iShares MSCI EAFE Minimum Volatility
ALTAR
Score™
5.8% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
18.3x P/Sales
ratio
1.5x
P/BV
ratio
1.8x Div.
yield
3.3%


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

FUND BASICS
Category International Equities
Fund Sponsor BlackRock Fund Advisors
Website www.ishares.com
Inception date Oct 20, 2011
Assets (mns) $12,758
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 n/a
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 283
Wgt avg mkt cap (mns) $43,765
Large cap (>$10bn) 74.1%
Mid cap ($2-10bn) 26.0%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ROCHE HOLDING AG-GENUSSCHEIN 1.6 %
NTT DOCOMO, INC. 1.5 %
NESTLE SA-REG 1.5 %
NOVARTIS AG-REG 1.4 %
SWISSCOM AG 1.4 %
ZURICH FINANCIAL SERVICES AG 1.3 %
SWISS RE AG 1.2 %
HONG KONG & CHINA GAS 1.2 %
CLP HOLDINGS LTD 1.1 %
JAPAN REAL ESTATE INVESTMENT 1.1 %
Total 13.2 %

TOP COUNTRY EXPOSURE
JAPAN 29.6 %
SWITZERLAND 14.0 %
BRITAIN 12.1 %
HONG KONG 7.5 %
AUSTRALIA 7.2 %
FRANCE 6.4 %
SINGAPORE 3.8 %
GERMANY 3.6 %
BELGIUM 2.7 %
DENMARK 2.6 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
14.9% 11.4% 6.6% -- 7.9%

Market Correlations
versus... Beta R-squared
S&P500 0.46 51%
MSCI EAFE 0.62 78%
MSCI Emg. Mkts. 0.47 70%

Technical Indicators
Recent close $75.00
30d moving avg. $75.05
Annualized volatility 7.8%
Short interest (ETF) 0.0%
Relative strength (RSI) 55

Liquidity measures
Avg. volume (thou.) 716
Turnover 0.4%
Bid/Ask (% of price) 0.01%
ADV underlying (mns) $16,315

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: EFAV Expense: 20 bp ALTAR Score™: 5.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EFAV
Ticker Fund
Name
Overlap1
vs EFAV
(%)
Expense
ratio
(bp)
Savings
vs EFAV
(bp)
ALTAR
Score™
(%)
ALTAR
vs EFAV
(%)
QEFA SPDR MSCI EAFE Quality Mix 52.6 30 -10 6.6 +0.8
EUMV iShares MSCI Europe Min Volatility 46.9 25 -5 5.2 -0.6
HDMV First Trust Horizon Managed Volatility Developed Int'l 42.6 80 -60 6.0 +0.3
QLVD FlexShares Developed Mkts ex-US Quality Low Volatility 42.0 32 -12 6.6 +0.8
RBIN Nationwide Risk-Based International Equity 39.9 42 -22 7.3 +1.5
IDLV Invesco S&P Int'l Developed Low Volatility 38.4 25 -5 6.3 +0.5
MVIN Natixis Seeyond International Minimum Volatility 36.6 55 -35 6.1 +0.3
DWMF WisdomTree International Multifactor Fund 36.6 38 -18 6.4 +0.6
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity 35.5 39 -19 6.2 +0.4
EFAX SPDR MSCI EAFE Fossil Fuel Free 34.4 20 0 7.0 +1.2
EFA iShares MSCI EAFE 33.7 31 -11 6.9 +1.1
ESGD iShares MSCI EAFE ESG Optimized 33.1 20 0 6.8 +1.1
GSIE Goldman Sachs ActiveBeta Int'l Equity 33.0 25 -5 6.5 +0.7
DBEF Xtrackers MSCI EAFE Hedged 33.0 35 -15 6.9 +1.1
FDEV Fidelity Targeted International Factor 32.8 39 -19 6.9 +1.1
RNDM First Trust Developed International Equity Select 32.7 65 -45 6.4 +0.6
DOL WisdomTree Int'l Large Cap Dividend 32.1 48 -28 7.7 +1.9
HFXI IQ 50 Percent Hedged FTSE Int'l 32.0 20 0 7.3 +1.5
RODM Lattice Developed Markets (Ex-US) Strategy 31.4 29 -9 7.6 +1.9
PBDM Invesco PureBeta FTSE Developed ex-North America 30.4 7 13 7.5 +1.7

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

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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 EAFE Minimum Volatility
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 10.1 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 20 bp
Equals: ALTAR Score 5.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.80 CATEGORY
AVERAGE
1.63
 
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.