iShares MSCI USA Size Factor ETF
ALTAR
Score™		 6.0% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 24.4x P/Sales
ratio		 1.8x
P/BV
ratio		 2.4x Div.
yield		 1.9%


  • 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 16, 2013
Assets (mns) $668
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 618
Wgt avg mkt cap (mns) $51,797
Large cap (>$10bn) 80.8%
Mid cap ($2-10bn) 18.6%
Small cap (<$2bn) 0.0%
Developed mkts 99.8%
Emerging mkts 0.2%

TOP TEN HOLDINGS
ZOOM VIDEO COMMUNICATIONS, INC. CL 0.4 %
PINTEREST, INC. CLASS A 0.4 %
MATCH GROUP, INC. 0.4 %
MORGAN STANLEY 0.3 %
TESLA MOTORS INC 0.3 %
SCHWAB (CHARLES) CORP 0.3 %
SNAP, INC. CLASS A 0.3 %
FEDEX CORP 0.3 %
TRADE DESK, INC. CLASS A 0.3 %
SQUARE, INC. CLASS A 0.3 %
Total 3.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.4 %
IRELAND 1.8 %
BRITAIN 1.6 %
BERMUDA 0.9 %
SWITZERLAND 0.5 %
ARGENTINA 0.2 %
NETHERLANDS 0.2 %
CANADA 0.2 %



HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-2.3% 5.2% 10.8% -- 10.5%

Market Correlations
versus... Beta R-squared
S&P500 1.08 93%
MSCI EAFE 1.14 85%
MSCI Emg. Mkts. 0.82 71%

Technical Indicators
Recent close $96.15
30d moving avg. $96.08
Annualized volatility 19.8%
Short interest (ETF) 0.4%
Short interest (Underlying) 3.6%
Relative strength (RSI) 51

Liquidity measures
Avg. volume (thou.) 89
Turnover 1.3%
Bid/Ask (% of price) 0.06%
ADV underlying (mns) $284,462

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the iShares MSCI USA Size Factor ETF 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™: 6.0%


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 Weighted ETF 93.8 15 0 6.1 +0.1
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 76.7 9 6 5.9 -0.1
RSP Invesco S&P 500 Equal Weight ETF 73.9 20 -5 6.5 +0.5
CFA VictoryShares US 500 Volatility Weighted Index ETF 66.2 35 -20 5.7 -0.4
CFO VictoryShares US 500 Enhanced Volatility Weighted Index ETF 66.2 35 -20 5.7 -0.4
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 64.9 29 -14 6.8 +0.8
JHML John Hancock Multifactor Large Cap ETF 60.8 29 -14 5.4 -0.6
BKMC BNY Mellon US Mid Cap Core Equity ETF 59.2 4 11 5.2 -0.8
ONEO SPDR Russell 1000 Momentum Focus ETF 58.1 20 -5 6.3 +0.3
IWR iShares Russell Midcap ETF 57.3 19 -4 5.4 -0.6
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 56.1 17 -2 6.3 +0.3
SCIU Global X Scientific Beta US ETF 55.5 19 -4 0.0 -6.0
FEX First Trust Large Cap Core AlphaDEX Fund 54.9 60 -45 5.8 -0.2
RNLC Large Cap US Equity Select ETF 54.7 60 -45 6.1 +0.1
RVRS Reverse Cap Weighted U.S. Large Cap ETF 53.6 29 -14 7.5 +1.5
DYNF BlackRock U.S. Equity Factor Rotation ETF 53.1 30 -15 6.6 +0.5
JHMM John Hancock Multifactor Mid Cap ETF 52.3 42 -27 5.5 -0.6
EQAL Invesco Russell 1000 Equal Weight ETF 50.5 20 -5 5.9 -0.1
VO Vanguard Mid-Cap Index Fund 50.2 4 11 5.1 -0.9
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 48.5 9 6 5.4 -0.6
IWS iShares Russell Mid-Cap Value ETF 48.0 24 -9 6.9 +0.9
PBUS Invesco PureBeta MSCI USA ETF 47.4 4 11 5.1 -1.0
SCHX Schwab U.S. Large-Cap ETF 46.5 3 12 5.0 -1.0
AVUS Avantis U.S. Equity ETF 46.3 15 0 5.5 -0.5
VONV Vanguard Russell 1000 Value Index Fund 46.1 8 7 7.0 +1.0
IWD iShares Russell 1000 Value ETF 46.0 19 -4 6.9 +0.9
IYY iShares Dow Jones U.S. ETF 45.7 20 -5 4.9 -1.1
SCHK Schwab 1000 Index ETF 45.5 5 10 5.1 -1.0
BBUS JP Morgan Betabuilders U.S. Equity ETF 45.4 2 13 5.1 -0.9
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 45.4 17 -2 6.8 +0.8
IWB iShares Russell 1000 ETF 45.3 15 0 5.0 -1.1
SCHV Schwab U.S. Large-Cap Value ETF 45.0 4 11 6.8 +0.8
VV Vanguard Large-Cap Index Fund 44.6 4 11 5.1 -1.0
VONE Vanguard Russell 1000 ETF 44.6 8 7 5.0 -1.0
SCHB Schwab U.S. Broad Market ETF 44.3 3 12 5.0 -1.0
ITOT iShares Core S&P Total U.S. Stock Market ETF 44.2 3 12 4.9 -1.1
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 44.2 7 8 5.1 -1.0
PRF Invesco FTSE RAFI US 1000 ETF 44.2 39 -24 6.8 +0.8
VTHR Vanguard Russell 3000 Index Fund 44.0 10 5 4.9 -1.1
ESGU iShares MSCI USA ESG Optimized ETF 44.0 15 0 4.9 -1.1
FNDX Schwab Fundamental U.S. Large Co. Index ETF 43.8 25 -10 6.7 +0.7
IWV iShares Russell 3000 ETF 43.7 20 -5 4.8 -1.2
VLU SPDR S&P 1500 Value Tilt ETF 43.7 12 3 7.3 +1.3
JPUS JPMorgan Diversified Return U.S. Equity ETF 43.5 18 -3 6.1 +0.1
TPLC Timothy Plan US Large Cap Core ETF 43.3 52 -37 5.3 -0.8
QUS SPDR MSCI USA StrategicFactors ETF 43.3 15 0 5.8 -0.2
VTI Vanguard Total Stock Market Index Fund 43.2 3 12 4.9 -1.1
HSPX Global X S&P 500 Covered Call ETF 43.0 60 -45 4.8 -1.2
TUSA First Trust Total US Market AlphaDEX ETF 43.0 70 -55 5.7 -0.4
FNDB Schwab Fundamental U.S. Broad Market Index ETF 42.8 25 -10 6.7 +0.7
PBP Invesco S&P 500 BuyWrite ETF 42.6 49 -34 4.9 -1.2
SFY SoFi Select 500 ETF 42.6 0 15 5.0 -1.0
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 42.5 35 -20 5.4 -0.7
XYLG Global X S&P 500 Covered Call & Growth ETF 42.3 60 -45 4.9 -1.2
IVV iShares Core S&P 500 ETF 42.2 3 12 5.3 -0.8
SPLG SPDR Portfolio Large Cap ETF 42.2 3 12 5.3 -0.8
SPY SPDR S&P 500 ETF Trust 42.2 9 6 5.2 -0.8
ESGV Vanguard ESG U.S. Stock ETF 42.1 12 3 5.0 -1.1
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 41.9 20 -5 5.2 -0.8
VOO VANGUARD S&P 500 ETF 41.8 3 12 5.3 -0.8
CATH Global X S&P 500 Catholic Values Custom ETF 41.5 29 -14 5.0 -1.0
SPTM SPDR Portfolio Total Stock Market ETF 41.4 3 12 5.4 -0.7
EPS WisdomTree U.S. Earnings 500 Fund 41.4 8 7 6.4 +0.4
RWL Invesco S&P 500 Revenue ETF 41.4 39 -24 7.2 +1.2
SPXT ProShares S&P 500 Ex-Technology ETF 41.2 27 -12 5.5 -0.5
VOOV Vanguard S&P 500 Value ETF 41.2 10 5 7.3 +1.3
SPXE ProShares S&P 500 Ex-Energy ETF 40.9 27 -12 5.1 -0.9
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 40.6 25 -10 6.2 +0.2
SPYV SPDR Portfolio S&P 500 Value ETF 40.3 4 11 7.4 +1.3
IUSV iShares Core S&P U.S. Value ETF 40.3 4 11 7.5 +1.4
IVE iShares S&P 500 Value ETF 40.3 18 -3 7.2 +1.2
IUS Invesco Strategic US ETF 40.3 19 -4 6.5 +0.4
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 40.2 29 -14 5.9 -0.1
TOK iShares MSCI Kokusai ETF 39.2 25 -10 5.5 -0.5
ONEV SPDR Russell 1000 Low Volatility Focus ETF 39.2 20 -5 6.9 +0.8
KOKU Xtrackers MSCI Kokusai Equity ETF 39.1 9 6 5.6 -0.4
SPXV ProShares S&P 500 Ex-Health Care ETF 38.5 27 -12 4.9 -1.2
URTH iShares MSCI World ETF 37.3 24 -9 5.6 -0.5
VTV Vanguard Value Index Fund 36.9 4 11 7.4 +1.4
DIVB iShares U.S. Dividend & Buyback ETF 36.7 25 -10 6.9 +0.8
USXF iShares ESG Advanced MSCI USA ETF 36.4 10 5 4.9 -1.2
MXDU Nationwide Maximum Diversification US Core Equity ETF 36.4 34 -19 4.6 -1.5
SPXN ProShares S&P 500 Ex-Financials ETF 36.3 27 -12 4.8 -1.2
RBUS Nationwide Risk-Based U.S. Equity ETF 35.7 30 -15 4.6 -1.4
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 35.6 24 -9 6.0 0.0
ROUS Hartford Multifactor US Equity ETF 35.5 19 -4 6.4 +0.4
DTD WisdomTree U.S.Total Dividend Fund 35.3 28 -13 6.7 +0.7
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 35.3 75 -60 3.8 -2.2
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 35.2 20 -5 4.8 -1.2
FAB First Trust Multi Cap Value AlphaDEX Fund 34.5 71 -56 9.6 +3.6
AFLG First Trust Active Factor Large Cap ETF 34.1 55 -40 5.3 -0.7
ACWI iShares MSCI ACWI ETF 33.9 32 -17 5.7 -0.3
EXT WisdomTree U.S. Total Earnings Fund 33.7 28 -13 5.4 -0.6
IQSU IQ Candriam ESG US Equity ETF 33.5 9 6 4.9 -1.1
VEGN US Vegan Climate ETF 33.3 60 -45 5.0 -1.0
DSI iShares MSCI KLD 400 Social ETF 33.1 25 -10 5.0 -1.0
CRBN iShares MSCI ACWI Low Carbon Target ETF 32.9 20 -5 6.0 -0.1
DLN WisdomTree U.S. LargeCap Dividend Fund 32.6 28 -13 6.5 +0.5
SUSL iShares ESG MSCI USA Leaders ETF 32.6 10 5 5.2 -0.8
LOWC SPDR MSCI ACWI Low Carbon Target ETF 32.6 20 -5 6.0 -0.1

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

  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 MSCI USA Size Factor ETF
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 13.7 %
Divided by: Fwd. P/BV 2.2 x
Less: Expense ratio 15 bp
Equals: ALTAR Score 6.0 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.54 CATEGORY
AVERAGE		 1.51
 
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.