ETF Research Center

The iShares MSCI Japan Equal Weighted ETF seeks to track the investment results of an index composed of equal weighted Japanese equities.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock
Website	www.ishares.com
Inception date	Mar 05, 2019
Assets (mns)	$7
Currency	USD
Expense ratio	15 bp
Distributions	Semi-annual

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	314
Wgt avg mkt cap (mns)	$13,786
Large cap (>$10bn)	38.7%
Mid cap ($2-10bn)	60.6%
Small cap (<$2bn)	0.6%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	5.4 %
RYOHIN KEIKAKU CO LTD	0.6 %
DISCO CORP	0.6 %
TOKYO ELECTRON LTD	0.6 %
NOMURA RESEARCH INSTITUTE	0.5 %
FANUC LTD	0.5 %
HITACHI CHEMICAL CO LTD	0.5 %
HITACHI HIGH-TECHNOLOGIES CO	0.5 %
WELCIA HOLDINGS CO LTD	0.5 %
SO-NET M3 INC	0.5 %
HOYA CORP	0.5 %

TOP COUNTRY EXPOSURE
	JAPAN	98.7 %

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.
7.5%	--	--	--	7.5%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$36.36
30d moving avg.	$35.85
Annualized volatility	0.0%
Short interest (ETF)	0.1%
Relative strength (RSI)	72

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$16,318

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EWJE

Expense:

15 bp

ALTAR Score™:

7.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWJE
Ticker	Fund Name	Overlap¹ vs EWJE (%)	Expense ratio (bp)	Savings vs EWJE (bp)	ALTAR Score™ (%)	ALTAR vs EWJE (%)
GSJY	Goldman Sachs ActiveBeta Japan Equity	62.0	25	-10	7.8	+0.5
SCIJ	Global X Scientific Beta Japan	58.0	39	-24	7.0	-0.3
EWJ	iShares MSCI Japan	57.1	47	-32	7.7	+0.4
BBJP	JPMorgan BetaBuilders Japan	56.7	19	-4	7.9	+0.6
DBJP	Xtrackers MSCI Japan Hedged	56.6	45	-30	7.7	+0.3
QJPN	SPDR MSCI Japan Quality Mix	55.8	14	1	8.1	+0.8
HFXJ	IQ 50 Percent Hedged FTSE Japan	53.9	30	-15	7.8	+0.5
FLJP	Franklin FTSE Japan	53.7	9	6	8.1	+0.7
FLJH	Franklin FTSE Japan Hedged	53.3	9	6	8.0	+0.7
JPXN	iShares JPX-Nikkei 400	52.6	48	-33	7.7	+0.4
JPN	Xtrackers Japan JPX-Nikkei 400 Equity	52.5	9	6	8.1	+0.8
IPAC	iShares Core MSCI Pacific	42.6	9	6	7.5	+0.2
JPMV	iShares MSCI Japan Min Volatility	40.5	30	-15	6.7	-0.6
DXJ	WisdomTree Japan Hedged Equity	38.9	48	-33	8.7	+1.4
EWJV	iShares MSCI Japan Value	38.7	15	0	10.2	+2.9
VPL	Vanguard Pacific ETF	36.9	9	6	7.9	+0.6
PQIN	PGIM QMA Strategic Alpha International Equity	36.4	29	-14	7.4	+0.1
ISZE	iShares MSCI Int'l Developed Size Factor	34.2	30	-15	6.8	-0.6
RFAP	First Trust Riverfront Dynamic Asia Pacific	28.0	83	-68	7.4	+0.0
REFA	Invesco International Revenue ETF	27.2	42	-27	8.9	+1.6

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 Japan Equal Weighted
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	8.7	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	7.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.69	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.