Invesco FTSE RAFI Emerging Markets ETF
ALTAR
Score™
13.7% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
9.7x P/Sales
ratio
0.7x
P/BV
ratio
0.8x Div.
yield
4.3%


  • 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) $1,101
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 392
Wgt avg mkt cap (mns) $75,044
Large cap (>$10bn) 73.6%
Mid cap ($2-10bn) 22.0%
Small cap (<$2bn) 2.6%
Developed mkts 8.6%
Emerging mkts 91.4%

TOP TEN HOLDINGS
CHINA CONSTRUCTION BANK-H 4.5 %
TAIWAN SEMICONDUCTOR MANUFAC 3.9 %
IND & COMM BK OF CHINA - H 3.0 %
GAZPROM OAO 2.8 %
CHINA MOBILE LIMITED 2.3 %
ALIBABA GROUP HOLDING LTD. SPONSOR 2.0 %
LUKOIL OAO 1.9 %
BANK OF CHINA LTD - H 1.9 %
ISHARES MSCI SAUDI ARABIA CAPPED E 1.7 %
VALE SA 1.5 %
Total 25.5 %

TOP COUNTRY EXPOSURE
CHINA 34.1 %
TAIWAN 14.3 %
RUSSIA 9.6 %
BRAZIL 8.8 %
INDIA 7.3 %
HONG KONG 6.7 %
SOUTH AFRICA 4.5 %
THAILAND 3.8 %
MEXICO 2.8 %
TURKEY 1.9 %

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.
-24.1% -15.1% -0.1% 0.6% -1.0%

Market Correlations
versus... Beta R-squared
S&P500 0.91 57%
MSCI EAFE 1.13 75%
MSCI Emg. Mkts. 1.00 89%

Technical Indicators
Recent close $17.75
30d moving avg. $16.51
Annualized volatility 20.5%
Short interest (ETF) 0.0%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 809
Turnover 1.3%
Bid/Ask (% of price) 0.07%
ADV underlying (mns) $22,964

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 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™: 13.7%


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 65.7 39 11 13.1 -0.6
JHEM John Hancock Multifactor Emerging Markets ETF 50.0 55 -5 8.8 -4.9
SCHE Schwab Emerging Markets Equity ETF 48.2 13 37 8.7 -5.1
PBEE Invesco PureBeta FTSE Emerging Markets ETF 47.8 14 36 9.5 -4.2
EEM iShares MSCI Emerging Markets ETF 46.2 68 -18 8.3 -5.4
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 43.9 65 -15 8.4 -5.3
VWO Vanguard FTSE Emerging Markets ETF 43.7 10 40 8.8 -4.9
ISEM Invesco Strategic Emerging Markets ETF 43.1 35 15 10.3 -3.4
IEMG iShares Core MSCI Emerging Markets ETF 43.0 14 36 8.7 -5.0
EEMA iShares MSCI Emerging Markets Asia ETF 43.0 50 0 8.4 -5.3
BKF iShares MSCI BRIC ETF 42.5 69 -19 8.5 -5.3
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 42.3 45 5 8.7 -5.0
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 41.1 30 20 8.8 -4.9
AAXJ iShares MSCI All Country Asia ex Japan ETF 38.6 68 -18 8.0 -5.8
FLAX Franklin FTSE Asia Ex Japan ETF 38.3 19 31 8.5 -5.2
SPEM SPDR Portfolio Emerging Markets ETF 37.4 11 39 8.6 -5.1
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 36.7 49 1 9.0 -4.7
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 36.0 49 1 8.3 -5.4
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 36.0 59 -9 11.1 -2.7
GMF SPDR S&P Emerging Asia Pacific ETF 35.6 49 1 8.0 -5.7
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 33.8 20 30 7.6 -6.1
ESGE iShares ESG MSCI EM ETF 33.0 25 25 9.7 -4.0
FLCH Franklin FTSE China ETF 32.8 19 31 9.2 -4.5
MCHI iShares MSCI China ETF 32.7 59 -9 9.1 -4.6
EMXC iShares MSCI Emerging Markets ex China ETF 32.5 49 1 8.4 -5.3
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 31.6 45 5 9.0 -4.7
GXC SPDR S&P China ETF 31.4 59 -9 8.9 -4.8
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 30.4 30 20 9.4 -4.3
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 30.2 32 18 6.8 -6.9
AXJL WisdomTree Asia Pacific ex-Japan Fund 30.1 48 2 10.0 -3.7
RNEM Emerging Markets Equity Select ETF 28.8 75 -25 10.4 -3.3
KALL KraneShares FTSE Emerging Markets Plus ETF 28.5 49 1 9.2 -4.6
DEM WisdomTree Emerging Markets High Dividend Fund 28.2 63 -13 14.2 +0.5
AVEM Avantis Emerging Markets Equity ETF 27.9 33 17 9.5 -4.2
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 27.7 50 0 9.9 -3.8
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 27.5 95 -45 10.1 -3.6
DVEM WisdomTree Emerging Markets Dividend Fund 27.4 32 18 9.1 -4.6
FXI iShares China Large-Cap ETF 26.9 74 -24 13.5 -0.2
CHIL Global X MSCI China Large-Cap 50 ETF 26.5 29 21 9.5 -4.2
ROAM Hartford Multifactor Emerging Markets ETF 26.3 44 6 14.8 +1.1
WCHN WisdomTree ICBCCS S&P China 500 Fund 26.0 55 -5 9.2 -4.5
AIA iShares Asia 50 ETF 25.2 50 0 8.9 -4.8
CN Xtrackers MSCI All China Equity ETF 24.3 50 0 9.4 -4.3
NUEM Nuveen ESG Emerging Markets Equity ETF 22.7 45 5 7.8 -5.9
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 22.4 40 10 7.9 -5.9
EELV Invesco S&P Emerging Markets Low Volatility ETF 22.1 29 21 9.9 -3.8
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 21.9 32 18 9.5 -4.2
FDEM Fidelity Targeted Emerging Markets Factor ETF 21.3 45 5 9.7 -4.0
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 21.0 64 -14 5.3 -8.4
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 21.0 25 25 8.4 -5.3
EMCG WisdomTree Emerging Markets Consumer Growth Fund 20.7 32 18 7.9 -5.8
EMMF WisdomTree Emerging Markets Multifactor Fund 20.5 48 2 9.9 -3.8
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 17.9 45 5 13.5 -0.2
EEMO Invesco S&P Emerging Markets Momentum ETF 17.9 30 20 7.1 -6.6
CHIX Global X China Financials ETF 17.5 65 -15 18.9 +5.2
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 17.5 20 30 10.9 -2.8
XCEM Columbia EM Core ex-China ETF 16.9 16 34 7.8 -5.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 16.0 40 10 7.4 -6.3
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 16.0 16 34 7.1 -6.6
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 15.9 45 5 10.0 -3.7
VYMI Vanguard International High Dividend Yield ETF 15.0 32 18 10.1 -3.6
ACWX iShares MSCI ACWI ex U.S. ETF 14.8 32 18 7.5 -6.2
EWT iShares MSCI Taiwan ETF 14.3 59 -9 6.4 -7.3
VSGX Vanguard ESG International Stock ETF 14.3 17 33 7.4 -6.3
IXUS ishares Core MSCI Total International Stock ETF 14.3 9 41 7.6 -6.1
FLTW Franklin FTSE Taiwan ETF 14.1 19 31 6.7 -7.0
VXUS Vanguard Total International Stock Index Fund 14.0 8 42 7.7 -6.0
FEM First Trust Emerging Markets AlphaDEX Fund 13.9 80 -30 11.8 -2.0
EDIV SPDR S&P Emerging Markets Dividend ETF 13.7 49 1 11.5 -2.2
VEU Vanguard FTSE All-World ex-US Index Fund 13.5 8 42 7.7 -6.0
ECON Columbia Emerging Markets Consumer ETF 13.4 59 -9 4.9 -8.8
CEY VictoryShares Emerging Market High Dividend Volatility Wtd E 13.2 51 -1 13.4 -0.3
BICK First Trust BICK Index Fund 12.2 64 -14 4.4 -9.3
FLLA Franklin FTSE Latin America ETF 12.0 19 31 6.9 -6.8
CXSE WisdomTree China ex-State-Owned Enterprises Fund 11.6 32 18 7.0 -6.7
CWI SPDR MSCI ACWI ex-US ETF 11.4 30 20 7.6 -6.1
PIE Invesco DWA Emerging Markets Momentum ETF 11.2 90 -40 5.7 -8.0
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 10.9 60 -10 8.4 -5.3
ECOW Pacer Emerging Markets Cash Cows 100 ETF 10.3 70 -20 13.0 -0.7
DVYE iShares Emerging Markets Dividend ETF 9.9 49 1 13.0 -0.7
FLRU Franklin FTSE Russia ETF 9.6 19 31 19.3 +5.6
FCA First Trust China AlphaDEX Fund 9.1 80 -30 15.0 +1.3
IQDY FlexShares International Quality Dividend Dynamic Index Fund 9.0 47 3 13.5 -0.2
FILL iShares MSCI Global Energy Producers ETF 8.9 39 11 5.9 -7.8
VIDI Vident International Equity Fund 8.7 59 -9 11.3 -2.4
ERUS iShares MSCI Russia ETF 8.6 59 -9 15.8 +2.1
FLBR Franklin FTSE Brazil ETF 8.6 19 31 5.3 -8.4
MOTI VanEck Vectors Morningstar International Moat ETF 8.5 57 -7 8.3 -5.4
EWZ iShares MSCI Brazil Capped ETF 8.3 59 -9 4.8 -8.9
EYLD Cambria Emerging Shareholder Yield ETF 8.3 66 -16 16.6 +2.9
IGRO iShares International Dividend Growth ETF 8.2 22 28 8.0 -5.7
ACWF iShares FactorSelect MSCI Global ETF 8.1 35 15 8.1 -5.6
EMFM Global X MSCI Next Emerging & Frontier ETF 7.9 55 -5 8.7 -5.1
FRDM Freedom 100 Emerging Markets ETF 7.8 49 1 7.2 -6.5
SDEM Global X SuperDividend Emerging Markets ETF 7.7 67 -17 22.6 +8.9
DEW WisdomTree Global High Dividend Fund 7.5 58 -8 9.0 -4.7
IQDE FlexShares International Quality Dividend Defensive Index Fd 7.3 47 3 12.7 -1.0
DNL WisdomTree Global ex-US Dividend Growth Fund 7.3 58 -8 8.0 -5.8
FLIN Franklin FTSE India ETF 7.3 19 31 6.4 -7.3
GVAL Cambria Global Value ETF 7.2 69 -19 10.8 -2.9

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 11.6 %
Divided by: Fwd. P/BV 0.8 x
Less: Expense ratio 50 bp
Equals: ALTAR Score 13.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.46 CATEGORY
AVERAGE
1.45
 
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.