iShares Mortgage Real Estate ETF
ALTAR
Score™		 26.1% info Recommen-
dation		 SPECULATIVE
2020E    2021E
P/E
ratio		 4.5x P/Sales
ratio		 2.5x
P/BV
ratio		 0.5x Div.
yield		 20.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares Mortgage Real Estate Capped ETF seeks to track the investment results of an index composed of U.S. REITs that hold U.S. residential and commercial mortgages.

FUND BASICS
Category US Equities
Fund Sponsor Barclays Global Fund Advisors
Website www.ishares.com
Inception date May 04, 2007
Assets (mns) $635
Currency USD
Expense ratio 48 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 36
Wgt avg mkt cap (mns) $4,275
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 63.0%
Small cap (<$2bn) 37.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ANNALY CAPITAL MANAGEMENT IN 21.9 %
AGNC INVESTMENT CORP. 17.8 %
STARWOOD PROPERTY TRUST INC 8.8 %
NEW RESIDENTIAL INVESTMENT 7.1 %
CHIMERA INVESTMENT CORPORATION 5.1 %
CAPITAL TRUST-CL A 5.0 %
APOLLO COMMERCIAL REAL ESTAT 3.7 %
HANNON ARMSTRONG SUSTAINABLE 3.3 %
TWO HARBORS INVESTMENT CORP. 3.0 %
PENNYMAC MORTGAGE INVESTMENT 2.9 %
Total 78.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 104.3 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru February 29)
Year-to-date 1 year 5 years 10 years Since Incep.
-5.1% 6.2% 7.6% 7.7% -0.4%

Market Correlations
versus... Beta R-squared
S&P500 0.61 34%
MSCI EAFE 0.60 29%
MSCI Emg. Mkts. 0.39 18%

Technical Indicators
Recent close $20.04
30d moving avg. $35.89
Annualized volatility 13.8%
Short interest (ETF) 0.0%
Short interest (Underlying) 3.1%
Relative strength (RSI) 25

Liquidity measures
Avg. volume (thou.) 542
Turnover 1.7%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $717

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the iShares Mortgage Real Estate ETF ETF based on the alternatives' overlap in portfolio holdings with REM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: REM Expense: 48 bp ALTAR Score™: 26.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH REM
Ticker Fund
Name		 Overlap1
vs REM
(%)		 Expense
ratio
(bp)		 Savings
vs REM
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs REM
(%)
MORT VanEck Vectors Mortgage REIT Income ETF 83.8 42 6 27.4 +1.4
SRET Global X SuperDividend REIT ETF 46.2 59 -11 22.2 -3.9
KBWD Invesco KBW High Dividend Yield Financial ETF 23.4 158 -110 20.3 -5.8
SDIV Global X SuperDividend ETF 14.6 58 -10 23.2 -2.9
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF 12.6 30 18 15.1 -10.9
ROOF IQ US Real Estate Small Cap ETF 11.8 70 -22 13.3 -12.8
XSLV Invesco S&P SmallCap Low Volatility ETF 9.0 25 23 10.6 -15.5
DIV Global X SuperDividend US ETF 8.4 45 3 14.3 -11.8
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 6.4 12 36 9.6 -16.5
PSCF Invesco S&P SmallCap Financials ETF 5.7 29 19 13.9 -12.2
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 5.5 20 28 7.3 -18.8
XSVM Invesco S&P SmallCap Value with Momentum ETF 5.4 39 9 14.3 -11.8
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 4.4 24 24 10.0 -16.0
DDIV First Trust Dorsey Wright Momentum & Dividend ETF 3.7 60 -12 8.9 -17.2
TAN Invesco Solar ETF 3.3 71 -23 3.2 -22.9
ACES ALPS Clean Energy ETF 3.3 65 -17 2.0 -24.1
PSC Principal U.S. Small Cap Index ETF 3.3 38 10 10.0 -16.1
IYR iShares U.S. Real Estate ETF 3.2 42 6 7.5 -18.6
PXSG Invesco S&P SmallCap Momentum ETF 3.1 39 9 6.9 -19.2
VFMV Vanguard U.S. Minimum Volatility ETF 3.1 13 35 5.8 -20.2
HOMZ Hoya Capital Housing ETF 2.9 45 3 10.1 -16.0
JDIV JPMorgan U.S. Dividend ETF 2.8 12 36 10.2 -15.9
JKL iShares Morningstar Small Cap Value ETF 2.7 30 18 13.9 -12.2
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF 2.7 60 -12 5.7 -20.4
OSCV Opus Small Cap Value Plus ETF 2.7 79 -31 7.4 -18.7
SLYV SPDR S&P 600 Small Cap Value ETF 2.5 15 33 11.5 -14.6
IJS iShares S&P Small-cap 600 Value ETF 2.5 25 23 11.3 -14.8
ROGS Hartford Multifactor Global Small Cap ETF 2.4 34 14 11.0 -15.1
VIOV Vanguard S&P Small-Cap 600 Value ETF 2.4 15 33 11.5 -14.6
LSLT Salt Low truBeta US Market ETF 2.3 0 48 8.1 -17.9
IWN iShares Russell 2000 Value ETF 2.2 24 24 9.4 -16.7
VTWV Vanguard Russell 2000 Value Index Fund 2.1 15 33 9.6 -16.5
LVUS Hartford Multifactor Low Volatility US Equity ETF 2.0 19 29 7.3 -18.8
LGLV SPDR Russell 1000 Low Volatility ETF 2.0 12 36 6.6 -19.5
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 1.9 29 19 7.9 -18.2
JMIN JPMorgan U.S. Minimum Volatility ETF 1.9 12 36 6.8 -19.3
PFI Invesco DWA Financial Momentum ETF 1.9 60 -12 7.5 -18.6
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 1.9 29 19 10.9 -15.2
FYC First Trust Small Cap Growth AlphaDEX Fund 1.9 70 -22 3.3 -22.8
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 1.8 20 28 9.7 -16.4
CSML IQ Chaikin U.S. Small Cap ETF 1.8 35 13 12.3 -13.8
AUSF Global X Adaptive U.S. Factor ETF 1.8 27 21 9.7 -16.4
NUMV Nuveen ESG Mid-Cap Value ETF 1.8 40 8 10.8 -15.3
QVM Arrow QVM Equity Factor ETF 1.7 65 -17 13.5 -12.6
JKI iShares Morningstar Mid-Cap Value ETF 1.7 30 18 12.3 -13.8
VBR Vanguard Small Cap Value Index Fund 1.5 7 41 11.1 -14.9
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 1.5 40 8 8.4 -17.7
IJR iShares Core S&P Small Cap ETF 1.5 7 41 9.0 -17.1
SLY SPDR S&P 600 Small Cap ETF 1.5 15 33 8.9 -17.2
SPSM SPDR Portfolio Small Cap ETF 1.5 5 43 9.1 -17.0
VIOO Vanguard S&P Small-Cap 600 ETF 1.4 10 38 9.0 -17.1
VFH Vanguard Financials Index Fund 1.4 10 38 10.8 -15.3
USMV iShares Edge MSCI Min Vol USA ETF 1.4 15 33 6.5 -19.6
FDLO Fidelity Low Volatility Factor ETF 1.4 29 19 6.2 -19.9
FNCL Fidelity MSCI Financials Index ETF 1.4 8 40 10.9 -15.2
NUSC Nuveen ESG Small-Cap ETF 1.3 40 8 7.0 -19.1
FDVV Fidelity Core Dividend ETF 1.3 29 19 9.3 -16.8
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 1.3 39 9 5.9 -20.2
JVAL JPMorgan U.S. Value Factor ETF 1.3 12 36 11.3 -14.8
QCLN First Trust Nasdaq Clean Edge Green Energy Index Fund 1.2 60 -12 2.3 -23.8
RNSC Small Cap US Equity Select ETF 1.2 60 -12 8.9 -17.2
RNDV US Equity Dividend Select ETF 1.2 50 -2 9.9 -16.2
PZD Invesco Cleantech ETF 1.2 68 -20 6.2 -19.9
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 1.2 39 9 8.0 -18.1
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 1.2 24 24 7.9 -18.2
RZG Invesco S&P Smallcap 600 Pure Growth ETF 1.2 35 13 9.1 -17.0
SFYX Sofi Next 500 ETF 1.1 0 48 7.6 -18.5
VXF Vanguard Extended Market Index Fund 1.1 7 41 5.5 -20.6
SCHA Schwab U.S. Small-Cap ETF 1.1 4 44 6.9 -19.2
YLCO Global X YieldCo Index ETF 1.1 65 -17 5.4 -20.7
RZV Invesco S&P Smallcap 600 Pure Value ETF 1.1 35 13 12.6 -13.5
FDM First Trust Dow Jones Select Microcap Index Fund 1.1 60 -12 11.0 -15.1
VOE Vanguard Mid-Cap Value Index Fund 1.1 7 41 10.0 -16.0
RNMC Mid Cap US Equity Select ETF 1.0 60 -12 9.4 -16.6
PBSM Invesco PureBeta MSCI USA Small Cap ETF 1.0 6 42 7.5 -18.6
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 1.0 20 28 8.2 -17.9
IWC iShares Micro-Cap ETF 1.0 60 -12 -4.5 -30.6
IWM iShares Russell 2000 ETF 1.0 19 29 5.2 -20.9
VTWO Vanguard Russell 2000 Index Fund 1.0 10 38 5.3 -20.8
FCTR First Trust Lunt U.S. Factor Rotation ETF 0.9 65 -17 4.1 -22.0
DWMC AdvisorShares Dorsey Wright Micro-Cap ETF 0.9 125 -77 -2.2 -28.3
FNDA Schwab Fundamental U.S. Small Co. Index ETF 0.9 25 23 9.1 -17.0
RYJ Invesco Raymond James SB-1 Equity ETF 0.9 82 -34 4.7 -21.4
SCHM Schwab U.S. Mid-Cap ETF 0.9 4 44 8.4 -17.7
PLCY EventShares U.S. Legislative Opportunities ETF 0.9 75 -27 5.2 -20.9
MXDU Nationwide Maximum Diversification US Core Equity ETF 0.9 34 14 6.5 -19.6
FSMD Fidelity Small-Mid Factor ETF 0.9 29 19 9.3 -16.8
FNK First Trust Mid Cap Value AlphaDEX Fund 0.9 70 -22 14.8 -11.2
FTHI First Trust High Income ETF 0.9 85 -37 7.5 -18.6
NULV Nuveen ESG Large-Cap Value ETF 0.9 35 13 8.9 -17.2
JPUS JPMorgan Diversified Return U.S. Equity ETF 0.9 19 29 7.9 -18.2
PBD Invesco Global Clean Energy ETF 0.8 75 -27 0.8 -25.3
IWS iShares Russell Mid-Cap Value ETF 0.8 24 24 9.3 -16.8
VB Vanguard Small-Cap ETF 0.8 5 43 7.5 -18.5
ACWV iShares Edge MSCI Min Vol Global ETF 0.8 20 28 6.5 -19.6
BOSS Global X Founder-Run Companies ETF 0.7 45 3 4.4 -21.7
IYF iShares U.S. Financials ETF 0.7 42 6 8.6 -17.4
FTLB First Trust Hedged BuyWrite Income ETF 0.7 85 -37 7.5 -18.6
FNX First Trust Mid Cap Core AlphaDEX Fund 0.7 61 -13 9.5 -16.6
FXO First Trust Financials AlphaDEX Fund 0.7 63 -15 12.7 -13.4

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

  2015 2016 2017 2018 2019 2020E 2021E
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
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 iShares Mortgage Real Estate ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.9 %
Divided by: Fwd. P/BV 0.5 x
Less: Expense ratio 48 bp
Equals: ALTAR Score 26.1 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.49 CATEGORY
AVERAGE		 1.52
 
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.