ETF Research Center

iShares MSCI Emerging Markets Small Cap Index Fund is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond generally to the price and yield performance of the MSCI Emerging Markets Small Cap Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Aug 18, 2011
Assets (mns)	$206
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	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1273
Wgt avg mkt cap (mns)	$1,217
Large cap (>$10bn)	0.8%
Mid cap ($2-10bn)	18.6%
Small cap (<$2bn)	77.9%
Developed mkts	8.4%
Emerging mkts	89.0%

TOP TEN HOLDINGS
Total	3.6 %
AZUL SA PFD REGISTERED SHS	0.6 %
ESTACIO PARTICIPACOES SA	0.4 %
TOTVS SA	0.4 %
SILERGY CORP.	0.4 %
GRUPO AEROPORTUARIO DEL CENT	0.4 %
MACRONIX INTERNATIONAL	0.3 %
BRADESPAR SA -PREF	0.3 %
QUALICORP SA	0.3 %
CYRELA BRAZIL REALTY	0.3 %
ZAI LAB LTD. UNSPONSORED ADR	0.3 %

TOP COUNTRY EXPOSURE
	TAIWAN	17.7 %
	SOUTH KOREA	12.0 %
	INDIA	11.5 %
	BRAZIL	8.5 %
	CHINA	5.8 %
	SOUTH AFRICA	4.1 %
	HONG KONG	4.0 %
	THAILAND	3.4 %
	MALAYSIA	2.8 %
	MEXICO	2.6 %

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.
11.1%	11.1%	2.7%	--	1.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.76	44%
MSCI EAFE	0.98	60%
MSCI Emg. Mkts.	0.89	86%

Technical Indicators
Recent close	$45.76
30d moving avg.	$44.95
Annualized volatility	13.9%
Short interest (ETF)	0.2%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	22
Turnover	0.5%
Bid/Ask (% of price)	0.64%
ADV underlying (mns)	$4,272

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EEMS

Expense:

67 bp

ALTAR Score™:

6.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EEMS
Ticker	Fund Name	Overlap¹ vs EEMS (%)	Expense ratio (bp)	Savings vs EEMS (bp)	ALTAR Score™ (%)	ALTAR vs EEMS (%)
EWX	SPDR S&P Emerging Markets Small Cap	46.3	65	2	7.4	+0.9
DGS	WisdomTree Emg. Mkts. Small Cap Dividend	33.5	63	4	11.5	+5.0
TLTE	FlexShares Mngstr Emerging Markets Factor Tilt	14.9	59	8	12.3	+5.8
VSS	Vanguard FTSE All World ex-US Small Cap	14.3	12	55	6.2	-0.3
FEMS	First Trust Emerging Markets Small Cap	12.5	80	-13	9.4	+2.9
AVEM	Avantis Emerging Markets Equity	12.0	33	34	7.8	+1.3
SMIN	iShares MSCI India Small Cap	11.5	77	-10	4.4	-2.1
ECNS	iShares MSCI China Small Cap	9.8	59	8	8.5	+2.0
IEMG	iShares Core MSCI Emerging Markets	8.8	14	53	8.1	+1.6
EWZS	iShares MSCI Brazil Small-Cap	8.5	59	8	3.8	-2.7
DEM	WisdomTree Emerg Mkts High Yield Equity	8.4	63	4	11.5	+5.0
HAO	Invesco China Small Cap ETF	7.5	75	-8	10.1	+3.6
EPI	WisdomTree India Earnings	6.9	85	-18	9.3	+2.8
VWO	Vanguard Emerging Markets	6.8	12	55	8.1	+1.6
CEZ	Victory CEMP Emerging Market Volatility Weighted	6.5	50	17	8.7	+2.2
GWX	SPDR International SmallCap	6.2	40	27	4.5	-2.0
DVEM	WisdomTree Emerging Markets Dividend	6.1	32	35	10.6	+4.1
BRF	VanEck Vectors Brazil Small Cap	6.0	60	7	6.8	+0.3
MXDE	Nationwide Maximum Diversification Emg Mkts Core	5.9	64	3	5.1	-1.4
ROAM	Hartford Multifactor Emerging Markets	4.9	44	23	10.7	+4.2

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 Emerging Market Small Cap
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	7.9	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	67	bp
Equals: ALTAR Score	6.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	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.