iShares MSCI South Africa ETF
ALTAR
Score™		 10.9% info Recommen-
dation		 OVERWEIGHT
2025E    2026E
P/E
ratio		 10.2x P/Sales
ratio		 1.3x
P/BV
ratio		 1.7x Div.
yield		 5.1%


  • 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) $350
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 29
Wgt avg mkt cap (mns) $9,001
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 17.3 %
FIRSTRAND LTD 8.1 %
GOLD FIELDS LTD 7.1 %
STANDARD BANK GROUP LTD 6.8 %
ANGLOGOLD ASHANTI PLC 6.3 %
MTN GROUP LIMITED 4.4 %
CAPITEC BANK HOLDINGS LTD 4.4 %
BID CORP. LTD. 3.7 %
ABSA GROUP LTD 3.6 %
SANLAM LTD 3.5 %
Total 65.1 %

TOP COUNTRY EXPOSURE
SOUTH AFRICA 71.3 %
LUXEMBOURG 1.5 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru February 28)
Year-to-date 1 year 5 years 10 years Since Incep.
5.9% 21.4% 5.3% -0.3% 7.3%

Market Correlations
versus... Beta R-squared
S&P500 1.01 43%
MSCI EAFE 1.16 57%
MSCI Emg. Mkts. 1.22 64%

Technical Indicators
Recent close $46.65
30d moving avg. $46.67
Annualized volatility 26.6%
Short interest (ETF) 5.0%
Relative strength (RSI) 55

Liquidity measures
Avg. volume (thou.) 127
Turnover 1.7%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $286

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 114 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™: 10.9%


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 17.5 75 -17 9.8 -1.1
AFK VanEck Africa Index ETF 16.7 98 -40 12.6 +1.7
EMDM First Trust Bloomberg Emerging Market Democracies ETF 8.6 75 -17 10.3 -0.6
RING iShares MSCI Global Gold Miners ETF 7.1 39 19 5.8 -5.1
EDOG ALPS Emerging Sector Dividend Dogs ETF 6.2 60 -2 11.0 +0.1
FRDM Freedom 100 Emerging Markets ETF 5.5 49 9 9.1 -1.8
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 5.0 24 34 8.3 -2.6
LDEM iShares ESG MSCI EM Leaders ETF 4.5 17 41 12.9 +2.0
DMAT Global X Disruptive Materials ETF 4.0 59 -1 9.2 -1.8
EMXF iShares ESG Advanced MSCI EM ETF 3.8 16 42 8.4 -2.5
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 3.6 39 19 16.9 +6.0
EYLD Cambria Emerging Shareholder Yield ETF 3.5 66 -8 13.1 +2.2
CRIT Optica Rare Earths & Critical Materials ETF Optica Rare Eart 3.5 85 -27 8.0 -2.9
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 3.4 44 14 11.0 +0.1
GMET VanEck Green Metals ETF 3.4 63 -5 10.8 -0.1
XCEM Columbia EM Core ex-China ETF 3.3 16 42 8.5 -2.4
EMXC iShares MSCI Emerging Markets ex China ETF 3.3 25 33 8.0 -2.9
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 3.3 45 13 11.0 +0.1
RNEM First Trust Emerging Markets Equity Select ETF 3.2 75 -17 1.0 -9.9
XC WisdomTree Emerging Markets Ex-China Fund 3.1 32 26 5.5 -5.4
SDEM Global X MSCI SuperDividend Emerging Markets ETF 3.1 67 -9 13.3 +2.4
OBOR KraneShares MSCI One Belt One Road Index ETF 3.0 79 -21 7.7 -3.2
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 3.0 32 26 7.0 -3.9
ION ProShares S&P Global Core Battery Metals ETF 3.0 58 0 11.2 +0.3
EMM Global X Emerging Markets ex-China ETF 2.9 75 -17 5.0 -5.9
STXE Strive Emerging Markets Ex-China ETF 2.9 32 26 8.2 -2.8
ECON Columbia Emerging Markets Consumer ETF 2.9 49 9 12.9 +2.0
FEM First Trust Emerging Markets AlphaDEX Fund 2.8 80 -22 13.8 +2.9
XCNY SPDR S&P Emerging Markets ex-China ETF 2.8 15 43 0.0 -10.9
ESGE iShares ESG Aware MSCI EM ETF 2.8 25 33 10.7 -0.2
JHEM John Hancock Multifactor Emerging Markets ETF 2.8 49 9 10.5 -0.4
PXH Invesco FTSE RAFI Emerging Markets ETF 2.7 49 9 16.7 +5.8
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 2.7 90 -32 8.4 -2.5
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 2.7 15 43 8.6 -2.3
UEVM VictoryShares Emerging Markets Value Momentum ETF 2.7 45 13 11.1 +0.2
DEM WisdomTree Emerging Markets High Dividend Fund 2.6 63 -5 13.6 +2.7
MEM Matthews Emerging Markets Equity Active ETF 2.5 79 -21 8.5 -2.4
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 2.4 32 26 9.6 -1.3
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 2.4 30 28 10.6 -0.4
SCHE Schwab Emerging Markets Equity ETF 2.2 11 47 11.6 +0.6
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 2.2 50 8 11.6 +0.7
DEHP Dimensional Emerging Markets High Profitability ETF 2.2 41 17 6.5 -4.4
EEM iShares MSCI Emerging Markets ETF 2.2 69 -11 10.7 -0.2
EVLU iShares MSCI Emerging Markets Value Factor ETF 2.2 35 23 21.6 +10.7
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 2.1 20 38 11.3 +0.4
AVES Avantis Emerging Markets Value ETF 2.1 36 22 12.2 +1.3
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 2.1 66 -8 10.2 -0.8
EMC Global X Emerging Markets Great Consumer ETF 2.1 75 -17 8.5 -2.5
NUEM Nuveen ESG Emerging Markets Equity ETF 2.1 36 22 8.1 -2.8
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 2.1 15 43 10.8 -0.2
BKEM BNY Mellon Emerging Markets Equity ETF 2.1 11 47 11.8 +0.9
ARKF ARK Fintech Innovation ETF 2.1 75 -17 -0.3 -11.2
ECOW Pacer Emerging Markets Cash Cows 100 ETF 2.1 70 -12 15.8 +4.9
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 2.1 36 22 11.2 +0.3
EELV Invesco S&P Emerging Markets Low Volatility ETF 2.0 29 29 8.7 -2.2
VWO Vanguard FTSE Emerging Markets ETF 2.0 8 50 10.9 -0.0
DSTX Distillate International Fundamental Stability & Value ETF 2.0 55 3 8.4 -2.5
IEMG iShares Core MSCI Emerging Markets ETF 1.9 9 49 10.9 +0.0
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 1.8 33 25 10.6 -0.3
SLVP iShares MSCI Global Silver Miners ETF 1.8 39 19 5.8 -5.1
DFAE Dimensional Emerging Core Equity Market ETF 1.7 35 23 10.2 -0.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 1.7 30 28 9.3 -1.6
SPEM SPDR Portfolio Emerging Markets ETF 1.7 7 51 10.9 +0.0
WWJD Inspire International ETF 1.7 80 -22 7.6 -3.4
TTAI FCF International Quality ETF 1.7 59 -1 6.9 -4.0
AVEM Avantis Emerging Markets Equity ETF 1.6 33 25 9.7 -1.3
DFEV Dimensional Emerging Markets Value ETF 1.5 43 15 14.5 +3.6
VIDI Vident International Equity Strategy ETF 1.5 61 -3 12.0 +1.1
CCNR ALPS CoreCommodity Natural Resources ETF 1.5 39 19 11.0 +0.1
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.5 59 -1 13.7 +2.8
EMMF WisdomTree Emerging Markets Multifactor Fund 1.4 48 10 7.8 -3.1
EMGF iShares Emerging Markets Equity Factor ETF 1.4 25 33 12.4 +1.5
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.3 38 20 9.9 -1.0
IQDY FlexShares International Quality Dividend Dynamic Index Fund 1.3 47 11 9.0 -2.0
NXTG First Trust Indxx NextG ETF 1.3 70 -12 5.8 -5.1
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.3 41 17 9.4 -1.6
ROAM Hartford Multifactor Emerging Markets ETF 1.2 44 14 11.3 +0.4
CGV Conductor Global Equity Value ETF 1.1 130 -72 9.2 -1.8
PICK iShares MSCI Global Metals & Mining Producers ETF 1.1 39 19 14.1 +3.2
EDIV SPDR S&P Emerging Markets Dividend ETF 1.0 49 9 11.6 +0.7
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.9 58 0 10.1 -0.8
BLES Inspire Global Hope ETF 0.9 61 -3 6.9 -4.1
VYMI Vanguard International High Dividend Yield ETF 0.9 22 36 10.0 -0.9
EEMO Invesco S&P Emerging Markets Momentum ETF 0.8 29 29 6.2 -4.7
SCHY Schwab International Dividend Equity ETF 0.7 14 44 9.8 -1.1
JSTC Adasina Social Justice All Cap Global ETF 0.7 89 -31 4.5 -6.4
IQDF FlexShares International Quality Dividend Index Fund 0.7 47 11 9.5 -1.4
VSGX Vanguard ESG International Stock ETF 0.7 12 46 8.2 -2.7
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.7 46 12 10.4 -0.5
ACWX iShares MSCI ACWI ex U.S. ETF 0.7 34 24 8.1 -2.8
CWI SPDR MSCI ACWI ex-US ETF 0.6 30 28 8.2 -2.7
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 0.6 95 -37 13.1 +2.2
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.6 18 40 8.1 -2.8
VEU Vanguard FTSE All-World ex-US Index Fund 0.6 8 50 8.5 -2.4
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.6 41 17 7.1 -3.8
FDEM Fidelity Emerging Markets Multifactor ETF 0.6 25 33 13.5 +2.6
IXUS iShares Core MSCI Total International Stock ETF 0.6 7 51 8.3 -2.6
VXUS Vanguard Total International Stock ETF 0.5 7 51 8.3 -2.6
COPY Tweedy, Browne Insider + Value ETF 0.5 80 -22 12.6 +1.7
DVYE iShares Emerging Markets Dividend ETF 0.4 49 9 18.9 +8.0
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.4 30 28 8.6 -2.3
DEW WisdomTree Global High Dividend Fund 0.4 58 0 7.7 -3.2
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.3 9 49 6.0 -4.9
HAP VanEck Natural Resources ETF 0.2 50 8 10.0 -0.9
ACWI iShares MSCI ACWI ETF 0.2 32 26 6.1 -4.8
OCEN IQ Clean Oceans ETF 0.2 45 13 5.7 -5.2
VT Vanguard Total World Stock ETF 0.2 7 51 6.4 -4.6
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.2 42 16 6.8 -4.1
KLMT Invesco MSCI Global Climate 500 ETF 0.2 10 48 6.1 -4.8
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 0.1 80 -22 13.6 +2.7
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.1 12 46 5.2 -5.8
IGRO iShares International Dividend Growth ETF 0.1 15 43 7.3 -3.6
GLOF iShares Global Equity Factor ETF 0.1 20 38 7.0 -3.9
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.1 20 38 6.3 -4.6

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:

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 18.8 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 58 bp
Equals: ALTAR Score 10.9 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.69 CATEGORY
AVERAGE		 1.50
 
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.