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)	$893
Currency	USD
Expense ratio	79 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	530
Wgt avg mkt cap (mns)	$1,617
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	64.0%
Small cap (<$2bn)	35.8%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	9.5 %
NIIT TECHNOLOGIES LTD	1.4 %
FEDERAL BANK LTD	1.2 %
FORTIS HEALTHCARE LTD	1.1 %
MAX INDIA LIMITED	1.0 %
EMBASSY OFFICE PARKS REIT	1.0 %
BLUE STAR LIMITED	0.9 %
COROMANDEL INTERNATIONAL LTD	0.8 %
ONE COMMUNICATIONS LTD	0.7 %
CROMPTON GREAVES CONSUMER ELECTRIC	0.7 %
LAURUS LABS LTD.	0.7 %

TOP COUNTRY EXPOSURE
	INDIA	58.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.4%	-0.9%	23.9%	9.1%	9.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.43	17%
MSCI EAFE	0.23	5%
MSCI Emg. Mkts.	0.30	9%

Technical Indicators
Recent close	$74.44
30d moving avg.	$71.57
Annualized volatility	17.7%
Short interest (ETF)	10.6%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	235
Turnover	2.0%
Bid/Ask (% of price)	0.23%
ADV underlying (mns)	$238

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 89 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:

79 bp

ALTAR Score™:

3.7%

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 (%)
EEMS	iShares MSCI Emerging Markets Small Cap ETF	14.9	70	9	8.0	+4.3
EPI	WisdomTree India Earnings Fund	9.9	85	-6	4.9	+1.2
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	7.4	58	21	10.1	+6.3
EWX	SPDR S&P Emerging Markets Small Cap ETF	6.2	65	14	8.4	+4.6
DGIN	VanEck Digital India ETF	5.8	71	8	2.1	-1.7
AVES	Avantis Emerging Markets Value ETF	5.4	36	43	12.0	+8.3
FLIN	Franklin FTSE India ETF	4.9	19	60	4.0	+0.3
PIN	Invesco India ETF	4.8	78	1	4.4	+0.7
GLIN	VanEck India Growth Leaders ETF	4.5	77	2	6.5	+2.7
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	4.3	38	41	9.8	+6.1
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	4.2	7	72	7.1	+3.3
AVEM	Avantis Emerging Markets Equity ETF	4.2	33	46	9.6	+5.8
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	3.6	59	20	12.3	+8.5
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	3.6	41	38	9.2	+5.5
XCNY	SPDR S&P Emerging Markets ex-China ETF	3.3	15	64	7.9	+4.2
DFEV	Dimensional Emerging Markets Value ETF	3.2	43	36	13.9	+10.1
GMF	SPDR S&P Emerging Asia Pacific ETF	3.1	49	30	9.8	+6.1
XC	WisdomTree Emerging Markets Ex-China Fund	2.7	32	47	6.3	+2.6
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	2.6	42	37	6.8	+3.1
DFAE	Dimensional Emerging Core Equity Market ETF	2.6	35	44	9.8	+6.1
VWO	Vanguard FTSE Emerging Markets ETF	2.5	8	71	10.9	+7.1
IEMG	iShares Core MSCI Emerging Markets ETF	2.4	9	70	10.8	+7.1
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	2.3	88	-9	10.0	+6.3
SPEM	SPDR Portfolio Emerging Markets ETF	2.2	7	72	10.9	+7.1
VEGI	iShares MSCI Agriculture Producers ETF	2.2	39	40	8.6	+4.9
IPAV	Global X Infrastructure Development ex-U.S. ETF	2.1	55	24	7.9	+4.1
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	2.0	32	47	9.6	+5.8
EMGF	iShares Emerging Markets Equity Factor ETF	2.0	25	54	12.3	+8.5
FTAG	First Trust Indxx Global Agriculture ETF	1.8	70	9	8.5	+4.7
UEVM	VictoryShares Emerging Markets Value Momentum ETF	1.6	45	34	11.0	+7.3
NDIA	Global X India Active ETF	1.5	75	4	4.8	+1.0
OBOR	KraneShares MSCI One Belt One Road Index ETF	1.2	79	0	9.2	+5.5
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	1.2	30	49	8.2	+4.5
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	1.2	33	46	10.5	+6.8
INQQ	India Internet & Ecommerce ETF	1.2	86	-7	1.3	-2.5
INDF	Nifty India Financials ETF	1.1	75	4	6.5	+2.7
FLAX	Franklin FTSE Asia Ex Japan ETF	1.0	19	60	9.8	+6.1
ERTH	Invesco MSCI Sustainable Future ETF	0.9	62	17	3.6	-0.1
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	0.9	75	4	3.2	-0.5
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.8	50	29	11.9	+8.2
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.8	12	67	8.3	+4.5
ROAM	Hartford Multifactor Emerging Markets ETF	0.8	44	35	12.4	+8.6
VSGX	Vanguard ESG International Stock ETF	0.7	12	67	8.0	+4.2
DEHP	Dimensional Emerging Markets High Profitability ETF	0.7	41	38	7.1	+3.4
FDEM	Fidelity Emerging Markets Multifactor ETF	0.7	25	54	13.2	+9.5
VXUS	Vanguard Total International Stock ETF	0.7	7	72	8.1	+4.4
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	0.7	80	-1	14.8	+11.0
MEM	Matthews Emerging Markets Equity Active ETF	0.7	79	0	8.3	+4.5
IXUS	iShares Core MSCI Total International Stock ETF	0.6	7	72	8.1	+4.3
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	0.6	86	-7	0.9	-2.9
EEMO	Invesco S&P Emerging Markets Momentum ETF	0.6	29	50	6.8	+3.0
SCHE	Schwab Emerging Markets Equity ETF	0.6	11	68	11.5	+7.7
JIG	JPMorgan International Growth ETF	0.6	55	24	4.7	+1.0
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.6	36	43	10.3	+6.6
BKEM	BNY Mellon Emerging Markets Equity ETF	0.5	11	68	10.5	+6.7
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.5	9	70	6.1	+2.3
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.5	70	9	8.4	+4.7
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	0.5	95	-16	13.4	+9.7
PICK	iShares MSCI Global Metals & Mining Producers ETF	0.5	39	40	14.2	+10.4
CUT	Invesco MSCI Global Timber ETF	0.4	61	18	10.2	+6.5
AVRE	Avantis Real Estate ETF	0.4	17	62	7.1	+3.4
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	0.4	86	-7	13.4	+9.6
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.3	15	64	8.4	+4.6
ICLN	iShares Global Clean Energy ETF	0.3	41	38	6.1	+2.3
EFRA	iShares Environmental Infrastructure and Industrials ETF	0.3	47	32	5.3	+1.6
REET	iShares Global REIT ETF	0.3	14	65	7.6	+3.9
JHEM	John Hancock Multifactor Emerging Markets ETF	0.3	49	30	10.7	+7.0
VEU	Vanguard FTSE All-World ex-US Index Fund	0.3	8	71	8.3	+4.5
SETM	Sprott Energy Transition Materials ETF	0.3	65	14	4.1	+0.4
DFGR	Dimensional Global Real Estate ETF	0.3	22	57	7.5	+3.8
VT	Vanguard Total World Stock ETF	0.2	7	72	6.2	+2.4
CGW	Invesco S&P Global Water Index ETF	0.2	57	22	4.7	+1.0
GLOF	iShares Global Equity Factor ETF	0.2	20	59	6.9	+3.2
IDAT	iShares Future Cloud 5G and Tech ETF	0.2	47	32	5.0	+1.3
DEM	WisdomTree Emerging Markets High Dividend Fund	0.2	63	16	13.6	+9.9
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.2	18	61	7.9	+4.2
IWTR	iShares MSCI Water Management Multisector ETF	0.1	47	32	5.9	+2.2
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	0.1	15	64	10.7	+6.9
VIGI	Vanguard International Dividend Appreciation ETF	0.1	15	64	6.0	+2.3
DVYE	iShares Emerging Markets Dividend ETF	0.1	49	30	19.1	+15.4
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	0.1	44	35	11.1	+7.3
XCEM	Columbia EM Core ex-China ETF	0.1	16	63	8.6	+4.8
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	0.1	39	40	16.9	+13.1
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	0.1	40	39	7.3	+3.6
PXH	Invesco FTSE RAFI Emerging Markets ETF	0.0	49	30	16.5	+12.8
VYMI	Vanguard International High Dividend Yield ETF	0.0	22	57	9.9	+6.1
IGRO	iShares International Dividend Growth ETF	0.0	15	64	7.1	+3.4
FILL	iShares MSCI Global Energy Producers ETF	0.0	39	40	12.6	+8.9
DEW	WisdomTree Global High Dividend Fund	0.0	58	21	8.8	+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%.

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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 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	13.2	%
Divided by: Fwd. P/BV	2.9	x
Less: Expense ratio	79	bp
Equals: ALTAR Score	3.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	CATEGORY AVERAGE	1.50

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.