Invesco FTSE RAFI Emerging Markets ETF
ALTAR
Score™
13.3% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
11.0x P/Sales
ratio
0.7x
P/BV
ratio
0.9x Div.
yield
4.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco FTSE RAFI Emerging Markets Portfolio seeks investment results that correspond to the FTSE RAFI Emerging Markets Index.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Sep 27, 2007
Assets (mns) $1,014
Currency USD
Expense ratio 50 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 Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 401
Wgt avg mkt cap (mns) $96,789
Large cap (>$10bn) 73.2%
Mid cap ($2-10bn) 22.5%
Small cap (<$2bn) 2.3%
Developed mkts 8.1%
Emerging mkts 89.1%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR MANUFAC 5.7 %
CHINA CONSTRUCTION BANK-H 3.9 %
ALIBABA GROUP HOLDING LTD. SPONSOR 2.7 %
IND & COMM BK OF CHINA - H 2.6 %
GAZPROM OAO 1.9 %
CHINA MOBILE LIMITED 1.9 %
TENCENT HOLDINGS LTD 1.8 %
VALE SA 1.6 %
RELIANCE INDUSTRIES LTD 1.6 %
BANK OF CHINA LTD - H 1.6 %
Total 25.3 %

TOP COUNTRY EXPOSURE
CHINA 33.8 %
TAIWAN 16.7 %
BRAZIL 8.7 %
INDIA 8.6 %
RUSSIA 7.5 %
HONG KONG 6.0 %
SOUTH AFRICA 5.1 %
THAILAND 3.1 %
MEXICO 3.0 %
SAUDI ARABIA 2.7 %

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.
-18.9% -9.5% 7.3% -0.2% -0.5%

Market Correlations
versus... Beta R-squared
S&P500 0.88 58%
MSCI EAFE 1.10 75%
MSCI Emg. Mkts. 0.95 88%

Technical Indicators
Recent close $18.31
30d moving avg. $17.92
Annualized volatility 20.4%
Short interest (ETF) 0.1%
Relative strength (RSI) 49

Liquidity measures
Avg. volume (thou.) 708
Turnover 1.3%
Bid/Ask (% of price) 0.06%
ADV underlying (mns) $24,759

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: PXH Expense: 50 bp ALTAR Score™: 13.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PXH
Ticker Fund
Name
Overlap1
vs PXH
(%)
Expense
ratio
(bp)
Savings
vs PXH
(bp)
ALTAR
Score™
(%)
ALTAR
vs PXH
(%)
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 69.6 39 11 13.4 +0.1
JHEM John Hancock Multifactor Emerging Markets ETF 51.7 49 1 8.7 -4.5
SCHE Schwab Emerging Markets Equity ETF 49.4 11 39 7.9 -5.4
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 47.4 36 14 7.3 -6.0
EEM iShares MSCI Emerging Markets ETF 47.0 68 -18 7.4 -5.9
PBEE Invesco PureBeta FTSE Emerging Markets ETF 45.0 15 35 8.4 -4.8
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 44.8 65 -15 7.4 -5.8
EEMA iShares MSCI Emerging Markets Asia ETF 43.7 50 0 7.7 -5.6
IEMG iShares Core MSCI Emerging Markets ETF 43.4 13 37 7.9 -5.4
VWO Vanguard FTSE Emerging Markets ETF 43.4 10 40 8.0 -5.3
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 43.3 45 5 7.5 -5.7
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 42.9 30 20 7.6 -5.6
ISEM Invesco Strategic Emerging Markets ETF 41.7 35 15 10.7 -2.6
ESGE iShares ESG MSCI EM ETF 40.2 25 25 8.5 -4.7
BKF iShares MSCI BRIC ETF 39.2 69 -19 7.4 -5.8
FLAX Franklin FTSE Asia Ex Japan ETF 38.9 19 31 7.7 -5.6
AAXJ iShares MSCI All Country Asia ex Japan ETF 38.8 68 -18 7.0 -6.3
BKEM BNY Mellon Emerging Markets Equity ETF 38.7 11 39 8.3 -5.0
SPEM SPDR Portfolio Emerging Markets ETF 38.5 11 39 7.7 -5.5
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 36.4 20 30 6.7 -6.6
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 36.3 49 1 7.7 -5.5
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 36.2 49 1 8.0 -5.3
EMXC iShares MSCI Emerging Markets ex China ETF 34.1 25 25 8.1 -5.1
GMF SPDR S&P Emerging Asia Pacific ETF 34.0 49 1 7.1 -6.2
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 33.8 30 20 8.8 -4.5
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 33.6 59 -9 11.1 -2.2
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 32.9 44 6 9.2 -4.1
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 30.6 50 0 10.4 -2.9
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 30.5 32 18 5.7 -7.6
FLCH Franklin FTSE China ETF 29.8 19 31 8.2 -5.1
DVEM WisdomTree Emerging Markets Dividend Fund 29.8 32 18 7.3 -6.0
MCHI iShares MSCI China ETF 29.2 59 -9 7.6 -5.6
AVEM Avantis Emerging Markets Equity ETF 28.9 33 17 8.8 -4.4
GXC SPDR S&P China ETF 28.0 59 -9 7.7 -5.5
RNEM Emerging Markets Equity Select ETF 27.6 75 -25 11.7 -1.5
KALL KraneShares FTSE Emerging Markets Plus ETF 27.2 49 1 8.0 -5.3
NUEM Nuveen ESG Emerging Markets Equity ETF 27.2 45 5 6.8 -6.5
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 27.1 95 -45 8.1 -5.2
ROAM Hartford Multifactor Emerging Markets ETF 26.4 44 6 13.1 -0.1
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 26.4 40 10 7.3 -6.0
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 25.8 25 25 8.0 -5.3
DEM WisdomTree Emerging Markets High Dividend Fund 25.4 63 -13 15.0 +1.8
AIA iShares Asia 50 ETF 24.1 50 0 7.8 -5.5
FDEM Fidelity Targeted Emerging Markets Factor ETF 24.0 45 5 8.5 -4.7
FXI iShares China Large-Cap ETF 23.8 74 -24 13.1 -0.1
CHIL Global X MSCI China Large-Cap 50 ETF 23.2 29 21 7.5 -5.7
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 23.0 32 18 9.0 -4.2
CN Xtrackers MSCI All China Equity ETF 22.1 50 0 8.0 -5.2
EMMF WisdomTree Emerging Markets Multifactor Fund 20.8 48 2 9.7 -3.6
VYMI Vanguard International High Dividend Yield ETF 20.6 27 23 10.2 -3.1
EEMO Invesco S&P Emerging Markets Momentum ETF 20.3 29 21 4.0 -9.2
EELV Invesco S&P Emerging Markets Low Volatility ETF 19.7 29 21 10.1 -3.2
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 19.1 45 5 9.1 -4.1
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 18.7 16 34 7.0 -6.3
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 18.5 40 10 7.1 -6.2
VSGX Vanguard ESG International Stock ETF 18.3 17 33 7.1 -6.2
XCEM Columbia EM Core ex-China ETF 18.1 16 34 7.1 -6.1
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 17.8 20 30 11.6 -1.6
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 17.7 45 5 14.5 +1.2
ACWX iShares MSCI ACWI ex U.S. ETF 17.0 32 18 7.3 -6.0
FLTW Franklin FTSE Taiwan ETF 16.7 19 31 6.2 -7.1
EWT iShares MSCI Taiwan ETF 16.7 59 -9 6.1 -7.2
IXUS ishares Core MSCI Total International Stock ETF 16.3 9 41 7.4 -5.9
CHIX Global X China Financials ETF 16.2 66 -16 19.1 +5.8
VEU Vanguard FTSE All-World ex-US Index Fund 15.5 8 42 7.6 -5.7
FEM First Trust Emerging Markets AlphaDEX Fund 15.0 80 -30 13.9 +0.6
CEY VictoryShares Emerging Market High Dividend Volatility Wtd E 14.9 51 -1 16.4 +3.1
VXUS Vanguard Total International Stock Index Fund 14.7 8 42 7.6 -5.7
ECON Columbia Emerging Markets Consumer ETF 14.6 59 -9 4.9 -8.3
CXSE WisdomTree China ex-State-Owned Enterprises Fund 13.3 32 18 11.4 -1.8
CWI SPDR MSCI ACWI ex-US ETF 13.0 30 20 7.2 -6.0
FLLA Franklin FTSE Latin America ETF 12.0 19 31 6.7 -6.6
BICK First Trust BICK Index Fund 11.7 64 -14 4.7 -8.6
WUGI Esoterica NextG Economy ETF 11.4 75 -25 1.5 -11.8
DVYE iShares Emerging Markets Dividend ETF 11.3 49 1 17.0 +3.8
EDIV SPDR S&P Emerging Markets Dividend ETF 11.3 49 1 12.0 -1.3
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 11.0 61 -11 9.0 -4.3
PIE Invesco DWA Emerging Markets Momentum ETF 10.4 90 -40 5.0 -8.3
VIDI Vident International Equity Fund 9.9 59 -9 11.4 -1.9
EMFM Global X MSCI Next Emerging & Frontier ETF 9.8 66 -16 9.0 -4.2
IQDY FlexShares International Quality Dividend Dynamic Index Fund 9.6 47 3 9.4 -3.9
VIGI Vanguard International Dividend Appreciation ETF 9.5 20 30 5.6 -7.7
IGRO iShares International Dividend Growth ETF 9.3 22 28 8.5 -4.8
IQDF FlexShares International Quality Dividend Index Fund 9.3 47 3 9.2 -4.1
MOTI VanEck Vectors Morningstar International Moat ETF 9.1 57 -7 10.0 -3.3
SDEM Global X SuperDividend Emerging Markets ETF 9.0 66 -16 18.2 +5.0
FLIN Franklin FTSE India ETF 8.5 19 31 5.7 -7.6
FLBR Franklin FTSE Brazil ETF 8.4 19 31 5.3 -8.0
FILL iShares MSCI Global Energy Producers ETF 8.4 39 11 7.9 -5.4
LVIN Hartford Multifactor Low Volatility International Equity ETF 8.4 29 21 11.6 -1.6
ECOW Pacer Emerging Markets Cash Cows 100 ETF 8.3 74 -24 13.7 +0.4
EWZ iShares MSCI Brazil Capped ETF 8.2 59 -9 4.8 -8.5
INDA iShares MSCI India ETF 8.1 69 -19 5.4 -7.9
ACWF iShares FactorSelect MSCI Global ETF 8.0 35 15 7.9 -5.4
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 8.0 86 -36 2.1 -11.1
FRDM Freedom 100 Emerging Markets ETF 8.0 49 1 6.6 -6.7
FDNI First Trust Dow Jones International Internet ETF 7.9 65 -15 2.1 -11.2
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 7.8 58 -8 8.0 -5.3
CRBN iShares MSCI ACWI Low Carbon Target ETF 7.7 20 30 6.0 -7.3

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 Emerging Markets ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.4 %
Divided by: Fwd. P/BV 0.8 x
Less: Expense ratio 50 bp
Equals: ALTAR Score 13.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.42 CATEGORY
AVERAGE
1.43
 
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.