Invesco Strategic Developed ex-US Small Company
ALTAR
Score™
5.1% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
18.7x P/Sales
ratio
0.5x
P/BV
ratio
1.2x Div.
yield
2.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
ISDS tracks an index of stocks from small firms in developed markets, ex-US. The index determines firm size by fundamental metrics and also screens by quality metrics. Stocks are weighted by firm size. lf

FUND BASICS
Category International Equities
Fund Sponsor Invesco
Website www.invesco.com
Inception date Sep 12, 2018
Assets (mns) $16
Currency USD
Expense ratio 35 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 978
Wgt avg mkt cap (mns) $2,849
Large cap (>$10bn) 4.5%
Mid cap ($2-10bn) 41.4%
Small cap (<$2bn) 54.0%
Developed mkts 90.9%
Emerging mkts 9.1%

TOP TEN HOLDINGS
BOVIS HOMES GROUP PLC 0.4 %
CASIO COMPUTER CO LTD 0.3 %
INTERXION HOLDING NV 0.3 %
ADVANTEST CORP 0.3 %
HOLMEN AB-B SHARES 0.3 %
HITACHI HIGH-TECHNOLOGIES CO 0.3 %
VIFOR PHARMA AG 0.2 %
NEXANS SA 0.2 %
HITACHI CHEMICAL CO LTD 0.2 %
LG INNOTEK CO LTD 0.2 %
Total 2.7 %

TOP COUNTRY EXPOSURE
JAPAN 34.9 %
BRITAIN 10.4 %
SOUTH KOREA 8.3 %
AUSTRALIA 5.5 %
CANADA 4.7 %
GERMANY 3.5 %
SWITZERLAND 3.4 %
FRANCE 3.2 %
SWEDEN 3.2 %
NETHERLANDS 2.2 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
18.2% 18.2% -- -- 9.2%

Market Correlations
versus... Beta R-squared
S&P500 0.81 84%
MSCI EAFE 1.10 93%
MSCI Emg. Mkts. 0.78 79%

Technical Indicators
Recent close $24.56
30d moving avg. $24.81
Annualized volatility 14.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 53

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.2%
Bid/Ask (% of price) 0.25%
ADV underlying (mns) $6,486

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco Strategic Developed ex-US Small Company ETF based on the alternatives' overlap in portfolio holdings with ISDS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: ISDS Expense: 35 bp ALTAR Score™: 5.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH ISDS
Ticker Fund
Name
Overlap1
vs ISDS
(%)
Expense
ratio
(bp)
Savings
vs ISDS
(bp)
ALTAR
Score™
(%)
ALTAR
vs ISDS
(%)
PDN Invesco FTSE RAFI Developed Mkts ex-US Small-Mid Cap 44.6 49 -14 6.3 +1.3
FNDC Schwab Fundamental Intl Small Cap 42.1 39 -4 4.4 -0.7
SCZ iShares MSCI EAFE Small Cap 28.4 39 -4 6.1 +1.0
GWX SPDR International SmallCap 23.3 40 -5 4.5 -0.6
DDLS WisdomTree Dynamic Currency Hedged Int'l SmallCap 22.9 43 -8 8.1 +3.0
SCHC Schwab Intl Small-Cap Equity 22.6 12 23 6.3 +1.2
IEUS iShares MSCI Europe Small Cap 22.5 40 -5 6.2 +1.1
DLS WisdomTree Int'l SmallCap Dividend 22.1 58 -23 8.0 +2.9
DFJ WisdomTree Japan Small Cap Dividend 20.5 58 -23 7.8 +2.8
DXJS WisdomTree Japan Hedged Small 20.4 58 -23 7.7 +2.7
SCJ iShares MSCI Japan Small Cap 20.1 47 -12 6.1 +1.0
VSS Vanguard FTSE All World ex-US Small Cap 17.8 12 23 6.2 +1.2
AVDV Avantis International Small Cap Value 17.1 36 -1 7.1 +2.1
ISCF iShares FactorSelect MSCI Intl Small-Cap 17.0 40 -5 7.0 +1.9
IDLB Invesco FTSE Int'l Low Beta Equal Weight 14.3 45 -10 6.8 +1.7
FDTS First Trust Dev Mkts ex-US Small Cap Alpha 13.6 80 -45 8.7 +3.7
TLTD FlexShares Mngstr Developed Mkts ex-US Factor Tilt 12.5 39 -4 8.2 +3.1
DFE WisdomTree Europe Small Cap Dividend 11.5 58 -23 8.7 +3.6
DIM WisdomTree Intl M/C Dividend 11.1 58 -23 7.3 +2.2
AVDE Avantis International Equity 10.4 23 12 7.3 +2.2

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

  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 Strategic Developed ex-US Small Company
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 6.2 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 5.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.61 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.