iShares Global Clean Energy ETF
ALTAR
Score™		 3.0% info Recommen-
dation		 UNDERWEIGHT
2020E    2021E
P/E
ratio		 33.7x P/Sales
ratio		 1.8x
P/BV
ratio		 1.9x Div.
yield		 2.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares S&P Global Clean Energy Index Fund is an exchange-traded fund incorporat ed in the USA. The Fund seeks investment results that correspond to the price and yield performance of the S&P Global Clean Energy Index.

FUND BASICS
Category Global Equities
Fund Sponsor Barclays Global Fund Advisors
Website www.ishares.com
Inception date Jun 24, 2008
Assets (mns) $786
Currency USD
Expense ratio 46 bp
Distributions Semi-Annually

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 30
Wgt avg mkt cap (mns) $4,833
Large cap (>$10bn) 12.9%
Mid cap ($2-10bn) 59.3%
Small cap (<$2bn) 26.4%
Developed mkts 80.4%
Emerging mkts 19.7%

TOP TEN HOLDINGS
SOLAREDGE TECHNOLOGIES, INC. 5.8 %
XINYI SOLAR HOLDINGS LTD 5.7 %
PLUG POWER INC 5.6 %
ENPHASE ENERGY INC 5.2 %
FIRST SOLAR INC 5.0 %
SUNRUN INC. 4.6 %
CEMIG SA -SPONS ADR 4.3 %
VESTAS WIND SYSTEMS A/S 4.3 %
GAMESA CORP TECNOLOGICA SA 4.2 %
MERIDIAN ENERGY LTD 3.8 %
Total 48.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 36.4 %
CANADA 9.5 %
CHINA 8.8 %
NEW ZEALAND 7.5 %
BRAZIL 6.8 %
SPAIN 6.0 %
DENMARK 4.3 %
BRITAIN 3.7 %
AUSTRIA 3.6 %
NORWAY 3.3 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
7.0% 19.0% 4.8% 1.1% -8.8%

Market Correlations
versus... Beta R-squared
S&P500 0.98 49%
MSCI EAFE 1.11 55%
MSCI Emg. Mkts. 0.95 63%

Technical Indicators
Recent close $13.58
30d moving avg. $12.45
Annualized volatility 23.7%
Short interest (ETF) 0.2%
Relative strength (RSI) 66

Liquidity measures
Avg. volume (thou.) 667
Turnover 1.2%
Bid/Ask (% of price) 0.09%
ADV underlying (mns) $886

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the iShares Global Clean Energy ETF ETF based on the alternatives' overlap in portfolio holdings with ICLN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: ICLN Expense: 46 bp ALTAR Score™: 3.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH ICLN
Ticker Fund
Name		 Overlap1
vs ICLN
(%)		 Expense
ratio
(bp)		 Savings
vs ICLN
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs ICLN
(%)
TAN Invesco Solar ETF 47.5 71 -25 1.5 -1.5
ACES ALPS Clean Energy ETF 35.9 65 -19 0.9 -2.2
XKCP SPDR Kensho Clean Power ETF 32.6 45 1 0.3 -2.7
QCLN First Trust Nasdaq Clean Edge Green Energy Index Fund 28.2 60 -14 0.3 -2.7
PBD Invesco Global Clean Energy ETF 27.8 75 -29 1.6 -1.4
PBW Invesco WilderHill Clean Energy ETF 25.3 70 -24 -4.0 -7.0
GEX VanEck Vectors Global Alternative Energy ETF 22.6 62 -16 4.3 +1.3
YLCO Global X YieldCo Index ETF 17.4 65 -19 4.6 +1.6
PZD Invesco Cleantech ETF 17.2 68 -22 4.7 +1.7
FAN First Trust Global Wind Energy ETF 17.2 62 -16 6.0 +3.0
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure Inde 9.4 70 -24 4.2 +1.2
ITEQ BlueStar Israel Technology ETF 9.3 75 -29 1.8 -1.3
WOMN Impact Shares YWCA Women's Empowerment ETF 9.0 75 -29 4.5 +1.5
KGRN KraneShares MSCI China Environment Index ETF 8.3 80 -34 4.8 +1.8
ENZL iShares MSCI New Zealand Capped ETF 7.5 50 -4 3.0 -0.0
SDGA Impact Shares Sustainable Development Goals Global ETF 6.7 75 -29 5.4 +2.4
ISRA VanEck Vectors Israel ETF 6.3 62 -16 6.8 +3.8
SDG iShares Sustainable MSCI Global Impact ETF 5.9 49 -3 5.6 +2.6
XKST SPDR Kensho Smart Mobility ETF 5.2 45 1 5.3 +2.3
DTEC ALPS Disruptive Technologies ETF 5.1 50 -4 3.5 +0.5
XSD SPDR S&P Semiconductor ETF 5.1 35 11 3.9 +0.9
NACP Impact Shares NAACP Minority Empowerment ETF 4.9 75 -29 4.5 +1.5
KOMP SPDR Kensho New Economies Composite ETF 4.9 20 26 2.5 -0.5
EDEN iShares MSCI Denmark Capped ETF 4.3 53 -7 6.2 +3.2
QMOM Alpha Architect U.S. Quantitative Momentum ETF 3.8 49 -3 2.1 -0.9
SCIX Global X Scientific Beta Asia ex-Japan ETF 3.8 38 8 6.8 +3.8
IZRL ARK Israel Innovative Technology ETF 3.7 49 -3 0.4 -2.6
RFG Invesco S&P Midcap 400 Pure Growth ETF 3.6 35 11 4.0 +1.0
PRN Invesco DWA Industrials Momentum ETF 3.6 60 -14 5.0 +1.9
GXF Global X FTSE Nordic Region ETF 3.5 56 -10 11.3 +8.2
SIMS SPDR S&P Kensho Intelligent Structures ETF 3.4 45 1 6.0 +3.0
GMAN Goldman Sachs Motif Manufacturing Revolution ETF 3.3 50 -4 3.9 +0.9
CHIK Global X MSCI China Information Technology ETF 3.2 66 -20 7.2 +4.2
DIV Global X SuperDividend US ETF 3.0 46 0 7.4 +4.4
XMMO Invesco S&P MidCap Momentum ETF 2.9 39 7 4.7 +1.7
DRIV Global X Autonomous & Electric Vehicles ETF 2.8 68 -22 5.4 +2.4
AMOM Qraft AI-Enhanced U.S. Large Cap Momentum ETF 2.8 75 -29 1.9 -1.1
EWP iShares MSCI Spain ETF 2.7 50 -4 8.7 +5.6
PUI Invesco DWA Utilities Momentum ETF 2.3 60 -14 4.9 +1.9
JKK iShares Morningstar Small-Cap Growth ETF 2.3 30 16 1.1 -1.9
VAMO Cambria Value & Momentum ETF 2.3 64 -18 7.8 +4.7
NUSC Nuveen ESG Small-Cap ETF 2.2 40 6 5.5 +2.5
PSCI Invesco S&P SmallCap Industrials ETF 2.0 29 17 6.9 +3.9
PXI Invesco DWA Energy Momentum ETF 2.0 60 -14 4.4 +1.4
PSCE Invesco S&P SmallCap Energy ETF 2.0 29 17 -2.4 -5.4
DWAS Invesco DWA SmallCap Momentum ETF 1.9 60 -14 -1.1 -4.1
OSCV Opus Small Cap Value Plus ETF 1.9 79 -33 5.7 +2.7
FDM First Trust Dow Jones Select Microcap Index Fund 1.8 60 -14 7.7 +4.7
SMEZ SPDR EURO STOXX Small Cap ETF 1.8 45 1 6.4 +3.4
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 1.8 70 -24 7.5 +4.5
ETHO Etho Climate Leadership U.S. ETF 1.7 47 -1 4.4 +1.4
ECOZ TrueMark ESG Active Opportunities ETF 1.6 58 -12 4.3 +1.2
FYC First Trust Small Cap Growth AlphaDEX Fund 1.6 70 -24 2.5 -0.5
QGRO American Century STOXX U.S. Quality Growth ETF 1.6 29 17 3.1 +0.0
RZV Invesco S&P Smallcap 600 Pure Value ETF 1.5 35 11 10.6 +7.6
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 1.5 29 17 5.8 +2.8
FDMO Fidelity Momentum Factor ETF 1.4 29 17 3.8 +0.7
TTAI TrimTabs All Cap International Free-Cash-Flow ETF 1.4 61 -15 4.9 +1.9
PLCY EventShares U.S. Legislative Opportunities ETF 1.4 75 -29 3.8 +0.8
ECNS iShares MSCI China Small-Cap ETF 1.4 59 -13 11.2 +8.2
FNY First Trust Mid Cap Growth AlphaDEX Fund 1.4 70 -24 2.1 -1.0
FPXE First Trust IPOX Europe Equity Opportunities ETF 1.4 70 -24 2.3 -0.7
SSLY Syntax Stratified SmallCap ETF 1.4 30 16 6.4 +3.4
ENOR iShares MSCI Norway Capped ETF 1.3 53 -7 10.3 +7.3
NORW Global X MSCI Norway ETF 1.3 50 -4 10.4 +7.4
WWJD Inspire International ESG ETF 1.3 80 -34 7.6 +4.5
FEP First Trust Europe AlphaDEX Fund 1.3 80 -34 7.7 +4.7
MDYG SPDR S&P 400 Mid Cap Growth ETF 1.3 15 31 5.0 +2.0
IJK iShares S&P Mid-Cap 400 Growth ETF 1.3 24 22 4.9 +1.9
XITK SPDR FactSet Innovative Technology ETF 1.2 45 1 0.3 -2.7
SLT Salt TruBeta High Exposure ETF 1.2 29 17 9.9 +6.9
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 1.2 15 31 5.0 +2.0
VTWG Vanguard Russell 2000 Growth Index Fund 1.2 15 31 0.8 -2.3
FYX First Trust Small Cap Core AlphaDEX Fund 1.2 63 -17 6.9 +3.8
DFE WisdomTree Europe SmallCap Dividend Fund 1.1 58 -12 8.6 +5.6
HAP VanEck Vectors Natural Resources ETF 1.1 50 -4 6.5 +3.5
MDY SPDR S&P Midcap 400 ETF Trust 1.1 23 23 6.6 +3.6
IJH iShares Core S&P Mid-Cap ETF 1.1 6 40 6.8 +3.8
SPMD SPDR Portfolio Mid Cap ETF 1.1 5 41 6.8 +3.8
BKSE BNY Mellon US Small Cap Core Equity ETF 1.1 4 42 5.9 +2.8
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 1.1 17 29 5.3 +2.3
PEXL Pacer US Export Leaders ETF 1.1 60 -14 6.0 +3.0
EWGS iShares MSCI Germany Small Cap ETF 1.1 59 -13 5.1 +2.1
IVOO Vanguard S&P Mid-Cap 400 ETF 1.1 10 36 6.7 +3.6
SFYX Sofi Next 500 ETF 1.0 0 46 6.0 +3.0
IWO iShares Russell 2000 Growth ETF 1.0 24 22 0.8 -2.3
XT iShares Exponential Technologies ETF 1.0 47 -1 5.0 +2.0
AFSM First Trust Active Factor Small Cap ETF 1.0 75 -29 5.8 +2.8
DGT SPDR Global Dow ETF 1.0 50 -4 6.8 +3.8
EQAL Invesco Russell 1000 Equal Weight ETF 1.0 20 26 5.8 +2.8
SCHA Schwab U.S. Small-Cap ETF 1.0 4 42 4.8 +1.8
FEUZ First Trust Eurozone AlphaDEX ETF 0.9 80 -34 7.8 +4.7
PGJ Invesco Golden Dragon China ETF 0.9 70 -24 3.0 -0.1
VTWO Vanguard Russell 2000 Index Fund 0.9 10 36 3.8 +0.8
JPEU JPMorgan Diversified Return Europe Equity ETF 0.9 37 9 7.0 +4.0
CALF Pacer US Small Cap Cash Cows 100 ETF 0.9 59 -13 13.8 +10.8
PBSM Invesco PureBeta MSCI USA Small Cap ETF 0.9 6 40 5.5 +2.5
FDEV Fidelity Targeted International Factor ETF 0.9 39 7 6.6 +3.6
PXSG Invesco S&P SmallCap Momentum ETF 0.9 39 7 5.1 +2.1
EWMC Invesco S&P MidCap 400 Equal Weight ETF 0.9 40 6 7.5 +4.5

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:		 iShares Global Clean Energy 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 6.4 %
Divided by: Fwd. P/BV 1.8 x
Less: Expense ratio 46 bp
Equals: ALTAR Score 3.0 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.60 CATEGORY
AVERAGE		 1.50
 
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.