price) 0.30%
ADV underlying (mns) $329

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: FRN Expense: 70 bp ALTAR Score™: 11.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FRN
Ticker Fund
Name
Overlap1
vs FRN
(%)
Expense
ratio
(bp)
Savings
vs FRN
(bp)
ALTAR
Score™
(%)
ALTAR
vs FRN
(%)
FM iShares MSCI Frontier 100 37.2 81 -11 9.2 -2.2
AFK VanEck Vectors Africa 25.1 78 -8 7.5 -3.9
AGT iShares MSCI Argentina & Global Exposure 14.2 59 11 5.9 -5.5
ARGT Global X FTSE Argentina 20 14.2 59 11 5.9 -5.5
EMFM Global X MSCI Next Emerging & Frontier 12.1 55 15 7.8 -3.6
NGE Global X Nigeria 10.4 88 -18 20.0 +8.7
VNM VanEck Vectors Vietnam ETF 6.8 68 2 4.2 -7.2
EMQQ Emerging Markets Internet & E-Commerce 5.7 86 -16 4.3 -7.1
COPX Global X Copper Miners 5.1 65 5 6.3 -5.1
GULF WisdomTree Middle East Dividend 3.9 88 -18 7.9 -3.4
EBIZ Global X E-commerce 3.7 68 2 3.2 -8.2
TTTN TigerShares China-U.S. Internet Titans 3.7 59 11 3.9 -7.4
ARKF ARK Fintech Innovation 3.7 75 -5 1.9 -9.4
KEMQ KraneShares EM Consumer Focus 3.5 80 -10 8.8 -2.6
AADR WCM/BNY Mellon Focused Growth 3.4 110 -40 3.1 -8.3
PLAT WisdomTree Modern Tech Platforms 3.4 45 25 2.9 -8.5
DOGS Arrow Dogs of the World 3.2 164 -94 7.9 -3.5
PNQI Invesco Nasdaq Internet 3.1 62 8 2.8 -8.6
PEJ Invesco Dynamic Leisure & Entertainment 2.9 63 7 6.2 -5.2
ARKW ARK Web x.O 2.9 75 -5 -0.9 -12.3

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

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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:
Invesco Frontier Markets
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 15.5 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 70 bp
Equals: ALTAR Score 11.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.49 CATEGORY
AVERAGE
1.49
 
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.