ETF Research Center

iShares MSCI Taiwan ETF

ALTAR
Score™

7.6%

Recommen-
dation

UNDERWEIGHT

2025E 2026E
P/E ratio	13.5x	P/Sales ratio	1.0x
P/BV ratio	1.9x	Div. yield	3.6%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The iShares MSCI Taiwan Index fund seeks investment results that correspond to the price and yield performance of the MSCI Taiwan Index. The index consists primarily of large cap stocks traded in the Taiwanese market.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Jun 20, 2000
Assets (mns)	$4,031
Currency	USD
Expense ratio	58 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	90
Wgt avg mkt cap (mns)	$171,835
Large cap (>$10bn)	63.1%
Mid cap ($2-10bn)	36.9%
Small cap (<$2bn)	0.0%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	44.9 %
TAIWAN SEMICONDUCTOR MANUFAC	21.0 %
MEDIATEK INC	5.4 %
HON HAI PRECISION INDUSTRY	5.3 %
FUBON FINANCIAL HOLDING CO	2.1 %
DELTA ELECTRONICS INC	2.1 %
CHINATRUST FINANCIAL HOLDING	2.1 %
QUANTA COMPUTER INC	2.0 %
CATHAY FINANCIAL HOLDING CO	1.7 %
ADVANCED SEMICONDUCTOR ENGR	1.6 %
ASUSTEK COMPUTER INC	1.5 %

TOP COUNTRY EXPOSURE
	TAIWAN	98.7 %

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
-1.8%	9.7%	13.5%	9.7%	4.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.95	50%
MSCI EAFE	0.99	55%
MSCI Emg. Mkts.	1.17	78%

Technical Indicators
Recent close	$43.82
30d moving avg.	$50.98
Annualized volatility	23.1%
Short interest (ETF)	9.5%
Relative strength (RSI)	38

Liquidity measures
Avg. volume (thou.)	3,181
Turnover	3.5%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$3,063

FINDING ALTERNATIVE FUNDS

Below is a list of 175 potential alternatives to the iShares MSCI Taiwan ETF ETF based on the alternatives' overlap in portfolio holdings with EWT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EWT

Expense:

58 bp

ALTAR Score™:

7.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWT
Ticker	Fund Name	Overlap¹ vs EWT (%)	Expense ratio (bp)	Savings vs EWT (bp)	ALTAR Score™ (%)	ALTAR vs EWT (%)
FLTW	Franklin FTSE Taiwan ETF	87.0	19	39	7.8	+0.1
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	29.7	24	34	9.0	+1.4
XCEM	Columbia EM Core ex-China ETF	28.6	16	42	9.2	+1.6
AIA	iShares Asia 50 ETF	27.9	50	8	16.3	+8.6
XC	WisdomTree Emerging Markets Ex-China Fund	27.9	32	26	6.0	-1.6
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	26.6	15	43	9.3	+1.7
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	26.5	20	38	12.3	+4.7
EEMO	Invesco S&P Emerging Markets Momentum ETF	25.6	29	29	6.7	-0.9
EMXC	iShares MSCI Emerging Markets ex China ETF	25.5	25	33	8.6	+1.0
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	23.2	88	-30	11.1	+3.5
XCNY	SPDR S&P Emerging Markets ex-China ETF	22.6	15	43	0.0	-7.6
STXE	Strive Emerging Markets Ex-China ETF	22.0	32	26	8.8	+1.1
EEMA	iShares MSCI Emerging Markets Asia ETF	21.8	49	9	11.7	+4.0
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	21.5	32	26	7.6	-0.1
FTHF	First Trust Emerging Markets Human Flourishing ETF	20.3	75	-17	10.8	+3.1
AAXJ	iShares MSCI All Country Asia ex Japan ETF	19.8	70	-12	10.7	+3.1
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	19.5	32	26	10.5	+2.8
NUEM	Nuveen ESG Emerging Markets Equity ETF	19.2	36	22	8.7	+1.1
ESGE	iShares ESG Aware MSCI EM ETF	18.7	25	33	11.6	+3.9
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	18.6	30	28	11.5	+3.9
FLAX	Franklin FTSE Asia Ex Japan ETF	18.3	19	39	11.7	+4.1
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	18.2	33	25	11.6	+3.9
ECON	Columbia Emerging Markets Consumer ETF	18.2	49	9	14.1	+6.4
EMXF	iShares ESG Advanced MSCI EM ETF	17.6	16	42	9.1	+1.4
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	17.5	45	13	11.9	+4.3
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	17.5	66	-8	11.0	+3.4
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	17.4	15	43	11.6	+4.0
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	17.3	50	8	12.4	+4.8
EMMF	WisdomTree Emerging Markets Multifactor Fund	17.2	48	10	8.4	+0.7
SCHE	Schwab Emerging Markets Equity ETF	17.2	11	47	12.5	+4.9
EEM	iShares MSCI Emerging Markets ETF	17.1	69	-11	11.7	+4.0
BKEM	BNY Mellon Emerging Markets Equity ETF	17.0	11	47	12.9	+5.2
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	17.0	39	19	18.3	+10.7
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	16.9	36	22	12.1	+4.5
MEM	Matthews Emerging Markets Equity Active ETF	16.8	79	-21	9.3	+1.6
EMGF	iShares Emerging Markets Equity Factor ETF	16.8	25	33	13.4	+5.8
JHEM	John Hancock Multifactor Emerging Markets ETF	16.7	49	9	11.4	+3.8
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	16.4	40	18	5.9	-1.7
EVLU	iShares MSCI Emerging Markets Value Factor ETF	16.3	35	23	23.4	+15.8
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	16.1	30	28	10.0	+2.4
PXH	Invesco FTSE RAFI Emerging Markets ETF	16.0	49	9	18.0	+10.4
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	15.9	90	-32	9.2	+1.6
DEHP	Dimensional Emerging Markets High Profitability ETF	15.9	41	17	7.1	-0.5
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	15.6	95	-37	14.2	+6.6
SPEM	SPDR Portfolio Emerging Markets ETF	15.5	7	51	11.8	+4.2
VWO	Vanguard FTSE Emerging Markets ETF	15.4	8	50	11.8	+4.1
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	15.4	75	-17	11.3	+3.7
IEMG	iShares Core MSCI Emerging Markets ETF	14.8	9	49	11.8	+4.2
FDEM	Fidelity Emerging Markets Multifactor ETF	14.4	25	33	14.3	+6.7
DFAE	Dimensional Emerging Core Equity Market ETF	14.3	35	23	11.0	+3.4
GMF	SPDR S&P Emerging Asia Pacific ETF	13.6	49	9	10.9	+3.3
LDEM	iShares ESG MSCI EM Leaders ETF	13.5	17	41	13.9	+6.2
EELV	Invesco S&P Emerging Markets Low Volatility ETF	13.4	29	29	9.2	+1.6
ROAM	Hartford Multifactor Emerging Markets ETF	13.2	44	14	12.2	+4.6
MINV	Matthews Asia Innovators Active ETF	12.9	79	-21	8.6	+1.0
UEVM	VictoryShares Emerging Markets Value Momentum ETF	12.8	45	13	11.9	+4.3
AVES	Avantis Emerging Markets Value ETF	12.0	36	22	13.1	+5.5
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	11.9	42	16	7.4	-0.2
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	11.9	25	33	6.8	-0.8
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	11.9	41	17	10.1	+2.5
FRDM	Freedom 100 Emerging Markets ETF	11.8	49	9	10.0	+2.3
PATN	Pacer Nasdaq International Patent Leaders ETF	11.2	65	-7	4.4	-3.3
DFEV	Dimensional Emerging Markets Value ETF	11.2	43	15	15.6	+8.0
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	11.0	38	20	10.7	+3.1
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	10.2	70	-12	17.1	+9.5
RNEM	First Trust Emerging Markets Equity Select ETF	9.9	75	-17	1.1	-6.6
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	9.8	59	-1	14.7	+7.1
AVEM	Avantis Emerging Markets Equity ETF	9.5	33	25	10.5	+2.9
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	9.5	44	14	11.7	+4.1
IVES	Wedbush ETFMG Global Cloud Technology ETF	9.2	68	-10	9.9	+2.3
AIVC	Amplify Bloomberg AI Value Chain ETF	8.9	59	-1	10.2	+2.6
IWTR	iShares MSCI Water Management Multisector ETF	8.9	47	11	7.1	-0.5
KNCT	Invesco Next Gen Connectivity ETF	8.6	40	18	5.7	-1.9
NXTG	First Trust Indxx NextG ETF	8.4	70	-12	6.5	-1.1
EMM	Global X Emerging Markets ex-China ETF	8.3	75	-17	5.5	-2.1
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	7.1	75	-17	4.1	-3.5
DEM	WisdomTree Emerging Markets High Dividend Fund	6.9	63	-5	14.5	+6.9
FBOT	Fidelity Disruptive Automation ETF	6.7	50	8	4.6	-3.1
IQDF	FlexShares International Quality Dividend Index Fund	6.6	47	11	10.4	+2.8
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	6.4	47	11	9.8	+2.2
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	6.1	78	-20	10.4	+2.8
FEM	First Trust Emerging Markets AlphaDEX Fund	5.9	80	-22	14.9	+7.2
IXN	iShares Global Tech ETF	5.8	41	17	5.2	-2.4
VSGX	Vanguard ESG International Stock ETF	5.7	12	46	8.9	+1.3
EDIV	SPDR S&P Emerging Markets Dividend ETF	5.5	49	9	12.2	+4.6
CLNR	IQ Cleaner Transport ETF	5.5	45	13	8.1	+0.5
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	5.5	60	-2	14.7	+7.0
CHAT	Roundhill Generative AI & Technology ETF	5.4	75	-17	17.2	+9.5
RODE	Hartford Multifactor Diversified International ETF	5.3	29	29	10.6	+3.0
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	5.1	18	40	8.8	+1.2
ACWX	iShares MSCI ACWI ex U.S. ETF	5.0	34	24	8.9	+1.3
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	4.9	41	17	7.9	+0.2
AGQI	First Trust Active Global Quality Income ETF	4.8	85	-27	7.3	-0.4
JIG	JPMorgan International Growth ETF	4.7	55	3	5.3	-2.3
VEU	Vanguard FTSE All-World ex-US Index Fund	4.6	8	50	9.2	+1.6
EMC	Global X Emerging Markets Great Consumer ETF	4.4	75	-17	9.2	+1.6
ACWV	iShares MSCI Global Min Vol Factor ETF	4.4	20	38	8.0	+0.4
IXUS	iShares Core MSCI Total International Stock ETF	4.3	7	51	9.0	+1.4
GGME	Invesco Next Gen Media and Gaming ETF	4.3	60	-2	5.7	-1.9
QTUM	Defiance Quantum ETF	4.3	40	18	8.9	+1.3
DWX	SPDR S&P International Dividend ETF	4.2	45	13	6.8	-0.9
VXUS	Vanguard Total International Stock ETF	4.2	7	51	9.0	+1.4
EYLD	Cambria Emerging Shareholder Yield ETF	3.9	66	-8	14.2	+6.5
OCEN	IQ Clean Oceans ETF	3.7	45	13	6.2	-1.4
IDAT	iShares Future Cloud 5G and Tech ETF	3.6	47	11	5.6	-2.0
VYMI	Vanguard International High Dividend Yield ETF	3.5	22	36	10.9	+3.2
ROBO	ROBO Global Robotics & Automation Index ETF	3.4	95	-37	4.7	-2.9
SNSR	Global X Internet of Things ETF	3.3	68	-10	6.0	-1.7
CGXU	Capital Group International Focus Equity ETF	3.1	54	4	6.6	-1.0
XT	iShares Exponential Technologies ETF	3.1	46	12	6.2	-1.4
AIS	VistaShares Artificial Intelligence Supercycle ETF	3.1	75	-17	5.7	-1.9
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	2.8	30	28	9.4	+1.8
OAIM	OneAscent International Equity ETF	2.7	95	-37	6.8	-0.8
DVYE	iShares Emerging Markets Dividend ETF	2.4	49	9	20.4	+12.8
KLMT	Invesco MSCI Global Climate 500 ETF	2.4	10	48	6.8	-0.9
VIDI	Vident International Equity Strategy ETF	2.3	61	-3	13.1	+5.5
ARTY	iShares Future AI & Tech ETF	2.3	47	11	4.8	-2.9
JSTC	Adasina Social Justice All Cap Global ETF	2.2	89	-31	5.0	-2.6
GSFP	Goldman Sachs Future Planet Equity ETF	2.1	75	-17	5.3	-2.4
WTAI	WisdomTree Artificial Intelligence and Innovation Fund	2.0	45	13	4.1	-3.5
CRBN	iShares MSCI ACWI Low Carbon Target ETF	2.0	20	38	7.0	-0.6
FCLD	Fidelity Cloud Computing ETF	1.9	39	19	3.5	-4.1
SUPL	ProShares Supply Chain Logistics ETF	1.9	58	0	6.0	-1.6
CWI	SPDR MSCI ACWI ex-US ETF	1.9	30	28	8.9	+1.3
WWJD	Inspire International ETF	1.9	80	-22	8.3	+0.6
PBD	Invesco Global Clean Energy ETF	1.8	75	-17	0.5	-7.1
ACWI	iShares MSCI ACWI ETF	1.8	32	26	6.8	-0.9
MOTG	VanEck Morningstar Global Wide Moat ETF	1.8	52	6	7.4	-0.3
GLOF	iShares Global Equity Factor ETF	1.7	20	38	7.7	+0.1
WRND	IQ Global Equity R&D Leaders ETF	1.7	18	40	8.8	+1.1
DTCR	Global X Data Center & Digital Infrastructure ETF	1.7	50	8	2.0	-5.7
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	1.6	60	-2	8.4	+0.7
VT	Vanguard Total World Stock ETF	1.6	7	51	7.1	-0.6
DEW	WisdomTree Global High Dividend Fund	1.6	58	0	8.5	+0.8
GAMR	Wedbush ETFMG Video Game Tech ETF Wedbush ETFMG Video Game T	1.5	75	-17	6.9	-0.8
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	1.4	58	0	10.8	+3.2
SDG	iShares MSCI Global Sustainable Development Goals ETF	1.4	49	9	6.4	-1.3
JGLO	JPMorgan Global Select Equity ETF	1.4	33	25	5.7	-2.0
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	1.3	12	46	5.7	-2.0
IPAV	Global X Infrastructure Development ex-U.S. ETF	1.3	55	3	4.9	-2.7
IHAK	iShares Cybersecurity & Tech ETF	1.3	47	11	4.1	-3.5
FID	First Trust S&P International Dividend Aristocrats ETF	1.1	60	-2	9.5	+1.9
WDIV	SPDR S&P Global Dividend ETF	1.1	40	18	10.2	+2.6
CRUZ	Defiance Hotel Airline and Cruise ETF	1.1	45	13	3.6	-4.0
IBAT	iShares Energy Storage & Materials ETF	1.1	47	11	5.9	-1.8
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	1.0	58	0	6.1	-1.5
BLES	Inspire Global Hope ETF	0.9	61	-3	7.6	-0.1
AIQ	Global X Artificial Intelligence & Technology ETF	0.9	68	-10	5.4	-2.2
PICK	iShares MSCI Global Metals & Mining Producers ETF	0.9	39	19	16.4	+8.7
IGPT	Invesco AI and Next Gen Software ETF	0.9	60	-2	5.7	-1.9
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics ETF	0.8	65	-7	4.0	-3.6
ISHP	First Trust Nasdaq Retail ETF	0.8	60	-2	6.3	-1.4
TTAI	FCF International Quality ETF	0.7	59	-1	6.9	-0.7
ANEW	ProShares MSCI Transformational Changes ETF	0.7	45	13	7.8	+0.2
OND	ProShares On-Demand ETF	0.7	58	0	1.7	-5.9
HERO	Global X Video Games & Esports ETF	0.7	50	8	5.0	-2.6
SCHY	Schwab International Dividend Equity ETF	0.6	14	44	10.3	+2.7
SAGP	Strategas Global Policy Opportunities ETF	0.6	65	-7	5.7	-1.9
IXG	iShares Global Financials ETF	0.6	42	16	9.2	+1.6
ESPO	VanEck Video Gaming and eSports ETF	0.6	56	2	5.3	-2.3
ODDS	Pacer BlueStar Digital Entertainment ETF	0.6	60	-2	5.5	-2.2
ARVR	First Trust Indxx Metaverse ETF	0.5	70	-12	6.7	-0.9
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	0.5	80	-22	14.9	+7.2
FDNI	First Trust Dow Jones International Internet ETF	0.5	65	-7	21.9	+14.3
VIGI	Vanguard International Dividend Appreciation ETF	0.5	15	43	6.7	-0.9
IGRO	iShares International Dividend Growth ETF	0.4	15	43	7.8	+0.1
HART	IQ Healthy Hearts ETF	0.4	45	13	7.1	-0.5
CGDG	Capital Group Dividend Growers ETF	0.4	47	11	6.9	-0.8
HAP	VanEck Natural Resources ETF	0.4	50	8	11.3	+3.7
ERTH	Invesco MSCI Sustainable Future ETF	0.4	62	-4	2.7	-4.9
IXP	iShares Global Comm Services ETF	0.4	42	16	7.3	-0.3
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.3	10	48	7.9	+0.2
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.2	12	46	8.0	+0.4
WBAT	WisdomTree Battery Value Chain and Innovation Fund	0.2	45	13	0.0	-7.6
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.2	9	49	6.6	-1.0

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%.

	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		**%	**%	**%	**%	**%	**%

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Forward multiple:	iShares MSCI Taiwan ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

	Custom date range	Compare to
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Revision activity*

*Six months ago = 100