Fundamental ETFs and Alternative Weighting

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The vast majority of equity ETFs weight their holdings by market capitalization. It ensures that investors obtain exposure to economic activity and value as determined by the market's collective judgement.

Unfortunately the market's collective judgement includes plenty of panic and greed-driven volatility. Various studies suggest that weighting holdings with less subjective measures of a company's worth such as price/earnings, earnings growth and dividend yield could deliver less volatility and greater return.

The concept is perfect for ETFs, and over one hundred have been launchd to pursue such alternative weighting strategies. They are called by such names as fundamental, active, dynamic, and intelligent. In this report we tackle ETFs which weight holdings based on multiple fundamental finanancial ratios. (See also our reports on equally weighted and earnings weighted ETFs and on high-dividend yield ETFs.)

The backdrop to these efforts is the debate about how efficient capital markets are and what constitutes proof of inefficiency. Clearly alternative weighting proponents feel they have found a free lunch. Some researchers agree, some remain skeptical, and others say any free lunch is likely to be short-lived and therefore of dubious practical value.

The typical fundamenal/alternative weighting ETF follows the following steps:

  • Identify a list of potential stocks from a cap weighted benchmark index
  • Score each company based on fundamental financial measures
  • Filter out poor scoring companies
  • Buy high-scoring firms weighted by fundamental financial measures

  • Identify a list of potential stocks from a cap weighted benchmark index
  • Score each company based on fundamental financial measures
  • Filter out poor scoring companies
  • Buy high-scoring firms weighted by fundamental financial measures
  • Identify a list of potential stocks from a cap weighted benchmark index
  • Score each company based on fundamental financial measures
  • Filter out poor scoring companies
  • Buy high-scoring firms weighted by fundamental financial measures
  • Such schemes may be based on mathematical formulas, but curiously their strategies exploit behavioral psychology. In First Trust's Alphadex line, for instance, "a value model is applied to exploit the tendency of investors to extrapolate past results and a growth model is applied to take advantage of the tendency for investors to under-react to new information."

    These schemes can get quite complicated. The Alphadex value model uses book value-to-price and cash flow-to-price ratios and return on assets ( ROA ). The growth model uses five factors: momentum of price appreciation over three, six and 12 months, one-year sales growth rate and sales-to-price ratio. Both models are used simultaneously in a single fund.

    With multiple financial ratios stitched together in a hidden formula, it is impossible to assess how such alternative weighting schemes might do in various economic situations. Analysis comes down to faith in the provider, robustness of back tested results, and the fee hurdle which must be cleared. These are summarized in the question: is there likely enough excess performance to justify paying the additional .5% or so in extra annual fees for these types of ETFs?

    In many cases these ETFs have delivered the goods. One such fund is PowerShares Dynamic Large Cap Portfolio ETF ( PJF ) which targets the top 250 US stocks by market cap. Despite high annual fees of 0.6%, PJF partly skirted substantial damage in late 2008. It was a better place to be, for instance, than Vanguard Mega Cap 300 ETF ( VNQ ), which targets the top 300 US stocks with traditional cap weighting and charges only .13% in annual fees:

    Unfortunately, mere outperformance (or underperformance) in the short-run is only anecdotal evidence of superiority or inferiority and is a poor predictor of the future. Very strong deviation from the benchmark especially is not likely to linger.

    Some ETFs seem to have no chance of outperforming. First Trust Large Cap Core AlphaDEX ETF (NYSEArca:FEX), with annual fees of 0.7%, essentially goes head-to-head with the S&P 500, represented well by the SPDR 500 ( SPY ). Unfortunately they correlate so highly it seems doubtful that FEX can generate sufficient excess performance reliably to pay for its extra .6% in fees.

    Other large company and broad-market fundamental ETFs include:

    • PowerShares FTSE RAFI US 1000 Portfolio ETF (NYSEArca:PRF), annual fees: 0.6%
    • PowerShares Active Mega Cap ETF (NYSEArca:PMA), annual fees: 0.75%
    • PowerShares Active Alpha Multi-Cap ETF (NYSEArca:PQZ), annual fees: 0.75%
    • Various offerings address small and mid-cap asset classes:
    • First Trust Mid Cap Core AlphaDEX ETF (NYSEArca:FNX), annual fees: 0.7%
    • PowerShares Dynamic Small Cap Portfolio ETF ( PJM ), annual fees: 0.6%
    • PowerShares Dynamic Mid Cap Portfolio ETF ( PJG ), annual fees: 0.6%
    • First Trust Small Cap Core AlphaDEX ETF (NYSEArca:FYX), annual fees: 0.7%
    • Other ETFs slice and dice the market by company size and growth vs. value characteristics:
    • First Trust Large Cap Growth Opportunities AlphaDEX ETF (NYSEArca:FTC), annual fees: 0.7%
    • First Trust Large Cap Value Opportunities AlphaDEX ETF (NYSEArca:FTA), annual fees: 0.7%
    • First Trust Multi Cap Growth AlphaDEX ETF (NYSEArca:FAD), annual fees: 0.7%
    • First Trust Multi Cap Value AlphaDEX ETF (NYSEArca:FAB), annual fees: 0.7%
    • PowerShares Dynamic Large Cap Value ETF ( PWV ), annual fees: 0.6%
    • PowerShares Dynamic Mid Cap Growth Portfolio ETF ( PWJ ), annual fees: 0.6%
    • PowerShares Dynamic Mid Cap Value Portfolio ETF ( PWP ), annual fees: 0.6%
    • PowerShares Dynamic Small Cap Growth ETF ( PWT ), annual fees: 0.6%
    • PowerShares Dynamic Small Cap Value ETF ( PWY ), annual fees: 0.6%

    • PowerShares FTSE RAFI US 1000 Portfolio ETF (NYSEArca:PRF), annual fees: 0.6%
    • PowerShares Active Mega Cap ETF (NYSEArca:PMA), annual fees: 0.75%
    • PowerShares Active Alpha Multi-Cap ETF (NYSEArca:PQZ), annual fees: 0.75%
    • Various offerings address small and mid-cap asset classes:
    • First Trust Mid Cap Core AlphaDEX ETF (NYSEArca:FNX), annual fees: 0.7%
    • PowerShares Dynamic Small Cap Portfolio ETF ( PJM ), annual fees: 0.6%
    • PowerShares Dynamic Mid Cap Portfolio ETF ( PJG ), annual fees: 0.6%
    • First Trust Small Cap Core AlphaDEX ETF (NYSEArca:FYX), annual fees: 0.7%
    • Other ETFs slice and dice the market by company size and growth vs. value characteristics:
    • First Trust Large Cap Growth Opportunities AlphaDEX ETF (NYSEArca:FTC), annual fees: 0.7%
    • First Trust Large Cap Value Opportunities AlphaDEX ETF (NYSEArca:FTA), annual fees: 0.7%
    • First Trust Multi Cap Growth AlphaDEX ETF (NYSEArca:FAD), annual fees: 0.7%
    • First Trust Multi Cap Value AlphaDEX ETF (NYSEArca:FAB), annual fees: 0.7%
    • PowerShares Dynamic Large Cap Value ETF ( PWV ), annual fees: 0.6%
    • PowerShares Dynamic Mid Cap Growth Portfolio ETF ( PWJ ), annual fees: 0.6%
    • PowerShares Dynamic Mid Cap Value Portfolio ETF ( PWP ), annual fees: 0.6%
    • PowerShares Dynamic Small Cap Growth ETF ( PWT ), annual fees: 0.6%
    • PowerShares Dynamic Small Cap Value ETF ( PWY ), annual fees: 0.6%
  • PowerShares FTSE RAFI US 1000 Portfolio ETF (NYSEArca:PRF), annual fees: 0.6%
  • PowerShares Active Mega Cap ETF (NYSEArca:PMA), annual fees: 0.75%
  • PowerShares Active Alpha Multi-Cap ETF (NYSEArca:PQZ), annual fees: 0.75%
  • Various offerings address small and mid-cap asset classes:
  • First Trust Mid Cap Core AlphaDEX ETF (NYSEArca:FNX), annual fees: 0.7%
  • PowerShares Dynamic Small Cap Portfolio ETF ( PJM ), annual fees: 0.6%
  • PowerShares Dynamic Mid Cap Portfolio ETF ( PJG ), annual fees: 0.6%
  • First Trust Small Cap Core AlphaDEX ETF (NYSEArca:FYX), annual fees: 0.7%
  • Other ETFs slice and dice the market by company size and growth vs. value characteristics:
  • First Trust Large Cap Growth Opportunities AlphaDEX ETF (NYSEArca:FTC), annual fees: 0.7%
  • First Trust Large Cap Value Opportunities AlphaDEX ETF (NYSEArca:FTA), annual fees: 0.7%
  • First Trust Multi Cap Growth AlphaDEX ETF (NYSEArca:FAD), annual fees: 0.7%
  • First Trust Multi Cap Value AlphaDEX ETF (NYSEArca:FAB), annual fees: 0.7%
  • PowerShares Dynamic Large Cap Value ETF ( PWV ), annual fees: 0.6%
  • PowerShares Dynamic Mid Cap Growth Portfolio ETF ( PWJ ), annual fees: 0.6%
  • PowerShares Dynamic Mid Cap Value Portfolio ETF ( PWP ), annual fees: 0.6%
  • PowerShares Dynamic Small Cap Growth ETF ( PWT ), annual fees: 0.6%
  • PowerShares Dynamic Small Cap Value ETF ( PWY ), annual fees: 0.6%
  • For sector investors there are numerous offerings:

    • First Trust Utilities AlphaDEX ETF (NYSEArca:FXU), annual fees: 0.7%
    • PowerShares Dynamic Banking Portfolio ETF ( PJB ), annual fees: 0.6%
    • PowerShares Dynamic Basic Materials Sector Portfolio ETF ( PYZ ), annual fees: 0.6%
    • PowerShares Dynamic Biotechnology & Genome ETF ( PBE ), annual fees: 0.6%
    • PowerShares Dynamic Building & Construction Portfolio ETF ( PKB ), annual fees: 0.6%
    • PowerShares Dynamic Consumer Discretionary Sector Portfolio ETF ( PEZ ), annual fees: 0.6%
    • PowerShares Dynamic Consumer Staples Sector Portfolio ETF ( PSL ), annual fees: 0.6%
    • PowerShares Dynamic Energy Exploration & Production Portfolio ETF ( PXE ), annual fees: 0.6%
    • PowerShares Dynamic Energy Sector Portfolio ETF ( PXI ), annual fees: 0.6%
    • PowerShares Dynamic Financials Sector Portfolio ETF ( PFI ), annual fees: 0.6%
    • PowerShares Dynamic Food & Beverage Portfolio ETF ( PBJ ), annual fees: 0.6%
    • PowerShares Dynamic Healthcare Sector Portfolio ETF ( PTH ), annual fees: 0.6%
    • PowerShares Dynamic Healthcare Services Portfolio ETF ( PTJ ), annual fees: 0.6%
    • PowerShares Dynamic Industrials Sector Portfolio ETF ( PRN ), annual fees: 0.6%
    • PowerShares Dynamic Insurance Portfolio ETF ( PIC ), annual fees: 0.6%
    • PowerShares Dynamic Leisure & Entertainment Portfolio ETF ( PEJ ), annual fees: 0.6%
    • PowerShares Dynamic Media Portfolio ETF ( PBS ), annual fees: 0.5%
    • PowerShares Dynamic Networking Portfolio ETF ( PXQ ), annual fees: 0.6%
    • PowerShares Dynamic Oil & Gas Services Portfolio ETF ( PXJ ), annual fees: 0.6%
    • PowerShares Dynamic Pharmaceuticals ETF ( PJP ), annual fees: 0.6%
    • PowerShares Dynamic Retail Portfolio ETF ( PMR ), annual fees: 0.6%
    • PowerShares Dynamic Semiconductors Portfolio ETF ( PSI ), annual fees: 0.6%
    • PowerShares Dynamic Software Portfolio ETF ( PSJ ), annual fees: 0.6%
    • PowerShares Dynamic Technology Sector Portfolio ETF ( PTF ), annual fees: 0.6%
    • PowerShares Dynamic Telecommunications & Wireless Portfolio ETF ( PTE ), annual fees: 0.6%
    • PowerShares Dynamic Utilities Portfolio ETF ( PUI ), annual fees: 0.6%
    • First Trust Technology AlphaDEX ETF (NYSEArca:FXL), annual fees: 0.7%
    • First Trust Consumer Discretionary AlphaDEX ETF ( FXD ), annual fees: 0.7%
    • First Trust Consumer Staples AlphaDEX ETF ( FXG ), annual fees: 0.7%
    • First Trust Energy AlphaDEX ETF (NYSEArca:FXN), annual fees: 0.7%
    • First Trust Financials AlphaDEX ETF (NYSEArca:FXO), annual fees: 0.7%
    • First Trust Health Care AlphaDEX ETF (NYSEArca:FXH), annual fees: 0.7%
    • First Trust Industrials AlphaDEX ETF (NYSEArca:FXR), annual fees: 0.7%
    • First Trust Materials AlphaDEX ETF (NYSEArca:FXZ), annual fees: 0.7%

    • First Trust Utilities AlphaDEX ETF (NYSEArca:FXU), annual fees: 0.7%
    • PowerShares Dynamic Banking Portfolio ETF ( PJB ), annual fees: 0.6%
    • PowerShares Dynamic Basic Materials Sector Portfolio ETF ( PYZ ), annual fees: 0.6%
    • PowerShares Dynamic Biotechnology & Genome ETF ( PBE ), annual fees: 0.6%
    • PowerShares Dynamic Building & Construction Portfolio ETF ( PKB ), annual fees: 0.6%
    • PowerShares Dynamic Consumer Discretionary Sector Portfolio ETF ( PEZ ), annual fees: 0.6%
    • PowerShares Dynamic Consumer Staples Sector Portfolio ETF ( PSL ), annual fees: 0.6%
    • PowerShares Dynamic Energy Exploration & Production Portfolio ETF ( PXE ), annual fees: 0.6%
    • PowerShares Dynamic Energy Sector Portfolio ETF ( PXI ), annual fees: 0.6%
    • PowerShares Dynamic Financials Sector Portfolio ETF ( PFI ), annual fees: 0.6%
    • PowerShares Dynamic Food & Beverage Portfolio ETF ( PBJ ), annual fees: 0.6%
    • PowerShares Dynamic Healthcare Sector Portfolio ETF ( PTH ), annual fees: 0.6%
    • PowerShares Dynamic Healthcare Services Portfolio ETF ( PTJ ), annual fees: 0.6%
    • PowerShares Dynamic Industrials Sector Portfolio ETF ( PRN ), annual fees: 0.6%
    • PowerShares Dynamic Insurance Portfolio ETF ( PIC ), annual fees: 0.6%
    • PowerShares Dynamic Leisure & Entertainment Portfolio ETF ( PEJ ), annual fees: 0.6%
    • PowerShares Dynamic Media Portfolio ETF ( PBS ), annual fees: 0.5%
    • PowerShares Dynamic Networking Portfolio ETF ( PXQ ), annual fees: 0.6%
    • PowerShares Dynamic Oil & Gas Services Portfolio ETF ( PXJ ), annual fees: 0.6%
    • PowerShares Dynamic Pharmaceuticals ETF ( PJP ), annual fees: 0.6%
    • PowerShares Dynamic Retail Portfolio ETF ( PMR ), annual fees: 0.6%
    • PowerShares Dynamic Semiconductors Portfolio ETF ( PSI ), annual fees: 0.6%
    • PowerShares Dynamic Software Portfolio ETF ( PSJ ), annual fees: 0.6%
    • PowerShares Dynamic Technology Sector Portfolio ETF ( PTF ), annual fees: 0.6%
    • PowerShares Dynamic Telecommunications & Wireless Portfolio ETF ( PTE ), annual fees: 0.6%
    • PowerShares Dynamic Utilities Portfolio ETF ( PUI ), annual fees: 0.6%
    • First Trust Technology AlphaDEX ETF (NYSEArca:FXL), annual fees: 0.7%
    • First Trust Consumer Discretionary AlphaDEX ETF ( FXD ), annual fees: 0.7%
    • First Trust Consumer Staples AlphaDEX ETF ( FXG ), annual fees: 0.7%
    • First Trust Energy AlphaDEX ETF (NYSEArca:FXN), annual fees: 0.7%
    • First Trust Financials AlphaDEX ETF (NYSEArca:FXO), annual fees: 0.7%
    • First Trust Health Care AlphaDEX ETF (NYSEArca:FXH), annual fees: 0.7%
    • First Trust Industrials AlphaDEX ETF (NYSEArca:FXR), annual fees: 0.7%
    • First Trust Materials AlphaDEX ETF (NYSEArca:FXZ), annual fees: 0.7%
  • First Trust Utilities AlphaDEX ETF (NYSEArca:FXU), annual fees: 0.7%
  • PowerShares Dynamic Banking Portfolio ETF ( PJB ), annual fees: 0.6%
  • PowerShares Dynamic Basic Materials Sector Portfolio ETF ( PYZ ), annual fees: 0.6%
  • PowerShares Dynamic Biotechnology & Genome ETF ( PBE ), annual fees: 0.6%
  • PowerShares Dynamic Building & Construction Portfolio ETF ( PKB ), annual fees: 0.6%
  • PowerShares Dynamic Consumer Discretionary Sector Portfolio ETF ( PEZ ), annual fees: 0.6%
  • PowerShares Dynamic Consumer Staples Sector Portfolio ETF ( PSL ), annual fees: 0.6%
  • PowerShares Dynamic Energy Exploration & Production Portfolio ETF ( PXE ), annual fees: 0.6%
  • PowerShares Dynamic Energy Sector Portfolio ETF ( PXI ), annual fees: 0.6%
  • PowerShares Dynamic Financials Sector Portfolio ETF ( PFI ), annual fees: 0.6%
  • PowerShares Dynamic Food & Beverage Portfolio ETF ( PBJ ), annual fees: 0.6%
  • PowerShares Dynamic Healthcare Sector Portfolio ETF ( PTH ), annual fees: 0.6%
  • PowerShares Dynamic Healthcare Services Portfolio ETF ( PTJ ), annual fees: 0.6%
  • PowerShares Dynamic Industrials Sector Portfolio ETF ( PRN ), annual fees: 0.6%
  • PowerShares Dynamic Insurance Portfolio ETF ( PIC ), annual fees: 0.6%
  • PowerShares Dynamic Leisure & Entertainment Portfolio ETF ( PEJ ), annual fees: 0.6%
  • PowerShares Dynamic Media Portfolio ETF ( PBS ), annual fees: 0.5%
  • PowerShares Dynamic Networking Portfolio ETF ( PXQ ), annual fees: 0.6%
  • PowerShares Dynamic Oil & Gas Services Portfolio ETF ( PXJ ), annual fees: 0.6%
  • PowerShares Dynamic Pharmaceuticals ETF ( PJP ), annual fees: 0.6%
  • PowerShares Dynamic Retail Portfolio ETF ( PMR ), annual fees: 0.6%
  • PowerShares Dynamic Semiconductors Portfolio ETF ( PSI ), annual fees: 0.6%
  • PowerShares Dynamic Software Portfolio ETF ( PSJ ), annual fees: 0.6%
  • PowerShares Dynamic Technology Sector Portfolio ETF ( PTF ), annual fees: 0.6%
  • PowerShares Dynamic Telecommunications & Wireless Portfolio ETF ( PTE ), annual fees: 0.6%
  • PowerShares Dynamic Utilities Portfolio ETF ( PUI ), annual fees: 0.6%
  • First Trust Technology AlphaDEX ETF (NYSEArca:FXL), annual fees: 0.7%
  • First Trust Consumer Discretionary AlphaDEX ETF ( FXD ), annual fees: 0.7%
  • First Trust Consumer Staples AlphaDEX ETF ( FXG ), annual fees: 0.7%
  • First Trust Energy AlphaDEX ETF (NYSEArca:FXN), annual fees: 0.7%
  • First Trust Financials AlphaDEX ETF (NYSEArca:FXO), annual fees: 0.7%
  • First Trust Health Care AlphaDEX ETF (NYSEArca:FXH), annual fees: 0.7%
  • First Trust Industrials AlphaDEX ETF (NYSEArca:FXR), annual fees: 0.7%
  • First Trust Materials AlphaDEX ETF (NYSEArca:FXZ), annual fees: 0.7%
  • A handful of international oriented ETFs allow exposure abroad:

    • PowerShares FTSE RAFI Asia Pacific ex-Japan ETF (NYSEArca:PAF), annual fees: 0.8%
    • PowerShares FTSE RAFI Developed Markets ETF (NYSEArca:PXF), annual fees: 0.75%
    • PowerShares FTSE RAFI Developed Markets ex-US Small-Mid Portfolio ETF ( PDN ), annual fees: 0.75%
    • PowerShares FTSE RAFI Emerging Markets Portfolio ETF ( PXH ), annual fees: 0.85%
    • PowerShares FTSE RAFI Europe ETF (NYSEArca:PEF), annual fees: 0.75%
    • PowerShares FTSE RAFI Japan ETF (NYSEArca:PJO), annual fees: 0.75%

    • PowerShares FTSE RAFI Asia Pacific ex-Japan ETF (NYSEArca:PAF), annual fees: 0.8%
    • PowerShares FTSE RAFI Developed Markets ETF (NYSEArca:PXF), annual fees: 0.75%
    • PowerShares FTSE RAFI Developed Markets ex-US Small-Mid Portfolio ETF ( PDN ), annual fees: 0.75%
    • PowerShares FTSE RAFI Emerging Markets Portfolio ETF ( PXH ), annual fees: 0.85%
    • PowerShares FTSE RAFI Europe ETF (NYSEArca:PEF), annual fees: 0.75%
    • PowerShares FTSE RAFI Japan ETF (NYSEArca:PJO), annual fees: 0.75%
  • PowerShares FTSE RAFI Asia Pacific ex-Japan ETF (NYSEArca:PAF), annual fees: 0.8%
  • PowerShares FTSE RAFI Developed Markets ETF (NYSEArca:PXF), annual fees: 0.75%
  • PowerShares FTSE RAFI Developed Markets ex-US Small-Mid Portfolio ETF ( PDN ), annual fees: 0.75%
  • PowerShares FTSE RAFI Emerging Markets Portfolio ETF ( PXH ), annual fees: 0.85%
  • PowerShares FTSE RAFI Europe ETF (NYSEArca:PEF), annual fees: 0.75%
  • PowerShares FTSE RAFI Japan ETF (NYSEArca:PJO), annual fees: 0.75%
  • Finally there are various hard-to-classify ETFs:

    • PowerShares Active AlphaQ ETF (NYSEArca:PQY), annual fees: 0.75%
    • PowerShares Dynamic Developed International Opportunities Portfolio ETF ( PFA ), annual fees: 0.75%
    • PowerShares Dynamic MagniQuant Portfolio ETF ( PIQ ), annual fees: 0.6%
    • PowerShares Dynamic Market Portfolio ETF ( PWC ), annual fees: 0.6%
    • PowerShares Dynamic OTC Portfolio ETF ( PWO ), annual fees: 0.6%

    • PowerShares Active AlphaQ ETF (NYSEArca:PQY), annual fees: 0.75%
    • PowerShares Dynamic Developed International Opportunities Portfolio ETF ( PFA ), annual fees: 0.75%
    • PowerShares Dynamic MagniQuant Portfolio ETF ( PIQ ), annual fees: 0.6%
    • PowerShares Dynamic Market Portfolio ETF ( PWC ), annual fees: 0.6%
    • PowerShares Dynamic OTC Portfolio ETF ( PWO ), annual fees: 0.6%
  • PowerShares Active AlphaQ ETF (NYSEArca:PQY), annual fees: 0.75%
  • PowerShares Dynamic Developed International Opportunities Portfolio ETF ( PFA ), annual fees: 0.75%
  • PowerShares Dynamic MagniQuant Portfolio ETF ( PIQ ), annual fees: 0.6%
  • PowerShares Dynamic Market Portfolio ETF ( PWC ), annual fees: 0.6%
  • PowerShares Dynamic OTC Portfolio ETF ( PWO ), annual fees: 0.6%
  • Co-founder of indexfunds.com, author of two books on investing, and founder of ETFzone.com, Will has been writing on indexing issues for 8 years. He holds an MBA from the University of Texas at Austin.

    Co-founder of indexfunds.com, author of two books on investing, and founder of ETFzone.com, Will has been writing on indexing issues for 8 years. He holds an MBA from the University of Texas at Austin.



    The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



    This article appears in: Investing , ETFs


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