IETC
iShares Evolved U.S. Technology ETF
The iShares Evolved US Technology ETF is an actively managed, market-cap-weighted fund of large-, mid-, and small-cap US stocks in the technology sector, according to an alternative classification system defined by machine learning algorithms.
Fund Basics
| Fund sponsor | BlackRock |
| Category | US Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Mar 21, 2018 |
| Assets (mns) | $165 |
| Expense ratio | 18 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Fundamental |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| MICROSOFT CORP | 12.0 % |
| BROADCOM INC. | 8.0 % |
| ACCENTURE PLC-CL A | 7.2 % |
| AMAZON.COM INC | 6.3 % |
| NVIDIA CORP | 5.8 % |
| SALESFORCE.COM INC | 5.6 % |
| ORACLE CORP | 4.1 % |
| APPLE INC | 3.2 % |
| CISCO SYSTEMS INC | 2.6 % |
| ALPHABET INC. CLASS A | 2.2 % |
Constituent Breakdown
| Number of holdings | 168 |
| Herfindahl-Hirschman Index | 442 |
| Wgt avg mkt cap (mns) | $729,824 |
| Large cap (>$10bn) | 97.7% |
| Mid cap ($2-10bn) | 2.2% |
| Small cap (<$2bn) | 0.1% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.1% |
Country Exposure
 |
UNITED STATES | 92.4 % |
 |
IRELAND | 7.3 % |
Historical Performance
Standardized Annual Returns (as of 11/30/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 47.0% | 38.5% | 0.1% | 10.6% | 19.9% | -- | 18.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.15 | 81% |
| MSCI EAFE | 0.94 | 50% |
| MSCI Emg Mkts | 0.74 | 34% |
Liquidity Measures
| Avg. volume (000) | 11 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.08% |
| ADV of underlying (mns) | $83,865 |
Technical Indicators
| Recent close | $59.37 |
| 30d moving avg. | $53.67 |
| Annualized volatility | 22.5% |
| Relative strength (RSI) | 55 |
| Short interest (ETF) | 0.2% |
| Short interest (underlying) | 1.7% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. IETC |
Expenses vs. IETC |
ALTAR Score™ vs. IETC |
|---|---|---|---|---|
| IGM | iShares Expanded Tech Sector ETF | 54.6% | +23 bp | +0.1% |
| ILCG | iShares Morningstar Growth ETF | 50.8% | -14 bp | -0.4% |
| VUG | Vanguard Growth Index Fund | 50.8% | -14 bp | -0.3% |
| SCHG | Schwab U.S. Large-Cap Growth ETF | 50.3% | -14 bp | -0.3% |
| IYW | iShares U.S. Technology ETF | 50.0% | +22 bp | +0.1% |
| IWF | iShares Russell 1000 Growth ETF | 49.8% | +1 bp | +0.1% |
| VONG | Vanguard Russell 1000 Growth Index Fund | 49.8% | -10 bp | +0.2% |
| VGT | Vanguard Information Technology Index Fund | 49.3% | -8 bp | +0.2% |
| XLK | Technology Select Sector SPDR Fund | 48.3% | -8 bp | +0.7% |
| IWY | iShares Russell Top 200 Growth ETF | 48.2% | +2 bp | +0.2% |
Risk and Returns: IETC vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | 2024E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2022 | 2023E | Fwd Est | 2024E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 11/30/2023
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
IETC
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
IETC
4.6%
Cat. Avg
6.1%
Fund Category: US Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 4.6% |
Recommendation
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
Category Overview
There are 896 funds in the US Equities category, with an average ALTAR Score™
of 6.1% and a standard deviation of
3.1%. IETC's ALTAR Score™ is approximately
0.5 standard deviations
below
the category average. This places IETC in the 32nd percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
IETC
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| IETC | 18.0 | 7.8 | 25.8 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .