ETF Research Center

iShares MSCI Emerging Markets Minimum Volatility Index Fund is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the MSCI Emerging Markets Minimum Volatility Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Oct 20, 2011
Assets (mns)	$5,556
Currency	USD
Expense ratio	25 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Multi-Factor
Index replication	n/a
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	335
Wgt avg mkt cap (mns)	$34,761
Large cap (>$10bn)	55.9%
Mid cap ($2-10bn)	42.0%
Small cap (<$2bn)	1.8%
Developed mkts	8.8%
Emerging mkts	87.2%

TOP TEN HOLDINGS
Total	14.8 %
BANK CENTRAL ASIA PT	1.7 %
TAIWAN COOPERATIVE FINANCIAL	1.6 %
GUANGDONG INVESTMENT LTD	1.6 %
FIRST FINANCIAL HOLDING CO	1.6 %
CHUNGHWA TELECOM CO., LTD	1.5 %
TAIWAN MOBILE CO. LTD.	1.5 %
FAR EASTONE TELECOMMUNICATIONS CO.	1.4 %
CHINA MOBILE LIMITED	1.3 %
ALIBABA GROUP HOLDING LTD. SPONSOR	1.3 %
AIRPORTS OF THAILAND PC-NVDR	1.2 %

TOP COUNTRY EXPOSURE
	CHINA	19.2 %
	TAIWAN	16.0 %
	INDIA	8.8 %
	THAILAND	7.8 %
	HONG KONG	7.1 %
	SOUTH KOREA	7.0 %
	MALAYSIA	5.9 %
	SAUDI ARABIA	3.9 %
	INDONESIA	3.7 %
	PHILIPPINES	3.3 %

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.
5.6%	8.9%	1.7%	--	3.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.55	36%
MSCI EAFE	0.76	59%
MSCI Emg. Mkts.	0.72	86%

Technical Indicators
Recent close	$58.06
30d moving avg.	$58.47
Annualized volatility	11.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	56

Liquidity measures
Avg. volume (thou.)	355
Turnover	0.4%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$12,239

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EEMV

Expense:

25 bp

ALTAR Score™:

8.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EEMV
Ticker	Fund Name	Overlap¹ vs EEMV (%)	Expense ratio (bp)	Savings vs EEMV (bp)	ALTAR Score™ (%)	ALTAR vs EEMV (%)
QEMM	SPDR MSCI Emerging Markets Quality Mix	47.3	30	-5	9.3	+0.4
EELV	Invesco S&P Emg Mkts Low Volatility	37.1	29	-4	10.2	+1.3
QLVE	FlexShares Emerging Markets Quality Low Volatility	35.1	40	-15	8.4	-0.5
GEM	Goldman Sachs ActiveBeta Emg Mkts Equity	33.9	45	-20	9.2	+0.3
EEMA	iShares MSCI Emg Mkts Asia	30.4	50	-25	8.8	-0.2
EEM	iShares MSCI Emerging Markets	30.2	67	-42	8.6	-0.3
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	29.7	30	-5	8.6	-0.3
JHEM	John Hancock Multifactor Emerging Markets	29.0	55	-30	8.9	-0.1
DBEM	Xtrackers MSCI Emg. Mkts. Hedged	29.0	65	-40	8.5	-0.4
JPEM	JPMorgan Diversified Rtn Emg Mkt Equity	28.1	45	-20	8.8	-0.1
IEMG	iShares Core MSCI Emerging Markets	28.0	14	11	8.7	-0.3
SCHE	Schwab Emerging Markets Equity	27.9	13	12	8.7	-0.2
FDEM	Fidelity Targeted Emerging Markets Factor	27.0	45	-20	8.8	-0.1
AAXJ	iShares MSCI Asia ex-Japan	27.0	67	-42	8.3	-0.6
FLAX	Franklin FTSE Asia Ex Japan	25.8	19	6	8.7	-0.2
CEZ	Victory CEMP Emerging Market Volatility Weighted	25.7	50	-25	9.2	+0.2
DVEM	WisdomTree Emerging Markets Dividend	25.0	32	-7	11.3	+2.4
ESGE	iShares MSCI EM ESG Optimized	24.9	25	0	9.4	+0.4
MXDE	Nationwide Maximum Diversification Emg Mkts Core	24.7	64	-39	5.5	-3.5
EMMF	WisdomTree Emerging Markets Multifactor Fund	24.4	48	-23	10.1	+1.1

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 Emerg Mkt Minimum Volatility
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	13.2	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	8.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	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.