This ETF is linked to an index deemed to maintain powerful relative strength characteristics, utilizing a metric valued by many investors to develop a way to access developed markets outside of the U.S. This fund can be seen as an alternative to broad-based EAFE funds such as VEA or EFA in long-term portfolios, potentially appealing to investors who believe the relative strength screens are capable of generating excess returns. While the exposure offered is generally similar, there are several noteworthy differences as well. PIZ holds only a fraction of the names that funds like EFA do, and as such the concentration in a small handful of stocks can be greater. Moreover, the nature of the underlying methodology will generally result in higher turnover, potentially creating tax liabilities and occasionally resulting in skews towards certain sectors, regions, or individual economies. Finally, PIZ is considerably more expensive than many alternative ETFs, creating a substantial hurdle of excess returns that must be generated annually by the relative strength methodology (compare PIZ to VEA to quantify the gap this fund must make up on an annual basis).