ETF Research Center

The iShares MSCI India Small Cap Index Fund is an exchange traded fund incorporated in the USA. The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI India Small Cap Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	BlackRock Funds/USA
Website	www.ishares.com
Inception date	Feb 09, 2012
Assets (mns)	$288
Currency	USD
Expense ratio	77 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	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	263
Wgt avg mkt cap (mns)	$1,618
Large cap (>$10bn)	0.2%
Mid cap ($2-10bn)	42.9%
Small cap (<$2bn)	56.8%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	16.0 %
INFO EDGE INDIA LTD.	2.4 %
FEDERAL BANK LTD	1.9 %
JUBILANT FOODWORKS LTD	1.8 %
APOLLO HOSPITALS ENTERPRISE	1.8 %
CROMPTON GREAVES CONSUMER ELECTRIC	1.5 %
RBL BANK LTD.	1.4 %
INDRAPRASTHA GAS LIMITED	1.3 %
TATA TEA LTD	1.3 %
MPHASIS LIMITED	1.3 %
IDFC BANK LTD.	1.2 %

TOP COUNTRY EXPOSURE
	INDIA	85.0 %

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.
-6.8%	2.1%	2.6%	--	5.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.08	0%
MSCI EAFE	0.49	6%
MSCI Emg. Mkts.	0.61	16%

Technical Indicators
Recent close	$35.56
30d moving avg.	$35.10
Annualized volatility	22.1%
Short interest (ETF)	0.0%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	68
Turnover	0.8%
Bid/Ask (% of price)	0.38%
ADV underlying (mns)	$93

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

SMIN

Expense:

77 bp

ALTAR Score™:

5.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SMIN
Ticker	Fund Name	Overlap¹ vs SMIN (%)	Expense ratio (bp)	Savings vs SMIN (bp)	ALTAR Score™ (%)	ALTAR vs SMIN (%)
EPI	WisdomTree India Earnings	12.3	85	-8	9.8	+4.2
EEMS	iShares MSCI Emerging Market Small Cap	11.9	67	10	6.4	+0.7
SCIF	VanEck Vectors India Small Caps	11.2	83	-6	5.9	+0.2
EWX	SPDR S&P Emerging Markets Small Cap	6.9	65	12	7.9	+2.3
FLIN	Franklin FTSE India	4.2	19	58	6.9	+1.2
INCO	Columbia India Consumer	3.8	75	2	6.7	+1.0
PIN	Invesco India	3.4	82	-5	7.0	+1.3
IXSE	WisdomTree India Ex-State-Owned Enterprises	3.2	58	19	6.0	+0.3
MXDE	Nationwide Maximum Diversification Emg Mkts Core	3.1	64	13	5.5	-0.2
DGS	WisdomTree Emg. Mkts. Small Cap Dividend	2.7	63	14	12.3	+6.6
VSS	Vanguard FTSE All World ex-US Small Cap	1.8	12	65	6.6	+1.0
CEZ	Victory CEMP Emerging Market Volatility Weighted	1.8	50	27	9.2	+3.5
GMF	SPDR S&P Emerging Asia Pacific	1.7	49	28	8.2	+2.5
OBOR	KraneShares MSCI One Belt One Road Index	1.2	79	-2	9.3	+3.6
IEMG	iShares Core MSCI Emerging Markets	1.2	14	63	8.6	+3.0
VWO	Vanguard Emerging Markets	1.2	12	65	8.8	+3.1
VEGI	iShares MSCI Global Agriculture Producers	1.1	39	38	6.9	+1.2
FDEM	Fidelity Targeted Emerging Markets Factor	1.1	45	32	8.7	+3.1
REDV	Invesco Emerging Markets Ultra Dividend Revenue ETF	1.1	46	31	18.2	+12.6
TLTE	FlexShares Mngstr Emerging Markets Factor Tilt	1.0	59	18	10.6	+4.9

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 MSCI India Small Cap
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.8	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	77	bp
Equals: ALTAR Score	5.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	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.