EMDI Fund Description

The iShares MSCI Emerging Markets Consumer Discretionary Sector ETF tracks a market-cap-weighted index of consumer discretionary stocks in emerging countries.

EMDI ETF.com Insight

EMDI offers an interesting take on consumer cyclical emerging markets but suffers from a lack of investor interest. The fund counts South Korea as an emerging market, while we consider itdespite its fee, EMDI has gathered almost no assets to be a developed country. This distinction has a material impact: Korea makes up about 1/3 of the fund's country weight exposure. Korean car-maker Hyundai dominates the top holdings and auto names represent about 40% of the portfolio, an overweight to our benchmark. Many of these firms are larger than those in our benchmark index, highlighting South Korea’s outsized stature. Investors have been cool to the fund's portfolio, despite its low expenses—EMDI has gathered almost no assets since its February 2012 launch and trades very poorly. We see fund high closure risk. (Insight updated 09/16/2014)

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 10/22/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
EMDI -5.75% -10.07% -3.72% -8.80% -- -- --
EMDI (NAV) -5.22% -10.24% -2.16% -5.64% -- -- --
MSCI Emerging Markets Consumer Discretionary Index -5.14% -10.04% -1.33% -4.88% -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

EMDI Top 10 Countries View All

EMDI Top 10 Sectors View All

EMDI Top 10 Holdings View All

EMDI Summary Data

BlackRock

A company that produces and manages ETFs.

02/08/12

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.67%

The net total annual fee a fund holder pays to the issuer.

$5.35 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$200.48 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.78%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

EMDI Portfolio Data

$17.74 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

13.27

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

1.85

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

0.55%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

12/17/14

The date on which a security's price excludes an upcoming dividend.

86

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

EMDI Index Data

MSCI Emerging Markets
Consumer Discretionary Index

This is the benchmark an ETF is desigend to track or replicate.

Market Cap

A set of rules that the underlying index provider follows to weight its constituent securities.

Market Cap

A set of rules that the underlying index provider follows to select its constituent securities.

Thomson Reuters Global
Emerging Markets Cyclicals

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to EMDI

ECON, EMCG

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

EMDI ETF.com Efficiency Insight

EMDI competes on expense ratio: Its 68 bp fee is much less than that of its largest peer. It tracks its index better than ECON too. Still, the fund has yet to attract a viable asset base since its February 2012 launch. We see considerable closure risk here, especially given closure of sister funds EMFN and EMMT. (Insight updated 09/16/2014)

Total Return - 10/22/2014
  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 10/22/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
EMDI -5.75% -10.07% -3.72% -8.80% -- -- --
EMDI (NAV) -5.22% -10.24% -2.16% -5.64% -- -- --
MSCI Emerging Markets Consumer Discretionary Index -5.14% -10.04% -1.33% -4.88% -- -- --
Thomson Reuters Global Emerging Markets Cyclicals -3.30% -3.10% 10.20% 4.35% 6.38% 6.99% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

EMDI Portfolio Management

0.67%

The net annual fee a fund holder pays to the issuer.

-0.76%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

-0.40%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-0.90%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

EMDI Tax Exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

0.00%

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

Qualified dividends

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

EMDI Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Yes

An indicator of whether or not a fund actively lends its portfolio holdings.

75% / 25%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

High

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

EMDI ETF.com Tradability Insight

EMDI launched in February 2012 and hasn't found any traction with investors. Small investors face huge spreads (1%+), but low volume is even more troubling. The fund commonly goes days without trading at all, so limit orders around iNAV are a must here. Those trading in size should fare better if working with liquidity providers, but—as with peer funds—may experience price impact from creates and redeems. (Insight updated 09/16/2014)



Average Spread
Premium/Discount
Volume

EMDI ETF.com/ Block LiquidityAs of 10/23/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of EMDI. EMDI is rated a 3 out of 5.

EMDI Tradability

3,416

It is the daily number of shares traded, averaged over the past 45 trading days.

$200.48 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

733

Median number of shares traded over the past 45 trading days.

$40.45 K

Median dollar value of shares traded over the past 45 trading days.

0.78%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.46

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

-0.07%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

3.89% / -3.60%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

14.50%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

0.01

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.13%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

0.49%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

--

The total number of net outstanding options contracts for an ETF.

$53.54

The total market value of the assets that an ETF holds less fund expenses.

3

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

EMDI ETF.com Fit Insight

EMDI's inclusion of South Korea as an emerging economy makes its exposure quite different from that of our benchmark. Korea takes nearly 1/3 of the fund's country allocation, whereas our benchmark doesn't include it at all. The auto industry in particular looms large here, making up roughly 1/3rd of EMDI's exposure, with Hyundai and KIA alone accounting for about 20% of the basket. The fund tilts larger than our benchmark too, consistent with Korea's borderline development status. (Insight updated 09/16/2014)

EMDI Geographic ExposureView All

EMDI Segment Benchmark
-- 28.81%

6.89% 20.19%

5.36% 10.09%

3.92% 6.45%

13.06% 5.54%

22.60% 5.37%

6.55% 5.14%

6.59% 4.08%

20.74% 9.05%

EMDI Segment Benchmark
65.60% 62.23%

7.99% 20.19%

19.60% 14.05%

6.82% 3.54%

14.68% / 85.32% 37.33% / 62.67%

EMDI Performance Statistics

0.57

The degree to which the fund and its segment benchmark move up and down in unison.

1.04

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

0.92

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.21

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.60%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

Thomson Reuters Global
Emerging Markets Cyclicals

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

EMDI Benchmark Comparison

EMDI
86 Holdings
Segment Benchmark
428 Constituents
Shared Holdings
52 (Count)
 
42.67% (Weight)
EMDISegment Benchmark
$9.15 B$17.74 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

30%48%
36%46%
24%6%
11%0%
17.3813.27

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

2.411.85

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

1.80%1.41%

The weighted average of the current yield on the portfolio’s holdings.

42886

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

LowMedium

The level of return contribution attributable to the average portfolio constituent.