SUMMARY

We rate iShares MSCI Turkey Inv Market at C+. This overall rating indicates it is among the top 10% of all closed end mutual funds in its peer group. Positive factors that influence this rating include a low price volatility and low expense structure. The fund invests approximately 99% of its assets in stocks and may be considered for investors seeking a Non-US Equity strategy.

POSITIVES AND RISKS

Total return ranks below peers over the last three years. The iShares MSCI Turkey Inv Market has returned an annual rate of 9.01% since inception. More recently, the fund has generated a total return of 10.61% in the last three years, 31.78% in the last year, and 20.13% in the last six months. How does that compare to other equity funds? In the last three years, it has outperformed 49% of them. It has also outpaced 97% of its competitors on a one year basis for the period ending 2/28/2013. On a year to date basis, TUR has returned 0.25%.

Downside risk has been above average. TUR has a draw down risk of -44.40%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 30.6%. This fund has experienced excessive volatility in its monthly performance over the last 36 months. As of 2/28/2013, the fund was trading at a price of $65.91, which is 5.1% below its 52-week high of $69.48 and 5.0% above its 52-week low of $62.77.

Low expense ratio helps performance. On total assets of $767.60 million, TUR maintains a low expense ratio compared to its Non-US Equity peers of just 0.61% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As TUR is an exchange traded fund, it has no front end or back end load.

The iShares MSCI Turkey Inv Market is managed by Diane Hsiung at BlackRock Fund Advisors. This fund is one of 282 BlackRock Fund Advisors exchange-traded funds launched since 3/12/1996 that we track.