iShares FactorSelect MSCI USA Small-Cap
ALTAR
Score™
6.4% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
16.2x P/Sales
ratio
1.0x
P/BV
ratio
2.0x Div.
yield
2.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares FactorSelect MSCI USA Small-Cap ETF tracks an index of small-cap US equities. Stocks are selected and weighted to increase exposure to 4 factors (quality, value, momentum and size) while maintaining similar characteristics to the MSCI USA Small Cap Index.

FUND BASICS
Category US Equities
Fund Sponsor BlackRock
Website www.ishares.com
Inception date Apr 30, 2015
Assets (mns) $281
Currency USD
Expense ratio 30 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Multi-Factor
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 480
Wgt avg mkt cap (mns) $3,152
Large cap (>$10bn) 1.6%
Mid cap ($2-10bn) 59.1%
Small cap (<$2bn) 39.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
TERADYNE INC 1.6 %
ASPEN TECHNOLOGY INC 1.2 %
RELIANCE STEEL & ALUMINUM 1.1 %
MEDICAL PROPERTIES TRUST INC 1.1 %
MASIMO CORPORATION 1.0 %
FIRST AMERICAN FINANCIAL 1.0 %
CHEMED CORP 0.9 %
ENCOMPASS HEALTH CORPORATION 0.9 %
HAEMONETICS CORP/MASS 0.9 %
QUANTA SERVICES INC 0.9 %
Total 10.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.3 %
BERMUDA 1.6 %
BRITAIN 1.4 %
PUERTO RICO 1.0 %
ISRAEL 0.8 %
CAYMAN ISLANDS 0.4 %
CANADA 0.2 %




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.
15.4% 4.6% -- -- 9.0%

Market Correlations
versus... Beta R-squared
S&P500 1.17 74%
MSCI EAFE 0.86 34%
MSCI Emg. Mkts. 0.50 19%

Technical Indicators
Recent close $41.58
30d moving avg. $40.57
Annualized volatility 16.4%
Short interest (ETF) 0.2%
Relative strength (RSI) 70

Liquidity measures
Avg. volume (thou.) 68
Turnover 1.0%
Bid/Ask (% of price) 0.19%
ADV underlying (mns) $7,242

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: SMLF Expense: 30 bp ALTAR Score™: 6.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SMLF
Ticker Fund
Name
Overlap1
vs SMLF
(%)
Expense
ratio
(bp)
Savings
vs SMLF
(bp)
ALTAR
Score™
(%)
ALTAR
vs SMLF
(%)
USVM USAA MSCI USA Small Cap Value Momentum Blend Index 35.7 24 6 6.6 +0.2
SLY SPDR S&P 600 Small Cap 35.6 15 15 6.1 -0.2
IJR iShares Core S&P Small-Cap 35.6 7 23 6.2 -0.2
FLQS Franklin LibertyQ U.S. Small Cap Equity 34.4 35 -5 6.3 -0.1
VIOO Vanguard S&P Small-Cap 600 34.2 15 15 6.0 -0.4
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity 32.6 20 10 5.9 -0.5
DESC Xtrackers Russell 2000 Comprehensive Factor 32.1 30 0 6.5 +0.1
JPSE JPMorgan Diversified Return U.S. Small Cap Equity 31.4 29 1 5.0 -1.3
EWSC Invesco S&P Small Cap 600 Equal Weight 29.3 40 -10 5.7 -0.6
PSC Principal U.S. Small Cap Index 28.8 38 -8 6.3 -0.1
EES WisdomTree SmallCap Earnings 28.7 38 -8 9.3 +2.9
CSF Compass EMP US Discovery 500 Enhanced Vol. 28.6 35 -5 7.3 +0.9
ROGS Lattice Global Small Cap Strategy 28.1 39 -9 9.4 +3.0
CSA Victory CEMP US Small Cap Volatility Wtd 27.5 35 -5 7.2 +0.9
FYX First Trust Small Cap Core Alphadex 27.3 66 -36 5.7 -0.6
IJT iShares S&P 600 SmallCap Growth 26.1 25 5 4.6 -1.8
SLYG SPDR S&P600 Small Cap Growth 26.1 15 15 4.7 -1.6
IWO iShares Russell 2000 Growth 25.7 24 6 0.9 -5.5
VIOG Vanguard S&P Small-Cap 600 Growth 25.6 20 10 4.6 -1.8
FSMD Fidelity Small-Mid Factor ETF 25.2 29 1 6.6 +0.2

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%.

Content on this tab for subscribers only**

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 FactorSelect MSCI USA Small-Cap
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 12.1 %
Divided by: Fwd. P/BV 1.8 x
Less: Expense ratio 30 bp
Equals: ALTAR Score 6.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.56 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.