ETF Research Center

iShares MSCI Belgium Investable Market Index Fund is an exchange-traded fund incorporated in the USA. The Fund's objective is to provide investment results that correspond to the performance of publicly traded securities in the Belgium market, as measured by the MSCI Belgium Investable Market Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Mar 18, 1996
Assets (mns)	$49
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	46
Wgt avg mkt cap (mns)	$45,597
Large cap (>$10bn)	65.6%
Mid cap ($2-10bn)	23.5%
Small cap (<$2bn)	10.9%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	65.7 %
ANHEUSER-BUSCH INBEV SA/NV	22.4 %
KBC GROEP NV	9.5 %
UCB SA	5.6 %
AGEAS	5.3 %
UMICORE	4.9 %
GALAPAGOS NV	4.9 %
GROUPE BRUXELLES LAMBERT SA	4.4 %
SOLVAY SA	4.3 %
PROXIMUS SA DE DROIT PUBLIC	2.3 %
ACKERMANS & VAN HAAREN	2.1 %

TOP COUNTRY EXPOSURE
	BELGIUM	94.4 %

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.
25.8%	25.8%	6.8%	7.7%	5.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.91	62%
MSCI EAFE	1.12	78%
MSCI Emg. Mkts.	0.81	70%

Technical Indicators
Recent close	$19.92
30d moving avg.	$19.82
Annualized volatility	13.9%
Short interest (ETF)	0.6%
Relative strength (RSI)	64

Liquidity measures
Avg. volume (thou.)	15
Turnover	0.6%
Bid/Ask (% of price)	0.21%
ADV underlying (mns)	$452

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EWK

Expense:

47 bp

ALTAR Score™:

5.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWK
Ticker	Fund Name	Overlap¹ vs EWK (%)	Expense ratio (bp)	Savings vs EWK (bp)	ALTAR Score™ (%)	ALTAR vs EWK (%)
SMEZ	SPDR Euro Stoxx Small Cap	7.6	46	1	5.4	-0.4
HEDJ	Wisdomtree International Hedged Equity	6.8	58	-11	7.5	+1.7
FEUZ	First Trust Eurozone AlphaDex	6.3	80	-33	7.0	+1.2
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	4.4	58	-11	7.5	+1.6
EUMV	iShares MSCI Europe Min Volatility	4.4	25	22	5.1	-0.7
SDG	iShares MSCI Global Impact	4.4	49	-2	5.3	-0.5
FEP	First Trust Europe AlphaDEX	4.2	80	-33	7.1	+1.3
IFEU	iShares FTSE EPRA/NAREIT Europe	4.1	48	-1	5.6	-0.3
DDEZ	WisdomTree Dynamic Currency Hedged Europe Equity	3.7	43	4	6.2	+0.3
EURZ	Xtrackers Eurozone Equity	3.7	9	38	6.8	+0.9
EUDV	ProShares MSCI Europe Dividend Growers	3.6	55	-8	6.7	+0.8
DBEZ	Xtrackers MSCI EMU Hedged	3.4	45	2	6.3	+0.4
ISCF	iShares FactorSelect MSCI Intl Small-Cap	3.2	40	7	7.0	+1.2
EZU	iShares MSCI Euro Monetary Union	3.1	47	0	6.5	+0.7
IEUS	iShares MSCI Europe Small Cap	3.0	40	7	6.1	+0.3
MOTI	VanEck Vectors Morningstar Int'l Moat	3.0	57	-10	8.0	+2.2
QLVD	FlexShares Developed Mkts ex-US Quality Low Volatility	2.8	32	15	6.6	+0.8
DFE	WisdomTree Europe Small Cap Dividend	2.7	58	-11	8.6	+2.8
BATT	Amplify Advanced Battery Metals & Materials	2.6	72	-25	0.6	-5.2
EFAV	iShares MSCI EAFE Minimum Volatility	2.5	20	27	5.6	-0.3

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 Belgium Investable
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	10.5	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	47	bp
Equals: ALTAR Score	5.8	%

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.