ETF Research Center

EPHE tracks a market-cap-weighted index of the broader Filipino equity market.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Blackrock Inc.
Website	us.ishares.com
Inception date	Sep 28, 2010
Assets (mns)	$141
Currency	USD
Expense ratio	59 bp
Distributions	Semi-annual

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	33
Wgt avg mkt cap (mns)	$8,222
Large cap (>$10bn)	56.4%
Mid cap ($2-10bn)	27.8%
Small cap (<$2bn)	15.8%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	63.3 %
INTL CONTAINER TERM SVCS INC	18.8 %
BDO UNIBANK INC	9.6 %
SM PRIME HOLDINGS INC	6.3 %
BANK OF PHILIPPINE ISLANDS	4.8 %
METROPOLITAN BANK & TRUST	4.4 %
MANILA ELECTRIC COMPANY	4.3 %
SM INVESTMENTS CORP	4.1 %
JOLLIBEE FOODS CORPORATION	3.9 %
PLDT, INC.	3.7 %
AYALA LAND INC	3.4 %

TOP COUNTRY EXPOSURE
	PHILIPPINES	90.4 %

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.
1.6%	1.6%	-3.6%	-1.8%	1.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.43	18%
MSCI EAFE	0.56	22%
MSCI Emg. Mkts.	0.49	19%

Technical Indicators
Recent close	$26.04
30d moving avg.	$25.01
Annualized volatility	18.9%
Short interest (ETF)	7.3%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	123
Turnover	2.3%
Bid/Ask (% of price)	0.27%
ADV underlying (mns)	$56

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 108 potential alternatives to the iShares MSCI Philippines ETF ETF based on the alternatives' overlap in portfolio holdings with EPHE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EPHE

Expense:

59 bp

ALTAR Score™:

0.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EPHE
Ticker	Fund Name	Overlap¹ vs EPHE (%)	Expense ratio (bp)	Savings vs EPHE (bp)	ALTAR Score™ (%)	ALTAR vs EPHE (%)
TMFG	Motley Fool Global Opportunities ETF	4.5	85	-26	3.6	+3.6
FTHF	First Trust Emerging Markets Human Flourishing ETF	4.0	75	-16	7.4	+7.4
ASEA	Global X FTSE Southeast Asia ETF	3.9	65	-6	5.5	+5.5
EDOG	ALPS Emerging Sector Dividend Dogs ETF	3.9	60	-1	9.6	+9.6
XC	WisdomTree Emerging Markets Ex-China Fund	2.8	32	27	5.5	+5.5
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	2.8	32	27	5.3	+5.3
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	1.9	40	19	6.1	+6.1
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	1.9	80	-21	12.5	+12.5
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	1.8	95	-36	10.2	+10.2
EMMF	WisdomTree Emerging Markets Multifactor Fund	1.7	48	11	6.0	+6.0
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	1.7	67	-8	13.3	+13.3
FRDM	Freedom 100 Emerging Markets ETF	1.3	49	10	5.9	+5.9
EDIV	SPDR S&P Emerging Markets Dividend ETF	1.2	49	10	8.7	+8.7
SHPP	Pacer Industrials and Logistics ETF	1.2	60	-1	7.6	+7.6
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	1.1	25	34	5.9	+5.9
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	1.1	10	49	6.3	+6.3
RNEM	First Trust Emerging Markets Equity Select ETF	1.0	75	-16	7.8	+7.8
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	1.0	90	-31	4.4	+4.4
ROAM	Hartford Multifactor Emerging Markets ETF	1.0	44	15	10.2	+10.2
CGV	Conductor Global Equity Value ETF	1.0	130	-71	6.9	+6.9
WWJD	Inspire International ETF	0.9	80	-21	6.4	+6.4
FEM	First Trust Emerging Markets AlphaDEX Fund	0.8	80	-21	10.1	+10.1
EMM	Global X Emerging Markets ex-China ETF	0.8	75	-16	5.6	+5.6
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.8	58	1	8.5	+8.5
MEM	Matthews Emerging Markets Equity Active ETF	0.8	79	-20	6.3	+6.3
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.7	47	12	5.8	+5.8
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.7	12	47	8.0	+8.0
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	0.6	24	35	6.3	+6.3
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.6	30	29	7.5	+7.5
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.6	59	0	7.5	+7.5
OBOR	KraneShares MSCI One Belt One Road Index ETF	0.6	79	-20	7.0	+7.0
DEM	WisdomTree Emerging Markets High Dividend Fund	0.6	63	-4	11.9	+11.9
GMF	SPDR S&P Emerging Asia Pacific ETF	0.6	49	10	8.3	+8.3
EVLU	iShares MSCI Emerging Markets Value Factor ETF	0.6	35	24	11.7	+11.7
XCEM	Columbia EM Core ex-China ETF	0.6	16	43	6.5	+6.5
AVXC	Avantis Emerging Markets Ex-China Equity ETF	0.6	33	26	6.8	+6.8
JHEM	John Hancock Multifactor Emerging Markets ETF	0.6	49	10	8.2	+8.2
XCNY	SPDR S&P Emerging Markets ex-China ETF	0.5	15	44	6.3	+6.3
EMXC	iShares MSCI Emerging Markets ex China ETF	0.5	25	34	5.8	+5.8
ICPY	Tweedy, Browne International Insider Value ETF	0.5	80	-21	9.9	+9.9
EEMA	iShares MSCI Emerging Markets Asia ETF	0.5	49	10	7.8	+7.8
CGGO	Capital Group Global Growth Equity ETF	0.5	47	12	3.8	+3.8
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.5	32	27	7.0	+7.0
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.5	70	-11	6.8	+6.8
BLES	Inspire Global Hope ETF	0.5	61	-2	6.0	+6.0
SCHE	Schwab Emerging Markets Equity ETF	0.4	11	48	9.4	+9.4
AVEM	Avantis Emerging Markets Equity ETF	0.4	33	26	7.2	+7.2
AVES	Avantis Emerging Markets Value ETF	0.4	36	23	9.4	+9.4
EMGF	iShares Emerging Markets Equity Factor ETF	0.4	25	34	9.4	+9.4
DEXC	Dimensional Emerging Markets ex China Core EquityETF	0.4	53	6	6.1	+6.1
AAXJ	iShares MSCI All Country Asia ex Japan ETF	0.4	70	-11	7.2	+7.2
AVSE	Avantis Responsible Emerging Markets Equity ETF	0.4	33	26	6.9	+6.9
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	0.4	30	29	8.0	+8.0
FLAX	Franklin FTSE Asia Ex Japan ETF	0.4	19	40	7.4	+7.4
VWO	Vanguard FTSE Emerging Markets ETF	0.4	7	52	9.0	+9.0
IEMG	iShares Core MSCI Emerging Markets ETF	0.4	9	50	8.5	+8.5
EMXF	iShares ESG Advanced MSCI EM ETF	0.4	16	43	7.1	+7.1
SPEM	SPDR Portfolio Emerging Markets ETF	0.4	7	52	9.2	+9.2
EEM	iShares MSCI Emerging Markets ETF	0.4	69	-10	8.0	+8.0
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	0.4	15	44	8.4	+8.4
AVEE	Avantis Emerging Markets Small Cap Equity ETF	0.4	42	17	8.6	+8.6
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.4	36	23	7.9	+7.9
KROP	Global X AgTech & Food Innovation ETF	0.4	50	9	7.6	+7.6
COPY	Tweedy, Browne Insider + Value ETF	0.4	80	-21	10.2	+10.2
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	0.4	66	-7	7.6	+7.6
DEHP	Dimensional Emerging Markets High Profitability ETF	0.4	41	18	5.2	+5.2
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.3	15	44	6.5	+6.5
BKEM	BNY Mellon Emerging Markets Equity ETF	0.3	11	48	7.9	+7.9
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	0.3	44	15	9.4	+9.4
DFAE	Dimensional Emerging Core Equity Market ETF	0.3	35	24	7.4	+7.4
NUEM	Nuveen ESG Emerging Markets Equity ETF	0.3	36	23	6.6	+6.6
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.3	38	21	7.5	+7.5
DFEV	Dimensional Emerging Markets Value ETF	0.3	43	16	10.4	+10.4
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	0.3	88	-29	7.3	+7.3
EFRA	iShares Environmental Infrastructure and Industrials ETF	0.2	47	12	4.8	+4.8
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.2	41	18	7.1	+7.1
PIO	Invesco Global Water ETF	0.2	75	-16	3.9	+3.9
ECON	Columbia Emerging Markets Consumer ETF	0.2	49	10	9.9	+9.9
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	0.2	45	14	8.4	+8.4
STXE	Strive Emerging Markets Ex-China ETF	0.2	32	27	6.2	+6.2
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.2	65	-6	7.1	+7.1
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.2	33	26	8.1	+8.1
LDEM	iShares ESG MSCI EM Leaders ETF	0.2	17	42	11.2	+11.2
VIGI	Vanguard International Dividend Appreciation ETF	0.2	10	49	5.7	+5.7
VYMI	Vanguard International High Dividend Yield ETF	0.2	17	42	8.2	+8.2
IGRO	iShares International Dividend Growth ETF	0.1	15	44	6.2	+6.2
ACWV	iShares MSCI Global Min Vol Factor ETF	0.1	20	39	5.3	+5.3
VSGX	Vanguard ESG International Stock ETF	0.1	10	49	6.6	+6.6
IXUS	iShares Core MSCI Total International Stock ETF	0.1	7	52	6.7	+6.7
VEU	Vanguard FTSE All-World ex-US Index Fund	0.1	4	55	6.8	+6.8
ACWX	iShares MSCI ACWI ex U.S. ETF	0.1	34	25	6.4	+6.4
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.1	41	18	6.4	+6.4
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.1	18	41	6.5	+6.5
VXUS	Vanguard Total International Stock ETF	0.1	5	54	6.8	+6.8
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.1	30	29	6.6	+6.6
GLOF	iShares Global Equity Factor ETF	0.1	20	39	5.9	+5.9
DEW	WisdomTree Global High Dividend Fund	0.1	58	1	7.5	+7.5
ERTH	Invesco MSCI Sustainable Future ETF	0.1	62	-3	3.1	+3.1
CWI	SPDR MSCI ACWI ex-US ETF	0.1	30	29	6.4	+6.4
JSTC	Adasina Social Justice All Cap Global ETF	0.1	89	-30	4.2	+4.2
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.1	42	17	5.5	+5.5
VT	Vanguard Total World Stock ETF	0.0	6	53	5.1	+5.1
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.0	50	9	9.1	+9.1
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.0	46	13	8.2	+8.2
ACWI	iShares MSCI ACWI ETF	0.0	32	27	4.7	+4.7
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.0	8	51	6.5	+6.5
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.0	20	39	4.8	+4.8
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	50	4.9	+4.9

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
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 Philippines ETF
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	12.7	%
Divided by: Fwd. P/BV	0.0	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	0.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	CATEGORY AVERAGE	1.54

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.