Investors still appear leery of Turkish equities and TUR. While the ETF was soaring last month, it lost almost $14.2 million in assets while fellow fragile ETFs the iShares MSCI Brazil Capped ETF (NYSEArca: EWZ) and the iShares MSCI South Africa ETF (NYSEArca: EZA) added $343.1 million and $6.6 million in new assets, respectively.
The good news is that some Turkish stocks on slightly discounted relative to broader emerging markets gauges on a price-to-book basis. The price-to-book ratio for the Borsa Istanbul Banking Index this month fell to a seven-month low of 1.10, compared with a low of 1.23 for the MSCI Emerging Market Financial Index, according to Bloomberg. Financials account for 46.1% of TUR’s weight, three and a half times the allocation devoted to consumer staples, the ETF’s second-largest sector weight. [Turkey ETF Looks for More Upside]
iShares MSCI Turkey ETF
ETF Trends editorial team contributed to this post.