iShares Edge MSCI Min Vol USA ETF
ALTAR
Score™		 6.8% info Recommen-
dation		 UNDERWEIGHT
2020E    2021E
P/E
ratio		 16.3x P/Sales
ratio		 2.3x
P/BV
ratio		 2.6x Div.
yield		 2.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares MSCI USA Minimum Volatility Index Fund is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the MSCI USA Minimum Volatility Index.

FUND BASICS
Category US Equities
Fund Sponsor BlackRock Fund Advisors
Website www.ishares.com
Inception date Oct 20, 2011
Assets (mns) $30,262
Currency USD
Expense ratio 15 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Multi-Factor
Index replication n/a
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 208
Wgt avg mkt cap (mns) $99,387
Large cap (>$10bn) 91.4%
Mid cap ($2-10bn) 8.6%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NEWMONT MINING CORP 2.1 %
NEXTERA ENERGY GROUP 1.8 %
VERIZON COMMUNICATIONS INC 1.6 %
PEPSICO INC 1.6 %
VISA INC-CLASS A SHARES 1.6 %
MCDONALD'S CORP 1.5 %
COCA-COLA CO/THE 1.5 %
CITRIX SYSTEMS INC 1.5 %
REPUBLIC SERVICES INC 1.5 %
WASTE MANAGEMENT INC 1.4 %
Total 16.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 92.0 %
IRELAND 2.3 %
BERMUDA 1.7 %
SWITZERLAND 1.2 %
CANADA 1.1 %
BRITAIN 1.1 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-17.2% -6.2% 7.7% -- 11.4%

Market Correlations
versus... Beta R-squared
S&P500 0.76 86%
MSCI EAFE 0.70 73%
MSCI Emg. Mkts. 0.50 53%

Technical Indicators
Recent close $53.10
30d moving avg. $58.52
Annualized volatility 12.4%
Short interest (ETF) 0.0%
Short interest (Underlying) 2.4%
Relative strength (RSI) 37

Liquidity measures
Avg. volume (thou.) 10,919
Turnover 1.9%
Bid/Ask (% of price) 0.05%
ADV underlying (mns) $165,714

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the iShares Edge MSCI Min Vol USA ETF ETF based on the alternatives' overlap in portfolio holdings with USMV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: USMV Expense: 15 bp ALTAR Score™: 6.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH USMV
Ticker Fund
Name		 Overlap1
vs USMV
(%)		 Expense
ratio
(bp)		 Savings
vs USMV
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs USMV
(%)
QUS SPDR MSCI USA StrategicFactors ETF 56.4 15 0 7.3 +0.5
FDLO Fidelity Low Volatility Factor ETF 52.8 29 -14 6.5 -0.3
LGLV SPDR Russell 1000 Low Volatility ETF 49.2 12 3 7.1 +0.3
ACWV iShares Edge MSCI Min Vol Global ETF 48.7 20 -5 6.7 -0.1
SPLV Invesco S&P 500 Low Volatility ETF 48.2 25 -10 6.7 -0.1
RBUS Nationwide Risk-Based U.S. Equity ETF 48.1 30 -15 7.2 +0.4
DYNF BlackRock U.S. Equity Factor Rotation ETF 46.4 30 -15 8.1 +1.3
JMIN JPMorgan U.S. Minimum Volatility ETF 46.4 12 3 7.2 +0.3
DEF Invesco Defensive Equity ETF 45.9 55 -40 6.4 -0.4
LVUS Hartford Multifactor Low Volatility US Equity ETF 44.8 19 -4 7.6 +0.8
HSPX Global X S&P 500 Covered Call ETF 42.4 65 -50 6.2 -0.6
PBP Invesco S&P 500 BuyWrite ETF 42.2 49 -34 6.5 -0.3
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 41.9 25 -10 7.7 +0.9
FLLV Franklin Liberty U.S. Low Volatility ETF 41.9 29 -14 7.1 +0.3
LSLT Salt Low truBeta US Market ETF 41.7 0 15 8.5 +1.7
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 40.6 9 6 7.3 +0.5
DLN WisdomTree U.S. LargeCap Dividend Fund 40.5 28 -13 8.0 +1.2
SPY SPDR S&P 500 ETF Trust 40.4 9 6 7.1 +0.2
SPLG SPDR Portfolio Large Cap ETF 40.3 3 12 7.1 +0.3
IVV iShares Core S&P 500 ETF 40.3 4 11 7.1 +0.3
JPUS JPMorgan Diversified Return U.S. Equity ETF 40.2 19 -4 8.3 +1.5
VV Vanguard Large-Cap Index Fund 40.2 4 11 7.0 +0.2
VOO VANGUARD S&P 500 ETF 40.1 3 12 7.1 +0.3
SPYV SPDR Portfolio S&P 500 Value ETF 39.8 4 11 9.2 +2.4
SCIU Global X Scientific Beta US ETF 39.8 19 -4 7.6 +0.8
IVE iShares S&P 500 Value ETF 39.8 18 -3 9.1 +2.3
PBUS Invesco PureBeta MSCI USA ETF 39.7 4 11 7.2 +0.4
SPXE ProShares S&P 500 Ex-Energy ETF 39.6 27 -12 7.0 +0.2
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 39.6 29 -14 8.2 +1.4
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 39.6 20 -5 7.1 +0.3
ROUS Hartford Multifactor US Equity ETF 39.5 19 -4 9.2 +2.4
BBUS JP Morgan Betabuilders U.S. Equity ETF 39.4 2 13 7.1 +0.3
VOOV Vanguard S&P 500 Value ETF 39.3 15 0 9.2 +2.4
QLV FlexShares US Quality Low Volatility Index Fund 39.3 22 -7 6.4 -0.4
SCHX Schwab U.S. Large-Cap ETF 39.3 3 12 7.0 +0.2
SPMV Invesco S&P 500 Minimum Variance ETF 39.1 10 5 7.3 +0.5
MGC Vanguard Mega Cap Index Fund 39.1 7 8 6.8 +0.0
DTD WisdomTree U.S.Total Dividend Fund 39.0 28 -13 8.5 +1.7
IUSV iShares Core S&P U.S. Value ETF 38.7 4 11 9.4 +2.6
SPXT ProShares S&P 500 Ex-Technology ETF 38.7 27 -12 7.3 +0.5
JQUA JPMorgan U.S. Quality Factor ETF 38.7 12 3 6.6 -0.2
JHML John Hancock Multifactor Large Cap ETF 38.7 34 -19 7.5 +0.6
IWB iShares Russell 1000 ETF 38.6 15 0 7.0 +0.2
VONE Vanguard Russell 1000 ETF 38.6 8 7 7.0 +0.2
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 38.5 35 -20 7.6 +0.8
SPTM SPDR Portfolio Total Stock Market ETF 38.4 3 12 7.3 +0.5
SCHK Schwab 1000 Index ETF 38.4 5 10 7.0 +0.2
SPXN ProShares S&P 500 Ex-Financials ETF 38.4 27 -12 6.6 -0.2
IWL iShares Russell Top 200 ETF 38.2 15 0 6.6 -0.2
IYY iShares Dow Jones U.S. ETF 38.2 20 -5 6.9 +0.1
QWLD SPDR MSCI World StrategicFactors ETF 38.1 30 -15 7.5 +0.6
FLQL Franklin LibertyQ U.S. Equity ETF 37.9 15 0 8.0 +1.2
MXDU Nationwide Maximum Diversification US Core Equity ETF 37.5 34 -19 6.8 -0.0
SPMO Invesco S&P 500 Momentum ETF 37.1 13 2 5.3 -1.5
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 37.1 15 0 6.9 +0.1
SCHB Schwab U.S. Broad Market ETF 37.1 3 12 7.0 +0.2
VTI Vanguard Total Stock Market Index Fund 37.0 3 12 7.0 +0.2
IWV iShares Russell 3000 ETF 37.0 20 -5 6.9 +0.1
VTHR Vanguard Russell 3000 Index Fund 37.0 10 5 6.9 +0.1
ITOT iShares Core S&P Total U.S. Stock Market ETF 37.0 3 12 7.0 +0.2
EPS WisdomTree U.S. Earnings 500 Fund 37.0 8 7 8.5 +1.7
RNLC Large Cap US Equity Select ETF 36.9 60 -45 8.2 +1.4
DGRO iShares Core Dividend Growth ETF 36.7 8 7 8.4 +1.6
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 36.7 20 -5 6.6 -0.2
PFM Invesco Dividend Achievers ETF 36.6 54 -39 6.4 -0.4
VTV Vanguard Value Index Fund 36.4 4 11 9.1 +2.3
JMOM JPMorgan U.S. Momentum Factor ETF 36.1 12 3 5.2 -1.6
ESGU iShares MSCI USA ESG Optimized ETF 36.1 15 0 6.7 -0.1
SFY SoFi Select 500 ETF 35.9 0 15 6.7 -0.1
IQSU IQ Candriam ESG US Equity ETF 35.9 9 6 6.7 -0.1
SNPE Xtrackers S&P 500 ESG ETF 35.9 11 4 6.8 +0.0
FNDX Schwab Fundamental U.S. Large Co. Index ETF 35.8 25 -10 8.3 +1.5
SPXV ProShares S&P 500 Ex-Health Care ETF 35.8 27 -12 6.8 -0.0
MMTM SPDR S&P 1500 Momentum Tilt ETF 35.6 12 3 6.7 -0.1
SCHV Schwab U.S. Large-Cap Value ETF 35.1 4 11 9.0 +2.2
PRF Invesco FTSE RAFI US 1000 ETF 35.0 39 -24 9.2 +2.4
FNDB Schwab Fundamental U.S. Broad Market Index ETF 34.6 25 -10 8.4 +1.6
CATH Global X S&P 500 Catholic Values Custom ETF 34.6 29 -14 7.0 +0.2
IWD iShares Russell 1000 Value ETF 34.5 19 -4 9.1 +2.3
VONV Vanguard Russell 1000 Value Index Fund 34.4 8 7 9.3 +2.5
EQWL Invesco Russell Top 200 Equal Weight ETF 34.3 25 -10 7.5 +0.7
VFMV Vanguard U.S. Minimum Volatility ETF 34.3 13 2 6.2 -0.6
AFLG First Trust Active Factor Large Cap ETF 34.2 55 -40 7.7 +0.9
IUS Invesco Strategic US ETF 34.1 19 -4 7.9 +1.1
OUSA O'Shares FTSE US Quality Dividend ETF 34.0 48 -33 7.0 +0.2
FQAL Fidelity Quality Factor ETF 33.4 29 -14 7.0 +0.2
ESGV Vanguard ESG U.S. Stock ETF 33.4 12 3 7.0 +0.2
RSP Invesco S&P 500 Equal Weight ETF 33.3 20 -5 8.8 +2.0
MGV Vanguard Mega Cap Value ETF 32.9 7 8 8.8 +2.0
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 32.9 9 6 8.1 +1.3
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 32.7 17 -2 9.0 +2.2
VYM Vanguard High Dividend Yield Index ETF 32.6 6 9 8.9 +2.1
DIVB iShares U.S. Dividend & Buyback ETF 32.6 25 -10 8.8 +2.0
SUSL iShares ESG MSCI USA Leaders ETF 32.3 10 5 6.9 +0.1
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 32.3 10 5 6.9 +0.1
OEF iShares S&P 100 ETF 32.2 20 -5 6.3 -0.5
CFA Victory CEMP US 500 Volatility Weighted Index ETF 32.1 35 -20 8.1 +1.3
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 31.9 25 -10 8.6 +1.8
VLU SPDR S&P 1500 Value Tilt ETF 31.8 12 3 9.6 +2.8
RECS Columbia Research Enhanced Core ETF 31.5 15 0 7.5 +0.7

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 Edge MSCI Min Vol USA ETF
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 17.4 %
Divided by: Fwd. P/BV 2.5 x
Less: Expense ratio 15 bp
Equals: ALTAR Score 6.8 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.55 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.