iShares MSCI USA Minimum Volatility
ALTAR
Score™
5.2% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
21.6x P/Sales
ratio
2.7x
P/BV
ratio
3.5x Div.
yield
2.2%


  • 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) $36,429
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 213
Wgt avg mkt cap (mns) $114,385
Large cap (>$10bn) 94.9%
Mid cap ($2-10bn) 5.1%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NEWMONT MINING CORP 1.7 %
VISA INC-CLASS A SHARES 1.5 %
COCA-COLA CO/THE 1.5 %
VERIZON COMMUNICATIONS INC 1.5 %
NEXTERA ENERGY GROUP 1.4 %
WASTE MANAGEMENT INC 1.4 %
PEPSICO INC 1.4 %
FISERV INC 1.4 %
REPUBLIC SERVICES INC 1.4 %
MCDONALD'S CORP 1.4 %
Total 14.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 92.4 %
BERMUDA 2.3 %
IRELAND 2.2 %
SWITZERLAND 1.2 %
BRITAIN 1.0 %
CANADA 0.5 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
25.5% 17.1% 12.0% -- 14.3%

Market Correlations
versus... Beta R-squared
S&P500 0.65 82%
MSCI EAFE 0.56 50%
MSCI Emg. Mkts. 0.37 36%

Technical Indicators
Recent close $64.66
30d moving avg. $64.03
Annualized volatility 8.6%
Short interest (ETF) 0.0%
Short interest (Underlying) 2.4%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 4,763
Turnover 0.9%
Bid/Ask (% of price) 0.02%
ADV underlying (mns) $74,049

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares MSCI USA Minimum Volatility 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™: 5.2%


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 Quality Mix 55.7 15 0 6.0 +0.8
FDLO Fidelity Low Volatility Factor 53.0 29 -14 5.4 +0.2
DYNF BlackRock U.S. Equity Factor Rotation 52.5 30 -15 6.5 +1.3
OVOL Invesco Russell 1000 Low Volatility Factor ETF 48.6 19 -4 5.6 +0.5
LGLV SPDR Russell 1000 Low Volatility 48.5 12 3 5.2 +0.0
HUSV First Trust Horizon Managed Volatility Domestic 48.0 70 -55 4.9 -0.3
ACWV iShares MSCI World Minimum Volatility 47.5 20 -5 5.5 +0.3
LVUS Hartford Multifactor Low Volatility US Equity 46.7 21 -6 5.8 +0.6
JMIN JPMorgan U.S. Minimum Volatility 46.3 12 3 5.6 +0.4
SPLV Invesco S&P 500 Low Volatility 45.9 25 -10 5.2 +0.1
LVHB Elkhorn Lunt Low Vol/High Beta Tactical 45.8 52 -37 5.0 -0.1
OMOM Invesco Russell 1000 Momentum Factor ETF 45.6 19 -4 5.3 +0.1
FLLV Franklin Liberty U.S. Low Volatility 44.7 29 -14 5.3 +0.1
RBUS Nationwide Risk-Based U.S. Equity 44.0 30 -15 6.1 +0.9
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity 43.3 29 -14 6.3 +1.1
MMTM SPDR S&P1500 Momentum Tilt 42.7 12 3 5.4 +0.2
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity 42.3 9 6 6.1 +0.9
PBP Invesco S&P 500 Buy/Write 42.1 49 -34 5.5 +0.3
DEF Invesco Defensive Equity 41.8 59 -44 4.9 -0.3
VOO Vanguard S&P 500 ETF 41.7 3 12 6.0 +0.8

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

  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 MSCI USA Minimum Volatility
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 16.9 %
Divided by: Fwd. P/BV 3.2 x
Less: Expense ratio 15 bp
Equals: ALTAR Score 5.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.61 CATEGORY
AVERAGE
1.56
 
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.