ETF Research Center

The iShares MSCI Singapore Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the Singaporean equity market, as measured by the MSCI Singapore Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Mar 18, 1996
Assets (mns)	$540
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	26
Wgt avg mkt cap (mns)	$22,983
Large cap (>$10bn)	55.6%
Mid cap ($2-10bn)	43.5%
Small cap (<$2bn)	1.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	70.8 %
DBS GROUP HOLDINGS LTD	18.4 %
OVERSEA-CHINESE BANKING CORP	13.6 %
UNITED OVERSEAS BANK LTD	13.1 %
KEPPEL CORP LTD	4.5 %
SINGAPORE TELECOMMUNICATIONS LIMIT	4.2 %
WILMAR INTERNATIONAL LTD	3.8 %
ASCENDAS REAL ESTATE INV TRT	3.6 %
SINGAPORE EXCHANGE LTD	3.5 %
SINGAPORE TECHNOLOGIES ENG	3.3 %
GENTING SINGAPORE PLC	2.8 %

TOP COUNTRY EXPOSURE
	SINGAPORE	97.6 %
	CHINA	1.4 %

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.
12.0%	13.5%	2.1%	5.4%	2.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.85	43%
MSCI EAFE	1.12	63%
MSCI Emg. Mkts.	0.95	75%

Technical Indicators
Recent close	$24.61
30d moving avg.	$24.13
Annualized volatility	15.7%
Short interest (ETF)	3.5%
Relative strength (RSI)	73

Liquidity measures
Avg. volume (thou.)	525
Turnover	2.4%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$394

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EWS

Expense:

47 bp

ALTAR Score™:

7.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWS
Ticker	Fund Name	Overlap¹ vs EWS (%)	Expense ratio (bp)	Savings vs EWS (bp)	ALTAR Score™ (%)	ALTAR vs EWS (%)
ASEA	Global X FTSE Southeast Asia	30.9	65	-18	10.2	+2.4
SCIX	Global X Scientific Beta Asia ex-Japan	19.6	38	9	6.1	-1.7
BBAX	JPMorgan BetaBuilders Developed Asia ex-Japan	11.4	19	28	6.5	-1.4
EPP	iShares MSCI Pacific ex-Japan	10.7	48	-1	6.3	-1.6
OBOR	KraneShares MSCI One Belt One Road Index	9.0	79	-32	9.3	+1.5
HDMV	First Trust Horizon Managed Volatility Developed Int'l	8.6	80	-33	6.0	-1.8
IDHD	Invesco S&P Intl Developed High Div Low Volatility	8.2	30	17	6.4	-1.4
GVAL	Cambria Global Value	8.2	69	-22	9.2	+1.4
IDLV	Invesco S&P Int'l Developed Low Volatility	7.4	25	22	6.3	-1.5
VIDI	Vident International Equity	6.2	61	-14	9.2	+1.3
AIA	iShares S&P Asia 50	6.0	50	-3	9.4	+1.5
DVYA	iShares Asia/Pacific Dividend 30	5.8	49	-2	8.3	+0.4
AXJL	WisdomTree Asia Pacific Ex-Japan	5.8	48	-1	9.1	+1.2
DINT	Davis Select International	4.6	75	-28	6.3	-1.5
RWX	SPDR DJ International REIT	4.6	59	-12	5.8	-2.1
MOTI	VanEck Vectors Morningstar Int'l Moat	4.1	57	-10	8.8	+0.9
MVIN	Natixis Seeyond International Minimum Volatility	4.0	55	-8	6.2	-1.7
IFGL	iShares FTSE EPRA/NARIET Developed REIT	4.0	48	-1	6.5	-1.3
DRW	WisdomTree Global ex-US Real Estate	4.0	58	-11	8.9	+1.0
EFAV	iShares MSCI EAFE Minimum Volatility	3.9	20	27	5.8	-2.1

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

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	9.5	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	47	bp
Equals: ALTAR Score	7.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	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.