iShares MSCI South Africa ETF
ALTAR
Score™		 10.3% info Recommen-
dation		 OVERWEIGHT
2024E    2025E
P/E
ratio		 11.3x P/Sales
ratio		 1.3x
P/BV
ratio		 1.5x Div.
yield		 4.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares South Africa Index Fund is an exchange-traded fund incorporated in the USA. The Fund's objective is to provide investment results that correspond to the price and yield performance of publicly traded securities in the South African market, as measured by the MSCI South African Index. The Index consists of stocks primarily traded on the Johannesburg Stock Exchange.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Barclays Global Fund Advisors
Website www.ishares.com
Inception date Feb 03, 2003
Assets (mns) $299
Currency USD
Expense ratio 58 bp
Distributions Semi-Annually

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 32
Wgt avg mkt cap (mns) $9,410
Large cap (>$10bn) 45.3%
Mid cap ($2-10bn) 54.7%
Small cap (<$2bn) 0.0%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
NASPERS LIMITED LTD CLASS N 17.4 %
FIRSTRAND LTD 8.9 %
STANDARD BANK GROUP LTD 7.4 %
CAPITEC BANK HOLDINGS LTD 6.5 %
GOLD FIELDS LTD 5.1 %
BID CORP. LTD. 3.7 %
SANLAM LTD 3.7 %
SHOPRITE HOLDINGS LTD 3.5 %
ANGLOGOLD ASHANTI PLC 3.5 %
ABSA GROUP LTD 3.3 %
Total 63.0 %

TOP COUNTRY EXPOSURE
SOUTH AFRICA 74.4 %
LUXEMBOURG 1.5 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
13.6% 28.6% 3.9% 0.3% 8.3%

Market Correlations
versus... Beta R-squared
S&P500 0.90 35%
MSCI EAFE 1.01 46%
MSCI Emg. Mkts. 1.14 57%

Technical Indicators
Recent close $47.45
30d moving avg. $49.91
Annualized volatility 26.3%
Short interest (ETF) 9.8%
Relative strength (RSI) 54

Liquidity measures
Avg. volume (thou.) 132
Turnover 2.1%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $799

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 124 potential alternatives to the iShares MSCI South Africa ETF ETF based on the alternatives' overlap in portfolio holdings with EZA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: EZA Expense: 58 bp ALTAR Score™: 10.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EZA
Ticker Fund
Name		 Overlap1
vs EZA
(%)		 Expense
ratio
(bp)		 Savings
vs EZA
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs EZA
(%)
AFK VanEck Africa Index ETF 19.4 98 -40 9.1 -1.3
FTHF First Trust Emerging Markets Human Flourishing ETF 17.0 75 -17 8.9 -1.4
EMDM First Trust Bloomberg Emerging Market Democracies ETF 8.8 75 -17 8.2 -2.1
EDOG ALPS Emerging Sector Dividend Dogs ETF 6.4 60 -2 13.4 +3.1
RING iShares MSCI Global Gold Miners ETF 6.1 39 19 5.6 -4.8
DMAT Global X Disruptive Materials ETF 5.6 59 -1 10.5 +0.2
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 5.6 90 -32 6.1 -4.2
FRDM Freedom 100 Emerging Markets ETF 5.2 49 9 7.3 -3.1
ION ProShares S&P Global Core Battery Metals ETF 4.5 58 0 15.5 +5.2
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 4.4 24 34 9.2 -1.1
EQLT iShares MSCI Emerging Markets Quality Factor ETF 4.4 35 23 7.4 -2.9
EYLD Cambria Emerging Shareholder Yield ETF 4.3 66 -8 13.2 +2.9
LDEM iShares ESG MSCI EM Leaders ETF 4.3 17 41 7.6 -2.7
SDEM Global X MSCI SuperDividend Emerging Markets ETF 4.2 67 -9 15.0 +4.7
FEEM FlexShares ESG & Climate Emerging Markets Core Index ETF 4.1 18 40 6.8 -3.5
EMXF iShares ESG Advanced MSCI EM ETF 4.1 16 42 6.8 -3.5
ECOW Pacer Emerging Markets Cash Cows 100 ETF 4.0 70 -12 9.2 -1.1
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 3.9 20 38 6.8 -3.5
DEM WisdomTree Emerging Markets High Dividend Fund 3.8 63 -5 18.9 +8.5
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 3.8 39 19 12.5 +2.2
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 3.7 32 26 6.9 -3.5
CRIT Optica Rare Earths & Critical Materials ETF Optica Rare Eart 3.5 85 -27 8.6 -1.8
GMET VanEck Green Metals ETF 3.3 63 -5 10.7 +0.4
RNEM First Trust Emerging Markets Equity Select ETF 3.2 75 -17 7.6 -2.8
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 3.2 44 14 10.6 +0.3
PXH Invesco FTSE RAFI Emerging Markets ETF 3.2 49 9 12.2 +1.9
EMXC iShares MSCI Emerging Markets ex China ETF 3.1 25 33 6.7 -3.6
EMMF WisdomTree Emerging Markets Multifactor Fund 3.1 48 10 8.8 -1.6
XCEM Columbia EM Core ex-China ETF 3.0 16 42 7.7 -2.6
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 3.0 45 13 11.0 +0.7
FEM First Trust Emerging Markets AlphaDEX Fund 3.0 80 -22 13.0 +2.7
XC WisdomTree Emerging Markets Ex-China Fund 2.9 32 26 6.0 -4.4
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 2.8 33 25 8.2 -2.1
EMM Global X Emerging Markets ex-China ETF 2.7 75 -17 4.2 -6.1
EVLU iShares MSCI Emerging Markets Value Factor ETF 2.7 35 23 12.4 +2.1
JHEM John Hancock Multifactor Emerging Markets ETF 2.7 49 9 8.2 -2.2
XCNY SPDR S&P Emerging Markets ex-China ETF 2.6 15 43 6.3 -4.0
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 2.6 15 43 10.2 -0.1
ESGE iShares ESG Aware MSCI EM ETF 2.5 25 33 7.1 -3.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 2.5 30 28 7.3 -3.0
NUEM Nuveen ESG Emerging Markets Equity ETF 2.4 36 22 6.5 -3.9
STXE Strive Emerging Markets Ex-China ETF 2.4 32 26 7.0 -3.3
OBOR KraneShares MSCI One Belt One Road Index ETF 2.4 79 -21 10.3 -0.1
EMFQ Amplify Emerging Markets FinTech ETF 2.4 69 -11 5.3 -5.1
SCHE Schwab Emerging Markets Equity ETF 2.3 11 47 7.1 -3.2
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 2.3 32 26 6.2 -4.1
DEHP Dimensional Emerging Markets High Profitability ETF 2.3 41 17 5.0 -5.3
EEM iShares MSCI Emerging Markets ETF 2.3 69 -11 6.9 -3.4
IQDY FlexShares International Quality Dividend Dynamic Index Fund 2.3 47 11 9.4 -1.0
EMC Global X Emerging Markets Great Consumer ETF 2.2 75 -17 4.5 -5.8
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 2.2 66 -8 10.0 -0.3
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 2.2 15 43 7.2 -3.1
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 2.1 36 22 7.8 -2.5
BKEM BNY Mellon Emerging Markets Equity ETF 2.1 11 47 8.4 -2.0
AVES Avantis Emerging Markets Value ETF 2.0 36 22 11.6 +1.3
VWO Vanguard FTSE Emerging Markets ETF 2.0 8 50 6.9 -3.4
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 2.0 50 8 13.0 +2.7
ECON Columbia Emerging Markets Consumer ETF 2.0 49 9 7.3 -3.0
CGV Conductor Global Equity Value ETF 1.9 130 -72 10.9 +0.6
IEMG iShares Core MSCI Emerging Markets ETF 1.9 9 49 7.5 -2.9
DFAE Dimensional Emerging Core Equity Market ETF 1.9 35 23 7.3 -3.0
EMGF iShares Emerging Markets Equity Factor ETF 1.9 25 33 8.5 -1.8
ARKF ARK Fintech Innovation ETF 1.8 75 -17 -0.4 -10.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 1.8 30 28 8.1 -2.2
SPEM SPDR Portfolio Emerging Markets ETF 1.7 7 51 7.3 -3.0
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 1.7 58 0 10.2 -0.1
DFEV Dimensional Emerging Markets Value ETF 1.7 43 15 11.1 +0.7
EELV Invesco S&P Emerging Markets Low Volatility ETF 1.7 29 29 8.7 -1.6
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.7 59 -1 11.3 +1.0
IQDF FlexShares International Quality Dividend Index Fund 1.6 47 11 12.9 +2.6
AVEM Avantis Emerging Markets Equity ETF 1.6 33 25 8.9 -1.5
FDEM Fidelity Emerging Markets Multifactor ETF 1.6 25 33 12.3 +2.0
WWJD Inspire International ETF 1.6 80 -22 7.3 -3.0
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 1.6 88 -30 7.4 -2.9
ROAM Hartford Multifactor Emerging Markets ETF 1.5 44 14 15.8 +5.5
PICK iShares MSCI Global Metals & Mining Producers ETF 1.4 39 19 12.8 +2.5
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.4 38 20 7.8 -2.5
DVYE iShares Emerging Markets Dividend ETF 1.4 49 9 18.8 +8.4
SLVP iShares MSCI Global Silver Miners ETF 1.4 39 19 3.2 -7.1
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 1.3 42 16 8.1 -2.3
EDIV SPDR S&P Emerging Markets Dividend ETF 1.3 49 9 12.0 +1.7
TTAI FCF International Quality ETF 1.3 59 -1 5.6 -4.7
DSTX Distillate International Fundamental Stability & Value ETF 1.3 55 3 8.0 -2.4
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.2 41 17 7.4 -2.9
URA Global X Uranium ETF 1.2 69 -11 2.4 -8.0
GOAU U.S. Global GO GOLD and Precious Metal Miners ETF 1.2 60 -2 4.8 -5.5
NXTG First Trust Indxx NextG ETF 1.2 70 -12 6.2 -4.1
UEVM VictoryShares Emerging Markets Value Momentum ETF 1.2 45 13 12.3 +2.0
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 1.1 95 -37 10.5 +0.2
EEMD AAM S&P Emerging Markets High Dividend Value ETF 0.9 49 9 16.1 +5.8
VYMI Vanguard International High Dividend Yield ETF 0.9 22 36 9.8 -0.5
BNE Blue Horizon BNE ETF 0.9 87 -29 4.6 -5.7
SCHY Schwab International Dividend Equity ETF 0.8 14 44 9.3 -1.0
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 0.8 80 -22 12.3 +2.0
BLES Inspire Global Hope ETF 0.8 61 -3 6.4 -3.9
EEMO Invesco S&P Emerging Markets Momentum ETF 0.8 29 29 5.5 -4.8
CCNR ALPS CoreCommodity Natural Resources ETF 0.7 39 19 11.0 +0.7
VSGX Vanguard ESG International Stock ETF 0.7 12 46 6.8 -3.6
ACWX iShares MSCI ACWI ex U.S. ETF 0.7 34 24 7.0 -3.4
CWI SPDR MSCI ACWI ex-US ETF 0.7 30 28 6.9 -3.4
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.7 18 40 7.0 -3.3
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.6 41 17 7.4 -2.9
IQDE FlexShares International Quality Dividend Defensive Index ET 0.6 47 11 14.8 +4.5
VEU Vanguard FTSE All-World ex-US Index Fund 0.6 8 50 7.3 -3.1
JSTC Adasina Social Justice All Cap Global ETF 0.6 89 -31 4.9 -5.4
IXUS iShares Core MSCI Total International Stock ETF 0.6 7 51 7.2 -3.1
VXUS Vanguard Total International Stock ETF 0.6 7 51 7.2 -3.1
DEW WisdomTree Global High Dividend Fund 0.6 58 0 8.5 -1.8
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.6 46 12 9.3 -1.0
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.5 30 28 8.0 -2.4
IPKW Invesco International BuyBack Achievers ETF 0.4 55 3 11.0 +0.7
IGRO iShares International Dividend Growth ETF 0.4 15 43 7.5 -2.8
OCEN IQ Clean Oceans ETF 0.3 45 13 6.1 -4.3
HAP VanEck Natural Resources ETF 0.3 50 8 10.0 -0.4
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.3 9 49 5.4 -5.0
ACWI iShares MSCI ACWI ETF 0.2 32 26 5.3 -5.0
VT Vanguard Total World Stock ETF 0.2 7 51 5.5 -4.8
GLOF iShares Global Equity Factor ETF 0.2 20 38 7.0 -3.3
VIDI Vident International Equity Strategy ETF 0.1 61 -3 10.2 -0.1
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.1 12 46 4.8 -5.5
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.1 20 38 5.2 -5.2
KLMT Invesco MSCI Global Climate 500 ETF 0.1 10 48 5.4 -4.9
FILL iShares MSCI Global Energy Producers ETF 0.1 39 19 9.6 -0.7
RODE Hartford Multifactor Diversified International ETF 0.0 29 29 11.8 +1.5

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

  2019 2020 2021 2022 2023 2024E 2025E
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
  2023 2024E 2025E
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 South Africa ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 15.4 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 58 bp
Equals: ALTAR Score 10.3 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.78 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.