Invesco DWA Developed Markets Momentum ETF
ALTAR
Score™
4.2% info Recommen-
dation
AVOID
2020E    2021E
P/E
ratio
33.5x P/Sales
ratio
3.6x
P/BV
ratio
4.2x Div.
yield
1.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco DWA Developed Markets Technical Leaders Portfolio seeks investment results that correspond to the price and yield of the Dorsey Wright Developed Markets Technical Leaders Index.

FUND BASICS
Category International Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Dec 28, 2007
Assets (mns) $139
Currency USD
Expense ratio 81 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 106
Wgt avg mkt cap (mns) $37,147
Large cap (>$10bn) 71.4%
Mid cap ($2-10bn) 28.6%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
CONSTELLATION SOFTWARE INC 2.9 %
KONE OYJ-B 2.8 %
RAMSAY HEALTH CARE LIMITED 2.8 %
ROYAL UNIBREW A/S 2.7 %
A2 MILK COMPANY LTD. 2.5 %
CSL LIMITED 2.4 %
FASTIGHETS AB BALDER-B SHRS 2.2 %
SPIRAX-SARCO ENGINEERING PLC 2.2 %
ASML HOLDING NV 2.1 %
ASM INTERNATIONAL N.V. 2.1 %
Total 24.7 %

TOP COUNTRY EXPOSURE
SWITZERLAND 14.3 %
JAPAN 14.3 %
BRITAIN 9.5 %
CANADA 8.3 %
DENMARK 8.1 %
SWEDEN 7.6 %
AUSTRALIA 7.6 %
FINLAND 5.7 %
NETHERLANDS 4.7 %
NEW ZEALAND 3.9 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-3.7% 3.4% 4.4% 7.3% 2.4%

Market Correlations
versus... Beta R-squared
S&P500 0.91 83%
MSCI EAFE 0.98 84%
MSCI Emg. Mkts. 0.70 68%

Technical Indicators
Recent close $28.42
30d moving avg. $27.41
Annualized volatility 17.0%
Short interest (ETF) 0.7%
Relative strength (RSI) 64

Liquidity measures
Avg. volume (thou.) 38
Turnover 0.8%
Bid/Ask (% of price) 0.31%
ADV underlying (mns) $19,261

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Invesco DWA Developed Markets Momentum ETF ETF based on the alternatives' overlap in portfolio holdings with PIZ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PIZ Expense: 81 bp ALTAR Score™: 4.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PIZ
Ticker Fund
Name
Overlap1
vs PIZ
(%)
Expense
ratio
(bp)
Savings
vs PIZ
(bp)
ALTAR
Score™
(%)
ALTAR
vs PIZ
(%)
DWCR Arrow DWA Country Rotation ETF 28.1 95 -14 16.8 +12.6
IMTM iShares Edge MSCI Intl Momentum Factor ETF 24.1 30 51 4.3 +0.2
EFG iShares MSCI EAFE Growth ETF 23.6 40 41 4.6 +0.4
IDHQ Invesco S&P International Developed Quality ETF 22.9 29 52 5.1 +0.9
IQLT iShares Edge MSCI Intl Quality Factor ETF 22.9 30 51 6.1 +1.9
IDMO Invesco S&P International Developed Momentum ETF 21.7 26 55 4.5 +0.3
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 21.6 58 23 6.3 +2.1
IQDG WisdomTree International Quality Dividend Growth Fund 21.4 38 43 6.4 +2.2
RFEU First Trust Riverfront Dynamic Europe ETF 19.6 83 -2 5.4 +1.2
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 18.8 58 23 7.8 +3.6
TPIF Timothy Plan International ETF 18.7 62 19 6.4 +2.2
RFDI First Trust Riverfront Dynamic Developed International ETF 18.5 83 -2 5.7 +1.5
TTAI TrimTabs All Cap International Free-Cash-Flow ETF 18.1 61 20 4.9 +0.8
VIGI Vanguard International Dividend Appreciation ETF 17.4 25 56 5.5 +1.4
QEFA SPDR MSCI EAFE Quality Mix ETF 17.3 30 51 6.9 +2.8
EUDG WisdomTree Europe Quality Dividend Growth Fund 17.2 58 23 6.1 +1.9
QINT American Century Quality Diversified International ETF 16.8 39 42 5.8 +1.6
RBIN Nationwide Risk-Based International Equity ETF 16.7 42 39 6.5 +2.3
JPEU JPMorgan Diversified Return Europe Equity ETF 16.6 37 44 7.0 +2.9
CIL VictoryShares International Volatility Weighted Index ETF 16.6 45 36 6.8 +2.6
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 16.3 20 61 7.1 +3.0
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 16.2 25 56 6.5 +2.4
GSIE Goldman Sachs ActiveBeta International Equity ETF 16.0 25 56 6.7 +2.5
EUMV iShares Edge MSCI Min Vol Europe ETF 15.7 25 56 5.0 +0.9
BKIE BNY Mellon International Equity ETF 15.4 4 77 7.5 +3.4
EFA iShares MSCI EAFE ETF 15.3 32 49 7.1 +2.9
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 15.1 35 46 7.0 +2.8
IEV iShares Europe ETF 15.1 59 22 6.8 +2.7
DBEU Xtrackers MSCI Europe Hedged Equity ETF 15.1 45 36 6.7 +2.5
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 15.0 30 51 6.9 +2.7
FLEH Franklin FTSE Europe Hedged ETF 14.9 9 72 7.1 +3.0
HFXI IQ 50 Percent Hedged FTSE International ETF 14.9 20 61 7.6 +3.4
FLEE Franklin FTSE Europe ETF 14.8 9 72 7.0 +2.9
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 14.8 30 51 0.0 -4.2
SCHF Schwab International Equity ETF 14.7 6 75 7.4 +3.3
BBEU JPMorgan BetaBuilders Europe ETF 14.4 9 72 7.4 +3.2
IEUR iShares Core MSCI Europe ETF 14.3 9 72 7.3 +3.1
SCID Global X Scientific Beta Europe ETF 14.2 39 42 6.5 +2.3
SPDW SPDR Portfolio Developed World ex-US ETF 14.2 4 77 7.3 +3.1
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 14.1 14 67 7.0 +2.8
GSID Goldman Sachs MarketBeta International Equity ETF 14.1 20 61 7.4 +3.2
VGK Vanguard FTSE Europe ETF 14.0 8 73 7.5 +3.3
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 13.8 7 74 7.6 +3.5
FEU SPDR Portfolio Europe ETF 13.8 9 72 7.4 +3.2
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 13.7 39 42 6.7 +2.5
PDEV Principal International Multi-Factor Core Index ETF 13.7 25 56 8.0 +3.9
IEFA iShares Core MSCI EAFE ETF 13.7 7 74 7.4 +3.2
IDEV iShares Core MSCI International Developed Markets ETF 13.6 5 76 7.3 +3.2
ESGD iShares MSCI EAFE ESG Optimized ETF 13.6 20 61 7.0 +2.8
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 13.5 35 46 6.9 +2.8
JHMD John Hancock Multifactor Developed International ETF 13.5 39 42 7.5 +3.4
EWL iShares MSCI Switzerland ETF 13.4 50 31 5.1 +0.9
VEA Vanguard FTSE Developed Markets ETF 13.3 5 76 7.5 +3.4
EFAD ProShares MSCI EAFE Dividend Growers ETF 12.7 50 31 6.1 +2.0
FLSW Franklin FTSE Switzerland ETF 12.7 9 72 5.5 +1.4
FEP First Trust Europe AlphaDEX Fund 12.6 80 1 7.7 +3.6
RNDM Developed International Equity Select ETF 12.6 65 16 6.5 +2.3
FDEV Fidelity Targeted International Factor ETF 12.4 39 42 6.6 +2.4
IQSI IQ Candriam ESG International Equity ETF 12.3 15 66 7.3 +3.2
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 12.2 24 57 7.3 +3.2
EFAV iShares Edge MSCI Min Vol EAFE ETF 11.9 20 61 5.5 +1.4
ACWX iShares MSCI ACWI ex U.S. ETF 11.5 32 49 7.3 +3.1
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 11.5 40 41 7.1 +2.9
MVIN Natixis Seeyond International Minimum Volatility ETF 11.4 56 25 5.4 +1.2
CWI SPDR MSCI ACWI ex-US ETF 11.2 30 51 7.2 +3.0
JPIN JPMorgan Diversified Return International Equity ETF 11.1 37 44 8.1 +3.9
VEU Vanguard FTSE All-World ex-US Index Fund 11.1 8 73 7.6 +3.4
GXF Global X FTSE Nordic Region ETF 10.5 56 25 11.3 +7.1
IXUS ishares Core MSCI Total International Stock ETF 10.4 9 72 7.4 +3.3
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 10.4 16 65 6.9 +2.7
DWMF WisdomTree International Multifactor Fund 10.2 38 43 6.8 +2.7
VXUS Vanguard Total International Stock Index Fund 10.1 8 73 7.6 +3.4
IDLV Invesco S&P International Developed Low Volatility ETF 10.0 25 56 6.8 +2.6
VSGX Vanguard ESG International Stock ETF 10.0 17 64 7.2 +3.0
IGRO iShares International Dividend Growth ETF 9.9 22 59 8.1 +3.9
EURZ Xtrackers Eurozone Equity ETF 9.9 9 72 7.1 +2.9
FEUZ First Trust Eurozone AlphaDEX ETF 9.8 80 1 7.8 +3.6
EXI iShares Global Industrials ETF 9.7 46 35 6.3 +2.1
OEUR O'shares FTSE Europe Quality Dividend ETF 9.7 48 33 6.6 +2.5
EZU iShares MSCI Eurozone ETF 9.6 49 32 6.6 +2.5
EUDV ProShares MSCI Europe Dividend Growers ETF 9.6 55 26 5.7 +1.5
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 9.6 35 46 8.6 +4.4
DOL WisdomTree International LargeCap Dividend Fund 9.5 48 33 8.6 +4.5
DWM WisdomTree International Equity Fund 9.4 48 33 8.4 +4.2
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 9.3 45 36 6.8 +2.6
NUDM Nuveen ESG International Developed Markets Equity ETF 9.2 40 41 7.0 +2.8
IPAC iShares Core MSCI Pacific ETF 9.1 9 72 7.4 +3.3
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 9.0 32 49 6.4 +2.2
INTF iShares Edge MSCI Multifactor Intl ETF 9.0 30 51 8.0 +3.8
FSZ First Trust Switzerland AlphaDEX Fund 8.8 80 1 6.2 +2.0
ISZE iShares Edge MSCI Intl Size Factor ETF 8.8 30 51 7.5 +3.3
RFAP First Trust Riverfront Dynamic Asia Pacific ETF 8.6 83 -2 5.4 +1.2
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 8.4 45 36 6.9 +2.7
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 8.4 39 42 8.6 +4.4
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 8.3 25 56 7.4 +3.2
HEDJ WisdomTree Europe Hedged Equity Fund 8.3 58 23 7.0 +2.8
PQIN PGIM QMA Strategic Alpha International Equity ETF 8.2 29 52 7.8 +3.6
UIVM VictoryShares USAA MSCI International Value Momentum ETF 8.1 35 46 8.9 +4.8
IMOM Alpha Architect International Quantitative Momentum ETF 8.0 59 22 3.4 -0.8

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 DWA Developed Markets Momentum ETF
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 19.8 %
Divided by: Fwd. P/BV 4.0 x
Less: Expense ratio 81 bp
Equals: ALTAR Score 4.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.73 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.