IVAL
Alpha Architect International Quantitative Value ETF
ValueShares International Quantitative Value ETF is an actively managed exchange traded fund incorporated in the USA. The ETF holds mid to large-cap developed markets (excluding U.S. and Canada) stocks and will invest in approximately 50 of the top equity securities as determined by its quantitative value system. The ETF weights the holdings equally and follows a semi-annual rebalance schedule.
Fund Basics
Fund sponsor | Alpha Architect LLC |
Category | International Equities |
Asset class | Equity |
Website | link... |
Inception date | Dec 16, 2014 |
Assets (mns) | $149 |
Expense ratio | 49 bp |
Currency | USD |
Sector Breakdown
Fund Structure
Regulation | Open-End Investment Company |
Distributions | Quarterly |
Taxation | 1099 |
Stock selection | Proprietary |
Weighting | Proprietary |
Holdings Transparency | Full |
Derivatives-based | No |
Options available | No |
Currency hedged | No |
Fund of funds | No |
Top 10 Holdings
Complete list +
AGL ENERGY LTD | 2.3 % |
HAFNIA LTD. | 2.2 % |
INPEX CORP | 2.2 % |
JAPAN TOBACCO INC | 2.1 % |
IMPERIAL TOBACCO GROUP PLC | 2.1 % |
BP PLC | 2.1 % |
SUZUKI MOTOR CORP | 2.1 % |
BAYERISCHE MOTOREN WERKE AG | 2.1 % |
YAMAHA MOTOR CO LTD | 2.1 % |
MICHELIN (CGDE)-B | 2.0 % |
Constituent Breakdown
Number of holdings | 50 |
Herfindahl-Hirschman Index | 197 |
Wgt avg mkt cap (mns) | $18,477 |
Large cap (>$10bn) | 38.3% |
Mid cap ($2-10bn) | 61.7% |
Small cap (<$2bn) | 0.0% |
Developed mkts. | 100.0% |
Emerging mkts. | 0.0% |
Country Exposure
JAPAN | 49.4 % | |
BRITAIN | 11.8 % | |
FRANCE | 10.0 % | |
AUSTRALIA | 6.2 % | |
SWEDEN | 5.5 % | |
GERMANY | 4.0 % | |
ITALY | 3.6 % | |
SINGAPORE | 2.2 % | |
LUXEMBOURG | 2.0 % | |
CHINA | 1.9 % |
Historical Performance
Standardized Annual Returns (as of 03/31/2024)
YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
---|---|---|---|---|---|---|
8.3% | 24.5% | 9.5% | 4.6% | 4.3% | -- | 4.0% |
Market Correlations
versus... | Beta | R-squared |
S&P 500 | 0.86 | 64% |
MSCI EAFE | 1.02 | 84% |
MSCI Emg Mkts | 0.80 | 55% |
Liquidity Measures
Avg. volume (000) | 14 |
Turnover | 0.2% |
Avg. Bid/Ask (% of price) | 0.30% |
ADV of underlying (mns) | $2,160 |
Technical Indicators
Recent close | $25.50 |
30d moving avg. | $23.81 |
Annualized volatility | 19.0% |
Relative strength (RSI) | 68 |
Short interest (ETF) | 0.6% |
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. IVAL |
Expenses vs. IVAL |
ALTAR Score™ vs. IVAL |
---|---|---|---|---|
FJP | First Trust Japan AlphaDEX Fund | 19.8% | +31 bp | +4.2% |
ICOW | Pacer Developed Markets International Cash Cows 100 ETF | 14.0% | +16 bp | +7.1% |
DXJ | WisdomTree Japan Hedged Equity Fund | 12.5% | -1 bp | +1.7% |
JHID | John Hancock International High Dividend ETF | 11.7% | -3 bp | +5.7% |
EWJV | iShares MSCI Japan Value ETF | 11.3% | -34 bp | +3.1% |
DMDV | AAM S&P Developed Markets High Dividend Value ETF | 10.9% | -10 bp | +7.0% |
ESGN | Columbia International ESG Equity Income ETF | 10.3% | -4 bp | +3.2% |
FDT | First Trust Developed Markets ex-US AlphaDEX Fund | 10.3% | +31 bp | +5.0% |
FIVA | Fidelity International Value Factor ETF | 10.1% | -31 bp | +3.5% |
Risk and Returns: IVAL 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 5/1/2024
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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
IVAL
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™
IVAL
5.8%
Cat. Avg
7.2%
Fund Category: International Equities
Avg. Return on Equity | --% |
Divided by: Fwd. P/BV | --x |
Less: Expenses | -- bp |
Equals: ALTAR Score™ | 5.8% |
Recommendation
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
Category Overview
There are 257 funds in the International Equities category, with an average ALTAR Score™
of 7.2% and a standard deviation of
2.5%. IVAL's ALTAR Score™ is approximately
0.6 standard deviations
below
the category average. This places IVAL in the 29th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
IVAL
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
Latest price | |
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Today's Trading
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Total Cost of Ownership (TCO) Comparison
Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
---|---|---|---|
IVAL | 49.0 | 30.1 | 79.1 |
Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .