iShares MSCI Emerging Markets Value ETF (EVAL)

The iShares MSCI Emerging Markets Value ETF was an exchange-traded fund sponsored by BlackRock's iShares unit. It aimed to track an MSCI index of large and mid-sized emerging market companies with value characteristics, such as low prices relative to book value, earnings and dividends. Holdings were concentrated in sectors such as financials, energy and materials in countries including China, Brazil, South Korea, Taiwan and Russia.

The fund was launched as part of a pair of style-based emerging markets products, alongside a growth counterpart, giving investors a way to tilt toward value or growth within the asset class. It traded under the ticker EVAL. Despite a well-known index provider and sponsor, the fund never gathered much in assets, as most emerging markets money flowed into broad, low-cost funds instead.

In 2015 iShares reviewed its lineup and decided to close 18 small funds, including EVAL, its emerging markets growth sibling and several small-cap country and sector funds. The fund stopped accepting creation orders, its final day of trading was August 21, 2015, and it was liquidated on August 28, 2015, with remaining shareholders receiving cash equal to net asset value. Investors seeking value exposure to emerging markets can use broad emerging markets ETFs or factor-based alternatives that remain on the market.