ETF Research Center

iShares MSCI Water Management Multisector ETF

ALTAR
Score™

5.8%

Recommen-
dation

OVERWEIGHT

2025E 2026E
P/E ratio	20.2x	P/Sales ratio	2.0x
P/BV ratio	2.4x	Div. yield	2.2%

Description
Performance
Comps
Fundamentals
Valuation
Rating

IWTR tracks a tier-weighted index of global companies that derive revenue from sustainable water or demonstrate relatively efficient water management.

FUND BASICS
Category	Global Equities
Fund Sponsor	Blackrock
Website	www.ishares.com/us/products/329650/ishares-msci-water-management-multisector-etf
Inception date	Sep 20, 2022
Assets (mns)	$7
Currency	USD
Expense ratio	47 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	56
Wgt avg mkt cap (mns)	$92,328
Large cap (>$10bn)	64.8%
Mid cap ($2-10bn)	30.4%
Small cap (<$2bn)	4.6%
Developed mkts	78.8%
Emerging mkts	21.2%

TOP TEN HOLDINGS
Total	0.0 %
	0.0 %

TOP COUNTRY EXPOSURE
		0.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru July 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
12.4%	4.5%	--	--	13.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.91	73%
MSCI EAFE	0.73	50%
MSCI Emg. Mkts.	0.69	40%

Technical Indicators
Recent close	$34.11
30d moving avg.	$33.69
Annualized volatility	14.3%
Short interest (ETF)	0.0%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.30%
ADV underlying (mns)	$3,974

Distributions

There were no matches found with other funds under coverage.

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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 MSCI Water Management Multisector ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	14.4	%
Divided by: Fwd. P/BV	2.3	x
Less: Expense ratio	47	bp
Equals: ALTAR Score	5.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	CATEGORY AVERAGE	1.58

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.