ETF Research Center

EPHE tracks a market-cap-weighted index of the broader Filipino equity market.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Blackrock Inc.
Website	us.ishares.com
Inception date	Sep 28, 2010
Assets (mns)	$105
Currency	USD
Expense ratio	59 bp
Distributions	Semi-annual

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	34
Wgt avg mkt cap (mns)	$8,222
Large cap (>$10bn)	56.4%
Mid cap ($2-10bn)	27.8%
Small cap (<$2bn)	15.8%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	63.1 %
INTL CONTAINER TERM SVCS INC	18.8 %
BDO UNIBANK INC	9.0 %
SM PRIME HOLDINGS INC	6.5 %
BANK OF PHILIPPINE ISLANDS	4.9 %
MANILA ELECTRIC COMPANY	4.5 %
METROPOLITAN BANK & TRUST	4.3 %
SM INVESTMENTS CORP	4.3 %
PLDT, INC.	3.9 %
JOLLIBEE FOODS CORPORATION	3.6 %
AYALA LAND INC	3.2 %

TOP COUNTRY EXPOSURE
	PHILIPPINES	89.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.7%	-1.8%	-2.7%	-2.1%	1.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.44	19%
MSCI EAFE	0.57	23%
MSCI Emg. Mkts.	0.50	20%

Technical Indicators
Recent close	$24.73
30d moving avg.	$24.38
Annualized volatility	18.9%
Short interest (ETF)	7.3%
Relative strength (RSI)	49

Liquidity measures
Avg. volume (thou.)	173
Turnover	4.1%
Bid/Ask (% of price)	0.25%
ADV underlying (mns)	$56

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 108 potential alternatives to the iShares MSCI Philippines ETF ETF based on the alternatives' overlap in portfolio holdings with EPHE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EPHE

Expense:

59 bp

ALTAR Score™:

0.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EPHE
Ticker	Fund Name	Overlap¹ vs EPHE (%)	Expense ratio (bp)	Savings vs EPHE (bp)	ALTAR Score™ (%)	ALTAR vs EPHE (%)
EDOG	ALPS Emerging Sector Dividend Dogs ETF	7.3	60	-1	10.8	+10.8
FTHF	First Trust Emerging Markets Human Flourishing ETF	4.2	75	-16	9.1	+9.1
TMFG	Motley Fool Global Opportunities ETF	4.2	85	-26	4.0	+4.0
ASEA	Global X FTSE Southeast Asia ETF	3.8	65	-6	6.1	+6.1
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	3.7	32	27	6.3	+6.3
EMMF	WisdomTree Emerging Markets Multifactor Fund	3.0	48	11	6.9	+6.9
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	1.8	80	-21	14.2	+14.2
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	1.8	95	-36	11.7	+11.7
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	1.7	10	49	6.7	+6.7
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	1.7	67	-8	14.6	+14.6
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	1.7	60	-1	7.9	+7.9
FRDM	Freedom 100 Emerging Markets ETF	1.3	49	10	7.3	+7.3
ROAM	Hartford Multifactor Emerging Markets ETF	1.2	44	15	11.2	+11.2
EDIV	SPDR S&P Emerging Markets Dividend ETF	1.2	49	10	9.4	+9.4
SHPP	Pacer Industrials and Logistics ETF	1.2	60	-1	8.3	+8.3
XCEM	Columbia EM Core ex-China ETF	1.1	16	43	7.6	+7.6
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	1.1	25	34	6.3	+6.3
DEM	WisdomTree Emerging Markets High Dividend Fund	1.0	63	-4	12.7	+12.7
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	1.0	90	-31	5.1	+5.1
RNEM	First Trust Emerging Markets Equity Select ETF	1.0	75	-16	8.4	+8.4
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	0.9	24	35	7.3	+7.3
MEM	Matthews Emerging Markets Equity Active ETF	0.9	79	-20	7.3	+7.3
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.9	47	12	5.8	+5.8
RODE	Hartford Multifactor Diversified International ETF	0.9	29	30	10.3	+10.3
WWJD	Inspire International ETF	0.8	80	-21	7.1	+7.1
XC	WisdomTree Emerging Markets Ex-China Fund	0.8	32	27	5.7	+5.7
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.8	58	1	9.5	+9.5
FEM	First Trust Emerging Markets AlphaDEX Fund	0.8	80	-21	11.4	+11.4
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.8	59	0	8.4	+8.4
JHEM	John Hancock Multifactor Emerging Markets ETF	0.7	49	10	9.4	+9.4
CGGO	Capital Group Global Growth Equity ETF	0.7	47	12	4.4	+4.4
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.7	32	27	8.5	+8.5
AVXC	Avantis Emerging Markets Ex-China Equity ETF	0.7	33	26	7.9	+7.9
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.7	12	47	8.2	+8.2
NUEM	Nuveen ESG Emerging Markets Equity ETF	0.7	36	23	7.2	+7.2
CGXU	Capital Group International Focus Equity ETF	0.6	54	5	5.3	+5.3
XCNY	SPDR S&P Emerging Markets ex-China ETF	0.6	15	44	7.2	+7.2
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	0.6	40	19	6.7	+6.7
EMM	Global X Emerging Markets ex-China ETF	0.6	75	-16	6.8	+6.8
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	0.6	15	44	9.5	+9.5
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.6	30	29	8.4	+8.4
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.6	15	44	7.4	+7.4
GMF	SPDR S&P Emerging Asia Pacific ETF	0.6	49	10	9.4	+9.4
EVLU	iShares MSCI Emerging Markets Value Factor ETF	0.5	35	24	12.5	+12.5
ICPY	Tweedy, Browne International Insider Value ETF	0.5	80	-21	11.4	+11.4
EMXC	iShares MSCI Emerging Markets ex China ETF	0.5	25	34	6.9	+6.9
OBOR	KraneShares MSCI One Belt One Road Index ETF	0.5	79	-20	7.7	+7.7
AVES	Avantis Emerging Markets Value ETF	0.5	36	23	10.5	+10.5
AVEM	Avantis Emerging Markets Equity ETF	0.5	33	26	8.1	+8.1
BKEM	BNY Mellon Emerging Markets Equity ETF	0.5	11	48	9.2	+9.2
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.5	36	23	9.1	+9.1
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	0.5	66	-7	9.0	+9.0
FLAX	Franklin FTSE Asia Ex Japan ETF	0.5	19	40	8.4	+8.4
EEMA	iShares MSCI Emerging Markets Asia ETF	0.5	49	10	9.2	+9.2
EMGF	iShares Emerging Markets Equity Factor ETF	0.4	25	34	10.8	+10.8
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.4	70	-11	7.5	+7.5
SCHE	Schwab Emerging Markets Equity ETF	0.4	11	48	10.6	+10.6
BLES	Inspire Global Hope ETF	0.4	61	-2	6.8	+6.8
DEXC	Dimensional Emerging Markets ex China Core EquityETF	0.4	53	6	7.2	+7.2
AAXJ	iShares MSCI All Country Asia ex Japan ETF	0.4	70	-11	8.4	+8.4
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	0.4	30	29	9.6	+9.6
VWO	Vanguard FTSE Emerging Markets ETF	0.4	7	52	10.2	+10.2
IEMG	iShares Core MSCI Emerging Markets ETF	0.4	9	50	9.8	+9.8
AVEE	Avantis Emerging Markets Small Cap Equity ETF	0.4	42	17	9.3	+9.3
AVSE	Avantis Responsible Emerging Markets Equity ETF	0.4	33	26	7.8	+7.8
EEM	iShares MSCI Emerging Markets ETF	0.4	69	-10	9.5	+9.5
COPY	Tweedy, Browne Insider + Value ETF	0.4	80	-21	11.6	+11.6
EMXF	iShares ESG Advanced MSCI EM ETF	0.4	16	43	7.9	+7.9
SPEM	SPDR Portfolio Emerging Markets ETF	0.4	7	52	10.4	+10.4
ECON	Columbia Emerging Markets Consumer ETF	0.4	49	10	11.5	+11.5
KROP	Global X AgTech & Food Innovation ETF	0.4	50	9	8.1	+8.1
DEHP	Dimensional Emerging Markets High Profitability ETF	0.3	41	18	6.4	+6.4
DFAE	Dimensional Emerging Core Equity Market ETF	0.3	35	24	8.6	+8.6
STXE	Strive Emerging Markets Ex-China ETF	0.3	32	27	7.4	+7.4
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	0.3	44	15	10.3	+10.3
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.3	38	21	8.6	+8.6
DFEV	Dimensional Emerging Markets Value ETF	0.3	43	16	11.7	+11.7
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	0.3	45	14	9.6	+9.6
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.2	33	26	9.4	+9.4
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.2	41	18	8.1	+8.1
EFRA	iShares Environmental Infrastructure and Industrials ETF	0.2	47	12	5.4	+5.4
PIO	Invesco Global Water ETF	0.2	75	-16	4.5	+4.5
LDEM	iShares ESG MSCI EM Leaders ETF	0.2	17	42	12.8	+12.8
IGRO	iShares International Dividend Growth ETF	0.2	15	44	6.9	+6.9
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	0.2	47	12	7.7	+7.7
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.2	65	-6	7.8	+7.8
VIGI	Vanguard International Dividend Appreciation ETF	0.2	10	49	6.3	+6.3
IQDF	FlexShares International Quality Dividend Index Fund	0.2	47	12	8.4	+8.4
VYMI	Vanguard International High Dividend Yield ETF	0.2	17	42	9.0	+9.0
DEW	WisdomTree Global High Dividend Fund	0.2	58	1	8.2	+8.2
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.2	18	41	7.3	+7.3
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.1	41	18	7.1	+7.1
VSGX	Vanguard ESG International Stock ETF	0.1	10	49	7.5	+7.5
IXUS	iShares Core MSCI Total International Stock ETF	0.1	7	52	7.5	+7.5
VEU	Vanguard FTSE All-World ex-US Index Fund	0.1	4	55	7.6	+7.6
ACWV	iShares MSCI Global Min Vol Factor ETF	0.1	20	39	5.7	+5.7
ACWX	iShares MSCI ACWI ex U.S. ETF	0.1	34	25	7.3	+7.3
VXUS	Vanguard Total International Stock ETF	0.1	5	54	7.6	+7.6
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.1	30	29	7.4	+7.4
GLOF	iShares Global Equity Factor ETF	0.1	20	39	6.6	+6.6
ERTH	Invesco MSCI Sustainable Future ETF	0.1	62	-3	3.4	+3.4
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.1	50	9	10.2	+10.2
CWI	SPDR MSCI ACWI ex-US ETF	0.1	30	29	7.3	+7.3
JSTC	Adasina Social Justice All Cap Global ETF	0.1	89	-30	4.8	+4.8
VT	Vanguard Total World Stock ETF	0.0	6	53	5.7	+5.7
ACWI	iShares MSCI ACWI ETF	0.0	32	27	5.3	+5.3
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.0	8	51	7.1	+7.1
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.0	20	39	5.3	+5.3

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%.

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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 Philippines 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	12.7	%
Divided by: Fwd. P/BV	0.0	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	0.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	CATEGORY AVERAGE	1.54

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.