ETF Research Center

The iShares MSCI UAE 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 UAE equities.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Apr 29, 2014
Assets (mns)	$39
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	41
Wgt avg mkt cap (mns)	$14,680
Large cap (>$10bn)	73.5%
Mid cap ($2-10bn)	15.4%
Small cap (<$2bn)	11.1%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	76.7 %
INFRACAP EQUITY INCOME FUND ETF	25.0 %
EMIRATES TELECOMMUNICATIONS GROUP	11.5 %
NATIONAL BANK OF ABU DHABI	10.7 %
EMAAR PROPERTIES PJSC	10.2 %
ALDAR PROPERTIES PJSC	3.7 %
ABU DHABI ISLAMIC BANK	3.4 %
ABU DHABI COMMERCIAL BANK	3.3 %
EMIRATES NBD PJSC	3.2 %
DUBAI ISLAMIC BANK	3.1 %
ABU DHABI NATIONAL OIL COMPANY FOR	2.6 %

TOP COUNTRY EXPOSURE
	UAE	70.6 %
	BRITAIN	0.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru March 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.0%	6.2%	3.8%	--	-2.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.41	15%
MSCI EAFE	0.41	14%
MSCI Emg. Mkts.	0.24	5%

Technical Indicators
Recent close	$14.29
30d moving avg.	$14.68
Annualized volatility	18.5%
Short interest (ETF)	0.5%
Relative strength (RSI)	51

Liquidity measures
Avg. volume (thou.)	10
Turnover	0.4%
Bid/Ask (% of price)	0.36%
ADV underlying (mns)	$280

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 86 potential alternatives to the iShares MSCI UAE ETF ETF based on the alternatives' overlap in portfolio holdings with UAE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

UAE

Expense:

59 bp

ALTAR Score™:

9.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH UAE
Ticker	Fund Name	Overlap¹ vs UAE (%)	Expense ratio (bp)	Savings vs UAE (bp)	ALTAR Score™ (%)	ALTAR vs UAE (%)
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	3.6	25	34	7.0	-2.0
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	2.9	40	19	7.1	-1.9
EEMD	AAM S&P Emerging Markets High Dividend Value ETF	2.8	49	10	19.0	+10.0
VNQI	Vanguard Global ex-U.S. Real Estate ETF	2.7	12	47	8.6	-0.4
EELV	Invesco S&P Emerging Markets Low Volatility ETF	2.6	29	30	8.3	-0.8
XCEM	Columbia EM Core ex-China ETF	2.3	16	43	7.4	-1.7
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	2.2	88	-29	6.2	-2.8
LEGR	First Trust Indxx Innovative Transaction & Process ETF	2.2	65	-6	8.4	-0.7
LDEM	iShares ESG MSCI EM Leaders ETF	2.2	17	42	7.8	-1.2
FDEM	Fidelity Emerging Markets Multifactor ETF	2.2	25	34	12.0	+3.0
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	2.0	20	39	7.5	-1.5
STXE	Strive Emerging Markets Ex-China ETF	2.0	32	27	6.9	-2.1
ECON	Columbia Emerging Markets Consumer ETF	2.0	49	10	4.8	-4.3
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	1.9	44	15	10.3	+1.3
EMXF	iShares ESG Advanced MSCI EM ETF	1.9	16	43	7.5	-1.6
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	1.8	30	29	8.6	-0.5
DFEV	Dimensional Emerging Markets Value ETF	1.7	43	16	11.0	+2.0
EMXC	iShares MSCI Emerging Markets ex China ETF	1.6	25	34	6.7	-2.3
EDIV	SPDR S&P Emerging Markets Dividend ETF	1.6	49	10	11.0	+2.0
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	1.6	41	18	7.9	-1.2
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	1.4	15	44	7.1	-1.9
EMGF	iShares Emerging Markets Equity Factor ETF	1.4	25	34	8.7	-0.3
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	1.4	45	14	8.6	-0.4
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	1.3	38	21	8.3	-0.7
DFAE	Dimensional Emerging Core Equity Market ETF	1.3	35	24	7.8	-1.3
SPEM	SPDR Portfolio Emerging Markets ETF	1.3	7	52	7.5	-1.5
VWO	Vanguard FTSE Emerging Markets ETF	1.3	8	51	7.6	-1.4
NUEM	Nuveen ESG Emerging Markets Equity ETF	1.3	36	23	6.8	-2.2
ESGE	iShares ESG Aware MSCI EM ETF	1.3	25	34	7.7	-1.3
SCHE	Schwab Emerging Markets Equity ETF	1.2	11	48	7.6	-1.4
EEM	iShares MSCI Emerging Markets ETF	1.2	69	-10	7.0	-2.0
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	1.2	59	0	9.6	+0.6
FEEM	FlexShares ESG & Climate Emerging Markets Core Index ETF	1.2	18	41	7.9	-1.2
BKEM	BNY Mellon Emerging Markets Equity ETF	1.2	11	48	7.7	-1.3
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	1.2	36	23	7.5	-1.5
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	1.2	66	-7	7.3	-1.8
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	1.2	30	29	7.5	-1.5
IEMG	iShares Core MSCI Emerging Markets ETF	1.2	9	50	7.6	-1.5
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	1.1	24	35	7.2	-1.9
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	1.1	39	20	12.7	+3.6
MEM	Matthews Emerging Markets Equity Active ETF	1.1	79	-20	5.8	-3.3
EMM	Global X Emerging Markets ex-China ETF	1.1	75	-16	3.7	-5.3
DVYE	iShares Emerging Markets Dividend ETF	1.0	49	10	16.6	+7.6
DEHP	Dimensional Emerging Markets High Profitability ETF	1.0	41	18	7.3	-1.7
OBOR	KraneShares MSCI One Belt One Road Index ETF	0.9	79	-20	10.4	+1.4
FPXI	First Trust International Equity Opportunities ETF	0.8	70	-11	3.6	-5.4
EEMO	Invesco S&P Emerging Markets Momentum ETF	0.8	29	30	6.2	-2.8
HDAW	Xtrackers MSCI All World ex US High Dividend Yield Equity ET	0.8	20	39	10.7	+1.7
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.7	70	-11	7.3	-1.7
EMC	Global X Emerging Markets Great Consumer ETF	0.7	75	-16	4.9	-4.1
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.6	50	9	10.6	+1.6
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.6	33	26	7.2	-1.8
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.5	65	-6	7.7	-1.3
NXTG	First Trust Indxx NextG ETF	0.5	70	-11	6.0	-3.0
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.4	30	29	7.8	-1.3
CWI	SPDR MSCI ACWI ex-US ETF	0.4	30	29	6.8	-2.2
VSGX	Vanguard ESG International Stock ETF	0.4	12	47	6.8	-2.2
VYMI	Vanguard International High Dividend Yield ETF	0.4	22	37	9.7	+0.7
IQDF	FlexShares International Quality Dividend Index Fund	0.4	47	12	10.7	+1.7
VEU	Vanguard FTSE All-World ex-US Index Fund	0.4	8	51	7.2	-1.9
ACWV	iShares MSCI Global Min Vol Factor ETF	0.4	20	39	6.7	-2.3
SCHY	Schwab International Dividend Equity ETF	0.3	14	45	9.2	+0.2
ACWX	iShares MSCI ACWI ex U.S. ETF	0.3	34	25	6.7	-2.3
KNCT	Invesco Next Gen Connectivity ETF	0.3	40	19	5.9	-3.1
IXUS	iShares Core MSCI Total International Stock ETF	0.3	7	52	6.9	-2.1
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.3	41	18	6.6	-2.4
VXUS	Vanguard Total International Stock ETF	0.3	7	52	7.1	-1.9
IQDE	FlexShares International Quality Dividend Defensive Index ET	0.1	47	12	10.7	+1.6
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.1	20	39	5.6	-3.4
VT	Vanguard Total World Stock ETF	0.1	7	52	5.8	-3.2
ACWI	iShares MSCI ACWI ETF	0.1	32	27	5.5	-3.6
GLOF	iShares Global Equity Factor ETF	0.1	20	39	7.0	-2.0
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.1	9	50	5.7	-3.3
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.1	12	47	5.0	-4.0
FILL	iShares MSCI Global Energy Producers ETF	0.0	39	20	9.1	+0.1
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.0	7	52	6.5	-2.5
IEUR	iShares Core MSCI Europe ETF	0.0	11	48	-1.3	-10.3
SCHF	Schwab International Equity ETF	0.0	6	53	7.0	-2.1
TMFG	Motley Fool Global Opportunities ETF	0.0	85	-26	3.3	-5.8
EFA	iShares MSCI EAFE ETF	0.0	35	24	6.3	-2.7
VEA	Vanguard FTSE Developed Markets ETF	0.0	5	54	6.9	-2.1
EFG	iShares MSCI EAFE Growth ETF	0.0	36	23	4.1	-5.0
VGK	Vanguard FTSE Europe ETF	0.0	11	48	6.8	-2.2
EWU	iShares MSCI United Kingdom ETF	0.0	50	9	7.9	-1.1
IDEV	iShares Core MSCI International Developed Markets ETF	0.0	4	55	6.7	-2.4
IEFA	iShares Core MSCI EAFE ETF	0.0	7	52	2.7	-6.3

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

	2019	2020	2021	2022	2023	2024E	2025E
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

	2023	2024E	2025E
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 UAE ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.8	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	9.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	CATEGORY AVERAGE	1.51

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.