Principal International Multi-Factor Core Index
ALTAR
Score™
6.6% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
15.8x P/Sales
ratio
1.3x
P/BV
ratio
1.9x Div.
yield
3.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Principal International Multi-Factor Core Index ETF tracks a multi-factor selected and weighted index of developed market equities.

FUND BASICS
Category International Equities
Fund Sponsor The Principal Financial Group
Website www.principalfunds.com
Inception date Jul 23, 2019
Assets (mns) $18
Currency USD
Expense ratio 25 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 605
Wgt avg mkt cap (mns) $58,517
Large cap (>$10bn) 73.6%
Mid cap ($2-10bn) 26.0%
Small cap (<$2bn) 0.4%
Developed mkts 99.4%
Emerging mkts 0.6%

TOP TEN HOLDINGS
ROCHE HOLDING AG-GENUSSCHEIN 1.6 %
NESTLE SA-REG 1.6 %
NOVARTIS AG-REG 1.4 %
ROYAL DUTCH SHELL PLC-A SHS 1.3 %
TOYOTA MOTOR CORP 1.2 %
LVMH MOET HENNESSY LOUIS VUI 0.9 %
ROYAL BANK OF CANADA 0.8 %
TORONTO-DOMINION BANK 0.8 %
SAP AG 0.8 %
GLAXOSMITHKLINE PLC 0.8 %
Total 11.2 %

TOP COUNTRY EXPOSURE
JAPAN 21.3 %
BRITAIN 13.7 %
CANADA 11.3 %
SWITZERLAND 10.6 %
FRANCE 8.3 %
GERMANY 7.7 %
AUSTRALIA 5.4 %
NETHERLANDS 3.5 %
ITALY 3.0 %
SPAIN 2.6 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 01)
Year-to-date 1 year 5 years 10 years Since Incep.
-- -- -- -- 0.0%

Market Correlations
versus... Beta R-squared
S&P500 -- --
MSCI EAFE -- --
MSCI Emg. Mkts. -- --

Technical Indicators
Recent close $25.93
30d moving avg. $25.77
Annualized volatility 0.0%
Short interest (ETF) 0.2%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.1%
Bid/Ask (% of price) 0.27%
ADV underlying (mns) $36,953

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Principal International Multi-Factor Core Index ETF based on the alternatives' overlap in portfolio holdings with PDEV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PDEV Expense: 25 bp ALTAR Score™: 6.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PDEV
Ticker Fund
Name
Overlap1
vs PDEV
(%)
Expense
ratio
(bp)
Savings
vs PDEV
(bp)
ALTAR
Score™
(%)
ALTAR
vs PDEV
(%)
SCHF Schwab International Equity 61.4 6 19 7.3 +0.7
EFA iShares MSCI EAFE 59.0 31 -6 6.9 +0.3
IDEV iShares Core MSCI Int'l Developed Markets 58.8 5 20 7.1 +0.4
SPDW SPDR Portfolio World ex-US 58.6 4 21 7.1 +0.5
DBEF Xtrackers MSCI EAFE Hedged 58.3 35 -10 6.9 +0.3
HFXI IQ 50 Percent Hedged FTSE Int'l 58.1 20 5 7.3 +0.6
PBDM Invesco PureBeta FTSE Developed ex-North America 57.4 7 18 7.5 +0.8
VEA Vanguard Europe Pacific 56.7 5 20 7.3 +0.6
IEFA iShares Core MSCI EAFE 56.6 7 18 7.0 +0.3
GSIE Goldman Sachs ActiveBeta Int'l Equity 56.5 25 0 6.5 -0.1
EFAX SPDR MSCI EAFE Fossil Fuel Free 56.2 20 5 7.0 +0.3
JHMD John Hancock Multifactor Developed International 53.0 45 -20 7.1 +0.5
ACWX iShares MSCI ACWI ex-US 51.6 31 -6 7.3 +0.7
ESGD iShares MSCI EAFE ESG Optimized 50.5 20 5 6.8 +0.2
PXF Invesco FTSE-RAFI Developed ex-US 50.3 45 -20 8.1 +1.5
CWI SPDR MSCI ACWI ex-US 50.2 30 -5 7.4 +0.7
DBAW Xtrackers MSCI All World ex-US Hedged 50.1 40 -15 7.3 +0.7
VEU Vanguard FTSE All-World ex-US 49.6 9 16 7.5 +0.9
QEFA SPDR MSCI EAFE Quality Mix 48.8 30 -5 6.6 -0.1
DDWM WisdomTree Dynamic Currency Hedged Int'l Equity 48.6 35 -10 7.9 +1.2

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%.

Content on this tab for subscribers only**

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:
Principal International Multi-Factor Core Index
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 12.0 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 6.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.63 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.