iShares Evolved U.S. Financials
ALTAR
Score™
7.5% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
12.7x P/Sales
ratio
2.1x
P/BV
ratio
1.5x Div.
yield
2.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares Evolved U.S. Financials ETF is an actively managed, market-cap-weighted fund of large-, mid-, and small-cap US stocks in the financial sector, according to an alternative classification system defined by machine learning algorithms.

FUND BASICS
Category US Equities
Fund Sponsor BlackRock
Website www.ishares.com
Inception date Mar 21, 2018
Assets (mns) $5
Currency USD
Expense ratio 18 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Fundamental
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 271
Wgt avg mkt cap (mns) $104,587
Large cap (>$10bn) 80.5%
Mid cap ($2-10bn) 16.1%
Small cap (<$2bn) 3.4%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
JPMORGAN CHASE & CO 4.9 %
BANK OF AMERICA CORP 4.9 %
WELLS FARGO & CO 4.8 %
CITIGROUP INC 4.2 %
US BANCORP 2.9 %
BERKSHIRE HATHAWAY INC-CL B 2.5 %
GOLDMAN SACHS GROUP INC 2.3 %
AMERICAN EXPRESS CO 2.0 %
MORGAN STANLEY 1.8 %
AMERICAN INTERNATIONAL GROUP 1.7 %
Total 32.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.2 %
BERMUDA 1.8 %
BRITAIN 1.2 %
PUERTO RICO 0.3 %







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.
23.7% 12.6% -- -- 3.2%

Market Correlations
versus... Beta R-squared
S&P500 1.19 85%
MSCI EAFE 1.26 70%
MSCI Emg. Mkts. 0.97 60%

Technical Indicators
Recent close $25.64
30d moving avg. $24.67
Annualized volatility 20.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 74

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.18%
ADV underlying (mns) $27,986

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: IEFN Expense: 18 bp ALTAR Score™: 7.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH IEFN
Ticker Fund
Name
Overlap1
vs IEFN
(%)
Expense
ratio
(bp)
Savings
vs IEFN
(bp)
ALTAR
Score™
(%)
ALTAR
vs IEFN
(%)
FNCL Fidelity MSCI Financials 73.0 8 10 7.5 -0.0
VFH Vanguard Financials 72.4 10 8 7.4 -0.0
JHMF John Hancock Multifactor Financials 69.9 40 -22 6.7 -0.8
XLF Financials Select Sector SPDR 63.3 13 5 7.1 -0.4
RWW Invesco S&P Financials Revenue 58.2 45 -27 7.4 -0.0
IYF iShares DJ US Financials 57.4 42 -24 6.2 -1.3
IYG iShares DJ US Financial Services 57.1 42 -24 6.5 -0.9
RYF Invesco S&P Equal Weight Financials 50.6 40 -22 7.5 +0.1
IXG iShares S&P Global Financial Sector 40.4 46 -28 8.4 +0.9
FXO First Trust Financial Alphadex 39.4 63 -45 8.0 +0.5
SPVU Invesco S&P 500 Value 35.3 13 5 11.1 +3.7
KBWB Invesco KBW Bank Portfolio 33.0 35 -17 7.8 +0.3
DFNL Davis Select Financial 30.9 64 -46 6.8 -0.7
FTXO First Trust Nasdaq Bank 29.7 60 -42 7.8 +0.4
KBE KBW Bank ETF 27.5 35 -17 8.3 +0.9
AMCA iShares Russell 1000 Pure U.S. Revenue 27.1 15 3 6.6 -0.9
PWV Invesco Dynamic Large Cap Value 25.7 55 -37 8.0 +0.5
EPS WisdomTree Earnings 500 25.0 8 10 7.0 -0.5
IWX iShares Russell Top 200 Value 25.0 20 -2 7.0 -0.5
EXT WisdomTree Total Earnings 24.5 28 -10 6.8 -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

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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 Evolved U.S. Financials
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 10.8 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 18 bp
Equals: ALTAR Score 7.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.60 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.