iShares N. American Tech-Software
ALTAR
Score™
3.1% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
35.5x P/Sales
ratio
7.0x
P/BV
ratio
7.6x Div.
yield
0.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares Goldman Sachs Software Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of U.S.-traded software-related stocks as represented by the Goldman Sachs Technology Industry Software Index.

FUND BASICS
Category US Equities
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date Jul 13, 2001
Assets (mns) $2,744
Currency USD
Expense ratio 46 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 94
Wgt avg mkt cap (mns) $161,595
Large cap (>$10bn) 80.1%
Mid cap ($2-10bn) 17.6%
Small cap (<$2bn) 2.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MICROSOFT CORP 8.9 %
ADOBE SYSTEMS INC 8.8 %
SALESFORCE.COM INC 8.2 %
ORACLE CORP 8.2 %
INTUIT INC 5.9 %
SERVICENOW INC 4.5 %
ACTIVISION BLIZZARD INC 3.7 %
AUTODESK INC 3.5 %
ELECTRONIC ARTS INC 2.7 %
WORKDAY INC-CLASS A 2.4 %
Total 56.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 98.3 %
CANADA 1.6 %









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.
33.7% 25.2% 20.4% 18.3% 9.0%

Market Correlations
versus... Beta R-squared
S&P500 1.09 63%
MSCI EAFE 1.00 44%
MSCI Emg. Mkts. 0.79 45%

Technical Indicators
Recent close $227.72
30d moving avg. $222.35
Annualized volatility 16.5%
Short interest (ETF) 0.0%
Short interest (Underlying) 3.7%
Relative strength (RSI) 75

Liquidity measures
Avg. volume (thou.) 490
Turnover 4.1%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $13,948

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the iShares N. American Tech-Software ETF based on the alternatives' overlap in portfolio holdings with IGV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: IGV Expense: 46 bp ALTAR Score™: 3.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH IGV
Ticker Fund
Name
Overlap1
vs IGV
(%)
Expense
ratio
(bp)
Savings
vs IGV
(bp)
ALTAR
Score™
(%)
ALTAR
vs IGV
(%)
XSW SPDR S&P Software & Services 36.3 35 11 4.1 +1.0
JHMT John Hancock Multifactor Technology 29.1 40 6 6.1 +3.0
SKYY First Trust Cloud Computing 29.0 60 -14 2.4 -0.7
AIQ Global X Future Analytics Tech 28.1 68 -22 4.5 +1.5
IYW iShares US Technology 24.4 42 4 5.2 +2.1
FTEC Fidelity MSCI Info Technology 23.8 8 38 5.5 +2.4
VGT Vanguard Info Tech ETF 23.7 10 36 5.4 +2.4
XNTK SPDR NYSE Technology 22.9 35 11 5.6 +2.5
OGIG O'Shares Global Internet Giants 22.5 48 -2 1.5 -1.6
IGM iShares S&P N. American Technology 22.5 46 0 4.6 +1.5
IETC iShares Evolved U.S. Technology 22.4 18 28 4.8 +1.7
PTF Invesco DWA Technology Momentum 21.7 60 -14 1.5 -1.6
FXL First Trust Technology Alphadex 21.3 63 -17 5.5 +2.5
PSJ Invesco Dynamic Software 20.1 58 -12 3.2 +0.1
XLK Technology Select Sector SPDR 20.1 13 33 5.6 +2.5
QTEC First Trust NASDAQ 100 Tech 18.8 57 -11 6.0 +2.9
GDAT Goldman Sachs Motif Data-Driven World 18.7 50 -4 6.0 +2.9
RYT Invesco S&P Equal Weight Technology 18.5 40 6 6.4 +3.3
IXN iShares S&P Global Technology 17.8 46 0 5.3 +2.2

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%.

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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 N. American Tech-Software
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 22.1 %
Divided by: Fwd. P/BV 6.2 x
Less: Expense ratio 46 bp
Equals: ALTAR Score 3.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.43 CATEGORY
AVERAGE
1.56
 
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.