iShares MSCI Emerging Markets ex China ETF
ALTAR
Score™
10.4% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
11.1x P/Sales
ratio
0.9x
P/BV
ratio
1.1x Div.
yield
4.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI Emerging Markets ex China ETF tracks a market-cap- weighted index of emerging-market firms, excluding China. The index covers 85% of the universe by market cap.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor BlackRock
Website www.ishares.com
Inception date Jul 18, 2017
Assets (mns) $21
Currency USD
Expense ratio 49 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 518
Wgt avg mkt cap (mns) $49,831
Large cap (>$10bn) 59.3%
Mid cap ($2-10bn) 35.4%
Small cap (<$2bn) 4.1%
Developed mkts 0.8%
Emerging mkts 94.4%

TOP TEN HOLDINGS
ISHARES MSCI INDIA ETF 13.1 %
TAIWAN SEMICONDUCTOR MANUFAC 7.7 %
SAMSUNG ELECTRONICS CO LTD 6.5 %
NASPERS LTD-N SHS 2.2 %
HYNIX SEMICONDUCTOR INC 1.3 %
HON HAI PRECISION INDUSTRY 1.0 %
SAMSUNG ELECTRONICS-PFD 1.0 %
VALE SA 0.9 %
LUKOIL OAO 0.9 %
GAZPROM OAO 0.9 %
Total 35.6 %

TOP COUNTRY EXPOSURE
TAIWAN 20.5 %
SOUTH KOREA 19.8 %
BRAZIL 8.0 %
SOUTH AFRICA 6.0 %
RUSSIA 5.2 %
SAUDI ARABIA 4.0 %
THAILAND 3.5 %
MEXICO 3.3 %
MALAYSIA 3.2 %
INDONESIA 2.5 %

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.
-30.8% -24.8% -- -- -10.2%

Market Correlations
versus... Beta R-squared
S&P500 0.94 61%
MSCI EAFE 1.13 81%
MSCI Emg. Mkts. 1.01 94%

Technical Indicators
Recent close $35.39
30d moving avg. $39.80
Annualized volatility 19.5%
Short interest (ETF) 0.1%
Relative strength (RSI) 33

Liquidity measures
Avg. volume (thou.) 16
Turnover 2.7%
Bid/Ask (% of price) 0.31%
ADV underlying (mns) $13,856

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: EMXC Expense: 49 bp ALTAR Score™: 10.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EMXC
Ticker Fund
Name
Overlap1
vs EMXC
(%)
Expense
ratio
(bp)
Savings
vs EMXC
(bp)
ALTAR
Score™
(%)
ALTAR
vs EMXC
(%)
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 64.7 49 0 10.3 -0.1
EEM iShares MSCI Emerging Markets ETF 48.3 68 -19 10.0 -0.3
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 45.6 65 -16 10.0 -0.3
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 45.4 30 19 10.3 -0.0
JHEM John Hancock Multifactor Emerging Markets ETF 45.0 55 -6 10.7 +0.4
IEMG iShares Core MSCI Emerging Markets ETF 43.7 14 35 10.5 +0.2
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 42.6 20 29 9.2 -1.2
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 42.0 45 4 10.3 -0.0
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 39.8 32 17 8.5 -1.9
EEMA iShares MSCI Emerging Markets Asia ETF 37.2 50 -1 10.0 -0.3
SCHE Schwab Emerging Markets Equity ETF 37.1 13 36 10.4 0.0
PBEE Invesco PureBeta FTSE Emerging Markets ETF 36.7 14 35 11.5 +1.2
ESGE iShares ESG MSCI EM ETF 36.1 25 24 11.5 +1.2
XCEM Columbia EM Core ex-China ETF 34.3 16 33 9.6 -0.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 33.0 30 19 10.8 +0.5
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 32.8 49 0 11.6 +1.2
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 32.1 59 -10 13.2 +2.8
PXH Invesco FTSE RAFI Emerging Markets ETF 32.1 50 -1 15.9 +5.5
AAXJ iShares MSCI All Country Asia ex Japan ETF 31.8 68 -19 9.4 -0.9
FLAX Franklin FTSE Asia Ex Japan ETF 31.5 19 30 10.1 -0.3
DVEM WisdomTree Emerging Markets Dividend Fund 30.6 32 17 10.9 +0.6
VWO Vanguard FTSE Emerging Markets ETF 30.6 10 39 10.5 +0.1
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 30.5 39 10 15.1 +4.8
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 28.9 45 4 10.6 +0.2
AXJL WisdomTree Asia Pacific ex-Japan Fund 27.7 48 1 11.0 +0.6
SPEM SPDR Portfolio Emerging Markets ETF 26.9 11 38 10.2 -0.2
AIA iShares Asia 50 ETF 25.3 50 -1 10.1 -0.3
CEZ Victory CEMP Emerging Market Volatility Wtd Index ETF 23.9 50 -1 12.6 +2.3
NUEM Nuveen ESG Emerging Markets Equity ETF 23.4 45 4 9.3 -1.1
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 23.2 32 17 11.4 +1.0
ROAM Hartford Multifactor Emerging Markets ETF 23.2 44 5 17.9 +7.6
AVEM Avantis Emerging Markets Equity ETF 22.7 33 16 11.7 +1.3
EELV Invesco S&P Emerging Markets Low Volatility ETF 22.3 29 20 12.5 +2.1
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 22.2 95 -46 12.3 +2.0
FDEM Fidelity Targeted Emerging Markets Factor ETF 22.0 45 4 11.8 +1.4
FRDM Freedom 100 Emerging Markets ETF 22.0 49 0 9.4 -1.0
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 21.9 25 24 9.8 -0.6
ISEM Invesco Strategic Emerging Markets ETF 21.8 35 14 11.9 +1.5
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 21.4 64 -15 7.8 -2.6
RNEM Emerging Markets Equity Select ETF 21.1 75 -26 11.6 +1.2
EMCG WisdomTree Emerging Markets Consumer Growth Fund 20.7 32 17 9.2 -1.1
DOGS Arrow Dogs of the World ETF 20.6 134 -85 14.5 +4.1
EWT iShares MSCI Taiwan ETF 20.5 59 -10 7.7 -2.7
FLTW Franklin FTSE Taiwan ETF 20.1 19 30 8.1 -2.3
FLKR Franklin FTSE South Korea ETF 19.7 9 40 12.5 +2.2
EMFM Global X MSCI Next Emerging & Frontier ETF 19.5 55 -6 10.3 -0.0
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 19.2 40 9 9.1 -1.3
EWY iShares MSCI South Korea ETF 18.9 59 -10 11.9 +1.6
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 16.4 45 4 16.3 +5.9
ACWX iShares MSCI ACWI ex U.S. ETF 15.6 32 17 9.4 -1.0
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 15.4 20 29 12.7 +2.3
GMF SPDR S&P Emerging Asia Pacific ETF 15.2 49 0 9.4 -0.9
EEMO Invesco S&P Emerging Markets Momentum ETF 15.0 30 19 12.3 +1.9
VYMI Vanguard International High Dividend Yield ETF 13.6 32 17 12.3 +1.9
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 13.1 16 33 8.7 -1.6
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 13.1 40 9 9.0 -1.3
BKF iShares MSCI BRIC ETF 12.7 69 -20 10.0 -0.3
FLLA Franklin FTSE Latin America ETF 12.7 19 30 9.5 -0.8
DEM WisdomTree Emerging Markets High Dividend Fund 12.7 63 -14 16.6 +6.2
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 12.5 45 4 11.9 +1.5
LVHE Legg Mason Emerging Markets Low Volatility High Dividend ETF 12.5 51 -2 13.5 +3.2
EMMF WisdomTree Emerging Markets Multifactor Fund 12.0 48 1 11.9 +1.6
BICK First Trust BICK Index Fund 11.7 64 -15 6.4 -4.0
IXUS ishares Core MSCI Total International Stock ETF 11.7 9 40 9.5 -0.9
VSGX Vanguard ESG International Stock ETF 11.1 17 32 9.1 -1.3
VXUS Vanguard Total International Stock Index Fund 10.9 8 41 9.6 -0.7
FKO First Trust South Korea AlphadDEX Fund 9.9 80 -31 12.8 +2.5
VEU Vanguard FTSE All-World ex-US Index Fund 9.6 8 41 9.6 -0.7
EDIV SPDR S&P Emerging Markets Dividend ETF 9.6 49 0 13.4 +3.1
VPL Vanguard FTSE Pacific ETF 9.3 8 41 9.8 -0.5
PIE Invesco DWA Emerging Markets Momentum ETF 8.5 90 -41 6.9 -3.5
FEM First Trust Emerging Markets AlphaDEX Fund 8.0 80 -31 14.6 +4.2
FLBR Franklin FTSE Brazil ETF 8.0 19 30 8.3 -2.1
EWZ iShares MSCI Brazil Capped ETF 8.0 59 -10 7.5 -2.9
VIDI Vident International Equity Fund 8.0 59 -10 14.9 +4.6
ACWV iShares Edge MSCI Min Vol Global ETF 7.9 20 29 6.7 -3.6
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 7.9 80 -31 11.7 +1.3
VIGI Vanguard International Dividend Appreciation ETF 7.6 25 24 7.1 -3.3
CWI SPDR MSCI ACWI ex-US ETF 7.5 30 19 9.3 -1.1
IXN iShares Global Tech ETF 7.3 46 3 6.2 -4.2
LVIN Hartford Multifactor Low Volatility International Equity ETF 6.8 29 20 14.6 +4.3
ACWI iShares MSCI ACWI ETF 6.6 32 17 7.8 -2.6
IDRV iShares Self-driving EV & Tech ETF 6.5 47 2 10.3 -0.1
IGRO iShares International Dividend Growth ETF 6.5 22 27 9.8 -0.5
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 6.5 60 -11 10.1 -0.3
ECOW Pacer Emerging Markets Cash Cows 100 ETF 6.4 70 -21 15.4 +5.1
CEY VictoryShares Emerging Market High Dividend Volatility Wtd E 6.3 51 -2 20.8 +10.5
GULF WisdomTree Middle East Dividend Fund 6.3 88 -39 10.8 +0.4
FNDF Schwab Fundamental International Large Co. Index ETF 6.2 25 24 11.1 +0.8
EZA iShares MSCI South Africa ETF 6.2 59 -10 12.7 +2.3
ASEA Global X Southeast Asia ETF 6.2 65 -16 11.9 +1.5
ISDX Invesco Strategic Developed ex-US ETF 6.1 23 26 9.9 -0.5
FLZA Franklin FTSE South Africa ETF 6.1 19 30 15.0 +4.6
GVAL Cambria Global Value ETF 6.0 69 -20 13.8 +3.4
CRBN iShares MSCI ACWI Low Carbon Target ETF 5.9 20 29 8.1 -2.2
DWCR Arrow DWA Country Rotation ETF 5.8 95 -46 14.7 +4.4
ACWF iShares FactorSelect MSCI Global ETF 5.6 35 14 10.1 -0.3
LOWC SPDR MSCI ACWI Low Carbon Target ETF 5.5 20 29 8.1 -2.3
JPGE JPMorgan Diversified Return Global Equity ETF 5.5 29 20 9.2 -1.2
AFK VanEck Vectors Africa Index ETF 5.4 78 -29 4.7 -5.7

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 ex China 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 11.3 %
Divided by: Fwd. P/BV 1.0 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 10.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.50 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.