Invesco FTSE RAFI Developed Markets ex-U.S. ETF
ALTAR
Score™		 7.7% info Recommen-
dation		 OVERWEIGHT
2020E    2021E
P/E
ratio		 22.7x P/Sales
ratio		 0.9x
P/BV
ratio		 1.1x Div.
yield		 3.0%


  • 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 25, 2007
Assets (mns) $1,056
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 1023
Wgt avg mkt cap (mns) $67,911
Large cap (>$10bn) 83.5%
Mid cap ($2-10bn) 15.3%
Small cap (<$2bn) 0.8%
Developed mkts 93.5%
Emerging mkts 6.5%

TOP TEN HOLDINGS
SAMSUNG ELECTRONICS CO LTD 2.1 %
DAIMLER AG-REGISTERED SHARES 1.3 %
TOTAL SA 1.1 %
ROYAL DUTCH SHELL PLC-A SHS 1.0 %
NESTLE SA-REG 1.0 %
BP PLC 0.9 %
ROYAL DUTCH SHELL PLC-B SHS 0.9 %
SIEMENS AG-REG 0.9 %
SOFTBANK GROUP CORP. 0.8 %
ALLIANZ SE-REG 0.8 %
Total 10.8 %

TOP COUNTRY EXPOSURE
JAPAN 20.0 %
BRITAIN 15.4 %
GERMANY 10.6 %
FRANCE 8.9 %
CANADA 7.4 %
SOUTH KOREA 6.7 %
SWITZERLAND 6.3 %
AUSTRALIA 5.2 %
SPAIN 3.2 %
ITALY 2.6 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
2.5% 2.5% 6.5% 3.8% 1.5%

Market Correlations
versus... Beta R-squared
S&P500 0.98 78%
MSCI EAFE 1.10 98%
MSCI Emg. Mkts. 0.86 75%

Technical Indicators
Recent close $43.99
30d moving avg. $43.29
Annualized volatility 20.9%
Short interest (ETF) 0.5%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 93
Turnover 0.4%
Bid/Ask (% of price) 0.14%
ADV underlying (mns) $76,875

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 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™: 7.7%


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 84.2 25 20 7.7 +0.0
DFAI Dimensional International Core Equity Market ETF 82.8 18 27 6.4 -1.3
SCHF Schwab International Equity ETF 67.6 6 39 6.5 -1.2
ISDX Invesco RAFI Strategic Developed ex-US ETF 66.0 23 22 6.3 -1.4
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 66.0 7 38 6.5 -1.1
HFXI IQ 50 Percent Hedged FTSE International ETF 65.8 20 25 6.4 -1.2
VEA Vanguard FTSE Developed Markets ETF 63.4 5 40 6.6 -1.1
EFA iShares MSCI EAFE ETF 62.8 32 13 6.2 -1.4
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 62.3 35 10 6.1 -1.6
IDEV iShares Core MSCI International Developed Markets ETF 62.2 5 40 6.5 -1.2
BKIE BNY Mellon International Equity ETF 61.9 4 41 6.6 -1.1
GSID Goldman Sachs MarketBeta International Equity ETF 61.8 20 25 6.3 -1.4
SPDW SPDR Portfolio Developed World ex-US ETF 61.8 4 41 6.2 -1.5
IEFA iShares Core MSCI EAFE ETF 59.8 7 38 6.5 -1.2
EFV iShares MSCI EAFE Value ETF 58.3 39 6 8.4 +0.8
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 58.1 20 25 6.4 -1.3
JHMD John Hancock Multifactor Developed International ETF 57.3 39 6 6.6 -1.1
IQIN IQ 500 International ETF 57.3 25 20 7.7 0.0
ACWX iShares MSCI ACWI ex U.S. ETF 55.1 32 13 6.3 -1.4
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 54.7 40 5 6.1 -1.6
ESGD iShares MSCI EAFE ESG Optimized ETF 54.0 20 25 6.2 -1.5
IQSI IQ Candriam ESG International Equity ETF 53.2 15 30 6.4 -1.3
VEU Vanguard FTSE All-World ex-US Index Fund 53.0 8 37 6.7 -1.0
PDEV Principal International Multi-Factor Core Index ETF 52.6 25 20 7.1 -0.6
CWI SPDR MSCI ACWI ex-US ETF 52.0 30 15 6.2 -1.5
IXUS ishares Core MSCI Total International Stock ETF 51.0 9 36 6.4 -1.3
VSGX Vanguard ESG International Stock ETF 50.7 17 28 6.3 -1.4
GSIE Goldman Sachs ActiveBeta International Equity ETF 50.5 25 20 6.0 -1.7
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 50.1 39 6 7.4 -0.2
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 49.8 35 10 6.0 -1.7
FLEE Franklin FTSE Europe ETF 49.2 9 36 6.5 -1.2
FLEH Franklin FTSE Europe Hedged ETF 49.1 9 36 6.5 -1.2
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 49.1 39 6 5.6 -2.1
VGK Vanguard FTSE Europe ETF 48.8 8 37 6.8 -0.9
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 48.7 40 5 7.2 -0.4
BBEU JPMorgan BetaBuilders Europe ETF 48.6 9 36 6.7 -1.0
IEUR iShares Core MSCI Europe ETF 48.6 9 36 6.6 -1.1
DBEU Xtrackers MSCI Europe Hedged Equity ETF 48.5 45 0 6.0 -1.7
VYMI Vanguard International High Dividend Yield ETF 48.3 27 18 9.0 +1.4
IEV iShares Europe ETF 48.2 59 -14 6.3 -1.4
DWM WisdomTree International Equity Fund 48.1 48 -3 7.2 -0.5
SPEU SPDR Portfolio Europe ETF 47.7 9 36 6.8 -0.8
QEFA SPDR MSCI EAFE Quality Mix ETF 47.6 30 15 6.0 -1.7
AVDE Avantis International Equity ETF 45.9 23 22 6.9 -0.8
IVLU iShares Edge MSCI Intl Value Factor ETF 45.0 30 15 10.0 +2.4
ISZE iShares Edge MSCI Intl Size Factor ETF 45.0 30 15 6.3 -1.4
CIL VictoryShares International Volatility Weighted Index ETF 44.3 45 0 6.4 -1.3
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 44.3 45 0 6.4 -1.3
VXUS Vanguard Total International Stock ETF 44.1 8 37 6.6 -1.1
DOL WisdomTree International LargeCap Dividend Fund 42.1 48 -3 7.2 -0.5
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 38.9 16 29 6.0 -1.7
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 37.3 25 20 5.9 -1.8
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 37.0 14 31 6.1 -1.6
PQIN PGIM QMA Strategic Alpha International Equity ETF 35.5 29 16 7.1 -0.6
DMXF iShares ESG Advanced MSCI EAFE ETF 34.6 12 33 6.2 -1.5
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 34.1 24 21 6.5 -1.2
VPL Vanguard FTSE Pacific ETF 33.7 8 37 6.4 -1.3
TPIF Timothy Plan International ETF 31.8 62 -17 6.1 -1.6
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 31.0 45 0 6.0 -1.6
RESD WisdomTree International ESG Fund 30.5 30 15 6.5 -1.2
ESGG FlexShares STOXX Global ESG Impact Index Fund 29.9 42 3 4.6 -3.1
URTH iShares MSCI World ETF 29.8 24 21 5.0 -2.7
EZU iShares MSCI Eurozone ETF 29.3 51 -6 6.0 -1.7
RNDM First Trust Developed International Equity Select ETF 29.0 65 -20 5.7 -2.0
EURZ Xtrackers Eurozone Equity ETF 28.9 9 36 6.6 -1.1
QWLD SPDR MSCI World StrategicFactors ETF 27.8 30 15 5.4 -2.3
VWID Virtus WMC International Dividend ETF 27.7 49 -4 7.4 -0.3
DTH WisdomTree International High Dividend Fund 27.5 58 -13 8.8 +1.1
JPIN JPMorgan Diversified Return International Equity ETF 27.5 37 8 7.0 -0.7
ACWI iShares MSCI ACWI ETF 27.2 32 13 5.0 -2.6
RODM Hartford Multifactor Developed Markets (ex-US) ETF 27.0 29 16 7.3 -0.4
IPAC iShares Core MSCI Pacific ETF 26.9 9 36 6.3 -1.4
CRBN iShares MSCI ACWI Low Carbon Target ETF 26.3 20 25 5.3 -2.4
LOWC SPDR MSCI ACWI Low Carbon Target ETF 26.0 20 25 5.3 -2.4
UIVM VictoryShares USAA MSCI International Value Momentum ETF 26.0 35 10 7.7 +0.0
FIVA Fidelity International Value Factor ETF 25.3 39 6 8.8 +1.1
VT Vanguard Total World Stock ETF 25.0 8 37 5.3 -2.4
DEW WisdomTree Global High Dividend Fund 24.7 58 -13 8.8 +1.1
TOK iShares MSCI Kokusai ETF 24.4 25 20 4.9 -2.8
KOKU Xtrackers MSCI Kokusai Equity ETF 24.3 9 36 5.0 -2.7
DGT SPDR Global Dow ETF 24.2 50 -5 6.3 -1.4
IDLB Invesco FTSE International Low Beta Equal Weight ETF 24.2 45 0 6.1 -1.6
QINT American Century Quality Diversified International ETF 24.1 39 6 5.7 -2.0
RBIN Nationwide Risk-Based International Equity ETF 23.4 42 3 6.0 -1.6
SPGM SPDR Portfolio MSCI Global Stock Market ETF 22.8 9 36 5.1 -2.6
EFG iShares MSCI EAFE Growth ETF 22.7 40 5 4.1 -3.6
IQLT iShares Edge MSCI Intl Quality Factor ETF 22.7 30 15 5.2 -2.5
IOO iShares Global 100 ETF 21.4 40 5 4.2 -3.5
NUDM Nuveen ESG International Developed Markets Equity ETF 21.4 40 5 5.9 -1.8
IQDY FlexShares International Quality Dividend Dynamic Index Fund 21.3 47 -2 8.2 +0.5
RODE Hartford Multifactor Diversified International ETF 20.5 29 16 10.5 +2.8
IXG iShares Global Financials ETF 19.8 46 -1 8.7 +1.0
FLJH Franklin FTSE Japan Hedged ETF 19.8 9 36 6.5 -1.2
FLJP Franklin FTSE Japan ETF 19.8 9 36 6.5 -1.2
FIDI Fidelity International High Dividend ETF 19.8 39 6 10.3 +2.6
HDAW Xtrackers MSCI All World ex US High Dividend Yield Equity ET 19.7 20 25 9.4 +1.8
BBJP JPMorgan BetaBuilders Japan ETF 19.5 19 26 6.4 -1.3

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-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 8.6 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 7.7 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.52 CATEGORY
AVERAGE		 1.54
 
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.