iShares MSCI USA Size Factor
ALTAR
Score™
6.4% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
17.7x P/Sales
ratio
1.5x
P/BV
ratio
2.5x Div.
yield
1.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares MSCI USA Risk Weighted 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 with relatively smaller average market capitalization, before fees and expenses.

FUND BASICS
Category US Equities
Fund Sponsor iShares/USA
Website www.ishares.com
Inception date Apr 18, 2013
Assets (mns) $432
Currency USD
Expense ratio 15 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 637
Wgt avg mkt cap (mns) $44,782
Large cap (>$10bn) 77.8%
Mid cap ($2-10bn) 22.3%
Small cap (<$2bn) 0.0%
Developed mkts 99.9%
Emerging mkts 0.1%

TOP TEN HOLDINGS
FISERV INC 0.4 %
GLOBAL PAYMENTS INC 0.4 %
SALESFORCE.COM INC 0.4 %
HARRIS CORP 0.3 %
FIDELITY NATIONAL INFORMATIO 0.3 %
DEXCOM INC 0.3 %
SEATTLE GENETICS INC 0.3 %
KLA-TENCOR CORPORATION 0.2 %
QORVO INC 0.2 %
LEGGETT & PLATT INC 0.2 %
Total 3.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.0 %
IRELAND 2.0 %
BRITAIN 1.9 %
BERMUDA 0.9 %
SWITZERLAND 0.5 %
SINGAPORE 0.2 %
CANADA 0.1 %
ARGENTINA 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.
21.4% 12.4% 9.7% -- 11.4%

Market Correlations
versus... Beta R-squared
S&P500 1.00 92%
MSCI EAFE 0.87 59%
MSCI Emg. Mkts. 0.58 43%

Technical Indicators
Recent close $93.94
30d moving avg. $91.45
Annualized volatility 12.6%
Short interest (ETF) 0.2%
Short interest (Underlying) 3.6%
Relative strength (RSI) 73

Liquidity measures
Avg. volume (thou.) 41
Turnover 0.9%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $150,527

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: SIZE Expense: 15 bp ALTAR Score™: 6.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SIZE
Ticker Fund
Name
Overlap1
vs SIZE
(%)
Expense
ratio
(bp)
Savings
vs SIZE
(bp)
ALTAR
Score™
(%)
ALTAR
vs SIZE
(%)
EUSA iShares MSCI USA Equal Weight 93.9 15 0 6.6 +0.2
RSP Invesco S&P 500 Equal Weight 77.8 20 -5 6.9 +0.5
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity 76.7 9 6 6.5 +0.1
USEQ Invesco Russell 1000 Enhanced Equal Weight 67.4 29 -14 6.7 +0.3
JHML John Hancock Multifactor Large Cap 63.9 34 -19 6.0 -0.4
CFO Victory CEMP US 500 Enhanced Volatility Wtd 63.2 35 -20 6.1 -0.2
CFA Compass EMP US 500 Volatility Weighted 63.2 35 -20 6.1 -0.3
RNLC Large Cap US Equity Select 57.6 60 -45 6.4 +0.0
IWR iShares Russell Midcap 57.1 19 -4 6.0 -0.4
RVRS Reverse Cap Weighted US Large Cap 56.0 29 -14 7.9 +1.6
EQAL Invesco Russel 1000 Equal Weight 55.8 20 -5 6.0 -0.4
ONEO SPDR Russell 1000 Momentum Focus 55.3 20 -5 6.5 +0.1
SCIU Global X Scientific Beta US 55.1 19 -4 5.7 -0.6
JHMM John Hancock Multifactor Mid Cap 54.2 44 -29 6.0 -0.4
DEUS Xtrackers Russell 1000 Comprehensive Factor 54.0 17 -2 6.4 +0.0
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity 53.4 9 6 6.4 +0.1
FEX First Trust Large Cap Core Alphadex 52.9 61 -46 6.4 +0.1
DYNF BlackRock U.S. Equity Factor Rotation 50.7 30 -15 6.6 +0.2
PBUS Invesco PureBeta MSCI USA 50.6 4 11 6.0 -0.3
SCHX Schwab U.S. Large-Cap 49.7 3 12 5.9 -0.5

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 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 15.0 %
Divided by: Fwd. P/BV 2.3 x
Less: Expense ratio 15 bp
Equals: ALTAR Score 6.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.58 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.