iShares S&P Developed ex-US Property
ALTAR
Score™
6.8% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
16.1x P/Sales
ratio
3.5x
P/BV
ratio
1.0x Div.
yield
3.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares S&P Developed ex-U.S. Property Index Fund seeks investment performance that corresponds with the price and yield of the S&P Developed Ex-US Property Index.

FUND BASICS
Category International Equities
Fund Sponsor Barclays Global Fund Advisors
Website www.ishares.com
Inception date Aug 03, 2007
Assets (mns) $113
Currency USD
Expense ratio 48 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 345
Wgt avg mkt cap (mns) $9,934
Large cap (>$10bn) 39.3%
Mid cap ($2-10bn) 48.2%
Small cap (<$2bn) 10.8%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
DEUTSCHE ANNINGTON IMMOBILIE 3.1 %
MITSUBISHI ESTATE CO LTD 2.9 %
MITSUI FUDOSAN CO LTD 2.8 %
SUN HUNG KAI PROPERTIES 2.6 %
LINK REIT 2.6 %
DAIWA HOUSE INDUSTRY CO LTD 2.5 %
CK ASSET HOLDINGS LIMITED 2.0 %
SUMITOMO REALTY & DEVELOPMNT 1.9 %
GOODMAN GROUP 1.7 %
UNIBAIL-RODAMCO-WESTFIELD STAPLED 1.5 %
Total 23.7 %

TOP COUNTRY EXPOSURE
JAPAN 25.9 %
HONG KONG 12.6 %
AUSTRALIA 8.7 %
BRITAIN 6.7 %
SINGAPORE 6.4 %
GERMANY 6.4 %
FRANCE 3.0 %
CANADA 2.6 %
SWEDEN 2.5 %
SWITZERLAND 2.1 %

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.
18.7% 19.0% 5.1% 7.4% 2.6%

Market Correlations
versus... Beta R-squared
S&P500 0.46 28%
MSCI EAFE 0.67 50%
MSCI Emg. Mkts. 0.56 59%

Technical Indicators
Recent close $39.10
30d moving avg. $39.28
Annualized volatility 10.5%
Short interest (ETF) 0.3%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 22
Turnover 0.8%
Bid/Ask (% of price) 0.22%
ADV underlying (mns) $2,538

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the iShares S&P Developed ex-US Property ETF based on the alternatives' overlap in portfolio holdings with WPS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: WPS Expense: 48 bp ALTAR Score™: 6.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH WPS
Ticker Fund
Name
Overlap1
vs WPS
(%)
Expense
ratio
(bp)
Savings
vs WPS
(bp)
ALTAR
Score™
(%)
ALTAR
vs WPS
(%)
IFGL iShares FTSE EPRA/NARIET Developed REIT 70.7 48 0 6.6 -0.3
DBAP Xtrackers MSCI Asia Pacific Ex-Japan Hedged 66.1 10 38 7.8 +0.9
VNQI Vanguard Global ex-US Real Estate 65.5 12 36 8.8 +1.9
RWX SPDR DJ International REIT 49.8 59 -11 5.8 -1.0
DRW WisdomTree Global ex-US Real Estate 49.6 58 -10 8.8 +2.0
GRI Cohen & Steers Global Realty 38.8 55 -7 5.8 -1.1
FFR First Trust FTSE EPRA/NAREIT Global Real Estate 38.1 60 -12 6.2 -0.7
RWO SPDR DJ Global Real Estate 35.7 50 -2 6.0 -0.8
GQRE FlexShares Global Quality Real Estate 28.3 45 3 6.5 -0.4
IFEU iShares FTSE EPRA/NAREIT Europe 26.2 48 0 5.8 -1.0
REET iShares Global REIT 26.1 14 34 6.2 -0.6
IDLV Invesco S&P Int'l Developed Low Volatility 18.0 25 23 6.3 -0.5
SCIX Global X Scientific Beta Asia ex-Japan 14.9 38 10 6.1 -0.8
TAO Invesco China Real Estate 13.1 70 -22 12.7 +5.9
DWX SPDR S&P International Dividend ETF 13.1 45 3 6.9 +0.1
FLHK Franklin FTSE Hong Kong 12.7 9 39 7.4 +0.5
DEEF Xtrackers FTSE Dev ex-US Comprehensive Factor 12.3 24 24 7.0 +0.2
EWH iShares MSCI Hong Kong 12.3 48 0 6.8 0.0
IDHD Invesco S&P Intl Developed High Div Low Volatility 11.8 30 18 6.4 -0.5

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 S&P Developed ex-US Property
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 7.3 %
Divided by: Fwd. P/BV 1.0 x
Less: Expense ratio 48 bp
Equals: ALTAR Score 6.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.67 CATEGORY
AVERAGE
1.63
 
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.