QUAL

iShares MSCI USA Quality Factor ETF

The iShares MSCI USA Quality Factor ETF (the "Fund") seeks to track the investment results of an index that measures the performance of U.S. large- and mid-capitalization stocks as identified through three fundamental variables: return on equity, earnings variability and financial leverage.


US

EQUITY

Rules-Based

MANAGEMENT STYLE

15 bp

EXPENSES

$47.6 B

ASSETS UNDER MGMT

FACTOR SCORECARD

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Fund Basics
Fund sponsorBlackRock Fund Advisors
CategoryUS
Asset classEquity
Websitelink...
Inception dateJul 16, 2013
Assets (mns)$47,565
Expense ratio15 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsQuarterly
Taxation1099
Stock selectionFundamental
WeightingFundamental
Holdings TransparencyFull
Derivatives-basedNo
Options availableYes
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings Complete list  + 
NVIDIA CORP 6.1 %
APPLE INC 5.7 %
MICROSOFT CORP 5.0 %
ELI LILLY & CO 4.1 %
VISA INC. CLASS A 4.1 %
MASTERCARD INCORPORATED CLASS A 3.8 %
META PLATFORMS INC 3.7 %
UNITEDHEALTH GROUP INC 2.8 %
COSTCO WHOLESALE CORP 2.5 %
JOHNSON & JOHNSON 2.3 %
Constituent Breakdown
Number of holdings125
Herfindahl-Hirschman Index 245
Wgt avg mkt cap (mns)$702,151
Large cap (>$10bn)99.2%
Mid cap ($2-10bn)0.6%
Small cap (<$2bn)0.0%
Developed mkts.100.0%
Emerging mkts.0.0%
Country Exposure
UNITED STATES 96.2 %
IRELAND 1.6 %
BRITAIN 1.2 %
Historical Performance


Standardized Performance (as of 06/30/2024)
 YTD1 YR2 YR3 YR5 YR10 YRIncep.
Total Returns 16.6% 28.6% 25.6% 10.3% 15.0% 13.2% 14.1%
Volatility 12.1% 12.0% 17.8% 18.3% 21.5% 17.9% --
Market Correlations
versus...BetaR-squared
S&P 5001.0598%
MSCI EAFE0.9575%
MSCI Emg Mkts0.7041%
Liquidity Measures
Avg. volume (000)981
Turnover0.4%
Avg. Bid/Ask (% of price)0.01%
ADV of underlying (mns)$201,803
Technical Indicators
Recent close$173.09
30d moving avg.$172.72
Annualized volatility19.2%
Relative strength (RSI)65
Short interest (ETF)0.2%
Short interest (underlying)1.4%
Distributions
Assets Under Management (mns)

Money Flows (mns)

Short Interest (as % of shares outstanding)

Long Money Flows (mns)

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Risk and Returns: QUAL vs. Comps (1 YR)

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Results & Estimates
  2019 2020 2021 2022 2023 2024E 2025E  
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
  2023 2024E Fwd Est 2025E
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 --%
3.7 23.4 5.5 1.2% --
Based on closing prices from 7/22/2024
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
QUAL



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™

QUAL

5.1%

Cat. Avg

5.6%

Fund Category: US

Avg. Return on Equity--%
Divided by: Fwd. P/BV--x
Less: Expenses-- bp
Equals: ALTAR Score™5.1%
Recommendation

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.

Category Overview
There are 899 funds in the US category, with an average ALTAR Score™ of 5.6% and a standard deviation of 2.4%. QUAL's ALTAR Score™ is approximately 0.2 standard deviations below the category average. This places QUAL in the 41st percentile among funds in the category.
Consensus Recommendation

Sell-side recommendations on the ETF's individual constituents

Composite
QUAL
Peer Average
SELL
U/W
HOLD
O/W
BUY



Recent Trends


Breakdown
Expense Analysis

Peer Group Rules-Based
US Equity ETFs
# of ETFs 609
Avg. Expense Ratio 46.6 bp
Std. Deviation 32.9 bp
QUAL (15 bp) Percentile rank 17
Peer Group Expense Ratio Distribution


Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
QUAL 15.0 0.9 15.9
Peer Avg. 36.9 15.0 51.8
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .