A sound investment process and strong management team underpin iShares S&P 100 ETF's Morningstar Medalist Rating of Silver. The portfolio maintains a sizable cost advantage over competitors, priced within the cheapest fee quintile among peers.  

 The strategy's effective investment philosophy supports a High Process Pillar rating. Independent of the rating, analysis of the strategy's portfolio shows it has maintained a significant overweight position in quality exposure and volatility exposure compared with category peers. High quality exposure is attributed to stocks with low financial leverage and strong returns on equity. And high volatility exposure is rooted in stocks that have a higher standard deviation of returns. The equity team managing the passive product drives the strategy's Above Average People Pillar rating. The strategy has a solid parent that earns an Above Average Parent Pillar rating. This firm has had overall reasonable fees and a favorable lineup success ratio.

Analyst Rating

Apple

Microsoft

Amazon

NVIDIA

Alphabet

Tesla

Berkshire Hathaway Inc. - Ordinary Shares - Class B

UnitedHealth Group

Morningstar's evaluation of this security's process aims to determine the likelihood that it will outperform its Morningstar Category benchmark on a risk-adjusted basis over the long term. iShares S&P 100 ETF earns a High Process Pillar rating. The leading factor in the rating is that this fund tracks an index. Historical data, like Morningstar's Active/Passive Barometer, finds that passively managed funds have generally outperformed their active counterparts, especially over longer time horizons. Excellent risk-adjusted performance also influences the rating. This can be seen in the fund's five-year alpha calculated relative to the category index, which suggests that the process was successful over that period. The parent firm's five-year risk-adjusted success ratio of 60% reinforces the process. The measure indicates the percentage of a firm's funds that survived and surpassed their respective category's median Morningstar Risk-Adjusted Return for the period. Their impressive success ratio suggests that this firm does well for investors and that this fund may benefit from that.

The investment strategy as stated in the fund's prospectus is:  The investment seeks to track the investment results of the S&P 100® index composed of 100 large-capitalization U.S. equities.  The index measures the performance of the large-capitalization sector of the U.S. equity market. The fund generally will invest at least 80% of its assets in the component securities of its index and in investments that have economic characteristics that are substantially identical to the component securities of its index and may invest up to 20% of its assets in certain futures, options and swap contracts, and cash and cash equivalents. 

 The portfolio is overweight in technology and communication services relative to the category average by 7.0 and 4.2 percentage points, respectively. The sectors with low exposure compared to category peers are industrials and basic materials, with industrials underweighting the average portfolio by 5.4 percentage points of assets and basic materials similar to the average. The portfolio is composed of 105 holdings and is less top-heavy than peers. Specifically, 45.2% of the portfolio's assets are concentrated within the top 10 fund holdings, compared to the category’s 50.3% average. And finally, in terms of portfolio turnover, this fund trades less frequently than the category’s average, potentially limiting costs to investors.

High

Process

iShares S&P 100 ETF benefits considerably from its equity team, earning it an Above Average People Pillar rating. There are three managers listed on the fund: Paul Whitehead, Jennifer Hsui, Greg Savage. Experience on the team is abundant, with 17 years of average portfolio management experience. Together, they manage a total of 258 strategies, with a Silver asset-weighted average Morningstar Medalist Rating, demonstrating their potential to deliver positive alpha relative to the category median in aggregate. The team has undergone a bout of turnover recently, with Amy Whitelaw leaving within the last five months. Even though it is a passive fund, high turnover can still hinder the effectiveness of the investment process. 

 Note: This People Pillar rating is indirectly assigned by an analyst. Morningstar analysts evaluate the People Pillar for passive products at the brand level and may also differentiate by asset class. There is at least one other passive strategy at the firm that is covered by a Morningstar analyst, so the People Pillar rating of the fund is inherited from the rating that the Morningstar analyst assigned to investment vehicles under the same brand name.

Above Average

People

BlackRock offers compelling options across asset classes and vehicles. It earns an Above Average rating for Parent. 
The firm’s approximately USD 8 trillion in assets under management, as of Sept. 30, 2022, gives it unparalleled scale and influence. It is a market-leading index fund provider globally, and its iShares exchange-traded fund franchise offers a low-cost lineup of core funds that investors can use to build a well-diversified portfolio for dirt cheap. The firm can be more adventurous in its ETF launches than some peers, so not everything it launches is appropriate for the masses. As a result, it is likely to have more ETF closures than peers that stick to the basic building blocks.  
The firm’s active fixed-income and multi-asset efforts also stand out as some of the best in the industry. Those benefit from BlackRock’s commitment to building a first-class risk management system via its Aladdin analytics software. The software is also available for sale to other firms and has proved to be a popular option for competitors, a testament to its usefulness. 
More recently, the firm has shifted its focus to ESG offerings and incorporating ESG across its investment lineup, leading to a political backlash in the United States.
BlackRock isn’t the best at everything it tries to do, but retail investors, financial advisors, and large institutions could all build robust portfolios using BlackRock’s products.

Parent

iShares S&P 100 ETF

OEF tracks a market-cap-weighted index of 100 US large-cap companies selected by the S&P Committee.

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Despite iShares S&P 100 ETF's strong recovery from the bear market lows in late 2022, a few indicators suggest caution for the bulls. OEF's high valuation coupled with the ongoing quantitative tightening by the Fed will add to the headwinds over the next months. OEF's large outperformance relative to the Russell 2000 indicates that a change in leadership will happen at some point in the future.

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The S&P 100, as reflected in the iShares S&P 100 ETF, has extended its outperformance vs. other developed market ETFs following a better-than-expected CPI report. But a closer examination of core inflation drivers and market pricing suggests caution may be warranted. With a select group of the S&P 100 Uber caps also at record valuation multiples on generative AI hopes, technical rebalancing-driven headwinds may be on the horizon as well.

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The broad stock market has flopped around, but there has been no sustained positive returns for some time. Not even in OEF, a more mega-cap version of the S&P 500. This has to be frustrating for equity investors used to consistent double-digit annual returns. I know it's frustrating to me!

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For the iShares S&P 100 ETF, we found that the implied analyst target price for the ETF based upon its underlying holdings is $146.59 per unit.

News for iShares S&P 100 ETF ETF (OEF)