Sticking with the same theme that we explored a few days ago when we highlighted EIS (iShares MSCI Israel Capped Investable Market Index) pertaining to ETFs that feature low P/E ratios, another ETF based in the eastern hemisphere has caught our attention.

TUR (iShares MSCI Turkey Investable Market Index) sports a P/E ratio of 8.11 and has grown to nearly $600 million in assets under management since its inception back in early 2008. The ETF remains the “only game in town” as far as providing investment exposure to the country of Turkey, and TUR has rallied an impressive 44.41% year to date, trading at its highest levels since early last summer when global equity markets began to stagger.

However, the fund, closing at $59.41 yesterday still remains well off its late fall high of $75.47 that was reached at the end of 2010, suggesting that there still may be some room to run for bulls investing in this particular region of the world. The fund is heavy the Financial sector (41.61% of the index), with heavier weightings in Industrials and Consumer Staples as well, as 15.26% and 12.68% respectively.

Currently, 97 individual equities make up the underlying index basket, with top holdings being Turkiye Garanti Bankasi (13.23%), Akbank TAS (9.76%), and Turkiye Is Bankasi Class C (6.78%).

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