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 28, 2010
Assets (mns)	$190
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	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	90
Wgt avg mkt cap (mns)	$1,431
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	33.1%
Small cap (<$2bn)	59.8%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	31.1 %
EMPRESA BRAS DE AERONAUTICA	7.8 %
ALLOS SA	3.3 %
BRF - BRASIL FOODS SA	3.3 %
3R PETROLEUM OLEO E GAS SA	2.8 %
METALURGICA GERDAU SA-PREF	2.4 %
SMARTFIT ESCOLA DE GINASTICA E DAN	2.3 %
TERNA PARTICIPACOES S.A-UNIT	2.3 %
GPS PARTICIPACOES E EMPREENDIMENTO	2.3 %
MULTIPLAN EMPREENDIMENTOS	2.3 %
CIA BRASILEIRA DE MEIOS DE	2.3 %

TOP COUNTRY EXPOSURE
	BRAZIL	82.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru March 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-6.5%	23.7%	1.3%	0.2%	-1.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.00	28%
MSCI EAFE	0.92	22%
MSCI Emg. Mkts.	0.75	15%

Technical Indicators
Recent close	$12.80
30d moving avg.	$14.18
Annualized volatility	33.8%
Short interest (ETF)	0.0%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	200
Turnover	1.4%
Bid/Ask (% of price)	0.21%
ADV underlying (mns)	$623

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 83 potential alternatives to the iShares MSCI Brazil Small-Cap ETF 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™:

8.4%

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 Brazil Small-Cap ETF	49.3	66	-7	8.1	-0.3
FBZ	First Trust Brazil AlphaDEX Fund	14.1	80	-21	12.0	+3.7
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	7.5	80	-21	14.4	+6.0
BRAZ	Global X Brazil Active ETF	6.6	75	-16	10.4	+2.1
FLBR	Franklin FTSE Brazil ETF	4.8	19	40	12.7	+4.3
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	4.2	58	1	10.2	+1.8
EEMS	iShares MSCI Emerging Markets Small Cap ETF	3.9	70	-11	7.3	-1.1
EWX	SPDR S&P Emerging Markets Small Cap ETF	3.1	65	-6	7.7	-0.6
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	3.0	59	0	9.7	+1.4
FLLA	Franklin FTSE Latin America ETF	3.0	19	40	11.9	+3.5
EMM	Global X Emerging Markets ex-China ETF	2.5	75	-16	3.7	-4.6
SDIV	Global X Superdividend ETF	2.4	58	1	18.1	+9.7
CGV	Conductor Global Equity Value ETF	2.2	130	-71	11.5	+3.1
DVYE	iShares Emerging Markets Dividend ETF	2.2	49	10	16.8	+8.4
BLLD	JPMorgan Sustainable Infrastructure ETF	2.1	49	10	6.3	-2.1
FDIG	Fidelity Crypto Industry and Digital Payments ETF	1.9	39	20	-1.4	-9.8
EYLD	Cambria Emerging Shareholder Yield ETF	1.9	66	-7	12.2	+3.8
IWTR	iShares MSCI Water Management Multisector ETF	1.6	47	12	4.9	-3.5
EDIV	SPDR S&P Emerging Markets Dividend ETF	1.6	49	10	11.1	+2.7
RNRG	Global X Renewable Energy Producers ETF	1.5	66	-7	5.0	-3.4
EMC	Global X Emerging Markets Great Consumer ETF	1.4	75	-16	5.0	-3.4
UEVM	VictoryShares Emerging Markets Value Momentum ETF	1.3	45	14	12.9	+4.5
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	1.2	44	15	10.4	+2.0
VIDI	Vident International Equity Strategy ETF	1.1	61	-2	12.1	+3.8
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	1.0	38	21	8.4	0.0
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	1.0	41	18	7.9	-0.4
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.9	7	52	6.6	-1.8
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	0.9	70	-11	11.4	+3.0
VEGI	iShares MSCI Agriculture Producers ETF	0.9	39	20	9.2	+0.9
AVEM	Avantis Emerging Markets Equity ETF	0.8	33	26	9.3	+0.9
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.8	50	9	10.7	+2.3
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	0.8	58	1	4.6	-3.7
EFRA	iShares Environmental Infrastructure and Industrials ETF	0.7	47	12	5.3	-3.0
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	0.7	40	19	7.2	-1.1
DFEV	Dimensional Emerging Markets Value ETF	0.7	43	16	11.1	+2.7
AVES	Avantis Emerging Markets Value ETF	0.7	36	23	12.3	+3.9
DFAE	Dimensional Emerging Core Equity Market ETF	0.7	35	24	7.8	-0.5
FAN	First Trust Global Wind Energy ETF	0.6	60	-1	5.6	-2.8
VWO	Vanguard FTSE Emerging Markets ETF	0.6	8	51	7.7	-0.6
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	0.6	90	-31	6.8	-1.6
RWX	SPDR Dow Jones International Real Estate ETF	0.6	59	0	7.2	-1.1
DEM	WisdomTree Emerging Markets High Dividend Fund	0.6	63	-4	13.0	+4.6
IEMG	iShares Core MSCI Emerging Markets ETF	0.6	9	50	7.7	-0.7
IPAY	ETFMG Prime Mobile Payments ETFMG Prime Mobile Payments Fund	0.6	75	-16	5.4	-3.0
PXH	Invesco FTSE RAFI Emerging Markets ETF	0.5	49	10	12.7	+4.3
XC	WisdomTree Emerging Markets Ex-China Fund	0.5	32	27	6.2	-2.1
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.5	10	49	8.2	-0.1
AQWA	Global X Clean Water ETF	0.5	50	9	4.4	-4.0
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.4	70	-11	10.7	+2.4
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	0.4	86	-27	2.0	-6.4
ERTH	Invesco MSCI Sustainable Future ETF	0.4	62	-3	3.7	-4.7
WOOD	iShares Global Timber & Forestry ETF	0.4	42	17	9.7	+1.4
SPEM	SPDR Portfolio Emerging Markets ETF	0.4	7	52	7.6	-0.7
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	0.4	95	-36	11.6	+3.3
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.3	30	29	7.9	-0.5
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.3	12	47	8.8	+0.4
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.3	32	27	6.4	-2.0
ICLN	iShares Global Clean Energy ETF	0.3	41	18	4.3	-4.1
CUT	Invesco MSCI Global Timber ETF	0.3	61	-2	8.6	+0.2
SCHE	Schwab Emerging Markets Equity ETF	0.3	11	48	7.7	-0.6
XCEM	Columbia EM Core ex-China ETF	0.2	16	43	7.4	-1.0
GCLN	Goldman Sachs Bloomberg Clean Energy Equity ETF	0.2	45	14	6.4	-2.0
FDEM	Fidelity Emerging Markets Multifactor ETF	0.2	25	34	12.1	+3.8
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.2	46	13	9.0	+0.6
VSGX	Vanguard ESG International Stock ETF	0.2	12	47	6.9	-1.5
RWO	SPDR Dow Jones Global Real Estate ETF	0.2	50	9	7.1	-1.3
IXUS	iShares Core MSCI Total International Stock ETF	0.2	7	52	7.0	-1.4
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	0.2	39	20	12.8	+4.4
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.2	47	12	6.0	-2.3
PICK	iShares MSCI Global Metals & Mining Producers ETF	0.2	39	20	10.9	+2.5
VXUS	Vanguard Total International Stock ETF	0.2	7	52	7.2	-1.1
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.2	33	26	7.3	-1.1
RNEM	First Trust Emerging Markets Equity Select ETF	0.2	75	-16	8.4	+0.1
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	0.1	86	-27	2.1	-6.3
FILL	iShares MSCI Global Energy Producers ETF	0.1	39	20	9.3	+0.9
VEU	Vanguard FTSE All-World ex-US Index Fund	0.1	8	51	7.3	-1.1
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.1	9	50	5.8	-2.6
VYMI	Vanguard International High Dividend Yield ETF	0.1	22	37	9.9	+1.5
VT	Vanguard Total World Stock ETF	0.1	7	52	5.9	-2.5
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.0	15	44	7.2	-1.2
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.0	42	17	6.9	-1.5
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.0	36	23	7.6	-0.8
BKEM	BNY Mellon Emerging Markets Equity ETF	0.0	11	48	7.8	-0.5

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

	2019	2020	2021	2022	2023	2024E	2025E
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

	2023	2024E	2025E
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 ETF
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	9.9	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	8.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	CATEGORY AVERAGE	1.39

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.