BlackRock U.S. Equity Factor Rotation
ALTAR
Score™
6.2% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
18.5x P/Sales
ratio
2.0x
P/BV
ratio
3.0x Div.
yield
2.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The BlackRock U.S. Equity Factor Rotation ETF seeks to outperform the investment results of the large- and mid-capitalization U.S. equity markets by providing diversified and tactical exposure to style factors via a factor rotation model.

FUND BASICS
Category US Equities
Fund Sponsor BlackRock
Website www.blackrock.com
Inception date Mar 19, 2019
Assets (mns) $70
Currency USD
Expense ratio 30 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Proprietary
Index replication
Uses derivatives Yes
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 633
Wgt avg mkt cap (mns) $159,865
Large cap (>$10bn) 93.3%
Mid cap ($2-10bn) 6.7%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
AT&T INC 2.9 %
MICROSOFT CORP 2.2 %
INTEL CORP 2.1 %
VISA INC-CLASS A SHARES 2.1 %
MASTERCARD INC-CLASS A 2.0 %
JOHNSON & JOHNSON 1.6 %
PEPSICO INC 1.5 %
APPLE INC 1.3 %
INTL BUSINESS MACHINES CORP 1.2 %
FACEBOOK 1.2 %
Total 18.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.4 %
IRELAND 2.7 %
BRITAIN 1.2 %
BERMUDA 0.6 %
CANADA 0.2 %
SWITZERLAND 0.2 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
14.2% -- -- -- 14.2%

Market Correlations
versus... Beta R-squared
S&P500 -- --
MSCI EAFE -- --
MSCI Emg. Mkts. -- --

Technical Indicators
Recent close $29.18
30d moving avg. $28.46
Annualized volatility 0.0%
Short interest (ETF) 1.3%
Relative strength (RSI) 79

Liquidity measures
Avg. volume (thou.) 7
Turnover 0.3%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $158,074

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the BlackRock U.S. Equity Factor Rotation ETF based on the alternatives' overlap in portfolio holdings with DYNF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: DYNF Expense: 30 bp ALTAR Score™: 6.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH DYNF
Ticker Fund
Name
Overlap1
vs DYNF
(%)
Expense
ratio
(bp)
Savings
vs DYNF
(bp)
ALTAR
Score™
(%)
ALTAR
vs DYNF
(%)
QUS SPDR MSCI USA Quality Mix 69.2 15 15 5.6 -0.6
JHML John Hancock Multifactor Large Cap 60.0 34 -4 5.6 -0.6
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity 59.5 9 21 5.7 -0.5
PBUS Invesco PureBeta MSCI USA 59.2 4 26 5.6 -0.6
PBP Invesco S&P 500 Buy/Write 58.9 49 -19 5.2 -1.0
VV Vanguard Large-Cap ETF 58.6 4 26 5.5 -0.7
BBUS JP Morgan Betabuilders U.S. Equity 58.3 2 28 5.5 -0.7
SCHX Schwab U.S. Large-Cap 58.1 3 27 5.4 -0.8
HSPX Global X S&P 500 Covered Call 58.1 65 -35 5.0 -1.2
SPY S&P 500 SPDR 57.7 9 21 5.5 -0.7
IVV iShares Core S&P 500 57.6 4 26 5.5 -0.6
VOO Vanguard S&P 500 ETF 57.6 3 27 5.6 -0.6
SPYX SPDR S&P 500 Fossil Fuel Reserves Free 57.2 20 10 5.5 -0.7
VONE Vanguard Russell 1000 57.0 12 18 5.4 -0.8
SPXE ProShares S&P 500 Ex-Energy 57.0 27 3 5.5 -0.7
SCHK Schwab 1000 Index 56.9 5 25 5.5 -0.7
SPLG SPDR Portfolio Large Cap 56.8 3 27 5.4 -0.8
IWB iShares Russell 1000 56.7 15 15 5.3 -0.9
IYY iShares DJ US Total Market 56.3 20 10 5.3 -0.9
EPS WisdomTree Earnings 500 54.9 8 22 6.5 +0.3

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:
BlackRock U.S. Equity Factor Rotation
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 17.6 %
Divided by: Fwd. P/BV 2.7 x
Less: Expense ratio 30 bp
Equals: ALTAR Score 6.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.57 CATEGORY
AVERAGE
1.55
 
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.