iShares MSCI World Minimum Volatility
ALTAR
Score™
5.6% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
19.5x P/Sales
ratio
1.8x
P/BV
ratio
2.3x Div.
yield
2.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares MSCI All Country World Minimum Volatility Index Fund is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the MSCI All Country World Minimum Volatility Index.

FUND BASICS
Category Global Equities
Fund Sponsor BlackRock Fund Advisors
Website www.ishares.com
Inception date Oct 20, 2011
Assets (mns) $5,645
Currency USD
Expense ratio 20 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Multi-Factor
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 445
Wgt avg mkt cap (mns) $72,319
Large cap (>$10bn) 83.1%
Mid cap ($2-10bn) 16.5%
Small cap (<$2bn) 0.3%
Developed mkts 87.4%
Emerging mkts 12.2%

TOP TEN HOLDINGS
WASTE MANAGEMENT INC 1.2 %
NESTLE SA-REG 1.2 %
SWISS RE AG 1.1 %
CONSOLIDATED EDISON INC 1.1 %
JOHNSON & JOHNSON 1.0 %
NTT DOCOMO, INC. 1.0 %
PROCTER & GAMBLE CO/THE 1.0 %
MOTOROLA SOLUTIONS 1.0 %
PEPSICO INC 1.0 %
MCDONALD'S CORP 0.9 %
Total 10.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 47.7 %
JAPAN 12.5 %
SWITZERLAND 6.9 %
HONG KONG 4.1 %
TAIWAN 3.9 %
CANADA 3.8 %
INDIA 3.1 %
BRITAIN 1.5 %
BERMUDA 1.4 %
SINGAPORE 1.1 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
19.0% 16.9% 9.2% -- 10.6%

Market Correlations
versus... Beta R-squared
S&P500 0.52 67%
MSCI EAFE 0.55 63%
MSCI Emg. Mkts. 0.40 54%

Technical Indicators
Recent close $94.87
30d moving avg. $94.84
Annualized volatility 7.7%
Short interest (ETF) 0.0%
Relative strength (RSI) 51

Liquidity measures
Avg. volume (thou.) 239
Turnover 0.4%
Bid/Ask (% of price) 0.05%
ADV underlying (mns) $64,301

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares MSCI World Minimum Volatility ETF based on the alternatives' overlap in portfolio holdings with ACWV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: ACWV Expense: 20 bp ALTAR Score™: 5.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH ACWV
Ticker Fund
Name
Overlap1
vs ACWV
(%)
Expense
ratio
(bp)
Savings
vs ACWV
(bp)
ALTAR
Score™
(%)
ALTAR
vs ACWV
(%)
USMV iShares MSCI USA Minimum Volatility 47.3 15 5 5.3 -0.3
QWLD SPDR MSCI World Quality Mix 44.8 30 -10 6.0 +0.5
QUS SPDR MSCI USA Quality Mix 35.8 15 5 6.0 +0.4
DYNF BlackRock U.S. Equity Factor Rotation 34.0 30 -10 6.5 +1.0
FDLO Fidelity Low Volatility Factor 30.9 29 -9 5.4 -0.2
JMIN JPMorgan U.S. Minimum Volatility 30.8 12 8 5.7 +0.1
RBUS Nationwide Risk-Based U.S. Equity 29.7 30 -10 6.1 +0.6
OVOL Invesco Russell 1000 Low Volatility Factor ETF 29.4 19 1 5.6 +0.1
SCIU Global X Scientific Beta US 28.9 19 1 5.7 +0.2
LGLV SPDR Russell 1000 Low Volatility 28.9 12 8 5.3 -0.3
EFAV iShares MSCI EAFE Minimum Volatility 28.9 20 0 5.8 +0.2
OMOM Invesco Russell 1000 Momentum Factor ETF 28.8 19 1 5.3 -0.3
LVUS Hartford Multifactor Low Volatility US Equity 28.4 21 -1 5.8 +0.3
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity 28.2 9 11 6.4 +0.8
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity 27.9 29 -9 6.3 +0.7
SPLV Invesco S&P 500 Low Volatility 27.2 25 -5 5.3 -0.2
LVHB Elkhorn Lunt Low Vol/High Beta Tactical 27.2 52 -32 5.0 -0.5
ROUS Lattice U.S. Equity Strategy ETF 27.1 19 1 6.4 +0.9
HUSV First Trust Horizon Managed Volatility Domestic 26.3 70 -50 4.8 -0.8
MMTM SPDR S&P1500 Momentum Tilt 26.1 12 8 5.4 -0.2

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
iShares MSCI World Minimum Volatility
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.4 %
Divided by: Fwd. P/BV 2.2 x
Less: Expense ratio 20 bp
Equals: ALTAR Score 5.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.70 CATEGORY
AVERAGE
1.54
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.