IQ 50 Percent Hedged FTSE Int'l
ALTAR
Score™
7.0% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
15.9x P/Sales
ratio
1.2x
P/BV
ratio
1.6x Div.
yield
3.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The IQ 50 Percent Hedged FTSE International ETF tracks a vanilla index of large- and midcap companies located in developed nations outside of North America, with roughly 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) $318
Currency USD
Expense ratio 20 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 802
Wgt avg mkt cap (mns) $68,191
Large cap (>$10bn) 84.7%
Mid cap ($2-10bn) 14.9%
Small cap (<$2bn) 0.3%
Developed mkts 95.0%
Emerging mkts 5.0%

TOP TEN HOLDINGS
NESTLE SA-REG 1.9 %
SAMSUNG ELECTRONICS CO LTD 1.5 %
ROCHE HOLDING AG-GENUSSCHEIN 1.4 %
NOVARTIS AG-REG 1.2 %
TOYOTA MOTOR CORP 1.0 %
HSBC HOLDINGS PLC 0.9 %
AIA GROUP LTD 0.8 %
TOTAL SA 0.8 %
SAP AG 0.8 %
ASTRAZENECA PLC 0.8 %
Total 11.3 %

TOP COUNTRY EXPOSURE
JAPAN 24.0 %
BRITAIN 15.0 %
FRANCE 9.3 %
SWITZERLAND 8.8 %
GERMANY 8.1 %
AUSTRALIA 6.6 %
SOUTH KOREA 4.5 %
NETHERLANDS 3.9 %
HONG KONG 3.2 %
SPAIN 2.5 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
23.6% 23.6% -- -- 5.3%

Market Correlations
versus... Beta R-squared
S&P500 0.74 75%
MSCI EAFE 0.92 94%
MSCI Emg. Mkts. 0.60 70%

Technical Indicators
Recent close $22.06
30d moving avg. $21.75
Annualized volatility 10.4%
Short interest (ETF) 0.1%
Relative strength (RSI) 66

Liquidity measures
Avg. volume (thou.) 117
Turnover 0.8%
Bid/Ask (% of price) 0.19%
ADV underlying (mns) $39,923

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the IQ 50 Percent Hedged FTSE Int'l ETF based on the alternatives' overlap in portfolio holdings with HFXI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: HFXI Expense: 20 bp ALTAR Score™: 7.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH HFXI
Ticker Fund
Name
Overlap1
vs HFXI
(%)
Expense
ratio
(bp)
Savings
vs HFXI
(bp)
ALTAR
Score™
(%)
ALTAR
vs HFXI
(%)
PBDM Invesco PureBeta FTSE Developed ex-North America 89.0 7 13 7.3 +0.2
EFA iShares MSCI EAFE 87.5 31 -11 6.7 -0.3
DBEF Xtrackers MSCI EAFE Hedged 86.7 35 -15 6.6 -0.4
SCHF Schwab International Equity 82.3 6 14 7.0 +0.0
EFAX SPDR MSCI EAFE Fossil Fuel Free 81.1 20 0 6.8 -0.2
IEFA iShares Core MSCI EAFE 80.2 7 13 6.8 -0.2
SPDW SPDR Portfolio World ex-US 73.7 4 16 6.9 -0.2
VEA Vanguard Europe Pacific 72.7 5 15 7.0 0.0
IDEV iShares Core MSCI Int'l Developed Markets 72.4 5 15 6.9 -0.2
JHMD John Hancock Multifactor Developed International 69.5 45 -25 6.9 -0.1
PXF Invesco FTSE-RAFI Developed ex-US 68.3 45 -25 7.9 +0.9
ESGD iShares MSCI EAFE ESG Optimized 67.7 20 0 6.7 -0.4
FNDF Schwab Fundamental Intl Large Cap 66.6 25 -5 7.4 +0.4
ACWX iShares MSCI ACWI ex-US 64.2 31 -11 7.0 +0.0
CWI SPDR MSCI ACWI ex-US 63.4 30 -10 7.0 +0.0
DWM WisdomTree DEFA Fund 63.3 48 -28 7.4 +0.4
DDWM WisdomTree Dynamic Currency Hedged Int'l Equity 63.2 35 -15 7.6 +0.6
DBAW Xtrackers MSCI All World ex-US Hedged 63.2 40 -20 6.9 -0.1
QEFA SPDR MSCI EAFE Quality Mix 62.1 30 -10 6.4 -0.6

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

  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:
IQ 50 Percent Hedged FTSE Int'l
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 10.7 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 20 bp
Equals: ALTAR Score 7.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.61 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.