Invesco Emerging Markets Revenue ETF
ALTAR
Score™
11.8% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
10.1x P/Sales
ratio
0.4x
P/BV
ratio
0.9x Div.
yield
3.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
REEM offers broad, total-market exposure to companies in emerging markets, weighted by revenue rather market cap.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Invesco
Website www.invesco.com
Inception date Jul 11, 2017
Assets (mns) $14
Currency USD
Expense ratio 46 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Revenue
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 1313
Wgt avg mkt cap (mns) $45,414
Large cap (>$10bn) 60.8%
Mid cap ($2-10bn) 35.3%
Small cap (<$2bn) 3.2%
Developed mkts 9.6%
Emerging mkts 88.8%

TOP TEN HOLDINGS
HON HAI PRECISION INDUSTRY 2.4 %
SAMSUNG ELECTRONICS CO LTD 2.2 %
LUKOIL OAO 1.9 %
GAZPROM OAO 1.7 %
CHINA CONSTRUCTION BANK-H 1.7 %
SK C&C CO LTD 1.5 %
ROSNEFT OAO 1.5 %
RELIANCE INDUSTRIES LTD 1.1 %
CHINA MOBILE LIMITED 1.0 %
CITIC PACIFIC LIMITED 1.0 %
Total 16.1 %

TOP COUNTRY EXPOSURE
CHINA 25.8 %
SOUTH KOREA 16.9 %
INDIA 9.3 %
TAIWAN 8.9 %
RUSSIA 7.3 %
HONG KONG 7.1 %
BRAZIL 5.9 %
THAILAND 3.1 %
MEXICO 2.2 %
SOUTH AFRICA 2.0 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
4.0% 1.4% -- -- -1.4%

Market Correlations
versus... Beta R-squared
S&P500 0.76 50%
MSCI EAFE 1.04 70%
MSCI Emg. Mkts. 0.96 94%

Technical Indicators
Recent close $24.08
30d moving avg. $24.49
Annualized volatility 14.6%
Short interest (ETF) 0.0%
Relative strength (RSI) 48

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.20%
ADV underlying (mns) $40,896

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco Emerging Markets Revenue ETF ETF based on the alternatives' overlap in portfolio holdings with REEM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: REEM Expense: 46 bp ALTAR Score™: 11.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH REEM
Ticker Fund
Name
Overlap1
vs REEM
(%)
Expense
ratio
(bp)
Savings
vs REEM
(bp)
ALTAR
Score™
(%)
ALTAR
vs REEM
(%)
EEM iShares MSCI Emerging Markets 54.8 67 -21 8.5 -3.4
DBEM Xtrackers MSCI Emg. Mkts. Hedged 52.3 65 -19 8.4 -3.5
IEMG iShares Core MSCI Emerging Markets 51.0 14 32 8.6 -3.2
JHEM John Hancock Multifactor Emerging Markets 47.0 55 -9 8.8 -3.1
PXH Invesco FTSE-RAFI Emerging Markets 46.7 50 -4 12.3 +0.5
TLTE FlexShares Mngstr Emerging Markets Factor Tilt 44.7 59 -13 10.5 -1.4
EEMA iShares MSCI Emg Mkts Asia 44.6 50 -4 8.7 -3.2
SCHE Schwab Emerging Markets Equity 43.2 13 33 8.6 -3.2
DVEM WisdomTree Emerging Markets Dividend 43.1 32 14 11.3 -0.5
AAXJ iShares MSCI Asia ex-Japan 41.8 67 -21 8.2 -3.6
GEM Goldman Sachs ActiveBeta Emg Mkts Equity 41.3 45 1 9.0 -2.8
VWO Vanguard Emerging Markets 41.0 12 34 8.6 -3.2
FLAX Franklin FTSE Asia Ex Japan 39.9 19 27 8.6 -3.2
PBEE Invesco PureBeta FTSE Emerging Markets 39.9 14 32 9.2 -2.6
FNDE Schwab Fundamental Emg Mkt Large Cap 39.3 39 7 11.1 -0.8
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free 38.9 30 16 8.4 -3.4
QEMM SPDR MSCI Emerging Markets Quality Mix 38.1 30 16 9.0 -2.8
EMXC iShares MSCI Emerging Markets ex China 37.7 49 -3 8.6 -3.2
BKF iShares MSCI BRIC 37.0 67 -21 8.6 -3.2
KEMX KraneShares MSCI Emerging Markets EX China Index 35.8 49 -3 8.6 -3.2

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

  2014 2015 2016 2017 2018 2019E 2020E
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
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Invesco Emerging Markets Revenue 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 10.6 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 46 bp
Equals: ALTAR Score 11.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.48 CATEGORY
AVERAGE
1.49
 
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.