Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF
ALTAR
Score™
6.2% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
31.8x P/Sales
ratio
0.7x
P/BV
ratio
1.0x Div.
yield
2.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio seeks investment results that correspond to the price and yield of the FTSE RAFI Developed Markets ex-U.S. Small-Mid Index

FUND BASICS
Category International Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Sep 27, 2007
Assets (mns) $327
Currency USD
Expense ratio 49 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Fundamental
Index replication Full
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 1496
Wgt avg mkt cap (mns) $3,698
Large cap (>$10bn) 7.4%
Mid cap ($2-10bn) 48.3%
Small cap (<$2bn) 43.1%
Developed mkts 88.9%
Emerging mkts 10.7%

TOP TEN HOLDINGS
TNT NV 0.3 %
LOGITECH INTERNATIONAL-REG 0.3 %
GAMESA CORP TECNOLOGICA SA 0.3 %
KOREA KUMHO PETROCHEMICAL CO 0.2 %
ZALANDO SE 0.2 %
DAIFUKU CO LTD 0.2 %
IBIDEN CO LTD 0.2 %
SHIMAMURA CO LTD 0.2 %
B&M EUROPEAN VALUE RETAIL SA. 0.2 %
OZ MINERALS LTD 0.2 %
Total 2.5 %

TOP COUNTRY EXPOSURE
JAPAN 32.4 %
SOUTH KOREA 8.6 %
BRITAIN 6.8 %
CANADA 5.9 %
AUSTRALIA 5.8 %
GERMANY 4.1 %
SWEDEN 3.8 %
SWITZERLAND 3.4 %
FRANCE 2.6 %
HONG KONG 2.6 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-5.4% 3.3% 5.8% 5.4% 3.4%

Market Correlations
versus... Beta R-squared
S&P500 0.94 85%
MSCI EAFE 1.10 94%
MSCI Emg. Mkts. 0.80 79%

Technical Indicators
Recent close $30.32
30d moving avg. $30.08
Annualized volatility 18.1%
Short interest (ETF) 0.1%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 23
Turnover 0.2%
Bid/Ask (% of price) 0.23%
ADV underlying (mns) $14,940

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 potential alternatives to the Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF ETF based on the alternatives' overlap in portfolio holdings with PDN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PDN Expense: 49 bp ALTAR Score™: 6.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PDN
Ticker Fund
Name
Overlap1
vs PDN
(%)
Expense
ratio
(bp)
Savings
vs PDN
(bp)
ALTAR
Score™
(%)
ALTAR
vs PDN
(%)
FNDC Schwab Fundamental International Small Co. Index ETF 64.8 39 10 7.1 +0.9
SCZ iShares MSCI Eafe Small-Cap ETF 42.3 40 9 6.9 +0.7
SCHC Schwab International Small-Cap Equity ETF 36.1 11 38 6.9 +0.7
VSS Vanguard FTSE All World (ex-US) Small Cap Index Fund 29.8 11 38 6.5 +0.3
GWX SPDR S&P International Small Cap ETF 28.6 40 9 7.4 +1.2
DDLS WisdomTree Dynamic Currency Hedged Intl SmallCap Equity Fund 25.6 43 6 8.4 +2.2
IEUS iShares MSCI Europe Small-Cap ETF 24.7 40 9 7.6 +1.4
SCJ iShares MSCI Japan Small-Cap ETF 23.9 49 0 6.1 -0.1
DLS WisdomTree International SmallCap Dividend Fund 23.2 58 -9 8.3 +2.0
IDLB Invesco FTSE International Low Beta Equal Weight ETF 23.0 45 4 6.5 +0.3
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 21.9 39 10 8.3 +2.1
DXJS WisdomTree Japan Hedged SmallCap Equity Fund 21.5 58 -9 7.9 +1.7
DFJ WisdomTree Japan SmallCap Dividend Fund 21.5 58 -9 7.9 +1.7
AVDV Avantis International Small Cap Value ETF 20.9 36 13 7.7 +1.5
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 20.1 24 25 6.9 +0.7
AVDE Avantis International Equity ETF 18.6 23 26 7.6 +1.4
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 17.3 39 10 6.6 +0.3
VPL Vanguard FTSE Pacific ETF 15.1 8 41 7.3 +1.1
ISZE iShares Edge MSCI Intl Size Factor ETF 14.8 30 19 7.2 +1.0
IPAC iShares Core MSCI Pacific ETF 14.1 9 40 7.1 +0.9
ISCF iShares Edge MSCI Multifactor Intl Small-Cap ETF 13.9 40 9 8.6 +2.4
IEFA iShares Core MSCI EAFE ETF 13.6 7 42 7.3 +1.1
IDEV iShares Core MSCI International Developed Markets ETF 13.3 5 44 7.2 +1.0
DIM WisdomTree International MidCap Dividend Fund 13.1 58 -9 7.5 +1.3
VEA Vanguard FTSE Developed Markets ETF 12.9 5 44 7.4 +1.1
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 12.0 80 -31 9.8 +3.6
FLJH Franklin FTSE Japan Hedged ETF 11.7 9 40 7.3 +1.0
FLJP Franklin FTSE Japan ETF 11.6 9 40 7.4 +1.1
RODM Hartford Multifactor Developed Markets (ex-US) ETF 11.6 29 20 7.7 +1.5
SCID Global X Scientific Beta Europe ETF 10.7 39 10 0.0 -6.2
IEUR iShares Core MSCI Europe ETF 10.6 9 40 7.3 +1.1
IXUS ishares Core MSCI Total International Stock ETF 10.5 9 40 7.3 +1.1
VGK Vanguard FTSE Europe ETF 10.5 8 41 7.5 +1.3
SPDW SPDR Portfolio Developed World ex-US ETF 10.4 4 45 7.1 +0.9
VSGX Vanguard ESG International Stock ETF 10.2 17 32 7.0 +0.8
FDT First Trust Developed Markets ex-US Alphadex Fund 10.1 80 -31 7.3 +1.1
JPIN JPMorgan Diversified Return International Equity ETF 9.8 37 12 7.8 +1.6
FEU SPDR Portfolio Europe ETF 9.8 9 40 7.4 +1.2
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 9.7 7 42 7.5 +1.3
JPN Xtrackers Japan JPX-Nikkei 400 Equity ETF 9.4 9 40 7.4 +1.2
JPXN iShares JPX-Nikkei 400 ETF 9.3 48 1 7.0 +0.8
VXUS Vanguard Total International Stock Index Fund 9.2 8 41 7.5 +1.3
GSIE Goldman Sachs ActiveBeta International Equity ETF 9.1 25 24 6.6 +0.4
SCHF Schwab International Equity ETF 9.0 6 43 7.3 +1.0
DXJ WisdomTree Japan Hedged Equity Fund 8.6 48 1 7.9 +1.7
EFG iShares MSCI EAFE Growth ETF 8.6 40 9 4.5 -1.8
DWM WisdomTree International Equity Fund 8.3 48 1 8.5 +2.2
PQIN PGIM QMA Strategic Alpha International Equity ETF 8.2 29 20 7.8 +1.6
PDEV Principal International Multi-Factor Core Index ETF 7.6 25 24 7.9 +1.7
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 7.5 45 4 6.8 +0.6
EWJE iShares MSCI Japan Equal Weighted ETF 7.5 15 34 7.1 +0.9
QINT American Century Quality Diversified International ETF 7.4 39 10 6.1 -0.1
VIGI Vanguard International Dividend Appreciation ETF 7.4 20 29 5.5 -0.7
BBJP JPMorgan BetaBuilders Japan ETF 7.3 19 30 7.2 +1.0
FEP First Trust Europe AlphaDEX Fund 7.3 80 -31 7.2 +1.0
EUSC WisdomTree Europe Hedged SmallCap Equity Fund 7.3 58 -9 8.0 +1.8
IQDG WisdomTree International Quality Dividend Growth Fund 7.1 42 7 6.2 -0.0
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 7.1 58 -9 6.1 -0.2
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 6.9 25 24 7.1 +0.9
IMTM iShares Edge MSCI Intl Momentum Factor ETF 6.9 30 19 4.4 -1.8
IDMO Invesco S&P International Developed Momentum ETF 6.8 26 23 4.0 -2.2
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 6.7 35 14 8.7 +2.5
VEU Vanguard FTSE All-World ex-US Index Fund 6.7 8 41 7.5 +1.3
DFE WisdomTree Europe SmallCap Dividend Fund 6.7 58 -9 8.3 +2.1
EWUS iShares MSCI United Kingdom Small Cap ETF 6.6 59 -10 8.4 +2.2
RNDM Developed International Equity Select ETF 6.6 65 -16 6.2 0.0
KLDW Gavekal Knowledge Leaders Developed World ETF 6.5 75 -26 4.9 -1.3
EUDG WisdomTree Europe Quality Dividend Growth Fund 6.4 58 -9 6.0 -0.2
DMXF iShares ESG Advanced MSCI EAFE ETF 6.3 12 37 6.9 +0.7
GSID Goldman Sachs MarketBeta International Equity ETF 6.2 20 29 7.3 +1.1
JHMD John Hancock Multifactor Developed International ETF 6.2 39 10 7.3 +1.1
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 6.2 45 4 7.0 +0.7
FLKR Franklin FTSE South Korea ETF 6.2 9 40 8.7 +2.5
CIL VictoryShares International Volatility Weighted Index ETF 6.1 45 4 6.9 +0.7
EWJ iShares MSCI Japan ETF 6.1 49 0 6.9 +0.7
HFXI IQ 50 Percent Hedged FTSE International ETF 6.0 20 29 7.5 +1.2
DBAP Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF 6.0 10 39 9.3 +3.1
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 6.0 20 29 7.1 +0.9
IDHQ Invesco S&P International Developed Quality ETF 6.0 29 20 5.1 -1.2
DBJP Xtrackers MSCI Japan Hedged Equity ETF 6.0 45 4 7.0 +0.8
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 5.9 35 14 6.9 +0.7
EFA iShares MSCI EAFE ETF 5.9 32 17 7.1 +0.8
DWMF WisdomTree International Multifactor Fund 5.8 38 11 6.3 +0.0
WPS iShares International Developed Property ETF 5.6 48 1 8.0 +1.8
FLEE Franklin FTSE Europe ETF 5.5 9 40 7.1 +0.9
FLEH Franklin FTSE Europe Hedged ETF 5.4 9 40 7.2 +1.0
VNQI Vanguard Global ex-US Real Estate Index Fund 5.4 12 37 10.3 +4.0
UIVM VictoryShares USAA MSCI International Value Momentum ETF 5.4 35 14 8.6 +2.4
SCIJ Global X Scientific Beta Japan ETF 5.4 40 9 0.0 -6.2
FDEV Fidelity Targeted International Factor ETF 5.3 39 10 6.5 +0.3
QJPN SPDR MSCI Japan StrategicFactors ETF 5.3 14 35 7.5 +1.2
IGRO iShares International Dividend Growth ETF 5.3 22 27 8.4 +2.1
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 5.2 40 9 7.0 +0.8
QEFA SPDR MSCI EAFE Quality Mix ETF 4.9 30 19 6.8 +0.6
IQLT iShares Edge MSCI Intl Quality Factor ETF 4.9 30 19 6.0 -0.2
ACWX iShares MSCI ACWI ex U.S. ETF 4.9 32 17 7.2 +1.0
IDLV Invesco S&P International Developed Low Volatility ETF 4.9 25 24 6.5 +0.3

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

  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:
Invesco FTSE RAFI Developed Markets ex-US Small-Mid 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 6.7 %
Divided by: Fwd. P/BV 1.0 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 6.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.60 CATEGORY
AVERAGE
1.57
 
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.