iShares MSCI France ETF
ALTAR
Score™		 6.4% info Recommen-
dation		 UNDERWEIGHT
2020E    2021E
P/E
ratio		 23.3x P/Sales
ratio		 1.2x
P/BV
ratio		 1.5x Div.
yield		 2.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI France Index fund seeks investment results that correspond to the price and yield performance of the MSCI French Index. The index consists primarily of large cap stocks traded on the French Stock Exchange.

FUND BASICS
Category International Equities
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date Mar 12, 1996
Assets (mns) $721
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 78
Wgt avg mkt cap (mns) $71,330
Large cap (>$10bn) 90.1%
Mid cap ($2-10bn) 9.4%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
LVMH MOET HENNESSY LOUIS VUI 8.6 %
SANOFI-AVENTIS 7.7 %
TOTAL SA 6.3 %
L'OREAL 5.6 %
AIR LIQUIDE SA 4.9 %
SCHNEIDER ELECTRIC SA 4.1 %
VINCI SA 3.2 %
BNP PARIBAS 3.2 %
EADS NV 3.0 %
PPR 2.9 %
Total 49.5 %

TOP COUNTRY EXPOSURE
FRANCE 92.5 %
NETHERLANDS 3.5 %
LUXEMBOURG 1.3 %
SWITZERLAND 1.3 %







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.
-15.6% -9.8% 3.6% 6.1% 5.6%

Market Correlations
versus... Beta R-squared
S&P500 0.93 72%
MSCI EAFE 1.14 93%
MSCI Emg. Mkts. 0.82 76%

Technical Indicators
Recent close $27.93
30d moving avg. $27.55
Annualized volatility 18.7%
Short interest (ETF) 5.4%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 1,155
Turnover 4.5%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $7,143

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: EWQ Expense: 50 bp ALTAR Score™: 6.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EWQ
Ticker Fund
Name		 Overlap1
vs EWQ
(%)		 Expense
ratio
(bp)		 Savings
vs EWQ
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs EWQ
(%)
FLFR Franklin FTSE France ETF 95.7 9 41 6.8 +0.4
FEZ SPDR EURO STOXX 50 ETF 36.0 29 21 7.1 +0.6
EZU iShares MSCI Eurozone ETF 33.2 49 1 6.6 +0.1
EURZ Xtrackers Eurozone Equity ETF 32.8 9 41 7.0 +0.6
HEDJ WisdomTree Europe Hedged Equity Fund 30.5 58 -8 6.9 +0.4
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 29.7 45 5 6.7 +0.3
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 17.6 25 25 6.5 +0.0
DBEU Xtrackers MSCI Europe Hedged Equity ETF 16.9 45 5 6.6 +0.2
BBEU JPMorgan BetaBuilders Europe ETF 16.4 9 41 7.3 +0.9
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 16.3 30 20 6.8 +0.4
IEV iShares Europe ETF 16.3 59 -9 6.7 +0.3
FLEH Franklin FTSE Europe Hedged ETF 16.2 9 41 7.1 +0.6
FLEE Franklin FTSE Europe ETF 16.1 9 41 6.9 +0.5
IEUR iShares Core MSCI Europe ETF 15.1 9 41 7.2 +0.8
EUDG WisdomTree Europe Quality Dividend Growth Fund 15.0 58 -8 6.0 -0.4
FEU SPDR Portfolio Europe ETF 14.6 9 41 7.3 +0.9
VGK Vanguard FTSE Europe ETF 13.4 8 42 7.4 +1.0
JPEU JPMorgan Diversified Return Europe Equity ETF 13.3 37 13 7.0 +0.6
FEUZ First Trust Eurozone AlphaDEX ETF 13.2 80 -30 7.7 +1.2
OEUR O'shares FTSE Europe Quality Dividend ETF 12.9 48 2 6.6 +0.1
IQIN IQ 500 International ETF 12.8 25 25 9.0 +2.5
RFEU First Trust Riverfront Dynamic Europe ETF 12.2 83 -33 5.4 -1.1
IVLU iShares Edge MSCI Intl Value Factor ETF 11.6 30 20 11.4 +5.0
ESGD iShares MSCI EAFE ESG Optimized ETF 11.3 20 30 6.9 +0.5
VIGI Vanguard International Dividend Appreciation ETF 11.2 25 25 5.5 -0.9
GSIE Goldman Sachs ActiveBeta International Equity ETF 11.1 25 25 6.6 +0.2
IQSI IQ Candriam ESG International Equity ETF 11.1 15 35 7.3 +0.8
EUMV iShares Edge MSCI Min Vol Europe ETF 10.8 25 25 5.0 -1.5
EFG iShares MSCI EAFE Growth ETF 10.8 40 10 4.5 -1.9
EFA iShares MSCI EAFE ETF 10.7 32 18 7.0 +0.6
EFV iShares MSCI EAFE Value ETF 10.7 39 11 9.6 +3.1
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 10.6 20 30 7.1 +0.6
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 10.6 35 15 6.9 +0.5
HDEF Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF 10.5 20 30 9.5 +3.1
SCID Global X Scientific Beta Europe ETF 10.5 39 11 6.4 0.0
JHMD John Hancock Multifactor Developed International ETF 10.3 39 11 7.5 +1.0
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 9.9 14 36 6.9 +0.5
QINT American Century Quality Diversified International ETF 9.8 39 11 5.7 -0.7
UIVM VictoryShares USAA MSCI International Value Momentum ETF 9.8 35 15 8.8 +2.4
DOL WisdomTree International LargeCap Dividend Fund 9.8 48 2 8.6 +2.1
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 9.7 45 5 8.9 +2.5
HFXI IQ 50 Percent Hedged FTSE International ETF 9.6 20 30 7.5 +1.1
BKIE BNY Mellon International Equity ETF 9.6 4 46 7.5 +1.0
NUDM Nuveen ESG International Developed Markets Equity ETF 9.5 40 10 6.9 +0.5
GSID Goldman Sachs MarketBeta International Equity ETF 9.4 20 30 7.4 +0.9
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 9.4 7 43 7.6 +1.1
DWCR Arrow DWA Country Rotation ETF 9.3 95 -45 16.8 +10.4
IEFA iShares Core MSCI EAFE ETF 9.2 7 43 7.3 +0.9
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 9.2 30 20 0.0 -6.4
IGRO iShares International Dividend Growth ETF 9.2 22 28 8.0 +1.6
FIVA Fidelity International Value Factor ETF 9.0 39 11 10.1 +3.7
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 9.0 35 15 6.9 +0.4
EUFN iShares MSCI Europe Financials ETF 8.9 48 2 11.6 +5.1
CIL VictoryShares International Volatility Weighted Index ETF 8.8 45 5 6.7 +0.3
IDY Pacific Global International Equity Income ETF 8.7 39 11 8.0 +1.6
FNDF Schwab Fundamental International Large Co. Index ETF 8.7 25 25 8.9 +2.4
IMTM iShares Edge MSCI Intl Momentum Factor ETF 8.7 30 20 4.3 -2.2
ISDX Invesco Strategic Developed ex-US ETF 8.7 23 27 7.6 +1.2
SCHF Schwab International Equity ETF 8.7 6 44 7.4 +1.0
PDEV Principal International Multi-Factor Core Index ETF 8.6 25 25 7.9 +1.5
IDEV iShares Core MSCI International Developed Markets ETF 8.5 5 45 7.2 +0.8
ISZE iShares Edge MSCI Intl Size Factor ETF 8.4 30 20 7.4 +1.0
QEFA SPDR MSCI EAFE Quality Mix ETF 8.3 30 20 6.8 +0.4
IDMO Invesco S&P International Developed Momentum ETF 8.0 26 24 4.5 -2.0
TTAI TrimTabs All Cap International Free-Cash-Flow ETF 8.0 61 -11 4.9 -1.5
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 7.8 35 15 8.5 +2.1
DWM WisdomTree International Equity Fund 7.8 48 2 8.3 +1.8
FEP First Trust Europe AlphaDEX Fund 7.8 80 -30 7.6 +1.2
RNDM Developed International Equity Select ETF 7.7 65 -15 6.4 -0.0
SPDW SPDR Portfolio Developed World ex-US ETF 7.7 4 46 7.2 +0.8
IQLT iShares Edge MSCI Intl Quality Factor ETF 7.7 30 20 6.0 -0.4
RXI iShares Global Consumer Discretionary ETF 7.6 46 4 5.2 -1.2
FDEV Fidelity Targeted International Factor ETF 7.5 39 11 6.5 +0.1
GMAN Goldman Sachs Motif Manufacturing Revolution ETF 7.5 50 0 3.8 -2.6
ICOW Pacer Developed Markets International Cash Cows 100 ETF 7.5 65 -15 11.0 +4.6
VEA Vanguard FTSE Developed Markets ETF 7.3 5 45 7.5 +1.0
RFDI First Trust Riverfront Dynamic Developed International ETF 7.2 83 -33 5.6 -0.8
PQIN PGIM QMA Strategic Alpha International Equity ETF 7.2 29 21 7.7 +1.3
EXI iShares Global Industrials ETF 7.0 46 4 6.2 -0.2
DTH WisdomTree DEFA Equity Income Fund 6.9 58 -8 9.8 +3.3
TPIF Timothy Plan International ETF 6.9 62 -12 6.3 -0.1
ACWX iShares MSCI ACWI ex U.S. ETF 6.9 32 18 7.2 +0.8
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 6.9 40 10 7.1 +0.6
CWI SPDR MSCI ACWI ex-US ETF 6.8 30 20 7.2 +0.7
KOIN Innovation Shares NextGen Protocol ETF 6.5 95 -45 4.3 -2.2
FPXE First Trust IPOX Europe Equity Opportunities ETF 6.4 70 -20 2.3 -4.1
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 6.4 20 30 11.0 +4.6
FILL iShares MSCI Global Energy Producers ETF 6.3 39 11 6.6 +0.2
IXC iShares Global Energy ETF 6.3 46 4 6.1 -0.4
AVDE Avantis International Equity ETF 6.3 23 27 7.9 +1.5
RBIN Nationwide Risk-Based International Equity ETF 6.3 42 8 6.4 0.0
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 6.2 16 34 6.9 +0.4
VEU Vanguard FTSE All-World ex-US Index Fund 6.2 8 42 7.6 +1.1
DINT Davis Select International ETF 6.1 68 -18 5.6 -0.8
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 6.1 80 -30 5.9 -0.6
VYMI Vanguard International High Dividend Yield ETF 6.1 32 18 10.2 +3.8
EFAV iShares Edge MSCI Min Vol EAFE ETF 6.0 20 30 5.5 -1.0
IXUS ishares Core MSCI Total International Stock ETF 6.0 9 41 7.4 +1.0

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 France ETF
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 10.0 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 50 bp
Equals: ALTAR Score 6.4 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.51 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.