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.
Emerging Market
EQUITY
Rules-Based
MANAGEMENT STYLE
49 bp
EXPENSES
$1.2 B
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Invesco PowerShares |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Sep 27, 2007 |
| Assets (mns) | $1,174 |
| Expense ratio | 49 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 | 6.3 % |
| ALIBABA GROUP HOLDING LTD. | 3.9 % |
| TENCENT HOLDINGS LTD | 3.1 % |
| IND & COMM BK OF CHINA - H | 2.8 % |
| PETROBRAS - PETROLEO BRAS-PR | 2.4 % |
| CHINA CONSTRUCTION BANK-H | 2.3 % |
| VALE SA | 2.2 % |
| PING AN INSURANCE GROUP CO-H | 1.8 % |
| BANK OF CHINA LTD - H | 1.8 % |
| PETROBRAS - PETROLEO BRAS | 1.7 % |
Constituent Breakdown
| Number of holdings | 344 |
| Herfindahl-Hirschman Index | 163 |
| Wgt avg mkt cap (mns) | $119,001 |
| Large cap (>$10bn) | 79.1% |
| Mid cap ($2-10bn) | 17.5% |
| Small cap (<$2bn) | 0.8% |
| Developed mkts. | 4.1% |
| Emerging mkts. | 95.9% |
Country Exposure
 |
CHINA | 33.0 % |
 |
TAIWAN | 18.7 % |
 |
INDIA | 12.8 % |
 |
BRAZIL | 12.4 % |
 |
SOUTH AFRICA | 3.4 % |
 |
THAILAND | 2.7 % |
 |
SAUDI ARABIA | 2.6 % |
 |
HONG KONG | 2.2 % |
 |
TURKEY | 2.2 % |
 |
MEXICO | 1.9 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 8.0% | 16.2% | 12.0% | 1.2% | 3.7% | 3.3% | 1.7% | Volatility | 14.3% | 15.0% | 16.7% | 17.2% | 21.4% | 21.1% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.57 | 36% |
| MSCI EAFE | 0.76 | 60% |
| MSCI Emg Mkts | 0.91 | 89% |
Liquidity Measures
| Avg. volume (000) | 209 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.07% |
| ADV of underlying (mns) | $19,120 |
Technical Indicators
| Recent close | $19.87 |
| 30d moving avg. | $20.54 |
| Annualized volatility | 17.0% |
| Relative strength (RSI) | 52 |
| Short interest (ETF) | 0.0% |
| 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 | 70.0% | -10 bp | -0.4% |
| JHEM | John Hancock Multifactor Emerging Markets ETF | 50.9% | 0 bp | -4.6% |
| SCHE | Schwab Emerging Markets Equity ETF | 50.4% | -38 bp | -5.4% |
| EEM | iShares MSCI Emerging Markets ETF | 49.0% | +20 bp | -5.8% |
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 47.2% | +17 bp | -5.9% |
| BKEM | BNY Mellon Emerging Markets Equity ETF | 47.0% | -38 bp | -5.2% |
| EEMX | SPDR MSCI Emerging Markets Fossil Fuel Free ETF | 46.6% | -19 bp | -5.3% |
| GSEE | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 45.7% | -13 bp | -5.6% |
| IEMG | iShares Core MSCI Emerging Markets ETF | 45.2% | -40 bp | -5.2% |
| EEMA | iShares MSCI Emerging Markets Asia ETF | 44.6% | 0 bp | -6.1% |
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
| 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
Peer Group Comparison Sample data. Subscribe for access.
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
12.7%
Cat. Avg
7.5%
Fund Category: Emerging
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 12.7% |
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 161 funds in the Emerging category, with an average ALTAR Score™
of 7.5% and a standard deviation of
3.9%. PXH's ALTAR Score™ is approximately
1.3 standard deviations
above
the category average. This places PXH in the 91st 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
Expense Analysis
| Peer Group | Rules-Based Emerging Market Equity ETFs |
| # of ETFs | 103 |
| Avg. Expense Ratio | 64.6 bp |
| Std. Deviation | 29 bp |
| PXH (49 bp) Percentile rank | 29 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| PXH | 49.0 | 6.9 | 55.9 |
| Peer Avg. | 51.1 | 47.0 | 98.1 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .