iShares Edge MSCI Min Vol USA ETF
ALTAR
Score™		 5.5% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 22.4x P/Sales
ratio		 2.8x
P/BV
ratio		 3.6x Div.
yield		 2.0%


  • 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 18, 2011
Assets (mns) $34,051
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 195
Wgt avg mkt cap (mns) $131,671
Large cap (>$10bn) 96.2%
Mid cap ($2-10bn) 3.9%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NEXTERA ENERGY GROUP 1.7 %
MCDONALD'S CORP 1.7 %
T-MOBILE US, INC. 1.6 %
MICROSOFT CORP 1.5 %
REPUBLIC SERVICES INC 1.5 %
VERIZON COMMUNICATIONS INC 1.5 %
WASTE MANAGEMENT INC 1.5 %
VISA INC-CLASS A SHARES 1.5 %
MERCK & CO. INC. 1.5 %
PEPSICO INC 1.5 %
Total 15.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 92.5 %
IRELAND 2.5 %
BERMUDA 1.4 %
BRITAIN 1.4 %
CANADA 1.3 %
SWITZERLAND 1.1 %





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.
-1.3% 1.6% 12.3% -- 12.9%

Market Correlations
versus... Beta R-squared
S&P500 0.73 87%
MSCI EAFE 0.74 73%
MSCI Emg. Mkts. 0.50 54%

Technical Indicators
Recent close $63.73
30d moving avg. $64.10
Annualized volatility 13.8%
Short interest (ETF) 0.0%
Short interest (Underlying) 2.4%
Relative strength (RSI) 47

Liquidity measures
Avg. volume (thou.) 3,914
Turnover 0.7%
Bid/Ask (% of price) 0.02%
ADV underlying (mns) $7,884

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 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™: 5.5%


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 56.1 15 0 6.0 +0.5
FDLO Fidelity Low Volatility Factor ETF 52.5 29 -14 5.2 -0.4
ACWV iShares Edge MSCI Min Vol Global ETF 50.1 20 -5 5.7 +0.1
LGLV SPDR Russell 1000 Low Volatility ETF 44.1 12 3 5.6 +0.0
FLLV Franklin Liberty U.S. Low Volatility ETF 43.1 29 -14 5.6 +0.0
SPMV Invesco S&P 500 Minimum Variance ETF 42.7 10 5 5.8 +0.3
LSLT Salt Low truBeta US Market ETF 42.2 29 -14 6.1 +0.6
FLQL Franklin LibertyQ U.S. Equity ETF 41.1 15 0 6.2 +0.7
ALTL Pacer Lunt Large Cap Alternator ETF 41.0 60 -45 5.2 -0.4
SPLV Invesco S&P 500 Low Volatility ETF 41.0 25 -10 5.5 -0.0
JQUA JPMorgan U.S. Quality Factor ETF 40.9 12 3 5.5 -0.0
SCHV Schwab U.S. Large-Cap Value ETF 40.3 4 11 6.9 +1.3
PBP Invesco S&P 500 BuyWrite ETF 40.0 49 -34 5.3 -0.2
VOOV Vanguard S&P 500 Value ETF 39.8 10 5 7.4 +1.8
IVE iShares S&P 500 Value ETF 39.6 18 -3 7.3 +1.7
JMIN JPMorgan U.S. Minimum Volatility ETF 39.5 12 3 5.6 +0.0
SPYV SPDR Portfolio S&P 500 Value ETF 39.4 4 11 7.4 +1.9
HSPX Global X S&P 500 Covered Call ETF 39.4 60 -45 5.3 -0.3
IVV iShares Core S&P 500 ETF 39.3 3 12 5.8 +0.3
XYLG Global X S&P 500 Covered Call & Growth ETF 39.3 60 -45 5.3 -0.2
SPY SPDR S&P 500 ETF Trust 39.2 9 6 5.7 +0.2
SPLG SPDR Portfolio Large Cap ETF 39.1 3 12 5.8 +0.3
SPXE ProShares S&P 500 Ex-Energy ETF 39.1 27 -12 5.7 +0.1
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 39.1 20 -5 5.7 +0.2
QLV FlexShares US Quality Low Volatility Index Fund 38.9 22 -7 5.2 -0.4
VOO VANGUARD S&P 500 ETF 38.8 3 12 5.8 +0.3
BKLC BNY Mellon US Large Cap Core Equity ETF 38.7 0 15 5.6 +0.0
MGC Vanguard Mega Cap Index Fund 38.5 7 8 5.6 +0.1
DLN WisdomTree U.S. LargeCap Dividend Fund 38.5 28 -13 6.8 +1.3
QWLD SPDR MSCI World StrategicFactors ETF 38.5 30 -15 6.2 +0.7
IWL iShares Russell Top 200 ETF 38.4 15 0 5.4 -0.1
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 38.3 7 8 5.6 +0.1
DEF Invesco Defensive Equity ETF 38.3 55 -40 5.3 -0.3
SPXN ProShares S&P 500 Ex-Financials ETF 38.3 27 -12 5.4 -0.1
IUSV iShares Core S&P U.S. Value ETF 38.2 4 11 7.5 +2.0
PBUS Invesco PureBeta MSCI USA ETF 38.2 4 11 5.6 +0.1
VV Vanguard Large-Cap Index Fund 38.0 4 11 5.6 +0.0
BBUS JP Morgan Betabuilders U.S. Equity ETF 37.8 2 13 5.6 +0.1
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 37.8 29 -14 6.2 +0.7
DGRO iShares Core Dividend Growth ETF 37.6 8 7 6.9 +1.4
SCHX Schwab U.S. Large-Cap ETF 37.3 3 12 5.5 0.0
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 37.3 35 -20 5.5 -0.0
DTD WisdomTree U.S.Total Dividend Fund 37.2 28 -13 7.0 +1.5
SPTM SPDR Portfolio Total Stock Market ETF 37.2 3 12 5.9 +0.4
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 37.1 9 6 5.9 +0.4
ROUS Hartford Multifactor US Equity ETF 37.0 19 -4 6.5 +1.0
SPXT ProShares S&P 500 Ex-Technology ETF 36.9 27 -12 5.5 0.0
SCIU Global X Scientific Beta US ETF 36.8 19 -4 5.8 +0.3
JHML John Hancock Multifactor Large Cap ETF 36.7 29 -14 5.7 +0.2
SCHK Schwab 1000 Index ETF 36.7 5 10 5.6 +0.0
IWB iShares Russell 1000 ETF 36.6 15 0 5.5 -0.1
SFY SoFi Select 500 ETF 36.5 0 15 5.4 -0.2
IYY iShares Dow Jones U.S. ETF 36.4 20 -5 5.4 -0.1
PFM Invesco Dividend Achievers ETF 36.1 53 -38 5.4 -0.2
VONE Vanguard Russell 1000 ETF 36.1 8 7 5.5 -0.0
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 36.1 20 -5 5.3 -0.2
EPS WisdomTree U.S. Earnings 500 Fund 36.0 8 7 6.9 +1.4
DYNF BlackRock U.S. Equity Factor Rotation ETF 35.8 30 -15 6.8 +1.2
IQSU IQ Candriam ESG US Equity ETF 35.6 9 6 5.7 +0.1
IWX iShares Russell Top 200 Value ETF 35.6 20 -5 6.8 +1.3
ESGU iShares MSCI USA ESG Optimized ETF 35.6 15 0 5.5 -0.1
VTHR Vanguard Russell 3000 Index Fund 35.5 10 5 5.4 -0.1
RBUS Nationwide Risk-Based U.S. Equity ETF 35.4 30 -15 4.7 -0.9
IWD iShares Russell 1000 Value ETF 35.3 19 -4 7.0 +1.4
VTV Vanguard Value Index Fund 35.3 4 11 7.4 +1.9
IWV iShares Russell 3000 ETF 35.1 20 -5 5.3 -0.2
PSET Principal Price Setters Index ETF 35.1 15 0 5.0 -0.6
SCHB Schwab U.S. Broad Market ETF 35.1 3 12 5.5 -0.1
VONV Vanguard Russell 1000 Value Index Fund 35.0 8 7 7.1 +1.6
VFMV Vanguard U.S. Minimum Volatility ETF 35.0 13 2 4.3 -1.2
CATH Global X S&P 500 Catholic Values Custom ETF 35.0 29 -14 5.5 -0.0
EQWL Invesco Russell Top 200 Equal Weight ETF 34.9 25 -10 6.3 +0.8
ITOT iShares Core S&P Total U.S. Stock Market ETF 34.9 3 12 5.4 -0.1
JPUS JPMorgan Diversified Return U.S. Equity ETF 34.9 18 -3 6.3 +0.7
FNDX Schwab Fundamental U.S. Large Co. Index ETF 34.6 25 -10 7.1 +1.6
ESGV Vanguard ESG U.S. Stock ETF 34.5 12 3 5.5 +0.0
HUSV First Trust Horizon Managed Volatility Domestic ETF 34.3 70 -55 5.7 +0.2
VTI Vanguard Total Stock Market Index Fund 34.3 3 12 5.4 -0.1
SPXV ProShares S&P 500 Ex-Health Care ETF 34.2 27 -12 5.5 -0.1
SUSL iShares ESG MSCI USA Leaders ETF 34.2 10 5 5.3 -0.3
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 34.2 10 5 5.2 -0.3
DIVB iShares U.S. Dividend & Buyback ETF 33.7 25 -10 7.1 +1.6
PRF Invesco FTSE RAFI US 1000 ETF 33.5 39 -24 7.2 +1.6
USDY Pacific Global US Equity Income ETF 33.3 29 -14 7.2 +1.6
QDEF FlexShares Quality Dividend Defensive Index Fund 33.0 37 -22 6.5 +1.0
FQAL Fidelity Quality Factor ETF 33.0 29 -14 5.9 +0.4
FNDB Schwab Fundamental U.S. Broad Market Index ETF 33.0 25 -10 7.2 +1.6
MGV Vanguard Mega Cap Value ETF 33.0 7 8 7.3 +1.7
JKD iShares Morningstar Large-Cap ETF 32.9 20 -5 7.0 +1.5
OEF iShares S&P 100 ETF 32.6 20 -5 5.4 -0.1
OUSA O'Shares FTSE US Quality Dividend ETF 32.4 48 -33 6.2 +0.7
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 32.4 25 -10 5.9 +0.3
IUS Invesco Strategic US ETF 32.3 19 -4 6.8 +1.3
AFLG First Trust Active Factor Large Cap ETF 32.2 55 -40 5.9 +0.4
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 32.2 9 6 6.0 +0.5
EFIV SPDR S&P 500 ESG ETF 32.1 10 5 5.6 +0.1
ESG FlexShares STOXX US ESG Impact Index Fund 32.1 32 -17 5.4 -0.2
SNPE Xtrackers S&P 500 ESG ETF 32.1 10 5 5.6 +0.1
JMOM JPMorgan U.S. Momentum Factor ETF 32.0 12 3 3.5 -2.0

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:

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 18.6 %
Divided by: Fwd. P/BV 3.3 x
Less: Expense ratio 15 bp
Equals: ALTAR Score 5.5 %
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.