IMFL
Invesco International Developed Dynamic Multifactor ETF
IMFL tracks a developed market ex-US index that holds large- and some midcap equity securities based on multiple factors. Securities are selected depending on the stage in the economic cycle of the overall market.
International
EQUITY
Rules-Based
MANAGEMENT STYLE
34 bp
EXPENSES
$447.0 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Invesco |
| Category | International |
| Asset class | Equity |
| Website | link... |
| Inception date | Feb 24, 2021 |
| Assets (mns) | $447 |
| Expense ratio | 34 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Multi-Factor |
| Weighting | Multi-Factor |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| NOVO NORDISK A/S-B | 5.3 % |
| NOVARTIS AG | 5.0 % |
| SAMSUNG ELECTRONICS CO LTD | 4.7 % |
| SAP AG | 4.0 % |
| REED ELSEVIER PLC | 2.5 % |
| L'OREAL | 2.2 % |
| NINTENDO CO LTD | 2.2 % |
| 3I GROUP PLC | 2.2 % |
| INVESTOR AB-B SHS | 1.8 % |
| MITSUBISHI CORP | 1.8 % |
Constituent Breakdown
| Number of holdings | 351 |
| Herfindahl-Hirschman Index | 30 |
| Wgt avg mkt cap (mns) | $6,154 |
| Large cap (>$10bn) | 16.7% |
| Mid cap ($2-10bn) | 71.0% |
| Small cap (<$2bn) | 12.0% |
| Developed mkts. | 87.0% |
| Emerging mkts. | 13.0% |
Country Exposure
 |
JAPAN | 20.4 % |
 |
BRITAIN | 13.3 % |
 |
SWITZERLAND | 10.0 % |
 |
FRANCE | 9.0 % |
 |
GERMANY | 8.1 % |
 |
SOUTH KOREA | 7.9 % |
 |
AUSTRALIA | 7.2 % |
 |
DENMARK | 5.3 % |
 |
SWEDEN | 3.4 % |
 |
NETHERLANDS | 3.2 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 0.4% | 8.4% | 14.9% | 1.8% | -- | -- | 2.9% | Volatility | 12.8% | 13.6% | 15.8% | 15.9% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.80 | 65% |
| MSCI EAFE | 1.00 | 94% |
| MSCI Emg Mkts | 0.81 | 64% |
Liquidity Measures
| Avg. volume (000) | 46 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.54% |
| ADV of underlying (mns) | $9,816 |
Technical Indicators
| Recent close | $24.77 |
| 30d moving avg. | $25.07 |
| Annualized volatility | 17.9% |
| Relative strength (RSI) | 51 |
| Short interest (ETF) | 0.2% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. IMFL |
Expenses vs. IMFL |
ALTAR Score™ vs. IMFL |
|---|---|---|---|---|
| IDHQ | Invesco S&P International Developed High Quality ETF | 41.9% | -5 bp | -4.5% |
| IMTM | iShares MSCI Intl Momentum Factor ETF | 40.8% | -4 bp | -4.2% |
| OEUR | ALPS O'Shares Europe Quality Dividend ETF | 40.7% | +14 bp | -4.8% |
| EFA | iShares MSCI EAFE ETF | 40.6% | +1 bp | -4.3% |
| QEFA | SPDR MSCI EAFE StrategicFactors ETF | 40.4% | -4 bp | -4.0% |
| HFXI | IQ FTSE International Equity Currency Neutral ETF | 40.3% | -14 bp | -3.9% |
| IQLT | iShares MSCI Intl Quality Factor ETF | 40.1% | -4 bp | -4.8% |
| EFG | iShares MSCI EAFE Growth ETF | 40.0% | +2 bp | -6.5% |
| UMMA | Wahed Dow Jones Islamic World ETF | 39.4% | +31 bp | -6.2% |
| EFAX | SPDR MSCI EAFE Fossil Fuel Free ETF | 38.6% | -14 bp | -4.7% |
Risk and Returns: IMFL vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
IMFL
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
IMFL
10.8%
Cat. Avg
7.2%
Fund Category: International
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 10.8% |
Recommendation
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.
Category Overview
There are 258 funds in the International category, with an average ALTAR Score™
of 7.2% and a standard deviation of
2.4%. IMFL's ALTAR Score™ is approximately
1.5 standard deviations
above
the category average. This places IMFL in the 93rd percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
IMFL
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Rules-Based International Equity ETFs |
| # of ETFs | 152 |
| Avg. Expense Ratio | 42.9 bp |
| Std. Deviation | 24.3 bp |
| IMFL (34 bp) Percentile rank | 36 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| IMFL | 34.0 | 53.6 | 87.6 |
| Peer Avg. | 42.8 | 31.4 | 74.2 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .