First Trust Horizon Managed Volatility Developed Intl ETF
ALTAR
Score™
6.1% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
19.0x P/Sales
ratio
1.1x
P/BV
ratio
1.6x Div.
yield
3.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The First Trust Horizons Managed Volatility Developed International ETF is an active fund of low expected volatility mid- and large-cap stocks from developed markets.

FUND BASICS
Category International Equities
Fund Sponsor First Trust
Website www.ftportfolios.com
Inception date Aug 24, 2016
Assets (mns) $95
Currency USD
Expense ratio 80 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 125
Wgt avg mkt cap (mns) $41,512
Large cap (>$10bn) 70.5%
Mid cap ($2-10bn) 27.1%
Small cap (<$2bn) 0.9%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NOVARTIS AG-REG 1.8 %
SWISSCOM AG 1.8 %
VIVENDI 1.7 %
HONGKONG ELECTRIC HOLDINGS 1.7 %
CLP HOLDINGS LTD 1.7 %
NESTLE SA-REG 1.7 %
MCDONALD'S HOLDINGS CO JAPAN 1.7 %
CHUGOKU ELECTRIC POWER CO 1.7 %
JAPAN TOBACCO INC 1.6 %
HONG KONG & CHINA GAS 1.6 %
Total 17.0 %

TOP COUNTRY EXPOSURE
JAPAN 27.8 %
SWITZERLAND 13.5 %
HONG KONG 9.0 %
SINGAPORE 7.7 %
FRANCE 7.2 %
BRITAIN 6.8 %
GERMANY 6.7 %
AUSTRALIA 4.4 %
NETHERLANDS 3.5 %
SWEDEN 2.9 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-11.6% -10.1% -- -- 2.9%

Market Correlations
versus... Beta R-squared
S&P500 0.70 76%
MSCI EAFE 0.77 91%
MSCI Emg. Mkts. 0.62 73%

Technical Indicators
Recent close $30.23
30d moving avg. $29.44
Annualized volatility 15.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 10
Turnover 0.3%
Bid/Ask (% of price) 0.21%
ADV underlying (mns) $13,168

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 94 potential alternatives to the First Trust Horizon Managed Volatility Developed Intl ETF ETF based on the alternatives' overlap in portfolio holdings with HDMV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: HDMV Expense: 80 bp ALTAR Score™: 6.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH HDMV
Ticker Fund
Name
Overlap1
vs HDMV
(%)
Expense
ratio
(bp)
Savings
vs HDMV
(bp)
ALTAR
Score™
(%)
ALTAR
vs HDMV
(%)
IDLV Invesco S&P International Developed Low Volatility ETF 46.7 25 55 6.3 +0.2
DWMF WisdomTree International Multifactor Fund 37.3 38 42 6.3 +0.1
EFAV iShares Edge MSCI Min Vol EAFE ETF 35.8 20 60 5.2 -1.0
VGFO Virtus WMC Global Factor Opportunities ETF 31.7 49 31 7.5 +1.4
MVIN Natixis Seeyond International Minimum Volatility ETF 31.1 56 24 5.8 -0.3
DOL WisdomTree International LargeCap Dividend Fund 30.2 48 32 7.4 +1.3
RBIN Nationwide Risk-Based International Equity ETF 29.1 42 38 6.3 +0.1
DWM WisdomTree International Equity Fund 27.6 48 32 7.4 +1.3
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 27.4 35 45 7.6 +1.5
LVHI Legg Mason International Low Volatility High Dividend ETF 27.1 40 40 8.9 +2.8
QEFA SPDR MSCI EAFE Quality Mix ETF 26.6 30 50 6.3 +0.2
IDHD Invesco S&P Intl Developed High Dividend Low Volatility ETF 26.2 30 50 8.0 +1.9
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 26.1 32 48 5.8 -0.3
RNDM Developed International Equity Select ETF 25.0 65 15 5.9 -0.2
IDY Pacific Global International Equity Income ETF 24.2 39 41 7.6 +1.5
DTH WisdomTree DEFA Equity Income Fund 23.8 58 22 9.0 +2.9
FDEV Fidelity Targeted International Factor ETF 23.0 39 41 6.3 +0.1
DOO WisdomTree International Dividend ex-Financials Fund 22.9 58 22 8.1 +2.0
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 22.0 20 60 6.6 +0.5
RESD WisdomTree International ESG Fund 21.9 30 50 6.4 +0.3
EFA iShares MSCI EAFE ETF 21.9 32 48 6.5 +0.4
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 21.9 35 45 6.3 +0.2
GSID Goldman Sachs MarketBeta International Equity ETF 21.7 20 60 6.5 +0.4
RODM Hartford Multifactor Developed Markets (ex-US) ETF 21.4 29 51 7.5 +1.3
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 21.3 25 55 6.1 -0.0
ESGD iShares MSCI EAFE ESG Optimized ETF 21.1 20 60 6.3 +0.2
BKIE BNY Mellon International Equity ETF 21.1 4 76 6.8 +0.7
GSIE Goldman Sachs ActiveBeta International Equity ETF 21.0 25 55 6.2 +0.1
PDEV Principal International Multi-Factor Core Index ETF 20.7 25 55 7.3 +1.1
JHMD John Hancock Multifactor Developed International ETF 20.5 39 41 6.8 +0.6
HFXI IQ 50 Percent Hedged FTSE International ETF 20.5 20 60 6.8 +0.6
CIL VictoryShares International Volatility Weighted Index ETF 20.2 45 35 6.5 +0.4
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 20.1 45 35 6.5 +0.4
IQSI IQ Candriam ESG International Equity ETF 20.1 15 65 6.6 +0.5
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 19.8 7 73 7.0 +0.8
EUDG WisdomTree Europe Quality Dividend Growth Fund 19.4 58 22 6.7 +0.5
OEUR O'shares FTSE Europe Quality Dividend ETF 19.3 48 32 6.5 +0.4
TPIF Timothy Plan International ETF 19.3 62 18 6.2 +0.1
IEFA iShares Core MSCI EAFE ETF 19.2 7 73 6.7 +0.6
DBEU Xtrackers MSCI Europe Hedged Equity ETF 19.1 45 35 6.2 +0.1
IEV iShares Europe ETF 19.0 59 21 6.4 +0.3
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 18.9 14 66 6.3 +0.1
PQIN PGIM QMA Strategic Alpha International Equity ETF 18.7 29 51 7.3 +1.2
JPIN JPMorgan Diversified Return International Equity ETF 18.6 37 43 7.4 +1.2
FLEH Franklin FTSE Europe Hedged ETF 18.6 9 71 6.8 +0.6
FLEE Franklin FTSE Europe ETF 18.6 9 71 6.6 +0.5
BBEU JPMorgan BetaBuilders Europe ETF 18.5 9 71 6.9 +0.8
SCHF Schwab International Equity ETF 18.5 6 74 6.8 +0.6
IQLT iShares Edge MSCI Intl Quality Factor ETF 18.3 30 50 5.7 -0.5
EFG iShares MSCI EAFE Growth ETF 18.3 40 40 4.3 -1.8
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 18.3 39 41 6.0 -0.1
IDEV iShares Core MSCI International Developed Markets ETF 17.9 5 75 6.6 +0.5
IEUR iShares Core MSCI Europe ETF 17.8 9 71 6.8 +0.6
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 17.6 35 45 6.3 +0.1
FEU SPDR Portfolio Europe ETF 17.4 9 71 7.0 +0.8
SPDW SPDR Portfolio Developed World ex-US ETF 17.2 4 76 6.5 +0.4
VGK Vanguard FTSE Europe ETF 17.0 8 72 6.9 +0.8
DWX SPDR S&P International Dividend ETF 16.8 45 35 7.5 +1.4
DFAI Dimensional International Core Equity Market ETF 16.7 18 62 6.7 +0.6
VYMI Vanguard International High Dividend Yield ETF 16.6 27 53 9.4 +3.3
IDHQ Invesco S&P International Developed Quality ETF 16.4 29 51 4.8 -1.4
FIVA Fidelity International Value Factor ETF 16.3 39 41 9.1 +3.0
IQIN IQ 500 International ETF 16.3 25 55 7.9 +1.8
EFV iShares MSCI EAFE Value ETF 16.3 39 41 8.7 +2.5
VEA Vanguard FTSE Developed Markets ETF 16.3 5 75 6.8 +0.7
CID VictoryShares Intl High Dividend Volatility Wtd Index ETF 16.2 45 35 10.0 +3.9
CWI SPDR MSCI ACWI ex-US ETF 16.1 30 50 6.7 +0.5
RFDI First Trust Riverfront Dynamic Developed International ETF 16.1 83 -3 5.4 -0.7
IMTM iShares Edge MSCI Intl Momentum Factor ETF 16.1 30 50 4.3 -1.8
DMXF iShares ESG Advanced MSCI EAFE ETF 16.1 12 68 6.4 +0.3
EFAD ProShares MSCI EAFE Dividend Growers ETF 16.1 51 29 5.1 -1.0
HDEF Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF 15.9 20 60 8.6 +2.5
UIVM VictoryShares USAA MSCI International Value Momentum ETF 15.4 35 45 8.1 +1.9
ESGN Columbia Sustainable International Equity Income ETF 15.4 45 35 9.6 +3.5
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 15.3 45 35 7.9 +1.8
FNDF Schwab Fundamental International Large Co. Index ETF 15.3 25 55 8.0 +1.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 15.1 40 40 6.5 +0.4
ACWX iShares MSCI ACWI ex U.S. ETF 15.0 32 48 6.8 +0.6
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 14.8 24 56 6.8 +0.6
ISDX Invesco Strategic Developed ex-US ETF 14.8 23 57 6.7 +0.5
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 14.3 58 22 6.2 +0.1
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 14.2 16 64 6.4 +0.2
IPAC iShares Core MSCI Pacific ETF 14.2 9 71 6.5 +0.4
VSGX Vanguard ESG International Stock ETF 14.2 17 63 6.7 +0.6
IQDG WisdomTree International Quality Dividend Growth Fund 14.1 42 38 6.4 +0.2
RFEU First Trust Riverfront Dynamic Europe ETF 14.0 83 -3 5.8 -0.3
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 13.9 25 55 6.4 +0.3
IDLB Invesco FTSE International Low Beta Equal Weight ETF 13.9 45 35 6.3 +0.1
IQDF FlexShares International Quality Dividend Index Fund 13.9 47 33 8.3 +2.2
IQDE FlexShares International Quality Dividend Defensive Index Fd 13.7 47 33 8.3 +2.2
IGRO iShares International Dividend Growth ETF 13.7 22 58 7.8 +1.6
VEU Vanguard FTSE All-World ex-US Index Fund 13.6 8 72 7.0 +0.9
NUDM Nuveen ESG International Developed Markets Equity ETF 13.6 40 40 6.2 +0.1
DBJP Xtrackers MSCI Japan Hedged Equity ETF 13.4 45 35 6.3 +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

  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:
First Trust Horizon Managed Volatility Developed Intl ETF
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 10.5 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 80 bp
Equals: ALTAR Score 6.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.65 CATEGORY
AVERAGE
1.54
 
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.