ETF Research Center

iShares International Developed Small Cap Value Factor ETF

ALTAR
Score™

8.2%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	12.7x	P/Sales ratio	0.8x
P/BV ratio	1.1x	Div. yield	3.1%

Description
Performance
Comps
Fundamentals
Valuation
Rating

ISVL tracks an index of small-cap value companies selected by a combination of technical and fundamental factors and also weighted by market-cap.

FUND BASICS
Category	International Equities
Fund Sponsor	Blackrock
Website	www.ishares.com
Inception date	Mar 23, 2021
Assets (mns)	$316
Currency	USD
Expense ratio	30 bp
Distributions	None

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	512
Wgt avg mkt cap (mns)	$2,758
Large cap (>$10bn)	7.0%
Mid cap ($2-10bn)	46.8%
Small cap (<$2bn)	45.5%
Developed mkts	99.6%
Emerging mkts	0.4%

TOP TEN HOLDINGS
Total	9.9 %
AURUBIS AG	1.1 %
IG GROUP HOLDINGS PLC	1.1 %
SUBSEA 7 SA	1.1 %
ONEX CORPORATION	1.0 %
NEXANS SA	1.0 %
NORDNET	1.0 %
SAIPEM S.P.A.	0.9 %
GRANITE REAL ESTATE INVESTMENT STA	0.9 %
VOESTALPINE AG	0.9 %
AEDIFICA	0.9 %

TOP COUNTRY EXPOSURE
	JAPAN	26.9 %
	BRITAIN	15.0 %
	CANADA	6.6 %
	SWITZERLAND	6.2 %
	FRANCE	4.9 %
	AUSTRALIA	4.0 %
	GERMANY	3.5 %
	ITALY	3.3 %
	SPAIN	2.2 %
	SWEDEN	2.1 %

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.
10.3%	31.2%	10.7%	--	12.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.84	47%
MSCI EAFE	0.88	84%
MSCI Emg. Mkts.	0.54	54%

Technical Indicators
Recent close	$50.94
30d moving avg.	$50.87
Annualized volatility	14.7%
Short interest (ETF)	0.1%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	25
Turnover	0.4%
Bid/Ask (% of price)	0.18%
ADV underlying (mns)	$1,305

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 2 potential alternatives to the iShares International Developed Small Cap Value Factor ETF ETF based on the alternatives' overlap in portfolio holdings with ISVL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

ISVL

Expense:

30 bp

ALTAR Score™:

8.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ISVL
Ticker	Fund Name	Overlap¹ vs ISVL (%)	Expense ratio (bp)	Savings vs ISVL (bp)	ALTAR Score™ (%)	ALTAR vs ISVL (%)
HSCZ	iShares Currency Hedged MSCI EAFE Small-Cap ETF	14.9	42	-12	5.9	-2.4
GBLD	Invesco MSCI Green Building ETF	1.4	39	-9	9.4	+1.1

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

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
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

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	iShares International Developed Small Cap Value Factor ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	9.2	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	30	bp
Equals: ALTAR Score	8.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.66	CATEGORY AVERAGE	1.64

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.