MomentumShares Int'l Quantitative Momentum
ALTAR
Score™
4.7% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
20.1x P/Sales
ratio
1.9x
P/BV
ratio
2.5x Div.
yield
3.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The MomentumShares International Quantitative Momentum ETF is an actively managed fund that uses quantitative analysis to build a portfolio of International stocks exhibiting positive price momentum.

FUND BASICS
Category International Equities
Fund Sponsor Alpha Architect
Website www.alphaarchitect.com
Inception date Dec 23, 2015
Assets (mns) $63
Currency USD
Expense ratio 59 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Proprietary
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 46
Wgt avg mkt cap (mns) $23,236
Large cap (>$10bn) 46.2%
Mid cap ($2-10bn) 49.6%
Small cap (<$2bn) 4.2%
Developed mkts 97.0%
Emerging mkts 3.0%

TOP TEN HOLDINGS
MERIDIAN ENERGY LTD 2.4 %
GETINGE AB-B SHS 2.3 %
WIHLBORGS FASTIGHETER AB 2.3 %
ATLAS COPCO AB CLASS A 2.3 %
FASTIGHETS AB BALDER-B SHRS 2.3 %
EPIROC AB CLASS A 2.3 %
AVAST PLC 2.3 %
GRUPO FERROVIAL 2.2 %
AVEVA GROUP PLC 2.2 %
BEACH PETROLEUM LTD 2.2 %
Total 22.7 %

TOP COUNTRY EXPOSURE
AUSTRALIA 27.9 %
SWEDEN 11.4 %
BRITAIN 8.9 %
FRANCE 8.8 %
ITALY 8.7 %
SWITZERLAND 6.6 %
NEW ZEALAND 4.5 %
JAPAN 4.4 %
FINLAND 4.4 %
SPAIN 2.2 %

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.
14.9% 7.2% -- -- 1.7%

Market Correlations
versus... Beta R-squared
S&P500 0.82 53%
MSCI EAFE 0.97 61%
MSCI Emg. Mkts. 0.79 65%

Technical Indicators
Recent close $26.10
30d moving avg. $26.08
Annualized volatility 13.7%
Short interest (ETF) 0.0%
Relative strength (RSI) 54

Liquidity measures
Avg. volume (thou.) 18
Turnover 0.8%
Bid/Ask (% of price) 0.15%
ADV underlying (mns) $2,185

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the MomentumShares Int'l Quantitative Momentum ETF based on the alternatives' overlap in portfolio holdings with IMOM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: IMOM Expense: 59 bp ALTAR Score™: 4.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH IMOM
Ticker Fund
Name
Overlap1
vs IMOM
(%)
Expense
ratio
(bp)
Savings
vs IMOM
(bp)
ALTAR
Score™
(%)
ALTAR
vs IMOM
(%)
FAUS First Trust Australia 19.4 80 -21 5.1 +0.4
FPA First Trust Asia Pac Ex-Japan AlphaDEX 11.3 80 -21 8.7 +4.0
FLAU Franklin FTSE Australia 8.9 9 50 6.0 +1.3
FGD First Trust DJ Global Select Dividend 8.9 58 1 9.2 +4.4
EWA iShares MSCI Australia 8.9 47 12 5.7 +1.0
SCIX Global X Scientific Beta Asia ex-Japan 7.9 38 21 6.1 +1.4
IDV iShares DJ Int'l Select Dividend 7.1 49 10 8.4 +3.7
IMTM iShares MSCI Int'l Developed Momentum 7.0 30 29 5.2 +0.5
IDMO Invesco S&P Int'l Dev. Momentum 6.9 25 34 4.6 -0.1
BBAX JPMorgan BetaBuilders Developed Asia ex-Japan 6.7 19 40 6.5 +1.8
EPP iShares MSCI Pacific ex-Japan 6.6 48 11 6.3 +1.6
FDT First Trust Developed Markets ex-US AlphaDEX 6.1 80 -21 8.0 +3.3
EUSC WisdomTree Europe Hedged SmallCap Equity Fund 6.0 58 1 7.3 +2.6
IQLT iShares MSCI Int'l Developed Quality 5.8 30 29 6.1 +1.4
FEP First Trust Europe AlphaDEX 5.4 80 -21 7.2 +2.5
FDEV Fidelity Targeted International Factor 5.4 39 20 6.8 +2.1
UIVM USAA MSCI International Value Momentum Blend Index 5.4 35 24 8.1 +3.4
FKU First Trust United Kingdom 5.1 80 -21 7.4 +2.7
IDHQ Invesco Int'l Developed High Quality Portfolio 4.9 29 30 5.4 +0.7
DNL WisdomTree Global Ex-U.S. Growth 4.8 58 1 7.5 +2.8

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:
MomentumShares Int'l Quantitative Momentum
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.4 %
Divided by: Fwd. P/BV 2.3 x
Less: Expense ratio 59 bp
Equals: ALTAR Score 4.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.81 CATEGORY
AVERAGE
1.63
 
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.