iShares MSCI Turkey ETF
ALTAR
Score™		 15.7% info Recommen-
dation		 SPECULATIVE
2025E    2026E
P/E
ratio		 9.3x P/Sales
ratio		 0.5x
P/BV
ratio		 1.4x Div.
yield		 3.4%


  • 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) $181
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 77
Wgt avg mkt cap (mns) $5,391
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
ASELSAN ELEKTRONIK SANAYI 7.9 %
BIM BIRLESIK MAGAZALAR AS 7.1 %
AKBANK T.A.S. 6.4 %
TUPRAS-TURKIYE PETROL RAFINE 5.8 %
TURK HAVA YOLLARI AO 4.2 %
KOC HOLDING AS 3.9 %
TURKIYE IS BANKASI-C 3.7 %
TURKCELL ILETISIM HIZMETLERI A.S. 3.7 %
YAPI VE KREDI BANKASI 3.6 %
HACI OMER SABANCI HOLDING 2.7 %
Total 49.1 %

TOP COUNTRY EXPOSURE
TURKEY 85.2 %










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.
-6.6% -7.8% 11.4% 1.3% 0.4%

Market Correlations
versus... Beta R-squared
S&P500 0.36 7%
MSCI EAFE 0.35 5%
MSCI Emg. Mkts. 0.44 8%

Technical Indicators
Recent close $33.84
30d moving avg. $33.68
Annualized volatility 29.0%
Short interest (ETF) 9.5%
Relative strength (RSI) 51

Liquidity measures
Avg. volume (thou.) 117
Turnover 2.2%
Bid/Ask (% of price) 0.18%
ADV underlying (mns) $1,750

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 119 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™: 15.7%


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
(%)
GVAL Cambria Global Value ETF 6.0 68 -10 10.5 -5.3
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 5.9 44 14 10.3 -5.4
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 5.5 80 -22 14.2 -1.6
ECOW Pacer Emerging Markets Cash Cows 100 ETF 4.7 70 -12 12.3 -3.5
CRAK VanEck Oil Refiners ETF 4.0 61 -3 11.5 -4.2
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 3.5 95 -37 11.7 -4.0
EDOG ALPS Emerging Sector Dividend Dogs ETF 3.0 60 -2 10.8 -5.0
FEM First Trust Emerging Markets AlphaDEX Fund 2.8 80 -22 11.4 -4.3
FDEM Fidelity Emerging Markets Multifactor ETF 2.5 25 33 12.2 -3.5
UEVM VictoryShares Emerging Markets Value Momentum ETF 2.4 45 13 10.0 -5.7
ROAM Hartford Multifactor Emerging Markets ETF 2.2 44 14 11.2 -4.5
EMMF WisdomTree Emerging Markets Multifactor Fund 2.1 48 10 6.9 -8.8
OBOR KraneShares MSCI One Belt One Road Index ETF 2.1 79 -21 7.7 -8.0
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 2.0 42 16 6.5 -9.2
BLDG Cambria Global Real Estate ETF 1.6 60 -2 11.4 -4.4
EYLD Cambria Emerging Shareholder Yield ETF 1.5 66 -8 11.6 -4.2
RODE Hartford Multifactor Diversified International ETF 1.5 29 29 10.3 -5.4
SGDJ Sprott Junior Gold Miners ETF 1.5 50 8 2.5 -13.3
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 1.4 39 19 15.5 -0.2
JADE JPMorgan Active Developing Markets Equity ETF 1.4 65 -7 7.7 -8.1
EWX SPDR S&P Emerging Markets Small Cap ETF 1.4 65 -7 7.8 -7.9
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 1.4 90 -32 5.1 -10.7
EEMS iShares MSCI Emerging Markets Small Cap ETF 1.2 70 -12 7.5 -8.2
PXH Invesco FTSE RAFI Emerging Markets ETF 1.2 49 9 14.9 -0.9
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 1.2 32 26 6.3 -9.4
JETS U.S. Global Jets ETF 1.2 60 -2 2.7 -13.1
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 1.2 25 33 6.3 -9.5
DEM WisdomTree Emerging Markets High Dividend Fund 1.1 63 -5 12.7 -3.1
XCNY SPDR S&P Emerging Markets ex-China ETF 1.0 15 43 7.2 -8.6
AVXC Avantis Emerging Markets Ex-China Equity ETF 0.9 33 25 7.9 -7.8
XCEM Columbia EM Core ex-China ETF 0.9 16 42 7.6 -8.1
DVYE iShares Emerging Markets Dividend ETF 0.8 49 9 18.1 +2.4
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.8 59 -1 8.4 -7.3
MEM Matthews Emerging Markets Equity Active ETF 0.8 79 -21 7.3 -8.5
FTAG First Trust Indxx Global Agriculture ETF 0.8 70 -12 8.4 -7.4
XC WisdomTree Emerging Markets Ex-China Fund 0.8 32 26 5.7 -10.1
RNEM First Trust Emerging Markets Equity Select ETF 0.8 75 -17 8.4 -7.4
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 0.8 24 34 7.3 -8.5
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.8 45 13 9.6 -6.1
AVES Avantis Emerging Markets Value ETF 0.7 36 22 10.5 -5.2
AVEE Avantis Emerging Markets Small Cap Equity ETF 0.7 42 16 9.3 -6.5
NUEM Nuveen ESG Emerging Markets Equity ETF 0.7 36 22 7.2 -8.6
DEXC Dimensional Emerging Markets ex China Core EquityETF 0.7 53 5 7.2 -8.6
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.7 36 22 9.1 -6.6
BKEM BNY Mellon Emerging Markets Equity ETF 0.7 11 47 9.2 -6.5
SCHE Schwab Emerging Markets Equity ETF 0.7 11 47 10.6 -5.2
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.7 30 28 8.4 -7.3
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.7 35 23 12.5 -3.3
SPEM SPDR Portfolio Emerging Markets ETF 0.6 7 51 10.4 -5.3
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.6 50 8 10.2 -5.5
EMGF iShares Emerging Markets Equity Factor ETF 0.6 25 33 10.8 -5.0
EMC Global X Emerging Markets Great Consumer ETF 0.6 75 -17 8.6 -7.1
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.6 32 26 8.5 -7.3
AVEM Avantis Emerging Markets Equity ETF 0.6 33 25 8.1 -7.6
DFEV Dimensional Emerging Markets Value ETF 0.6 43 15 11.7 -4.0
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.6 33 25 9.4 -6.4
SDIV Global X Superdividend ETF 0.6 58 0 16.7 +1.0
VWO Vanguard FTSE Emerging Markets ETF 0.6 7 51 10.2 -5.6
EMXC iShares MSCI Emerging Markets ex China ETF 0.6 25 33 6.9 -8.9
IEMG iShares Core MSCI Emerging Markets ETF 0.6 9 49 9.8 -6.0
RCGE RockCreek Global Equality ETF 0.6 95 -37 6.6 -9.1
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.6 38 20 8.6 -7.1
ECON Columbia Emerging Markets Consumer ETF 0.6 49 9 11.5 -4.3
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.6 15 43 7.4 -8.3
EMM Global X Emerging Markets ex-China ETF 0.6 75 -17 6.8 -9.0
DFAE Dimensional Emerging Core Equity Market ETF 0.5 35 23 8.6 -7.1
JHEM John Hancock Multifactor Emerging Markets ETF 0.5 49 9 9.4 -6.4
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.5 66 -8 9.0 -6.8
LDEM iShares ESG MSCI EM Leaders ETF 0.5 17 41 12.8 -2.9
EEMO Invesco S&P Emerging Markets Momentum ETF 0.5 29 29 7.5 -8.2
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.5 15 43 9.5 -6.2
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 0.5 88 -30 8.8 -7.0
AVSE Avantis Responsible Emerging Markets Equity ETF 0.5 33 25 7.8 -7.9
GDXJ VanEck Junior Gold Miners ETF 0.5 52 6 3.5 -12.3
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.5 41 17 8.1 -7.6
SHLD Global X Defense Tech ETF 0.5 50 8 3.3 -12.4
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.4 58 0 9.5 -6.3
RING iShares MSCI Global Gold Miners ETF 0.4 39 19 4.0 -11.8
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 0.4 30 28 9.6 -6.2
EEM iShares MSCI Emerging Markets ETF 0.4 69 -11 9.5 -6.3
WWJD Inspire International ETF 0.4 80 -22 7.1 -8.6
DEHP Dimensional Emerging Markets High Profitability ETF 0.4 41 17 6.4 -9.4
GLOF iShares Global Equity Factor ETF 0.3 20 38 6.6 -9.1
ESGE iShares ESG Aware MSCI EM ETF 0.3 25 33 9.7 -6.0
EMXF iShares ESG Advanced MSCI EM ETF 0.3 16 42 7.9 -7.9
FEOE First Eagle Overseas Equity ETF 0.3 79 -21 6.8 -8.9
JIVE JPMorgan International Value ETF 0.3 55 3 10.7 -5.1
NATO Themes Transatlantic Defense ETF 0.3 35 23 2.3 -13.5
VEGI iShares MSCI Agriculture Producers ETF 0.3 39 19 9.1 -6.7
PICK iShares MSCI Global Metals & Mining Producers ETF 0.2 39 19 10.6 -5.2
ICLN iShares Global Clean Energy ETF 0.2 41 17 3.1 -12.6
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.2 47 11 7.7 -8.1
IXUS iShares Core MSCI Total International Stock ETF 0.2 7 51 7.5 -8.3
VYMI Vanguard International High Dividend Yield ETF 0.2 17 41 9.0 -6.7
BLES Inspire Global Hope ETF 0.2 61 -3 6.8 -9.0
IGRO iShares International Dividend Growth ETF 0.2 15 43 6.9 -8.8
VEU Vanguard FTSE All-World ex-US Index Fund 0.2 4 54 7.6 -8.1
IQDF FlexShares International Quality Dividend Index Fund 0.2 47 11 8.4 -7.4
CWI SPDR MSCI ACWI ex-US ETF 0.2 30 28 7.3 -8.4
VXUS Vanguard Total International Stock ETF 0.2 5 53 7.6 -8.2
VSGX Vanguard ESG International Stock ETF 0.2 10 48 7.5 -8.3
DEW WisdomTree Global High Dividend Fund 0.2 58 0 8.2 -7.6
HAUZ DBX ETF Trust - Xtrackers International Real Estate ETF 0.1 10 48 6.7 -9.1
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.1 41 17 7.1 -8.6
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.1 18 40 7.3 -8.5
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 38 5.7 -10.1
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.1 12 46 4.9 -10.9
ACWX iShares MSCI ACWI ex U.S. ETF 0.1 34 24 7.3 -8.5
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.1 30 28 7.4 -8.3
AVRE Avantis Real Estate ETF 0.1 17 41 7.4 -8.4
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.1 12 46 8.2 -7.6
IPAV Global X Infrastructure Development ex-U.S. ETF 0.1 55 3 6.5 -9.2
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.1 20 38 5.3 -10.4
DFGR Dimensional Global Real Estate ETF 0.1 22 36 7.8 -8.0
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 49 5.5 -10.3
REET iShares Global REIT ETF 0.1 14 44 7.7 -8.1
VT Vanguard Total World Stock ETF 0.1 6 52 5.7 -10.0
ACWI iShares MSCI ACWI ETF 0.0 32 26 5.3 -10.4
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.0 8 50 7.1 -8.7

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 20.0 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 58 bp
Equals: ALTAR Score 15.7 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.56 CATEGORY
AVERAGE		 1.64
 
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.