iShares MSCI Emerging Markets ETF
ALTAR
Score™		 10.4% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 10.5x P/Sales
ratio		 0.9x
P/BV
ratio		 1.2x Div.
yield		 3.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI Emerging Markets Index fund seeks investment results that correspond to the price and yield performance of the MSCI Emerging Markets Index. The index consists of the stocks in developing economies around the world.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date Apr 11, 2003
Assets (mns) $18,480
Currency USD
Expense ratio 68 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 1223
Wgt avg mkt cap (mns) $110,628
Large cap (>$10bn) 69.9%
Mid cap ($2-10bn) 26.4%
Small cap (<$2bn) 3.1%
Developed mkts 8.3%
Emerging mkts 89.2%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 7.0 %
TENCENT HOLDINGS LTD 5.8 %
TAIWAN SEMICONDUCTOR MANUFAC 4.6 %
SAMSUNG ELECTRONICS CO LTD 3.9 %
CHINA CONSTRUCTION BANK-H 1.6 %
NASPERS LTD-N SHS 1.3 %
PING AN INSURANCE GROUP CO-H 1.1 %
CHINA MOBILE LIMITED 0.9 %
IND & COMM BK OF CHINA - H 0.9 %
RELIANCE INDUSTRIES LTD 0.9 %
Total 28.1 %

TOP COUNTRY EXPOSURE
CHINA 34.1 %
TAIWAN 12.0 %
SOUTH KOREA 11.7 %
INDIA 7.5 %
HONG KONG 5.0 %
BRAZIL 4.7 %
SOUTH AFRICA 3.6 %
RUSSIA 3.1 %
SAUDI ARABIA 2.4 %
THAILAND 2.1 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-23.9% -18.3% -1.0% -0.1% 8.4%

Market Correlations
versus... Beta R-squared
S&P500 0.94 62%
MSCI EAFE 1.06 76%
MSCI Emg. Mkts. 0.98 96%

Technical Indicators
Recent close $32.67
30d moving avg. $36.93
Annualized volatility 18.2%
Short interest (ETF) 27.4%
Relative strength (RSI) 36

Liquidity measures
Avg. volume (thou.) 110,504
Turnover 19.5%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $71,630

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the iShares MSCI Emerging Markets ETF ETF based on the alternatives' overlap in portfolio holdings with EEM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: EEM Expense: 68 bp ALTAR Score™: 10.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EEM
Ticker Fund
Name		 Overlap1
vs EEM
(%)		 Expense
ratio
(bp)		 Savings
vs EEM
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs EEM
(%)
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 89.0 65 3 10.3 -0.1
IEMG iShares Core MSCI Emerging Markets ETF 87.1 14 54 10.9 +0.5
SCHE Schwab Emerging Markets Equity ETF 76.9 13 55 10.7 +0.3
AAXJ iShares MSCI All Country Asia ex Japan ETF 75.8 68 0 9.8 -0.6
EEMA iShares MSCI Emerging Markets Asia ETF 74.7 50 18 10.3 -0.1
VWO Vanguard FTSE Emerging Markets ETF 73.1 10 58 10.8 +0.4
FLAX Franklin FTSE Asia Ex Japan ETF 73.1 19 49 10.3 -0.1
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 70.1 30 38 10.6 +0.2
PBEE Invesco PureBeta FTSE Emerging Markets ETF 68.4 14 54 11.7 +1.3
JHEM John Hancock Multifactor Emerging Markets ETF 68.0 55 13 11.3 +0.9
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 66.2 45 23 10.7 +0.3
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 58.8 32 36 8.7 -1.7
SPEM SPDR Portfolio Emerging Markets ETF 58.7 11 57 10.5 +0.1
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 58.3 59 9 13.5 +3.1
ESGE iShares ESG MSCI EM ETF 54.6 25 43 11.9 +1.5
BKF iShares MSCI BRIC ETF 53.3 69 -1 10.4 -0.0
GMF SPDR S&P Emerging Asia Pacific ETF 51.7 49 19 9.7 -0.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 50.7 30 38 11.3 +0.9
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 49.8 20 48 9.4 -1.0
EMXC iShares MSCI Emerging Markets ex China ETF 48.3 49 19 10.8 +0.4
PXH Invesco FTSE RAFI Emerging Markets ETF 46.7 50 18 16.4 +6.0
DVEM WisdomTree Emerging Markets Dividend Fund 44.7 32 36 11.3 +0.9
AVEM Avantis Emerging Markets Equity ETF 44.4 33 35 12.1 +1.7
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 43.6 49 19 10.6 +0.3
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 41.1 95 -27 12.7 +2.3
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 39.2 39 29 15.7 +5.3
MCHI iShares MSCI China ETF 39.1 59 9 10.5 +0.1
GXC SPDR S&P China ETF 38.2 59 9 10.3 -0.1
FLCH Franklin FTSE China ETF 37.4 19 49 10.6 +0.2
ISEM Invesco Strategic Emerging Markets ETF 35.8 35 33 12.2 +1.8
NUEM Nuveen ESG Emerging Markets Equity ETF 35.8 45 23 9.6 -0.8
KALL KraneShares FTSE Emerging Markets Plus ETF 35.1 49 19 10.3 -0.1
CN Xtrackers MSCI All China Equity ETF 34.9 50 18 10.6 +0.2
WCHN WisdomTree ICBCCS S&P China 500 Fund 34.4 55 13 10.0 -0.4
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 34.3 40 28 9.3 -1.1
EMCG WisdomTree Emerging Markets Consumer Growth Fund 33.6 32 36 9.5 -0.9
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 32.7 45 23 10.9 +0.5
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 32.4 32 36 11.8 +1.4
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 32.1 49 19 11.9 +1.5
AXJL WisdomTree Asia Pacific ex-Japan Fund 31.3 48 20 11.4 +1.0
CEZ Victory CEMP Emerging Market Volatility Wtd Index ETF 29.1 50 18 13.0 +2.6
FDEM Fidelity Targeted Emerging Markets Factor ETF 29.0 45 23 12.1 +1.7
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 28.4 25 43 10.1 -0.3
AIA iShares Asia 50 ETF 27.9 50 18 10.4 +0.1
ROAM Hartford Multifactor Emerging Markets ETF 26.7 44 24 18.5 +8.1
CHIL Global X MSCI China Large-Cap 50 ETF 26.7 29 39 10.8 +0.4
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 26.4 16 52 8.9 -1.5
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 26.0 40 28 9.2 -1.2
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 25.0 64 4 8.1 -2.3
ACWX iShares MSCI ACWI ex U.S. ETF 24.7 32 36 9.6 -0.8
CXSE WisdomTree China ex-State-Owned Enterprises Fund 23.9 32 36 8.3 -2.1
IXUS ishares Core MSCI Total International Stock ETF 23.7 9 59 9.7 -0.7
RNEM Emerging Markets Equity Select ETF 23.3 75 -7 11.9 +1.5
EMMF WisdomTree Emerging Markets Multifactor Fund 23.0 48 20 12.3 +1.9
VSGX Vanguard ESG International Stock ETF 22.7 17 51 9.3 -1.1
VXUS Vanguard Total International Stock Index Fund 22.3 8 60 9.8 -0.6
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 22.2 45 23 12.2 +1.9
VEU Vanguard FTSE All-World ex-US Index Fund 21.7 8 60 9.8 -0.6
VYMI Vanguard International High Dividend Yield ETF 20.6 32 36 12.6 +2.2
XCEM Columbia EM Core ex-China ETF 20.0 16 52 9.8 -0.6
BICK First Trust BICK Index Fund 19.8 64 4 6.6 -3.8
ECON Columbia Emerging Markets Consumer ETF 19.4 59 9 5.9 -4.5
CWI SPDR MSCI ACWI ex-US ETF 18.9 30 38 9.5 -0.9
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 18.0 86 -18 3.5 -6.9
EELV Invesco S&P Emerging Markets Low Volatility ETF 18.0 29 39 12.8 +2.4
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 18.0 45 23 16.7 +6.4
FDNI First Trust Dow Jones International Internet ETF 17.5 65 3 4.2 -6.2
FXI iShares China Large-Cap ETF 16.9 74 -6 15.1 +4.7
KWEB KraneShares CSI China Internet ETF 16.3 76 -8 4.5 -5.9
VIGI Vanguard International Dividend Appreciation ETF 16.0 25 43 7.3 -3.1
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 15.7 20 48 12.8 +2.4
DEM WisdomTree Emerging Markets High Dividend Fund 15.4 63 5 17.3 +6.9
TTTN UP Fintech China-U.S. Internet Titans ETF 15.2 59 9 6.5 -3.9
JOYY Infusive Compounding Global Equities ETF 14.8 50 18 5.2 -5.2
OGIG O'Shares Global Internet Giants ETF 13.4 48 20 1.1 -9.3
EEMO Invesco S&P Emerging Markets Momentum ETF 13.4 30 38 12.7 +2.3
PIE Invesco DWA Emerging Markets Momentum ETF 13.3 90 -22 7.1 -3.3
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 13.0 80 -12 2.3 -8.1
LVHE Legg Mason Emerging Markets Low Volatility High Dividend ETF 12.7 51 17 13.6 +3.2
FRDM Freedom 100 Emerging Markets ETF 12.6 49 19 9.7 -0.7
DOGS Arrow Dogs of the World ETF 12.0 134 -66 14.7 +4.3
EWT iShares MSCI Taiwan ETF 12.0 59 9 7.9 -2.5
FLTW Franklin FTSE Taiwan ETF 11.6 19 49 8.3 -2.1
FLKR Franklin FTSE South Korea ETF 11.6 9 59 13.1 +2.7
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 11.6 60 8 10.4 -0.0
CRBN iShares MSCI ACWI Low Carbon Target ETF 11.5 20 48 8.3 -2.1
AIQ Global X Future Analytics Tech ETF 11.4 68 0 6.0 -4.4
ACWF iShares FactorSelect MSCI Global ETF 11.4 35 33 10.3 -0.1
BUYZ Franklin Disruptive Commerce ETF 11.2 50 18 0.3 -10.1
EMFM Global X MSCI Next Emerging & Frontier ETF 11.2 55 13 10.6 +0.2
EWY iShares MSCI South Korea ETF 11.2 59 9 12.6 +2.2
FNI First Trust Chindia ETF 11.1 59 9 4.7 -5.7
LOWC SPDR MSCI ACWI Low Carbon Target ETF 11.1 20 48 8.3 -2.1
CHIQ Global X China Consumer ETF 10.9 65 3 12.0 +1.6
PGJ Invesco Golden Dragon China ETF 10.8 70 -2 4.5 -5.9
ACWI iShares MSCI ACWI ETF 10.5 32 36 8.0 -2.4
DINT Davis Select International ETF 10.5 75 -7 8.0 -2.4
GBUY Goldman Sachs Motif New Age Consumer ETF 10.3 50 18 3.7 -6.6
FEM First Trust Emerging Markets AlphaDEX Fund 10.2 80 -12 15.1 +4.7
VPL Vanguard FTSE Pacific ETF 10.2 8 60 10.0 -0.3

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

  2015 2016 2017 2018 2019 2020E 2021E
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
  2019 2020E 2021E
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 Emerging Markets ETF
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 in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.5 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 68 bp
Equals: ALTAR Score 10.4 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.39 CATEGORY
AVERAGE		 1.45
 
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.