iShares MSCI Turkey ETF
ALTAR
Score™		 18.7% info Recommen-
dation		 SPECULATIVE
2024E    2025E
P/E
ratio		 6.0x P/Sales
ratio		 0.6x
P/BV
ratio		 1.8x Div.
yield		 4.0%


  • 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) $224
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 97
Wgt avg mkt cap (mns) $5,605
Large cap (>$10bn) 24.5%
Mid cap ($2-10bn) 52.8%
Small cap (<$2bn) 22.7%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
AKBANK T.A.S. 7.0 %
TUPRAS-TURKIYE PETROL RAFINE 6.6 %
BIM BIRLESIK MAGAZALAR AS 6.1 %
KOC HOLDING AS 6.0 %
TURK HAVA YOLLARI AO 6.0 %
TURKIYE IS BANKASI-C 4.0 %
YAPI VE KREDI BANKASI 3.9 %
TURKCELL ILETISIM HIZMETLERI A.S. 3.7 %
ASELSAN ELEKTRONIK SANAYI 3.2 %
FORD OTOMOTIV SANAYI AS 3.2 %
Total 49.7 %

TOP COUNTRY EXPOSURE
TURKEY 92.3 %










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.
16.2% 20.6% 12.7% 0.3% 1.2%

Market Correlations
versus... Beta R-squared
S&P500 0.32 3%
MSCI EAFE 0.53 7%
MSCI Emg. Mkts. 0.43 5%

Technical Indicators
Recent close $38.58
30d moving avg. $35.02
Annualized volatility 34.5%
Short interest (ETF) 6.8%
Relative strength (RSI) 52

Liquidity measures
Avg. volume (thou.) 108
Turnover 1.9%
Bid/Ask (% of price) 0.20%
ADV underlying (mns) $2,610

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™: 18.7%


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
(%)
FEM First Trust Emerging Markets AlphaDEX Fund 15.2 80 -22 16.4 -2.3
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 13.7 80 -22 14.2 -4.5
SDEM Global X MSCI SuperDividend Emerging Markets ETF 11.4 67 -9 17.5 -1.2
ECOW Pacer Emerging Markets Cash Cows 100 ETF 8.8 70 -12 11.5 -7.2
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 8.4 44 14 10.4 -8.3
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 8.1 90 -32 6.9 -11.8
UEVM VictoryShares Emerging Markets Value Momentum ETF 5.3 45 13 12.8 -5.9
CRAK VanEck Oil Refiners ETF 4.7 61 -3 13.0 -5.7
FDEM Fidelity Emerging Markets Multifactor ETF 4.6 25 33 12.0 -6.7
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 4.5 32 26 7.6 -11.1
EEMO Invesco S&P Emerging Markets Momentum ETF 4.1 29 29 6.2 -12.5
EMMF WisdomTree Emerging Markets Multifactor Fund 3.2 48 10 9.4 -9.3
OBOR KraneShares MSCI One Belt One Road Index ETF 2.8 79 -21 10.4 -8.3
ROAM Hartford Multifactor Emerging Markets ETF 2.6 44 14 11.8 -6.9
RODE Hartford Multifactor Diversified International ETF 2.2 29 29 11.5 -7.2
JETS U.S. Global Jets ETF 2.2 60 -2 -15.6 -34.3
PXH Invesco FTSE RAFI Emerging Markets ETF 2.0 49 9 12.5 -6.2
EYLD Cambria Emerging Shareholder Yield ETF 1.9 66 -8 12.2 -6.5
EEMS iShares MSCI Emerging Markets Small Cap ETF 1.9 70 -12 7.3 -11.4
GDVD R3 Global Dividend Growth ETF 1.8 88 -30 5.8 -12.9
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 1.8 60 -2 10.0 -8.7
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 1.7 39 19 12.6 -6.1
EWX SPDR S&P Emerging Markets Small Cap ETF 1.6 65 -7 7.7 -11.0
RNEM First Trust Emerging Markets Equity Select ETF 1.6 75 -17 8.3 -10.4
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 1.3 50 8 10.6 -8.1
EMGF iShares Emerging Markets Equity Factor ETF 1.2 25 33 8.7 -10.0
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 1.2 88 -30 6.2 -12.5
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 1.2 95 -37 11.4 -7.3
GOEX Global X Gold Explorers ETF 1.1 65 -7 5.0 -13.7
EDOG ALPS Emerging Sector Dividend Dogs ETF 1.1 60 -2 14.8 -3.9
SCHE Schwab Emerging Markets Equity ETF 1.1 11 47 7.6 -11.1
CGV Conductor Global Equity Value ETF 1.1 130 -72 11.3 -7.4
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.1 59 -1 9.6 -9.1
BLDG Cambria Global Real Estate ETF 1.1 60 -2 9.3 -9.4
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 1.1 58 0 10.2 -8.5
DEHP Dimensional Emerging Markets High Profitability ETF 1.1 41 17 7.3 -11.4
DFEV Dimensional Emerging Markets Value ETF 1.0 43 15 11.0 -7.7
EMXC iShares MSCI Emerging Markets ex China ETF 1.0 25 33 6.7 -12.0
SPEM SPDR Portfolio Emerging Markets ETF 1.0 7 51 7.5 -11.2
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.0 38 20 8.3 -10.4
DFAE Dimensional Emerging Core Equity Market ETF 1.0 35 23 7.7 -11.0
IEMG iShares Core MSCI Emerging Markets ETF 1.0 9 49 7.5 -11.2
BKEM BNY Mellon Emerging Markets Equity ETF 1.0 11 47 7.7 -11.0
AVEM Avantis Emerging Markets Equity ETF 0.9 33 25 9.1 -9.6
SHLD Global X Defense Tech ETF 0.9 50 8 4.8 -13.9
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.9 36 22 7.5 -11.2
DEM WisdomTree Emerging Markets High Dividend Fund 0.9 63 -5 12.9 -5.8
XC WisdomTree Emerging Markets Ex-China Fund 0.9 32 26 6.2 -12.5
VWO Vanguard FTSE Emerging Markets ETF 0.9 8 50 7.6 -11.1
AVES Avantis Emerging Markets Value ETF 0.9 36 22 12.2 -6.5
EEMD AAM S&P Emerging Markets High Dividend Value ETF 0.9 49 9 19.1 +0.4
XCEM Columbia EM Core ex-China ETF 0.9 16 42 7.4 -11.3
ESGE iShares ESG Aware MSCI EM ETF 0.9 25 33 7.7 -11.0
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.9 32 26 6.3 -12.4
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.8 41 17 7.8 -10.9
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.8 30 28 8.6 -10.1
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.8 45 13 8.6 -10.1
EEM iShares MSCI Emerging Markets ETF 0.8 69 -11 7.0 -11.7
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 0.8 24 34 7.2 -11.5
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 0.8 30 28 7.5 -11.2
RING iShares MSCI Global Gold Miners ETF 0.8 39 19 6.0 -12.7
GDXJ VanEck Junior Gold Miners ETF 0.7 52 6 5.0 -13.7
NUEM Nuveen ESG Emerging Markets Equity ETF 0.7 36 22 6.8 -11.9
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.7 66 -8 7.2 -11.5
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.7 42 16 6.8 -11.9
LDEM iShares ESG MSCI EM Leaders ETF 0.7 17 41 7.8 -10.9
EMXF iShares ESG Advanced MSCI EM ETF 0.7 16 42 7.5 -11.2
FEEM FlexShares ESG & Climate Emerging Markets Core Index ETF 0.6 18 40 7.9 -10.8
EMC Global X Emerging Markets Great Consumer ETF 0.6 75 -17 4.9 -13.8
JHEM John Hancock Multifactor Emerging Markets ETF 0.6 49 9 8.4 -10.3
WWJD Inspire International ETF 0.6 80 -22 7.1 -11.6
EMM Global X Emerging Markets ex-China ETF 0.5 75 -17 3.7 -15.0
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 0.5 20 38 7.5 -11.2
DVYE iShares Emerging Markets Dividend ETF 0.5 49 9 16.6 -2.1
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.5 15 43 7.1 -11.6
GLOF iShares Global Equity Factor ETF 0.5 20 38 7.0 -11.7
JRNY ALPS Global Travel Beneficiaries ETF 0.5 65 -7 -0.0 -18.7
IQDF FlexShares International Quality Dividend Index Fund 0.4 47 11 10.7 -8.0
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.4 25 33 7.0 -11.7
VYMI Vanguard International High Dividend Yield ETF 0.3 22 36 9.7 -9.0
BLES Inspire Global Hope ETF 0.3 61 -3 6.3 -12.4
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.3 46 12 8.9 -9.8
HDAW Xtrackers MSCI All World ex US High Dividend Yield Equity ET 0.3 20 38 10.7 -8.0
IXUS iShares Core MSCI Total International Stock ETF 0.3 7 51 6.9 -11.8
STXE Strive Emerging Markets Ex-China ETF 0.3 32 26 6.9 -11.8
VEU Vanguard FTSE All-World ex-US Index Fund 0.3 8 50 7.2 -11.5
PICK iShares MSCI Global Metals & Mining Producers ETF 0.3 39 19 11.0 -7.7
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 28 7.8 -10.9
VSGX Vanguard ESG International Stock ETF 0.2 12 46 6.8 -11.9
VXUS Vanguard Total International Stock ETF 0.2 7 51 7.1 -11.6
ACWV iShares MSCI Global Min Vol Factor ETF 0.2 20 38 6.7 -12.0
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.2 33 25 7.2 -11.5
ACWX iShares MSCI ACWI ex U.S. ETF 0.2 34 24 6.7 -12.0
FILL iShares MSCI Global Energy Producers ETF 0.2 39 19 9.0 -9.7
VEGI iShares MSCI Agriculture Producers ETF 0.2 39 19 9.2 -9.5
CWI SPDR MSCI ACWI ex-US ETF 0.2 30 28 6.8 -11.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.2 41 17 6.6 -12.1
FTAG First Trust Indxx Global Agriculture ETF 0.1 70 -12 9.1 -9.6
HAUZ DBX ETF Trust - Xtrackers International Real Estate ETF 0.1 10 48 8.1 -10.6
AVRE Avantis Real Estate ETF 0.1 17 41 6.6 -12.1
DEW WisdomTree Global High Dividend Fund 0.1 58 0 9.0 -9.7
JSTC Adasina Social Justice All Cap Global ETF 0.1 89 -31 4.7 -14.0
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.1 12 46 8.7 -10.0
SPRE SP Funds S&P Global REIT Sharia ETF 0.1 55 3 5.4 -13.3
VT Vanguard Total World Stock ETF 0.1 7 51 5.8 -12.9
ACWI iShares MSCI ACWI ETF 0.1 32 26 5.5 -13.2
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.1 12 46 5.0 -13.7
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 49 5.7 -13.0
DFGR Dimensional Global Real Estate ETF 0.1 22 36 7.0 -11.7
RWX SPDR Dow Jones International Real Estate ETF 0.1 59 -1 7.1 -11.6
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.1 20 38 5.6 -13.1
REET iShares Global REIT ETF 0.1 14 44 7.1 -11.6
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.0 7 51 6.5 -12.2
IPKW Invesco International BuyBack Achievers ETF 0.0 55 3 9.1 -9.6
IGRO iShares International Dividend Growth ETF 0.0 15 43 7.1 -11.6
RWO SPDR Dow Jones Global Real Estate ETF 0.0 50 8 6.9 -11.8

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 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 32.3 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 58 bp
Equals: ALTAR Score 18.7 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.26 CATEGORY
AVERAGE		 1.51
 
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.