iShares U.S. Broker Dealers
ALTAR
Score™
7.0% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
14.4x P/Sales
ratio
3.1x
P/BV
ratio
1.8x Div.
yield
2.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares U.S. Broker-Dealers Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Select Investment Services Index.

FUND BASICS
Category US Equities
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date May 05, 2006
Assets (mns) $242
Currency USD
Expense ratio 42 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication Optimized
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 26
Wgt avg mkt cap (mns) $46,014
Large cap (>$10bn) 81.5%
Mid cap ($2-10bn) 14.7%
Small cap (<$2bn) 3.8%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
GOLDMAN SACHS GROUP INC 17.8 %
CME GROUP INC 17.5 %
MORGAN STANLEY 10.6 %
RAYMOND JAMES FINANCIAL INC 4.6 %
NASDAQ OMX GROUP/THE 4.6 %
SCHWAB (CHARLES) CORP 4.5 %
MARKETAXESS HOLDINGS INC 4.5 %
INTERCONTINENTALEXCHANGE INC 4.5 %
CBOE HOLDINGS INC 4.5 %
E*TRADE FINANCIAL CORP 4.1 %
Total 77.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 99.8 %










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.
16.5% 7.7% 11.6% 10.6% 4.2%

Market Correlations
versus... Beta R-squared
S&P500 0.87 41%
MSCI EAFE 0.56 14%
MSCI Emg. Mkts. 0.34 9%

Technical Indicators
Recent close $66.38
30d moving avg. $63.73
Annualized volatility 16.4%
Short interest (ETF) 0.5%
Short interest (Underlying) 2.7%
Relative strength (RSI) 79

Liquidity measures
Avg. volume (thou.) 57
Turnover 1.6%
Bid/Ask (% of price) 0.07%
ADV underlying (mns) $2,142

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares U.S. Broker Dealers ETF based on the alternatives' overlap in portfolio holdings with IAI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: IAI Expense: 42 bp ALTAR Score™: 7.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH IAI
Ticker Fund
Name
Overlap1
vs IAI
(%)
Expense
ratio
(bp)
Savings
vs IAI
(bp)
ALTAR
Score™
(%)
ALTAR
vs IAI
(%)
KCE SPDR KBW Capital Markets 37.0 35 7 8.2 +1.2
PLAT WisdomTree Modern Tech Platforms 18.1 45 -3 2.9 -4.1
RYF Invesco S&P Equal Weight Financials 14.6 40 2 7.5 +0.6
IYG iShares DJ US Financial Services 12.2 42 0 6.5 -0.4
EQRR ProShares Equities for Rising Rates 11.9 35 7 8.1 +1.2
XLF Financials Select Sector SPDR 10.7 13 29 7.1 +0.2
FNCL Fidelity MSCI Financials 9.9 8 34 7.5 +0.5
VFH Vanguard Financials 9.8 10 32 7.4 +0.5
BLOK Amplify Transformational Data Sharing 9.4 70 -28 5.4 -1.5
IEFN iShares Evolved U.S. Financials 9.3 18 24 7.5 +0.5
PFI Invesco Dynamic Financial Sector 9.0 60 -18 4.7 -2.3
RWW Invesco S&P Financials Revenue 8.6 45 -3 7.4 +0.5
JHMF John Hancock Multifactor Financials 8.5 40 2 6.7 -0.2
FXO First Trust Financial Alphadex 8.3 63 -21 8.0 +1.1
IYF iShares DJ US Financials 7.0 42 0 6.2 -0.7
FMK First Trust Mega Cap AlphaDEX 6.7 70 -28 5.6 -1.4
DIA SPDR Dow Jones Industrial Average 5.4 17 25 6.1 -0.9
BLCN Reality Shares NASDAQ NextGen Economy 5.3 68 -26 5.7 -1.3
IXG iShares S&P Global Financial Sector 5.3 46 -4 8.4 +1.4
DFNL Davis Select Financial 5.2 64 -22 6.8 -0.2

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 U.S. Broker Dealers
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.2 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 42 bp
Equals: ALTAR Score 7.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.62 CATEGORY
AVERAGE
1.55
 
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.