iShares MSCI Int'l Developed Size Factor
ALTAR
Score™
6.6% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
16.5x P/Sales
ratio
1.0x
P/BV
ratio
1.5x Div.
yield
2.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI International Developed Size Factor ETF tracks an index of large- and midcap equities in developed markets outside the US. Stocks are selected by market cap and weighted inversely to price volatility.

FUND BASICS
Category International Equities
Fund Sponsor BlackRock
Website www.ishares.com
Inception date Jun 18, 2015
Assets (mns) $17
Currency USD
Expense ratio 30 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Volatility
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 977
Wgt avg mkt cap (mns) $20,479
Large cap (>$10bn) 53.4%
Mid cap ($2-10bn) 45.9%
Small cap (<$2bn) 0.5%
Developed mkts 99.7%
Emerging mkts 0.4%

TOP TEN HOLDINGS
SHIN-ETSU CHEMICAL CO LTD 0.2 %
TDK CORP 0.2 %
SEGRO PLC 0.2 %
TERNA SPA 0.2 %
CGI GROUP INC - CL A 0.2 %
ASML HOLDING NV 0.2 %
ENEL SPA 0.2 %
NATIONAL BANK OF CANADA 0.2 %
HERMES INTERNATIONAL 0.2 %
HANNOVER RUECKVERSICHERU-REG 0.2 %
Total 1.9 %

TOP COUNTRY EXPOSURE
JAPAN 31.6 %
BRITAIN 9.4 %
CANADA 9.1 %
FRANCE 7.0 %
AUSTRALIA 6.9 %
GERMANY 5.4 %
SWITZERLAND 4.0 %
HONG KONG 3.9 %
SWEDEN 2.8 %
NETHERLANDS 2.4 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
21.1% 21.1% -- -- 6.1%

Market Correlations
versus... Beta R-squared
S&P500 0.79 75%
MSCI EAFE 0.97 94%
MSCI Emg. Mkts. 0.66 75%

Technical Indicators
Recent close $28.22
30d moving avg. $28.06
Annualized volatility 11.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.29%
ADV underlying (mns) $41,061

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the iShares MSCI Int'l Developed Size Factor ETF based on the alternatives' overlap in portfolio holdings with ISZE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: ISZE Expense: 30 bp ALTAR Score™: 6.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH ISZE
Ticker Fund
Name
Overlap1
vs ISZE
(%)
Expense
ratio
(bp)
Savings
vs ISZE
(bp)
ALTAR
Score™
(%)
ALTAR
vs ISZE
(%)
GSIE Goldman Sachs ActiveBeta Int'l Equity 54.7 25 5 6.3 -0.3
EFA iShares MSCI EAFE 50.8 31 -1 6.7 +0.0
SPDW SPDR Portfolio World ex-US 50.1 4 26 6.9 +0.2
DBEF Xtrackers MSCI EAFE Hedged 49.7 35 -5 6.6 -0.1
IDEV iShares Core MSCI Int'l Developed Markets 49.6 5 25 6.9 +0.2
SCHF Schwab International Equity 49.4 6 24 7.1 +0.4
EFAX SPDR MSCI EAFE Fossil Fuel Free 49.3 20 10 6.8 +0.1
JHMD John Hancock Multifactor Developed International 48.6 45 -15 7.0 +0.3
HFXI IQ 50 Percent Hedged FTSE Int'l 48.2 20 10 7.0 +0.4
PQIN PGIM QMA Strategic Alpha International Equity 48.0 29 1 7.0 +0.4
PBDM Invesco PureBeta FTSE Developed ex-North America 47.1 7 23 7.3 +0.6
IEFA iShares Core MSCI EAFE 46.9 7 23 6.8 +0.2
VEA Vanguard Europe Pacific 46.9 5 25 7.0 +0.4
REFA Invesco International Revenue ETF 46.3 42 -12 8.6 +2.0
CIL Victory CEMP International Volatility Wtd 46.2 45 -15 6.7 +0.1
CIZ Compass EMP Dev. 500 Enhanced Vol. Wgt. 46.2 45 -15 6.7 +0.1
DEEF Xtrackers FTSE Dev ex-US Comprehensive Factor 46.1 24 6 6.8 +0.2
FNDF Schwab Fundamental Intl Large Cap 44.8 25 5 7.5 +0.8
ACWX iShares MSCI ACWI ex-US 44.6 31 -1 7.1 +0.4

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 MSCI Int'l Developed Size Factor
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 9.6 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 30 bp
Equals: ALTAR Score 6.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

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