iShares MSCI Switzerland ETF
ALTAR
Score™		 5.2% info Recommen-
dation		 AVOID
2020E    2021E
P/E
ratio		 21.2x P/Sales
ratio		 2.3x
P/BV
ratio		 2.3x Div.
yield		 2.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI Switzerland Index fund seeks investment results that correspond to the price and yield performance of publicly traded secruitires in the Swiss market, as measured by the MSCI Switzerland Index.

FUND BASICS
Category International Equities
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date Mar 12, 1996
Assets (mns) $1,545
Currency USD
Expense ratio 50 bp
Distributions Semi-Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 40
Wgt avg mkt cap (mns) $137,923
Large cap (>$10bn) 92.4%
Mid cap ($2-10bn) 7.1%
Small cap (<$2bn) 0.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NESTLE SA-REG 19.5 %
ROCHE HOLDING AG-GENUSSCHEIN 13.5 %
NOVARTIS AG-REG 9.2 %
ZURICH FINANCIAL SERVICES AG 4.2 %
UBS GROUP AG 3.6 %
ABB LTD. 3.4 %
LONZA GROUP AG-REG 3.3 %
GIVAUDAN-REG 2.9 %
CIE FINANCIERE RICHEMON-BR A 2.8 %
SIKA AG-BR 2.4 %
Total 64.8 %

TOP COUNTRY EXPOSURE
SWITZERLAND 99.1 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-2.6% 5.4% 5.8% 9.3% 6.9%

Market Correlations
versus... Beta R-squared
S&P500 0.60 70%
MSCI EAFE 0.66 75%
MSCI Emg. Mkts. 0.45 56%

Technical Indicators
Recent close $39.37
30d moving avg. $38.81
Annualized volatility 12.0%
Short interest (ETF) 3.1%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 1,156
Turnover 3.0%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $9,663

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the iShares MSCI Switzerland ETF ETF based on the alternatives' overlap in portfolio holdings with EWL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: EWL Expense: 50 bp ALTAR Score™: 5.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EWL
Ticker Fund
Name		 Overlap1
vs EWL
(%)		 Expense
ratio
(bp)		 Savings
vs EWL
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs EWL
(%)
FLSW Franklin FTSE Switzerland ETF 91.4 9 41 5.6 +0.5
FSZ First Trust Switzerland AlphaDEX Fund 33.6 80 -30 6.3 +1.1
RFEU First Trust Riverfront Dynamic Europe ETF 21.0 83 -33 5.5 +0.3
OEUR O'shares FTSE Europe Quality Dividend ETF 19.7 48 2 6.7 +1.5
EUMV iShares Edge MSCI Min Vol Europe ETF 19.2 25 25 5.1 -0.1
IEV iShares Europe ETF 17.0 59 -9 6.9 +1.7
IDHQ Invesco S&P International Developed Quality ETF 16.9 29 21 5.2 0.0
BBEU JPMorgan BetaBuilders Europe ETF 16.0 9 41 7.4 +2.3
DBEU Xtrackers MSCI Europe Hedged Equity ETF 15.9 45 5 6.7 +1.5
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 15.6 30 20 6.9 +1.8
FLEE Franklin FTSE Europe ETF 15.6 9 41 7.1 +2.0
FLEH Franklin FTSE Europe Hedged ETF 15.6 9 41 7.2 +2.0
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 15.4 25 25 6.6 +1.5
EUFN iShares MSCI Europe Financials ETF 15.3 48 2 12.0 +6.8
IDMO Invesco S&P International Developed Momentum ETF 15.1 26 24 4.6 -0.6
EUDG WisdomTree Europe Quality Dividend Growth Fund 15.1 58 -8 6.2 +1.0
VIGI Vanguard International Dividend Appreciation ETF 14.5 25 25 5.7 +0.5
PIZ Invesco DWA Developed Markets Momentum ETF 14.4 81 -31 4.3 -0.9
IEUR iShares Core MSCI Europe ETF 14.4 9 41 7.3 +2.2
VGK Vanguard FTSE Europe ETF 14.2 8 42 7.5 +2.4
FEU SPDR Portfolio Europe ETF 14.1 9 41 7.5 +2.3
EFAV iShares Edge MSCI Min Vol EAFE ETF 13.9 20 30 5.5 +0.4
EUDV ProShares MSCI Europe Dividend Growers ETF 13.4 55 -5 5.7 +0.5
EFG iShares MSCI EAFE Growth ETF 13.2 40 10 4.7 -0.5
TTAI TrimTabs All Cap International Free-Cash-Flow ETF 13.2 61 -11 5.1 -0.1
RFDI First Trust Riverfront Dynamic Developed International ETF 12.8 83 -33 5.8 +0.6
IQLT iShares Edge MSCI Intl Quality Factor ETF 12.6 30 20 6.2 +1.0
QEFA SPDR MSCI EAFE Quality Mix ETF 12.3 30 20 7.0 +1.8
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 11.8 32 18 6.4 +1.3
IDY Pacific Global International Equity Income ETF 11.7 39 11 8.1 +3.0
DOL WisdomTree International LargeCap Dividend Fund 11.5 48 2 8.7 +3.5
JOYY Infusive Compounding Global Equities ETF 11.2 50 0 3.9 -1.3
MOTI VanEck Vectors Morningstar International Moat ETF 11.1 57 -7 8.7 +3.6
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 11.0 20 30 7.2 +2.1
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 10.9 30 20 0.0 -5.2
FDD First Trust Stoxx European Select Dividend Index Fund 10.9 58 -8 11.7 +6.6
IGRO iShares International Dividend Growth ETF 10.5 22 28 8.2 +3.0
PDEV Principal International Multi-Factor Core Index ETF 10.4 25 25 8.1 +2.9
KXI iShares Global Consumer Staples ETF 10.3 46 4 5.4 +0.2
EFA iShares MSCI EAFE ETF 10.2 32 18 7.2 +2.0
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 10.1 35 15 7.0 +1.9
SDGA Impact Shares Sustainable Development Goals Global ETF 10.1 75 -25 5.5 +0.3
ESGD iShares MSCI EAFE ESG Optimized ETF 9.9 20 30 7.0 +1.9
IXJ iShares Global Healthcare ETF 9.8 46 4 6.3 +1.2
NUDM Nuveen ESG International Developed Markets Equity ETF 9.8 40 10 7.0 +1.9
IQSI IQ Candriam ESG International Equity ETF 9.8 15 35 7.4 +2.3
SCID Global X Scientific Beta Europe ETF 9.7 39 11 6.6 +1.4
BKIE BNY Mellon International Equity ETF 9.6 4 46 7.6 +2.5
DWCR Arrow DWA Country Rotation ETF 9.6 95 -45 17.6 +12.4
HFXI IQ 50 Percent Hedged FTSE International ETF 9.3 20 30 7.6 +2.4
RNDM Developed International Equity Select ETF 9.3 65 -15 6.5 +1.4
GSID Goldman Sachs MarketBeta International Equity ETF 9.2 20 30 7.5 +2.3
JHMD John Hancock Multifactor Developed International ETF 9.2 39 11 7.6 +2.4
DWMF WisdomTree International Multifactor Fund 9.2 38 12 6.8 +1.7
FIVA Fidelity International Value Factor ETF 9.2 39 11 10.2 +5.0
FPXE First Trust IPOX Europe Equity Opportunities ETF 9.0 70 -20 2.4 -2.7
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 8.9 35 15 8.6 +3.5
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 8.9 14 36 7.0 +1.9
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 8.9 7 43 7.7 +2.6
GSIE Goldman Sachs ActiveBeta International Equity ETF 8.8 25 25 6.7 +1.6
IEFA iShares Core MSCI EAFE ETF 8.8 7 43 7.4 +2.3
MVIN Natixis Seeyond International Minimum Volatility ETF 8.7 56 -6 5.4 +0.3
DWM WisdomTree International Equity Fund 8.7 48 2 8.4 +3.3
IQDF FlexShares International Quality Dividend Index Fund 8.6 47 3 12.6 +7.4
EFAD ProShares MSCI EAFE Dividend Growers ETF 8.5 50 0 6.1 +1.0
SCHF Schwab International Equity ETF 8.4 6 44 7.5 +2.4
IMTM iShares Edge MSCI Intl Momentum Factor ETF 8.3 30 20 4.4 -0.7
IDEV iShares Core MSCI International Developed Markets ETF 8.1 5 45 7.4 +2.2
JPEU JPMorgan Diversified Return Europe Equity ETF 7.9 37 13 7.0 +1.9
TPIF Timothy Plan International ETF 7.9 62 -12 6.5 +1.3
FDEV Fidelity Targeted International Factor ETF 7.9 39 11 6.6 +1.5
INTF iShares Edge MSCI Multifactor Intl ETF 7.8 30 20 8.1 +2.9
SPDW SPDR Portfolio Developed World ex-US ETF 7.7 4 46 7.3 +2.2
LVHI Legg Mason International Low Volatility High Dividend ETF 7.6 40 10 9.3 +4.2
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 7.5 80 -30 6.0 +0.8
VEA Vanguard FTSE Developed Markets ETF 7.4 5 45 7.6 +2.5
CIL VictoryShares International Volatility Weighted Index ETF 7.2 45 5 6.8 +1.7
EFV iShares MSCI EAFE Value ETF 7.2 39 11 9.7 +4.6
IQDE FlexShares International Quality Dividend Defensive Index Fd 7.1 47 3 12.5 +7.3
CWI SPDR MSCI ACWI ex-US ETF 6.9 30 20 7.4 +2.2
IOO iShares Global 100 ETF 6.9 40 10 4.8 -0.4
ACWX iShares MSCI ACWI ex U.S. ETF 6.6 32 18 7.5 +2.3
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 6.5 40 10 7.2 +2.1
FIDI Fidelity International High Dividend ETF 6.5 39 11 11.2 +6.0
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 6.5 39 11 6.8 +1.6
VEU Vanguard FTSE All-World ex-US Index Fund 6.3 8 42 7.8 +2.7
QINT American Century Quality Diversified International ETF 6.3 39 11 5.9 +0.8
DDEZ WisdomTree Europe Multifactor Fund 6.3 43 7 7.1 +1.9
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 6.1 45 5 9.1 +3.9
VSGX Vanguard ESG International Stock ETF 5.9 17 33 7.4 +2.3
IXUS ishares Core MSCI Total International Stock ETF 5.8 9 41 7.6 +2.5
WWJD Inspire International ESG ETF 5.8 80 -30 7.7 +2.5
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 5.7 16 34 7.1 +2.0
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 5.6 58 -8 6.4 +1.2
IDLV Invesco S&P International Developed Low Volatility ETF 5.6 25 25 6.8 +1.6
VXUS Vanguard Total International Stock Index Fund 5.6 8 42 7.8 +2.7
IQDG WisdomTree International Quality Dividend Growth Fund 5.6 38 12 6.5 +1.3
RODM Hartford Multifactor Developed Markets (ex-US) ETF 5.6 29 21 8.8 +3.7
DWX SPDR S&P International Dividend ETF 5.5 45 5 8.1 +3.0

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 Switzerland ETF
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 12.4 %
Divided by: Fwd. P/BV 2.2 x
Less: Expense ratio 50 bp
Equals: ALTAR Score 5.2 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.62 CATEGORY
AVERAGE		 1.59
 
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.