Invesco FTSE RAFI Developed Markets ex-U.S. ETF
ALTAR
Score™
9.0% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
21.1x P/Sales
ratio
0.7x
P/BV
ratio
0.9x Div.
yield
3.5%


  • 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) $914
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 1029
Wgt avg mkt cap (mns) $55,918
Large cap (>$10bn) 79.6%
Mid cap ($2-10bn) 18.8%
Small cap (<$2bn) 1.3%
Developed mkts 94.3%
Emerging mkts 5.7%

TOP TEN HOLDINGS
SAMSUNG ELECTRONICS CO LTD 1.8 %
NESTLE SA-REG 1.3 %
DAIMLER AG-REGISTERED SHARES 1.2 %
TOTAL SA 1.0 %
TOYOTA MOTOR CORP 0.9 %
SIEMENS AG-REG 0.8 %
ROYAL DUTCH SHELL PLC-A SHS 0.8 %
ALLIANZ SE-REG 0.8 %
SOFTBANK GROUP CORP. 0.8 %
ROCHE HOLDING AG-GENUSSCHEIN 0.8 %
Total 10.1 %

TOP COUNTRY EXPOSURE
JAPAN 20.9 %
BRITAIN 14.1 %
GERMANY 10.8 %
FRANCE 9.2 %
CANADA 7.5 %
SWITZERLAND 6.6 %
SOUTH KOREA 5.5 %
AUSTRALIA 5.0 %
NETHERLANDS 3.1 %
SPAIN 2.9 %

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.
-14.8% -8.2% 3.1% 2.6% 0.1%

Market Correlations
versus... Beta R-squared
S&P500 0.89 79%
MSCI EAFE 1.09 97%
MSCI Emg. Mkts. 0.79 80%

Technical Indicators
Recent close $35.84
30d moving avg. $36.05
Annualized volatility 17.8%
Short interest (ETF) 0.7%
Relative strength (RSI) 43

Liquidity measures
Avg. volume (thou.) 76
Turnover 0.3%
Bid/Ask (% of price) 0.16%
ADV underlying (mns) $53,124

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™: 9.0%


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 85.0 25 20 8.8 -0.1
SCHF Schwab International Equity ETF 67.9 6 39 7.3 -1.7
HFXI IQ 50 Percent Hedged FTSE International ETF 66.3 20 25 7.5 -1.5
ISDX Invesco Strategic Developed ex-US ETF 65.9 23 22 7.5 -1.5
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 65.6 7 38 7.6 -1.4
VEA Vanguard FTSE Developed Markets ETF 63.7 5 40 7.5 -1.5
EFA iShares MSCI EAFE ETF 63.5 32 13 7.1 -1.9
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 62.8 35 10 7.0 -2.0
SPDW SPDR Portfolio Developed World ex-US ETF 62.7 4 41 7.2 -1.8
IDEV iShares Core MSCI International Developed Markets ETF 62.5 5 40 7.3 -1.7
GSID Goldman Sachs MarketBeta International Equity ETF 62.4 20 25 7.4 -1.6
BKIE BNY Mellon International Equity ETF 61.8 4 41 7.5 -1.5
IEFA iShares Core MSCI EAFE ETF 60.3 7 38 7.4 -1.6
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 59.3 20 25 7.2 -1.8
EFV iShares MSCI EAFE Value ETF 59.2 39 6 9.8 +0.8
JHMD John Hancock Multifactor Developed International ETF 58.2 39 6 7.4 -1.6
IQIN IQ 500 International ETF 57.7 25 20 8.8 -0.2
ACWX iShares MSCI ACWI ex U.S. ETF 55.9 32 13 7.3 -1.7
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 55.8 35 10 8.8 -0.2
DWM WisdomTree International Equity Fund 55.8 48 -3 8.5 -0.5
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 55.5 40 5 7.1 -1.9
ESGD iShares MSCI EAFE ESG Optimized ETF 54.4 20 25 7.0 -2.0
VEU Vanguard FTSE All-World ex-US Index Fund 53.8 8 37 7.6 -1.4
PDEV Principal International Multi-Factor Core Index ETF 53.6 25 20 8.0 -1.0
CWI SPDR MSCI ACWI ex-US ETF 52.9 30 15 7.2 -1.8
IXUS ishares Core MSCI Total International Stock ETF 52.0 9 36 7.4 -1.6
IQSI IQ Candriam ESG International Equity ETF 51.7 15 30 7.5 -1.5
GSIE Goldman Sachs ActiveBeta International Equity ETF 51.5 25 20 6.7 -2.3
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 51.1 39 6 8.4 -0.6
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 50.4 39 6 6.6 -2.4
QEFA SPDR MSCI EAFE Quality Mix ETF 49.8 30 15 6.9 -2.1
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 49.3 35 10 6.9 -2.1
FLEH Franklin FTSE Europe Hedged ETF 49.2 9 36 7.3 -1.7
FLEE Franklin FTSE Europe ETF 49.1 9 36 7.2 -1.8
VSGX Vanguard ESG International Stock ETF 48.9 17 28 7.1 -1.9
VGK Vanguard FTSE Europe ETF 48.8 8 37 7.6 -1.4
IEUR iShares Core MSCI Europe ETF 48.7 9 36 7.4 -1.6
DOL WisdomTree International LargeCap Dividend Fund 48.7 48 -3 9.0 -0.0
BBEU JPMorgan BetaBuilders Europe ETF 48.6 9 36 7.5 -1.5
VXUS Vanguard Total International Stock Index Fund 48.6 8 37 7.6 -1.4
DBEU Xtrackers MSCI Europe Hedged Equity ETF 48.4 45 0 6.9 -2.1
IEV iShares Europe ETF 48.2 59 -14 7.0 -2.0
FEU SPDR Portfolio Europe ETF 47.9 9 36 7.5 -1.5
VYMI Vanguard International High Dividend Yield ETF 47.6 27 18 10.2 +1.2
ISZE iShares Edge MSCI Intl Size Factor ETF 46.4 30 15 7.3 -1.7
AVDE Avantis International Equity ETF 45.8 23 22 7.7 -1.3
CIL VictoryShares International Volatility Weighted Index ETF 45.1 45 0 7.0 -2.0
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 45.0 45 0 7.0 -2.0
IDY Pacific Global International Equity Income ETF 44.7 39 6 8.2 -0.8
IVLU iShares Edge MSCI Intl Value Factor ETF 40.3 30 15 11.7 +2.7
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 39.6 16 29 7.0 -2.0
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 38.2 14 31 7.1 -1.9
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 38.2 25 20 6.6 -2.4
PQIN PGIM QMA Strategic Alpha International Equity ETF 36.3 29 16 7.9 -1.1
DTH WisdomTree DEFA Equity Income Fund 35.0 58 -13 10.1 +1.2
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 34.2 24 21 7.0 -2.0
DMXF iShares ESG Advanced MSCI EAFE ETF 33.7 12 33 7.0 -2.0
VPL Vanguard FTSE Pacific ETF 33.3 8 37 7.4 -1.6
TPIF Timothy Plan International ETF 32.1 62 -17 6.4 -2.6
RNDM Developed International Equity Select ETF 31.8 65 -20 6.3 -2.7
RESD WisdomTree International ESG Fund 31.7 30 15 6.9 -2.1
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 31.3 45 0 6.9 -2.1
EZU iShares MSCI Eurozone ETF 30.2 49 -4 6.8 -2.2
VGFO Virtus WMC Global Factor Opportunities ETF 29.6 49 -4 8.2 -0.8
EURZ Xtrackers Eurozone Equity ETF 29.5 9 36 7.2 -1.8
ESGG FlexShares STOXX Global ESG Impact Index Fund 29.5 42 3 5.2 -3.8
SCID Global X Scientific Beta Europe ETF 29.4 39 6 0.0 -9.0
URTH iShares MSCI World ETF 29.3 24 21 5.5 -3.5
QWLD SPDR MSCI World StrategicFactors ETF 29.3 30 15 6.1 -2.9
RODM Hartford Multifactor Developed Markets (ex-US) ETF 28.5 29 16 7.8 -1.2
JPIN JPMorgan Diversified Return International Equity ETF 28.2 37 8 7.9 -1.1
IPAC iShares Core MSCI Pacific ETF 27.7 9 36 7.2 -1.8
ACWI iShares MSCI ACWI ETF 26.9 32 13 5.7 -3.3
UIVM VictoryShares USAA MSCI International Value Momentum ETF 26.1 35 10 8.7 -0.2
LOWC SPDR MSCI ACWI Low Carbon Target ETF 26.0 20 25 6.0 -3.0
FIVA Fidelity International Value Factor ETF 25.7 39 6 10.1 +1.1
CRBN iShares MSCI ACWI Low Carbon Target ETF 25.7 20 25 6.0 -3.0
DEW WisdomTree Global High Dividend Fund 25.5 58 -13 9.7 +0.7
IDLB Invesco FTSE International Low Beta Equal Weight ETF 25.4 45 0 6.6 -2.4
OEUR O'shares FTSE Europe Quality Dividend ETF 25.3 48 -3 7.0 -2.0
IQLT iShares Edge MSCI Intl Quality Factor ETF 25.1 30 15 6.1 -2.9
IGRO iShares International Dividend Growth ETF 24.7 22 23 8.5 -0.5
QINT American Century Quality Diversified International ETF 24.3 39 6 6.2 -2.8
EFG iShares MSCI EAFE Growth ETF 24.2 40 5 4.6 -4.4
VT Vanguard Total World Stock Index Fund 24.1 8 37 6.0 -3.0
TOK iShares MSCI Kokusai ETF 24.1 25 20 5.4 -3.6
RBIN Nationwide Risk-Based International Equity ETF 23.8 42 3 6.1 -2.9
KOKU Xtrackers MSCI Kokusai Equity ETF 23.8 9 36 5.6 -3.4
DGT SPDR Global Dow ETF 23.5 50 -5 7.3 -1.7
EFAV iShares Edge MSCI Min Vol EAFE ETF 23.0 20 25 5.4 -3.6
SPGM SPDR Portfolio MSCI Global Stock Market ETF 22.6 9 36 5.8 -3.2
NUDM Nuveen ESG International Developed Markets Equity ETF 22.5 40 5 6.9 -2.1
DOO WisdomTree International Dividend ex-Financials Fund 21.8 58 -13 9.1 +0.1
LVIN Hartford Multifactor Low Volatility International Equity ETF 21.3 29 16 11.6 +2.6
FLJH Franklin FTSE Japan Hedged ETF 20.7 9 36 7.3 -1.7
FLJP Franklin FTSE Japan ETF 20.7 9 36 7.4 -1.6
BBJP JPMorgan BetaBuilders Japan ETF 20.4 19 26 7.3 -1.7
FDEV Fidelity Targeted International Factor ETF 20.2 39 6 6.6 -2.4
EWJ iShares MSCI Japan ETF 20.1 49 -4 7.0 -2.0

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 8.5 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 9.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.54 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.