ETF Research Center

iShares MSCI Thailand Investable Market Index Fund seeks investment results that correspond to the performance of the MSCI Thailand Investable Market Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Mar 26, 2008
Assets (mns)	$199
Currency	USD
Expense ratio	58 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	99
Wgt avg mkt cap (mns)	$6,610
Large cap (>$10bn)	48.5%
Mid cap ($2-10bn)	27.8%
Small cap (<$2bn)	18.8%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	52.4 %
ADVANCED INFO SERVICE PUBLIC CO.,	8.1 %
DELTA ELECTRONICS THAI-NVDR	7.8 %
PTT PCL-NVDR	7.1 %
CP ALL PCL-NVDR	6.5 %
BANGKOK DUSIT MED SERVI-NVDR	5.6 %
GULF DEVELOPMENT NON-VOTING DR PCL	4.9 %
AIRPORTS OF THAILAND PC-NVDR	3.4 %
PTT EXPLOR & PROD PCL-NVDR	3.3 %
TRUE CORPORATION NON-VOTING DR PCL	2.9 %
SIAM CEMENT PCL-NVDR	2.7 %

TOP COUNTRY EXPOSURE
	THAILAND	86.0 %

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.
-11.7%	-5.3%	-2.9%	-1.0%	3.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.50	18%
MSCI EAFE	0.64	31%
MSCI Emg. Mkts.	0.82	51%

Technical Indicators
Recent close	$53.17
30d moving avg.	$54.87
Annualized volatility	19.8%
Short interest (ETF)	4.1%
Relative strength (RSI)	47

Liquidity measures
Avg. volume (thou.)	72
Turnover	1.9%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$583

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the iShares MSCI Thailand ETF ETF based on the alternatives' overlap in portfolio holdings with THD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

THD

Expense:

58 bp

ALTAR Score™:

0.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH THD
Ticker	Fund Name	Overlap¹ vs THD (%)	Expense ratio (bp)	Savings vs THD (bp)	ALTAR Score™ (%)	ALTAR vs THD (%)
ASEA	Global X FTSE Southeast Asia ETF	13.8	65	-7	7.0	+7.0
GVAL	Cambria Global Value ETF	7.4	68	-10	11.3	+11.3
EELV	Invesco S&P Emerging Markets Low Volatility ETF	5.4	29	29	8.9	+8.9
EDIV	SPDR S&P Emerging Markets Dividend ETF	5.3	49	9	12.0	+12.0
EMIF	iShares Emerging Markets Infrastructure ETF	3.4	60	-2	6.7	+6.7
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	3.0	25	33	6.6	+6.6
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	2.5	58	0	10.0	+10.0
PXH	Invesco FTSE RAFI Emerging Markets ETF	2.4	49	9	16.2	+16.2
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	2.3	39	19	16.6	+16.6
DVYE	iShares Emerging Markets Dividend ETF	2.2	49	9	18.8	+18.8
EEMS	iShares MSCI Emerging Markets Small Cap ETF	2.1	70	-12	7.9	+7.9
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	1.8	95	-37	13.2	+13.2
LDEM	iShares ESG MSCI EM Leaders ETF	1.7	17	41	13.5	+13.5
VIDI	Vident International Equity Strategy ETF	1.7	61	-3	11.5	+11.5
EWX	SPDR S&P Emerging Markets Small Cap ETF	1.7	65	-7	8.3	+8.3
EMXF	iShares ESG Advanced MSCI EM ETF	1.7	16	42	8.7	+8.7
ESGE	iShares ESG Aware MSCI EM ETF	1.7	25	33	10.4	+10.4
XCNY	SPDR S&P Emerging Markets ex-China ETF	1.7	15	43	7.8	+7.8
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	1.5	67	-9	14.1	+14.1
EMXC	iShares MSCI Emerging Markets ex China ETF	1.4	25	33	7.9	+7.9
CRAK	VanEck Oil Refiners ETF	1.4	61	-3	15.0	+15.0
MOO	VanEck Agribusiness ETF	1.4	53	5	10.3	+10.3
SCHE	Schwab Emerging Markets Equity ETF	1.3	11	47	11.4	+11.4
EEMA	iShares MSCI Emerging Markets Asia ETF	1.2	49	9	10.4	+10.4
IEMG	iShares Core MSCI Emerging Markets ETF	1.2	9	49	10.7	+10.7
AAXJ	iShares MSCI All Country Asia ex Japan ETF	1.1	70	-12	9.5	+9.5
EEMO	Invesco S&P Emerging Markets Momentum ETF	1.1	29	29	6.7	+6.7
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	1.1	10	48	8.3	+8.3
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	1.1	32	26	7.0	+7.0
DFAE	Dimensional Emerging Core Equity Market ETF	1.1	35	23	9.7	+9.7
EVLU	iShares MSCI Emerging Markets Value Factor ETF	1.0	35	23	19.7	+19.7
DEM	WisdomTree Emerging Markets High Dividend Fund	1.0	63	-5	13.5	+13.5
EEM	iShares MSCI Emerging Markets ETF	1.0	69	-11	10.5	+10.5
IDX	VanEck Indonesia Index ETF	0.8	57	1	9.2	+9.2
EMC	Global X Emerging Markets Great Consumer ETF	0.8	75	-17	9.1	+9.1
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	0.8	90	-32	7.9	+7.9
EMMF	WisdomTree Emerging Markets Multifactor Fund	0.8	48	10	7.9	+7.9
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.8	59	-1	12.1	+12.1
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	0.7	30	28	10.7	+10.7
DWX	SPDR S&P International Dividend ETF	0.7	45	13	6.2	+6.2
AVEM	Avantis Emerging Markets Equity ETF	0.6	33	25	9.4	+9.4
EMGF	iShares Emerging Markets Equity Factor ETF	0.6	25	33	12.2	+12.2
ROAM	Hartford Multifactor Emerging Markets ETF	0.6	44	14	12.2	+12.2
DFEV	Dimensional Emerging Markets Value ETF	0.6	43	15	13.7	+13.7
SCHY	Schwab International Dividend Equity ETF	0.6	14	44	9.6	+9.6
VEGI	iShares MSCI Agriculture Producers ETF	0.6	39	19	8.5	+8.5
DEHP	Dimensional Emerging Markets High Profitability ETF	0.6	41	17	7.0	+7.0
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.5	38	20	9.7	+9.7
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.5	15	43	8.3	+8.3
EMM	Global X Emerging Markets ex-China ETF	0.5	75	-17	6.4	+6.4
FLAX	Franklin FTSE Asia Ex Japan ETF	0.5	19	39	9.7	+9.7
RWX	SPDR Dow Jones International Real Estate ETF	0.5	59	-1	7.1	+7.1
SDIV	Global X Superdividend ETF	0.4	58	0	42.0	+42.0
AVES	Avantis Emerging Markets Value ETF	0.4	36	22	11.8	+11.8
WWJD	Inspire International ETF	0.4	80	-22	7.4	+7.4
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.4	36	22	10.2	+10.2
RODE	Hartford Multifactor Diversified International ETF	0.4	29	29	11.0	+11.0
BKEM	BNY Mellon Emerging Markets Equity ETF	0.4	11	47	10.4	+10.4
ACWV	iShares MSCI Global Min Vol Factor ETF	0.4	20	38	5.9	+5.9
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.4	47	11	5.8	+5.8
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.4	41	17	9.1	+9.1
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	0.4	45	13	10.9	+10.9
IPKW	Invesco International BuyBack Achievers ETF	0.4	55	3	13.5	+13.5
IXUS	iShares Core MSCI Total International Stock ETF	0.3	7	51	8.1	+8.1
JHEM	John Hancock Multifactor Emerging Markets ETF	0.3	49	9	10.6	+10.6
FILL	iShares MSCI Global Energy Producers ETF	0.3	39	19	11.7	+11.7
RNRG	Global X Renewable Energy Producers ETF	0.3	66	-8	5.9	+5.9
ETEC	iShares Breakthrough Environmental Solutions ETF	0.3	47	11	3.6	+3.6
CUT	Invesco MSCI Global Timber ETF	0.3	61	-3	10.4	+10.4
ACWX	iShares MSCI ACWI ex U.S. ETF	0.3	34	24	7.9	+7.9
XCEM	Columbia EM Core ex-China ETF	0.3	16	42	8.5	+8.5
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	0.3	24	34	8.5	+8.5
XC	WisdomTree Emerging Markets Ex-China Fund	0.3	32	26	6.3	+6.3
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	0.2	66	-8	10.2	+10.2
BLES	Inspire Global Hope ETF	0.2	61	-3	6.9	+6.9
IWTR	iShares MSCI Water Management Multisector ETF	0.2	47	11	5.9	+5.9
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.2	32	26	9.5	+9.5
GMF	SPDR S&P Emerging Asia Pacific ETF	0.1	49	9	9.7	+9.7
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.1	30	28	10.2	+10.2
CGW	Invesco S&P Global Water Index ETF	0.1	57	1	4.7	+4.7
RWO	SPDR Dow Jones Global Real Estate ETF	0.1	50	8	7.1	+7.1
JSTC	Adasina Social Justice All Cap Global ETF	0.1	89	-31	4.9	+4.9
GLOF	iShares Global Equity Factor ETF	0.1	20	38	6.9	+6.9
ACWI	iShares MSCI ACWI ETF	0.1	32	26	5.8	+5.8
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.1	18	40	7.9	+7.9
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.1	12	46	5.4	+5.4
VWO	Vanguard FTSE Emerging Markets ETF	0.1	8	50	10.8	+10.8
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.1	20	38	5.9	+5.9
ERTH	Invesco MSCI Sustainable Future ETF	0.1	62	-4	3.6	+3.6
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.1	41	17	7.8	+7.8
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.1	30	28	8.2	+8.2
VYMI	Vanguard International High Dividend Yield ETF	0.0	22	36	9.8	+9.8
CWI	SPDR MSCI ACWI ex-US ETF	0.0	30	28	7.9	+7.9
DEW	WisdomTree Global High Dividend Fund	0.0	58	0	8.8	+8.8
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.0	7	51	7.0	+7.0
VEU	Vanguard FTSE All-World ex-US Index Fund	0.0	8	50	8.3	+8.3
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	49	6.1	+6.1
VT	Vanguard Total World Stock ETF	0.0	7	51	6.2	+6.2
VSGX	Vanguard ESG International Stock ETF	0.0	12	46	8.0	+8.0
VXUS	Vanguard Total International Stock ETF	0.0	7	51	8.1	+8.1

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 Thailand 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	9.4	%
Divided by: Fwd. P/BV	0.0	x
Less: Expense ratio	58	bp
Equals: ALTAR Score	0.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.27	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.