iShares MSCI South Africa ETF
ALTAR
Score™		 9.2% info Recommen-
dation		 NEUTRAL
2025E    2026E
P/E
ratio		 12.7x P/Sales
ratio		 1.7x
P/BV
ratio		 2.2x Div.
yield		 4.2%


  • 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) $480
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 27
Wgt avg mkt cap (mns) $8,909
Large cap (>$10bn) 47.2%
Mid cap ($2-10bn) 52.8%
Small cap (<$2bn) 0.0%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
NASPERS LIMITED LTD CLASS N 14.4 %
ANGLOGOLD ASHANTI PLC 10.2 %
GOLD FIELDS LTD 10.2 %
FIRSTRAND LTD 6.1 %
ANGLO PLATINUM LTD 5.7 %
STANDARD BANK GROUP LTD 5.0 %
CAPITEC BANK HOLDINGS LTD 4.3 %
MTN GROUP LIMITED 3.8 %
HARMONY GOLD MINING CO LTD 3.6 %
IMPALA PLATINUM HOLDINGS LTD 3.5 %
Total 66.8 %

TOP COUNTRY EXPOSURE
SOUTH AFRICA 70.5 %
LUXEMBOURG 1.4 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
52.9% 33.8% 16.1% 6.4% 9.1%

Market Correlations
versus... Beta R-squared
S&P500 0.86 22%
MSCI EAFE 0.83 25%
MSCI Emg. Mkts. 0.93 36%

Technical Indicators
Recent close $64.93
30d moving avg. $63.17
Annualized volatility 24.8%
Short interest (ETF) 5.6%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 230
Turnover 3.1%
Bid/Ask (% of price) 0.12%
ADV underlying (mns) $286

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 127 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™: 9.2%


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 17.1 98 -40 11.4 +2.1
FTHF First Trust Emerging Markets Human Flourishing ETF 14.4 75 -17 7.6 -1.6
DMAT Global X Disruptive Materials ETF 10.4 59 -1 6.6 -2.7
EDIV SPDR S&P Emerging Markets Dividend ETF 9.0 49 9 11.9 +2.7
EMDM First Trust Bloomberg Emerging Market Democracies ETF 7.8 75 -17 8.6 -0.7
RING iShares MSCI Global Gold Miners ETF 7.0 39 19 3.9 -5.4
GMET VanEck Green Metals ETF 6.3 63 -5 7.6 -1.7
EELV Invesco S&P Emerging Markets Low Volatility ETF 5.8 29 29 9.2 -0.0
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 5.7 24 34 7.5 -1.7
CRIT Optica Rare Earths & Critical Materials ETF Optica Rare Eart 5.2 85 -27 8.8 -0.4
LDEM iShares ESG MSCI EM Leaders ETF 5.2 17 41 13.4 +4.2
FRDM Freedom 100 Emerging Markets ETF 5.0 49 9 7.7 -1.5
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 4.5 39 19 15.7 +6.4
ION ProShares S&P Global Core Battery Metals ETF 4.5 58 0 8.3 -0.9
XCEM Columbia EM Core ex-China ETF 4.0 16 42 7.8 -1.4
EDOG ALPS Emerging Sector Dividend Dogs ETF 4.0 60 -2 10.6 +1.4
PXH Invesco FTSE RAFI Emerging Markets ETF 4.0 49 9 15.2 +6.0
DWX SPDR S&P International Dividend ETF 3.9 45 13 6.1 -3.1
EMXC iShares MSCI Emerging Markets ex China ETF 3.6 25 33 7.2 -2.1
STXE Strive Emerging Markets Ex-China ETF 3.5 32 26 7.3 -2.0
XC WisdomTree Emerging Markets Ex-China Fund 3.5 32 26 6.2 -3.0
OBOR KraneShares MSCI One Belt One Road Index ETF 3.5 79 -21 8.6 -0.6
RNEM First Trust Emerging Markets Equity Select ETF 3.4 75 -17 7.6 -1.6
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 3.4 44 14 10.5 +1.2
ECON Columbia Emerging Markets Consumer ETF 3.4 49 9 11.6 +2.3
EMM Global X Emerging Markets ex-China ETF 3.3 75 -17 6.1 -3.1
XCNY SPDR S&P Emerging Markets ex-China ETF 3.1 15 43 7.5 -1.8
PICK iShares MSCI Global Metals & Mining Producers ETF 3.1 39 19 11.5 +2.2
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 3.1 45 13 9.8 +0.6
JHEM John Hancock Multifactor Emerging Markets ETF 3.1 49 9 9.6 +0.4
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 3.0 32 26 6.6 -2.6
UEVM VictoryShares Emerging Markets Value Momentum ETF 3.0 45 13 10.6 +1.4
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 3.0 15 43 7.5 -1.8
AVXC Avantis Emerging Markets Ex-China Equity ETF 2.9 33 25 8.3 -1.0
ESGE iShares ESG Aware MSCI EM ETF 2.8 25 33 9.7 +0.4
EYLD Cambria Emerging Shareholder Yield ETF 2.7 66 -8 12.2 +2.9
EEMO Invesco S&P Emerging Markets Momentum ETF 2.7 29 29 6.5 -2.8
EMC Global X Emerging Markets Great Consumer ETF 2.7 75 -17 10.9 +1.7
EMXF iShares ESG Advanced MSCI EM ETF 2.6 16 42 8.1 -1.1
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 2.6 30 28 9.8 +0.6
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 2.6 32 26 8.8 -0.5
NUEM Nuveen ESG Emerging Markets Equity ETF 2.6 36 22 7.5 -1.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 2.6 30 28 8.9 -0.4
MEM Matthews Emerging Markets Equity Active ETF 2.5 79 -21 7.5 -1.8
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 2.5 50 8 10.7 +1.5
SCHE Schwab Emerging Markets Equity ETF 2.5 11 47 10.5 +1.3
EEM iShares MSCI Emerging Markets ETF 2.5 69 -11 9.7 +0.5
ECOW Pacer Emerging Markets Cash Cows 100 ETF 2.5 70 -12 12.9 +3.7
FPXI First Trust International Equity Opportunities ETF 2.5 70 -12 4.3 -5.0
FPXE First Trust IPOX Europe Equity Opportunities ETF 2.4 70 -12 5.0 -4.3
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 2.4 15 43 9.8 +0.6
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 2.4 66 -8 9.0 -0.3
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 2.4 36 22 9.3 +0.1
DEM WisdomTree Emerging Markets High Dividend Fund 2.4 63 -5 13.5 +4.3
BKEM BNY Mellon Emerging Markets Equity ETF 2.4 11 47 9.6 +0.4
VWO Vanguard FTSE Emerging Markets ETF 2.4 7 51 9.9 +0.6
EVLU iShares MSCI Emerging Markets Value Factor ETF 2.3 35 23 16.8 +7.5
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 2.3 20 38 9.8 +0.6
AVES Avantis Emerging Markets Value ETF 2.3 36 22 10.8 +1.6
DSTX Distillate International Fundamental Stability & Value ETF 2.3 55 3 7.6 -1.7
SDEM Global X MSCI SuperDividend Emerging Markets ETF 2.2 67 -9 13.4 +4.2
DFEV Dimensional Emerging Markets Value ETF 2.2 43 15 12.7 +3.5
WWJD Inspire International ETF 2.1 80 -22 7.2 -2.0
IEMG iShares Core MSCI Emerging Markets ETF 2.1 9 49 10.0 +0.7
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 2.1 33 25 9.5 +0.3
DEHP Dimensional Emerging Markets High Profitability ETF 2.1 41 17 6.4 -2.8
SPEM SPDR Portfolio Emerging Markets ETF 2.0 7 51 10.2 +1.0
URA Global X Uranium ETF 2.0 69 -11 1.3 -7.9
DEXC Dimensional Emerging Markets ex China Core EquityETF 2.0 53 5 7.5 -1.7
AVSE Avantis Responsible Emerging Markets Equity ETF 1.9 33 25 8.1 -1.1
DFAE Dimensional Emerging Core Equity Market ETF 1.9 35 23 8.9 -0.3
SLVP iShares MSCI Global Silver Miners ETF 1.8 39 19 5.6 -3.6
AVEM Avantis Emerging Markets Equity ETF 1.7 33 25 8.3 -1.0
RCGE RockCreek Global Equality ETF 1.7 95 -37 6.7 -2.6
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.6 59 -1 8.6 -0.7
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.5 38 20 8.9 -0.3
EMMF WisdomTree Emerging Markets Multifactor Fund 1.5 48 10 7.2 -2.0
FEM First Trust Emerging Markets AlphaDEX Fund 1.4 80 -22 11.3 +2.1
COPY Tweedy, Browne Insider + Value ETF 1.4 80 -22 11.8 +2.5
CGV Conductor Global Equity Value ETF 1.4 130 -72 8.3 -0.9
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.3 41 17 8.4 -0.8
TTAI FCF International Quality ETF 1.3 59 -1 7.4 -1.8
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 1.3 90 -32 7.0 -2.2
ROAM Hartford Multifactor Emerging Markets ETF 1.3 44 14 11.6 +2.4
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 1.2 46 12 9.7 +0.5
EMGF iShares Emerging Markets Equity Factor ETF 1.1 25 33 11.2 +1.9
NXTG First Trust Indxx NextG ETF 1.1 70 -12 5.0 -4.3
VIDI Vident International Equity Strategy ETF 1.1 61 -3 10.7 +1.4
BLES Inspire Global Hope ETF 1.1 61 -3 6.7 -2.5
ARKF ARK Fintech Innovation ETF 1.1 75 -17 -0.4 -9.7
VYMI Vanguard International High Dividend Yield ETF 1.0 17 41 9.5 +0.3
SCHY Schwab International Dividend Equity ETF 0.9 14 44 9.6 +0.4
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.8 58 0 9.9 +0.7
ACWX iShares MSCI ACWI ex U.S. ETF 0.8 34 24 7.5 -1.8
CWI SPDR MSCI ACWI ex-US ETF 0.7 30 28 7.4 -1.8
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.7 18 40 7.8 -1.5
VSGX Vanguard ESG International Stock ETF 0.7 10 48 7.5 -1.8
VEU Vanguard FTSE All-World ex-US Index Fund 0.7 4 54 7.9 -1.3
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.7 47 11 8.1 -1.1
HAP VanEck Natural Resources ETF 0.7 50 8 9.1 -0.1
IXUS iShares Core MSCI Total International Stock ETF 0.7 7 51 7.7 -1.6
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.7 41 17 7.1 -2.1
VXUS Vanguard Total International Stock ETF 0.7 5 53 7.7 -1.6
CCNR ALPS CoreCommodity Natural Resources ETF 0.7 39 19 10.1 +0.8
FDEM Fidelity Emerging Markets Multifactor ETF 0.7 25 33 12.4 +3.2
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.5 30 28 7.7 -1.5
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 0.5 80 -22 14.4 +5.2
UMMA Wahed Dow Jones Islamic World ETF 0.4 65 -7 5.1 -4.1
DEW WisdomTree Global High Dividend Fund 0.4 58 0 8.4 -0.9
JSTC Adasina Social Justice All Cap Global ETF 0.3 89 -31 4.8 -4.4
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.3 9 49 5.5 -3.7
ACWI iShares MSCI ACWI ETF 0.3 32 26 5.4 -3.8
VT Vanguard Total World Stock ETF 0.2 6 52 5.7 -3.5
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.2 42 16 7.0 -2.2
KLMT Invesco MSCI Global Climate 500 ETF 0.2 10 48 5.6 -3.6
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.2 12 46 5.0 -4.2
IGRO iShares International Dividend Growth ETF 0.2 15 43 7.2 -2.0
GLOF iShares Global Equity Factor ETF 0.1 20 38 6.4 -2.9
IQDF FlexShares International Quality Dividend Index Fund 0.1 47 11 8.8 -0.4
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.1 45 13 8.7 -0.6
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.1 20 38 5.5 -3.7
DFIV Dimensional International Value ETF 0.0 27 31 9.6 +0.3
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 0.0 95 -37 11.4 +2.1
DXIV Dimensional International Vector Equity ETF 0.0 34 24 7.7 -1.5
DFAI Dimensional International Core Equity Market ETF 0.0 18 40 7.0 -2.2
DFIC Dimensional International Core Equity 2 ETF 0.0 23 35 7.3 -1.9
DIHP Dimensional International High Profitability ETF 0.0 29 29 7.0 -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 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
  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 South Africa 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 19.4 %
Divided by: Fwd. P/BV 2.0 x
Less: Expense ratio 58 bp
Equals: ALTAR Score 9.2 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.73 CATEGORY
AVERAGE		 1.51
 
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.