IQ 50 PERCENT HEDGED FTSE EUROPE ETF
ALTAR
Score™
8.3% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
13.7x P/Sales
ratio
1.1x
P/BV
ratio
1.3x Div.
yield
4.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The IQ 50 Percent Hedged FTSE Europe ETF tracks a vanilla index of large- and midcap companies domiciled in developed European nations, with approximately half of its foreign currency exposure hedged into the U.S. dollar.

FUND BASICS
Category International Equities
Fund Sponsor IndexIQ
Website www.indexiq.com
Inception date Jul 22, 2015
Assets (mns) $7
Currency USD
Expense ratio 30 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 587
Wgt avg mkt cap (mns) $69,328
Large cap (>$10bn) 82.9%
Mid cap ($2-10bn) 16.8%
Small cap (<$2bn) 0.2%
Developed mkts 99.4%
Emerging mkts 0.6%

TOP TEN HOLDINGS
NESTLE SA-REG 4.1 %
ROCHE HOLDING AG-GENUSSCHEIN 3.1 %
NOVARTIS AG-REG 2.4 %
ASTRAZENECA PLC 1.6 %
HSBC HOLDINGS PLC 1.6 %
SAP AG 1.5 %
ASML HOLDING NV 1.5 %
NOVO NORDISK A/S-B 1.4 %
SANOFI-AVENTIS 1.3 %
TOTAL SA 1.3 %
Total 19.8 %

TOP COUNTRY EXPOSURE
BRITAIN 23.8 %
SWITZERLAND 17.0 %
FRANCE 15.6 %
GERMANY 13.3 %
NETHERLANDS 6.6 %
SWEDEN 4.5 %
SPAIN 4.0 %
DENMARK 3.5 %
ITALY 3.4 %
FINLAND 1.7 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-23.9% -14.1% -- -- -0.9%

Market Correlations
versus... Beta R-squared
S&P500 0.88 80%
MSCI EAFE 0.97 95%
MSCI Emg. Mkts. 0.72 77%

Technical Indicators
Recent close $15.89
30d moving avg. $17.43
Annualized volatility 15.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 35

Liquidity measures
Avg. volume (thou.) 7
Turnover 1.6%
Bid/Ask (% of price) 1.50%
ADV underlying (mns) $33,870

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the IQ 50 PERCENT HEDGED FTSE EUROPE ETF ETF based on the alternatives' overlap in portfolio holdings with HFXE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: HFXE Expense: 30 bp ALTAR Score™: 8.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH HFXE
Ticker Fund
Name
Overlap1
vs HFXE
(%)
Expense
ratio
(bp)
Savings
vs HFXE
(bp)
ALTAR
Score™
(%)
ALTAR
vs HFXE
(%)
FLEE Franklin FTSE Europe ETF 96.2 9 21 8.5 +0.2
FLEH Franklin FTSE Europe Hedged ETF 95.4 9 21 8.6 +0.3
DBEU Xtrackers MSCI Europe Hedged Equity ETF 92.3 45 -15 8.1 -0.2
BBEU JPMorgan BetaBuilders Europe ETF 91.8 9 21 8.8 +0.5
IEV iShares Europe ETF 90.0 59 -29 8.4 +0.1
IEUR iShares Core MSCI Europe ETF 88.6 9 21 8.9 +0.6
VGK Vanguard FTSE Europe ETF 87.7 8 22 9.1 +0.8
FEU SPDR Portfolio Europe ETF 86.5 9 21 8.9 +0.6
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 72.9 25 5 8.1 -0.2
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 59.9 20 10 8.8 +0.5
EFA iShares MSCI EAFE ETF 59.9 32 -2 8.8 +0.4
IQSI IQ Candriam ESG International Equity ETF 59.9 15 15 8.9 +0.6
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 58.2 35 -5 8.5 +0.2
HFXI IQ 50 Percent Hedged FTSE International ETF 57.1 20 10 9.2 +0.9
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 56.7 7 23 9.3 +1.0
DOL WisdomTree International LargeCap Dividend Fund 55.1 48 -18 10.5 +2.2
ESGD iShares MSCI EAFE ESG Optimized ETF 53.9 20 10 8.8 +0.5
IEFA iShares Core MSCI EAFE ETF 53.6 7 23 9.0 +0.6
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 52.5 35 -5 10.6 +2.3
DWM WisdomTree International Equity Fund 52.4 48 -18 10.3 +2.0
SCHF Schwab International Equity ETF 51.9 6 24 9.1 +0.7
QEFA SPDR MSCI EAFE Quality Mix ETF 51.8 30 0 8.0 -0.3
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 51.6 45 -15 11.1 +2.8
EFG iShares MSCI EAFE Growth ETF 50.9 40 -10 5.8 -2.5
JHMD John Hancock Multifactor Developed International ETF 50.7 45 -15 9.1 +0.8
IDEV iShares Core MSCI International Developed Markets ETF 49.4 5 25 9.0 +0.7
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 47.7 45 -15 8.6 +0.2
JPEU JPMorgan Diversified Return Europe Equity ETF 47.1 37 -7 8.5 +0.2
FNDF Schwab Fundamental International Large Co. Index ETF 46.9 25 5 10.8 +2.5
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 46.9 14 16 8.4 +0.1
IMTM iShares Edge MSCI Intl Momentum Factor ETF 46.7 30 0 5.7 -2.7
SPDW SPDR Portfolio Developed World ex-US ETF 46.6 4 26 8.9 +0.6
OEUR O'shares FTSE Europe Quality Dividend ETF 46.3 48 -18 7.6 -0.7
GSIE Goldman Sachs ActiveBeta International Equity ETF 46.3 25 5 8.3 +0.0
IDY Pacific Global International Equity Income ETF 46.2 39 -9 10.7 +2.4
EURZ Xtrackers Eurozone Equity ETF 46.0 9 21 8.9 +0.6
PDEV Principal International Multi-Factor Core Index ETF 45.9 25 5 8.2 -0.1
EZU iShares MSCI Eurozone ETF 45.8 49 -19 8.6 +0.3
VEA Vanguard FTSE Developed Markets ETF 45.4 5 25 9.2 +0.9
SCID Global X Scientific Beta Europe ETF 45.3 38 -8 8.6 +0.2
VYMI Vanguard International High Dividend Yield ETF 44.9 32 -2 12.0 +3.7
RFEU First Trust Riverfront Dynamic Europe ETF 44.7 83 -53 6.2 -2.1
EFV iShares MSCI EAFE Value ETF 44.6 39 -9 12.1 +3.8
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 42.6 39 -9 8.0 -0.3
IQLT iShares Edge MSCI Intl Quality Factor ETF 42.4 30 0 7.4 -1.0
EUMV iShares Edge MSCI Min Vol Europe ETF 42.1 25 5 6.3 -2.0
ISDX Invesco Strategic Developed ex-US ETF 40.8 23 7 9.7 +1.4
CWI SPDR MSCI ACWI ex-US ETF 40.3 30 0 9.1 +0.8
IQIN IQ 500 International ETF 40.0 25 5 10.8 +2.5
ACWX iShares MSCI ACWI ex U.S. ETF 39.6 32 -2 9.1 +0.8
RNDM Developed International Equity Select ETF 39.0 65 -35 8.0 -0.3
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 38.5 16 14 8.5 +0.2
VEU Vanguard FTSE All-World ex-US Index Fund 38.5 8 22 9.4 +1.1
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 38.5 40 -10 9.0 +0.6
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 37.1 48 -18 0.0 -8.3
DTH WisdomTree DEFA Equity Income Fund 37.1 58 -28 12.1 +3.8
RFDI First Trust Riverfront Dynamic Developed International ETF 36.6 83 -53 7.8 -0.5
IXUS ishares Core MSCI Total International Stock ETF 36.1 9 21 9.3 +0.9
CIZ Victory CEMP Developed Enhanced Volatility Weighted Index ET 35.9 45 -15 9.0 +0.6
CIL Victory CEMP International Volatility Weighted Index ETF 35.9 45 -15 8.9 +0.6
VXUS Vanguard Total International Stock Index Fund 35.2 8 22 9.5 +1.1
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 35.1 39 -9 11.4 +3.1
VSGX Vanguard ESG International Stock ETF 33.4 17 13 8.9 +0.6
EUDG WisdomTree Europe Quality Dividend Growth Fund 32.6 58 -28 7.6 -0.7
ISZE iShares Edge MSCI Intl Size Factor ETF 32.5 30 0 8.8 +0.5
IDMO Invesco S&P International Developed Momentum ETF 32.4 25 5 5.6 -2.7
RBIN Nationwide Risk-Based International Equity ETF 31.2 42 -12 8.2 -0.1
IGRO iShares International Dividend Growth ETF 31.2 22 8 9.5 +1.2
QINT American Century Quality Diversified International ETF 29.3 39 -9 7.4 -0.9
FDEV Fidelity Targeted International Factor ETF 29.0 39 -9 7.6 -0.7
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 28.4 24 6 8.9 +0.6
FIVA Fidelity International Value Factor ETF 28.4 39 -9 12.8 +4.5
IDHQ Invesco S&P International Developed High Quality ETF 28.3 29 1 6.5 -1.9
EFAV iShares Edge MSCI Min Vol EAFE ETF 28.0 20 10 6.6 -1.7
NUDM Nuveen ESG International Developed Markets Equity ETF 27.9 40 -10 8.3 -0.0
PQIN PGIM QMA Strategic Alpha International Equity ETF 27.9 29 1 9.1 +0.8
FEZ SPDR EURO STOXX 50 ETF 27.7 29 1 8.9 +0.6
VIGI Vanguard International Dividend Appreciation ETF 27.5 25 5 6.9 -1.4
AVDE Avantis International Equity ETF 27.3 23 7 10.0 +1.7
TPIF Timothy Plan International ETF 26.7 62 -32 8.6 +0.3
IVLU iShares Edge MSCI Intl Value Factor ETF 25.7 30 0 13.7 +5.4
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 25.3 32 -2 7.5 -0.8
IOO iShares Global 100 ETF 25.0 40 -10 6.0 -2.3
HEDJ WisdomTree Europe Hedged Equity Fund 25.0 58 -28 9.6 +1.3
FLGB Franklin FTSE United Kingdom ETF 24.7 9 21 8.9 +0.5
ESGG FlexShares STOXX Global ESG Impact Index Fund 24.1 42 -12 7.0 -1.3
JPIN JPMorgan Diversified Return International Equity ETF 24.0 38 -8 9.6 +1.3
DOO WisdomTree International Dividend ex-Financials Fund 24.0 58 -28 10.7 +2.4
EWU iShares MSCI United Kingdom ETF 23.4 50 -20 8.3 -0.0
QGBR SPDR MSCI UK StrategicFactors ETF 23.3 14 16 8.9 +0.6
RODM Hartford Multifactor Developed Markets (ex-US) ETF 22.7 29 1 10.4 +2.1
DDEZ WisdomTree Europe Multifactor Fund 21.9 43 -13 8.4 +0.1
IDLB Invesco FTSE International Low Beta Equal Weight ETF 21.7 45 -15 8.5 +0.2
TOK iShares MSCI Kokusai ETF 21.5 25 5 7.2 -1.1
UIVM VictoryShares USAA MSCI International Value Momentum ETF 20.8 35 -5 10.4 +2.1
FEP First Trust Europe AlphaDEX Fund 20.6 80 -50 10.6 +2.3
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 20.2 58 -28 7.6 -0.7
IQDG WisdomTree International Quality Dividend Growth Fund 20.1 38 -8 7.8 -0.5
IQDE FlexShares International Quality Dividend Defensive Index Fd 19.8 47 -17 15.3 +7.0

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:
IQ 50 PERCENT HEDGED FTSE EUROPE 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 11.2 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 30 bp
Equals: ALTAR Score 8.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.56 CATEGORY
AVERAGE
1.58
 
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.