ETF Research Center

iShares MSCI Austria 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 Austrian market, as measured by the MSCI Austria 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)	$65
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	27
Wgt avg mkt cap (mns)	$8,789
Large cap (>$10bn)	44.9%
Mid cap ($2-10bn)	42.5%
Small cap (<$2bn)	12.6%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	68.1 %
ERSTE GROUP BANK AG	19.8 %
OMV AG	15.7 %
ANDRITZ AG	5.3 %
VOESTALPINE AG	4.9 %
RAIFFEISEN INTL BANK HOLDING	4.6 %
WIENERBERGER AG	4.5 %
CA IMMOBILIEN ANLAGEN AG	4.2 %
IMMOFINANZ AG	3.9 %
LENZING AG	2.7 %
TELEKOM AUSTRIA AG	2.5 %

TOP COUNTRY EXPOSURE
	AUSTRIA	87.4 %

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.
14.6%	0.7%	7.6%	2.8%	5.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.96	46%
MSCI EAFE	1.38	80%
MSCI Emg. Mkts.	1.00	69%

Technical Indicators
Recent close	$20.92
30d moving avg.	$20.02
Annualized volatility	17.2%
Short interest (ETF)	2.4%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	31
Turnover	1.0%
Bid/Ask (% of price)	0.34%
ADV underlying (mns)	$127

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EWO

Expense:

47 bp

ALTAR Score™:

8.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWO
Ticker	Fund Name	Overlap¹ vs EWO (%)	Expense ratio (bp)	Savings vs EWO (bp)	ALTAR Score™ (%)	ALTAR vs EWO (%)
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	5.6	58	-11	7.4	-1.5
CRAK	VanEck Vectors Oil Refiners	5.2	60	-13	12.6	+3.8
SMEZ	SPDR Euro Stoxx Small Cap	4.5	46	1	5.4	-3.5
FEUZ	First Trust Eurozone AlphaDex	3.2	80	-33	7.0	-1.9
DDEZ	WisdomTree Dynamic Currency Hedged Europe Equity	2.7	43	4	6.7	-2.1
FEP	First Trust Europe AlphaDEX	1.9	80	-33	7.3	-1.6
CGW	Invesco S&P Global Water	1.6	62	-15	4.4	-4.5
ESGN	Columbia Sustainable International Equity Income	1.6	45	2	9.7	+0.8
IEUS	iShares MSCI Europe Small Cap	1.5	40	7	6.2	-2.7
DLS	WisdomTree Int'l SmallCap Dividend	1.3	58	-11	8.4	-0.5
DWMF	WisdomTree International Multifactor Fund	1.3	38	9	6.4	-2.5
SCID	Global X Scientific Beta Europe	1.3	38	9	6.5	-2.4
DDLS	WisdomTree Dynamic Currency Hedged Int'l SmallCap	1.3	43	4	8.5	-0.4
RFEU	First Trust Riverfront Dynamic Europe	1.2	83	-36	6.2	-2.7
DBEZ	Xtrackers MSCI EMU Hedged	0.9	45	2	6.4	-2.5
IFEU	iShares FTSE EPRA/NAREIT Europe	0.9	48	-1	5.8	-3.0
EUFN	iShares MSCI Europe Financial Sector	0.9	48	-1	8.9	+0.1
IDLV	Invesco S&P Int'l Developed Low Volatility	0.9	25	22	6.4	-2.5
IDV	iShares DJ Int'l Select Dividend	0.9	49	-2	8.5	-0.4
SCHC	Schwab Intl Small-Cap Equity	0.9	12	35	6.6	-2.3

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 Austria Investable
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	10.3	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	47	bp
Equals: ALTAR Score	8.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	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.