iShares MSCI Turkey ETF
ALTAR
Score™		 15.8% info Recommen-
dation		 SPECULATIVE
2025E    2026E
P/E
ratio		 9.5x P/Sales
ratio		 0.6x
P/BV
ratio		 1.4x Div.
yield		 3.1%


  • 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) $192
Currency USD
Expense ratio 58 bp
Distributions Semi-annual

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 78
Wgt avg mkt cap (mns) $6,162
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 11.6 %
TUPRAS-TURKIYE PETROL RAFINE 9.6 %
BIM BIRLESIK MAGAZALAR AS 9.1 %
AKBANK T.A.S. 5.7 %
TURK HAVA YOLLARI AO 4.4 %
KOC HOLDING AS 3.7 %
EREGLI DEMIR VE CELIK FABRIK 3.3 %
YAPI VE KREDI BANKASI 3.0 %
TURKCELL ILETISIM HIZMETLERI A.S. 2.9 %
ASTOR ENERJI A.S. 2.8 %
Total 56.2 %

TOP COUNTRY EXPOSURE
TURKEY 85.9 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-0.6% 1.0% 12.7% 1.6% 0.6%

Market Correlations
versus... Beta R-squared
S&P500 0.75 14%
MSCI EAFE 0.55 12%
MSCI Emg. Mkts. 0.39 15%

Technical Indicators
Recent close $34.28
30d moving avg. $38.87
Annualized volatility 29.0%
Short interest (ETF) 11.3%
Relative strength (RSI) 52

Liquidity measures
Avg. volume (thou.) 240
Turnover 4.3%
Bid/Ask (% of price) 0.17%
ADV underlying (mns) $1,750

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 117 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™: 15.8%


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 5.3 68 -10 8.4 -7.4
FEM First Trust Emerging Markets AlphaDEX Fund 5.2 80 -22 8.7 -7.0
ECOW Pacer Emerging Markets Cash Cows 100 ETF 5.1 70 -12 9.9 -5.9
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 4.6 44 14 9.7 -6.1
CRAK VanEck Oil Refiners ETF 4.1 61 -3 6.9 -8.8
UEVM VictoryShares Emerging Markets Value Momentum ETF 2.4 45 13 9.9 -5.9
ROAM Hartford Multifactor Emerging Markets ETF 2.4 44 14 7.5 -8.2
EYLD Cambria Emerging Shareholder Yield ETF 2.4 66 -8 8.8 -7.0
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 2.3 60 -2 6.8 -9.0
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 1.7 90 -32 3.3 -12.5
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 1.7 39 19 13.4 -2.4
SGDJ Sprott Junior Gold Miners ETF 1.7 50 8 2.3 -13.5
XC WisdomTree Emerging Markets Ex-China Fund 1.5 32 26 6.9 -8.9
JETS U.S. Global Jets ETF 1.4 60 -2 2.7 -13.1
PXH Invesco FTSE RAFI Emerging Markets ETF 1.3 49 9 13.4 -2.4
OBOR KraneShares MSCI One Belt One Road Index ETF 1.3 79 -21 7.3 -8.4
EEMS iShares MSCI Emerging Markets Small Cap ETF 1.2 70 -12 6.4 -9.4
JADE JPMorgan Active Developing Markets Equity ETF 1.2 65 -7 5.9 -9.8
EVLU iShares MSCI Emerging Markets Value Factor ETF 1.1 35 23 10.0 -5.8
EWX SPDR S&P Emerging Markets Small Cap ETF 1.1 65 -7 6.7 -9.0
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 1.1 25 33 6.0 -9.8
BLDG Cambria Global Real Estate ETF 1.0 60 -2 11.8 -3.9
SLX VanEck Steel ETF 1.0 56 2 10.6 -5.2
RNEM First Trust Emerging Markets Equity Select ETF 1.0 75 -17 8.2 -7.5
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 1.0 40 18 6.1 -9.6
VEXC Vanguard Emerging Markets Ex-China ETF 0.9 7 51 5.6 -10.1
XCNY SPDR S&P Emerging Markets ex-China ETF 0.9 15 43 5.6 -10.2
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.8 59 -1 8.4 -7.3
FTAG First Trust Indxx Global Agriculture ETF 0.8 70 -12 7.3 -8.5
ECON Columbia Emerging Markets Consumer ETF 0.8 49 9 6.4 -9.3
SHLD Global X Defense Tech ETF 0.7 50 8 3.4 -12.3
AVXC Avantis Emerging Markets Ex-China Equity ETF 0.7 33 25 5.9 -9.8
SCHE Schwab Emerging Markets Equity ETF 0.7 11 47 9.5 -6.3
EEMO Invesco S&P Emerging Markets Momentum ETF 0.7 29 29 6.2 -9.6
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.6 45 13 8.0 -7.8
EMMF WisdomTree Emerging Markets Multifactor Fund 0.6 48 10 8.6 -7.2
SDIV Global X Superdividend ETF 0.6 58 0 14.6 -1.2
DVYE iShares Emerging Markets Dividend ETF 0.6 49 9 17.8 +2.0
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.6 58 0 8.6 -7.2
SPEM SPDR Portfolio Emerging Markets ETF 0.6 7 51 9.5 -6.2
AVEM Avantis Emerging Markets Equity ETF 0.6 33 25 6.9 -8.9
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.6 30 28 7.4 -8.3
VWO Vanguard FTSE Emerging Markets ETF 0.6 7 51 9.3 -6.5
AVES Avantis Emerging Markets Value ETF 0.6 36 22 9.0 -6.8
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.6 50 8 7.9 -7.9
DFEV Dimensional Emerging Markets Value ETF 0.6 43 15 9.1 -6.7
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 0.5 24 34 5.0 -10.8
BKEM BNY Mellon Emerging Markets Equity ETF 0.5 11 47 24.1 +8.3
IEMG iShares Core MSCI Emerging Markets ETF 0.5 9 49 8.1 -7.7
WWJD Inspire International ETF 0.5 80 -22 6.5 -9.3
LDEM iShares ESG MSCI EM Leaders ETF 0.5 17 41 12.9 -2.9
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.5 38 20 6.9 -8.8
EMXC iShares MSCI Emerging Markets ex China ETF 0.5 25 33 4.9 -10.9
EMC Global X Emerging Markets Great Consumer ETF 0.5 75 -17 7.1 -8.7
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.5 36 22 7.5 -8.2
DFAE Dimensional Emerging Core Equity Market ETF 0.5 35 23 6.9 -8.9
NUEM Nuveen ESG Emerging Markets Equity ETF 0.5 36 22 5.8 -10.0
ICLN iShares Global Clean Energy ETF 0.5 41 17 2.2 -13.6
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 0.5 32 26 4.6 -11.1
JHEM John Hancock Multifactor Emerging Markets ETF 0.5 49 9 7.5 -8.3
NATO Themes Transatlantic Defense ETF 0.4 35 23 2.1 -13.6
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.4 33 25 6.7 -9.1
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.4 41 17 6.8 -8.9
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.4 32 26 7.6 -8.2
WRND IQ Global Equity R&D Leaders ETF 0.4 18 40 4.0 -11.8
IPAV Global X Infrastructure Development ex-U.S. ETF 0.4 55 3 6.2 -9.5
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.4 15 43 8.0 -7.8
HEEM iShares Currency Hedged MSCI Emerging Markets ETF 0.4 69 -11 7.6 -8.2
EEM iShares MSCI Emerging Markets ETF 0.4 69 -11 7.7 -8.0
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.4 66 -8 7.3 -8.4
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 0.4 30 28 7.9 -7.9
AVSE Avantis Responsible Emerging Markets Equity ETF 0.4 33 25 6.5 -9.3
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.4 15 43 8.9 -6.9
EMM Global X Emerging Markets ex-China ETF 0.4 75 -17 4.6 -11.2
DEXC Dimensional Emerging Markets ex China Core EquityETF 0.4 53 5 4.9 -10.9
XCEM Columbia EM Core ex-China ETF 0.4 16 42 4.8 -11.0
EMXF iShares ESG Advanced MSCI EM ETF 0.3 16 42 6.6 -9.2
EMGF iShares Emerging Markets Equity Factor ETF 0.3 25 33 8.8 -7.0
FEOE First Eagle Overseas Equity ETF 0.3 79 -21 6.2 -9.5
DEHP Dimensional Emerging Markets High Profitability ETF 0.3 41 17 4.8 -11.0
GDXJ VanEck Junior Gold Miners ETF 0.3 52 6 3.1 -12.7
RING iShares MSCI Global Gold Miners ETF 0.3 39 19 3.5 -12.2
AVEE Avantis Emerging Markets Small Cap Equity ETF 0.3 42 16 7.6 -8.2
ESGE iShares ESG Aware MSCI EM ETF 0.3 25 33 8.1 -7.7
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.3 42 16 4.2 -11.6
DEM WisdomTree Emerging Markets High Dividend Fund 0.2 63 -5 10.1 -5.7
PICK iShares MSCI Global Metals & Mining Producers ETF 0.2 39 19 8.3 -7.4
BLES Inspire Global Hope ETF 0.2 61 -3 5.9 -9.9
VEGI iShares MSCI Agriculture Producers ETF 0.2 39 19 7.5 -8.2
VYMI Vanguard International High Dividend Yield ETF 0.2 17 41 8.0 -7.7
CWI SPDR MSCI ACWI ex-US ETF 0.2 30 28 6.4 -9.3
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.2 18 40 6.4 -9.4
VEU Vanguard FTSE All-World ex-US Index Fund 0.2 4 54 6.7 -9.1
IXUS iShares Core MSCI Total International Stock ETF 0.2 7 51 6.6 -9.2
VXUS Vanguard Total International Stock ETF 0.2 5 53 6.6 -9.1
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.1 41 17 5.9 -9.9
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 38 5.8 -10.0
ACWX iShares MSCI ACWI ex U.S. ETF 0.1 34 24 6.4 -9.4
VSGX Vanguard ESG International Stock ETF 0.1 10 48 6.6 -9.2
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.1 12 46 4.5 -11.3
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.1 30 28 6.4 -9.4
GLOF iShares Global Equity Factor ETF 0.1 20 38 5.5 -10.3
HAUZ DBX ETF Trust - Xtrackers International Real Estate ETF 0.1 10 48 9.3 -6.4
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.1 12 46 9.3 -6.5
AVRE Avantis Real Estate ETF 0.1 17 41 7.4 -8.3
ERTH Invesco MSCI Sustainable Future ETF 0.1 62 -4 3.6 -12.1
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 49 4.8 -10.9
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.1 20 38 4.7 -11.1
VT Vanguard Total World Stock ETF 0.1 6 52 5.0 -10.8
DFGR Dimensional Global Real Estate ETF 0.1 22 36 7.6 -8.1
ACWI iShares MSCI ACWI ETF 0.0 32 26 4.6 -11.1
REET iShares Global REIT ETF 0.0 14 44 7.5 -8.3
IGRO iShares International Dividend Growth ETF 0.0 15 43 6.8 -8.9
VIGI Vanguard International Dividend Appreciation ETF 0.0 10 48 6.1 -9.7
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.0 8 50 6.4 -9.4
FDEM Fidelity Emerging Markets Multifactor ETF 0.0 25 33 10.5 -5.2
IQDF FlexShares International Quality Dividend Index Fund 0.0 47 11 7.5 -8.2

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

  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 20.1 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 58 bp
Equals: ALTAR Score 15.8 %
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.