iShares S&P Global Clean Energy
ALTAR
Score™
3.8% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
27.0x P/Sales
ratio
1.4x
P/BV
ratio
1.8x Div.
yield
2.4%


  • 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 16, 2008
Assets (mns) $375
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 No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 31
Wgt avg mkt cap (mns) $5,295
Large cap (>$10bn) 17.3%
Mid cap ($2-10bn) 50.8%
Small cap (<$2bn) 30.6%
Developed mkts 77.0%
Emerging mkts 23.1%

TOP TEN HOLDINGS
VESTAS WIND SYSTEMS A/S 6.2 %
GAMESA CORP TECNOLOGICA SA 5.7 %
ORMAT TECHNOLOGIES INC 5.2 %
PATTERN ENERGY GROUP INC 5.2 %
XINYI SOLAR HOLDINGS LTD 5.0 %
FIRST SOLAR INC 4.9 %
OEST ELEKTRIZITATSWIRTS-A 4.9 %
CEMIG SA -SPONS ADR 4.6 %
SOLAREDGE TECHNOLOGIES, INC. 4.5 %
HUANENG RENEWABLES CORP-H 4.4 %
Total 50.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 34.8 %
CHINA 12.4 %
NEW ZEALAND 8.5 %
CANADA 8.4 %
BRAZIL 7.9 %
SPAIN 6.2 %
DENMARK 6.1 %
AUSTRIA 4.9 %
BRITAIN 3.5 %
NORWAY 2.6 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
34.2% 24.9% 4.3% -3.9% -10.3%

Market Correlations
versus... Beta R-squared
S&P500 0.79 35%
MSCI EAFE 0.87 36%
MSCI Emg. Mkts. 0.82 51%

Technical Indicators
Recent close $11.12
30d moving avg. $10.77
Annualized volatility 16.1%
Short interest (ETF) 0.1%
Relative strength (RSI) 57

Liquidity measures
Avg. volume (thou.) 343
Turnover 1.0%
Bid/Ask (% of price) 0.11%
ADV underlying (mns) $760

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares S&P Global Clean Energy 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™: 3.8%


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
(%)
ACES ALPS Clean Energy 34.9 65 -19 0.6 -3.2
TAN Invesco Global Solar Energy 34.7 70 -24 -3.3 -7.2
XKCP SPDR Kensho Clean Power 32.2 45 1 2.9 -0.9
PBW Invesco WilderHill Clean Energy 26.9 70 -24 -1.9 -5.7
FAN First Trust Global Wind 25.5 60 -14 5.4 +1.6
YLCO Global X YieldCo & Renewable Energy Income 25.0 65 -19 4.6 +0.7
PBD Invesco Gbl Clean Energy 24.6 75 -29 -1.6 -5.4
GEX VanEck Vectors Global Alternative Energy 24.0 63 -17 4.0 +0.2
QCLN First Trust NASDAQ Clean Edge Green Energy 23.7 60 -14 1.4 -2.4
BOON NYSE Pickens Oil Response 17.5 85 -39 3.5 -0.4
KGRN KraneShares MSCI China Environment Index 13.3 80 -34 10.1 +6.3
PZD Invesco Cleantech 13.0 68 -22 4.7 +0.9
ITEQ BlueStar TA-BIGITech Israel Technology 8.0 75 -29 2.2 -1.6
ENZL iShares MSCI New Zealand 7.7 47 -1 3.1 -0.7
KOMP SPDR Kensho New Economies Composite 6.4 20 26 3.7 -0.1
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure 5.9 70 -24 5.0 +1.2
SDG iShares MSCI Global Impact 5.7 49 -3 6.0 +2.2
EDEN iShares MSCI Denmark Capped 5.1 53 -7 4.5 +0.7
GHII Invesco S&P High Income Infrastructure 4.9 45 1 4.8 +1.0
DTEC ALPS Disruptive Technologies 4.7 50 -4 3.5 -0.4

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

  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 S&P Global Clean Energy
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 7.2 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 46 bp
Equals: ALTAR Score 3.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.61 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.