ETF Research Center

The iShares S&P Asia 50 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Standard & Poor's Asia 50 Index. The index does not include Japanese stocks.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Nov 16, 2007
Assets (mns)	$1,245
Currency	USD
Expense ratio	50 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	51
Wgt avg mkt cap (mns)	$195,400
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	29.5%
Emerging mkts	70.5%

TOP TEN HOLDINGS
Total	60.3 %
TENCENT HOLDINGS LTD	13.9 %
SAMSUNG ELECTRONICS CO LTD	13.0 %
TAIWAN SEMICONDUCTOR MANUFAC	10.3 %
AIA GROUP LTD	6.3 %
CHINA CONSTRUCTION BANK-H	4.0 %
PING AN INSURANCE GROUP CO-H	3.2 %
IND & COMM BK OF CHINA - H	2.8 %
CHINA MOBILE LIMITED	2.4 %
MEITUAN DIANPING	2.3 %
HYNIX SEMICONDUCTOR INC	2.2 %

TOP COUNTRY EXPOSURE
	CHINA	31.4 %
	SOUTH KOREA	23.8 %
	HONG KONG	20.5 %
	TAIWAN	18.6 %
	SINGAPORE	5.6 %
	MACAU	0.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
22.1%	22.1%	9.4%	7.5%	4.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.05	55%
MSCI EAFE	1.35	75%
MSCI Emg. Mkts.	1.14	92%

Technical Indicators
Recent close	$66.56
30d moving avg.	$66.38
Annualized volatility	17.1%
Short interest (ETF)	0.3%
Relative strength (RSI)	64

Liquidity measures
Avg. volume (thou.)	35
Turnover	0.2%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$6,211

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares S&P Asia 50 ETF based on the alternatives' overlap in portfolio holdings with AIA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

AIA

Expense:

50 bp

ALTAR Score™:

8.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH AIA
Ticker	Fund Name	Overlap¹ vs AIA (%)	Expense ratio (bp)	Savings vs AIA (bp)	ALTAR Score™ (%)	ALTAR vs AIA (%)
2800-HK	Tracker Fund of Hong Kong	44.6	9	41	9.8	+1.1
AAXJ	iShares MSCI Asia ex-Japan	38.6	67	-17	7.7	-1.1
FLAX	Franklin FTSE Asia Ex Japan	38.4	19	31	8.2	-0.6
AXJL	WisdomTree Asia Pacific Ex-Japan	38.0	48	2	8.7	-0.1
FLCH	Franklin FTSE China	34.9	19	31	9.1	+0.3
EEMA	iShares MSCI Emg Mkts Asia	33.9	50	0	8.2	-0.5
MCHI	iShares MSCI China	32.3	59	-9	8.6	-0.1
FXI	iShares China Large-Cap	31.5	74	-24	13.4	+4.7
GXC	SPDR S&P China ETF	30.7	59	-9	8.6	-0.1
CHIL	Global X MSCI China Large-Cap 50	29.9	29	21	10.0	+1.2
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	29.2	30	20	8.1	-0.6
DVEM	WisdomTree Emerging Markets Dividend	27.6	32	18	10.8	+2.0
KEMX	KraneShares MSCI Emerging Markets EX China Index	27.3	49	1	8.3	-0.5
JHEM	John Hancock Multifactor Emerging Markets	26.9	55	-5	8.4	-0.4
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity	26.3	20	30	7.8	-1.0
XCEM	Columbia EM Core ex-China	25.9	16	34	7.4	-1.4
EEM	iShares MSCI Emerging Markets	25.7	67	-17	8.0	-0.8
XSOE	WisdomTree Emg Mkt ex-SOE	25.5	32	18	6.5	-2.3
RFEM	First Trust Riverfront Dynamic Emerging Markets	25.3	95	-45	9.7	+0.9
DBEM	Xtrackers MSCI Emg. Mkts. Hedged	25.3	65	-15	7.9	-0.8

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

	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

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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 S&P Asia 50
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	13.4	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	8.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.32	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.