iShares U.S. Infrastructure ETF
ALTAR
Score™		 5.6% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 21.4x P/Sales
ratio		 0.8x
P/BV
ratio		 1.6x Div.
yield		 3.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares U.S. Infrastructure ETF tracks an index of US-listed infrastructure companies that derive a significant portion of their revenue from within the US.

FUND BASICS
Category US Equities
Fund Sponsor BlackRock
Website www.ishares.com
Inception date Apr 03, 2018
Assets (mns) $10
Currency USD
Expense ratio 40 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 134
Wgt avg mkt cap (mns) $10,410
Large cap (>$10bn) 28.8%
Mid cap ($2-10bn) 37.4%
Small cap (<$2bn) 33.9%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ENLINK MIDSTREAM LLC 1.3 %
ANTERO MIDSTREAM CORP. 1.2 %
FLUOR CORP 1.1 %
BUILDERS FIRSTSOURCE INC 1.1 %
TREX COMPANY INC 1.0 %
ONEOK INC 1.0 %
ADVANCED DRAINAGE SYSTEMS INC 1.0 %
TUTOR PERINI CORP 1.0 %
GREENBRIER COMPANIES INC 0.9 %
BMC STOCK HOLDINGS, INC. 0.9 %
Total 10.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 98.0 %
BRITAIN 0.8 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-17.3% -4.9% -- -- -2.8%

Market Correlations
versus... Beta R-squared
S&P500 1.13 91%
MSCI EAFE 1.23 90%
MSCI Emg. Mkts. 0.95 78%

Technical Indicators
Recent close $24.19
30d moving avg. $21.89
Annualized volatility 23.2%
Short interest (ETF) 0.0%
Relative strength (RSI) 57

Liquidity measures
Avg. volume (thou.) 8
Turnover 2.0%
Bid/Ask (% of price) 0.26%
ADV underlying (mns) $10,892

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: IFRA Expense: 40 bp ALTAR Score™: 5.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH IFRA
Ticker Fund
Name		 Overlap1
vs IFRA
(%)		 Expense
ratio
(bp)		 Savings
vs IFRA
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs IFRA
(%)
VPU Vanguard Utilities Index Fund 28.5 10 30 5.6 -0.1
FUTY Fidelity MSCI Utilities Index ETF 28.0 8 32 5.6 -0.0
IDU iShares U.S. Utilities ETF 26.1 43 -3 5.3 -0.3
JHMU John Hancock Multifactor Utilities ETF 26.0 40 0 5.9 +0.2
FXU First Trust Utilities AlphaDEX Fund 24.1 63 -23 6.1 +0.5
PUI Invesco DWA Utilities Momentum ETF 23.3 60 -20 4.5 -1.1
JDIV JPMorgan U.S. Dividend ETF 23.0 12 28 8.0 +2.4
PAVE Global X U.S. Infrastructure Development ETF 22.9 47 -7 5.9 +0.2
FVD First Trust Value Line Dividend Index Fund 22.5 70 -30 6.2 +0.6
DVY iShares Select Dividend ETF 19.5 39 1 8.1 +2.5
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 19.3 39 1 6.3 +0.7
JMIN JPMorgan U.S. Minimum Volatility ETF 18.5 12 28 5.8 +0.2
RYU Invesco S&P 500 Equal Weight Utilities ETF 18.3 40 0 6.1 +0.5
XLU Utilities Select Sector SPDR Fund 18.3 13 27 5.6 +0.0
JXI iShares Global Utilities ETF 18.0 46 -6 5.8 +0.2
EMLP First Trust North American Energy Infrastructure Fund 17.0 95 -55 5.4 -0.2
TPHD Timothy Plan High Dividend Stock ETF 16.8 52 -12 7.2 +1.6
IWS iShares Russell Mid-Cap Value ETF 15.6 24 16 7.2 +1.6
TPLC Timothy Plan US Large Cap Core ETF 15.2 52 -12 5.4 -0.2
INFR Legg Mason Global Infrastructure ETF 14.8 40 0 6.0 +0.4
SCIU Global X Scientific Beta US ETF 14.5 19 21 5.8 +0.1
UTES Virtus Reaves Utilities ETF 14.2 49 -9 5.0 -0.6
JPUS JPMorgan Diversified Return U.S. Equity ETF 14.1 19 21 6.3 +0.6
ECLN First Trust EIP Carbon Impact ETF 14.1 95 -55 3.7 -2.0
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 13.9 35 5 8.4 +2.8
AMCA iShares Russell 1000 Pure U.S. Revenue ETF 13.6 15 25 6.7 +1.1
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 13.4 24 16 6.0 +0.4
MAGA Point Bridge GOP Stock Tracker ETF 13.4 72 -32 6.6 +1.0
IGF iShares Global Infrastructure ETF 13.2 46 -6 5.2 -0.5
GII SPDR S&P Global Infrastructure ETF 13.2 40 0 5.3 -0.3
JKI iShares Morningstar Mid-Cap Value ETF 13.1 30 10 9.6 +3.9
CDC VictoryShares US EQ Income Enhanced Volatility Wtd Index ETF 13.1 35 5 8.5 +2.9
DON WisdomTree U.S. MidCap Dividend Fund 12.6 38 2 7.7 +2.1
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 12.5 47 -7 6.4 +0.8
EQAL Invesco Russell 1000 Equal Weight ETF 12.4 20 20 5.1 -0.6
DES WisdomTree U.S. SmallCap Dividend Fund 12.1 38 2 8.7 +3.0
VOE Vanguard Mid-Cap Value Index Fund 12.0 7 33 7.9 +2.3
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 11.8 46 -6 5.3 -0.4
GLIF AGFiQ Global Infrastructure ETF 11.8 45 -5 5.1 -0.6
TPYP Tortoise North American Pipeline Fund 11.7 40 0 5.8 +0.1
RWK Invesco S&P MidCap 400 Revenue ETF 11.6 39 1 7.5 +1.9
VBR Vanguard Small Cap Value Index Fund 11.5 7 33 8.4 +2.8
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 11.4 38 2 9.1 +3.5
ONEV SPDR Russell 1000 Low Volatility Focus ETF 11.2 20 20 7.0 +1.4
SPVM Invesco S&P 500 Value with Momentum ETF 11.1 39 1 9.3 +3.7
CFA VictoryShares US 500 Volatility Weighted Index ETF 11.0 35 5 5.8 +0.2
MDYV SPDR S&P 400 Mid Cap Value ETF 10.9 15 25 8.4 +2.7
IJJ iShares S&P Mid-Cap 400 Value ETF 10.9 25 15 8.3 +2.6
IVOV Vanguard S&P Mid-Cap 400 Value ETF 10.9 15 25 8.4 +2.8
DTN WisdomTree U.S. Dividend ex-Financials Fund 10.5 38 2 7.9 +2.3
JKL iShares Morningstar Small Cap Value ETF 10.5 30 10 9.8 +4.1
LSLT Salt Low truBeta US Market ETF 10.5 0 40 7.1 +1.5
ESGS Columbia Sustainable U.S. Equity Income ETF 10.4 35 5 9.0 +3.4
KLCD KFA Large Cap Quality Dividend Index ETF 10.3 41 -1 5.3 -0.3
ONEY SPDR Russell 1000 Yield Focus ETF 10.2 20 20 8.4 +2.8
VFVA Vanguard U.S. Value Factor ETF 10.1 13 27 11.8 +6.2
PYZ Invesco DWA Basic Materials Momentum ETF 10.0 60 -20 5.9 +0.3
PEY Invesco High Yield Equity Dividend Achievers ETF 9.9 53 -13 8.7 +3.0
SDY SPDR S&P Dividend ETF 9.8 35 5 7.1 +1.4
MDY SPDR S&P Midcap 400 ETF Trust 9.7 23 17 6.2 +0.6
IJH iShares Core S&P Mid-Cap ETF 9.7 6 34 6.4 +0.8
SPMD SPDR Portfolio Mid Cap ETF 9.7 5 35 6.4 +0.8
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 9.6 35 5 5.8 +0.2
AFMC First Trust Active Factor Mid Cap ETF 9.5 65 -25 6.2 +0.5
DHS WisdomTree U.S. High Dividend Fund 9.5 38 2 8.5 +2.9
EWMC Invesco S&P MidCap 400 Equal Weight ETF 9.5 40 0 6.8 +1.2
BIBL Inspire ETF 9.4 35 5 4.7 -0.9
IWR iShares Russell Midcap ETF 9.4 19 21 5.7 +0.1
IVOO Vanguard S&P Mid-Cap 400 ETF 9.4 10 30 6.3 +0.6
SMDV ProShares Russell 2000 Dividend Growers ETF 9.4 40 0 7.0 +1.4
VYM Vanguard High Dividend Yield Index ETF 9.4 6 34 7.2 +1.6
OUSM O'Shares FTSE Russell Small Cap Quality Dividend ETF 9.2 48 -8 6.4 +0.7
VALQ American Century STOXX U.S. Quality Value ETF 9.2 29 11 8.9 +3.3
FIW First Trust Water ETF 9.1 55 -15 3.8 -1.8
AIRR First Trust RBA American Industrial Renaissance ETF 9.0 70 -30 7.4 +1.8
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 8.9 29 11 6.0 +0.3
DDIV First Trust Dorsey Wright Momentum & Dividend ETF 8.9 60 -20 5.4 -0.3
FTA First Trust Large Cap Value AlphaDEX Fund 8.9 60 -20 9.1 +3.5
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 8.9 35 5 6.2 +0.6
JHMM John Hancock Multifactor Mid Cap ETF 8.8 44 -4 5.7 +0.1
VAMO Cambria Value & Momentum ETF 8.8 64 -24 7.4 +1.8
PVAL Principal Contrarian Value Index ETF 8.7 29 11 7.4 +1.8
XME SPDR S&P Metals & Mining ETF 8.7 35 5 7.5 +1.9
IWD iShares Russell 1000 Value ETF 8.7 19 21 7.1 +1.5
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 8.7 29 11 6.7 +1.1
VONV Vanguard Russell 1000 Value Index Fund 8.7 8 32 7.2 +1.6
VO Vanguard Mid-Cap Index Fund 8.6 4 36 5.5 -0.2
SPYD SPDR S&P 500 High Dividend ETF 8.6 7 33 10.4 +4.7
VAW Vanguard Materials Index Fund 8.5 10 30 6.2 +0.5
IUSV iShares Core S&P U.S. Value ETF 8.5 4 36 7.4 +1.8
RVRS Reverse Cap Weighted U.S. Large Cap ETF 8.5 29 11 7.3 +1.7
FMAT Fidelity MSCI Materials Index ETF 8.5 8 32 6.2 +0.5
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 8.5 9 31 5.9 +0.3
SPHD Invesco S&P 500 High Dividend Low Volatility ETF 8.5 30 10 9.5 +3.8
IWN iShares Russell 2000 Value ETF 8.5 24 16 7.2 +1.6
IVE iShares S&P 500 Value ETF 8.3 18 22 7.2 +1.6
SPYV SPDR Portfolio S&P 500 Value ETF 8.3 4 36 7.3 +1.7
FNDA Schwab Fundamental U.S. Small Co. Index ETF 8.3 25 15 6.4 +0.8
EZM WisdomTree U.S. MidCap Earnings Fund 8.3 38 2 9.2 +3.6
VTWV Vanguard Russell 2000 Value Index Fund 8.3 15 25 7.3 +1.7

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 U.S. Infrastructure 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 9.5 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 40 bp
Equals: ALTAR Score 5.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.63 CATEGORY
AVERAGE		 1.53
 
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.