ETF Research Center

The iShares MSCI Emerging Markets ex China ETF tracks a market-cap- weighted index of emerging-market firms, excluding China. The index covers 85% of the universe by market cap.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	BlackRock
Website	www.ishares.com
Inception date	Jul 18, 2017
Assets (mns)	$31
Currency	USD
Expense ratio	49 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	518
Wgt avg mkt cap (mns)	$58,264
Large cap (>$10bn)	65.5%
Mid cap ($2-10bn)	32.0%
Small cap (<$2bn)	1.0%
Developed mkts	0.9%
Emerging mkts	94.8%

TOP TEN HOLDINGS
Total	33.6 %
ISHARES MSCI INDIA	13.1 %
TAIWAN SEMICONDUCTOR MANUFAC	6.5 %
SAMSUNG ELECTRONICS CO LTD	6.0 %
NASPERS LTD-N SHS	1.8 %
HYNIX SEMICONDUCTOR INC	1.1 %
GAZPROM OAO	1.1 %
VALE SA	1.0 %
LUKOIL OAO	1.0 %
ITAU UNIBANCO HOLDING SA	1.0 %
HON HAI PRECISION INDUSTRY	0.9 %

TOP COUNTRY EXPOSURE
	SOUTH KOREA	18.0 %
	TAIWAN	17.4 %
	BRAZIL	10.8 %
	SOUTH AFRICA	6.8 %
	RUSSIA	6.0 %
	THAILAND	3.7 %
	SAUDI ARABIA	3.6 %
	MEXICO	3.6 %
	INDONESIA	2.9 %
	MALAYSIA	2.7 %

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.
15.7%	15.7%	--	--	3.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.70	43%
MSCI EAFE	1.01	70%
MSCI Emg. Mkts.	0.89	91%

Technical Indicators
Recent close	$52.35
30d moving avg.	$50.95
Annualized volatility	14.2%
Short interest (ETF)	0.5%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.7%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$11,367

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EMXC

Expense:

49 bp

ALTAR Score™:

8.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EMXC
Ticker	Fund Name	Overlap¹ vs EMXC (%)	Expense ratio (bp)	Savings vs EMXC (bp)	ALTAR Score™ (%)	ALTAR vs EMXC (%)
KEMX	KraneShares MSCI Emerging Markets EX China Index	64.1	49	0	8.1	+0.1
EEM	iShares MSCI Emerging Markets	53.4	67	-18	7.7	-0.3
DBEM	Xtrackers MSCI Emg. Mkts. Hedged	51.8	65	-16	7.7	-0.3
JHEM	John Hancock Multifactor Emerging Markets	48.9	55	-6	8.1	+0.2
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	48.0	30	19	7.9	-0.1
IEMG	iShares Core MSCI Emerging Markets	47.8	14	35	8.0	+0.0
GEM	Goldman Sachs ActiveBeta Emg Mkts Equity	45.0	45	4	8.3	+0.4
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity	42.4	20	29	7.5	-0.5
PBEE	Invesco PureBeta FTSE Emerging Markets	42.3	14	35	8.4	+0.5
XSOE	WisdomTree Emg Mkt ex-SOE	41.6	32	17	6.3	-1.7
REEM	Invesco Emerging Markets Revenue ETF	41.2	46	3	11.0	+3.0
SCHE	Schwab Emerging Markets Equity	41.0	13	36	7.9	-0.1
DVEM	WisdomTree Emerging Markets Dividend	41.0	32	17	10.4	+2.5
EWEM	Invesco MSCI Emerging Market Equal Weight	40.4	70	-21	8.5	+0.5
EEMA	iShares MSCI Emg Mkts Asia	39.0	50	-1	7.9	-0.0
PXH	Invesco FTSE-RAFI Emerging Markets	38.4	50	-1	11.4	+3.5
EMEM	Virtus Glovista Emerging Markets	37.0	67	-18	8.6	+0.7
ESGE	iShares MSCI EM ESG Optimized	36.8	25	24	8.5	+0.6
VWO	Vanguard Emerging Markets	34.6	12	37	7.9	-0.0
TLTE	FlexShares Mngstr Emerging Markets Factor Tilt	34.5	59	-10	12.0	+4.0

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 Emerging Markets ex China
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	11.7	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	8.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	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.