There are no changes to any of the iShares models this week. We wanted to take this opportunity to alert you to some upcoming changes to the iShares models lineup and the weekly iShares reports.  First, the iShares Alternative Report and iShares Equity Report will be consolidated into a single, all-encompassing iShares report, the “iShares ETF Report”. Additionally, the models will be streamlined and reduced to four models that can be seen as the essential portfolio building blocks. The inventories of the remaining models are currently going through an evaluation to determine if there are ways to expand coverage within the model’s asset class. The models that will remain are:

• The iShares Fixed Income Model ISHRFIXED;
• The iShares Sector Rotation Model ISHRSECT;
• The iShares International Model ISHRINTL; and
• The iShares Tactical Model ISHRTACTICAL.

The models that will no longer be available are:

• The iShares Alternatives Model ISHRALT;
• The iShares Developed Market Model ISHRDEV;
• The iShares Emerging Market Model ISHREMERG;
• The iShares Income Model ISHRINCOME;
• The iShares Sector Six Model ISHRSECT6; and
• The iShares Smart Beta Model ISHRSMART

Over the last 30 days, Frontier Markets has been one of the most improved groups in the Asset Class Group Scores system and has also crossed above the 4.0 score threshold for the first time since we've been tracking it. Frontier Markets are developing countries, which are more developed than so-called least developed countries (LDCs), yet are generally not large enough to be considered emerging markets.

If you have clients for whom you would like to gain exposure to Frontier Markets, you may wish to consider the iShares MSCI Frontier 100 ETF FM. FM’s five largest country exposures are currently Argentina (21.79%), Vietnam (17.91%), Kuwait (16.71%), Morocco (7.15%), and Kenya (6.89%). FM offers a 4.26 fund score, a positive score direction of 1.42, and offers a 1.14% yield. In addition, it comes with a bullish price objective of $60.50, indicating the potential for additional appreciation from here. Meanwhile, even after rallying from a February pullback, FM remains near the middle of its trading band, making it attractive for new exposure at current price levels. 

The distribution curve places each ETF on a bell curve according to their respective degrees of overbought or oversold status using a 10-week distribution. ETFs that are statistically oversold will appear on the left-hand side of the bell curve, while those that have become statistically overbought will appear on the right-hand side of the bell curve. Perhaps the most useful attribute of this feature is that it displays the entire universe on the curve at one time with an "average level" to give us a general picture of whether the iShare ETF universe is generally overbought on a near-term basis, or generally oversold. Our best opportunities are to buy strong market ETFs that have regressed back toward mean conditions based on market weakness, or have become oversold based upon extreme market weakness. 

Weekly Distribution is a short-term gauge that is most helpful in timing entry and exit points, while the longer-term information of trend and relative strength is a more controlling factor in the decision of whether to buy or sell. The Distribution Curve below displays those ETFs with positive RS in uppercase letters and those ETFs with poor RS versus the market in lowercase letters. As well, those ETFs that are on a Point & Figure Buy signal appear in Green letters, while those on Sell signals can appear in Red letters. 

Average Level: -5.52

The average Bullish Percent reading this week is 45.8% up 2.34% from the previous week

					IXJ
					IYK
					ewo
					SOXX
					mxi
					bkf
					emif
					IHF
					ITB
					IHE
				ewk	eido
				ewd	IXN
				iyg	iyz
				eis	RXI	ewc
				iat	IAI	ixp
				IYC	dvy	ewp
				EWL	eem	eems
				ixg	KXI	icf
				ewz	epp	efa
				IYJ	fxi	slv
				IBB	IJH	ezu
				epol	indy	iev	iez
				eza	ITA	ews	eww
				eufn	ewj	idu	ewi
				EXI	IHI	IJR	ige
				IYT	ewg	ech	IAU
				iym	ilf	ewh	ewu	ieo
				iak	ewy	ign	enzl	ewm
				IVV	thd	ewn	jxi	wood
				IYY	IGV	ewt	icln	gsg
ERUS	tur			ewa	IGF	ewq	ixc	epu
<--100	-100--80	-80--60	-60--40	-40--20	-20-0	0-20	20-40	40-60	60-80	80-100	100->

This section of the report categorizes select iShares ETFs by their respective broad group. Along with each group, you can view the Average Group Score, which is an average of the scores of all funds represented in that particular group. Those iShares ETFs that meet or exceed the Average Group Score will be highlighted in green in order to easily view those ETFs that have superior strength within their respective group. You want to focus on those ETFs that exhibit superior strength when looking to add new exposure to a particular group.

Weekly Updates: There are no model changes this week.