ETF Research Center

The iShares MSCI Qatar Capped ETF is an exchange traded-fund incorporated in the USA. The Fund seeks to track the investment results of a broad-based index composed of Qatar equities.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Apr 29, 2014
Assets (mns)	$72
Currency	USD
Expense ratio	59 bp
Distributions	Monthly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Bank of New York Mellon
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	33
Wgt avg mkt cap (mns)	$15,735
Large cap (>$10bn)	48.1%
Mid cap ($2-10bn)	36.4%
Small cap (<$2bn)	15.4%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	71.2 %
QATAR NATIONAL BANK	21.5 %
QATAR ISLAMIC BANK	14.3 %
INDUSTRIES QATAR	6.5 %
OOREDOO Q.P.S.C	4.6 %
COMMERCIAL BANK OF QATAR	4.6 %
MASRAF AL RAYAN	4.4 %
QATAR GAS TRANSPORT(NAKILAT)	4.4 %
QATAR NAVIGATION	3.9 %
QATAR INTERNATIONAL ISLAMIC	3.9 %
QATAR FUEL CO	3.2 %

TOP COUNTRY EXPOSURE
	QATAR	97.8 %

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.
8.8%	8.8%	4.5%	3.8%	1.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.29	23%
MSCI EAFE	0.35	24%
MSCI Emg. Mkts.	0.31	21%

Technical Indicators
Recent close	$19.66
30d moving avg.	$18.88
Annualized volatility	13.8%
Short interest (ETF)	0.4%
Relative strength (RSI)	56

Liquidity measures
Avg. volume (thou.)	7
Turnover	0.2%
Bid/Ask (% of price)	0.90%
ADV underlying (mns)	$55

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 79 potential alternatives to the iShares MSCI Qatar ETF ETF based on the alternatives' overlap in portfolio holdings with QAT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

QAT

Expense:

59 bp

ALTAR Score™:

34.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH QAT
Ticker	Fund Name	Overlap¹ vs QAT (%)	Expense ratio (bp)	Savings vs QAT (bp)	ALTAR Score™ (%)	ALTAR vs QAT (%)
EELV	Invesco S&P Emerging Markets Low Volatility ETF	5.5	29	30	8.0	-26.6
JIVE	JPMorgan International Value ETF	4.6	55	4	9.6	-25.0
EMIF	iShares Emerging Markets Infrastructure ETF	4.4	60	-1	3.2	-31.4
FTAG	First Trust Indxx Global Agriculture ETF	4.2	70	-11	7.4	-27.2
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	3.8	40	19	6.1	-28.5
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	1.9	25	34	5.9	-28.7
EDIV	SPDR S&P Emerging Markets Dividend ETF	1.6	49	10	8.7	-25.9
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	1.3	46	13	8.2	-26.4
EEMO	Invesco S&P Emerging Markets Momentum ETF	1.2	29	30	6.8	-27.8
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	1.2	70	-11	11.7	-22.9
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	1.2	44	15	9.4	-25.2
XCNY	SPDR S&P Emerging Markets ex-China ETF	1.0	15	44	6.3	-28.3
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	1.0	59	0	7.5	-27.1
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	1.0	24	35	6.3	-28.3
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.9	30	29	7.5	-27.1
DEXC	Dimensional Emerging Markets ex China Core EquityETF	0.9	53	6	6.1	-28.5
XCEM	Columbia EM Core ex-China ETF	0.9	16	43	6.5	-28.1
EMXF	iShares ESG Advanced MSCI EM ETF	0.9	16	43	7.1	-27.5
EMXC	iShares MSCI Emerging Markets ex China ETF	0.9	25	34	5.8	-28.8
SCHY	Schwab International Dividend Equity ETF	0.8	14	45	8.7	-25.9
ECON	Columbia Emerging Markets Consumer ETF	0.8	49	10	9.9	-24.7
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	0.8	45	14	8.4	-26.2
SCHE	Schwab Emerging Markets Equity ETF	0.7	11	48	9.4	-25.2
FDEM	Fidelity Emerging Markets Multifactor ETF	0.7	25	34	10.6	-24.0
VWO	Vanguard FTSE Emerging Markets ETF	0.7	7	52	9.0	-25.6
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	0.7	15	44	8.4	-26.2
EFRA	iShares Environmental Infrastructure and Industrials ETF	0.7	47	12	4.8	-29.8
NUEM	Nuveen ESG Emerging Markets Equity ETF	0.7	36	23	6.6	-28.0
DEHP	Dimensional Emerging Markets High Profitability ETF	0.7	41	18	5.2	-29.4
SPEM	SPDR Portfolio Emerging Markets ETF	0.7	7	52	9.2	-25.4
LDEM	iShares ESG MSCI EM Leaders ETF	0.7	17	42	11.2	-23.4
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	0.7	30	29	8.0	-26.6
AVEE	Avantis Emerging Markets Small Cap Equity ETF	0.7	42	17	8.6	-26.0
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	0.6	66	-7	7.6	-27.0
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	0.6	39	20	14.3	-20.3
EEM	iShares MSCI Emerging Markets ETF	0.6	69	-10	8.0	-26.6
DFEV	Dimensional Emerging Markets Value ETF	0.6	43	16	10.4	-24.2
IEMG	iShares Core MSCI Emerging Markets ETF	0.6	9	50	8.5	-26.1
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.6	36	23	7.9	-26.7
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.6	38	21	7.5	-27.1
STXE	Strive Emerging Markets Ex-China ETF	0.6	32	27	6.2	-28.4
BKEM	BNY Mellon Emerging Markets Equity ETF	0.6	11	48	7.9	-26.7
DFAE	Dimensional Emerging Core Equity Market ETF	0.5	35	24	7.4	-27.2
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.5	41	18	7.1	-27.5
NXTG	First Trust Indxx NextG ETF	0.5	70	-11	4.4	-30.2
DVYE	iShares Emerging Markets Dividend ETF	0.5	49	10	16.7	-17.9
ESGE	iShares ESG Aware MSCI EM ETF	0.5	25	34	8.4	-26.2
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.5	70	-11	6.8	-27.8
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.5	15	44	6.5	-28.1
AVXC	Avantis Emerging Markets Ex-China Equity ETF	0.5	33	26	6.8	-27.8
VYMI	Vanguard International High Dividend Yield ETF	0.4	17	42	8.2	-26.4
EMGF	iShares Emerging Markets Equity Factor ETF	0.4	25	34	9.4	-25.2
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	0.4	88	-29	7.3	-27.3
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.4	65	-6	7.1	-27.5
EVLU	iShares MSCI Emerging Markets Value Factor ETF	0.3	35	24	11.7	-22.9
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.2	12	47	8.0	-26.6
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.2	50	9	9.1	-25.5
AVES	Avantis Emerging Markets Value ETF	0.2	36	23	9.4	-25.2
VSGX	Vanguard ESG International Stock ETF	0.2	10	49	6.6	-28.0
VEU	Vanguard FTSE All-World ex-US Index Fund	0.2	4	55	6.8	-27.8
VXUS	Vanguard Total International Stock ETF	0.2	5	54	6.8	-27.8
ACWV	iShares MSCI Global Min Vol Factor ETF	0.2	20	39	5.3	-29.3
ACWX	iShares MSCI ACWI ex U.S. ETF	0.2	34	25	6.4	-28.2
IXUS	iShares Core MSCI Total International Stock ETF	0.2	7	52	6.7	-27.9
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.2	33	26	8.1	-26.5
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.2	18	41	6.5	-28.1
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.2	41	18	6.4	-28.2
AVEM	Avantis Emerging Markets Equity ETF	0.2	33	26	7.2	-27.4
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.2	30	29	6.6	-28.0
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.1	20	39	4.8	-29.8
CWI	SPDR MSCI ACWI ex-US ETF	0.1	30	29	6.4	-28.2
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.1	8	51	6.5	-28.1
PICK	iShares MSCI Global Metals & Mining Producers ETF	0.1	39	20	8.6	-26.0
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.1	12	47	4.3	-30.3
GLOF	iShares Global Equity Factor ETF	0.1	20	39	5.9	-28.7
VT	Vanguard Total World Stock ETF	0.1	6	53	5.1	-29.5
VEGI	iShares MSCI Agriculture Producers ETF	0.1	39	20	8.1	-26.5
ACWI	iShares MSCI ACWI ETF	0.1	32	27	4.7	-29.9
AVSE	Avantis Responsible Emerging Markets Equity ETF	0.0	33	26	6.9	-27.7

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
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 Qatar ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	328.0	%
Divided by: Fwd. P/BV	9.3	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	34.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	CATEGORY AVERAGE	1.64

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.