iShares MSCI Euro Monetary Union
ALTAR
Score™
6.8% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
15.0x P/Sales
ratio
1.1x
P/BV
ratio
1.6x Div.
yield
3.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI EMU Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the European Monetary Union (EMU) markets, as measured by the MSCI EMU Index.

FUND BASICS
Category International Equities
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date Jul 31, 2000
Assets (mns) $6,206
Currency USD
Expense ratio 47 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 248
Wgt avg mkt cap (mns) $60,730
Large cap (>$10bn) 90.4%
Mid cap ($2-10bn) 8.9%
Small cap (<$2bn) 0.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
SAP AG 2.9 %
TOTAL SA 2.8 %
LVMH MOET HENNESSY LOUIS VUI 2.6 %
ASML HOLDING NV 2.4 %
SANOFI-AVENTIS 2.2 %
ALLIANZ SE-REG 2.2 %
SIEMENS AG-REG 2.1 %
UNILEVER NV 1.9 %
EADS NV 1.8 %
L'OREAL 1.6 %
Total 22.5 %

TOP COUNTRY EXPOSURE
FRANCE 32.1 %
GERMANY 26.6 %
NETHERLANDS 13.6 %
SPAIN 8.6 %
ITALY 6.5 %
FINLAND 2.9 %
BELGIUM 2.9 %
IRELAND 1.9 %
BRITAIN 0.9 %
LUXEMBOURG 0.8 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
18.3% 11.6% 4.4% 4.0% 3.4%

Market Correlations
versus... Beta R-squared
S&P500 0.82 49%
MSCI EAFE 1.22 92%
MSCI Emg. Mkts. 0.81 67%

Technical Indicators
Recent close $40.91
30d moving avg. $39.80
Annualized volatility 14.1%
Short interest (ETF) 0.0%
Relative strength (RSI) 69

Liquidity measures
Avg. volume (thou.) 4,852
Turnover 3.2%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $13,983

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: EZU Expense: 47 bp ALTAR Score™: 6.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EZU
Ticker Fund
Name
Overlap1
vs EZU
(%)
Expense
ratio
(bp)
Savings
vs EZU
(bp)
ALTAR
Score™
(%)
ALTAR
vs EZU
(%)
EURZ Xtrackers Eurozone Equity 90.6 9 38 7.1 +0.3
DBEZ Xtrackers MSCI EMU Hedged 84.0 45 2 6.4 -0.4
FEZ SPDR DJ Euro Stoxx 50 59.3 29 18 6.9 +0.2
IEV iShares S&P Europe 350 49.0 59 -12 6.4 -0.4
DBEU Xtrackers Europe Hedged 48.9 45 2 6.4 -0.4
HEDJ Wisdomtree International Hedged Equity 47.9 58 -11 7.6 +0.8
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE 47.4 30 17 6.7 -0.1
FLEE Franklin FTSE Europe 47.2 9 38 6.9 +0.1
BBEU JPMorgan BetaBuilders Europe 47.0 9 38 6.9 +0.1
FLEH Franklin FTSE Europe Hedged 46.6 9 38 6.9 +0.1
GSEU Goldman Sachs ActiveBeta Europe Equity 44.2 25 22 6.5 -0.3
IEUR iShares Core MSCI Europe 44.0 9 38 6.9 +0.1
FEU SPDR DJ Stoxx 50 43.0 9 38 6.8 +0.1
VGK Vanguard FTSE Europe 42.5 9 38 6.9 +0.2
EWQ iShares MSCI France 35.3 47 0 6.3 -0.5
JPEU JPMorgan Diversified Return Europe Equity 34.6 37 10 6.7 -0.1
FLFR Franklin FTSE France 34.6 9 38 6.7 -0.1
DOL WisdomTree Int'l Large Cap Dividend 34.1 48 -1 7.7 +0.9
SCID Global X Scientific Beta Europe 33.9 38 9 6.5 -0.3
IMTM iShares MSCI Int'l Developed Momentum 33.4 30 17 5.3 -1.5

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 Euro Monetary Union
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 10.7 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 47 bp
Equals: ALTAR Score 6.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.59 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.