iShares Russell Microcap
ALTAR
Score™
-8.4% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
-74.5x P/Sales
ratio
0.8x
P/BV
ratio
1.5x Div.
yield
2.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares Russell Microcap Index Fund seeks investment results that correspond to the price and yield performance of the Russell Microcap Index.

FUND BASICS
Category US Equities
Fund Sponsor Barclays Global Fund Advisors
Website www.ishares.com
Inception date Aug 16, 2005
Assets (mns) $812
Currency USD
Expense ratio 60 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 1384
Wgt avg mkt cap (mns) $496
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 0.3%
Small cap (<$2bn) 99.7%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NANOMETRICS INC 0.5 %
RA PHARMACEUTICALS, INC. 0.5 %
INDEPENDENCE REALTY TRUST, INC. 0.4 %
PERFICIENT INC 0.4 %
DOUGLAS DYNAMICS INC 0.4 %
BOOT BARN HOLDINGS, INC. 0.3 %
M/I HOMES INC 0.3 %
CSW INDUSTRIALS, INC. 0.3 %
KADANT INC 0.3 %
MODEL N INC 0.3 %
Total 3.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.4 %
BERMUDA 0.5 %
CAYMAN ISLANDS 0.2 %
CANADA 0.2 %
PUERTO RICO 0.1 %
BRITAIN 0.1 %
IRELAND 0.1 %
MONACO 0.1 %
ISRAEL 0.1 %
BRITISH VIRGIN ISLANDS 0.1 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
10.7% -3.2% 5.4% 11.1% 5.4%

Market Correlations
versus... Beta R-squared
S&P500 1.14 60%
MSCI EAFE 0.88 30%
MSCI Emg. Mkts. 0.44 12%

Technical Indicators
Recent close $91.78
30d moving avg. $90.65
Annualized volatility 17.7%
Short interest (ETF) 0.4%
Short interest (Underlying) 5.2%
Relative strength (RSI) 72

Liquidity measures
Avg. volume (thou.) 23
Turnover 0.3%
Bid/Ask (% of price) 0.29%
ADV underlying (mns) $3,316

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares Russell Microcap ETF based on the alternatives' overlap in portfolio holdings with IWC. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: IWC Expense: 60 bp ALTAR Score™: -8.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH IWC
Ticker Fund
Name
Overlap1
vs IWC
(%)
Expense
ratio
(bp)
Savings
vs IWC
(bp)
ALTAR
Score™
(%)
ALTAR
vs IWC
(%)
OMFS Oppenheimer Russell 2000 Dynamic Multifactor 45.5 39 21 7.4 +15.8
PQSV PGIM QMA Strategic Alpha Small-Cap Value 34.4 29 31 6.6 +14.9
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity 23.7 20 40 5.9 +14.3
PQSG PGIM QMA Strategic Alpha Small-Cap Growth 23.4 29 31 1.3 +9.6
EES WisdomTree SmallCap Earnings 22.1 38 22 9.4 +17.8
EWSC Invesco S&P Small Cap 600 Equal Weight 20.9 40 20 5.8 +14.2
PRFZ Invesco FTSE-RAFI Small-Mid 1500 18.1 39 21 4.8 +13.1
IWN iShares Russell 2000 Value 18.0 24 36 6.6 +15.0
FDM First Trust DJ Select Microcap 17.8 60 0 7.5 +15.9
VTWV Vanguard Russell 2000 Value 17.5 20 40 6.7 +15.0
VFLQ Vanguard U.S. Liquidity Factor 16.9 13 47 4.0 +12.4
DWMC AdvisorShares Dorsey Wright Micro-Cap 16.1 125 -65 0.2 +8.6
AVUV Avantis U.S. Small Cap Value 16.0 25 35 7.5 +15.9
IWM iShares Russell 2000 15.1 19 41 3.8 +12.2
VTWO Vanguard Russell 2000 14.6 15 45 3.8 +12.2
SMLV SPDR Russell 2000 Low Volatility 14.3 12 48 6.7 +15.1
CSML IQ Chaikin U.S. Small Cap 13.9 35 25 8.2 +16.6
BUY USCF SummerHaven SHPEI Index 13.5 80 -20 11.8 +20.2
CSF Compass EMP US Discovery 500 Enhanced Vol. 13.0 35 25 7.4 +15.7
CSA Victory CEMP US Small Cap Volatility Wtd 13.0 35 25 7.3 +15.7

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

  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

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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 Russell Microcap
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 -11.2 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 60 bp
Equals: ALTAR Score -8.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.39 CATEGORY
AVERAGE
1.55
 
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.