ETF Research Center

iShares MSCI Norway 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 Norway IMI 25/50 Index.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Jan 24, 2012
Assets (mns)	$19
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	66
Wgt avg mkt cap (mns)	$17,904
Large cap (>$10bn)	49.1%
Mid cap ($2-10bn)	35.5%
Small cap (<$2bn)	15.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	62.6 %
STATOILHYDRO ASA	14.1 %
DNB NOR ASA	12.3 %
TELENOR ASA	9.1 %
MARINE HARVEST	7.4 %
ORKLA ASA	4.5 %
YARA INTERNATIONAL ASA	4.1 %
NORSK HYDRO ASA	3.5 %
GJENSIDIGE FORSIKRING ASA	2.8 %
STOREBRAND ASA	2.5 %
DET NORSKE OLJESELSKAP ASA	2.3 %

TOP COUNTRY EXPOSURE
	NORWAY	89.4 %
	BERMUDA	2.3 %
	FAROE ISLANDS	2.2 %
	BRITAIN	2.1 %
	SINGAPORE	0.5 %

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.
3.8%	-9.5%	-0.4%	--	1.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.75	37%
MSCI EAFE	1.00	56%
MSCI Emg. Mkts.	0.68	43%

Technical Indicators
Recent close	$23.65
30d moving avg.	$23.45
Annualized volatility	14.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	18
Turnover	2.3%
Bid/Ask (% of price)	0.37%
ADV underlying (mns)	$364

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

ENOR

Expense:

53 bp

ALTAR Score™:

4.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ENOR
Ticker	Fund Name	Overlap¹ vs ENOR (%)	Expense ratio (bp)	Savings vs ENOR (bp)	ALTAR Score™ (%)	ALTAR vs ENOR (%)
NORW	Global X MSCI Norway	95.1	50	3	4.0	-0.2
GXF	Global X FTSE Nordic 30	8.1	58	-5	5.2	+1.0
DWCR	Arrow DWA Country Rotation	7.9	134	-81	4.9	+0.8
VEGI	iShares MSCI Global Agriculture Producers	7.7	39	14	6.9	+2.7
GVAL	Cambria Global Value	6.8	69	-16	9.3	+5.2
MOO	VanEck Vectors Agribusiness ETF	6.5	54	-1	6.4	+2.2
VIDI	Vident International Equity	4.8	61	-8	9.3	+5.1
DFE	WisdomTree Europe Small Cap Dividend	4.5	58	-5	9.3	+5.1
SOIL	Global X Fertilizers/Potash	4.1	69	-16	5.3	+1.2
DFNL	Davis Select Financial	3.9	64	-11	6.8	+2.6
GUNR	Flexshares Global Upstream Natural Resources	3.6	46	7	5.7	+1.6
DNL	WisdomTree Global Ex-U.S. Growth	3.5	58	-5	7.8	+3.6
DINT	Davis Select International	3.5	75	-22	6.3	+2.2
IEUS	iShares MSCI Europe Small Cap	3.5	40	13	6.2	+2.1
DMDV	AAM S&P Developed Markets High Dividend Value	3.5	39	14	10.3	+6.2
DDEZ	WisdomTree Dynamic Currency Hedged Europe Equity	3.3	43	10	6.8	+2.6
HAP	VanEck Vectors Hard Asset Producers	3.3	50	3	5.9	+1.7
IQDG	WisdomTree International Quality Dividend Growth	3.1	38	15	6.6	+2.5
IHDG	Wisdomtree International Hed	3.1	58	-5	6.4	+2.2
DOO	WisdomTree Int'l Dividend Ex-Financials	3.0	58	-5	8.1	+3.9

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

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	7.0	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	53	bp
Equals: ALTAR Score	4.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	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.