ETF Research Center

iShares MSCI Finland Capped Investable Market 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, before fees and expenses, of the MSCI Finland IMI 25/50 Index.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Jan 26, 2012
Assets (mns)	$26
Currency	USD
Expense ratio	53 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	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	38
Wgt avg mkt cap (mns)	$13,673
Large cap (>$10bn)	51.7%
Mid cap ($2-10bn)	37.4%
Small cap (<$2bn)	10.8%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	66.7 %
KONE OYJ-B	11.4 %
NOKIA OYJ	11.1 %
SAMPO OYJ-A SHS	9.7 %
UPM-KYMMENE OYJ	9.2 %
STORA ENSO OYJ-R SHS	5.3 %
ELISA OYJ CLASS A	4.7 %
NESTE OIL OYJ	4.5 %
FORTUM OYJ	4.4 %
HUHTAMAKI OYJ	3.3 %
ORION OYJ CLASS B	3.2 %

TOP COUNTRY EXPOSURE
	FINLAND	99.7 %

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.
8.5%	3.5%	5.6%	--	8.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.60	32%
MSCI EAFE	0.93	65%
MSCI Emg. Mkts.	0.61	46%

Technical Indicators
Recent close	$37.04
30d moving avg.	$37.04
Annualized volatility	12.8%
Short interest (ETF)	0.0%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	9
Turnover	1.3%
Bid/Ask (% of price)	0.41%
ADV underlying (mns)	$460

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EFNL

Expense:

53 bp

ALTAR Score™:

6.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EFNL
Ticker	Fund Name	Overlap¹ vs EFNL (%)	Expense ratio (bp)	Savings vs EFNL (bp)	ALTAR Score™ (%)	ALTAR vs EFNL (%)
GXF	Global X FTSE Nordic 30	14.5	58	-5	5.2	-1.5
CUT	Invesco Timber	12.4	55	-2	7.2	+0.6
WOOD	iShares S&P Global Timber	9.6	46	7	6.8	+0.2
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	8.9	58	-5	7.5	+0.8
DFE	WisdomTree Europe Small Cap Dividend	5.9	58	-5	9.3	+2.6
IDOG	ALPS International Sector Dividend Dogs	5.5	50	3	7.4	+0.8
SMEZ	SPDR Euro Stoxx Small Cap	5.5	46	7	5.4	-1.2
FTRI	First Trust ISE Global Natural Resources Income	5.2	70	-17	10.0	+3.4
GNR	SPDR S&P Global Nat. Resources	4.7	40	13	6.6	-0.1
CRAK	VanEck Vectors Oil Refiners	4.5	60	-7	12.7	+6.1
PIZ	Invesco DWA Dev. Mkts. Technical Leaders	4.4	80	-27	4.2	-2.4
NLR	VanEck Vectors Nuclear Energy	4.4	60	-7	10.0	+3.3
FEUZ	First Trust Eurozone AlphaDex	4.1	80	-27	7.1	+0.4
EUDG	WisdomTree Europe Dividend	3.9	58	-5	6.5	-0.2
GRES	Index IQ Global Resources	3.9	77	-24	6.2	-0.5
EFAS	Global X MSCI SuperDividend EAFE	3.9	55	-2	8.5	+1.8
IQDE	FlexShares Int'l Quality Dividend Defensive	3.8	47	6	9.8	+3.2
JPEU	JPMorgan Diversified Return Europe Equity	3.8	37	16	6.7	+0.1
SCID	Global X Scientific Beta Europe	3.7	38	15	6.5	-0.1
CID	Victory CEMP International High Div Volatility Wtd	3.6	45	8	9.0	+2.4

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 Finland Capped
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	13.2	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	53	bp
Equals: ALTAR Score	6.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.81	CATEGORY AVERAGE	1.63

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.