ETF Research Center

iShares MSCI ACWX Index Fund seeks investment results that correspond to the performance of the MSCI ACWX Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Mar 28, 2008
Assets (mns)	$4,079
Currency	USD
Expense ratio	31 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1777
Wgt avg mkt cap (mns)	$68,317
Large cap (>$10bn)	81.6%
Mid cap ($2-10bn)	17.5%
Small cap (<$2bn)	0.7%
Developed mkts	77.4%
Emerging mkts	22.0%

TOP TEN HOLDINGS
Total	11.5 %
ISHARES MSCI INDIA	2.3 %
NESTLE SA-REG	1.5 %
ALIBABA GROUP HOLDING LTD. SPONSOR	1.2 %
TAIWAN SEMICONDUCTOR MANUFAC	1.1 %
TENCENT HOLDINGS LTD	1.1 %
SAMSUNG ELECTRONICS CO LTD	1.0 %
ROCHE HOLDING AG-GENUSSCHEIN	1.0 %
NOVARTIS AG-REG	0.9 %
TOYOTA MOTOR CORP	0.7 %
HSBC HOLDINGS PLC	0.7 %

TOP COUNTRY EXPOSURE
	JAPAN	16.5 %
	BRITAIN	10.5 %
	FRANCE	7.0 %
	CHINA	7.0 %
	CANADA	6.8 %
	SWITZERLAND	6.4 %
	GERMANY	5.8 %
	AUSTRALIA	4.4 %
	HONG KONG	3.4 %
	SOUTH KOREA	3.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
15.0%	11.0%	3.5%	4.8%	2.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.76	65%
MSCI EAFE	1.00	95%
MSCI Emg. Mkts.	0.75	88%

Technical Indicators
Recent close	$47.88
30d moving avg.	$47.53
Annualized volatility	11.5%
Short interest (ETF)	1.0%
Relative strength (RSI)	72

Liquidity measures
Avg. volume (thou.)	1,227
Turnover	1.4%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$68,448

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

ACWX

Expense:

31 bp

ALTAR Score™:

7.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ACWX
Ticker	Fund Name	Overlap¹ vs ACWX (%)	Expense ratio (bp)	Savings vs ACWX (bp)	ALTAR Score™ (%)	ALTAR vs ACWX (%)
DBAW	Xtrackers MSCI All World ex-US Hedged	87.4	40	-9	7.3	-0.2
VEU	Vanguard FTSE All-World ex-US	81.3	9	22	7.6	+0.2
IXUS	iShares Core International Stock	80.0	9	22	7.5	+0.0
VXUS	Vanguard Total International Stock	75.3	9	22	7.6	+0.2
SCHF	Schwab International Equity	73.9	6	25	7.4	-0.0
VEA	Vanguard Europe Pacific	73.4	5	26	7.4	-0.1
SPDW	SPDR Portfolio World ex-US	71.3	4	27	7.2	-0.3
IDEV	iShares Core MSCI Int'l Developed Markets	70.7	5	26	7.2	-0.3
CWI	SPDR MSCI ACWI ex-US	70.4	30	1	7.5	0.0
PBDM	Invesco PureBeta FTSE Developed ex-North America	67.9	7	24	7.6	+0.1
EFA	iShares MSCI EAFE	65.7	31	0	7.0	-0.5
IEFA	iShares Core MSCI EAFE	65.4	7	24	7.1	-0.4
DBEF	Xtrackers MSCI EAFE Hedged	65.4	35	-4	6.9	-0.6
HFXI	IQ 50 Percent Hedged FTSE Int'l	65.2	20	11	7.3	-0.2
VSGX	Vanguard ESG International Stock	64.1	15	16	7.4	-0.1
EFAX	SPDR MSCI EAFE Fossil Fuel Free	60.8	20	11	7.2	-0.3
PXF	Invesco FTSE-RAFI Developed ex-US	60.1	45	-14	8.2	+0.7
FNDF	Schwab Fundamental Intl Large Cap	58.7	25	6	7.6	+0.1
GSIE	Goldman Sachs ActiveBeta Int'l Equity	57.0	25	6	6.7	-0.8
JHMD	John Hancock Multifactor Developed International	55.9	45	-14	7.3	-0.2

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 ACWI ex-US
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	11.2	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	31	bp
Equals: ALTAR Score	7.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	CATEGORY AVERAGE	1.63

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.