ETF Research Center

iShares MSCI Emerging Markets Asia ETF is an exchange-traded fund incorporated in the USA. The ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Asia Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	BlackRock Funds/USA
Website	www.ishares.com
Inception date	Feb 09, 2012
Assets (mns)	$452
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	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	900
Wgt avg mkt cap (mns)	$119,496
Large cap (>$10bn)	75.0%
Mid cap ($2-10bn)	23.2%
Small cap (<$2bn)	1.8%
Developed mkts	9.8%
Emerging mkts	90.3%

TOP TEN HOLDINGS
Total	31.2 %
ALIBABA GROUP HOLDING LTD. SPONSOR	7.1 %
TENCENT HOLDINGS LTD	5.6 %
TAIWAN SEMICONDUCTOR MANUFAC	5.4 %
SAMSUNG ELECTRONICS CO LTD	4.6 %
CHINA CONSTRUCTION BANK-H	1.9 %
PING AN INSURANCE GROUP CO-H	1.6 %
RELIANCE INDUSTRIES LTD	1.5 %
HOUSING DEVELOPMENT FINANCE	1.3 %
CHINA MOBILE LIMITED	1.2 %
IND & COMM BK OF CHINA - H	1.1 %

TOP COUNTRY EXPOSURE
	CHINA	37.6 %
	TAIWAN	16.2 %
	SOUTH KOREA	16.0 %
	INDIA	12.3 %
	HONG KONG	6.7 %
	THAILAND	3.7 %
	INDONESIA	2.9 %
	MALAYSIA	2.7 %
	PHILIPPINES	1.5 %
	SINGAPORE	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
10.3%	6.3%	4.3%	--	4.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.95	55%
MSCI EAFE	1.17	69%
MSCI Emg. Mkts.	1.06	91%

Technical Indicators
Recent close	$67.49
30d moving avg.	$67.33
Annualized volatility	15.5%
Short interest (ETF)	0.3%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	14
Turnover	0.2%
Bid/Ask (% of price)	0.16%
ADV underlying (mns)	$27,260

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EEMA

Expense:

50 bp

ALTAR Score™:

8.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EEMA
Ticker	Fund Name	Overlap¹ vs EEMA (%)	Expense ratio (bp)	Savings vs EEMA (bp)	ALTAR Score™ (%)	ALTAR vs EEMA (%)
AAXJ	iShares MSCI Asia ex-Japan	83.2	67	-17	8.1	-0.5
FLAX	Franklin FTSE Asia Ex Japan	79.3	19	31	8.6	-0.0
EEM	iShares MSCI Emerging Markets	71.3	67	-17	8.4	-0.2
DBEM	Xtrackers MSCI Emg. Mkts. Hedged	67.1	65	-15	8.3	-0.3
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	66.5	30	20	8.4	-0.2
JHEM	John Hancock Multifactor Emerging Markets	66.3	55	-5	8.7	+0.1
SCHE	Schwab Emerging Markets Equity	63.8	13	37	8.6	-0.1
IEMG	iShares Core MSCI Emerging Markets	63.7	14	36	8.6	-0.1
GMF	SPDR S&P Emerging Asia Pacific	60.8	49	1	8.0	-0.6
XSOE	WisdomTree Emg Mkt ex-SOE	59.9	32	18	6.8	-1.8
BKF	iShares MSCI BRIC	55.7	67	-17	8.6	-0.1
PBEE	Invesco PureBeta FTSE Emerging Markets	54.8	14	36	9.2	+0.6
GEM	Goldman Sachs ActiveBeta Emg Mkts Equity	53.7	45	5	9.0	+0.3
VWO	Vanguard Emerging Markets	53.2	12	38	8.5	-0.1
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity	50.6	20	30	8.0	-0.7
DVEM	WisdomTree Emerging Markets Dividend	50.2	32	18	11.2	+2.6
ESGE	iShares MSCI EM ESG Optimized	49.2	25	25	9.2	+0.6
SPEM	SPDR Portfolio Emerging Markets	47.4	11	39	8.4	-0.3
QEMM	SPDR MSCI Emerging Markets Quality Mix	46.1	30	20	9.0	+0.4
TLTE	FlexShares Mngstr Emerging Markets Factor Tilt	45.2	59	-9	10.4	+1.8

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 MSCI Emg Mkts Asia
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	12.6	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	8.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.39	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.