{"id":6029,"date":"2021-04-21T19:09:14","date_gmt":"2021-04-21T19:09:14","guid":{"rendered":"https:\/\/etfinveste.pt\/?page_id=6029"},"modified":"2021-04-23T18:55:30","modified_gmt":"2021-04-23T18:55:30","slug":"analise23_iusn","status":"publish","type":"page","link":"https:\/\/etfinveste.pt\/analise23_iusn\/","title":{"rendered":"iShares MSCI World Small Cap UCITS ETF \u2013 IUSN"},"content":{"rendered":"\t\t
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iShares MSCI World Small Cap UCITS ETF – IUSN<\/span><\/h1><\/div><\/div>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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DESCRI\u00c7\u00c3O<\/span><\/strong><\/h4>

Em 2018 a iShares lan\u00e7ou o IUSN, um ETF que segue de forma otimizada o MSCI World Small Caps Index<\/i>. Este \u00edndice abrange 23 pa\u00edses desenvolvidos, englobando ativos de mais de 3500 empresas, afirmando cobrir aproximadamente 14% do mercado bolsista em cada pa\u00eds. Dado ao m\u00e9todo de replica\u00e7\u00e3o usado, o portf\u00f3lio deste ETF \u00e9 reajustado trimestralmente.
<\/span>O IUSN tem concorr\u00eancia direta do\u00a0<\/span>SPDR MSCI World Small Cap<\/i> (ticker:ZPRS) que segue o mesmo \u00edndice tamb\u00e9m de forma otimizada. Contudo, apesar do ETF da SPDR ter sido lan\u00e7ado em 2013 possui um AUM de 814 milh\u00f5es de euros, enquanto o capital acumulado deste ETF da iShares \u00e9 superior a \u20ac3 mil milh\u00f5es, revelando assim muito mais liquidez.<\/h4>

Outra vantagem perante o ZPRS \u00e9 a inclus\u00e3o do IUSN na lista de comiss\u00f5es gr\u00e1tis em duas das corretoras online mais usadas na Europa, isto se os investidores cumprirem um conjunto de regras\u00a0j\u00e1 exemplificadas nestes dois artigos:\u00a0Degiro<\/a><\/u>, <\/span>XTB<\/u><\/a>.\u00a0\u00a0<\/span><\/h4>

\u00c0 data desta an\u00e1lise, um desses requisitos \u00e9 transacionar na Bolsa XETRA, da\u00ed a escolha deste ticker, sendo provavelmente a escolha mais vantajosa para os investidores residentes em Portugal.<\/h4>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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DIVERSIFICA\u00c7\u00c3O<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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Observa-se que o IUSN possui maior exposi\u00e7\u00e3o ao setor industrial, contudo evidencia uma diversifica\u00e7\u00e3o abrangente face aos restantes setores com percentagens similares entre eles.
Avaliando o segundo quadro, \u00e9 demonstrado que 13,96% do IUSN \u00e9 representado pelas suas 10 maiores empresas, valor muito razo\u00e1vel dado que \u00e9 constituido por mais de 3500 holdings. Todo o Top 10 \u00e9 composto por small caps nos EUA com pouca presen\u00e7a no continente europeu, talvez a companhia mais conhecida seja a Novavax, dado \u00e0 sua produ\u00e7\u00e3o de vacinas contra a COVID-19. Analisando individualmente os resultados em Bolsa do TOP 10, \u00e9 evidenciado uma tend\u00eancia acentuada de crescimento em todas as empresas\u00a0<\/span>no curto e longo prazo<\/span>, mas principalmente ap\u00f3s mar\u00e7o de 2020. O destaque\u00a0 vai para performance da\u00a0Caesars Entertainment e da Boston Beer Company. No sentido inverso, a Penn National Gaming \u00e9 a companhia que apresenta resultados menos positivos no curto prazo. De salientar a inclus\u00e3o de d\u00f3lares americanos no top de ativos do IUSN, que representam 0,23% do seu portfolio.\u00a0<\/span><\/h4>
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SETOR<\/th>PESO<\/th>\n<\/tr>\n<\/thead>\n
Industriais e servi\u00e7os diversos<\/td>18.50%<\/td>\n<\/tr>\n
Bens de Consumo n\u00e3o essenciais<\/td>14.25%<\/td>\n<\/tr>\n
Financeiras<\/td>13.22%<\/td>\n<\/tr>\n
Tecnologias de Informa\u00e7\u00e3o\t<\/td>12.61%<\/td>\n<\/tr>\n
Sa\u00fade e Farmac\u00eauticas<\/td>11.42%<\/td>\n<\/tr>\n
Imobili\u00e1rio<\/td>9.61%<\/td>\n<\/tr>\n
Ind. de Materiais e Transforma\u00e7\u00e3o<\/td>7.24%<\/td>\n<\/tr>\n
Bens de Consumo essenciais<\/td>4.32%<\/td>\n<\/tr>\n
Servi\u00e7os de Comunica\u00e7\u00e3o<\/td>3.03%<\/td>\n<\/tr>\n
Energia<\/td>2.74%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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EMPRESA<\/th>PESO<\/th>\n<\/tr>\n<\/thead>\n
CAESARS ENTERTAINMENT INC<\/td>0.21%<\/td>\n<\/tr>\n
CHARLES RIVER LABORATORIES INTERNA<\/td>0.20%<\/td>\n<\/tr>\n
L BRANDS INC<\/td>0.20%<\/td>\n<\/tr>\n
NUANCE COMMUNICATIONS INC<\/td>0.19%<\/td>\n<\/tr>\n
BIO TECHNE CORP<\/td>0.19%<\/td>\n<\/tr>\n
ENTEGRIS INC<\/td>0.18%<\/td>\n<\/tr>\n
PENN NATIONAL GAMING INC<\/td>0.18%<\/td>\n<\/tr>\n
BOSTON BEER INC CLASS A<\/td>0.17%<\/td>\n<\/tr>\n
TAPESTRY INC<\/td>0.17%<\/td>\n<\/tr>\n
NOVAVAX INC<\/td>0.16%<\/td>\n<\/tr>\n
PESO EMPRESAS TOP 10\t<\/td>1.85%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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PERFORMANCE<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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Analisando o desempenho gr\u00e1fico deste ETF, destaca-se a tend\u00eancia acentuada de subida ap\u00f3s mar\u00e7o de 2020. Ap\u00f3s a queda nessa data, o seu NAV recuperou totalmente e superou o seu valor pr\u00e9-pandemia, batendo recentemente o seu m\u00e1ximo hist\u00f3rico de 6,08\u20ac, no passado dia 16 de abril. At\u00e9 mar\u00e7o de 2020 o seu NAV estava lateralizado entre os 4,25\u20ac e 4,60\u20ac.<\/h4>

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O IUSN \u00e9 um ETF ainda recente, criado em 2018, contudo at\u00e9 ao momento, \u00e0 exce\u00e7\u00e3o no muito-curto prazo, apresenta resultados positivos nos diferentes per\u00edodos. \u00c9<\/span>\u00a0comparativamente ao ano passado que se evidenciam os resultados acumulados mais positivos, este ETF da iShares cresceu mais de 55% ainda relacionado com a boa rea\u00e7\u00e3o ap\u00f3s a queda de mar\u00e7o de 2020. Tamb\u00e9m desde o seu lan\u00e7amento, \u00e9 poss\u00edvel apurar um crescimento superior a 40% face \u00e0 data atual.
Apesar disso, comparativamente ao m\u00eas passado, obteve um recuo ligeiro decrescendo 1,51%, isto numa altura em que o mercado bolsista tem sofrido no geral, alguma desacelera\u00e7\u00e3o.\u00a0\u00a0<\/h4>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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PERFORMANCE(\u20ac)(at\u00e9 21\/04\/2021)<\/th>IUSN<\/th>\n<\/tr>\n<\/thead>\n
1 M\u00caS<\/td>-1.51%<\/td>\n<\/tr>\n
3 MESES<\/td>5.37%<\/td>\n<\/tr>\n
YTD<\/td>13.05%<\/td>\n<\/tr>\n
1 ANO<\/td>55.82%<\/td>\n<\/tr>\n
3 ANOS<\/td>40.57%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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OUTROS DADOS<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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O IUSN possui um TER de 0,35% ficando em vantagem relativamente ao seu rival da SPDR, o j\u00e1 referenciado ZPRS, que regista 0,45%<\/span>.
Quanto \u00e0 diversifica\u00e7\u00e3o geogr\u00e1fica, existe uma maior exposi\u00e7\u00e3o nos EUA, com 58,58% de aloca\u00e7\u00e3o. Verifica-se uma grande diferen\u00e7a face ao segundo pa\u00eds da lista, o Jap\u00e3o com apenas 10,33%.\u00a0De salientar tamb\u00e9m, a pouca representatividade na economia da Uni\u00e3o Europeia no seu Top 10, ainda assim est\u00e3o inclu\u00eddas algumas empresas portuguesas no IUSN, entre elas a REN com maior peso, mas de apenas 0,02%. BCP, SONAE, NOS, CTT ou Corticeira Amorim, s\u00e3o outras empresas lusas representadas, com participa\u00e7\u00f5es individuais abaixo de 0,01%.<\/h4>

Verificando alternativas nos EUA, n\u00e3o aparenta existir nenhum ETF que siga o \u00edndice MSCI World Small Cap,<\/i> talvez o mais similar seja o ISCF, tamb\u00e9m da iShares, que apesar de s\u00f3 incluir small caps, exclui empresas americanas e ainda seleciona as companhias globais perante certos crit\u00e9rios e indicadores financeiros.
Finalmente, o IUSN n\u00e3o possui qualquer distribui\u00e7\u00e3o<\/span>\u00a0de dividendos.<\/i><\/span><\/h4>

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PA\u00cdS<\/th>PESO<\/th>\n<\/tr>\n<\/thead>\n
United States<\/td>58.58%<\/td>\n<\/tr>\n
Japan<\/td>10.33%<\/td>\n<\/tr>\n
United Kingdom<\/td>6.74%<\/td>\n<\/tr>\n
Canada<\/td>3.49%<\/td>\n<\/tr>\n
Australia<\/td>3.36%<\/td>\n<\/tr>\n
Sweden<\/td>2.82%<\/td>\n<\/tr>\n
Germany<\/td>1.96%<\/td>\n<\/tr>\n
Switzerland<\/td>1.92%<\/td>\n<\/tr>\n
France<\/td>1.22%<\/td>\n<\/tr>\n
Italy<\/td>1.10%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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C\u00f3digo ISIN\u00a0<\/td>IE00BF4RFH31<\/td>\n<\/tr>\n
Ticker<\/td>IUSN<\/td>\n<\/tr>\n
Sociedade gestora<\/td>iShares<\/td>\n<\/tr>\n
Data de lan\u00e7amento<\/td>27\/03\/2018<\/td>\n<\/tr>\n
Moeda<\/td>USD<\/td>\n<\/tr>\n
Categoria<\/td>A\u00e7\u00f5es<\/td>\n<\/tr>\n
NAV<\/td>\u20ac5.90<\/td>\n<\/tr>\n
AUM<\/td>\u20ac3,29mM<\/td>\n<\/tr>\n
Distribui\u00e7\u00e3o de Dividendos<\/td>N\u00e3o - Acumulativo<\/td>\n<\/tr>\n
Total Expense Ratio (TER)\u00a0<\/td>0.35%<\/td>\n<\/tr>\n
Beta (5 anos)<\/td>1.06<\/td>\n<\/tr>\n
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\"\u2705\"\u00a0Performance<\/span><\/h4>
– Apesar do IUSN ter sido lan\u00e7ado recentemente, em 2018, a sua performance global \u00e9 positiva. Comparativamente ao seu lan\u00e7amento, cresceu cerca de 40% e desde o ano passado regista mais de 55%. Contudo no curto prazo, observa-se uma ligeira desacelera\u00e7\u00e3o entre o YTD e os 3 meses, como tamb\u00e9m um decr\u00e9scimo ligeiro de 1,51% face ao m\u00eas passado;<\/h6>
\u00a0\"\u2705\"\u00a0Diversifica\u00e7\u00e3o<\/span><\/h6>
– A diversifica\u00e7\u00e3o do IUSN \u00e9 um dos pontos fortes. Apesar da maior exposi\u00e7\u00e3o geogr\u00e1fica nos EUA, com mais de 58%, este ETF tem um bom equil\u00edbrio entre setores e, dado o seu \u00edndice de refer\u00eancia, o MSCI World Small Cap<\/i>,\u00a0 integra um n\u00famero elevado de empresas, entre elas algumas portuguesas;<\/h6>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\"\ud83d\udfe5\"<\/span>\u00a0Expectativas Futuras<\/span><\/h4>
– Como referido, o IUSN bateu recentemente o seu m\u00e1ximo hist\u00f3rico, registando os \u20ac6,08, mas tem sido dif\u00edcil superar esta refer\u00eancia, esteve muito perto deste valor no passado . Muitos analistas consideram o atual mercado bolsista overpriced, o que origina d\u00favidas face ao futuro deste ETF numa poss\u00edvel corre\u00e7\u00e3o ou revers\u00e3o do mercado;<\/span><\/h6>

\"\ud83d\udfe5\" Elevada exposi\u00e7\u00e3o \u00e0 economia dos EUA<\/span><\/span><\/h4>
– Pode ser um pouco contradit\u00f3rio, dada \u00e0 aprecia\u00e7\u00e3o positiva no aspeto da Diversifica\u00e7\u00e3o, mas a aloca\u00e7\u00e3o de mais de 58% em apenas nos EUA, aumenta o n\u00edvel de risco. A performance deste ETF pode depender muito do desempenho desse pa\u00eds, seja ao n\u00edvel econ\u00f3mico como em outras vertentes (conjuntura pol\u00edtico e social p.ex.);\u00a0<\/span><\/h6>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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IE00BF4RFH31 WSML WLDS<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

iShares MSCI World Small Cap UCITS ETF – IUSN DESCRI\u00c7\u00c3O Em 2018 a iShares lan\u00e7ou o IUSN, um ETF que segue de forma otimizada o MSCI World Small Caps Index. Este \u00edndice abrange 23 pa\u00edses desenvolvidos, englobando ativos de mais de 3500 empresas, afirmando cobrir aproximadamente 14% do mercado bolsista em cada pa\u00eds. Dado ao …<\/p>\n

iShares MSCI World Small Cap UCITS ETF \u2013 IUSN<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":6055,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-6029","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"\niShares MSCI World Small Cap UCITS ETF \u2013 IUSN - ETFinveste<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/etfinveste.pt\/analise23_iusn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"iShares MSCI World Small Cap UCITS ETF \u2013 IUSN - ETFinveste\" \/>\n<meta property=\"og:description\" content=\"iShares MSCI World Small Cap UCITS ETF – IUSN DESCRI\u00c7\u00c3O Em 2018 a iShares lan\u00e7ou o IUSN, um ETF que segue de forma otimizada o MSCI World Small Caps Index. 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