ETF Research Center

The iShares MSCI BRIC Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI BRIC Index. The index consists primarily of large cap stocks in Brazil, Russia, India and China.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Nov 16, 2007
Assets (mns)	$169
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	n/a
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	491
Wgt avg mkt cap (mns)	$114,446
Large cap (>$10bn)	78.6%
Mid cap ($2-10bn)	18.8%
Small cap (<$2bn)	1.0%
Developed mkts	14.4%
Emerging mkts	85.6%

TOP TEN HOLDINGS
Total	31.4 %
ALIBABA GROUP HOLDING LTD. SPONSOR	9.0 %
TENCENT HOLDINGS LTD	7.9 %
CHINA CONSTRUCTION BANK-H	2.6 %
PING AN INSURANCE GROUP CO-H	2.2 %
RELIANCE INDUSTRIES LTD	2.0 %
HOUSING DEVELOPMENT FINANCE	1.7 %
CHINA MOBILE LIMITED	1.7 %
IND & COMM BK OF CHINA - H	1.5 %
ITAU UNIBANCO HOLDING SA	1.4 %
SBERBANK	1.4 %

TOP COUNTRY EXPOSURE
	CHINA	51.1 %
	INDIA	16.6 %
	BRAZIL	14.0 %
	HONG KONG	9.9 %
	RUSSIA	7.7 %
	NETHERLANDS	0.1 %
	SINGAPORE	0.1 %

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.
13.5%	14.6%	4.4%	2.1%	-0.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.95	47%
MSCI EAFE	1.18	61%
MSCI Emg. Mkts.	1.11	88%

Technical Indicators
Recent close	$42.28
30d moving avg.	$42.25
Annualized volatility	16.8%
Short interest (ETF)	0.1%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	9
Turnover	0.2%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$20,455

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

BKF

Expense:

67 bp

ALTAR Score™:

8.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH BKF
Ticker	Fund Name	Overlap¹ vs BKF (%)	Expense ratio (bp)	Savings vs BKF (bp)	ALTAR Score™ (%)	ALTAR vs BKF (%)
MCHI	iShares MSCI China	60.7	59	8	9.5	+0.6
GXC	SPDR S&P China ETF	58.8	59	8	9.3	+0.5
FLCH	Franklin FTSE China	57.8	19	48	10.1	+1.2
CN	Xtrackers Harvest MSCI All China	54.6	50	17	9.7	+0.8
EEMA	iShares MSCI Emg Mkts Asia	54.4	50	17	8.7	-0.1
KALL	KraneShares MSCI China All Shares	54.3	49	18	9.2	+0.3
EEM	iShares MSCI Emerging Markets	50.7	67	0	8.6	-0.2
SCHE	Schwab Emerging Markets Equity	49.9	13	54	8.7	-0.1
GMF	SPDR S&P Emerging Asia Pacific	48.8	49	18	8.2	-0.7
WCHN	WisdomTree ICBCCS S&P China 500	48.7	55	12	9.2	+0.3
DBEM	Xtrackers MSCI Emg. Mkts. Hedged	46.6	65	2	8.5	-0.3
AAXJ	iShares MSCI Asia ex-Japan	46.3	67	0	8.3	-0.6
PXH	Invesco FTSE-RAFI Emerging Markets	46.1	50	17	12.5	+3.6
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity	46.0	20	47	8.3	-0.6
IEMG	iShares Core MSCI Emerging Markets	44.9	14	53	8.7	-0.2
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	44.7	30	37	8.6	-0.3
PBEE	Invesco PureBeta FTSE Emerging Markets	44.7	14	53	9.3	+0.4
VWO	Vanguard Emerging Markets	44.7	12	55	8.8	-0.1
FLAX	Franklin FTSE Asia Ex Japan	43.3	19	48	8.7	-0.1
JHEM	John Hancock Multifactor Emerging Markets	43.0	55	12	8.9	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%.

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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 MSCI BRIC
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	14.5	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	67	bp
Equals: ALTAR Score	8.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.37	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.