IQ 50 Percent Hedged FTSE International ETF
ALTAR
Score™
6.4% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
22.3x P/Sales
ratio
1.4x
P/BV
ratio
1.6x Div.
yield
2.4%


  • 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) $298
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 800
Wgt avg mkt cap (mns) $77,637
Large cap (>$10bn) 86.8%
Mid cap ($2-10bn) 12.1%
Small cap (<$2bn) 0.2%
Developed mkts 93.6%
Emerging mkts 6.4%

TOP TEN HOLDINGS
SAMSUNG ELECTRONICS CO LTD 2.1 %
NESTLE SA-REG 1.7 %
ROCHE HOLDING AG-GENUSSCHEIN 1.4 %
ASML HOLDING NV 1.2 %
NOVARTIS AG-REG 1.1 %
TOYOTA MOTOR CORP 1.0 %
AIA GROUP LTD 0.9 %
LVMH MOET HENNESSY LOUIS VUI 0.9 %
UNILEVER PLC 0.8 %
SAP AG 0.8 %
Total 11.9 %

TOP COUNTRY EXPOSURE
JAPAN 24.7 %
BRITAIN 12.8 %
SWITZERLAND 8.7 %
FRANCE 8.5 %
GERMANY 8.3 %
AUSTRALIA 6.8 %
SOUTH KOREA 6.2 %
NETHERLANDS 4.2 %
SWEDEN 3.2 %
HONG KONG 3.1 %

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.
6.9% 6.9% 7.6% -- 5.6%

Market Correlations
versus... Beta R-squared
S&P500 0.83 82%
MSCI EAFE 0.91 97%
MSCI Emg. Mkts. 0.68 69%

Technical Indicators
Recent close $23.40
30d moving avg. $22.97
Annualized volatility 17.2%
Short interest (ETF) 0.0%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 40
Turnover 0.3%
Bid/Ask (% of price) 0.24%
ADV underlying (mns) $72,257

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 potential alternatives to the IQ 50 Percent Hedged FTSE International ETF 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™: 6.4%


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 ETF 89.7 7 13 6.5 +0.1
EFA iShares MSCI EAFE ETF 86.5 32 -12 6.2 -0.2
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 86.0 35 -15 6.1 -0.4
GSID Goldman Sachs MarketBeta International Equity ETF 84.3 20 0 6.3 -0.1
SCHF Schwab International Equity ETF 82.9 6 14 6.5 +0.1
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 81.2 20 0 6.4 -0.1
DFAI Dimensional International Core Equity Market ETF 80.9 18 2 6.4 -0.1
IEFA iShares Core MSCI EAFE ETF 80.2 7 13 6.5 +0.0
BKIE BNY Mellon International Equity ETF 79.7 4 16 6.6 +0.1
IDEV iShares Core MSCI International Developed Markets ETF 72.8 5 15 6.5 +0.0
VEA Vanguard FTSE Developed Markets ETF 72.8 5 15 6.6 +0.1
ESGD iShares MSCI EAFE ESG Optimized ETF 71.7 20 0 6.2 -0.3
SPDW SPDR Portfolio Developed World ex-US ETF 71.6 4 16 6.2 -0.2
JHMD John Hancock Multifactor Developed International ETF 68.9 39 -19 6.6 +0.1
IQSI IQ Candriam ESG International Equity ETF 67.0 15 5 6.4 -0.0
VSGX Vanguard ESG International Stock ETF 66.7 17 3 6.3 -0.1
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 65.8 45 -25 7.7 +1.2
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 63.3 35 -15 6.0 -0.5
QEFA SPDR MSCI EAFE Quality Mix ETF 62.4 30 -10 6.0 -0.5
FNDF Schwab Fundamental International Large Co. Index ETF 62.1 25 -5 7.7 +1.3
ACWX iShares MSCI ACWI ex U.S. ETF 61.7 32 -12 6.3 -0.1
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 60.9 40 -20 6.1 -0.4
CWI SPDR MSCI ACWI ex-US ETF 60.4 30 -10 6.2 -0.3
GSIE Goldman Sachs ActiveBeta International Equity ETF 59.2 25 -5 6.0 -0.5
VEU Vanguard FTSE All-World ex-US Index Fund 58.8 8 12 6.7 +0.2
PDEV Principal International Multi-Factor Core Index ETF 58.1 25 -5 7.1 +0.6
FLEE Franklin FTSE Europe ETF 56.0 9 11 6.5 +0.0
FLEH Franklin FTSE Europe Hedged ETF 56.0 9 11 6.5 +0.1
IEUR iShares Core MSCI Europe ETF 55.2 9 11 6.6 +0.2
VGK Vanguard FTSE Europe ETF 55.0 8 12 6.8 +0.3
SPEU SPDR Portfolio Europe ETF 54.9 9 11 6.8 +0.4
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 54.5 40 -20 7.2 +0.8
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 54.3 39 -19 5.6 -0.9
DBEU Xtrackers MSCI Europe Hedged Equity ETF 54.2 45 -25 6.0 -0.4
BBEU JPMorgan BetaBuilders Europe ETF 54.0 9 11 6.7 +0.2
IXUS ishares Core MSCI Total International Stock ETF 53.8 9 11 6.4 -0.0
DWM WisdomTree International Equity Fund 53.5 48 -28 7.2 +0.7
IEV iShares Europe ETF 53.1 59 -39 6.3 -0.2
CIL VictoryShares International Volatility Weighted Index ETF 51.0 45 -25 6.4 -0.1
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 50.9 45 -25 6.4 -0.1
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 50.0 39 -19 7.4 +1.0
ISZE iShares Edge MSCI Intl Size Factor ETF 49.4 30 -10 6.3 -0.1
DOL WisdomTree International LargeCap Dividend Fund 49.3 48 -28 7.2 +0.7
ISDX Invesco RAFI Strategic Developed ex-US ETF 49.0 23 -3 6.3 -0.2
EFV iShares MSCI EAFE Value ETF 48.9 39 -19 8.4 +2.0
DMXF iShares ESG Advanced MSCI EAFE ETF 48.6 12 8 6.2 -0.2
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 48.0 25 -5 5.9 -0.5
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 47.2 16 4 6.0 -0.5
EFG iShares MSCI EAFE Growth ETF 46.9 40 -20 4.1 -2.4
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 46.2 14 6 6.1 -0.4
VXUS Vanguard Total International Stock ETF 44.8 8 12 6.6 +0.1
AVDE Avantis International Equity ETF 44.5 23 -3 6.9 +0.5
IQIN IQ 500 International ETF 44.4 25 -5 7.7 +1.2
VPL Vanguard FTSE Pacific ETF 42.7 8 12 6.4 -0.1
RESD WisdomTree International ESG Fund 39.9 30 -10 6.5 +0.0
PQIN PGIM QMA Strategic Alpha International Equity ETF 39.3 29 -9 7.1 +0.6
TPIF Timothy Plan International ETF 39.0 62 -42 6.1 -0.4
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 37.6 24 -4 6.5 +0.1
VYMI Vanguard International High Dividend Yield ETF 36.7 27 -7 9.0 +2.6
IPAC iShares Core MSCI Pacific ETF 36.0 9 11 6.3 -0.2
RNDM First Trust Developed International Equity Select ETF 35.2 65 -45 5.7 -0.8
IQLT iShares Edge MSCI Intl Quality Factor ETF 34.9 30 -10 5.2 -1.2
ESGG FlexShares STOXX Global ESG Impact Index Fund 33.4 42 -22 4.6 -1.9
RBIN Nationwide Risk-Based International Equity ETF 33.4 42 -22 6.0 -0.4
IVLU iShares Edge MSCI Intl Value Factor ETF 33.1 30 -10 10.0 +3.6
IMTM iShares Edge MSCI Intl Momentum Factor ETF 32.0 30 -10 4.1 -2.3
JPIN JPMorgan Diversified Return International Equity ETF 31.3 37 -17 7.0 +0.6
IDLB Invesco FTSE International Low Beta Equal Weight ETF 30.5 45 -25 6.1 -0.3
QWLD SPDR MSCI World StrategicFactors ETF 30.0 30 -10 5.4 -1.1
URTH iShares MSCI World ETF 29.6 24 -4 5.0 -1.5
EFAV iShares Edge MSCI Min Vol EAFE ETF 29.0 20 0 5.0 -1.5
NUDM Nuveen ESG International Developed Markets Equity ETF 28.1 40 -20 5.9 -0.5
QINT American Century Quality Diversified International ETF 27.9 39 -19 5.7 -0.8
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 27.7 45 -25 6.0 -0.4
EZU iShares MSCI Eurozone ETF 27.4 51 -31 6.0 -0.4
EURZ Xtrackers Eurozone Equity ETF 27.0 9 11 6.6 +0.1
ACWI iShares MSCI ACWI ETF 26.7 32 -12 5.0 -1.4
FDEV Fidelity Targeted International Factor ETF 26.5 39 -19 6.2 -0.3
CRBN iShares MSCI ACWI Low Carbon Target ETF 26.5 20 0 5.3 -1.1
VWID Virtus WMC International Dividend ETF 26.4 49 -29 7.4 +1.0
LOWC SPDR MSCI ACWI Low Carbon Target ETF 26.1 20 0 5.3 -1.2
RODM Hartford Multifactor Developed Markets (ex-US) ETF 25.2 29 -9 7.3 +0.8
FLJP Franklin FTSE Japan ETF 24.7 9 11 6.5 +0.1
FLJH Franklin FTSE Japan Hedged ETF 24.7 9 11 6.5 +0.0
BBJP JPMorgan BetaBuilders Japan ETF 24.6 19 1 6.4 -0.1
IOO iShares Global 100 ETF 24.6 40 -20 4.2 -2.2
UIVM VictoryShares USAA MSCI International Value Momentum ETF 24.6 35 -15 7.7 +1.3
EWJ iShares MSCI Japan ETF 24.6 51 -31 6.0 -0.4
ZJPN SPDR Solactive Japan ETF 24.5 14 6 6.5 +0.0
DBJP Xtrackers MSCI Japan Hedged Equity ETF 24.5 45 -25 6.1 -0.4
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 24.4 25 -5 6.2 -0.2
VT Vanguard Total World Stock ETF 23.8 8 12 5.3 -1.1
EUDG WisdomTree Europe Quality Dividend Growth Fund 23.7 58 -38 6.5 +0.0
JPXN iShares JPX-Nikkei 400 ETF 23.5 48 -28 6.2 -0.2
TOK iShares MSCI Kokusai ETF 23.5 25 -5 4.9 -1.6
JPN Xtrackers Japan JPX-Nikkei 400 Equity ETF 23.4 9 11 6.6 +0.2
KOKU Xtrackers MSCI Kokusai Equity ETF 23.4 9 11 5.0 -1.4

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 International ETF
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 10.2 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 20 bp
Equals: ALTAR Score 6.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.52 CATEGORY
AVERAGE
1.54
 
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.