ETF Research Center

iShares MSCI Italy Index Fund objective seeks to provide investment results that correspond to the performance of the Italian market, as measured by the MSCI Italy Index. The Fund invests in a

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Mar 18, 1996
Assets (mns)	$270
Currency	USD
Expense ratio	47 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	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	25
Wgt avg mkt cap (mns)	$34,565
Large cap (>$10bn)	89.1%
Mid cap ($2-10bn)	10.9%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	70.3 %
ENEL SPA	17.1 %
ENI SPA	10.9 %
INTESA SANPAOLO S.P.A.	10.4 %
UNICREDIT S.P.A.	7.2 %
FIAT CHRYSLER AUTOMOBILES NV	4.9 %
ASSICURAZIONI GENERALI	4.7 %
FERRARI NV	4.1 %
CNH INDUSTRIAL NV	3.8 %
ATLANTIA SPA	3.8 %
SNAM RETE GAS	3.5 %

TOP COUNTRY EXPOSURE
	ITALY	86.3 %
	BRITAIN	8.7 %
	NETHERLANDS	3.0 %
	LUXEMBOURG	1.8 %

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.
23.2%	20.6%	2.7%	0.2%	4.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.82	27%
MSCI EAFE	1.44	69%
MSCI Emg. Mkts.	0.98	53%

Technical Indicators
Recent close	$29.48
30d moving avg.	$28.58
Annualized volatility	19.2%
Short interest (ETF)	9.4%
Relative strength (RSI)	76

Liquidity measures
Avg. volume (thou.)	760
Turnover	8.3%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$1,599

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EWI

Expense:

47 bp

ALTAR Score™:

6.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWI
Ticker	Fund Name	Overlap¹ vs EWI (%)	Expense ratio (bp)	Savings vs EWI (bp)	ALTAR Score™ (%)	ALTAR vs EWI (%)
FLIY	Franklin FTSE Italy	86.6	9	38	6.0	-0.1
FDD	First Trust STOXX European Select Dividend	10.9	57	-10	7.6	+1.5
DMDV	AAM S&P Developed Markets High Dividend Value	7.6	39	8	10.3	+4.1
FEUZ	First Trust Eurozone AlphaDex	7.4	80	-33	7.0	+0.9
EZU	iShares MSCI Euro Monetary Union	7.4	47	0	6.8	+0.6
EUFN	iShares MSCI Europe Financial Sector	7.3	48	-1	9.0	+2.8
FPXE	First Trust IPOX Europe Equity Opportunities	7.2	70	-23	4.0	-2.2
LVHI	Legg Mason International Low Volatility High Dividend	6.8	40	7	9.0	+2.9
FPXI	First Trust International IPO	6.5	70	-23	4.1	-2.0
EURZ	Xtrackers Eurozone Equity	6.5	9	38	7.0	+0.9
GVAL	Cambria Global Value	6.4	69	-22	9.2	+3.0
GII	SPDR FTSE/Macquarie Global Infrastructure	6.3	40	7	4.9	-1.3
IGF	iShares S&P Global Infrastructure	6.3	46	1	4.8	-1.4
DBEZ	Xtrackers MSCI EMU Hedged	6.2	45	2	6.4	+0.2
GRID	First Trust NASDAQ Clean Edge Smart Grid Infrastructure	6.1	70	-23	5.2	-1.0
RIDV	Invesco International Ultra Dividend Revenue ETF	5.7	42	5	9.0	+2.8
JXI	iShares S&P Global Utilities	5.7	46	1	5.4	-0.8
IDHD	Invesco S&P Intl Developed High Div Low Volatility	5.1	30	17	6.5	+0.3
DOO	WisdomTree Int'l Dividend Ex-Financials	5.0	58	-11	8.1	+1.9
INFR	Legg Mason Global Infrastructure	4.9	40	7	5.8	-0.4

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 Italy
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	7.2	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	47	bp
Equals: ALTAR Score	6.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	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.