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iShares MSCI South Africa ETF
EZAFinancial ServicesAMEXUS
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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.
Most emerging market ETFs spread their bets across dozens of countries. iShares MSCI South Africa ETF (NYSEARCA:EZA) does the opposite: it puts everything on one country, one currency, and a handful of sectors that together tell a very specific economic story. What This ETF Is Actually Built to Do EZA is a single-country equity ETF... EZA's 112% Decade Return Comes With Rand Risk Most Investors Overlook.
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.
