ETF Research Center

The iShares MSCI All Country Asia ex Japan Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country Asia ex Japan Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Aug 15, 2008
Assets (mns)	$3,642
Currency	USD
Expense ratio	68 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1098
Wgt avg mkt cap (mns)	$124,228
Large cap (>$10bn)	76.5%
Mid cap ($2-10bn)	22.0%
Small cap (<$2bn)	1.2%
Developed mkts	21.3%
Emerging mkts	78.7%

TOP TEN HOLDINGS
Total	30.6 %
ALIBABA GROUP HOLDING LTD. SPONSOR	6.9 %
TENCENT HOLDINGS LTD	5.7 %
TAIWAN SEMICONDUCTOR MANUFAC	5.1 %
SAMSUNG ELECTRONICS CO LTD	4.5 %
AIA GROUP LTD	2.4 %
CHINA CONSTRUCTION BANK-H	1.5 %
PING AN INSURANCE GROUP CO-H	1.3 %
RELIANCE INDUSTRIES LTD	1.1 %
HOUSING DEVELOPMENT FINANCE	1.1 %
CHINA MOBILE LIMITED	1.0 %

TOP COUNTRY EXPOSURE
	CHINA	35.1 %
	HONG KONG	14.7 %
	TAIWAN	13.6 %
	SOUTH KOREA	13.6 %
	INDIA	10.4 %
	SINGAPORE	3.5 %
	THAILAND	2.7 %
	INDONESIA	2.2 %
	MALAYSIA	2.1 %
	PHILIPPINES	1.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-6.3%	1.7%	4.2%	4.8%	4.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.96	56%
MSCI EAFE	1.22	75%
MSCI Emg. Mkts.	1.04	93%

Technical Indicators
Recent close	$68.98
30d moving avg.	$72.97
Annualized volatility	15.6%
Short interest (ETF)	2.0%
Relative strength (RSI)	45

Liquidity measures
Avg. volume (thou.)	1,166
Turnover	2.2%
Bid/Ask (% of price)	0.01%
ADV underlying (mns)	$49,604

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares MSCI All Country Asia ex Japan ETF ETF based on the alternatives' overlap in portfolio holdings with AAXJ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

AAXJ

Expense:

68 bp

ALTAR Score™:

7.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH AAXJ
Ticker	Fund Name	Overlap¹ vs AAXJ (%)	Expense ratio (bp)	Savings vs AAXJ (bp)	ALTAR Score™ (%)	ALTAR vs AAXJ (%)
FLAX	Franklin FTSE Asia Ex Japan ETF	91.5	19	49	8.3	+0.5
EEMA	iShares MSCI Emerging Markets Asia ETF	84.0	50	18	8.3	+0.5
EEM	iShares MSCI Emerging Markets ETF	73.3	68	0	8.1	+0.3
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	68.7	65	3	8.1	+0.3
IEMG	iShares Core MSCI Emerging Markets ETF	65.7	14	54	8.5	+0.7
SCHE	Schwab Emerging Markets Equity ETF	64.6	13	55	8.2	+0.4
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	63.0	30	38	8.1	+0.3
JHEM	John Hancock Multifactor Emerging Markets ETF	61.8	55	13	8.8	+1.0
GMF	SPDR S&P Emerging Asia Pacific ETF	56.3	49	19	7.7	-0.1
VWO	Vanguard FTSE Emerging Markets ETF	56.2	10	58	8.3	+0.5
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	55.0	32	36	6.8	-1.0
PBEE	Invesco PureBeta FTSE Emerging Markets ETF	55.0	14	54	8.9	+1.1
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	51.8	45	23	8.9	+1.1
BKF	iShares MSCI BRIC ETF	49.8	69	-1	8.2	+0.4
ESGE	iShares ESG MSCI EM ETF	47.4	25	43	8.6	+0.8
SPEM	SPDR Portfolio Emerging Markets ETF	47.2	11	57	8.3	+0.5
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	44.9	59	9	13.2	+5.4
DVEM	WisdomTree Emerging Markets Dividend Fund	44.7	32	36	11.5	+3.7
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	43.8	20	48	7.6	-0.2
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	43.3	30	38	8.9	+1.1

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	iShares MSCI All Country Asia ex Japan ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.6	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	68	bp
Equals: ALTAR Score	7.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.38	CATEGORY AVERAGE	1.48

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.