ETF Research Center

The iShares S&P Latin America 40 Index fund seeks investment results that correspond to the price and yield performance of Standard & Poor's Latin America 40 Index. The index consists primarily of large cap stocks traded in the Mexican and South American equity markets.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Oct 26, 2001
Assets (mns)	$1,716
Currency	USD
Expense ratio	48 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	42
Wgt avg mkt cap (mns)	$36,968
Large cap (>$10bn)	75.2%
Mid cap ($2-10bn)	15.3%
Small cap (<$2bn)	0.8%
Developed mkts	0.7%
Emerging mkts	99.3%

TOP TEN HOLDINGS
Total	61.0 %
ITAU UNIBANCO HLDNG-PREF ADR	9.9 %
VALE SA-SP ADR	8.8 %
BANCO BRADESCO-ADR	7.8 %
PETROLEO BRASILEIRO-SPON ADR	7.6 %
BM&FBOVESPA SA	5.7 %
PETROLEO BRASILEIRO S.A.-ADR	5.0 %
AMERICA MOVIL SAB DE CV CLASS L	4.4 %
AMBEV SA-ADR	4.3 %
FOMENTO ECONOMICO MEXICA-UBD	4.1 %
WALMART DE MEXICO-SER V	3.5 %

TOP COUNTRY EXPOSURE
	BRAZIL	62.8 %
	MEXICO	22.1 %
	CHILE	8.5 %
	PERU	3.3 %
	COLOMBIA	2.5 %
	UNITED STATES	0.8 %

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.
8.9%	3.5%	0.3%	-0.1%	13.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.52	8%
MSCI EAFE	1.05	28%
MSCI Emg. Mkts.	1.04	45%

Technical Indicators
Recent close	$31.77
30d moving avg.	$32.52
Annualized volatility	22.1%
Short interest (ETF)	3.3%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	1,381
Turnover	2.6%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$1,011

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares S&P Latin America 40 ETF based on the alternatives' overlap in portfolio holdings with ILF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

ILF

Expense:

48 bp

ALTAR Score™:

6.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ILF
Ticker	Fund Name	Overlap¹ vs ILF (%)	Expense ratio (bp)	Savings vs ILF (bp)	ALTAR Score™ (%)	ALTAR vs ILF (%)
PACA	Xtrackers MSCI Latin America Pacific Alliance	30.6	45	3	6.7	+0.1
FLLA	Franklin FTSE Latin America	27.5	19	29	6.3	-0.3
FLMX	Franklin FTSE Mexico	22.1	19	29	7.0	+0.4
EWW	iShares MSCI Mexico	22.1	47	1	6.8	+0.2
EEB	Invesco BRIC	19.3	64	-16	7.1	+0.5
ADRE	BLDRs Emerging Markets 50 ADR	15.8	30	18	6.7	+0.1
FLBR	Franklin FTSE Brazil	14.1	19	29	5.7	-0.9
EWZ	iShares MSCI Brazil	13.7	59	-11	5.3	-1.2
DOGS	Arrow Dogs of the World	13.4	164	-116	8.0	+1.4
FLN	First Trust Latin America AlphaDEX	12.3	80	-32	5.5	-1.0
FRDM	Freedom 100 Emerging Markets ETF	10.1	49	-1	8.2	+1.6
SLX	VanEck Vectors Steel	9.7	56	-8	13.5	+7.0
EMEM	Virtus Glovista Emerging Markets	9.1	67	-19	9.4	+2.8
SPEM	SPDR Portfolio Emerging Markets	7.8	11	37	8.5	+2.0
EWEM	Invesco MSCI Emerging Market Equal Weight	7.8	70	-22	9.3	+2.8
ECOW	Pacer Emerging Markets Cash Cows 100	7.7	70	-22	11.1	+4.6
BICK	First Trust BICK Index Fund	7.6	64	-16	6.2	-0.3
EMFM	Global X MSCI Next Emerging & Frontier	7.6	55	-7	7.8	+1.3
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity	7.2	49	-1	9.1	+2.5
KEMX	KraneShares MSCI Emerging Markets EX China Index	6.4	49	-1	8.8	+2.2

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 S&P Latin America 40
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.6	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	48	bp
Equals: ALTAR Score	6.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	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.