iShares Core. U.S. REIT
ALTAR
Score™
6.4% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
18.5x P/Sales
ratio
6.5x
P/BV
ratio
2.3x Div.
yield
3.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares Core U.S. REIT ETF seeks to track the investment results of an index composed of U.S. real estate equities.

FUND BASICS
Category US Equities
Fund Sponsor Barclays Global Fund Advisors
Website www.ishares.com
Inception date May 04, 2007
Assets (mns) $1,734
Currency USD
Expense ratio 8 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication Optimized
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 155
Wgt avg mkt cap (mns) $18,561
Large cap (>$10bn) 56.8%
Mid cap ($2-10bn) 37.9%
Small cap (<$2bn) 5.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
PROLOGIS INC 5.6 %
SIMON PROPERTY GROUP INC 4.8 %
EQUINIX INC 4.6 %
WELLTOWER, INC. 3.4 %
EQUITY RESIDENTIAL 3.2 %
PUBLIC STORAGE 3.2 %
AVALONBAY COMMUNITIES INC 3.0 %
DIGITAL REALTY TRUST INC 2.5 %
REALTY INCOME CORP 2.5 %
VENTAS INC 2.2 %
Total 35.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 99.5 %
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.
28.7% 23.9% 8.5% 13.0% 5.3%

Market Correlations
versus... Beta R-squared
S&P500 0.54 28%
MSCI EAFE 0.39 12%
MSCI Emg. Mkts. 0.21 6%

Technical Indicators
Recent close $55.57
30d moving avg. $55.60
Annualized volatility 12.3%
Short interest (ETF) 0.2%
Short interest (Underlying) 2.8%
Relative strength (RSI) 52

Liquidity measures
Avg. volume (thou.) 160
Turnover 0.5%
Bid/Ask (% of price) 0.05%
ADV underlying (mns) $5,974

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the iShares Core. U.S. REIT ETF based on the alternatives' overlap in portfolio holdings with USRT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: USRT Expense: 8 bp ALTAR Score™: 6.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH USRT
Ticker Fund
Name
Overlap1
vs USRT
(%)
Expense
ratio
(bp)
Savings
vs USRT
(bp)
ALTAR
Score™
(%)
ALTAR
vs USRT
(%)
FRI First Trust S&P REIT 97.5 50 -42 6.0 -0.4
BBRE JPMorgan BetaBuilders MSCI U.S. REIT 97.1 11 -3 6.3 -0.1
FREL Fidelity MSCI Real Estate 78.7 8 -0 6.0 -0.4
IYR iShares U.S. Real Estate 74.1 42 -34 5.7 -0.7
SCHH Schwab US REIT 71.9 7 1 6.4 -0.0
RWR SPDR Dow Jones REIT ETF 71.9 25 -17 6.2 -0.2
PSR Invesco Active US Real Estate 70.7 35 -27 5.4 -1.1
VNQ Vanguard REIT ETF 68.8 12 -4 6.0 -0.4
REET iShares Global REIT 65.2 14 -6 6.1 -0.3
PPTY PPTY-U.S. Diversified Real Estate 64.1 53 -45 5.2 -1.2
RWO SPDR DJ Global Real Estate 56.8 50 -42 5.9 -0.5
ICF iShares Cohen & Steers Realty Majors 56.6 34 -26 5.2 -1.3
XLRE Real Estate Select Sector SPDR 56.3 13 -5 5.3 -1.2
FFR First Trust FTSE EPRA/NAREIT Global Real Estate 54.9 60 -52 6.1 -0.3
GRI Cohen & Steers Global Realty 51.3 55 -47 5.7 -0.7
EWRE Invesco S&P 500 Equal Weight Real Estate 50.0 40 -32 5.5 -0.9
GQRE FlexShares Global Quality Real Estate 44.1 45 -37 6.3 -0.1
REZ iShares Residential Real Estate Capped 37.1 48 -40 5.0 -1.4
RORE Hartford Multifactor REIT 32.9 45 -37 12.9 +6.4

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 Core. U.S. REIT
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 14.1 %
Divided by: Fwd. P/BV 2.2 x
Less: Expense ratio 8 bp
Equals: ALTAR Score 6.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.61 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.