FM
iShares Frontier and Select EM ETF
FM seeks to track the investment results of an index composed primarily of frontier market equities along with select emerging market equities.
Fund Basics
| Fund sponsor | BlackRock Fund Advisors |
| Category | Emerging Market Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Sep 12, 2012 |
| Assets (mns) | $430 |
| Expense ratio | 80 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Semi-Annually |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| HOA PHAT GROUP JSC | 3.3 % |
| NATIONAL ATOMIC COMPANY KAZATOMPROM JSC | 3.2 % |
| Invesco DB Commodity Index Tracking Fund | 2.8 % |
| OMV PETROM SA | 2.8 % |
| VINHOMES JSC | 2.6 % |
| BANCA TRANSILVANIA SA | 2.6 % |
| SOUTHERN COPPER CORP | 2.5 % |
| VINGROUP JSC | 2.2 % |
| MAROC TELECOM SA | 2.1 % |
| CREDICORP LTD | 2.1 % |
Constituent Breakdown
| Number of holdings | 171 |
| Herfindahl-Hirschman Index | 194 |
| Wgt avg mkt cap (mns) | $8,698 |
| Large cap (>$10bn) | 23.1% |
| Mid cap ($2-10bn) | 41.9% |
| Small cap (<$2bn) | 34.6% |
| Developed mkts. | 2.4% |
| Emerging mkts. | 97.2% |
Country Exposure
 |
VIETNAM | 29.1 % |
 |
ROMANIA | 7.5 % |
 |
MOROCCO | 5.4 % |
 |
KAZAKHSTAN | 4.4 % |
 |
PAKISTAN | 4.2 % |
 |
COLOMBIA | 4.0 % |
 |
PHILIPPINES | 4.0 % |
 |
OMAN | 3.1 % |
 |
NIGERIA | 3.1 % |
 |
PERU | 2.9 % |
Historical Performance
Standardized Annual Returns (as of 03/31/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 2.7% | 9.5% | -6.0% | -0.2% | 1.9% | 0.7% | 3.4% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.69 | 49% |
| MSCI EAFE | 0.79 | 60% |
| MSCI Emg Mkts | 0.87 | 78% |
Liquidity Measures
| Avg. volume (000) | 111 |
| Turnover | 0.7% |
| Avg. Bid/Ask (% of price) | 0.10% |
| ADV of underlying (mns) | $866 |
Technical Indicators
| Recent close | $27.33 |
| 30d moving avg. | $26.35 |
| Annualized volatility | 17.4% |
| Relative strength (RSI) | 60 |
| Short interest (ETF) | 0.1% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. FM |
Expenses vs. FM |
ALTAR Score™ vs. FM |
|---|---|---|---|---|
| VNAM | Global X MSCI Vietnam ETF | 29.1% | -30 bp | -2.9% |
| VNM | VanEck Vietnam ETF | 25.6% | -14 bp | -3.5% |
Risk and Returns: FM vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 4/25/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
FM
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
FM
9.5%
Cat. Avg
7.7%
Fund Category: Emerging Market Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 9.5% |
Recommendation
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
Category Overview
There are 163 funds in the Emerging Market Equities category, with an average ALTAR Score™
of 7.7% and a standard deviation of
3.8%. FM's ALTAR Score™ is approximately
0.5 standard deviations
above
the category average. This places FM in the 68th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
FM
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| FM | 80.0 | 10.1 | 90.1 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .