iShares Currency Hedgd MSCI Emg Mkts
ALTAR
Score™
8.5% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
13.3x P/Sales
ratio
1.1x
P/BV
ratio
1.5x Div.
yield
3.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares Currency Hedged MSCI Emerging Markets ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the MSCI Emerging Markets 100% Hedged NETR Index. The ETF holds large and mid-cap emerging market equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor BlackRock Fund Advisors
Website www.ishares.com
Inception date Sep 25, 2014
Assets (mns) $190
Currency USD
Expense ratio 67 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 1
Wgt avg mkt cap (mns) $91,827
Large cap (>$10bn) 71.8%
Mid cap ($2-10bn) 26.6%
Small cap (<$2bn) 1.7%
Developed mkts 8.0%
Emerging mkts 90.7%

TOP TEN HOLDINGS
ISHARES MSCI EMERGING MARKETS 99.9 %
Total 99.9 %

TOP COUNTRY EXPOSURE
CHINA 27.1 %
SOUTH KOREA 12.3 %
TAIWAN 11.9 %
INDIA 8.6 %
BRAZIL 7.3 %
HONG KONG 5.1 %
SOUTH AFRICA 4.6 %
RUSSIA 4.0 %
THAILAND 2.7 %
MEXICO 2.5 %

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.
11.2% 11.2% 3.8% -- 4.1%

Market Correlations
versus... Beta R-squared
S&P500 0.75 57%
MSCI EAFE 0.93 74%
MSCI Emg. Mkts. 0.81 91%

Technical Indicators
Recent close $25.63
30d moving avg. $25.32
Annualized volatility 12.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 24
Turnover 0.3%
Bid/Ask (% of price) 0.17%
ADV underlying (mns) $29,127

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 1 potential alternatives to the iShares Currency Hedgd MSCI Emg Mkts ETF based on the alternatives' overlap in portfolio holdings with HEEM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: HEEM Expense: 67 bp ALTAR Score™: 8.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH HEEM
Ticker Fund
Name
Overlap1
vs HEEM
(%)
Expense
ratio
(bp)
Savings
vs HEEM
(bp)
ALTAR
Score™
(%)
ALTAR
vs HEEM
(%)
ECOW Pacer Emerging Markets Cash Cows 100 1.2 70 -3 11.1 +2.7

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 Currency Hedgd MSCI Emg Mkts
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 12.8 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 67 bp
Equals: ALTAR Score 8.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.47 CATEGORY
AVERAGE
1.49
 
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.