iShares MSCI USA Momentum Factor
ALTAR
Score™
4.4% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
24.7x P/Sales
ratio
4.4x
P/BV
ratio
5.7x Div.
yield
1.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI USA Momentum Index Fund is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of an index that measures the performance of U.S. large- and mid-capitalization stocks exhibiting relatively higher momentum characteristics, before fees and expenses.

FUND BASICS
Category US Equities
Fund Sponsor iShares/USA
Website www.ishares.com
Inception date Apr 18, 2013
Assets (mns) $9,125
Currency USD
Expense ratio 15 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 125
Wgt avg mkt cap (mns) $192,480
Large cap (>$10bn) 97.9%
Mid cap ($2-10bn) 2.1%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MICROSOFT CORP 5.5 %
MASTERCARD INC-CLASS A 5.3 %
PROCTER & GAMBLE CO/THE 5.3 %
VISA INC-CLASS A SHARES 5.2 %
WALT DISNEY CO/THE 4.5 %
CISCO SYSTEMS INC 3.0 %
COMCAST CORP-CL A 3.0 %
MERCK & CO. INC. 2.7 %
PAYPAL HOLDINGS INC 2.2 %
BROADCOM INC. 2.2 %
Total 38.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.8 %
BRITAIN 1.1 %
IRELAND 0.7 %
CANADA 0.4 %
BERMUDA 0.4 %
SWITZERLAND 0.3 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
25.1% 15.7% 13.9% -- 15.6%

Market Correlations
versus... Beta R-squared
S&P500 0.89 78%
MSCI EAFE 0.83 56%
MSCI Emg. Mkts. 0.60 46%

Technical Indicators
Recent close $123.40
30d moving avg. $121.45
Annualized volatility 12.2%
Short interest (ETF) 0.0%
Short interest (Underlying) 2.5%
Relative strength (RSI) 69

Liquidity measures
Avg. volume (thou.) 748
Turnover 1.0%
Bid/Ask (% of price) 0.02%
ADV underlying (mns) $36,996

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: MTUM Expense: 15 bp ALTAR Score™: 4.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH MTUM
Ticker Fund
Name
Overlap1
vs MTUM
(%)
Expense
ratio
(bp)
Savings
vs MTUM
(bp)
ALTAR
Score™
(%)
ALTAR
vs MTUM
(%)
SPMO Invesco S&P 500 Momentum Portfolio 57.6 13 2 4.3 -0.1
JMOM JPMorgan U.S. Momentum Factor 39.4 12 3 4.3 -0.1
OMOM Invesco Russell 1000 Momentum Factor ETF 34.0 19 -4 5.3 +0.9
SPYG SPDR Portfolio S&P 500 Growth 33.6 4 11 5.1 +0.7
FDMO Fidelity Momentum Factor 33.5 29 -14 4.1 -0.3
VOOG Vanguard S&P 500 Growth 33.4 15 0 5.0 +0.6
IVW iShares S&P 500 Growth 33.4 18 -3 4.9 +0.5
SPHQ Invesco S&P High Quality Portfolio 33.4 15 0 5.7 +1.3
XLK Technology Select Sector SPDR 32.8 13 2 5.7 +1.3
FTEC Fidelity MSCI Info Technology 32.3 8 7 5.5 +1.1
IUSG iShares Core U.S. Growth 32.2 4 11 5.1 +0.7
VGT Vanguard Info Tech ETF 32.0 10 5 5.5 +1.1
MMTM SPDR S&P1500 Momentum Tilt 31.6 12 3 5.4 +1.0
PWB Invesco Dynamic Large Cap Growth 29.9 55 -40 4.3 -0.1
IWF iShares Russell 1000 Growth 29.0 19 -4 5.0 +0.6
YLDE ClearBridge Dividend Strategy ESG 28.9 60 -45 4.6 +0.2
VONG Vanguard Russell 1000 Growth 28.9 12 3 5.1 +0.7
VIG Vanguard Dividend Appreciation 28.8 6 9 5.5 +1.1
PLC Principal U.S. Large-Cap Multi-Factor Core Index 28.8 15 0 5.6 +1.2
ULVM USAA MSCI USA Value Momentum Blend Index 28.7 20 -5 7.5 +3.1

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

  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 USA Momentum Factor
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 22.3 %
Divided by: Fwd. P/BV 4.9 x
Less: Expense ratio 15 bp
Equals: ALTAR Score 4.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.45 CATEGORY
AVERAGE
1.56
 
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.