ETF Research Center

iShares International Developed Small Cap Value Factor ETF

ALTAR
Score™

7.5%

Recommen-
dation

NEUTRAL

2024E 2025E
P/E ratio	11.3x	P/Sales ratio	0.7x
P/BV ratio	1.1x	Div. yield	3.4%

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)	$179
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	514
Wgt avg mkt cap (mns)	$2,847
Large cap (>$10bn)	2.0%
Mid cap ($2-10bn)	54.5%
Small cap (<$2bn)	43.4%
Developed mkts	99.7%
Emerging mkts	0.3%

TOP TEN HOLDINGS
Total	12.1 %
ARC RESOURCES LTD	2.0 %
KINROSS GOLD CORP	1.5 %
LUNDIN MINING CORP	1.4 %
MEG ENERGY CORP	1.2 %
INDUSTRIAL ALLIANCE INSURANC	1.1 %
ALTAGAS INCOME TRUST	1.1 %
WEST FRASER TIMBER CO LTD	1.1 %
ONEX CORPORATION	0.9 %
BANCA POPOL EMILIA ROMAGNA	0.9 %
CELESTICA INC	0.9 %

TOP COUNTRY EXPOSURE
	JAPAN	23.7 %
	CANADA	19.0 %
	BRITAIN	7.7 %
	AUSTRALIA	7.6 %
	SWITZERLAND	7.2 %
	SWEDEN	5.5 %
	SPAIN	3.4 %
	GERMANY	3.1 %
	ITALY	2.7 %
	FINLAND	2.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru March 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-0.6%	10.9%	--	--	0.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.91	74%
MSCI EAFE	1.08	96%
MSCI Emg. Mkts.	0.80	57%

Technical Indicators
Recent close	$34.51
30d moving avg.	$31.93
Annualized volatility	19.1%
Short interest (ETF)	0.3%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.1%
Bid/Ask (% of price)	0.35%
ADV underlying (mns)	$1,740

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™:

7.5%

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 (%)
DDLS	WisdomTree Dynamic Currency Hedged International SmallCap Eq	22.1	48	-18	8.9	+1.5
GBLD	Invesco MSCI Green Building ETF	0.4	39	-9	8.3	+0.8

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

	2019	2020	2021	2022	2023	2024E	2025E
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

	2023	2024E	2025E
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:

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	8.3	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	30	bp
Equals: ALTAR Score	7.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.41	CATEGORY AVERAGE	1.51

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.