iShares MSCI South Africa ETF
ALTAR
Score™		 7.6% info Recommen-
dation		 NEUTRAL
2025E    2026E
P/E
ratio		 14.4x P/Sales
ratio		 1.9x
P/BV
ratio		 2.6x Div.
yield		 3.5%


  • 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) $849
Currency USD
Expense ratio 58 bp
Distributions Semi-annual

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) $12,786
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
ANGLOGOLD ASHANTI PLC 11.8 %
GOLD FIELDS LTD 11.3 %
NASPERS LIMITED LTD CLASS N 10.9 %
FIRSTRAND LTD 6.8 %
ANGLO PLATINUM LTD 5.4 %
STANDARD BANK GROUP LTD 4.8 %
CAPITEC BANK HOLDINGS LTD 4.7 %
MTN GROUP LIMITED 4.5 %
IMPALA PLATINUM HOLDINGS LTD 4.1 %
ABSA GROUP LTD 3.6 %
Total 67.8 %

TOP COUNTRY EXPOSURE
SOUTH AFRICA 73.6 %
LUXEMBOURG 1.4 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
6.4% 78.6% 15.7% 10.1% 9.9%

Market Correlations
versus... Beta R-squared
S&P500 0.76 28%
MSCI EAFE 1.11 45%
MSCI Emg. Mkts. 1.12 54%

Technical Indicators
Recent close $76.53
30d moving avg. $73.12
Annualized volatility 24.7%
Short interest (ETF) 16.0%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 442
Turnover 4.0%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $286

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 129 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™: 7.6%


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
(%)
FTHF First Trust Emerging Markets Human Flourishing ETF 15.0 75 -17 6.5 -1.1
DMAT Global X Disruptive Materials ETF 13.2 59 -1 4.6 -2.9
OBOR KraneShares MSCI One Belt One Road Index ETF 10.9 79 -21 6.8 -0.8
JIVE JPMorgan International Value ETF 10.2 55 3 8.8 +1.2
EMDM First Trust Bloomberg Emerging Market Democracies ETF 8.4 75 -17 7.4 -0.2
XC WisdomTree Emerging Markets Ex-China Fund 8.0 32 26 5.3 -2.3
EDIV SPDR S&P Emerging Markets Dividend ETF 7.3 49 9 8.2 +0.6
GMET VanEck Green Metals ETF 7.3 63 -5 4.9 -2.7
RING iShares MSCI Global Gold Miners ETF 6.9 39 19 2.6 -5.0
LDEM iShares ESG MSCI EM Leaders ETF 6.0 17 41 10.7 +3.2
EELV Invesco S&P Emerging Markets Low Volatility ETF 5.8 29 29 7.6 +0.0
ION ProShares S&P Global Core Battery Metals ETF 5.6 58 0 5.2 -2.3
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 5.2 39 19 13.4 +5.9
EVLU iShares MSCI Emerging Markets Value Factor ETF 4.8 35 23 10.9 +3.3
ECOW Pacer Emerging Markets Cash Cows 100 ETF 4.8 70 -12 10.7 +3.1
FRDM Freedom 100 Emerging Markets ETF 4.6 49 9 5.3 -2.2
EYLD Cambria Emerging Shareholder Yield ETF 4.1 66 -8 9.7 +2.1
ECON Columbia Emerging Markets Consumer ETF 4.0 49 9 9.2 +1.6
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 4.0 44 14 8.9 +1.3
PXH Invesco FTSE RAFI Emerging Markets ETF 3.9 49 9 12.8 +5.2
EMXC iShares MSCI Emerging Markets ex China ETF 3.9 25 33 5.3 -2.3
RNEM First Trust Emerging Markets Equity Select ETF 3.8 75 -17 7.5 -0.1
PICK iShares MSCI Global Metals & Mining Producers ETF 3.8 39 19 7.8 +0.3
STXE Strive Emerging Markets Ex-China ETF 3.8 32 26 5.6 -2.0
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 3.7 50 8 8.4 +0.8
XCNY SPDR S&P Emerging Markets ex-China ETF 3.6 15 43 5.9 -1.7
DWX SPDR S&P International Dividend ETF 3.6 45 13 6.3 -1.3
XCEM Columbia EM Core ex-China ETF 3.6 16 42 6.0 -1.6
CGV Conductor Global Equity Value ETF 3.5 130 -72 6.3 -1.3
FPXE First Trust IPOX Europe Equity Opportunities ETF 3.4 70 -12 3.2 -4.4
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 3.4 24 34 5.6 -1.9
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 3.4 32 26 6.6 -0.9
FPXI First Trust International Equity Opportunities ETF 3.4 70 -12 3.2 -4.3
ESGE iShares ESG Aware MSCI EM ETF 3.4 25 33 8.0 +0.4
JHEM John Hancock Multifactor Emerging Markets ETF 3.3 49 9 7.7 +0.2
JADE JPMorgan Active Developing Markets Equity ETF 3.3 65 -7 6.1 -1.5
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 3.2 30 28 7.1 -0.5
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 3.2 32 26 4.9 -2.7
EMM Global X Emerging Markets ex-China ETF 3.2 75 -17 5.1 -2.5
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 3.1 45 13 7.9 +0.3
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 3.0 30 28 7.6 +0.0
AVXC Avantis Emerging Markets Ex-China Equity ETF 3.0 33 25 6.3 -1.3
SCHE Schwab Emerging Markets Equity ETF 2.9 11 47 9.1 +1.5
EEM iShares MSCI Emerging Markets ETF 2.8 69 -11 7.6 -0.0
VWO Vanguard FTSE Emerging Markets ETF 2.8 7 51 8.7 +1.1
SDEM Global X MSCI SuperDividend Emerging Markets ETF 2.8 67 -9 12.5 +5.0
EEMO Invesco S&P Emerging Markets Momentum ETF 2.7 29 29 6.7 -0.8
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 2.7 66 -8 7.2 -0.4
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 2.5 15 43 8.0 +0.4
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 2.5 15 43 6.2 -1.4
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 2.5 36 22 7.5 -0.1
BKEM BNY Mellon Emerging Markets Equity ETF 2.5 11 47 7.4 -0.1
SPEM SPDR Portfolio Emerging Markets ETF 2.5 7 51 8.9 +1.3
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 2.5 88 -30 7.1 -0.5
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 2.5 33 25 7.6 +0.0
IEMG iShares Core MSCI Emerging Markets ETF 2.4 9 49 8.0 +0.4
DEM WisdomTree Emerging Markets High Dividend Fund 2.4 63 -5 11.1 +3.5
EMC Global X Emerging Markets Great Consumer ETF 2.4 75 -17 6.6 -1.0
EMXF iShares ESG Advanced MSCI EM ETF 2.3 16 42 6.7 -0.9
DEXC Dimensional Emerging Markets ex China Core EquityETF 2.2 53 5 5.6 -2.0
NUEM Nuveen ESG Emerging Markets Equity ETF 2.2 36 22 6.3 -1.3
DFAE Dimensional Emerging Core Equity Market ETF 2.1 35 23 6.9 -0.6
FEM First Trust Emerging Markets AlphaDEX Fund 2.1 80 -22 9.5 +1.9
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 2.1 60 -2 7.3 -0.2
DSTX Distillate International Fundamental Stability & Value ETF 2.1 55 3 6.3 -1.2
DFEV Dimensional Emerging Markets Value ETF 2.0 43 15 9.6 +2.1
AVSE Avantis Responsible Emerging Markets Equity ETF 2.0 33 25 6.5 -1.1
DEHP Dimensional Emerging Markets High Profitability ETF 1.9 41 17 4.9 -2.7
URA Global X Uranium ETF 1.9 69 -11 0.8 -6.8
AVES Avantis Emerging Markets Value ETF 1.9 36 22 8.8 +1.3
AVEM Avantis Emerging Markets Equity ETF 1.8 33 25 6.7 -0.8
MEM Matthews Emerging Markets Equity Active ETF 1.8 79 -21 5.9 -1.7
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.8 38 20 7.0 -0.6
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.8 59 -1 6.9 -0.6
WWJD Inspire International ETF 1.8 80 -22 6.0 -1.6
ARKF ARK Fintech Innovation ETF 1.8 75 -17 0.3 -7.3
WBAT WisdomTree Battery Value Chain and Innovation Fund 1.5 45 13 1.6 -5.9
EMGF iShares Emerging Markets Equity Factor ETF 1.5 25 33 8.8 +1.3
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 1.4 46 12 7.4 -0.1
SLVP iShares MSCI Global Silver Miners ETF 1.3 39 19 2.8 -4.7
TTAI FCF International Quality ETF 1.3 59 -1 6.5 -1.0
ROAM Hartford Multifactor Emerging Markets ETF 1.3 44 14 9.6 +2.0
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.3 41 17 6.7 -0.9
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 1.3 90 -32 4.1 -3.5
IGRO iShares International Dividend Growth ETF 1.2 15 43 6.0 -1.6
NXTG First Trust Indxx NextG ETF 1.2 70 -12 4.1 -3.5
VYMI Vanguard International High Dividend Yield ETF 1.2 17 41 7.6 0.0
EMMF WisdomTree Emerging Markets Multifactor Fund 1.1 48 10 5.6 -1.9
RCGE RockCreek Global Equality ETF 1.1 95 -37 5.9 -1.7
SCHY Schwab International Dividend Equity ETF 1.0 14 44 8.0 +0.4
BLES Inspire Global Hope ETF 0.9 61 -3 5.7 -1.8
ACWX iShares MSCI ACWI ex U.S. ETF 0.9 34 24 6.1 -1.5
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.9 42 16 5.5 -2.1
CWI SPDR MSCI ACWI ex-US ETF 0.9 30 28 6.1 -1.5
VSGX Vanguard ESG International Stock ETF 0.8 10 48 6.3 -1.2
VEU Vanguard FTSE All-World ex-US Index Fund 0.8 4 54 6.5 -1.1
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.8 41 17 6.2 -1.4
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.8 18 40 6.1 -1.5
IXUS iShares Core MSCI Total International Stock ETF 0.8 7 51 6.4 -1.2
VXUS Vanguard Total International Stock ETF 0.7 5 53 6.5 -1.1
HAP VanEck Natural Resources ETF 0.7 50 8 6.8 -0.8
UEVM VictoryShares Emerging Markets Value Momentum ETF 0.7 45 13 9.0 +1.4
FDEM Fidelity Emerging Markets Multifactor ETF 0.6 25 33 10.0 +2.5
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.6 30 28 6.2 -1.4
VIDI Vident International Equity Strategy ETF 0.5 61 -3 8.5 +0.9
UMMA Wahed Dow Jones Islamic World ETF 0.5 65 -7 3.6 -4.0
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.4 25 33 5.7 -1.9
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.4 9 49 4.8 -2.8
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 0.4 80 -22 12.0 +4.4
JSTC Adasina Social Justice All Cap Global ETF 0.3 89 -31 4.2 -3.4
ACWI iShares MSCI ACWI ETF 0.3 32 26 4.7 -2.9
VT Vanguard Total World Stock ETF 0.3 6 52 5.0 -2.6
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.2 47 11 6.5 -1.0
CCNR ALPS CoreCommodity Natural Resources ETF 0.2 39 19 6.6 -1.0
KLMT Invesco MSCI Global Climate 500 ETF 0.2 10 48 4.9 -2.7
IQDF FlexShares International Quality Dividend Index Fund 0.2 47 11 7.1 -0.5
GLOF iShares Global Equity Factor ETF 0.1 20 38 5.8 -1.8
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.1 12 46 4.4 -3.2
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.1 20 38 4.7 -2.8
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 0.1 95 -37 9.5 +2.0
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.1 45 13 6.8 -0.7
DFIV Dimensional International Value ETF 0.1 27 31 7.4 -0.1
DEW WisdomTree Global High Dividend Fund 0.1 58 0 7.0 -0.6
DXIV Dimensional International Vector Equity ETF 0.0 34 24 6.2 -1.4
AVDE Avantis International Equity ETF 0.0 23 35 5.9 -1.6
AVSD Avantis Responsible International Equity ETF 0.0 23 35 4.4 -3.2
DFAI Dimensional International Core Equity Market ETF 0.0 18 40 5.7 -1.9
DFIC Dimensional International Core Equity 2 ETF 0.0 23 35 5.9 -1.6
DIHP Dimensional International High Profitability ETF 0.0 29 29 5.5 -2.1

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 20.5 %
Divided by: Fwd. P/BV 2.5 x
Less: Expense ratio 58 bp
Equals: ALTAR Score 7.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.72 CATEGORY
AVERAGE		 1.54
 
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.