ETF Research Center

The iShares MSCI Malaysia Index fund seeks investment results that correspond to the price and yield performance of publicly traded securities in the Malaysian market, as measured by the MSCI Malaysia Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Mar 18, 1996
Assets (mns)	$503
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	44
Wgt avg mkt cap (mns)	$9,935
Large cap (>$10bn)	42.4%
Mid cap ($2-10bn)	53.2%
Small cap (<$2bn)	4.4%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	53.1 %
PUBLIC BANK BHD-FOREIGN MKT	13.2 %
TENAGA NASIONAL BHD	9.2 %
MALAYAN BANKING BHD	7.3 %
CIMB GROUP HOLDINGS BHD	5.6 %
PETRONAS CHEMICALS GROUP BHD	3.9 %
DIGI.COM BHD	3.1 %
GENTING BERHAD	2.8 %
MAXIS BHD.	2.7 %
DIALOG GROUP BHD	2.7 %
IHH HEALTHCARE BHD	2.6 %

TOP COUNTRY EXPOSURE
	MALAYSIA	98.8 %

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.
-3.9%	-3.8%	-5.4%	2.5%	1.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.26	7%
MSCI EAFE	0.63	34%
MSCI Emg. Mkts.	0.57	47%

Technical Indicators
Recent close	$28.39
30d moving avg.	$28.01
Annualized volatility	11.9%
Short interest (ETF)	13.7%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	587
Turnover	3.3%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$186

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EWM

Expense:

47 bp

ALTAR Score™:

7.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWM
Ticker	Fund Name	Overlap¹ vs EWM (%)	Expense ratio (bp)	Savings vs EWM (bp)	ALTAR Score™ (%)	ALTAR vs EWM (%)
ASEA	Global X FTSE Southeast Asia	17.9	65	-18	10.2	+3.1
EELV	Invesco S&P Emg Mkts Low Volatility	9.9	29	18	10.2	+3.1
EDOG	ALPS Emerging Sector Dividend Dogs	9.4	60	-13	9.4	+2.3
LVHE	Legg Mason Emerging Markets Low Volatility High Dividend	9.1	51	-4	12.3	+5.2
EMEM	Virtus Glovista Emerging Markets	7.0	67	-20	9.4	+2.3
EMFM	Global X MSCI Next Emerging & Frontier	6.5	55	-8	7.8	+0.8
EEMV	iShares MSCI Emerg Mkt Minimum Volatility	5.9	25	22	8.9	+1.9
EMIF	iShares S&P Emerging Markets Infrastructure	5.9	75	-28	7.7	+0.6
EDIV	SPDR S&P Emerging Markets Dividend	5.9	49	-2	10.8	+3.7
CEZ	Victory CEMP Emerging Market Volatility Weighted	5.8	50	-3	9.2	+2.2
KMED	KraneShares Emerging Markets Healthcare Index	5.2	79	-32	3.8	-3.3
OBOR	KraneShares MSCI One Belt One Road Index	4.7	79	-32	9.3	+2.2
QLVE	FlexShares Emerging Markets Quality Low Volatility	4.0	40	7	8.4	+1.3
CEY	VictoryShares Emg. Mkt. High Dividend Volatility Wtd.	4.0	50	-3	13.5	+6.4
ROAM	Hartford Multifactor Emerging Markets	4.0	44	3	11.2	+4.1
FDEM	Fidelity Targeted Emerging Markets Factor	4.0	45	2	8.8	+1.7
SOIL	Global X Fertilizers/Potash	3.9	69	-22	5.3	-1.7
XCEM	Columbia EM Core ex-China	3.9	16	31	7.7	+0.7
EWEM	Invesco MSCI Emerging Market Equal Weight	3.7	70	-23	9.3	+2.3
BJK	VanEck Vectors Gaming	3.7	66	-19	6.5	-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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 Malaysia
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	11.1	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	47	bp
Equals: ALTAR Score	7.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.80	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.