Nationwide Maximum Diversification Emg Mkts Core
ALTAR
Score™
5.2% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
24.7x P/Sales
ratio
1.2x
P/BV
ratio
1.9x Div.
yield
2.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
MXDE tracks an index of emerging-market companies, excluding those with business practices that contradict certain socially responsible investment values. The fund is optimized to maximize a proprietary measure of diversification.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Nationwide Fund Advisors
Website nationwidefinancial.com
Inception date Mar 26, 2018
Assets (mns) $16
Currency USD
Expense ratio 64 bp
Distributions Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 299
Wgt avg mkt cap (mns) $21,838
Large cap (>$10bn) 44.4%
Mid cap ($2-10bn) 48.3%
Small cap (<$2bn) 6.4%
Developed mkts 8.6%
Emerging mkts 91.4%

TOP TEN HOLDINGS
ANGLOGOLD ASHANTI LTD 1.5 %
TAIWAN SEMICONDUCTOR MANUFAC 1.5 %
INFOSYS TECHNOLOGIES LTD 1.4 %
HINDUSTAN UNILEVER LIMITED 1.4 %
SUZANO PAPEL E CELULOSE SA 1.3 %
RELIANCE INDUSTRIES LTD 1.3 %
LI NING CO LTD 1.2 %
CP ALL PCL-FOREIGN 1.1 %
SUN PHARMACEUTICAL INDUS 1.1 %
GRUPO ELEKTRA SA 1.0 %
Total 12.8 %

TOP COUNTRY EXPOSURE
INDIA 22.9 %
TAIWAN 12.2 %
BRAZIL 10.9 %
CHINA 9.2 %
SOUTH KOREA 8.9 %
THAILAND 6.3 %
HONG KONG 6.1 %
MEXICO 3.8 %
SOUTH AFRICA 3.6 %
MALAYSIA 3.1 %

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.
12.5% 12.5% -- -- -3.2%

Market Correlations
versus... Beta R-squared
S&P500 0.61 45%
MSCI EAFE 0.82 63%
MSCI Emg. Mkts. 0.74 80%

Technical Indicators
Recent close $23.34
30d moving avg. $23.25
Annualized volatility 13.1%
Short interest (ETF) 0.0%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 24
Turnover 3.4%
Bid/Ask (% of price) 0.31%
ADV underlying (mns) $6,451

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Nationwide Maximum Diversification Emg Mkts Core ETF based on the alternatives' overlap in portfolio holdings with MXDE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: MXDE Expense: 64 bp ALTAR Score™: 5.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH MXDE
Ticker Fund
Name
Overlap1
vs MXDE
(%)
Expense
ratio
(bp)
Savings
vs MXDE
(bp)
ALTAR
Score™
(%)
ALTAR
vs MXDE
(%)
JHEM John Hancock Multifactor Emerging Markets 30.0 55 9 8.4 +3.2
GEM Goldman Sachs ActiveBeta Emg Mkts Equity 27.8 45 19 8.6 +3.4
KEMX KraneShares MSCI Emerging Markets EX China Index 27.8 49 15 8.3 +3.1
QEMM SPDR MSCI Emerging Markets Quality Mix 27.5 30 34 8.9 +3.7
EEMA iShares MSCI Emg Mkts Asia 26.8 50 14 8.2 +3.0
EEM iShares MSCI Emerging Markets 26.5 67 -3 8.0 +2.8
JPEM JPMorgan Diversified Rtn Emg Mkt Equity 25.9 45 19 8.5 +3.3
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free 25.8 30 34 8.1 +2.9
SCHE Schwab Emerging Markets Equity 25.5 13 51 8.2 +3.0
EEMV iShares MSCI Emerg Mkt Minimum Volatility 25.1 25 39 8.3 +3.1
IEMG iShares Core MSCI Emerging Markets 25.0 14 50 8.3 +3.1
DBEM Xtrackers MSCI Emg. Mkts. Hedged 24.5 65 -1 7.9 +2.7
VWO Vanguard Emerging Markets 24.1 12 52 8.2 +3.0
FLAX Franklin FTSE Asia Ex Japan 24.0 19 45 8.2 +3.0
XSOE WisdomTree Emg Mkt ex-SOE 23.9 32 32 6.5 +1.3
AAXJ iShares MSCI Asia ex-Japan 23.5 67 -3 7.7 +2.5
PXH Invesco FTSE-RAFI Emerging Markets 23.1 50 14 11.8 +6.6
CEZ Victory CEMP Emerging Market Volatility Weighted 22.9 50 14 8.9 +3.7
EMXC iShares MSCI Emerging Markets ex China 21.8 49 15 8.2 +3.0
FDEM Fidelity Targeted Emerging Markets Factor 21.6 45 19 8.5 +3.3

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

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:
Nationwide Maximum Diversification Emg Mkts Core
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 10.5 %
Divided by: Fwd. P/BV 1.8 x
Less: Expense ratio 64 bp
Equals: ALTAR Score 5.2 %
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.