iShares MSCI Europe Min Volatility
ALTAR
Score™
5.2% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
18.6x P/Sales
ratio
1.7x
P/BV
ratio
2.3x Div.
yield
3.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares MSCI Europe Minimum Volatility ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to track the investment results of an index composed of European developed market equities that, in the aggregate, have lower volatility characteristics relative to the broader European developed equity markets.

FUND BASICS
Category International Equities
Fund Sponsor BlackRock Fund Advisors
Website www.ishares.com
Inception date Jun 05, 2014
Assets (mns) $25
Currency USD
Expense ratio 25 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian Bank of New York Mellon
Weighting Multi-Factor
Index replication Optimized
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 170
Wgt avg mkt cap (mns) $56,743
Large cap (>$10bn) 84.4%
Mid cap ($2-10bn) 15.6%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ZURICH FINANCIAL SERVICES AG 1.7 %
ROCHE HOLDING AG-GENUSSCHEIN 1.7 %
MUENCHENER RUECKVER AG-REG 1.7 %
NOVARTIS AG-REG 1.6 %
SWISSCOM AG 1.6 %
COMPASS GROUP PLC 1.5 %
GIVAUDAN-REG 1.5 %
HERMES INTERNATIONAL 1.5 %
NESTLE SA-REG 1.5 %
SWISS RE AG 1.5 %
Total 15.7 %

TOP COUNTRY EXPOSURE
BRITAIN 22.2 %
SWITZERLAND 20.7 %
FRANCE 13.1 %
GERMANY 10.4 %
DENMARK 5.8 %
NETHERLANDS 5.2 %
BELGIUM 4.4 %
SPAIN 3.3 %
FINLAND 3.1 %
SWEDEN 3.0 %

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.
17.3% 13.8% 4.7% -- 3.4%

Market Correlations
versus... Beta R-squared
S&P500 0.50 42%
MSCI EAFE 0.74 76%
MSCI Emg. Mkts. 0.50 55%

Technical Indicators
Recent close $26.17
30d moving avg. $26.09
Annualized volatility 9.3%
Short interest (ETF) 0.2%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 3
Turnover 0.3%
Bid/Ask (% of price) 0.12%
ADV underlying (mns) $12,503

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: EUMV Expense: 25 bp ALTAR Score™: 5.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EUMV
Ticker Fund
Name
Overlap1
vs EUMV
(%)
Expense
ratio
(bp)
Savings
vs EUMV
(bp)
ALTAR
Score™
(%)
ALTAR
vs EUMV
(%)
EFAV iShares MSCI EAFE Minimum Volatility 46.9 20 5 5.8 +0.6
GSEU Goldman Sachs ActiveBeta Europe Equity 43.4 25 0 6.3 +1.1
IEV iShares S&P Europe 350 42.2 59 -34 6.4 +1.2
DBEU Xtrackers Europe Hedged 41.6 45 -20 6.5 +1.3
BBEU JPMorgan BetaBuilders Europe 41.0 9 16 6.8 +1.7
FLEE Franklin FTSE Europe 41.0 9 16 6.8 +1.6
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE 40.7 30 -5 6.7 +1.5
FLEH Franklin FTSE Europe Hedged 40.5 9 16 7.0 +1.8
IEUR iShares Core MSCI Europe 38.7 9 16 6.8 +1.6
OEUR O'Shares FTSE Europe Quality Dividend 38.6 48 -23 6.4 +1.2
VGK Vanguard FTSE Europe 37.6 9 16 6.9 +1.7
HDMV First Trust Horizon Managed Volatility Developed Int'l 37.2 80 -55 6.0 +0.9
QEFA SPDR MSCI EAFE Quality Mix 36.9 30 -5 6.6 +1.4
FEU SPDR DJ Stoxx 50 36.8 9 16 6.8 +1.6
JPEU JPMorgan Diversified Return Europe Equity 35.9 37 -12 6.6 +1.4
SCID Global X Scientific Beta Europe 35.3 38 -13 6.4 +1.2
RBIN Nationwide Risk-Based International Equity 35.0 42 -17 7.3 +2.1
RNDM First Trust Developed International Equity Select 31.9 65 -40 6.4 +1.2
DOL WisdomTree Int'l Large Cap Dividend 31.7 48 -23 7.7 +2.5
QLVD FlexShares Developed Mkts ex-US Quality Low Volatility 31.7 32 -7 6.6 +1.4

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

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

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.9 %
Divided by: Fwd. P/BV 2.2 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 5.2 %
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.