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)	$3,936
Currency	USD
Expense ratio	67 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	879
Wgt avg mkt cap (mns)	$101,913
Large cap (>$10bn)	76.1%
Mid cap ($2-10bn)	22.3%
Small cap (<$2bn)	1.4%
Developed mkts	22.8%
Emerging mkts	77.2%

TOP TEN HOLDINGS
Total	28.7 %
ALIBABA GROUP HOLDING LTD. SPONSOR	5.5 %
TAIWAN SEMICONDUCTOR MANUFAC	5.2 %
TENCENT HOLDINGS LTD	4.8 %
SAMSUNG ELECTRONICS CO LTD	4.6 %
AIA GROUP LTD	2.5 %
CHINA CONSTRUCTION BANK-H	1.6 %
PING AN INSURANCE GROUP CO-H	1.3 %
RELIANCE INDUSTRIES LTD	1.2 %
HOUSING DEVELOPMENT FINANCE	1.1 %
CHINA MOBILE LIMITED	1.0 %

TOP COUNTRY EXPOSURE
	CHINA	31.4 %
	HONG KONG	15.4 %
	SOUTH KOREA	14.7 %
	TAIWAN	14.1 %
	INDIA	10.1 %
	SINGAPORE	3.8 %
	THAILAND	3.2 %
	INDONESIA	2.3 %
	MALAYSIA	2.3 %
	PHILIPPINES	1.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
9.7%	12.3%	4.0%	5.1%	4.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.91	50%
MSCI EAFE	1.15	69%
MSCI Emg. Mkts.	1.04	91%

Technical Indicators
Recent close	$70.03
30d moving avg.	$69.56
Annualized volatility	15.5%
Short interest (ETF)	3.9%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	919
Turnover	1.6%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$26,071

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares MSCI Asia ex-Japan 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:

67 bp

ALTAR Score™:

8.3%

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	90.3	19	48	8.7	+0.4
EEMA	iShares MSCI Emg Mkts Asia	84.3	50	17	8.7	+0.5
EEM	iShares MSCI Emerging Markets	72.1	67	0	8.6	+0.3
DBEM	Xtrackers MSCI Emg. Mkts. Hedged	68.1	65	2	8.5	+0.2
IEMG	iShares Core MSCI Emerging Markets	64.2	14	53	8.7	+0.4
SCHE	Schwab Emerging Markets Equity	62.5	13	54	8.7	+0.5
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	62.0	30	37	8.6	+0.3
JHEM	John Hancock Multifactor Emerging Markets	60.8	55	12	8.9	+0.6
XSOE	WisdomTree Emg Mkt ex-SOE	53.8	32	35	7.0	-1.3
PBEE	Invesco PureBeta FTSE Emerging Markets	53.5	14	53	9.3	+1.0
GMF	SPDR S&P Emerging Asia Pacific	53.3	49	18	8.2	-0.1
VWO	Vanguard Emerging Markets	52.1	12	55	8.8	+0.5
GEM	Goldman Sachs ActiveBeta Emg Mkts Equity	50.5	45	22	9.2	+1.0
ESGE	iShares MSCI EM ESG Optimized	46.4	25	42	9.4	+1.1
BKF	iShares MSCI BRIC	46.3	67	0	8.9	+0.6
DVEM	WisdomTree Emerging Markets Dividend	46.1	32	35	11.3	+3.0
TLTE	FlexShares Mngstr Emerging Markets Factor Tilt	45.5	59	8	10.6	+2.3
SPEM	SPDR Portfolio Emerging Markets	45.2	11	56	8.5	+0.2
QEMM	SPDR MSCI Emerging Markets Quality Mix	45.0	30	37	9.3	+1.1
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity	43.2	20	47	8.3	0.0

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%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
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

Content on this tab for subscribers only

VALUATION METRICS

	2018	2019E	2020E
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 Asia ex-Japan
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	11.9	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	67	bp
Equals: ALTAR Score	8.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.40	CATEGORY AVERAGE	1.49

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.