iShares MSCI Turkey ETF
ALTAR
Score™		 19.2% info Recommen-
dation		 SPECULATIVE
2025E    2026E
P/E
ratio		 6.7x P/Sales
ratio		 0.5x
P/BV
ratio		 1.3x Div.
yield		 4.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares MSCI Turkey Investable Market Index Fund seeks investment results that correspond to the performance of the MSCI Turkey Investable Market Index.

FUND BASICS
Category International Equities
Fund Sponsor Barclays Global Fund Advisors
Website www.ishares.com
Inception date Mar 26, 2008
Assets (mns) $182
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 n/a
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 84
Wgt avg mkt cap (mns) $4,742
Large cap (>$10bn) 15.9%
Mid cap ($2-10bn) 53.3%
Small cap (<$2bn) 30.8%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
BIM BIRLESIK MAGAZALAR AS 7.5 %
AKBANK T.A.S. 7.4 %
ASELSAN ELEKTRONIK SANAYI 5.6 %
TURKIYE IS BANKASI-C 4.5 %
KOC HOLDING AS 4.4 %
TUPRAS-TURKIYE PETROL RAFINE 4.4 %
TURKCELL ILETISIM HIZMETLERI A.S. 4.1 %
TURK HAVA YOLLARI AO 4.1 %
YAPI VE KREDI BANKASI 3.6 %
HACI OMER SABANCI HOLDING 3.4 %
Total 49.0 %

TOP COUNTRY EXPOSURE
TURKEY 94.1 %










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.
-4.4% -7.4% 10.6% -0.9% 0.5%

Market Correlations
versus... Beta R-squared
S&P500 0.24 2%
MSCI EAFE 0.34 3%
MSCI Emg. Mkts. 0.27 2%

Technical Indicators
Recent close $32.44
30d moving avg. $34.94
Annualized volatility 33.2%
Short interest (ETF) 7.1%
Relative strength (RSI) 43

Liquidity measures
Avg. volume (thou.) 417
Turnover 7.5%
Bid/Ask (% of price) 0.20%
ADV underlying (mns) $1,750

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 116 potential alternatives to the iShares MSCI Turkey ETF ETF based on the alternatives' overlap in portfolio holdings with TUR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: TUR Expense: 58 bp ALTAR Score™: 19.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH TUR
Ticker Fund
Name		 Overlap1
vs TUR
(%)		 Expense
ratio
(bp)		 Savings
vs TUR
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs TUR
(%)
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 9.8 80 -22 13.6 -5.6
FEM First Trust Emerging Markets AlphaDEX Fund 8.6 80 -22 13.8 -5.3
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 7.8 44 14 11.0 -8.1
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 7.6 90 -32 8.4 -10.8
ECOW Pacer Emerging Markets Cash Cows 100 ETF 5.8 70 -12 15.8 -3.4
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 4.4 95 -37 13.1 -6.1
CRAK VanEck Oil Refiners ETF 4.0 61 -3 15.4 -3.8
EEMO Invesco S&P Emerging Markets Momentum ETF 3.4 29 29 6.2 -13.0
FDEM Fidelity Emerging Markets Multifactor ETF 3.2 25 33 13.5 -5.6
UEVM VictoryShares Emerging Markets Value Momentum ETF 3.2 45 13 11.1 -8.1
ROAM Hartford Multifactor Emerging Markets ETF 3.1 44 14 11.3 -7.9
SDEM Global X MSCI SuperDividend Emerging Markets ETF 3.0 67 -9 13.3 -5.9
EMMF WisdomTree Emerging Markets Multifactor Fund 2.9 48 10 7.8 -11.4
EDOG ALPS Emerging Sector Dividend Dogs ETF 2.7 60 -2 11.0 -8.2
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 2.5 42 16 6.8 -12.4
OBOR KraneShares MSCI One Belt One Road Index ETF 2.4 79 -21 7.7 -11.5
RODE Hartford Multifactor Diversified International ETF 2.3 29 29 9.9 -9.3
EEMS iShares MSCI Emerging Markets Small Cap ETF 2.1 70 -12 7.8 -11.4
JETS U.S. Global Jets ETF 1.9 60 -2 4.2 -15.0
EYLD Cambria Emerging Shareholder Yield ETF 1.9 66 -8 13.1 -6.1
PXH Invesco FTSE RAFI Emerging Markets ETF 1.7 49 9 16.7 -2.5
EVLU iShares MSCI Emerging Markets Value Factor ETF 1.7 35 23 21.6 +2.4
EWX SPDR S&P Emerging Markets Small Cap ETF 1.7 65 -7 8.1 -11.1
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 1.6 25 33 6.5 -12.7
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 1.6 39 19 16.9 -2.2
RNEM First Trust Emerging Markets Equity Select ETF 1.6 75 -17 1.0 -18.2
SDIV Global X Superdividend ETF 1.5 58 0 13.9 -5.3
XCNY SPDR S&P Emerging Markets ex-China ETF 1.5 15 43 0.0 -19.2
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 1.4 32 26 7.0 -12.1
DEM WisdomTree Emerging Markets High Dividend Fund 1.3 63 -5 13.6 -5.6
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.2 59 -1 13.7 -5.5
EMM Global X Emerging Markets ex-China ETF 1.2 75 -17 5.0 -14.1
EMGF iShares Emerging Markets Equity Factor ETF 1.1 25 33 12.4 -6.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 1.1 30 28 9.3 -9.8
FTAG First Trust Indxx Global Agriculture ETF 1.1 70 -12 8.1 -11.1
XC WisdomTree Emerging Markets Ex-China Fund 1.1 32 26 5.5 -13.7
XCEM Columbia EM Core ex-China ETF 1.1 16 42 8.5 -10.7
EMC Global X Emerging Markets Great Consumer ETF 1.1 75 -17 8.5 -10.7
SCHE Schwab Emerging Markets Equity ETF 1.0 11 47 11.6 -7.6
MEM Matthews Emerging Markets Equity Active ETF 1.0 79 -21 8.5 -10.7
EMXC iShares MSCI Emerging Markets ex China ETF 1.0 25 33 8.0 -11.2
SPEM SPDR Portfolio Emerging Markets ETF 1.0 7 51 10.9 -8.2
BKEM BNY Mellon Emerging Markets Equity ETF 1.0 11 47 11.8 -7.4
GOEX Global X Gold Explorers ETF 0.9 65 -7 4.6 -14.6
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.9 45 13 11.0 -8.1
DFEV Dimensional Emerging Markets Value ETF 0.9 43 15 14.5 -4.7
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 0.9 24 34 8.3 -10.8
AVES Avantis Emerging Markets Value ETF 0.9 36 22 12.2 -7.0
VWO Vanguard FTSE Emerging Markets ETF 0.9 8 50 10.9 -8.3
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.9 33 25 10.6 -8.6
AVEM Avantis Emerging Markets Equity ETF 0.9 33 25 9.7 -9.5
IEMG iShares Core MSCI Emerging Markets ETF 0.9 9 49 10.9 -8.2
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.9 36 22 11.2 -8.0
GDXJ VanEck Junior Gold Miners ETF 0.9 52 6 4.9 -14.3
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.9 50 8 11.6 -7.6
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.8 38 20 9.9 -9.2
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.8 58 0 10.1 -9.0
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.8 32 26 9.6 -9.6
DFAE Dimensional Emerging Core Equity Market ETF 0.8 35 23 10.2 -9.0
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.7 41 17 9.4 -9.8
NUEM Nuveen ESG Emerging Markets Equity ETF 0.7 36 22 8.1 -11.0
DEHP Dimensional Emerging Markets High Profitability ETF 0.7 41 17 6.5 -12.6
ECON Columbia Emerging Markets Consumer ETF 0.7 49 9 12.9 -6.2
LDEM iShares ESG MSCI EM Leaders ETF 0.7 17 41 12.9 -6.3
JHEM John Hancock Multifactor Emerging Markets ETF 0.7 49 9 10.5 -8.6
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.7 15 43 8.6 -10.6
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 0.7 30 28 10.6 -8.6
ESGE iShares ESG Aware MSCI EM ETF 0.7 25 33 10.7 -8.5
EEM iShares MSCI Emerging Markets ETF 0.7 69 -11 10.7 -8.4
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.6 15 43 10.8 -8.4
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.6 66 -8 10.2 -9.0
RING iShares MSCI Global Gold Miners ETF 0.6 39 19 5.8 -13.4
GLOF iShares Global Equity Factor ETF 0.6 20 38 7.0 -12.2
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 0.6 88 -30 10.3 -8.9
EMXF iShares ESG Advanced MSCI EM ETF 0.5 16 42 8.4 -10.7
SHLD Global X Defense Tech ETF 0.5 50 8 3.8 -15.3
NATO Themes Transatlantic Defense ETF 0.5 35 23 3.2 -16.0
WWJD Inspire International ETF 0.5 80 -22 7.6 -11.6
PICK iShares MSCI Global Metals & Mining Producers ETF 0.4 39 19 14.1 -5.0
VEGI iShares MSCI Agriculture Producers ETF 0.4 39 19 8.8 -10.4
VYMI Vanguard International High Dividend Yield ETF 0.3 22 36 10.0 -9.2
STXE Strive Emerging Markets Ex-China ETF 0.3 32 26 8.2 -11.0
DVYE iShares Emerging Markets Dividend ETF 0.3 49 9 18.9 -0.3
IPAV Global X Infrastructure Development ex-U.S. ETF 0.3 55 3 4.5 -14.7
VEU Vanguard FTSE All-World ex-US Index Fund 0.3 8 50 8.5 -10.7
IXUS iShares Core MSCI Total International Stock ETF 0.3 7 51 8.3 -10.9
BLES Inspire Global Hope ETF 0.3 61 -3 6.9 -12.3
IGRO iShares International Dividend Growth ETF 0.2 15 43 7.3 -11.9
VXUS Vanguard Total International Stock ETF 0.2 7 51 8.3 -10.9
BLDG Cambria Global Real Estate ETF 0.2 60 -2 4.2 -15.0
VSGX Vanguard ESG International Stock ETF 0.2 12 46 8.2 -11.0
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.2 47 11 9.0 -10.2
ACWV iShares MSCI Global Min Vol Factor ETF 0.2 20 38 7.6 -11.6
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 28 8.6 -10.5
CWI SPDR MSCI ACWI ex-US ETF 0.2 30 28 8.2 -11.0
ACWX iShares MSCI ACWI ex U.S. ETF 0.2 34 24 8.1 -11.0
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.2 41 17 7.1 -12.1
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.2 18 40 8.1 -11.0
IQDF FlexShares International Quality Dividend Index Fund 0.2 47 11 9.5 -9.6
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.2 12 46 5.2 -14.0
HAUZ DBX ETF Trust - Xtrackers International Real Estate ETF 0.2 10 48 7.5 -11.7
DEW WisdomTree Global High Dividend Fund 0.2 58 0 7.7 -11.4
FILL iShares MSCI Global Energy Producers ETF 0.2 39 19 11.4 -7.7
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.1 12 46 7.7 -11.5
AVRE Avantis Real Estate ETF 0.1 17 41 3.3 -15.9
ICLN iShares Global Clean Energy ETF 0.1 41 17 6.4 -12.8
SPRE SP Funds S&P Global REIT Sharia ETF 0.1 55 3 2.3 -16.8
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.1 20 38 6.3 -12.8
DFGR Dimensional Global Real Estate ETF 0.1 22 36 3.2 -16.0
VT Vanguard Total World Stock ETF 0.1 7 51 6.4 -12.8
ACWI iShares MSCI ACWI ETF 0.1 32 26 6.1 -13.1
REET iShares Global REIT ETF 0.1 14 44 3.3 -15.8
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 49 6.0 -13.2
RWX SPDR Dow Jones International Real Estate ETF 0.1 59 -1 5.9 -13.3
RWO SPDR Dow Jones Global Real Estate ETF 0.0 50 8 2.9 -16.3
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.0 7 51 7.0 -12.1

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 Turkey 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 24.9 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 58 bp
Equals: ALTAR Score 19.2 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.54 CATEGORY
AVERAGE		 1.60
 
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.