Invesco FTSE RAFI Developed Markets ex-U.S. ETF
ALTAR
Score™
8.8% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
18.1x P/Sales
ratio
0.7x
P/BV
ratio
1.0x Div.
yield
3.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Invesco FTSE RAFI Developed Markets ex-U.S. Portfolio is based on the FTSE RAFI Developed Markets ex-U.S. Index™. The Index weights stock of the largest developed markets (ex-U.S.), based on the following four fundamental measures of firm size: book value, income, sales and dividends.

FUND BASICS
Category International Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Jun 21, 2007
Assets (mns) $1,123
Currency USD
Expense ratio 45 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 1032
Wgt avg mkt cap (mns) $50,871
Large cap (>$10bn) 78.0%
Mid cap ($2-10bn) 20.3%
Small cap (<$2bn) 1.5%
Developed mkts 95.1%
Emerging mkts 4.9%

TOP TEN HOLDINGS
SAMSUNG ELECTRONICS CO LTD 1.5 %
NESTLE SA-REG 1.2 %
TOTAL SA 1.2 %
BP PLC 1.2 %
ROYAL DUTCH SHELL PLC-A SHS 1.1 %
ROYAL DUTCH SHELL PLC-B SHS 0.9 %
ROCHE HOLDING AG-GENUSSCHEIN 0.9 %
TOYOTA MOTOR CORP 0.9 %
DAIMLER AG-REGISTERED SHARES 0.8 %
HSBC HOLDINGS PLC 0.8 %
Total 10.6 %

TOP COUNTRY EXPOSURE
JAPAN 21.7 %
BRITAIN 15.4 %
GERMANY 10.0 %
FRANCE 9.2 %
CANADA 7.3 %
SWITZERLAND 6.5 %
AUSTRALIA 4.7 %
SOUTH KOREA 4.5 %
SPAIN 3.2 %
NETHERLANDS 2.8 %

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.
-20.3% -10.3% -1.4% 3.4% -0.4%

Market Correlations
versus... Beta R-squared
S&P500 0.91 78%
MSCI EAFE 1.09 97%
MSCI Emg. Mkts. 0.82 84%

Technical Indicators
Recent close $35.83
30d moving avg. $32.36
Annualized volatility 17.4%
Short interest (ETF) 0.1%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 514
Turnover 1.6%
Bid/Ask (% of price) 0.19%
ADV underlying (mns) $66,248

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Invesco FTSE RAFI Developed Markets ex-U.S. ETF ETF based on the alternatives' overlap in portfolio holdings with PXF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PXF Expense: 45 bp ALTAR Score™: 8.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PXF
Ticker Fund
Name
Overlap1
vs PXF
(%)
Expense
ratio
(bp)
Savings
vs PXF
(bp)
ALTAR
Score™
(%)
ALTAR
vs PXF
(%)
FNDF Schwab Fundamental International Large Co. Index ETF 84.0 25 20 8.7 -0.2
SCHF Schwab International Equity ETF 68.8 6 39 7.4 -1.5
HFXI IQ 50 Percent Hedged FTSE International ETF 66.7 20 25 7.5 -1.3
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 66.5 7 38 7.6 -1.3
EFA iShares MSCI EAFE ETF 64.7 32 13 7.2 -1.7
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 64.3 35 10 7.0 -1.8
VEA Vanguard FTSE Developed Markets ETF 63.9 5 40 7.4 -1.4
SPDW SPDR Portfolio Developed World ex-US ETF 63.8 4 41 7.2 -1.6
IDEV iShares Core MSCI International Developed Markets ETF 62.9 5 40 7.3 -1.6
IEFA iShares Core MSCI EAFE ETF 61.0 7 38 7.3 -1.5
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 59.9 20 25 7.3 -1.6
JHMD John Hancock Multifactor Developed International ETF 59.4 45 0 7.4 -1.4
ISDX Invesco Strategic Developed ex-US ETF 58.8 23 22 7.4 -1.4
IQIN IQ 500 International ETF 57.9 25 20 9.0 +0.1
ACWX iShares MSCI ACWI ex U.S. ETF 57.9 32 13 7.5 -1.3
EFV iShares MSCI EAFE Value ETF 57.3 39 6 10.0 +1.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 57.2 40 5 7.4 -1.4
DWM WisdomTree International Equity Fund 56.8 48 -3 8.2 -0.6
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 56.6 35 10 8.6 -0.2
VEU Vanguard FTSE All-World ex-US Index Fund 55.6 8 37 7.7 -1.1
CWI SPDR MSCI ACWI ex-US ETF 54.3 30 15 7.6 -1.2
PDEV Principal International Multi-Factor Core Index ETF 54.1 25 20 7.9 -1.0
IXUS ishares Core MSCI Total International Stock ETF 53.6 9 36 7.6 -1.3
VXUS Vanguard Total International Stock Index Fund 53.0 8 37 7.7 -1.1
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 53.0 39 6 9.1 +0.2
GSIE Goldman Sachs ActiveBeta International Equity ETF 52.6 25 20 6.8 -2.0
IQSI IQ Candriam ESG International Equity ETF 52.2 15 30 7.3 -1.5
VYMI Vanguard International High Dividend Yield ETF 51.6 32 13 10.1 +1.3
ESGD iShares MSCI EAFE ESG Optimized ETF 51.5 20 25 7.2 -1.7
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 50.5 30 15 6.8 -2.0
DOL WisdomTree International LargeCap Dividend Fund 50.3 48 -3 8.5 -0.3
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 50.3 39 6 6.7 -2.2
FLEE Franklin FTSE Europe ETF 50.0 9 36 7.0 -1.9
FLEH Franklin FTSE Europe Hedged ETF 49.8 9 36 7.2 -1.7
DBEU Xtrackers MSCI Europe Hedged Equity ETF 49.2 45 0 6.8 -2.1
BBEU JPMorgan BetaBuilders Europe ETF 49.2 9 36 7.3 -1.6
IEUR iShares Core MSCI Europe ETF 49.1 9 36 7.3 -1.6
IEV iShares Europe ETF 48.9 59 -14 6.8 -2.0
VGK Vanguard FTSE Europe ETF 48.7 8 37 7.3 -1.6
FEU SPDR Portfolio Europe ETF 48.2 9 36 7.3 -1.6
QEFA SPDR MSCI EAFE Quality Mix ETF 47.3 30 15 6.8 -2.1
VSGX Vanguard ESG International Stock ETF 46.2 17 28 7.4 -1.4
IDY Pacific Global International Equity Income ETF 45.9 39 6 8.0 -0.8
ISZE iShares Edge MSCI Intl Size Factor ETF 44.8 30 15 6.9 -1.9
CIL VictoryShares International Volatility Weighted Index ETF 44.0 45 0 6.7 -2.1
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 41.4 25 20 6.7 -2.1
AVDE Avantis International Equity ETF 41.3 23 22 7.9 -1.0
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 40.5 16 29 7.1 -1.7
IVLU iShares Edge MSCI Intl Value Factor ETF 40.0 30 15 11.3 +2.4
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 39.0 14 31 7.0 -1.9
DTH WisdomTree DEFA Equity Income Fund 36.8 58 -13 9.6 +0.7
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 35.8 24 21 7.2 -1.6
PQIN PGIM QMA Strategic Alpha International Equity ETF 33.5 29 16 8.1 -0.8
VPL Vanguard FTSE Pacific ETF 33.2 8 37 7.8 -1.0
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 32.1 45 0 6.9 -2.0
RFDI First Trust Riverfront Dynamic Developed International ETF 31.8 83 -38 6.3 -2.5
RNDM Developed International Equity Select ETF 31.7 65 -20 6.4 -2.5
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 31.3 48 -3 0.0 -8.8
RODM Hartford Multifactor Developed Markets (ex-US) ETF 31.2 29 16 8.6 -0.2
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 30.8 45 0 6.8 -2.1
ESGG FlexShares STOXX Global ESG Impact Index Fund 30.8 42 3 5.6 -3.3
TPIF Timothy Plan International ETF 30.5 62 -17 7.0 -1.9
URTH iShares MSCI World ETF 30.2 24 21 5.8 -3.1
UIVM VictoryShares USAA MSCI International Value Momentum ETF 30.0 35 10 8.6 -0.3
JPEU JPMorgan Diversified Return Europe Equity ETF 29.8 37 8 6.8 -2.1
SCID Global X Scientific Beta Europe ETF 29.8 38 7 6.9 -2.0
EZU iShares MSCI Eurozone ETF 29.7 49 -4 6.7 -2.1
EURZ Xtrackers Eurozone Equity ETF 29.3 9 36 7.0 -1.8
EFG iShares MSCI EAFE Growth ETF 28.6 40 5 4.7 -4.1
JPGE JPMorgan Diversified Return Global Equity ETF 28.5 29 16 7.3 -1.5
IDLB Invesco FTSE International Low Beta Equal Weight ETF 28.1 45 0 7.2 -1.7
IPAC iShares Core MSCI Pacific ETF 28.1 9 36 7.5 -1.4
ACWI iShares MSCI ACWI ETF 28.1 32 13 6.0 -2.8
JPIN JPMorgan Diversified Return International Equity ETF 27.4 38 7 8.0 -0.9
QWLD SPDR MSCI World StrategicFactors ETF 27.2 30 15 6.0 -2.8
FIVA Fidelity International Value Factor ETF 27.2 39 6 10.2 +1.4
OEUR O'shares FTSE Europe Quality Dividend ETF 26.7 48 -3 6.6 -2.2
LOWC SPDR MSCI ACWI Low Carbon Target ETF 26.5 20 25 6.4 -2.5
IQLT iShares Edge MSCI Intl Quality Factor ETF 26.3 30 15 6.2 -2.6
CRBN iShares MSCI ACWI Low Carbon Target ETF 25.9 20 25 6.3 -2.5
VT Vanguard Total World Stock Index Fund 25.8 8 37 6.3 -2.6
QINT American Century Quality Diversified International ETF 25.8 39 6 5.9 -2.9
DEW WisdomTree Global High Dividend Fund 25.6 58 -13 9.0 +0.2
IGRO iShares International Dividend Growth ETF 25.5 22 23 8.0 -0.9
EFAV iShares Edge MSCI Min Vol EAFE ETF 25.1 20 25 5.9 -3.0
TOK iShares MSCI Kokusai ETF 24.8 25 20 5.7 -3.1
SPGM SPDR Portfolio MSCI Global Stock Market ETF 23.5 9 36 6.2 -2.7
DOO WisdomTree International Dividend ex-Financials Fund 23.4 58 -13 8.7 -0.2
RBIN Nationwide Risk-Based International Equity ETF 23.4 42 3 6.5 -2.4
DGT SPDR Global Dow ETF 23.1 50 -5 6.8 -2.0
LVIN Hartford Multifactor Low Volatility International Equity ETF 23.1 29 16 12.2 +3.3
EUMV iShares Edge MSCI Min Vol Europe ETF 22.4 25 20 5.5 -3.4
FIDI Fidelity International High Dividend ETF 22.1 39 6 10.8 +2.0
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 21.7 32 13 6.5 -2.3
FDEV Fidelity Targeted International Factor ETF 21.7 39 6 6.5 -2.3
RFEU First Trust Riverfront Dynamic Europe ETF 21.7 83 -38 5.0 -3.9
HFXJ IQ 50 Percent Hedged FTSE Japan ETF 21.6 30 15 7.6 -1.3
FLJH Franklin FTSE Japan Hedged ETF 21.6 9 36 7.7 -1.1
FLJP Franklin FTSE Japan ETF 21.6 9 36 7.8 -1.0

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-U.S. ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.7 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 8.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.56 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.