iShares Edge MSCI Min Vol USA Small-Cap
ALTAR
Score™
5.2% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
20.5x P/Sales
ratio
2.1x
P/BV
ratio
2.1x Div.
yield
2.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares Edge MSCI Min Vol USA Small-Cap ETF tracks an index of US-listed small capitalization stocks selected and weighted to create a low volatility portfolio, subject to constraints including sector exposure.

FUND BASICS
Category US Equities
Fund Sponsor BlackRock
Website www.ishares.com
Inception date Sep 07, 2016
Assets (mns) $401
Currency USD
Expense ratio 20 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Multi-Factor
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 386
Wgt avg mkt cap (mns) $4,146
Large cap (>$10bn) 3.4%
Mid cap ($2-10bn) 68.3%
Small cap (<$2bn) 28.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ROYAL GOLD INC 2.0 %
BROWN & BROWN INC 1.3 %
CAPITAL TRUST-CL A 1.2 %
EQUITY COMMONWEALTH 1.1 %
LIFE STORAGE, INC. 1.1 %
CABLE ONE INC 1.1 %
BRIGHT HORIZONS FAMILY SOLUT 1.1 %
STORE CAPITAL CORP 1.0 %
WHITE MOUNTAINS INSURANCE GP 1.0 %
STARWOOD PROPERTY TRUST INC 1.0 %
Total 11.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.4 %
BERMUDA 1.8 %
NETHERLANDS 0.4 %
CAYMAN ISLANDS 0.4 %
ISRAEL 0.3 %
BRITAIN 0.2 %
CANADA 0.2 %
PUERTO RICO 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.
20.3% 13.6% -- -- 13.7%

Market Correlations
versus... Beta R-squared
S&P500 0.70 74%
MSCI EAFE 0.51 33%
MSCI Emg. Mkts. 0.26 14%

Technical Indicators
Recent close $34.85
30d moving avg. $34.40
Annualized volatility 9.8%
Short interest (ETF) 0.0%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 103
Turnover 0.9%
Bid/Ask (% of price) 0.24%
ADV underlying (mns) $8,446

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: SMMV Expense: 20 bp ALTAR Score™: 5.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SMMV
Ticker Fund
Name
Overlap1
vs SMMV
(%)
Expense
ratio
(bp)
Savings
vs SMMV
(bp)
ALTAR
Score™
(%)
ALTAR
vs SMMV
(%)
FSMD Fidelity Small-Mid Factor ETF 30.5 29 -9 6.5 +1.4
USVM USAA MSCI USA Small Cap Value Momentum Blend Index 29.8 24 -4 6.6 +1.4
PBSM Invesco PureBeta MSCI USA Small Cap 27.7 6 14 5.3 +0.1
SMLV SPDR Russell 2000 Low Volatility 27.2 12 8 6.7 +1.5
ESML iShares MSCI USA Small-Cap ESG Optimized 25.3 17 3 4.9 -0.3
PSM Principal U.S. Small-MidCap Multi-Factor Core Index 24.6 20 0 6.3 +1.2
VB Vanguard Smallcap ETF 23.3 5 15 5.7 +0.5
SPMD SPDR Portfolio Mid Cap 23.2 5 15 6.3 +1.2
FLQS Franklin LibertyQ U.S. Small Cap Equity 23.0 35 -15 6.3 +1.1
FNY First Trust Mid Cap Growth AlphaDEX 22.7 70 -50 3.8 -1.4
NUSC NuShares ESG Small-Cap 21.9 40 -20 5.1 -0.0
JPSE JPMorgan Diversified Return U.S. Small Cap Equity 21.9 29 -9 5.0 -0.1
VBR Vanguard Small-Cap Value ETF 21.8 7 13 7.8 +2.7
SCHA Schwab U.S. Small-Cap 21.5 4 16 5.1 -0.0
IJH iShares Core S&P MidCap 21.5 7 13 6.4 +1.3
MDY S&P MidCap 400 SPDR 21.4 24 -4 6.2 +1.1
FNDA Schwab Fundamental Small Cap 21.3 25 -5 6.2 +1.1
IVOO Vanguard S&P Mid-Cap 400 21.1 15 5 6.3 +1.2
SPSM SPDR Portfolio Small Cap 21.1 5 15 4.6 -0.5
XMLV Invesco S&P MidCap Low Volatility 21.1 25 -5 5.4 +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 Edge MSCI Min Vol USA Small-Cap
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 10.8 %
Divided by: Fwd. P/BV 2.0 x
Less: Expense ratio 20 bp
Equals: ALTAR Score 5.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.66 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.