ETF Research Center

The iShares MSCI Pacific ex-Japan Index Fund seeks investment results that correspond generally to the price and yield performance of publicly traded securities in the Australia, Hong Kong, New Zealand, and Singapore markets, as represented by the MSCI Pacific Free ex-Japan Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Oct 26, 2001
Assets (mns)	$2,272
Currency	USD
Expense ratio	48 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	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	150
Wgt avg mkt cap (mns)	$44,289
Large cap (>$10bn)	78.1%
Mid cap ($2-10bn)	21.5%
Small cap (<$2bn)	0.0%
Developed mkts	98.7%
Emerging mkts	1.3%

TOP TEN HOLDINGS
Total	36.9 %
AIA GROUP LTD	7.0 %
COMMONWEALTH BANK OF AUSTRAL	5.6 %
CSL LIMITED	4.8 %
BHP BILLITON LTD	4.3 %
WESTPAC BANKING CORP	3.4 %
NATIONAL AUSTRALIA BANK LTD	2.9 %
AUST AND NZ BANKING GROUP	2.8 %
HONG KONG EXCHANGES & CLEAR	2.2 %
DBS GROUP HOLDINGS LTD	2.0 %
WOOLWORTHS LIMITED	1.9 %

TOP COUNTRY EXPOSURE
	AUSTRALIA	56.2 %
	HONG KONG	26.9 %
	SINGAPORE	10.4 %
	NEW ZEALAND	2.2 %
	MACAU	0.9 %
	BERMUDA	0.8 %
	CHINA	0.5 %
	IRELAND	0.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
15.4%	12.1%	4.3%	5.3%	11.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.72	57%
MSCI EAFE	0.85	65%
MSCI Emg. Mkts.	0.73	78%

Technical Indicators
Recent close	$45.63
30d moving avg.	$46.16
Annualized volatility	11.5%
Short interest (ETF)	0.2%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	305
Turnover	0.6%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$4,423

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EPP

Expense:

48 bp

ALTAR Score™:

6.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EPP
Ticker	Fund Name	Overlap¹ vs EPP (%)	Expense ratio (bp)	Savings vs EPP (bp)	ALTAR Score™ (%)	ALTAR vs EPP (%)
BBAX	JPMorgan BetaBuilders Developed Asia ex-Japan	92.1	19	29	6.5	+0.2
FLAU	Franklin FTSE Australia	55.4	9	39	6.0	-0.3
EWA	iShares MSCI Australia	55.4	47	1	5.7	-0.7
SCIX	Global X Scientific Beta Asia ex-Japan	38.4	38	10	6.1	-0.2
AXJL	WisdomTree Asia Pacific Ex-Japan	34.9	48	0	9.2	+2.9
EWH	iShares MSCI Hong Kong	29.2	48	0	7.2	+0.9
FLHK	Franklin FTSE Hong Kong	28.1	9	39	7.6	+1.3
ZHOK	SPDR Solactive Hong Kong	26.1	14	34	7.2	+0.9
IPAC	iShares Core MSCI Pacific	25.9	9	39	7.4	+1.1
RFAP	First Trust Riverfront Dynamic Asia Pacific	24.0	83	-35	7.2	+0.9
2800-HK	Tracker Fund of Hong Kong	23.5	9	39	9.8	+3.4
AIA	iShares S&P Asia 50	22.9	50	-2	9.5	+3.2
VPL	Vanguard Pacific ETF	22.8	9	39	7.7	+1.4
FPA	First Trust Asia Pac Ex-Japan AlphaDEX	20.2	80	-32	8.8	+2.4
DVYA	iShares Asia/Pacific Dividend 30	18.5	49	-1	8.3	+2.0
INTF	iShares FactorSelect MSCI International	17.2	30	18	8.3	+1.9
FAUS	First Trust Australia	17.1	80	-32	5.2	-1.2
FHK	First Trust Hong Kong	16.8	80	-32	9.5	+3.1
EFAV	iShares MSCI EAFE Minimum Volatility	16.8	20	28	5.8	-0.6
DEEF	Xtrackers FTSE Dev ex-US Comprehensive Factor	15.9	24	24	7.0	+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 MSCI Pacific ex-Japan
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.4	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	48	bp
Equals: ALTAR Score	6.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.74	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.