ETF Research Center

iShares MSCI Poland ETF

ALTAR
Score™

8.9%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	11.8x	P/Sales ratio	0.9x
P/BV ratio	1.5x	Div. yield	2.7%

Description
Performance
Comps
Fundamentals
Valuation
Rating

iShares MSCI Poland Investable Market Index Fund is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the price and yield performance of the MSCI Poland Investable Market Index.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	May 25, 2010
Assets (mns)	$719
Currency	USD
Expense ratio	59 bp
Distributions	Semi-annual

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	33
Wgt avg mkt cap (mns)	$14,132
Large cap (>$10bn)	54.0%
Mid cap ($2-10bn)	42.7%
Small cap (<$2bn)	3.3%
Developed mkts	3.7%
Emerging mkts	96.3%

TOP TEN HOLDINGS
Total	65.4 %
PKO BANK POLSKI SA	14.6 %
POLSKI KONCERN NAFTOWY SA	14.0 %
BANK PEKAO SA	6.9 %
POWSZECHNY ZAKLAD UBEZPIECZE	5.9 %
ALLEGRO.EU SA	4.7 %
KGHM POLSKA MIEDZ S.A.	4.6 %
BANK ZACHODNI WBK SA	4.4 %
LPP SA	4.2 %
BRE BANK SA	3.4 %
CD PROJEKT S.A.	2.6 %

TOP COUNTRY EXPOSURE
	POLAND	82.9 %
	LUXEMBOURG	5.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
15.1%	40.3%	16.4%	11.8%	6.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.12	31%
MSCI EAFE	1.10	49%
MSCI Emg. Mkts.	0.76	40%

Technical Indicators
Recent close	$40.37
30d moving avg.	$39.47
Annualized volatility	26.1%
Short interest (ETF)	5.1%
Relative strength (RSI)	52

Liquidity measures
Avg. volume (thou.)	429
Turnover	2.4%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$153

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 143 potential alternatives to the iShares MSCI Poland ETF ETF based on the alternatives' overlap in portfolio holdings with EPOL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EPOL

Expense:

59 bp

ALTAR Score™:

8.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EPOL
Ticker	Fund Name	Overlap¹ vs EPOL (%)	Expense ratio (bp)	Savings vs EPOL (bp)	ALTAR Score™ (%)	ALTAR vs EPOL (%)
GVAL	Cambria Global Value ETF	8.8	68	-9	8.5	-0.4
FRDM	Freedom 100 Emerging Markets ETF	8.6	49	10	5.1	-3.7
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	7.9	58	1	9.1	+0.2
CRAK	VanEck Oil Refiners ETF	6.4	61	-2	8.9	+0.0
IDOG	ALPS International Sector Dividend Dogs ETF	6.4	50	9	9.5	+0.6
FTHF	First Trust Emerging Markets Human Flourishing ETF	5.2	75	-16	5.5	-3.4
DEM	WisdomTree Emerging Markets High Dividend Fund	4.9	63	-4	10.2	+1.3
DVYE	iShares Emerging Markets Dividend ETF	4.8	49	10	18.1	+9.2
COPX	Global X Copper Miners ETF	4.6	65	-6	4.6	-4.3
SILJ	ETFMG Prime Junior Silver Miners ETF	4.6	69	-10	0.6	-8.3
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	4.6	75	-16	6.1	-2.8
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	4.5	32	27	4.7	-4.2
EBIZ	Global X E-Commerce ETF	4.4	50	9	4.6	-4.2
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	3.8	67	-8	12.4	+3.6
OBOR	KraneShares MSCI One Belt One Road Index ETF	3.8	79	-20	7.7	-1.2
EYLD	Cambria Emerging Shareholder Yield ETF	3.6	66	-7	8.9	-0.0
ICOP	iShares Copper and Metals Mining ETF	3.3	47	12	6.0	-2.9
FDD	First Trust Stoxx European Select Dividend Index Fund	3.1	58	1	10.0	+1.1
AGMI	Themes Silver Miners ETF	2.9	35	24	4.5	-4.4
OND	ProShares On-Demand ETF	2.6	58	1	0.5	-8.4
ESPO	VanEck Video Gaming and eSports ETF	2.6	56	3	6.5	-2.4
HERO	Global X Video Games & Esports ETF	2.6	50	9	6.0	-2.9
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	2.6	47	12	7.1	-1.8
XC	WisdomTree Emerging Markets Ex-China Fund	2.5	32	27	6.4	-2.5
NERD	Roundhill Video Games ETF	2.5	50	9	7.9	-1.0
EMMF	WisdomTree Emerging Markets Multifactor Fund	2.5	48	11	8.4	-0.5
IQDF	FlexShares International Quality Dividend Index Fund	2.4	47	12	7.4	-1.4
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	2.4	95	-36	9.8	+0.9
GMET	VanEck Green Metals ETF	2.3	63	-4	0.8	-8.1
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	2.3	86	-27	0.2	-8.6
ROAM	Hartford Multifactor Emerging Markets ETF	2.3	44	15	7.5	-1.4
RNEM	First Trust Emerging Markets Equity Select ETF	2.1	75	-16	7.9	-0.9
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	2.1	88	-29	7.9	-1.0
FEM	First Trust Emerging Markets AlphaDEX Fund	2.0	80	-21	8.8	-0.1
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	1.9	58	1	8.2	-0.6
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	1.9	24	35	5.0	-3.8
LDEM	iShares ESG MSCI EM Leaders ETF	1.7	17	42	12.6	+3.8
EEMO	Invesco S&P Emerging Markets Momentum ETF	1.7	29	30	6.3	-2.6
AVXC	Avantis Emerging Markets Ex-China Equity ETF	1.7	33	26	5.9	-3.0
SETM	Sprott Energy Transition Materials ETF	1.6	65	-6	1.9	-7.0
XCNY	SPDR S&P Emerging Markets ex-China ETF	1.5	15	44	5.5	-3.4
WWJD	Inspire International ETF	1.5	80	-21	6.4	-2.5
JHEM	John Hancock Multifactor Emerging Markets ETF	1.4	49	10	7.4	-1.5
XCEM	Columbia EM Core ex-China ETF	1.4	16	43	4.8	-4.1
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	1.4	45	14	7.8	-1.0
AVES	Avantis Emerging Markets Value ETF	1.4	36	23	8.8	-0.0
ISHP	First Trust Nasdaq Retail ETF	1.4	60	-1	5.4	-3.5
SCHC	Schwab International Small-Cap Equity ETF	1.3	11	48	6.7	-2.1
SPEM	SPDR Portfolio Emerging Markets ETF	1.3	7	52	9.3	+0.4
UEVM	VictoryShares Emerging Markets Value Momentum ETF	1.3	45	14	9.7	+0.8
EMXF	iShares ESG Advanced MSCI EM ETF	1.3	16	43	6.5	-2.4
EMXC	iShares MSCI Emerging Markets ex China ETF	1.2	25	34	4.9	-4.0
NUEM	Nuveen ESG Emerging Markets Equity ETF	1.2	36	23	5.9	-3.0
DFEV	Dimensional Emerging Markets Value ETF	1.2	43	16	9.2	+0.3
ODDS	Pacer BlueStar Digital Entertainment ETF	1.2	60	-1	4.5	-4.4
EEMS	iShares MSCI Emerging Markets Small Cap ETF	1.1	70	-11	6.4	-2.5
DEHP	Dimensional Emerging Markets High Profitability ETF	1.1	41	18	4.7	-4.2
DEXC	Dimensional Emerging Markets ex China Core EquityETF	1.1	53	6	4.9	-4.0
AVEM	Avantis Emerging Markets Equity ETF	1.1	33	26	6.9	-2.0
BNGE	First Trust S-Network Streaming and Gaming ETF	1.1	70	-11	3.0	-5.9
VIDI	Vident International Equity Strategy ETF	1.1	61	-2	8.2	-0.7
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	1.0	49	10	6.1	-2.8
STXE	Strive Emerging Markets Ex-China ETF	1.0	32	27	5.0	-3.9
EVLU	iShares MSCI Emerging Markets Value Factor ETF	1.0	35	24	10.0	+1.2
DFAE	Dimensional Emerging Core Equity Market ETF	1.0	35	24	6.8	-2.1
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	1.0	32	27	7.3	-1.6
IEMG	iShares Core MSCI Emerging Markets ETF	1.0	9	50	8.0	-0.9
FNDC	Schwab Fundamental International Small Co. Index ETF	1.0	39	20	6.8	-2.1
EEM	iShares MSCI Emerging Markets ETF	1.0	69	-10	7.6	-1.3
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	1.0	38	21	6.8	-2.0
PICK	iShares MSCI Global Metals & Mining Producers ETF	1.0	39	20	8.7	-0.2
HEEM	iShares Currency Hedged MSCI Emerging Markets ETF	1.0	69	-10	7.3	-1.6
ESGE	iShares ESG Aware MSCI EM ETF	1.0	25	34	8.1	-0.8
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	1.0	66	-7	7.1	-1.8
VGK	Vanguard FTSE Europe ETF	0.9	6	53	6.5	-2.3
AVSE	Avantis Responsible Emerging Markets Equity ETF	0.9	33	26	6.4	-2.4
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.9	8	51	6.3	-2.5
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.9	41	18	6.8	-2.1
EMGF	iShares Emerging Markets Equity Factor ETF	0.9	25	34	8.7	-0.2
SPEU	SPDR Portfolio Europe ETF	0.9	7	52	6.5	-2.4
FDNI	First Trust Dow Jones International Internet ETF	0.9	65	-6	25.0	+16.2
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	0.9	30	29	7.7	-1.1
IQSI	IQ Candriam International Equity ETF	0.9	15	44	5.5	-3.4
IBUY	Amplify Online Retail ETF	0.8	65	-6	2.2	-6.7
BBEU	JPMorgan BetaBuilders Europe ETF	0.8	9	50	6.2	-2.7
BLES	Inspire Global Hope ETF	0.7	61	-2	5.7	-3.1
FLEE	Franklin FTSE Europe ETF	0.7	9	50	6.3	-2.6
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	0.7	80	-21	11.8	+3.0
DIVI	Franklin International Core Dividend Tilt Index ETF	0.7	9	50	6.5	-2.3
AVEE	Avantis Emerging Markets Small Cap Equity ETF	0.7	42	17	7.6	-1.3
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.7	30	29	7.5	-1.4
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	0.7	24	35	6.9	-1.9
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	0.6	39	20	7.0	-1.9
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.6	50	9	8.2	-0.7
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	0.6	86	-27	12.8	+4.0
DOL	WisdomTree International LargeCap Dividend Fund	0.6	48	11	5.6	-3.3
ION	ProShares S&P Global Core Battery Metals ETF	0.5	58	1	6.6	-2.3
GSID	Goldman Sachs MarketBeta International Equity ETF	0.5	20	39	5.8	-3.1
EMM	Global X Emerging Markets ex-China ETF	0.5	75	-16	4.6	-4.3
EDIV	SPDR S&P Emerging Markets Dividend ETF	0.5	49	10	8.8	-0.1
VEA	Vanguard FTSE Developed Markets ETF	0.5	3	56	5.9	-3.0
GLOV	Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF	0.5	25	34	5.4	-3.5
HFXI	IQ FTSE International Equity Currency Neutral ETF	0.5	20	39	5.5	-3.4
BKIE	BNY Mellon International Equity ETF	0.5	4	55	5.9	-3.0
JPIN	J.P. Morgan Diversified Return International Equity ETF	0.5	37	22	7.1	-1.7
VYMI	Vanguard International High Dividend Yield ETF	0.4	17	42	7.9	-1.0
EELV	Invesco S&P Emerging Markets Low Volatility ETF	0.4	29	30	8.8	-0.0
FDEM	Fidelity Emerging Markets Multifactor ETF	0.4	25	34	10.3	+1.4
RCGE	RockCreek Global Equality ETF	0.4	95	-36	5.9	-2.9
FNDF	Schwab Fundamental International Large Co. Index ETF	0.4	25	34	7.4	-1.5
FRGN	Horizon International Equity ETF	0.4	75	-16	7.7	-1.2
INTF	iShares International Equity Factor ETF	0.4	15	44	6.5	-2.4
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.4	33	26	6.5	-2.4
SCHF	Schwab International Equity ETF	0.4	6	53	5.8	-3.0
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.4	41	18	5.8	-3.1
IPAV	Global X Infrastructure Development ex-U.S. ETF	0.4	55	4	5.9	-2.9
VXUS	Vanguard Total International Stock ETF	0.3	5	54	6.5	-2.3
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.3	46	13	8.2	-0.7
IXUS	iShares Core MSCI Total International Stock ETF	0.3	7	52	6.5	-2.4
ACWX	iShares MSCI ACWI ex U.S. ETF	0.3	34	25	6.3	-2.6
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.3	30	29	6.4	-2.5
VSGX	Vanguard ESG International Stock ETF	0.3	10	49	6.4	-2.4
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.3	12	47	4.4	-4.5
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.3	18	41	6.3	-2.6
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	0.3	45	14	6.7	-2.1
VEU	Vanguard FTSE All-World ex-US Index Fund	0.3	4	55	6.6	-2.3
CWI	SPDR MSCI ACWI ex-US ETF	0.2	30	29	6.3	-2.5
GGME	Invesco Next Gen Media and Gaming ETF	0.2	60	-1	4.4	-4.5
DEW	WisdomTree Global High Dividend Fund	0.2	58	1	7.1	-1.7
EMC	Global X Emerging Markets Great Consumer ETF	0.2	75	-16	6.9	-1.9
GLOF	iShares Global Equity Factor ETF	0.2	20	39	5.5	-3.4
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	0.1	25	34	5.9	-2.9
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.1	20	39	4.7	-4.2
VT	Vanguard Total World Stock ETF	0.1	6	53	4.9	-3.9
ACWI	iShares MSCI ACWI ETF	0.1	32	27	4.6	-4.3
IMFL	Invesco International Developed Dynamic Multifactor ETF	0.1	34	25	5.1	-3.7
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.1	42	17	3.9	-4.9
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.1	9	50	4.8	-4.1
VEGI	iShares MSCI Agriculture Producers ETF	0.1	39	20	7.7	-1.2
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.0	65	-6	6.3	-2.5
ESGG	FlexShares STOXX Global ESG Select Index Fund	0.0	42	17	4.0	-4.9
AQLT	iShares MSCI Global Quality Factor ETF	0.0	18	41	0.0	-8.9
IGRO	iShares International Dividend Growth ETF	0.0	15	44	6.6	-2.2

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

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
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

	2024	2025E	2026E
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 Poland ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.3	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	8.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.73	CATEGORY AVERAGE	1.64

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.