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 08, 2012
Assets (mns)	$185
Currency	USD
Expense ratio	76 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	213
Wgt avg mkt cap (mns)	$1,364
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	35.6%
Small cap (<$2bn)	64.4%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	16.1 %
APOLLO HOSPITALS ENTERPRISE	2.5 %
CROMPTON GREAVES CONSUMER ELECTRIC	2.0 %
BALKRISHNA INDUSTRIES LIMITED	1.9 %
PI INDUSTRIES LIMITED	1.7 %
MPHASIS LIMITED	1.6 %
MAX INDIA LIMITED	1.4 %
JINDAL STEEL & POWER LTD	1.3 %
FEDERAL BANK LTD	1.3 %
VODAFONE IDEA LTD	1.2 %
ATUL LIMITED	1.2 %

TOP COUNTRY EXPOSURE
	INDIA	79.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru July 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-11.8%	-8.1%	-0.9%	--	3.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.87	25%
MSCI EAFE	1.10	34%
MSCI Emg. Mkts.	0.94	41%

Technical Indicators
Recent close	$33.03
30d moving avg.	$31.27
Annualized volatility	29.8%
Short interest (ETF)	0.0%
Relative strength (RSI)	76

Liquidity measures
Avg. volume (thou.)	37
Turnover	0.7%
Bid/Ask (% of price)	0.44%
ADV underlying (mns)	$86

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 55 potential alternatives to the iShares MSCI India Small Cap ETF 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:

76 bp

ALTAR Score™:

3.0%

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 Fund	10.8	85	-9	8.1	+5.2
EEMS	iShares MSCI Emerging Markets Small Cap ETF	9.3	69	7	7.6	+4.7
EWX	SPDR S&P Emerging Markets Small Cap ETF	6.9	65	11	6.0	+3.0
FLIN	Franklin FTSE India ETF	3.6	19	57	5.3	+2.4
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	3.3	63	13	12.5	+9.5
PIN	Invesco India ETF	3.3	78	-2	5.4	+2.4
INCO	Columbia India Consumer ETF	2.8	75	1	2.7	-0.2
MXDE	Nationwide Maximum Diversification Emerging Mkts Core Eq	2.7	64	12	4.6	+1.6
IXSE	WisdomTree India Ex-State-Owned Enterprises Fund	2.6	58	18	4.6	+1.7
FTAG	First Trust Indxx Global Agriculture ETF	2.5	70	6	5.9	+3.0
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	2.3	59	17	10.8	+7.9
CEZ	VictoryShares Emerging Market Volatility Wtd Index ETF	2.1	50	26	10.3	+7.4
GMF	SPDR S&P Emerging Asia Pacific ETF	1.5	49	27	7.2	+4.3
VSS	Vanguard FTSE All World (ex-US) Small Cap Index Fund	1.5	11	65	6.4	+3.4
AVEM	Avantis Emerging Markets Equity ETF	1.4	33	43	8.7	+5.7
RNEM	Emerging Markets Equity Select ETF	1.2	75	1	11.4	+8.4
DVYE	iShares Emerging Markets Dividend ETF	1.1	49	27	16.4	+13.4
VEGI	iShares MSCI Global Agriculture Producers ETF	1.1	39	37	5.5	+2.6
SPEM	SPDR Portfolio Emerging Markets ETF	1.1	11	65	7.8	+4.8
FEMS	First Trust Emerging Markets Small Cap Alphadex Fund	1.0	80	-4	17.9	+15.0
IEMG	iShares Core MSCI Emerging Markets ETF	0.9	13	63	7.8	+4.8
VWO	Vanguard FTSE Emerging Markets ETF	0.9	10	66	8.0	+5.0
CEY	VictoryShares Emerging Market High Dividend Volatility Wtd E	0.6	51	25	14.2	+11.2
OBOR	KraneShares MSCI One Belt One Road Index ETF	0.6	79	-3	8.8	+5.9
PXH	Invesco FTSE RAFI Emerging Markets ETF	0.4	50	26	13.2	+10.2
FLAX	Franklin FTSE Asia Ex Japan ETF	0.4	19	57	7.6	+4.7
SCHE	Schwab Emerging Markets Equity ETF	0.4	11	65	7.9	+4.9
FDEM	Fidelity Targeted Emerging Markets Factor ETF	0.3	45	31	9.3	+6.4
DBAP	Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF	0.3	10	66	9.2	+6.2
EYLD	Cambria Emerging Shareholder Yield ETF	0.3	66	10	17.1	+14.2
DVEM	WisdomTree Emerging Markets Dividend Fund	0.3	32	44	8.1	+5.2
VSGX	Vanguard ESG International Stock ETF	0.3	17	59	7.0	+4.0
VNQI	Vanguard Global ex-US Real Estate Index Fund	0.3	12	64	10.1	+7.1
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.3	32	44	6.1	+3.2
EDIV	SPDR S&P Emerging Markets Dividend ETF	0.2	49	27	11.3	+8.3
DEM	WisdomTree Emerging Markets High Dividend Fund	0.2	63	13	14.0	+11.0
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.2	47	29	6.2	+3.2
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	0.2	32	44	8.9	+5.9
VXUS	Vanguard Total International Stock Index Fund	0.2	8	68	7.4	+4.4
IXUS	ishares Core MSCI Total International Stock ETF	0.2	9	67	7.3	+4.3
PICK	iShares MSCI Global Metals & Mining Producers ETF	0.2	39	37	6.8	+3.8
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.2	58	18	7.7	+4.8
EEMO	Invesco S&P Emerging Markets Momentum ETF	0.1	29	47	6.4	+3.4
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.1	70	6	8.8	+5.8
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	0.1	39	37	12.6	+9.7
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	0.1	44	32	8.9	+5.9
VEU	Vanguard FTSE All-World ex-US Index Fund	0.1	8	68	7.4	+4.5
VT	Vanguard Total World Stock Index Fund	0.1	8	68	5.9	+3.0
VYMI	Vanguard International High Dividend Yield ETF	0.1	32	44	9.9	+6.9
VIGI	Vanguard International Dividend Appreciation ETF	0.0	25	51	5.5	+2.5
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	0.0	86	-10	2.1	-0.8
FILL	iShares MSCI Global Energy Producers ETF	0.0	39	37	6.3	+3.4
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	67	5.7	+2.7
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	0.0	40	36	7.2	+4.2
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.0	36	40	8.0	+5.1

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%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
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

Content on this tab for subscribers only

VALUATION METRICS

	2019	2020E	2021E
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 ETF
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	5.7	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	76	bp
Equals: ALTAR Score	3.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	CATEGORY AVERAGE	1.45

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.