iShares MSCI South Africa ETF
ALTAR
Score™
7.7% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
13.7x P/Sales
ratio
1.5x
P/BV
ratio
1.5x Div.
yield
2.7%


  • 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) $319
Currency USD
Expense ratio 59 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 41
Wgt avg mkt cap (mns) $22,132
Large cap (>$10bn) 38.1%
Mid cap ($2-10bn) 54.4%
Small cap (<$2bn) 7.5%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
NASPERS LTD-N SHS 21.8 %
ANGLOGOLD ASHANTI LTD 5.9 %
FIRSTRAND LTD 5.6 %
GOLD FIELDS LTD 4.1 %
STANDARD BANK GROUP LTD 4.0 %
SANLAM LTD 3.3 %
BID CORP. LTD. 3.0 %
IMPALA PLATINUM HOLDINGS LTD 2.8 %
MTN GROUP LIMITED 2.7 %
SIBANYE GOLD LTD 2.6 %
Total 55.8 %

TOP COUNTRY EXPOSURE
SOUTH AFRICA 96.0 %
LUXEMBOURG 1.5 %
BRITAIN 1.3 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-26.8% -28.1% -7.2% -0.2% 7.8%

Market Correlations
versus... Beta R-squared
S&P500 1.23 50%
MSCI EAFE 1.51 66%
MSCI Emg. Mkts. 1.31 78%

Technical Indicators
Recent close $36.69
30d moving avg. $35.75
Annualized volatility 29.4%
Short interest (ETF) 21.3%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 603
Turnover 6.9%
Bid/Ask (% of price) 0.14%
ADV underlying (mns) $1,358

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 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: 59 bp ALTAR Score™: 7.7%


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
(%)
FLZA Franklin FTSE South Africa ETF 89.6 19 40 11.5 +3.8
AFK VanEck Vectors Africa Index ETF 24.0 79 -20 8.9 +1.2
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 11.7 60 -1 8.5 +0.8
RING iShares MSCI Global Gold Miners ETF 11.1 39 20 3.4 -4.4
EDIV SPDR S&P Emerging Markets Dividend ETF 10.7 49 10 11.1 +3.3
SDEM Global X SuperDividend Emerging Markets ETF 9.1 66 -7 16.0 +8.3
EDOG ALPS Emerging Sector Dividend Dogs ETF 8.1 60 -1 10.9 +3.2
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 8.1 45 14 9.5 +1.7
CEY VictoryShares Emerging Market High Dividend Volatility Wtd E 7.9 51 8 13.5 +5.8
FDNI First Trust Dow Jones International Internet ETF 7.8 65 -6 2.2 -5.5
DVYE iShares Emerging Markets Dividend ETF 7.7 49 10 16.3 +8.6
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 7.3 86 -27 2.2 -5.5
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 6.5 49 10 8.1 +0.4
EMXC iShares MSCI Emerging Markets ex China ETF 6.3 25 34 8.5 +0.7
EMFM Global X MSCI Next Emerging & Frontier ETF 6.2 66 -7 9.0 +1.3
RNEM Emerging Markets Equity Select ETF 6.2 75 -16 10.5 +2.8
XCEM Columbia EM Core ex-China ETF 6.1 16 43 7.4 -0.3
OBOR KraneShares MSCI One Belt One Road Index ETF 6.1 79 -20 9.5 +1.7
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 6.1 20 39 7.1 -0.6
EEMD AAM S&P Emerging Markets High Dividend Value ETF 5.3 50 9 20.9 +13.1
DVEM WisdomTree Emerging Markets Dividend Fund 5.2 32 27 8.5 +0.7
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 5.1 49 10 8.9 +1.1
ECOW Pacer Emerging Markets Cash Cows 100 ETF 4.9 70 -11 13.5 +5.7
SDIV Global X SuperDividend ETF 4.9 59 0 13.4 +5.6
PIE Invesco DWA Emerging Markets Momentum ETF 4.7 90 -31 5.4 -2.4
FRDM Freedom 100 Emerging Markets ETF 4.7 49 10 7.0 -0.8
DWLD Davis Select Worldwide ETF 4.6 63 -4 6.6 -1.1
PXH Invesco FTSE RAFI Emerging Markets ETF 4.5 50 9 13.4 +5.7
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 4.5 39 20 13.0 +5.3
JHEM John Hancock Multifactor Emerging Markets ETF 4.5 49 10 8.7 +0.9
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 4.4 44 15 9.1 +1.4
PBEE Invesco PureBeta FTSE Emerging Markets ETF 4.1 15 44 9.0 +1.3
DINT Davis Select International ETF 4.1 68 -9 5.9 -1.9
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 4.1 64 -5 4.8 -2.9
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 4.1 32 27 6.4 -1.4
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 4.1 50 9 10.4 +2.7
ESGE iShares ESG MSCI EM ETF 4.0 25 34 9.0 +1.2
SCHE Schwab Emerging Markets Equity ETF 4.0 11 48 8.2 +0.4
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 3.9 30 29 8.1 +0.4
BKEM BNY Mellon Emerging Markets Equity ETF 3.8 11 48 8.7 +1.0
NUEM Nuveen ESG Emerging Markets Equity ETF 3.8 45 14 7.6 -0.2
FEM First Trust Emerging Markets AlphaDEX Fund 3.7 80 -21 11.4 +3.6
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 3.7 65 -6 7.7 0.0
EEM iShares MSCI Emerging Markets ETF 3.7 68 -9 7.7 -0.0
SPEM SPDR Portfolio Emerging Markets ETF 3.6 11 48 8.1 +0.3
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 3.6 45 14 8.2 +0.4
VWO Vanguard FTSE Emerging Markets ETF 3.6 10 49 8.4 +0.6
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 3.5 80 -21 4.0 -3.8
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 3.4 36 23 8.5 +0.7
IEMG iShares Core MSCI Emerging Markets ETF 3.4 13 46 8.2 +0.5
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 3.3 95 -36 9.6 +1.8
DEM WisdomTree Emerging Markets High Dividend Fund 3.3 63 -4 14.1 +6.4
FEMS First Trust Emerging Markets Small Cap Alphadex Fund 3.0 80 -21 18.3 +10.5
ECON Columbia Emerging Markets Consumer ETF 2.9 59 0 4.6 -3.1
IQDY FlexShares International Quality Dividend Dynamic Index Fund 2.9 47 12 12.8 +5.1
EMCG WisdomTree Emerging Markets Consumer Growth Fund 2.8 32 27 7.5 -0.2
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 2.8 45 14 13.8 +6.0
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 2.7 32 27 9.2 +1.5
DWX SPDR S&P International Dividend ETF 2.7 45 14 8.0 +0.3
ROAM Hartford Multifactor Emerging Markets ETF 2.5 44 15 15.0 +7.2
EEMO Invesco S&P Emerging Markets Momentum ETF 2.4 29 30 6.9 -0.9
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 2.4 59 0 11.4 +3.7
ISEM Invesco Strategic Emerging Markets ETF 2.2 35 24 10.7 +2.9
PICK iShares MSCI Global Metals & Mining Producers ETF 2.1 39 20 7.6 -0.2
AVEM Avantis Emerging Markets Equity ETF 2.1 33 26 9.2 +1.5
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 2.0 30 29 9.0 +1.2
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 1.8 16 43 7.0 -0.7
EYLD Cambria Emerging Shareholder Yield ETF 1.7 66 -7 16.6 +8.9
GUNR Flexshares Morningstar Global Upstream Natural Resources 1.6 46 13 5.8 -1.9
IQDE FlexShares International Quality Dividend Defensive Index Fd 1.6 47 12 12.4 +4.6
VIGI Vanguard International Dividend Appreciation ETF 1.6 25 34 5.6 -2.1
GENY Principal Millennials Index ETF 1.5 45 14 3.8 -3.9
DUSA Davis Select U.S. Equity ETF 1.5 63 -4 5.8 -2.0
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 1.5 20 39 11.1 +3.4
SRET Global X SuperDividend REIT ETF 1.4 59 0 13.8 +6.0
WWJD Inspire International ESG ETF 1.4 80 -21 7.6 -0.2
KMED KraneShares Emerging Markets Healthcare Index ETF 1.4 79 -20 2.2 -5.5
KOL VanEck Vectors Coal ETF 1.3 60 -1 20.4 +12.6
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 1.3 63 -4 12.7 +5.0
FDEM Fidelity Targeted Emerging Markets Factor ETF 1.2 45 14 9.7 +2.0
VSGX Vanguard ESG International Stock ETF 1.1 17 42 7.3 -0.4
DGT SPDR Global Dow ETF 1.1 50 9 6.8 -1.0
RWX SPDR Dow Jones International Real Estate ETF 1.1 59 0 6.6 -1.1
ACWX iShares MSCI ACWI ex U.S. ETF 1.1 32 27 7.4 -0.4
FTRI First Trust Indxx Global Natural Resources Income ETF 1.1 70 -11 9.6 +1.8
CWI SPDR MSCI ACWI ex-US ETF 1.0 30 29 7.3 -0.5
EWX SPDR S&P Emerging Markets Small Cap ETF 1.0 65 -6 6.3 -1.4
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 1.0 40 19 7.1 -0.6
IQDF FlexShares International Quality Dividend Index Fund 1.0 47 12 12.4 +4.7
VEU Vanguard FTSE All-World ex-US Index Fund 1.0 8 51 7.7 -0.1
IGRO iShares International Dividend Growth ETF 1.0 22 37 8.1 +0.4
IXUS ishares Core MSCI Total International Stock ETF 0.9 9 50 7.5 -0.2
ACWF iShares FactorSelect MSCI Global ETF 0.9 35 24 8.1 +0.3
VXUS Vanguard Total International Stock Index Fund 0.9 8 51 7.7 -0.1
NXTG First Trust Indxx NextG ETF 0.9 70 -11 6.2 -1.5
ARKF ARK Fintech Innovation ETF 0.8 75 -16 0.5 -7.2
VYMI Vanguard International High Dividend Yield ETF 0.7 32 27 10.3 +2.5
FID First Trust S&P International Dividend Aristocrats ETF 0.7 60 -1 9.8 +2.1
BLES Inspire Global Hope Large Cap ETF 0.7 52 7 6.5 -1.3
DRW WisdomTree Global ex-US Real Estate Fund 0.7 58 1 10.6 +2.9

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

  2015 2016 2017 2018 2019 2020E 2021E
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
  2019 2020E 2021E
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 12.1 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 59 bp
Equals: ALTAR Score 7.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.45 CATEGORY
AVERAGE
1.45
 
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.