BlackRock is overweight Turkish banks, which fell below book value for the first time in five years in December, according to Bloomberg. The $535.6 million TUR allocates 45.1% of its weight to the financial services sector, more than triple the weight the ETF devotes to any other sector, according to iShares data.

TUR’s P/E ratio of 11.1 is well below the comparable ratio on EZU and the S&P 500. In the six-year period ending 2013, TUR outperformed EEM in four of those years.

iShares MSCI Turkey ETF (NYSEArca: TUR)

Tom Lydon’s clients own shares of EEM and IWM.