ETF Research Center

iShares Core MSCI Emerging Markets ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the MSCI Emerging Markets Investable Market Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Oct 18, 2012
Assets (mns)	$57,516
Currency	USD
Expense ratio	14 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	2358
Wgt avg mkt cap (mns)	$85,666
Large cap (>$10bn)	64.7%
Mid cap ($2-10bn)	24.9%
Small cap (<$2bn)	9.2%
Developed mkts	7.7%
Emerging mkts	89.9%

TOP TEN HOLDINGS
Total	21.2 %
ALIBABA GROUP HOLDING LTD. SPONSOR	4.2 %
TAIWAN SEMICONDUCTOR MANUFAC	3.9 %
TENCENT HOLDINGS LTD	3.9 %
SAMSUNG ELECTRONICS CO LTD	3.3 %
CHINA CONSTRUCTION BANK-H	1.2 %
NASPERS LTD-N SHS	1.1 %
PING AN INSURANCE GROUP CO-H	1.0 %
RELIANCE INDUSTRIES LTD	1.0 %
HOUSING DEVELOPMENT FINANCE	0.8 %
CHINA MOBILE LIMITED	0.8 %

TOP COUNTRY EXPOSURE
	CHINA	24.7 %
	TAIWAN	12.6 %
	SOUTH KOREA	11.9 %
	INDIA	9.1 %
	BRAZIL	7.2 %
	HONG KONG	4.7 %
	SOUTH AFRICA	4.6 %
	RUSSIA	3.6 %
	THAILAND	2.8 %
	MEXICO	2.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
9.6%	6.3%	3.0%	--	3.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.83	49%
MSCI EAFE	1.08	69%
MSCI Emg. Mkts.	1.00	95%

Technical Indicators
Recent close	$51.51
30d moving avg.	$51.72
Annualized volatility	14.3%
Short interest (ETF)	1.3%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	12,190
Turnover	1.1%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$36,936

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IEMG

Expense:

14 bp

ALTAR Score™:

8.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IEMG
Ticker	Fund Name	Overlap¹ vs IEMG (%)	Expense ratio (bp)	Savings vs IEMG (bp)	ALTAR Score™ (%)	ALTAR vs IEMG (%)
EEM	iShares MSCI Emerging Markets	88.1	67	-53	8.5	-0.2
DBEM	Xtrackers MSCI Emg. Mkts. Hedged	85.2	65	-51	8.4	-0.3
VWO	Vanguard Emerging Markets	73.7	12	2	8.6	-0.0
SCHE	Schwab Emerging Markets Equity	71.9	13	1	8.6	-0.0
PBEE	Invesco PureBeta FTSE Emerging Markets	64.6	14	0	9.2	+0.6
JHEM	John Hancock Multifactor Emerging Markets	64.5	55	-41	8.8	+0.2
AAXJ	iShares MSCI Asia ex-Japan	64.4	67	-53	8.2	-0.4
EEMA	iShares MSCI Emg Mkts Asia	64.3	50	-36	8.7	+0.1
FLAX	Franklin FTSE Asia Ex Japan	63.6	19	-5	8.6	+0.0
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	63.0	30	-16	8.4	-0.2
TLTE	FlexShares Mngstr Emerging Markets Factor Tilt	62.0	59	-45	10.5	+1.9
GEM	Goldman Sachs ActiveBeta Emg Mkts Equity	60.1	45	-31	9.0	+0.4
SPEM	SPDR Portfolio Emerging Markets	55.3	11	3	8.4	-0.2
XSOE	WisdomTree Emg Mkt ex-SOE	52.5	32	-18	6.8	-1.8
REEM	Invesco Emerging Markets Revenue ETF	51.0	46	-32	11.8	+3.2
QEMM	SPDR MSCI Emerging Markets Quality Mix	50.0	30	-16	9.0	+0.4
ESGE	iShares MSCI EM ESG Optimized	49.9	25	-11	9.2	+0.6
EMXC	iShares MSCI Emerging Markets ex China	49.8	49	-35	8.6	+0.0
DVEM	WisdomTree Emerging Markets Dividend	47.4	32	-18	11.3	+2.7
BKF	iShares MSCI BRIC	45.5	67	-53	8.6	0.0

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 Core MSCI Emerging Markets
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	11.8	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	14	bp
Equals: ALTAR Score	8.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	CATEGORY AVERAGE	1.49

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.