iShares MSCI Saudi Arabia ETF
ALTAR
Score™		 5.5% info Recommen-
dation		 UNDERWEIGHT
2024E    2025E
P/E
ratio		 18.5x P/Sales
ratio		 3.2x
P/BV
ratio		 2.0x Div.
yield		 3.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI Saudi Arabia Capped ETF tracks a market cap-weighted index of Saudi Arabian firms covering 99% of the market cap spectrum.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor BlackRock
Website www.ishares.com
Inception date Sep 16, 2015
Assets (mns) $798
Currency USD
Expense ratio 74 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 121
Wgt avg mkt cap (mns) $156,383
Large cap (>$10bn) 71.5%
Mid cap ($2-10bn) 19.7%
Small cap (<$2bn) 8.7%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
AL RAJHI BANK 12.3 %
NATIONAL COMMERCIAL BANK CJSC 8.6 %
SAUDI ARABIAN OIL COMPANY (SAUDI A 6.2 %
SAUDI BASIC INDUSTRIES CORP. 5.6 %
SAUDI TELECOM CO. 5.6 %
SAUDI ARABIAN MINING CO. 5.0 %
ALINMA BANK 3.3 %
RIYAD BANK 3.2 %
SAUDI BRITISH BANK 3.0 %
ACWA POWER 2.4 %
Total 55.3 %

TOP COUNTRY EXPOSURE
SAUDI ARABIA 97.9 %










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.
5.1% 16.2% 7.8% -- 9.6%

Market Correlations
versus... Beta R-squared
S&P500 0.49 20%
MSCI EAFE 0.46 17%
MSCI Emg. Mkts. 0.30 8%

Technical Indicators
Recent close $42.69
30d moving avg. $39.70
Annualized volatility 19.2%
Short interest (ETF) 24.3%
Relative strength (RSI) 68

Liquidity measures
Avg. volume (thou.) 605
Turnover 3.2%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $773

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 96 potential alternatives to the iShares MSCI Saudi Arabia ETF ETF based on the alternatives' overlap in portfolio holdings with KSA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: KSA Expense: 74 bp ALTAR Score™: 5.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KSA
Ticker Fund
Name		 Overlap1
vs KSA
(%)		 Expense
ratio
(bp)		 Savings
vs KSA
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs KSA
(%)
FLSA Franklin FTSE Saudi Arabia ETF 85.2 39 35 5.7 +0.2
STXE Strive Emerging Markets Ex-China ETF 11.4 32 42 6.9 +1.4
XCEM Columbia EM Core ex-China ETF 9.3 16 58 7.4 +1.8
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 8.9 25 49 7.0 +1.5
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 7.0 40 34 7.2 +1.6
XC WisdomTree Emerging Markets Ex-China Fund 6.7 32 42 6.2 +0.7
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 6.7 32 42 7.6 +2.1
EELV Invesco S&P Emerging Markets Low Volatility ETF 6.0 29 45 8.3 +2.8
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 5.9 30 44 8.6 +3.1
EMXC iShares MSCI Emerging Markets ex China ETF 5.8 25 49 6.7 +1.2
ECON Columbia Emerging Markets Consumer ETF 5.7 49 25 4.8 -0.8
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 5.5 32 42 6.3 +0.7
NUEM Nuveen ESG Emerging Markets Equity ETF 5.1 36 38 6.8 +1.3
SCHE Schwab Emerging Markets Equity ETF 4.8 11 63 7.6 +2.1
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 4.5 44 30 10.4 +4.8
VWO Vanguard FTSE Emerging Markets ETF 4.5 8 66 7.6 +2.1
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 4.3 30 44 7.5 +2.0
EEM iShares MSCI Emerging Markets ETF 4.2 69 5 7.0 +1.5
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 4.2 66 8 7.2 +1.7
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 4.2 36 38 7.5 +2.0
BKEM BNY Mellon Emerging Markets Equity ETF 4.1 11 63 7.7 +2.2
IEMG iShares Core MSCI Emerging Markets ETF 4.1 9 65 7.5 +2.0
DFAE Dimensional Emerging Core Equity Market ETF 4.1 35 39 7.7 +2.2
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 4.0 45 29 8.6 +3.1
SPEM SPDR Portfolio Emerging Markets ETF 4.0 7 67 7.5 +2.0
EMXF iShares ESG Advanced MSCI EM ETF 3.9 16 58 7.5 +2.0
JHEM John Hancock Multifactor Emerging Markets ETF 3.9 49 25 8.4 +2.8
DEHP Dimensional Emerging Markets High Profitability ETF 3.8 41 33 7.3 +1.8
DFEM Dimensional Emerging Markets Core Equity 2 ETF 3.8 38 36 8.3 +2.7
DFEV Dimensional Emerging Markets Value ETF 3.6 43 31 10.9 +5.4
FPXI First Trust International Equity Opportunities ETF 3.6 70 4 3.6 -1.9
ESGE iShares ESG Aware MSCI EM ETF 3.5 25 49 7.7 +2.2
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 3.3 15 59 7.1 +1.6
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 3.2 41 33 7.8 +2.3
EMC Global X Emerging Markets Great Consumer ETF 3.2 75 -1 4.9 -0.7
EEMS iShares MSCI Emerging Markets Small Cap ETF 3.1 70 4 7.3 +1.7
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 3.1 50 24 10.6 +5.0
FDEM Fidelity Emerging Markets Multifactor ETF 3.0 25 49 12.0 +6.5
DEM WisdomTree Emerging Markets High Dividend Fund 3.0 63 11 12.9 +7.4
EDIV SPDR S&P Emerging Markets Dividend ETF 3.0 49 25 11.0 +5.5
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 3.0 33 41 7.2 +1.6
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 2.8 46 28 8.9 +3.3
PXH Invesco FTSE RAFI Emerging Markets ETF 2.8 49 25 12.5 +6.9
EMM Global X Emerging Markets ex-China ETF 2.7 75 -1 3.7 -1.8
LDEM iShares ESG MSCI EM Leaders ETF 2.7 17 57 7.8 +2.3
VEGI iShares MSCI Agriculture Producers ETF 2.6 39 35 9.2 +3.7
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 2.6 59 15 9.6 +4.1
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 2.4 39 35 12.6 +7.1
CGW Invesco S&P Global Water Index ETF 2.4 57 17 3.8 -1.8
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 2.3 20 54 7.5 +2.0
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 2.3 88 -14 6.2 +0.7
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 2.3 58 16 10.2 +4.6
EMGF iShares Emerging Markets Equity Factor ETF 2.2 25 49 8.7 +3.2
EWX SPDR S&P Emerging Markets Small Cap ETF 2.2 65 9 7.7 +2.2
FID First Trust S&P International Dividend Aristocrats ETF 2.1 60 14 9.9 +4.3
IWTR iShares MSCI Water Management Multisector ETF 2.0 47 27 4.8 -0.7
FEEM FlexShares ESG & Climate Emerging Markets Core Index ETF 1.8 18 56 7.9 +2.3
PICK iShares MSCI Global Metals & Mining Producers ETF 1.7 39 35 11.0 +5.5
HDAW Xtrackers MSCI All World ex US High Dividend Yield Equity ET 1.7 20 54 10.7 +5.2
WDIV SPDR S&P Global Dividend ETF 1.6 40 34 10.2 +4.7
SCHY Schwab International Dividend Equity ETF 1.5 14 60 9.3 +3.7
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 1.5 95 -21 11.4 +5.9
VYMI Vanguard International High Dividend Yield ETF 1.4 22 52 9.7 +4.2
IQDE FlexShares International Quality Dividend Defensive Index ET 1.3 47 27 10.7 +5.1
EEMO Invesco S&P Emerging Markets Momentum ETF 1.2 29 45 6.2 +0.7
ACWV iShares MSCI Global Min Vol Factor ETF 1.2 20 54 6.7 +1.2
VEU Vanguard FTSE All-World ex-US Index Fund 1.2 8 66 7.2 +1.6
IXUS iShares Core MSCI Total International Stock ETF 1.2 7 67 6.9 +1.4
ACWX iShares MSCI ACWI ex U.S. ETF 1.2 34 40 6.7 +1.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 1.1 41 33 6.6 +1.1
VXUS Vanguard Total International Stock ETF 1.1 7 67 7.1 +1.6
CWI SPDR MSCI ACWI ex-US ETF 1.1 30 44 6.8 +1.3
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 1.1 60 14 10.0 +4.5
MEM Matthews Emerging Markets Equity Active ETF 1.1 79 -5 5.7 +0.2
DFAX Dimensional World ex U.S. Core Equity 2 ETF 1.0 30 44 7.8 +2.2
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.9 12 62 5.0 -0.5
VSGX Vanguard ESG International Stock ETF 0.9 12 62 6.8 +1.3
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.8 20 54 5.6 +0.1
FILL iShares MSCI Global Energy Producers ETF 0.7 39 35 9.0 +3.5
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.6 7 67 6.5 +1.0
DEW WisdomTree Global High Dividend Fund 0.6 58 16 9.0 +3.5
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.6 12 62 8.7 +3.1
ACWI iShares MSCI ACWI ETF 0.4 32 42 5.5 -0.1
VT Vanguard Total World Stock ETF 0.4 7 67 5.8 +0.3
GLOF iShares Global Equity Factor ETF 0.4 20 54 7.0 +1.5
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.4 9 65 5.7 +0.2
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.3 42 32 6.8 +1.3
ANEW ProShares MSCI Transformational Changes ETF 0.3 45 29 3.3 -2.2
IQDF FlexShares International Quality Dividend Index Fund 0.2 47 27 10.7 +5.2
SDG iShares MSCI Global Sustainable Development Goals ETF 0.2 49 25 5.8 +0.2
AQWA Global X Clean Water ETF 0.1 50 24 4.3 -1.2
DFGR Dimensional Global Real Estate ETF 0.1 22 52 7.0 +1.5
REET iShares Global REIT ETF 0.1 14 60 7.1 +1.6
COPX Global X Copper Miners ETF 0.0 65 9 7.2 +1.6
IGRO iShares International Dividend Growth ETF 0.0 15 59 7.1 +1.6
ROAM Hartford Multifactor Emerging Markets ETF 0.0 44 30 11.8 +6.2

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

  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 Saudi Arabia ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.4 %
Divided by: Fwd. P/BV 2.0 x
Less: Expense ratio 74 bp
Equals: ALTAR Score 5.5 %
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.