ETF Research Center

iShares MSCI Israel Capped Investable Market Index Fund seeks investment results that correspond to the performance of the MSCI Israel Capped Investable Market Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Mar 28, 2008
Assets (mns)	$120
Currency	USD
Expense ratio	59 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	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	73
Wgt avg mkt cap (mns)	$7,016
Large cap (>$10bn)	27.9%
Mid cap ($2-10bn)	49.1%
Small cap (<$2bn)	23.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	60.4 %
CHECK POINT SOFTWARE TECH	11.1 %
BANK LEUMI LE-ISRAEL	8.7 %
TEVA PHARMACEUTICAL-SP ADR	7.7 %
BANK HAPOALIM BM	7.3 %
NICE SYSTEMS LTD	7.3 %
ISRAEL DISCOUNT BANK-A	4.5 %
WIX.COM LTD	4.2 %
ELBIT SYSTEMS LTD	3.4 %
CYBERARK SOFTWARE LTD.	3.2 %
MIZRAHI TEFAHOT BANK LTD	3.1 %

TOP COUNTRY EXPOSURE
	ISRAEL	96.9 %
	UNITED STATES	0.2 %

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.
15.7%	7.3%	4.4%	3.5%	3.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.11	70%
MSCI EAFE	0.93	42%
MSCI Emg. Mkts.	0.64	32%

Technical Indicators
Recent close	$57.36
30d moving avg.	$55.60
Annualized volatility	16.0%
Short interest (ETF)	0.1%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	12
Turnover	0.6%
Bid/Ask (% of price)	0.36%
ADV underlying (mns)	$302

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EIS

Expense:

59 bp

ALTAR Score™:

9.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EIS
Ticker	Fund Name	Overlap¹ vs EIS (%)	Expense ratio (bp)	Savings vs EIS (bp)	ALTAR Score™ (%)	ALTAR vs EIS (%)
ISRA	VanEck Vectors Israel	61.9	60	-1	7.2	-1.8
ITEQ	BlueStar TA-BIGITech Israel Technology	31.3	75	-16	2.3	-6.8
IZRL	ARK Israel Innovative Technology	17.8	49	10	0.4	-8.7
BUG	Global X Cybersecurity	10.3	50	9	1.2	-7.9
IHAK	iShares Cybersecurity & Tech	8.0	47	12	3.1	-5.9
HACK	ETFMG Prime Cyber Security	7.0	60	-1	3.5	-5.5
PXQ	Invesco Dynamic Networking	6.4	63	-4	4.1	-4.9
MVIN	Natixis Seeyond International Minimum Volatility	6.2	55	4	6.2	-2.8
CIBR	First Trust NASDAQ Cybersecurity	6.2	60	-1	3.6	-5.5
AIIQ	AI Powered International Equity	4.9	79	-20	4.4	-4.6
IMOM	MomentumShares Int'l Quantitative Momentum	4.8	59	0	4.9	-4.2
PPH	VanEck Vectors Pharmaceuticals	4.2	36	23	9.6	+0.5
TCLD	Tortoise Cloud Infrastructure Fund	4.2	40	19	5.1	-4.0
FITE	SPDR Kensho Future Security	4.2	45	14	4.1	-5.0
UIVM	USAA MSCI International Value Momentum Blend Index	3.9	35	24	8.2	-0.8
DWMF	WisdomTree International Multifactor Fund	3.7	38	21	6.4	-2.6
XITK	SPDR FactSet Innovative Technology	3.5	45	14	2.7	-6.3
CWS	AdvisorShares Focused Equity	3.5	85	-26	5.6	-3.5
SOIL	Global X Fertilizers/Potash	3.0	69	-10	5.3	-3.7
IDLB	Invesco FTSE Int'l Low Beta Equal Weight	2.9	45	14	7.0	-2.0

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 Israel Capped
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.9	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	9.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	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.