iShares MSCI Emerging Markets ex China
ALTAR
Score™
8.0% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
14.9x P/Sales
ratio
1.1x
P/BV
ratio
1.5x Div.
yield
3.3%


  • 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) $31
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) $58,264
Large cap (>$10bn) 65.5%
Mid cap ($2-10bn) 32.0%
Small cap (<$2bn) 1.0%
Developed mkts 0.9%
Emerging mkts 94.8%

TOP TEN HOLDINGS
ISHARES MSCI INDIA 13.1 %
TAIWAN SEMICONDUCTOR MANUFAC 6.5 %
SAMSUNG ELECTRONICS CO LTD 6.0 %
NASPERS LTD-N SHS 1.8 %
HYNIX SEMICONDUCTOR INC 1.1 %
GAZPROM OAO 1.1 %
VALE SA 1.0 %
LUKOIL OAO 1.0 %
ITAU UNIBANCO HOLDING SA 1.0 %
HON HAI PRECISION INDUSTRY 0.9 %
Total 33.6 %

TOP COUNTRY EXPOSURE
SOUTH KOREA 18.0 %
TAIWAN 17.4 %
BRAZIL 10.8 %
SOUTH AFRICA 6.8 %
RUSSIA 6.0 %
THAILAND 3.7 %
SAUDI ARABIA 3.6 %
MEXICO 3.6 %
INDONESIA 2.9 %
MALAYSIA 2.7 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
15.7% 15.7% -- -- 3.4%

Market Correlations
versus... Beta R-squared
S&P500 0.70 43%
MSCI EAFE 1.01 70%
MSCI Emg. Mkts. 0.89 91%

Technical Indicators
Recent close $52.35
30d moving avg. $50.95
Annualized volatility 14.2%
Short interest (ETF) 0.5%
Relative strength (RSI) 66

Liquidity measures
Avg. volume (thou.) 4
Turnover 0.7%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $11,367

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares MSCI Emerging Markets ex China 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™: 8.0%


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 64.1 49 0 8.1 +0.1
EEM iShares MSCI Emerging Markets 53.4 67 -18 7.7 -0.3
DBEM Xtrackers MSCI Emg. Mkts. Hedged 51.8 65 -16 7.7 -0.3
JHEM John Hancock Multifactor Emerging Markets 48.9 55 -6 8.1 +0.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free 48.0 30 19 7.9 -0.1
IEMG iShares Core MSCI Emerging Markets 47.8 14 35 8.0 +0.0
GEM Goldman Sachs ActiveBeta Emg Mkts Equity 45.0 45 4 8.3 +0.4
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity 42.4 20 29 7.5 -0.5
PBEE Invesco PureBeta FTSE Emerging Markets 42.3 14 35 8.4 +0.5
XSOE WisdomTree Emg Mkt ex-SOE 41.6 32 17 6.3 -1.7
REEM Invesco Emerging Markets Revenue ETF 41.2 46 3 11.0 +3.0
SCHE Schwab Emerging Markets Equity 41.0 13 36 7.9 -0.1
DVEM WisdomTree Emerging Markets Dividend 41.0 32 17 10.4 +2.5
EWEM Invesco MSCI Emerging Market Equal Weight 40.4 70 -21 8.5 +0.5
EEMA iShares MSCI Emg Mkts Asia 39.0 50 -1 7.9 -0.0
PXH Invesco FTSE-RAFI Emerging Markets 38.4 50 -1 11.4 +3.5
EMEM Virtus Glovista Emerging Markets 37.0 67 -18 8.6 +0.7
ESGE iShares MSCI EM ESG Optimized 36.8 25 24 8.5 +0.6
VWO Vanguard Emerging Markets 34.6 12 37 7.9 -0.0
TLTE FlexShares Mngstr Emerging Markets Factor Tilt 34.5 59 -10 12.0 +4.0

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

  2014 2015 2016 2017 2018 2019E 2020E
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
  2018 2019E 2020E
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
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 11.7 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 8.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.53 CATEGORY
AVERAGE
1.48
 
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.