Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF
ALTAR
Score™		 6.9% info Recommen-
dation		 UNDERWEIGHT
2020E    2021E
P/E
ratio		 21.2x P/Sales
ratio		 0.6x
P/BV
ratio		 1.0x Div.
yield		 2.5%


  • 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) $345
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 1502
Wgt avg mkt cap (mns) $3,117
Large cap (>$10bn) 5.4%
Mid cap ($2-10bn) 45.7%
Small cap (<$2bn) 48.9%
Developed mkts 89.6%
Emerging mkts 10.3%

TOP TEN HOLDINGS
TOHO GAS CO LTD 0.2 %
LOGITECH INTERNATIONAL-REG 0.2 %
ILIAD SA 0.2 %
LION CORP 0.2 %
DAIWABO HOLDINGS CO LTD 0.2 %
TMX GROUP INC 0.2 %
MISUMI GROUP INC 0.2 %
ZALANDO SE 0.2 %
COMSYS HOLDINGS CORP 0.2 %
DAIFUKU CO LTD 0.2 %
Total 2.0 %

TOP COUNTRY EXPOSURE
JAPAN 34.1 %
SOUTH KOREA 7.9 %
BRITAIN 7.0 %
CANADA 5.6 %
AUSTRALIA 5.5 %
GERMANY 3.7 %
SWEDEN 3.3 %
SWITZERLAND 3.2 %
FRANCE 2.6 %
HONG KONG 2.4 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-14.4% -2.5% 1.4% 5.7% 2.7%

Market Correlations
versus... Beta R-squared
S&P500 0.97 86%
MSCI EAFE 1.11 95%
MSCI Emg. Mkts. 0.84 84%

Technical Indicators
Recent close $28.01
30d moving avg. $25.55
Annualized volatility 17.8%
Short interest (ETF) 2.4%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 100
Turnover 0.8%
Bid/Ask (% of price) 0.20%
ADV underlying (mns) $17,880

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 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™: 6.9%


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 64.4 39 10 7.2 +0.3
SCZ iShares MSCI Eafe Small-Cap ETF 42.7 40 9 6.6 -0.3
ISDS Invesco Strategic Developed ex-US Small Company ETF 42.4 35 14 5.6 -1.4
SCHC Schwab International Small-Cap Equity ETF 36.8 12 37 7.0 +0.1
VSS Vanguard FTSE All World (ex-US) Small Cap Index Fund 31.7 11 38 6.4 -0.6
GWX SPDR S&P International Small Cap ETF 31.2 40 9 5.8 -1.1
DDLS WisdomTree Dynamic Currency Hedged Intl SmallCap Equity Fund 25.8 43 6 8.8 +1.8
SCJ iShares MSCI Japan Small-Cap ETF 25.7 47 2 6.4 -0.5
IEUS iShares MSCI Europe Small-Cap ETF 24.9 40 9 7.0 +0.1
IDLB Invesco FTSE International Low Beta Equal Weight ETF 24.0 45 4 7.3 +0.4
DXJS WisdomTree Japan Hedged SmallCap Equity Fund 23.1 58 -9 8.3 +1.4
DLS WisdomTree International SmallCap Dividend Fund 23.0 58 -9 8.6 +1.7
DFJ WisdomTree Japan SmallCap Dividend Fund 23.0 58 -9 8.4 +1.5
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 20.8 39 10 9.2 +2.3
AVDV Avantis International Small Cap Value ETF 18.7 36 13 7.8 +0.8
AVDE Avantis International Equity ETF 16.3 23 26 8.0 +1.1
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 16.0 24 25 7.3 +0.4
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 16.0 39 10 6.8 -0.2
VPL Vanguard FTSE Pacific ETF 15.5 8 41 7.9 +0.9
ISCF iShares Edge MSCI Multifactor Intl Small-Cap ETF 13.9 40 9 8.6 +1.7
ISZE iShares Edge MSCI Intl Size Factor ETF 13.4 30 19 7.1 +0.1
IEFA iShares Core MSCI EAFE ETF 13.1 7 42 7.4 +0.5
IPAC iShares Core MSCI Pacific ETF 13.0 9 40 7.5 +0.6
IDEV iShares Core MSCI International Developed Markets ETF 12.6 5 44 7.4 +0.5
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 12.5 80 -31 10.6 +3.6
DIM WisdomTree International MidCap Dividend Fund 12.4 58 -9 7.8 +0.8
VEA Vanguard FTSE Developed Markets ETF 12.2 5 44 7.6 +0.6
FLJP Franklin FTSE Japan ETF 11.8 9 40 7.8 +0.9
HFXJ IQ 50 Percent Hedged FTSE Japan ETF 11.7 30 19 7.6 +0.6
FLJH Franklin FTSE Japan Hedged ETF 11.5 9 40 7.7 +0.8
IXUS ishares Core MSCI Total International Stock ETF 10.3 9 40 7.7 +0.7
IEUR iShares Core MSCI Europe ETF 10.0 9 40 7.5 +0.6
SPDW SPDR Portfolio Developed World ex-US ETF 9.7 4 45 7.4 +0.4
VXUS Vanguard Total International Stock Index Fund 9.5 8 41 7.8 +0.9
VGK Vanguard FTSE Europe ETF 9.5 8 41 7.5 +0.6
JPN Xtrackers Japan JPX-Nikkei 400 Equity ETF 9.3 9 40 7.9 +1.0
JPXN iShares JPX-Nikkei 400 ETF 9.2 48 1 7.5 +0.5
FEU SPDR Portfolio Europe ETF 9.1 9 40 7.5 +0.5
RODM Hartford Multifactor Developed Markets (ex-US) ETF 9.1 29 20 8.8 +1.9
JPIN JPMorgan Diversified Return International Equity ETF 9.0 38 11 8.0 +1.1
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 9.0 7 42 7.7 +0.8
SCID Global X Scientific Beta Europe ETF 9.0 38 11 7.1 +0.1
DXJ WisdomTree Japan Hedged Equity Fund 8.5 48 1 8.3 +1.4
KLDW Gavekal Knowledge Leaders Developed World ETF 8.5 75 -26 4.8 -2.1
DWM WisdomTree International Equity Fund 8.5 48 1 8.4 +1.5
SCHF Schwab International Equity ETF 8.4 6 43 7.5 +0.6
FDT First Trust Developed Markets ex-US Alphadex Fund 8.4 80 -31 7.9 +0.9
PQIN PGIM QMA Strategic Alpha International Equity ETF 8.4 29 20 8.2 +1.2
VSGX Vanguard ESG International Stock ETF 8.3 17 32 7.5 +0.6
DDJP WisdomTree Dynamic Currency Hedged Japan Equity Fund 8.1 43 6 9.2 +2.2
EWJE iShares MSCI Japan Equal Weighted ETF 7.5 15 34 7.1 +0.1
PDEV Principal International Multi-Factor Core Index ETF 7.4 25 24 8.0 +1.1
GSIE Goldman Sachs ActiveBeta International Equity ETF 7.4 25 24 6.9 +0.0
BBJP JPMorgan BetaBuilders Japan ETF 7.4 19 30 7.7 +0.7
EFG iShares MSCI EAFE Growth ETF 7.3 40 9 4.8 -2.2
EUSC WisdomTree Europe Hedged SmallCap Equity Fund 7.1 58 -9 8.0 +1.1
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 7.0 45 4 6.9 0.0
JPGE JPMorgan Diversified Return Global Equity ETF 6.9 29 20 7.4 +0.5
EWUS iShares MSCI United Kingdom Small Cap ETF 6.9 59 -10 8.3 +1.3
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 6.8 25 24 7.6 +0.6
IQDG WisdomTree International Quality Dividend Growth Fund 6.7 38 11 6.5 -0.4
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 6.5 35 14 8.7 +1.8
VEU Vanguard FTSE All-World ex-US Index Fund 6.4 8 41 7.9 +0.9
IGRO iShares International Dividend Growth ETF 6.3 22 27 8.2 +1.2
DFE WisdomTree Europe SmallCap Dividend Fund 6.2 58 -9 8.7 +1.8
DDEZ WisdomTree Europe Multifactor Fund 6.2 43 6 7.2 +0.3
RNDM Developed International Equity Select ETF 6.2 65 -16 6.5 -0.5
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 6.1 58 -9 6.4 -0.5
VIGI Vanguard International Dividend Appreciation ETF 5.9 25 24 6.0 -0.9
DBAP Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF 5.8 10 39 9.2 +2.3
EUDG WisdomTree Europe Quality Dividend Growth Fund 5.7 58 -9 6.2 -0.7
EWJ iShares MSCI Japan ETF 5.7 49 0 7.4 +0.4
QINT American Century Quality Diversified International ETF 5.7 39 10 6.0 -0.9
WPS iShares International Developed Property ETF 5.6 48 1 7.9 +1.0
DBJP Xtrackers MSCI Japan Hedged Equity ETF 5.5 45 4 7.4 +0.5
FLKR Franklin FTSE South Korea ETF 5.5 9 40 9.9 +3.0
QJPN SPDR MSCI Japan StrategicFactors ETF 5.4 14 35 8.0 +1.0
VNQI Vanguard Global ex-US Real Estate Index Fund 5.4 12 37 10.1 +3.1
IMTM iShares Edge MSCI Intl Momentum Factor ETF 5.2 30 19 5.0 -1.9
CIL VictoryShares International Volatility Weighted Index ETF 5.1 45 4 6.8 -0.1
FEP First Trust Europe AlphaDEX Fund 5.1 80 -31 8.1 +1.2
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 5.1 20 29 7.4 +0.5
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 5.0 35 14 7.1 +0.2
EFA iShares MSCI EAFE ETF 5.0 32 17 7.3 +0.4
JHMD John Hancock Multifactor Developed International ETF 5.0 45 4 7.6 +0.7
IDHQ Invesco S&P International Developed High Quality ETF 4.9 29 20 5.5 -1.4
FLEE Franklin FTSE Europe ETF 4.9 9 40 7.2 +0.3
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 4.8 30 19 7.0 +0.1
FLEH Franklin FTSE Europe Hedged ETF 4.8 9 40 7.3 +0.3
HFXI IQ 50 Percent Hedged FTSE International ETF 4.7 20 29 7.7 +0.7
DRW WisdomTree Global ex-US Real Estate Fund 4.6 58 -9 10.8 +3.9
EWY iShares MSCI South Korea ETF 4.5 59 -10 9.3 +2.3
IDMO Invesco S&P International Developed Momentum ETF 4.5 25 24 4.7 -2.2
JPEU JPMorgan Diversified Return Europe Equity ETF 4.5 37 12 7.0 +0.0
IFGL iShares International Developed Real Estate ETF 4.5 48 1 7.8 +0.9
ACWX iShares MSCI ACWI ex U.S. ETF 4.4 32 17 7.6 +0.7
FFR First Trust FTSE EPRA/NAREIT Developed Markets Real Estate 4.4 60 -11 7.4 +0.4
VT Vanguard Total World Stock Index Fund 4.4 8 41 6.3 -0.6
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 4.3 40 9 7.5 +0.6

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 7.0 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 6.9 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.61 CATEGORY
AVERAGE		 1.59
 
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.