ETF Research Center

iShares MSCI All Country World Minimum Volatility Index Fund is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the MSCI All Country World Minimum Volatility Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Oct 20, 2011
Assets (mns)	$5,672
Currency	USD
Expense ratio	20 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Multi-Factor
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	444
Wgt avg mkt cap (mns)	$69,643
Large cap (>$10bn)	83.0%
Mid cap ($2-10bn)	16.8%
Small cap (<$2bn)	0.1%
Developed mkts	86.3%
Emerging mkts	12.8%

TOP TEN HOLDINGS
Total	10.0 %
NESTLE SA-REG	1.1 %
WASTE MANAGEMENT INC	1.1 %
SWISS RE AG	1.1 %
CONSOLIDATED EDISON INC	1.0 %
PEPSICO INC	1.0 %
MCDONALD'S CORP	1.0 %
VISA INC-CLASS A SHARES	1.0 %
NTT DOCOMO, INC.	1.0 %
NEXTERA ENERGY GROUP	0.9 %
VERIZON COMMUNICATIONS INC	0.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	48.2 %
	JAPAN	11.6 %
	SWITZERLAND	6.3 %
	CANADA	4.9 %
	TAIWAN	4.1 %
	HONG KONG	3.5 %
	INDIA	3.1 %
	BRITAIN	1.5 %
	BERMUDA	1.3 %
	GERMANY	1.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
21.0%	21.0%	9.4%	--	10.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.53	72%
MSCI EAFE	0.54	62%
MSCI Emg. Mkts.	0.38	51%

Technical Indicators
Recent close	$98.48
30d moving avg.	$96.15
Annualized volatility	7.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	252
Turnover	0.4%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$56,813

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares MSCI World Minimum Volatility ETF based on the alternatives' overlap in portfolio holdings with ACWV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

ACWV

Expense:

20 bp

ALTAR Score™:

5.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ACWV
Ticker	Fund Name	Overlap¹ vs ACWV (%)	Expense ratio (bp)	Savings vs ACWV (bp)	ALTAR Score™ (%)	ALTAR vs ACWV (%)
USMV	iShares MSCI USA Minimum Volatility	48.7	15	5	4.9	-0.4
QWLD	SPDR MSCI World Quality Mix	44.6	30	-10	5.7	+0.4
QUS	SPDR MSCI USA Quality Mix	36.4	15	5	5.6	+0.3
RBUS	Nationwide Risk-Based U.S. Equity	33.4	30	-10	5.8	+0.4
JMIN	JPMorgan U.S. Minimum Volatility	31.3	12	8	5.3	-0.1
SPLV	Invesco S&P 500 Low Volatility	30.3	25	-5	5.0	-0.3
FDLO	Fidelity Low Volatility Factor	30.1	29	-9	5.0	-0.3
DYNF	BlackRock U.S. Equity Factor Rotation	30.0	30	-10	6.2	+0.9
LGLV	SPDR Russell 1000 Low Volatility	29.0	12	8	5.0	-0.4
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	28.4	19	1	5.3	-0.1
LVUS	Hartford Multifactor Low Volatility US Equity	28.3	21	-1	5.6	+0.2
SCIU	Global X Scientific Beta US	28.2	19	1	5.5	+0.2
HUSV	First Trust Horizon Managed Volatility Domestic	28.0	70	-50	4.7	-0.7
EFAV	iShares MSCI EAFE Minimum Volatility	27.8	20	0	5.5	+0.2
USLB	Invesco Russell 1000 Low Beta Equal Weight	27.6	35	-15	5.4	+0.0
JPUS	JPMorgan Diversified Return U.S. Equity	27.5	19	1	6.0	+0.6
ROUS	Lattice U.S. Equity Strategy ETF	27.4	19	1	6.1	+0.8
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity	27.3	9	11	5.7	+0.4
LSLT	Salt Low truBeta US Market	25.8	0	20	6.4	+1.1
MMTM	SPDR S&P1500 Momentum Tilt	25.6	12	8	5.0	-0.3

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

	2014	2015	2016	2017	2018	2019E	2020E
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

	2018	2019E	2020E
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 World Minimum Volatility
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.4	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	5.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.70	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.