ETF Research Center

The iShares JPX-Nikkei 400 ETF tracks the investment results of a broad-based benchmark composed of Japanese equities that have been selected based on perceived shareholder-friendly activities.

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Oct 26, 2001
Assets (mns)	$96
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	n/a
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	392
Wgt avg mkt cap (mns)	$30,323
Large cap (>$10bn)	74.0%
Mid cap ($2-10bn)	24.4%
Small cap (<$2bn)	1.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	15.1 %
SONY CORP	1.8 %
RECRUIT HOLDINGS CO LTD	1.6 %
TOYOTA MOTOR CORP	1.6 %
KEYENCE CORP	1.5 %
MITSUBISHI UFJ FINANCIAL GRO	1.5 %
NIPPON TELEGRAPH AND TELEPHONE COR	1.5 %
NINTENDO CO LTD	1.5 %
TAKEDA PHARMACEUTICAL CO LTD	1.4 %
SUMITOMO MITSUI FINANCIAL GR	1.4 %
KDDI CORPORATION	1.3 %

TOP COUNTRY EXPOSURE
	JAPAN	99.3 %

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.
19.4%	19.4%	7.4%	6.0%	4.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.78	66%
MSCI EAFE	0.92	76%
MSCI Emg. Mkts.	0.64	62%

Technical Indicators
Recent close	$64.12
30d moving avg.	$64.39
Annualized volatility	11.7%
Short interest (ETF)	0.2%
Relative strength (RSI)	44

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.1%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$12,450

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares JPX-Nikkei 400 ETF based on the alternatives' overlap in portfolio holdings with JPXN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

JPXN

Expense:

48 bp

ALTAR Score™:

7.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH JPXN
Ticker	Fund Name	Overlap¹ vs JPXN (%)	Expense ratio (bp)	Savings vs JPXN (bp)	ALTAR Score™ (%)	ALTAR vs JPXN (%)
JPN	Xtrackers Japan JPX-Nikkei 400 Equity	96.9	9	39	7.8	+0.3
EWJ	iShares MSCI Japan	85.7	47	1	7.4	-0.1
BBJP	JPMorgan BetaBuilders Japan	85.5	19	29	7.7	+0.2
QJPN	SPDR MSCI Japan Quality Mix	85.3	14	34	7.9	+0.4
HFXJ	IQ 50 Percent Hedged FTSE Japan	85.2	30	18	7.6	+0.1
FLJP	Franklin FTSE Japan	84.8	9	39	7.8	+0.3
FLJH	Franklin FTSE Japan Hedged	83.8	9	39	7.7	+0.2
DBJP	Xtrackers MSCI Japan Hedged	83.3	45	3	7.3	-0.2
GSJY	Goldman Sachs ActiveBeta Japan Equity	73.6	25	23	7.5	+0.0
DXJ	WisdomTree Japan Hedged Equity	56.2	48	0	8.3	+0.8
IPAC	iShares Core MSCI Pacific	54.7	9	39	7.2	-0.3
EWJE	iShares MSCI Japan Equal Weighted	53.7	15	33	7.0	-0.5
EWJV	iShares MSCI Japan Value	48.4	15	33	10.5	+3.0
VPL	Vanguard Pacific ETF	47.9	9	39	7.5	+0.0
JPMV	iShares MSCI Japan Min Volatility	44.2	30	18	6.8	-0.7
SCIJ	Global X Scientific Beta Japan	43.7	39	9	6.9	-0.6
RFAP	First Trust Riverfront Dynamic Asia Pacific	43.0	83	-35	7.0	-0.5
IVLU	iShares MSCI Int'l Developed Value Factor	33.2	30	18	10.4	+2.9
REFA	Invesco International Revenue ETF	28.7	42	6	8.6	+1.1
IQIN	IQ 500 International	26.8	25	23	8.3	+0.8

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 JPX-Nikkei 400
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	9.9	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	48	bp
Equals: ALTAR Score	7.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	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.