ETF Research Center

The iShares MSCI Japan Value ETF seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities with value characteristics and relatively lower valuations.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock
Website	www.ishares.com
Inception date	Mar 05, 2019
Assets (mns)	$8
Currency	USD
Expense ratio	15 bp
Distributions	Semi-annual

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	168
Wgt avg mkt cap (mns)	$45,040
Large cap (>$10bn)	78.4%
Mid cap ($2-10bn)	21.5%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	32.9 %
TOYOTA MOTOR CORP	9.2 %
MITSUBISHI UFJ FINANCIAL GRO	3.6 %
TAKEDA PHARMACEUTICAL CO LTD	3.4 %
KDDI CORPORATION	3.0 %
SUMITOMO MITSUI FINANCIAL GR	2.8 %
HONDA MOTOR CO LTD	2.6 %
MIZUHO FINANCIAL GROUP INC	2.1 %
NTT DOCOMO, INC.	2.1 %
TOKIO MARINE HOLDINGS INC	2.1 %
MITSUBISHI CORP	2.0 %

TOP COUNTRY EXPOSURE
	JAPAN	98.2 %

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.
7.8%	--	--	--	7.8%

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

Technical Indicators
Recent close	$26.63
30d moving avg.	$26.37
Annualized volatility	0.0%
Short interest (ETF)	0.4%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.3%
Bid/Ask (% of price)	0.40%
ADV underlying (mns)	$7,679

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EWJV

Expense:

15 bp

ALTAR Score™:

9.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWJV
Ticker	Fund Name	Overlap¹ vs EWJV (%)	Expense ratio (bp)	Savings vs EWJV (bp)	ALTAR Score™ (%)	ALTAR vs EWJV (%)
DXJ	WisdomTree Japan Hedged Equity	54.3	48	-33	8.6	-1.4
EWJ	iShares MSCI Japan	51.9	47	-32	7.6	-2.4
QJPN	SPDR MSCI Japan Quality Mix	51.0	14	1	7.9	-2.0
DBJP	Xtrackers MSCI Japan Hedged	50.5	45	-30	7.6	-2.4
BBJP	JPMorgan BetaBuilders Japan	49.8	19	-4	7.8	-2.2
HFXJ	IQ 50 Percent Hedged FTSE Japan	48.0	30	-15	7.7	-2.2
FLJP	Franklin FTSE Japan	47.4	9	6	7.9	-2.0
FLJH	Franklin FTSE Japan Hedged	47.1	9	6	8.0	-2.0
JPXN	iShares JPX-Nikkei 400	46.8	48	-33	7.5	-2.4
JPN	Xtrackers Japan JPX-Nikkei 400 Equity	46.6	9	6	7.9	-2.0
GSJY	Goldman Sachs ActiveBeta Japan Equity	45.7	25	-10	7.6	-2.3
EWJE	iShares MSCI Japan Equal Weighted	38.5	15	0	7.2	-2.8
SCIJ	Global X Scientific Beta Japan	38.5	39	-24	6.9	-3.1
JPMV	iShares MSCI Japan Min Volatility	38.2	30	-15	6.6	-3.3
IVLU	iShares MSCI Int'l Developed Value Factor	32.9	30	-15	10.2	+0.3
IPAC	iShares Core MSCI Pacific	31.1	9	6	7.4	-2.5
RFAP	First Trust Riverfront Dynamic Asia Pacific	29.0	83	-68	7.2	-2.7
VPL	Vanguard Pacific ETF	26.3	9	6	7.7	-2.2
REFA	Invesco International Revenue ETF	25.3	42	-27	8.7	-1.3
FJP	First Trust Japan AlphaDEX	25.3	80	-65	8.6	-1.3

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

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	8.7	%
Divided by: Fwd. P/BV	0.9	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	9.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	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.