iShares MSCI Japan ETF
ALTAR
Score™		 6.9% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 22.1x P/Sales
ratio		 0.9x
P/BV
ratio		 1.3x Div.
yield		 2.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI Japan Index fund seeks investment results that correspond to the price and yield performance of the MSCI Japan Index. The index consists primarily of large cap stocks traded in the Japanese market.

FUND BASICS
Category International Equities
Fund Sponsor Barclays Global Fund Advisors
Website www.ishares.com
Inception date Mar 12, 1996
Assets (mns) $10,340
Currency USD
Expense ratio 49 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 320
Wgt avg mkt cap (mns) $41,863
Large cap (>$10bn) 76.2%
Mid cap ($2-10bn) 23.5%
Small cap (<$2bn) 0.2%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
TOYOTA MOTOR CORP 3.9 %
SOFTBANK GROUP CORP. 3.0 %
SONY CORP 2.6 %
KEYENCE CORP 2.4 %
NINTENDO CO LTD 1.7 %
TAKEDA PHARMACEUTICAL CO LTD 1.5 %
RECRUIT HOLDINGS CO LTD 1.5 %
MITSUBISHI UFJ FINANCIAL GRO 1.3 %
SHIN-ETSU CHEMICAL CO LTD 1.3 %
DAIKIN INDUSTRIES LTD 1.3 %
Total 20.4 %

TOP COUNTRY EXPOSURE
JAPAN 98.5 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
0.5% 6.2% 7.1% 5.8% 0.9%

Market Correlations
versus... Beta R-squared
S&P500 0.67 67%
MSCI EAFE 0.77 74%
MSCI Emg. Mkts. 0.50 50%

Technical Indicators
Recent close $59.27
30d moving avg. $59.14
Annualized volatility 14.4%
Short interest (ETF) 7.2%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 7,746
Turnover 4.4%
Bid/Ask (% of price) 0.02%
ADV underlying (mns) $16,599

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the iShares MSCI Japan ETF ETF based on the alternatives' overlap in portfolio holdings with EWJ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: EWJ Expense: 49 bp ALTAR Score™: 6.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EWJ
Ticker Fund
Name		 Overlap1
vs EWJ
(%)		 Expense
ratio
(bp)		 Savings
vs EWJ
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs EWJ
(%)
DBJP Xtrackers MSCI Japan Hedged Equity ETF 96.0 45 4 7.0 +0.1
BBJP JPMorgan BetaBuilders Japan ETF 93.0 19 30 7.2 +0.3
QJPN SPDR MSCI Japan StrategicFactors ETF 91.8 14 35 7.5 +0.5
FLJP Franklin FTSE Japan ETF 89.6 9 40 7.4 +0.4
FLJH Franklin FTSE Japan Hedged ETF 89.0 9 40 7.3 +0.3
JPXN iShares JPX-Nikkei 400 ETF 84.9 48 1 7.0 +0.1
JPN Xtrackers Japan JPX-Nikkei 400 Equity ETF 84.3 9 40 7.4 +0.5
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 80.2 25 24 7.1 +0.2
IPAC iShares Core MSCI Pacific ETF 58.4 9 40 7.1 +0.2
DXJ WisdomTree Japan Hedged Equity Fund 56.0 48 1 7.9 +0.9
EWJE iShares MSCI Japan Equal Weighted ETF 55.5 15 34 7.1 +0.2
EWJV iShares MSCI Japan Value ETF 52.1 15 34 9.2 +2.2
JPMV iShares Edge MSCI Min Vol Japan ETF 47.9 30 19 0.0 -6.9
VPL Vanguard FTSE Pacific ETF 47.3 8 41 7.3 +0.4
SCIJ Global X Scientific Beta Japan ETF 45.0 40 9 0.0 -6.9
IVLU iShares Edge MSCI Intl Value Factor ETF 35.4 30 19 11.7 +4.8
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 34.2 35 14 6.8 -0.1
DMXF iShares ESG Advanced MSCI EAFE ETF 32.8 12 37 6.9 -0.1
PQIN PGIM QMA Strategic Alpha International Equity ETF 28.1 29 20 7.8 +0.9
RFAP First Trust Riverfront Dynamic Asia Pacific ETF 28.0 83 -34 5.4 -1.6
ISZE iShares Edge MSCI Intl Size Factor ETF 27.7 30 19 7.2 +0.2
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 26.3 14 35 7.0 +0.0
IDY Pacific Global International Equity Income ETF 26.2 39 10 8.2 +1.2
RBIN Nationwide Risk-Based International Equity ETF 26.1 42 7 6.1 -0.9
GSID Goldman Sachs MarketBeta International Equity ETF 25.8 20 29 7.3 +0.4
EFG iShares MSCI EAFE Growth ETF 25.7 40 9 4.5 -2.5
JHMD John Hancock Multifactor Developed International ETF 25.5 39 10 7.3 +0.4
RESD WisdomTree International ESG Fund 25.3 30 19 6.8 -0.1
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 25.2 20 29 7.1 +0.1
EFA iShares MSCI EAFE ETF 25.1 32 17 7.1 +0.1
HFXI IQ 50 Percent Hedged FTSE International ETF 24.9 20 29 7.5 +0.5
IDMO Invesco S&P International Developed Momentum ETF 24.9 26 23 4.0 -2.9
EFV iShares MSCI EAFE Value ETF 24.8 39 10 9.8 +2.8
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 24.7 35 14 6.9 -0.0
IQIN IQ 500 International ETF 24.6 25 24 8.7 +1.7
ESGD iShares MSCI EAFE ESG Optimized ETF 24.6 20 29 6.9 -0.0
QEFA SPDR MSCI EAFE Quality Mix ETF 24.6 30 19 6.8 -0.1
IDHQ Invesco S&P International Developed Quality ETF 24.3 29 20 5.1 -1.9
IMTM iShares Edge MSCI Intl Momentum Factor ETF 24.1 30 19 4.4 -2.6
BKIE BNY Mellon International Equity ETF 24.0 4 45 7.5 +0.5
IQSI IQ Candriam ESG International Equity ETF 23.4 15 34 7.4 +0.5
FNDF Schwab Fundamental International Large Co. Index ETF 22.9 25 24 8.8 +1.8
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 22.9 7 42 7.5 +0.6
DIM WisdomTree International MidCap Dividend Fund 22.3 58 -9 7.5 +0.6
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 22.1 39 10 6.6 -0.4
IEFA iShares Core MSCI EAFE ETF 21.6 7 42 7.3 +0.3
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 21.4 35 14 8.7 +1.8
SCHF Schwab International Equity ETF 21.0 6 43 7.3 +0.3
FJP First Trust Japan AlphaDEX Fund 21.0 80 -31 8.6 +1.7
PDEV Principal International Multi-Factor Core Index ETF 20.6 25 24 7.9 +1.0
SPDW SPDR Portfolio Developed World ex-US ETF 20.6 4 45 7.1 +0.1
IDLV Invesco S&P International Developed Low Volatility ETF 20.5 25 24 6.5 -0.4
GSIE Goldman Sachs ActiveBeta International Equity ETF 20.3 25 24 6.6 -0.3
DWM WisdomTree International Equity Fund 20.0 48 1 8.5 +1.5
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 20.0 24 25 6.9 -0.0
UIVM VictoryShares USAA MSCI International Value Momentum ETF 20.0 35 14 8.6 +1.7
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 20.0 45 4 8.9 +2.0
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 19.6 45 4 7.0 +0.0
CIL VictoryShares International Volatility Weighted Index ETF 19.5 45 4 6.9 0.0
QINT American Century Quality Diversified International ETF 19.0 39 10 6.1 -0.8
IDEV iShares Core MSCI International Developed Markets ETF 18.8 5 44 7.2 +0.2
TPIF Timothy Plan International ETF 18.6 62 -13 6.3 -0.7
DOL WisdomTree International LargeCap Dividend Fund 18.6 48 1 8.9 +1.9
VEA Vanguard FTSE Developed Markets ETF 18.6 5 44 7.4 +0.4
ISDX Invesco Strategic Developed ex-US ETF 18.4 23 26 7.4 +0.5
VSGX Vanguard ESG International Stock ETF 18.4 17 32 7.0 +0.1
EFAV iShares Edge MSCI Min Vol EAFE ETF 18.1 20 29 5.4 -1.5
NUDM Nuveen ESG International Developed Markets Equity ETF 17.5 40 9 6.8 -0.1
DWMF WisdomTree International Multifactor Fund 17.4 38 11 6.3 -0.7
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 16.9 32 17 6.1 -0.9
IDLB Invesco FTSE International Low Beta Equal Weight ETF 16.7 45 4 6.5 -0.4
JPIN JPMorgan Diversified Return International Equity ETF 16.7 37 12 7.8 +0.9
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 16.1 16 33 6.9 -0.1
VGFO Virtus WMC Global Factor Opportunities ETF 16.0 49 0 8.2 +1.2
ACWX iShares MSCI ACWI ex U.S. ETF 16.0 32 17 7.2 +0.3
CWI SPDR MSCI ACWI ex-US ETF 16.0 30 19 7.2 +0.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 15.8 40 9 7.0 +0.1
ESGN Columbia Sustainable International Equity Income ETF 15.6 45 4 11.0 +4.1
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 15.5 58 -9 6.1 -0.9
IQDG WisdomTree International Quality Dividend Growth Fund 15.4 42 7 6.2 -0.7
VEU Vanguard FTSE All-World ex-US Index Fund 15.3 8 41 7.5 +0.5
FIVA Fidelity International Value Factor ETF 15.2 39 10 10.0 +3.1
IQLT iShares Edge MSCI Intl Quality Factor ETF 15.2 30 19 6.0 -0.9
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 15.1 80 -31 6.6 -0.3
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 14.6 39 10 8.3 +1.4
EXI iShares Global Industrials ETF 14.3 46 3 5.4 -1.5
RXI iShares Global Consumer Discretionary ETF 14.3 46 3 4.7 -2.2
AVDE Avantis International Equity ETF 13.7 23 26 7.6 +0.7
IXUS ishares Core MSCI Total International Stock ETF 13.6 9 40 7.3 +0.4
RODM Hartford Multifactor Developed Markets (ex-US) ETF 13.1 29 20 7.7 +0.8
FDEV Fidelity Targeted International Factor ETF 13.0 39 10 6.5 -0.4
TTAI TrimTabs All Cap International Free-Cash-Flow ETF 12.9 61 -12 5.1 -1.8
VXUS Vanguard Total International Stock Index Fund 12.8 8 41 7.5 +0.5
DTH WisdomTree DEFA Equity Income Fund 12.8 58 -9 10.1 +3.1
VYMI Vanguard International High Dividend Yield ETF 12.7 27 22 10.1 +3.2
IGRO iShares International Dividend Growth ETF 12.6 22 27 8.4 +1.4
KLDW Gavekal Knowledge Leaders Developed World ETF 12.5 75 -26 4.9 -2.0
FDT First Trust Developed Markets ex-US Alphadex Fund 12.4 80 -31 7.3 +0.4

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

  2015 2016 2017 2018 2019 2020E 2021E
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
  2019 2020E 2021E
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 Japan ETF
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 9.0 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 6.9 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

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