ETF Research Center

iShares MSCI Indonesia ETF

ALTAR
Score™

7.7%

Recommen-
dation

UNDERWEIGHT

2025E 2026E
P/E ratio	13.2x	P/Sales ratio	1.7x
P/BV ratio	1.7x	Div. yield	4.3%

Description
Performance
Comps
Fundamentals
Valuation
Rating

iShares MSCI Indonesia Investable Market Index Fund is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the performance of the MSCI Indonesia Investable Market Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	May 05, 2010
Assets (mns)	$343
Currency	USD
Expense ratio	59 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)	$6,094
Large cap (>$10bn)	57.4%
Mid cap ($2-10bn)	24.7%
Small cap (<$2bn)	17.9%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	95.1 %
GLOBAL X HEALTHTECH ETF	67.7 %
TELEKOMUNIKASI INDONESIA	6.6 %
BANK CENTRAL ASIA PT	5.8 %
DIAN SWASTATIKA SENTOSA	3.9 %
BANK RAKYAT INDONESIA	3.2 %
BANK MANDIRI TBK	2.4 %
PETRINDO JAYA KREASI	2.0 %
ASTRA INTERNATIONAL TBK PT	1.3 %
MD ENTERTAINMENT	1.2 %
PETROSEA	0.9 %

TOP COUNTRY EXPOSURE
	INDONESIA	25.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
1.0%	-6.1%	-0.9%	0.9%	0.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.57	20%
MSCI EAFE	0.73	24%
MSCI Emg. Mkts.	0.71	25%

Technical Indicators
Recent close	$18.82
30d moving avg.	$18.49
Annualized volatility	18.1%
Short interest (ETF)	4.9%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	383
Turnover	2.1%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$163

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 144 potential alternatives to the iShares MSCI Indonesia ETF ETF based on the alternatives' overlap in portfolio holdings with EIDO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EIDO

Expense:

59 bp

ALTAR Score™:

7.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EIDO
Ticker	Fund Name	Overlap¹ vs EIDO (%)	Expense ratio (bp)	Savings vs EIDO (bp)	ALTAR Score™ (%)	ALTAR vs EIDO (%)
EWX	SPDR S&P Emerging Markets Small Cap ETF	31.7	65	-6	7.8	+0.2
IDX	VanEck Indonesia Index ETF	23.3	57	2	7.0	-0.7
EEMS	iShares MSCI Emerging Markets Small Cap ETF	16.3	70	-11	7.5	-0.2
ASEA	Global X FTSE Southeast Asia ETF	12.0	65	-6	6.1	-1.6
XCNY	SPDR S&P Emerging Markets ex-China ETF	8.8	15	44	7.2	-0.5
DVYE	iShares Emerging Markets Dividend ETF	4.8	49	10	18.1	+10.4
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	4.0	67	-8	14.6	+6.9
IEMG	iShares Core MSCI Emerging Markets ETF	3.2	9	50	9.8	+2.1
FEM	First Trust Emerging Markets AlphaDEX Fund	2.9	80	-21	11.4	+3.8
EMMF	WisdomTree Emerging Markets Multifactor Fund	2.9	48	11	6.9	-0.8
DEM	WisdomTree Emerging Markets High Dividend Fund	2.8	63	-4	12.7	+5.0
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	2.6	80	-21	14.2	+6.5
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	2.4	78	-19	9.0	+1.3
OSEA	Harbor International Compounders ETF	2.3	55	4	4.8	-2.9
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	2.2	70	-11	12.3	+4.6
ROAM	Hartford Multifactor Emerging Markets ETF	2.2	44	15	11.2	+3.6
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	2.2	44	15	10.3	+2.6
IGRO	iShares International Dividend Growth ETF	2.1	15	44	6.9	-0.8
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	2.1	24	35	7.3	-0.4
VIDI	Vident International Equity Strategy ETF	1.9	61	-2	10.3	+2.6
OAIM	OneAscent International Equity ETF	1.9	95	-36	5.4	-2.3
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	1.9	32	27	6.3	-1.3
XC	WisdomTree Emerging Markets Ex-China Fund	1.9	32	27	5.7	-2.0
FDEM	Fidelity Emerging Markets Multifactor ETF	1.8	25	34	12.2	+4.5
JADE	JPMorgan Active Developing Markets Equity ETF	1.8	65	-6	7.7	+0.0
OBOR	KraneShares MSCI One Belt One Road Index ETF	1.8	79	-20	7.7	+0.1
XCEM	Columbia EM Core ex-China ETF	1.8	16	43	7.6	-0.0
FRDM	Freedom 100 Emerging Markets ETF	1.8	49	10	7.3	-0.3
RNEM	First Trust Emerging Markets Equity Select ETF	1.7	75	-16	8.4	+0.7
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	1.7	59	0	8.4	+0.8
AVXC	Avantis Emerging Markets Ex-China Equity ETF	1.7	33	26	7.9	+0.3
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	1.6	33	26	9.4	+1.7
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	1.6	15	44	7.4	-0.2
GOEX	Global X Gold Explorers ETF	1.5	65	-6	2.4	-5.3
GMF	SPDR S&P Emerging Asia Pacific ETF	1.5	49	10	9.4	+1.8
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	1.5	32	27	8.5	+0.8
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	1.5	58	1	9.5	+1.8
EMM	Global X Emerging Markets ex-China ETF	1.4	75	-16	6.8	-0.9
DEXC	Dimensional Emerging Markets ex China Core EquityETF	1.4	53	6	7.2	-0.5
WWJD	Inspire International ETF	1.4	80	-21	7.1	-0.5
RODE	Hartford Multifactor Diversified International ETF	1.4	29	30	10.3	+2.7
JHEM	John Hancock Multifactor Emerging Markets ETF	1.3	49	10	9.4	+1.7
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	1.3	40	19	6.7	-1.0
EMXF	iShares ESG Advanced MSCI EM ETF	1.3	16	43	7.9	+0.2
MEM	Matthews Emerging Markets Equity Active ETF	1.3	79	-20	7.3	-0.4
AVEM	Avantis Emerging Markets Equity ETF	1.3	33	26	8.1	+0.4
ECON	Columbia Emerging Markets Consumer ETF	1.3	49	10	11.5	+3.8
EMXC	iShares MSCI Emerging Markets ex China ETF	1.3	25	34	6.9	-0.8
FLAX	Franklin FTSE Asia Ex Japan ETF	1.3	19	40	8.4	+0.8
DFEV	Dimensional Emerging Markets Value ETF	1.2	43	16	11.7	+4.1
EVLU	iShares MSCI Emerging Markets Value Factor ETF	1.2	35	24	12.5	+4.8
SPEM	SPDR Portfolio Emerging Markets ETF	1.2	7	52	10.4	+2.7
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	1.1	15	44	9.5	+1.8
AVES	Avantis Emerging Markets Value ETF	1.1	36	23	10.5	+2.8
EEMA	iShares MSCI Emerging Markets Asia ETF	1.1	49	10	9.2	+1.5
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	1.1	39	20	15.5	+7.8
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	1.1	66	-7	9.0	+1.3
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	1.1	36	23	9.1	+1.4
AVEE	Avantis Emerging Markets Small Cap Equity ETF	1.0	42	17	9.3	+1.6
EDOG	ALPS Emerging Sector Dividend Dogs ETF	1.0	60	-1	10.8	+3.1
BKEM	BNY Mellon Emerging Markets Equity ETF	1.0	11	48	9.2	+1.6
AAXJ	iShares MSCI All Country Asia ex Japan ETF	1.0	70	-11	8.4	+0.7
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	1.0	90	-31	5.1	-2.6
VWO	Vanguard FTSE Emerging Markets ETF	1.0	7	52	10.2	+2.5
EDIV	SPDR S&P Emerging Markets Dividend ETF	1.0	49	10	9.4	+1.7
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	1.0	30	29	8.4	+0.8
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	1.0	38	21	8.6	+0.9
STXE	Strive Emerging Markets Ex-China ETF	1.0	32	27	7.4	-0.3
SCHE	Schwab Emerging Markets Equity ETF	0.9	11	48	10.6	+2.9
DEHP	Dimensional Emerging Markets High Profitability ETF	0.9	41	18	6.4	-1.3
DFAE	Dimensional Emerging Core Equity Market ETF	0.9	35	24	8.6	+0.9
JIG	JPMorgan International Growth ETF	0.9	55	4	4.7	-3.0
EEM	iShares MSCI Emerging Markets ETF	0.9	69	-10	9.5	+1.8
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	0.9	88	-29	8.8	+1.1
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	0.9	45	14	9.6	+1.9
PXH	Invesco FTSE RAFI Emerging Markets ETF	0.9	49	10	14.9	+7.2
AVSE	Avantis Responsible Emerging Markets Equity ETF	0.9	33	26	7.8	+0.2
BLES	Inspire Global Hope ETF	0.8	61	-2	6.8	-0.9
GDX	VanEck Gold Miners ETF	0.8	51	8	3.6	-4.1
GDXJ	VanEck Junior Gold Miners ETF	0.8	52	7	3.5	-4.2
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	0.8	86	-27	0.5	-7.2
IPOS	Renaissance International IPO ETF	0.8	80	-21	2.1	-5.5
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	0.8	30	29	9.6	+1.9
MINV	Matthews Asia Innovators Active ETF	0.8	79	-20	7.0	-0.7
EMGF	iShares Emerging Markets Equity Factor ETF	0.8	25	34	10.8	+3.1
JIVE	JPMorgan International Value ETF	0.7	55	4	10.7	+3.0
VEGI	iShares MSCI Agriculture Producers ETF	0.7	39	20	9.1	+1.4
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	0.7	47	12	7.7	0.0
IQDF	FlexShares International Quality Dividend Index Fund	0.7	47	12	8.4	+0.7
ESGE	iShares ESG Aware MSCI EM ETF	0.7	25	34	9.7	+2.1
SCHY	Schwab International Dividend Equity ETF	0.6	14	45	9.6	+1.9
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.6	70	-11	7.6	-0.1
SDIV	Global X Superdividend ETF	0.6	58	1	16.7	+9.0
VIGI	Vanguard International Dividend Appreciation ETF	0.6	10	49	6.3	-1.4
CUT	Invesco MSCI Global Timber ETF	0.5	61	-2	10.7	+3.1
MOO	VanEck Agribusiness ETF	0.5	53	6	10.6	+3.0
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	0.5	95	-36	11.7	+4.1
WBAT	WisdomTree Battery Value Chain and Innovation Fund	0.5	45	14	1.7	-6.0
ION	ProShares S&P Global Core Battery Metals ETF	0.5	58	1	7.2	-0.4
NIKL	Sprott Nickel Miners ETF	0.5	75	-16	9.0	+1.3
VYMI	Vanguard International High Dividend Yield ETF	0.4	17	42	9.0	+1.3
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	0.4	86	-27	14.3	+6.6
EEMO	Invesco S&P Emerging Markets Momentum ETF	0.4	29	30	7.5	-0.2
UEVM	VictoryShares Emerging Markets Value Momentum ETF	0.4	45	14	10.0	+2.4
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.4	8	51	7.1	-0.6
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.4	50	9	10.2	+2.5
PICK	iShares MSCI Global Metals & Mining Producers ETF	0.4	39	20	10.6	+2.9
DEW	WisdomTree Global High Dividend Fund	0.4	58	1	8.2	+0.5
KARS	KraneShares Electric Vehicles & Future Mobility Index ETF	0.4	72	-13	-1.3	-9.0
CGV	Conductor Global Equity Value ETF	0.4	130	-71	7.7	+0.1
RING	iShares MSCI Global Gold Miners ETF	0.4	39	20	4.0	-3.7
CARZ	First Trust NASDAQ Global Auto Index Fund	0.3	70	-11	4.0	-3.7
GMET	VanEck Green Metals ETF	0.3	63	-4	7.1	-0.5
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.3	46	13	9.5	+1.8
IXUS	iShares Core MSCI Total International Stock ETF	0.3	7	52	7.5	-0.2
VSGX	Vanguard ESG International Stock ETF	0.3	10	49	7.5	-0.2
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.3	30	29	7.4	-0.2
EYLD	Cambria Emerging Shareholder Yield ETF	0.3	66	-7	11.6	+3.9
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.3	41	18	7.1	-0.6
ACWV	iShares MSCI Global Min Vol Factor ETF	0.3	20	39	5.7	-2.0
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.3	18	41	7.3	-0.4
CWI	SPDR MSCI ACWI ex-US ETF	0.3	30	29	7.3	-0.3
VXUS	Vanguard Total International Stock ETF	0.3	5	54	7.6	-0.1
ACWX	iShares MSCI ACWI ex U.S. ETF	0.3	34	25	7.3	-0.4
VEU	Vanguard FTSE All-World ex-US Index Fund	0.3	4	55	7.6	-0.1
LDEM	iShares ESG MSCI EM Leaders ETF	0.2	17	42	12.8	+5.1
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.2	41	18	8.1	+0.4
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.2	10	49	6.7	-1.0
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.1	9	50	5.5	-2.2
SETM	Sprott Energy Transition Materials ETF	0.1	65	-6	2.0	-5.7
SHPP	Pacer Industrials and Logistics ETF	0.1	60	-1	8.3	+0.6
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.1	12	47	8.2	+0.5
GLOF	iShares Global Equity Factor ETF	0.1	20	39	6.6	-1.1
ACWI	iShares MSCI ACWI ETF	0.1	32	27	5.3	-2.4
NUEM	Nuveen ESG Emerging Markets Equity ETF	0.1	36	23	7.2	-0.5
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.1	20	39	5.3	-2.3
VT	Vanguard Total World Stock ETF	0.1	6	53	5.7	-2.0
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	0.1	25	34	6.3	-1.4
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.1	42	17	6.5	-1.1
JSTC	Adasina Social Justice All Cap Global ETF	0.1	89	-30	4.8	-2.9
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.1	12	47	4.9	-2.8
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.0	47	12	5.8	-1.9
XT	iShares Exponential Technologies ETF	0.0	46	13	4.5	-3.2
FILL	iShares MSCI Global Energy Producers ETF	0.0	39	20	5.3	-2.4

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	**	**	**	**	**	**	**
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 Indonesia 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	12.9	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	7.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.51	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.