iShares MSCI South Africa ETF

EZA

시가총액 US$4.77억

The iShares MSCI South Africa ETF faces macro headwinds from global reflation - unfavorable yield curve dynamics for the financial exposure and commodity price pressures for others. EZA's portfolio is heavily exposed to gold, banking, and PGMs, all of which are challenged by current rate and inflation trends. Naspers provides some value appeal through its value, but higher rates threaten its portfolio valuations.

South Africa's government said on ‌Tuesday that it would lower its fuel levy for two more months to the end of ​June, cushioning the impact of the ​Iran war by stopping domestic fuel prices ⁠from rising even further.

CNBC's Dan Murphy delves into the Middle East's investment flows and provide insights on the global energy hub and the vast amounts of capital originating from the region on Access Middle East (12:00 – 13:00 SIN/HK). Please note this livestream is only available in Europe and India.

Gold is up nearly 50% over the past year, platinum group metals are tightening on mine supply constraints, and the world's energy transition is creating demand for minerals that sit overwhelmingly under African soil.

The iShares MSCI South Africa ETF offers high-beta exposure to metals and financials but is extremely concentrated and cyclical. EZA trades at a discounted 13.7x TTM P/E due to geopolitical risk, macro instability, and commodity cycle uncertainty. Dividend yield near 5% provides some cushioning but is insufficient if commodity prices or the rand weaken materially.

The iShares MSCI South Africa ETF remains a "Buy" as gold rebounds and valuation stays compelling at a 10-11x P/E. The ETF's 45% Materials weighting and top holdings in gold miners make gold price action critical for EZA's outlook. Despite a 24% recent drawdown, EZA sits at its 200-day moving average with a bullish long-term trend and potential double-bottom support.

EWY, GREK, EZA, EWP and EPOL surged in 2025 as international ETFs beat U.S. peers, due to cheaper valuations, policy stimulus and diversified market exposure.

It's been a turbulent past couple of weeks, but the S&P 500 is poised to finish the year with some historically decent gains intact.

The iShares MSCI South Africa ETF has delivered stellar returns of 60% in 2025, which is double the returns of EMs, and triple the returns of global stocks. EZA offers high dividend yields and exposure to income-oriented sectors such as materials and financials but suffers from high volatility and significant tracking error of its index. EZA's top holding-Naspers which has a hefty weight of 14%, doesn't necessarily have strong enough ties with South Africa.

Now in the home stretch of Q3, international stocks have had a banner year in 2025. Whereas the United States' S&P 500 is currently up 12.7% year to date, the MSCI All World Ex. US ETFs have gained well over 24% in that same span. Italy (EWI) is up over 45% on a year to date basis. That puts it on pace for the ETF's largest annual gain on record (it began trading in March 1996) if it holds.