iShares MSCI Emerging Markets ex China ETF
ALTAR
Score™		 7.4% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 19.4x P/Sales
ratio		 1.3x
P/BV
ratio		 1.6x Div.
yield		 2.6%


  • 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) $97
Currency USD
Expense ratio 25 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 524
Wgt avg mkt cap (mns) $90,539
Large cap (>$10bn) 66.3%
Mid cap ($2-10bn) 29.2%
Small cap (<$2bn) 1.2%
Developed mkts 1.3%
Emerging mkts 93.3%

TOP TEN HOLDINGS
ISHARES MSCI INDIA ETF 13.6 %
TAIWAN SEMICONDUCTOR MANUFAC 9.9 %
SAMSUNG ELECTRONICS CO LTD 6.8 %
NASPERS LTD-N SHS 2.1 %
VALE SA 1.3 %
HYNIX SEMICONDUCTOR INC 1.2 %
SAMSUNG ELECTRONICS-PFD 1.1 %
MEDIATEK INC 1.0 %
HON HAI PRECISION INDUSTRY 0.9 %
SBERBANK 0.8 %
Total 38.5 %

TOP COUNTRY EXPOSURE
SOUTH KOREA 21.6 %
TAIWAN 21.4 %
BRAZIL 8.3 %
SOUTH AFRICA 5.9 %
SAUDI ARABIA 4.5 %
RUSSIA 4.1 %
THAILAND 3.3 %
MEXICO 3.0 %
MALAYSIA 2.7 %
INDONESIA 2.4 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
2.6% 9.7% -- -- 3.2%

Market Correlations
versus... Beta R-squared
S&P500 0.94 66%
MSCI EAFE 1.07 82%
MSCI Emg. Mkts. 1.00 92%

Technical Indicators
Recent close $54.03
30d moving avg. $50.05
Annualized volatility 21.8%
Short interest (ETF) 0.7%
Relative strength (RSI) 71

Liquidity measures
Avg. volume (thou.) 15
Turnover 0.8%
Bid/Ask (% of price) 0.14%
ADV underlying (mns) $23,460

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 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: 25 bp ALTAR Score™: 7.4%


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 64.5 49 -24 7.0 -0.5
BKEM BNY Mellon Emerging Markets Equity ETF 55.6 11 14 8.0 +0.6
EEM iShares MSCI Emerging Markets ETF 48.9 68 -43 7.0 -0.4
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 48.4 65 -40 6.9 -0.6
JHEM John Hancock Multifactor Emerging Markets ETF 46.6 49 -24 8.3 +0.9
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 45.7 20 5 6.4 -1.0
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 45.4 30 -5 7.3 -0.2
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 45.0 36 -11 7.7 +0.3
IEMG iShares Core MSCI Emerging Markets ETF 43.8 13 12 7.5 +0.1
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 42.9 45 -20 7.1 -0.3
LDEM iShares ESG MSCI EM Leaders ETF 42.3 16 9 7.5 +0.1
ESGE iShares ESG Aware MSCI EM ETF 40.0 25 0 8.1 +0.7
PBEE Invesco PureBeta FTSE Emerging Markets ETF 39.4 15 10 8.2 +0.8
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 39.2 49 -24 8.8 +1.4
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 38.5 32 -7 5.8 -1.6
XCEM Columbia EM Core ex-China ETF 38.3 16 9 6.6 -0.8
EEMA iShares MSCI Emerging Markets Asia ETF 37.6 50 -25 7.3 -0.1
SCHE Schwab Emerging Markets Equity ETF 36.4 11 14 7.6 +0.2
PXH Invesco FTSE RAFI Emerging Markets ETF 34.5 50 -25 12.7 +5.2
AAXJ iShares MSCI All Country Asia ex Japan ETF 33.7 68 -43 6.7 -0.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 32.7 30 -5 8.3 +0.9
FLAX Franklin FTSE Asia Ex Japan ETF 32.2 19 6 7.3 -0.1
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 31.4 59 -34 10.3 +2.9
EEMO Invesco S&P Emerging Markets Momentum ETF 30.2 29 -4 4.2 -3.2
VWO Vanguard FTSE Emerging Markets ETF 30.1 10 15 7.7 +0.3
DVEM WisdomTree Emerging Markets Dividend Fund 30.1 32 -7 7.1 -0.3
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 30.0 39 -14 12.3 +4.9
AIA iShares Asia 50 ETF 27.7 50 -25 7.4 -0.0
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 26.6 44 -19 8.6 +1.2
SPEM SPDR Portfolio Emerging Markets ETF 26.4 11 14 7.4 -0.0
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 23.7 32 -7 8.3 +0.9
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 23.5 50 -25 10.4 +3.0
NUEM Nuveen ESG Emerging Markets Equity ETF 22.5 45 -20 6.4 -1.1
FRDM Freedom 100 Emerging Markets ETF 22.1 49 -24 5.9 -1.5
AVEM Avantis Emerging Markets Equity ETF 21.9 33 -8 8.3 +0.9
FDEM Fidelity Targeted Emerging Markets Factor ETF 21.7 45 -20 8.3 +0.8
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 21.6 40 -15 6.9 -0.5
FLKR Franklin FTSE South Korea ETF 21.5 9 16 7.9 +0.5
EWT iShares MSCI Taiwan ETF 21.3 59 -34 5.7 -1.7
FLTW Franklin FTSE Taiwan ETF 21.2 19 6 5.9 -1.5
RNEM Emerging Markets Equity Select ETF 20.8 75 -50 10.7 +3.3
ISEM Invesco Strategic Emerging Markets ETF 20.7 35 -10 10.3 +2.9
EWY iShares MSCI South Korea ETF 20.7 59 -34 7.5 +0.1
ROAM Hartford Multifactor Emerging Markets ETF 20.5 44 -19 12.6 +5.1
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 18.5 25 0 7.7 +0.3
EMFM Global X MSCI Next Emerging & Frontier ETF 18.5 66 -41 8.2 +0.8
VYMI Vanguard International High Dividend Yield ETF 18.3 27 -2 9.4 +2.0
EELV Invesco S&P Emerging Markets Low Volatility ETF 17.6 29 -4 9.7 +2.3
ACWX iShares MSCI ACWI ex U.S. ETF 16.9 32 -7 6.8 -0.6
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 16.5 45 -20 13.7 +6.3
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 15.4 20 5 9.9 +2.5
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 15.2 16 9 6.4 -1.1
VSGX Vanguard ESG International Stock ETF 15.0 17 8 6.7 -0.7
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 14.9 95 -70 8.3 +0.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 14.7 40 -15 6.5 -0.9
GMF SPDR S&P Emerging Asia Pacific ETF 13.9 49 -24 6.9 -0.6
IXUS ishares Core MSCI Total International Stock ETF 12.9 9 16 6.9 -0.6
EMMF WisdomTree Emerging Markets Multifactor Fund 12.8 48 -23 9.5 +2.1
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 12.6 45 -20 8.8 +1.4
BICK First Trust BICK Index Fund 12.6 64 -39 4.4 -3.0
FLLA Franklin FTSE Latin America ETF 12.5 19 6 6.2 -1.2
BKF iShares MSCI BRIC ETF 12.4 69 -44 7.3 -0.1
FKO First Trust South Korea AlphadDEX Fund 11.0 80 -55 9.0 +1.6
VEU Vanguard FTSE All-World ex-US Index Fund 10.7 8 17 7.0 -0.4
VPL Vanguard FTSE Pacific ETF 10.7 8 17 6.8 -0.6
VXUS Vanguard Total International Stock Index Fund 10.5 8 17 7.1 -0.4
DEM WisdomTree Emerging Markets High Dividend Fund 10.4 63 -38 13.3 +5.9
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 8.9 80 -55 8.5 +1.1
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 8.6 58 -33 5.5 -1.9
FLBR Franklin FTSE Brazil ETF 8.3 19 6 5.0 -2.4
EWZ iShares MSCI Brazil Capped ETF 8.3 59 -34 4.6 -2.8
IXN iShares Global Tech ETF 8.1 46 -21 4.1 -3.3
CWI SPDR MSCI ACWI ex-US ETF 8.1 30 -5 6.7 -0.7
PIE Invesco DWA Emerging Markets Momentum ETF 7.8 90 -65 4.9 -2.5
VIDI Vident International Equity Fund 7.5 59 -34 10.5 +3.1
FEM First Trust Emerging Markets AlphaDEX Fund 7.4 80 -55 12.3 +4.9
FNDF Schwab Fundamental International Large Co. Index ETF 7.3 25 0 8.0 +0.6
ACWI iShares MSCI ACWI ETF 7.1 32 -7 5.4 -2.0
FLN First Trust Latin America AlphaDEX Fund 7.0 80 -55 10.5 +3.0
ACWV iShares Edge MSCI Min Vol Global ETF 6.9 20 5 5.6 -1.8
IGRO iShares International Dividend Growth ETF 6.9 22 3 7.8 +0.4
WUGI Esoterica NextG Economy ETF 6.8 75 -50 1.3 -6.1
CEY VictoryShares Emerging Market High Dividend Volatility Wtd E 6.7 51 -26 20.0 +12.6
IDRV iShares Self-driving EV & Tech ETF 6.6 47 -22 5.6 -1.8
FDT First Trust Developed Markets ex-US Alphadex Fund 6.4 80 -55 8.1 +0.7
FBZ First Trust Brazil AlphaDEX Fund 6.3 80 -55 7.0 -0.4
CRBN iShares MSCI ACWI Low Carbon Target ETF 6.3 20 5 5.6 -1.8
FLZA Franklin FTSE South Africa ETF 6.1 19 6 10.3 +2.9
EZA iShares MSCI South Africa ETF 6.1 59 -34 7.3 -0.2
EDIV SPDR S&P Emerging Markets Dividend ETF 6.0 49 -24 11.3 +3.9
ISDX Invesco Strategic Developed ex-US ETF 6.0 23 2 6.7 -0.7
LVIN Hartford Multifactor Low Volatility International Equity ETF 5.9 29 -4 11.1 +3.6
GUNR Flexshares Morningstar Global Upstream Natural Resources 5.8 46 -21 5.5 -1.9
LOWC SPDR MSCI ACWI Low Carbon Target ETF 5.8 20 5 5.6 -1.8
DVYE iShares Emerging Markets Dividend ETF 5.8 49 -24 17.5 +10.1
DEW WisdomTree Global High Dividend Fund 5.7 58 -33 9.0 +1.6
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 5.7 45 -20 7.9 +0.5
HFXI IQ 50 Percent Hedged FTSE International ETF 5.6 20 5 6.8 -0.6

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 11.2 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 7.4 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.42 CATEGORY
AVERAGE		 1.40
 
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.