ETF Research Center

iShares MSCI Brazil Small-Cap ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to track the performance of the MSCI Brazil Small Cap Index Fund.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Sep 29, 2010
Assets (mns)	$169
Currency	USD
Expense ratio	59 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust Co
Weighting	Market Cap
Index replication	Optimized
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	78
Wgt avg mkt cap (mns)	$2,389
Large cap (>$10bn)	6.4%
Mid cap ($2-10bn)	49.4%
Small cap (<$2bn)	32.1%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	29.6 %
AZUL SA PFD REGISTERED SHS	5.2 %
ESTACIO PARTICIPACOES SA	3.8 %
TOTVS SA	3.3 %
QUALICORP SA	2.9 %
BRADESPAR SA -PREF	2.7 %
CYRELA BRAZIL REALTY	2.6 %
CIA PARANAENSE DE ENERGI-PFB	2.4 %
METALURGICA GERDAU SA-PREF	2.3 %
EDP - ENERGIAS DO BRASIL SA	2.2 %
SONAE SIERRA BRASIL SA	2.2 %

TOP COUNTRY EXPOSURE
	BRAZIL	80.0 %

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.
50.4%	50.4%	12.1%	--	0.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.21	1%
MSCI EAFE	0.68	6%
MSCI Emg. Mkts.	0.95	20%

Technical Indicators
Recent close	$21.41
30d moving avg.	$20.54
Annualized volatility	30.4%
Short interest (ETF)	1.6%
Relative strength (RSI)	76

Liquidity measures
Avg. volume (thou.)	112
Turnover	1.4%
Bid/Ask (% of price)	0.22%
ADV underlying (mns)	$613

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EWZS

Expense:

59 bp

ALTAR Score™:

3.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWZS
Ticker	Fund Name	Overlap¹ vs EWZS (%)	Expense ratio (bp)	Savings vs EWZS (bp)	ALTAR Score™ (%)	ALTAR vs EWZS (%)
BRF	VanEck Vectors Brazil Small Cap	53.6	60	-1	6.9	+3.0
FBZ	First Trust Brazil AlphaDEX	20.8	80	-21	6.9	+3.0
FEMS	First Trust Emerging Markets Small Cap	9.9	80	-21	9.3	+5.4
EEMS	iShares MSCI Emerging Market Small Cap	8.6	67	-8	6.4	+2.5
EYLD	Cambria Emerging Shareholder Yield	8.0	66	-7	10.4	+6.5
FLN	First Trust Latin America AlphaDEX	6.7	80	-21	5.0	+1.1
DGS	WisdomTree Emg. Mkts. Small Cap Dividend	5.5	63	-4	11.4	+7.4
DWCR	Arrow DWA Country Rotation	5.3	134	-75	3.6	-0.3
PIE	Invesco DWA Emg. Mkts. Technical Leaders	5.1	90	-31	4.6	+0.7
FLBR	Franklin FTSE Brazil	4.8	19	40	5.2	+1.3
EWX	SPDR S&P Emerging Markets Small Cap	4.2	65	-6	7.3	+3.4
RFEM	First Trust Riverfront Dynamic Emerging Markets	3.7	95	-36	9.5	+5.6
FLLA	Franklin FTSE Latin America	3.2	19	40	5.8	+1.9
DVYE	iShares Emerging Markets Dividend	3.1	49	10	12.3	+8.4
KMED	KraneShares Emerging Markets Healthcare Index	2.6	79	-20	3.1	-0.9
CEZ	Victory CEMP Emerging Market Volatility Weighted	2.4	50	9	8.7	+4.7
FEM	First Trust Emerging Markets AlphaDEX	2.3	80	-21	9.9	+5.9
MXDE	Nationwide Maximum Diversification Emg Mkts Core	2.1	64	-5	5.1	+1.2
RNEM	First Trust Emerging Markets Equity Select	2.0	75	-16	9.3	+5.4
VIDI	Vident International Equity	1.9	61	-2	8.7	+4.7

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 Brazil Small-Cap
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	7.7	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	3.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	CATEGORY AVERAGE	1.48

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.