ETF Research Center

The iShares Edge MSCI Multifactor Emerging Markets ETF tracks an index of large- and midcap emerging market firms. Stocks are selected and weighted to increase exposure to 4 factors (quality, value, momentum and small size) while maintaining similar characteristics to the MSCI Emerging Markets Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	BlackRock
Website	www.ishares.com
Inception date	Dec 08, 2015
Assets (mns)	$430
Currency	USD
Expense ratio	45 bp
Distributions	Semi-annual

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Multi-Factor
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	214
Wgt avg mkt cap (mns)	$45,196
Large cap (>$10bn)	40.1%
Mid cap ($2-10bn)	54.8%
Small cap (<$2bn)	5.1%
Developed mkts	15.0%
Emerging mkts	81.6%

TOP TEN HOLDINGS
Total	22.9 %
HYNIX SEMICONDUCTOR INC	2.9 %
ALIBABA GROUP HOLDING LTD. SPONSOR	2.7 %
TENCENT HOLDINGS LTD	2.5 %
ITAUSA-INVESTIMENTOS ITAU-PR	2.4 %
CHINA MOBILE LIMITED	2.4 %
CHINA PHARMACEUTICAL GROUP	2.2 %
YUM CHINA HOLDINGS, INC.	2.1 %
TAIWAN SEMICONDUCTOR MANUFAC	2.1 %
SINO BIOPHARMACEUTICAL	1.8 %
KIA MOTORS CORPORATION	1.7 %

TOP COUNTRY EXPOSURE
	CHINA	24.5 %
	SOUTH KOREA	13.5 %
	TAIWAN	12.1 %
	BRAZIL	11.9 %
	HONG KONG	11.8 %
	SOUTH AFRICA	7.0 %
	INDIA	3.8 %
	SAUDI ARABIA	3.2 %
	QATAR	1.7 %
	INDONESIA	1.6 %

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.
11.5%	11.2%	--	--	8.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.85	46%
MSCI EAFE	1.07	62%
MSCI Emg. Mkts.	0.99	87%

Technical Indicators
Recent close	$43.41
30d moving avg.	$42.92
Annualized volatility	15.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	54
Turnover	0.6%
Bid/Ask (% of price)	0.18%
ADV underlying (mns)	$6,620

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EMGF

Expense:

45 bp

ALTAR Score™:

10.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EMGF
Ticker	Fund Name	Overlap¹ vs EMGF (%)	Expense ratio (bp)	Savings vs EMGF (bp)	ALTAR Score™ (%)	ALTAR vs EMGF (%)
DGRE	WisdomTree Emg Mkt Dividend Growth	28.1	32	13	9.1	-1.0
UEVM	USAA MSCI Emerging Markets Value Momentum Blend Index	28.1	45	0	13.1	+3.0
EMCG	WisdomTree Emg Mkts Consumer Growth	25.1	32	13	6.7	-3.4
GEM	Goldman Sachs ActiveBeta Emg Mkts Equity	24.9	45	0	9.2	-0.9
QEMM	SPDR MSCI Emerging Markets Quality Mix	22.4	30	15	9.3	-0.8
EMMF	WisdomTree Emerging Markets Multifactor Fund	21.4	48	-3	10.0	-0.0
RFEM	First Trust Riverfront Dynamic Emerging Markets	20.9	95	-50	10.8	+0.7
FDEM	Fidelity Targeted Emerging Markets Factor	20.8	45	0	8.8	-1.3
NUEM	NuShares ESG Emerging Markets Equity	20.8	45	0	8.5	-1.6
EEM	iShares MSCI Emerging Markets	20.3	67	-22	8.6	-1.5
QLVE	FlexShares Emerging Markets Quality Low Volatility	20.0	40	5	8.4	-1.7
DBEM	Xtrackers MSCI Emg. Mkts. Hedged	20.0	65	-20	8.5	-1.6
EEMA	iShares MSCI Emg Mkts Asia	19.7	50	-5	8.7	-1.3
ESGE	iShares MSCI EM ESG Optimized	19.6	25	20	9.4	-0.7
JHEM	John Hancock Multifactor Emerging Markets	19.5	55	-10	8.9	-1.2
IEMG	iShares Core MSCI Emerging Markets	19.0	14	31	8.7	-1.4
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	18.6	30	15	8.6	-1.5
AAXJ	iShares MSCI Asia ex-Japan	17.9	67	-22	8.3	-1.8
XSOE	WisdomTree Emg Mkt ex-SOE	17.4	32	13	7.0	-3.1
MCHI	iShares MSCI China	17.3	59	-14	9.5	-0.6

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 Edge MSCI Multifactor Emerging Markets
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.6	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	10.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.47	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.