iShares MSCI South Africa ETF
ALTAR
Score™		 11.6% info Recommen-
dation		 SPECULATIVE
2024E    2025E
P/E
ratio		 9.2x P/Sales
ratio		 1.2x
P/BV
ratio		 1.3x Div.
yield		 5.3%


  • 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) $260
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) $7,233
Large cap (>$10bn) 36.8%
Mid cap ($2-10bn) 63.2%
Small cap (<$2bn) 0.0%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
NASPERS LIMITED N LTD 15.8 %
FIRSTRAND LTD 8.2 %
GOLD FIELDS LTD 7.5 %
STANDARD BANK GROUP LTD 6.3 %
CAPITEC BANK HOLDINGS LTD 5.0 %
ANGLOGOLD ASHANTI PLC 4.8 %
MTN GROUP LIMITED 4.3 %
BID CORP. LTD. 3.9 %
ABSA GROUP LTD 3.2 %
SHOPRITE HOLDINGS LTD 3.2 %
Total 62.3 %

TOP COUNTRY EXPOSURE
SOUTH AFRICA 74.7 %
LUXEMBOURG 1.6 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-11.1% -9.4% -1.6% -1.8% 7.3%

Market Correlations
versus... Beta R-squared
S&P500 0.84 33%
MSCI EAFE 1.15 56%
MSCI Emg. Mkts. 1.05 51%

Technical Indicators
Recent close $38.26
30d moving avg. $40.09
Annualized volatility 26.1%
Short interest (ETF) 3.0%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 200
Turnover 2.9%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $455

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 118 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™: 11.6%


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 17.8 98 -40 10.0 -1.6
EMDM First Trust Bloomberg Emerging Market Democracies ETF 8.4 75 -17 9.8 -1.8
EDOG ALPS Emerging Sector Dividend Dogs ETF 7.0 60 -2 14.9 +3.3
RING iShares MSCI Global Gold Miners ETF 6.8 39 19 5.9 -5.7
DMAT Global X Disruptive Materials ETF 6.3 59 -1 9.8 -1.8
ECOW Pacer Emerging Markets Cash Cows 100 ETF 5.3 70 -12 11.4 -0.2
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 4.4 32 26 7.7 -3.9
LDEM iShares ESG MSCI EM Leaders ETF 4.0 17 41 7.9 -3.7
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 4.0 24 34 7.2 -4.4
FRDM Freedom 100 Emerging Markets ETF 4.0 49 9 7.4 -4.2
EMXF iShares ESG Advanced MSCI EM ETF 3.8 16 42 7.6 -4.0
ECON Columbia Emerging Markets Consumer ETF 3.7 49 9 4.9 -6.7
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 3.7 20 38 7.7 -4.0
FEEM FlexShares ESG & Climate Emerging Markets Core Index ETF 3.5 18 40 8.0 -3.6
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 3.5 39 19 12.8 +1.2
DEM WisdomTree Emerging Markets High Dividend Fund 3.5 63 -5 13.0 +1.4
EELV Invesco S&P Emerging Markets Low Volatility ETF 3.4 29 29 8.3 -3.3
XC WisdomTree Emerging Markets Ex-China Fund 3.2 32 26 6.2 -5.4
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 3.1 33 25 7.3 -4.3
PXH Invesco FTSE RAFI Emerging Markets ETF 3.1 49 9 12.7 +1.1
XCEM Columbia EM Core ex-China ETF 3.0 16 42 7.4 -4.2
EYLD Cambria Emerging Shareholder Yield ETF 3.0 66 -8 12.2 +0.6
RNEM First Trust Emerging Markets Equity Select ETF 2.8 75 -17 8.4 -3.2
CRIT Optica Rare Earths & Critical Materials ETF Optica Rare Eart 2.8 85 -27 8.0 -3.6
EMXC iShares MSCI Emerging Markets ex China ETF 2.8 25 33 6.7 -4.9
GMET VanEck Green Metals ETF 2.8 63 -5 9.8 -1.8
JHEM John Hancock Multifactor Emerging Markets ETF 2.7 49 9 8.5 -3.1
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 2.6 45 13 8.7 -2.9
FEM First Trust Emerging Markets AlphaDEX Fund 2.6 80 -22 16.5 +4.9
EMMF WisdomTree Emerging Markets Multifactor Fund 2.6 48 10 9.4 -2.2
EDIV SPDR S&P Emerging Markets Dividend ETF 2.5 49 9 11.1 -0.6
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 2.5 32 26 6.4 -5.2
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 2.4 90 -32 6.8 -4.8
ESGE iShares ESG Aware MSCI EM ETF 2.4 25 33 7.8 -3.8
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 2.4 30 28 7.6 -4.0
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 2.4 80 -22 14.4 +2.8
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 2.3 88 -30 6.3 -5.3
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 2.3 44 14 10.4 -1.2
SCHE Schwab Emerging Markets Equity ETF 2.2 11 47 7.7 -3.9
OBOR KraneShares MSCI One Belt One Road Index ETF 2.2 79 -21 10.3 -1.3
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 2.1 15 43 7.2 -4.4
NUEM Nuveen ESG Emerging Markets Equity ETF 2.1 36 22 6.9 -4.7
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 2.1 50 8 10.7 -0.9
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 2.1 66 -8 7.4 -4.3
ROAM Hartford Multifactor Emerging Markets ETF 2.1 44 14 11.8 +0.2
ION ProShares S&P Global Core Battery Metals ETF 2.1 58 0 11.3 -0.3
VWO Vanguard FTSE Emerging Markets ETF 2.0 8 50 7.7 -3.9
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 2.0 36 22 7.6 -4.0
SDEM Global X MSCI SuperDividend Emerging Markets ETF 2.0 67 -9 17.2 +5.6
BKEM BNY Mellon Emerging Markets Equity ETF 1.9 11 47 7.8 -3.8
STXE Strive Emerging Markets Ex-China ETF 1.9 32 26 7.0 -4.7
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 1.9 95 -37 11.6 +0.0
URA Global X Uranium ETF 1.8 69 -11 3.9 -7.7
AVES Avantis Emerging Markets Value ETF 1.8 36 22 12.3 +0.7
EEM iShares MSCI Emerging Markets ETF 1.8 69 -11 7.1 -4.5
EMC Global X Emerging Markets Great Consumer ETF 1.7 75 -17 5.0 -6.6
ARKF ARK Fintech Innovation ETF 1.7 75 -17 -2.2 -13.8
EMFQ Amplify Emerging Markets FinTech ETF 1.7 69 -11 5.6 -6.0
EMGF iShares Emerging Markets Equity Factor ETF 1.7 25 33 8.8 -2.8
IQDY FlexShares International Quality Dividend Dynamic Index Fund 1.6 47 11 10.4 -1.2
IEMG iShares Core MSCI Emerging Markets ETF 1.6 9 49 7.7 -3.9
SPEM SPDR Portfolio Emerging Markets ETF 1.6 7 51 7.6 -4.0
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 1.6 60 -2 10.0 -1.6
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 1.6 30 28 8.7 -3.0
DFEV Dimensional Emerging Markets Value ETF 1.6 43 15 11.1 -0.5
DFAE Dimensional Emerging Core Equity Market ETF 1.6 35 23 7.8 -3.8
AVEM Avantis Emerging Markets Equity ETF 1.6 33 25 9.3 -2.3
DEHP Dimensional Emerging Markets High Profitability ETF 1.6 41 17 7.4 -4.2
FDEM Fidelity Emerging Markets Multifactor ETF 1.5 25 33 12.1 +0.5
EMM Global X Emerging Markets ex-China ETF 1.5 75 -17 3.7 -7.9
SLVP iShares MSCI Global Silver Miners ETF 1.5 39 19 3.9 -7.7
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.4 59 -1 9.7 -1.9
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 1.4 58 0 10.2 -1.4
UEVM VictoryShares Emerging Markets Value Momentum ETF 1.4 45 13 12.9 +1.3
IQDF FlexShares International Quality Dividend Index Fund 1.3 47 11 10.9 -0.7
WWJD Inspire International ETF 1.2 80 -22 7.2 -4.4
HDAW Xtrackers MSCI All World ex US High Dividend Yield Equity ET 1.2 20 38 10.9 -0.7
DVYE iShares Emerging Markets Dividend ETF 1.2 49 9 16.8 +5.2
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.2 38 20 8.4 -3.2
EEMD AAM S&P Emerging Markets High Dividend Value ETF 1.1 49 9 19.2 +7.6
VIDI Vident International Equity Strategy ETF 1.1 61 -3 12.1 +0.5
BNE Blue Horizon BNE ETF 1.1 87 -29 5.1 -6.6
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.1 41 17 7.9 -3.7
TTAI FCF International Quality ETF 1.1 59 -1 7.4 -4.2
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 1.0 42 16 6.9 -4.8
NXTG First Trust Indxx NextG ETF 1.0 70 -12 6.1 -5.5
SDIV Global X Superdividend ETF 0.9 58 0 18.1 +6.5
IQDE FlexShares International Quality Dividend Defensive Index ET 0.9 47 11 10.9 -0.7
VYMI Vanguard International High Dividend Yield ETF 0.8 22 36 9.9 -1.7
JSTC Adasina Social Justice All Cap Global ETF 0.8 89 -31 4.8 -6.8
DSTX Distillate International Fundamental Stability & Value ETF 0.8 55 3 8.1 -3.5
SCHY Schwab International Dividend Equity ETF 0.7 14 44 9.4 -2.2
DWX SPDR S&P International Dividend ETF 0.7 45 13 7.2 -4.4
PICK iShares MSCI Global Metals & Mining Producers ETF 0.6 39 19 10.9 -0.7
VSGX Vanguard ESG International Stock ETF 0.6 12 46 6.9 -4.7
BLES Inspire Global Hope ETF 0.6 61 -3 6.4 -5.2
CWI SPDR MSCI ACWI ex-US ETF 0.6 30 28 6.9 -4.7
ACWX iShares MSCI ACWI ex U.S. ETF 0.6 34 24 6.8 -4.8
VEU Vanguard FTSE All-World ex-US Index Fund 0.6 8 50 7.3 -4.3
DEW WisdomTree Global High Dividend Fund 0.6 58 0 9.3 -2.3
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.6 41 17 6.8 -4.9
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.5 46 12 9.0 -2.7
VXUS Vanguard Total International Stock ETF 0.5 7 51 7.2 -4.4
IXUS iShares Core MSCI Total International Stock ETF 0.5 7 51 7.0 -4.6
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.4 30 28 7.9 -3.7
IGRO iShares International Dividend Growth ETF 0.4 15 43 7.2 -4.4
HAP VanEck Natural Resources ETF 0.4 50 8 9.6 -2.0
GLOF iShares Global Equity Factor ETF 0.2 20 38 7.1 -4.5
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.2 9 49 5.8 -5.8
ACWI iShares MSCI ACWI ETF 0.2 32 26 5.5 -6.1
OCEN IQ Clean Oceans ETF 0.2 45 13 5.4 -6.2
VT Vanguard Total World Stock ETF 0.2 7 51 5.9 -5.7
KNCT Invesco Next Gen Connectivity ETF 0.2 40 18 5.9 -5.7
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.1 20 38 5.7 -6.0
RODE Hartford Multifactor Diversified International ETF 0.1 29 29 11.7 +0.1
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.1 12 46 5.1 -6.5
FILL iShares MSCI Global Energy Producers ETF 0.1 39 19 9.3 -2.4
DGT SPDR Global Dow ETF 0.0 50 8 6.8 -4.8

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:

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 15.6 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 58 bp
Equals: ALTAR Score 11.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.69 CATEGORY
AVERAGE		 1.39
 
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.