iShares MSCI China Small Cap
ALTAR
Score™
8.7% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
8.7x P/Sales
ratio
0.6x
P/BV
ratio
0.9x Div.
yield
3.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares MSCI China Small Cap Index Fund seeks to track the performance of the MSCI China Small Cap Index Fund.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor BlackRock Fund Advisors
Website www.ishares.com
Inception date Sep 29, 2010
Assets (mns) $33
Currency USD
Expense ratio 59 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication n/a
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 252
Wgt avg mkt cap (mns) $1,124
Large cap (>$10bn) 1.4%
Mid cap ($2-10bn) 14.1%
Small cap (<$2bn) 82.9%
Developed mkts 60.3%
Emerging mkts 39.7%

TOP TEN HOLDINGS
ZAI LAB LTD. UNSPONSORED ADR 2.4 %
CNINSURE INC-ADR 1.7 %
CHINASOFT INTERNATIONAL LTD 1.6 %
CHINA OVERSEAS GRAND OCEANS 1.5 %
SEASPAN CORP 1.5 %
CHINA SCE PROPERTY HOLDINGS 1.4 %
GZI REAL ESTATE INVMNT TRUST 1.3 %
RENHE COMMERCIAL HOLDINGS 1.1 %
CHINA YUHUA EDUCATION CORP. LTD. 1.1 %
POLY HONG KONG INVESTMENT LT 1.1 %
Total 14.4 %

TOP COUNTRY EXPOSURE
CHINA 51.7 %
HONG KONG 31.0 %
SINGAPORE 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.
7.7% 7.7% 1.8% -- 0.7%

Market Correlations
versus... Beta R-squared
S&P500 0.87 44%
MSCI EAFE 1.08 55%
MSCI Emg. Mkts. 0.91 66%

Technical Indicators
Recent close $41.20
30d moving avg. $41.11
Annualized volatility 16.0%
Short interest (ETF) 0.9%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 9
Turnover 1.1%
Bid/Ask (% of price) 0.72%
ADV underlying (mns) $312

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: ECNS Expense: 59 bp ALTAR Score™: 8.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH ECNS
Ticker Fund
Name
Overlap1
vs ECNS
(%)
Expense
ratio
(bp)
Savings
vs ECNS
(bp)
ALTAR
Score™
(%)
ALTAR
vs ECNS
(%)
HAO Invesco China Small Cap ETF 24.3 75 -16 10.4 +1.7
FEMS First Trust Emerging Markets Small Cap 10.2 80 -21 9.4 +0.7
EEMS iShares MSCI Emerging Market Small Cap 9.8 67 -8 6.5 -2.2
EWX SPDR S&P Emerging Markets Small Cap 9.1 65 -6 7.4 -1.3
DGS WisdomTree Emg. Mkts. Small Cap Dividend 7.3 63 -4 11.6 +2.9
KGRN KraneShares MSCI China Environment Index 6.7 80 -21 7.9 -0.8
TAO Invesco China Real Estate 4.7 70 -11 12.6 +3.9
TLTE FlexShares Mngstr Emerging Markets Factor Tilt 4.4 59 0 12.4 +3.7
CHNA Loncar China BioPharma 4.0 79 -20 4.6 -4.1
PGJ Invesco Golden Dragon China 3.8 70 -11 3.4 -5.3
KWEB KraneShares CSI China Internet 2.8 76 -17 3.7 -5.0
GAMR ETFMG Video Game Tech 2.5 75 -16 4.3 -4.4
TAN Invesco Global Solar Energy 2.4 70 -11 -1.4 -10.1
PBD Invesco Gbl Clean Energy 2.3 75 -16 -1.9 -10.6
EYLD Cambria Emerging Shareholder Yield 2.2 66 -7 10.5 +1.8
FNI First Trust ISE Chindia 2.1 59 0 3.8 -4.9
GXC SPDR S&P China ETF 2.1 59 0 8.5 -0.2
AVEM Avantis Emerging Markets Equity 2.0 33 26 7.9 -0.8
VSS Vanguard FTSE All World ex-US Small Cap 2.0 12 47 6.2 -2.5
ICLN iShares S&P Global Clean Energy 1.7 46 13 3.4 -5.4

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%.

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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 China Small Cap
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 7.4 %
Divided by: Fwd. P/BV 0.8 x
Less: Expense ratio 59 bp
Equals: ALTAR Score 8.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.28 CATEGORY
AVERAGE
1.48
 
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.