PXH
Invesco FTSE RAFI Emerging Markets ETF
Invesco FTSE RAFI Emerging Markets Portfolio seeks investment results that correspond to the FTSE RAFI Emerging Markets Index.
Fund Basics
| Fund sponsor | Invesco PowerShares |
| Category | Emerging Market Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Sep 27, 2007 |
| Assets (mns) | $1,147 |
| Expense ratio | 50 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Fundamental |
| Weighting | Fundamental |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| TAIWAN SEMICONDUCTOR MANUFAC | 4.6 % |
| ALIBABA GROUP HOLDING LTD. | 3.1 % |
| PETROBRAS - PETROLEO BRAS-PR | 2.9 % |
| TENCENT HOLDINGS LTD | 2.1 % |
| VALE SA | 2.1 % |
| PETROBRAS - PETROLEO BRAS | 2.1 % |
| IND & COMM BK OF CHINA - H | 2.1 % |
| PING AN INSURANCE GROUP CO-H | 2.0 % |
| CHINA CONSTRUCTION BANK-H | 1.9 % |
| RELIANCE INDUSTRIES LTD | 1.5 % |
Constituent Breakdown
| Number of holdings | 350 |
| Herfindahl-Hirschman Index | 124 |
| Wgt avg mkt cap (mns) | $43,185 |
| Large cap (>$10bn) | 45.9% |
| Mid cap ($2-10bn) | 19.7% |
| Small cap (<$2bn) | 1.8% |
| Developed mkts. | 4.3% |
| Emerging mkts. | 95.7% |
Country Exposure
 |
CHINA | 30.6 % |
 |
BRAZIL | 16.2 % |
 |
TAIWAN | 15.7 % |
 |
INDIA | 11.2 % |
 |
SOUTH AFRICA | 3.8 % |
 |
THAILAND | 3.4 % |
 |
MEXICO | 2.7 % |
 |
HONG KONG | 2.7 % |
 |
SAUDI ARABIA | 2.5 % |
 |
INDONESIA | 2.1 % |
Historical Performance
Standardized Annual Returns (as of 08/31/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 6.8% | 6.7% | -5.9% | 5.0% | 1.5% | 3.2% | 0.7% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.66 | 40% |
| MSCI EAFE | 0.83 | 67% |
| MSCI Emg Mkts | 0.97 | 88% |
Liquidity Measures
| Avg. volume (000) | 240 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.08% |
| ADV of underlying (mns) | $12,086 |
Technical Indicators
| Recent close | $17.68 |
| 30d moving avg. | $18.38 |
| Annualized volatility | 18.5% |
| Relative strength (RSI) | 40 |
| Short interest (ETF) | 0.1% |
| 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. PXH |
Expenses vs. PXH |
ALTAR Score™ vs. PXH |
|---|---|---|---|---|
| FNDE | Schwab Fundamental Emerging Markets Large Co. Index ETF | 70.5% | -11 bp | -0.5% |
| SCHE | Schwab Emerging Markets Equity ETF | 51.2% | -39 bp | -5.7% |
| JHEM | John Hancock Multifactor Emerging Markets ETF | 49.1% | -1 bp | -4.9% |
| BKEM | BNY Mellon Emerging Markets Equity ETF | 48.9% | -39 bp | -9.9% |
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 48.3% | +16 bp | -6.2% |
| EEM | iShares MSCI Emerging Markets ETF | 47.5% | +18 bp | -6.0% |
| VWO | Vanguard FTSE Emerging Markets ETF | 46.7% | -42 bp | -5.7% |
| GSEE | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 45.9% | -14 bp | -5.7% |
| EEMX | SPDR MSCI Emerging Markets Fossil Fuel Free ETF | 45.0% | -20 bp | -5.4% |
| GEM | Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 44.4% | -5 bp | -4.5% |
Risk and Returns: PXH 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
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | 2024E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2022 | 2023E | Fwd Est | 2024E | |
| 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 9/26/2023
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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
PXH
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™
PXH
13.8%
Cat. Avg
7.7%
Fund Category: Emerging Market Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 13.8% |
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 185 funds in the Emerging Market Equities category, with an average ALTAR Score™
of 7.7% and a standard deviation of
4.1%. PXH's ALTAR Score™ is approximately
1.5 standard deviations
above
the category average. This places PXH in the 93rd percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
PXH
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
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) |
|
|---|---|---|---|
| PXH | 50.0 | 7.9 | 57.9 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .