iShares MSCI Europe Financial Sector
ALTAR
Score™
7.1% info Recommen-
dation
NEUTRAL
2017E    2018E
P/E
ratio
12.6x P/Sales
ratio
1.3x
P/BV
ratio
0.9x Div.
yield
4.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares MSCI Europe Financial Sector Index Fund is an exchange-traded fund incorporated in the USA. The Fund seeks results that correspond generally to the price and yield performance of the MSCI Europe Financial Sector Index.

FUND BASICS
Category Sector ETFs
Fund Sponsor BlackRock Fund Advisors
Website www.ishares.com
Inception date Jan 22, 2010
Assets (mns) $1,685
Currency USD
Expense ratio 48 bp
Distributions Semi-Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 82
Wgt avg mkt cap (mns) $60,064
Large cap (>$10bn) 93.7%
Mid cap ($2-10bn) 6.2%
Small cap (<$2bn) 0.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
HSBC HOLDINGS PLC 10.1 %
BANCO SANTANDER SA 5.4 %
ALLIANZ SE-REG 5.1 %
BNP PARIBAS 4.4 %
ING GROEP NV 3.6 %
LLOYDS BANKING GROUP PLC 3.1 %
PRUDENTIAL PLC 3.1 %
UBS GROUP AG 3.1 %
BANCO BILBAO VIZCAYA ARGENTA 3.0 %
AXA SA 2.9 %
Total 43.9 %

TOP COUNTRY EXPOSURE
BRITAIN 28.5 %
FRANCE 12.0 %
SWITZERLAND 11.2 %
GERMANY 10.7 %
SPAIN 10.6 %
SWEDEN 7.3 %
ITALY 6.6 %
NETHERLANDS 5.3 %
BELGIUM 2.0 %
DENMARK 1.6 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
22.6% 35.0% 10.3% -- 3.9%

Market Correlations
versus... Beta R-squared
S&P500 1.01 35%
MSCI EAFE 1.12 65%
MSCI Emg. Mkts. 0.54 26%

Technical Indicators
Recent close $23.10
30d moving avg. $22.79
Annualized volatility 17.3%
Short interest (ETF) 0.8%
Relative strength (RSI) 45

Liquidity measures
Avg. volume (thou.) 1,109
Turnover 1.5%
Bid/Ask (% of price) 1.00%
ADV underlying (mns) $6,651

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares MSCI Europe Financial Sector ETF based on the alternatives' overlap in portfolio holdings with EUFN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: EUFN Expense: 48 bp ALTAR Score™: 7.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EUFN
Ticker Fund
Name
Overlap1
vs EUFN
(%)
Expense
ratio
(bp)
Savings
vs EUFN
(bp)
ALTAR
Score™
(%)
ALTAR
vs EUFN
(%)
IXG iShares S&P Global Financial Sector 26.8 48 0 7.8 +0.7
EFV iShares MSCI EAFE Value 23.4 40 8 7.7 +0.6
FEU SPDR DJ Stoxx 50 22.8 29 19 6.5 -0.6
FEZ SPDR DJ Euro Stoxx 50 22.3 29 19 6.8 -0.3
DBUK Deutsche X-trackers MSCI UK Hedged 21.9 45 3 6.8 -0.4
DDEZ WisdomTree Dynamic Currency Hedged Europe Equity 21.5 43 5 6.4 -0.7
EWU iShares MSCI United Kingdom 21.4 48 0 6.4 -0.7
DBEU Deutsche X-trackers Europe Hedged 20.8 45 3 6.2 -0.9
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE 20.5 45 3 6.1 -1.0
IEV iShares S&P Europe 350 20.4 60 -12 5.8 -1.3
EZU iShares MSCI Euro Monetary Union 20.1 48 0 6.0 -1.1
VGK Vanguard European ETF 18.3 12 36 6.0 -1.1
HDEF Deutsche X-trackers MSCI EAFE High Div Yld Hedged 18.2 45 3 8.0 +0.9
IMTM iShares MSCI Int'l Developed Momentum 18.2 30 18 6.0 -1.2
IEUR iShares Core MSCI Europe 17.9 10 38 6.1 -1.0
DBEZ Deutsche X-Trackers MSCI EMU Hedged 17.8 45 3 5.8 -1.3
EFAS Global X MSCI SuperDividend EAFE 17.3 55 -7 6.7 -0.4
EDOM WisdomTree Europe Domestic Economy 17.3 48 0 4.8 -2.4
DBSE Deutsche X-Trackers MSCI Southern Europe Hedged 17.3 45 3 5.0 -2.1
GSEU Goldman Sachs ActiveBeta Europe Equity 17.2 25 23 6.2 -0.9

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

  2012 2013 2014 2015 2016 2017E 2018E
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
  2016 2017E 2018E
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 Europe Financial Sector
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 between 6.0% and 8.0%. This indicates that valuations adequately reflect the fundamentals of stocks in these funds. The majority of funds we cover fall into this category.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 7.0 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 48 bp
Equals: ALTAR Score 7.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.70 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.