ETF Research Center

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

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Oct 20, 2011
Assets (mns)	$13,241
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	n/a
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	279
Wgt avg mkt cap (mns)	$43,594
Large cap (>$10bn)	74.1%
Mid cap ($2-10bn)	26.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	12.7 %
ROCHE HOLDING AG-GENUSSCHEIN	1.6 %
NESTLE SA-REG	1.5 %
SWISSCOM AG	1.4 %
ZURICH FINANCIAL SERVICES AG	1.3 %
HONGKONG ELECTRIC HOLDINGS	1.3 %
NTT DOCOMO, INC.	1.2 %
CLP HOLDINGS LTD	1.1 %
NOVARTIS AG-REG	1.1 %
SWISS RE AG	1.1 %
JAPAN REAL ESTATE INVESTMENT	1.1 %

TOP COUNTRY EXPOSURE
	JAPAN	28.2 %
	SWITZERLAND	13.5 %
	BRITAIN	11.6 %
	HONG KONG	8.2 %
	AUSTRALIA	6.6 %
	FRANCE	6.5 %
	GERMANY	4.1 %
	SINGAPORE	3.8 %
	DENMARK	2.5 %
	BELGIUM	2.5 %

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.
16.6%	16.6%	7.3%	--	8.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.46	51%
MSCI EAFE	0.63	79%
MSCI Emg. Mkts.	0.44	67%

Technical Indicators
Recent close	$75.75
30d moving avg.	$74.73
Annualized volatility	7.8%
Short interest (ETF)	0.0%
Relative strength (RSI)	56

Liquidity measures
Avg. volume (thou.)	713
Turnover	0.4%
Bid/Ask (% of price)	0.01%
ADV underlying (mns)	$13,817

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the iShares MSCI EAFE Minimum Volatility ETF based on the alternatives' overlap in portfolio holdings with EFAV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EFAV

Expense:

20 bp

ALTAR Score™:

5.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EFAV
Ticker	Fund Name	Overlap¹ vs EFAV (%)	Expense ratio (bp)	Savings vs EFAV (bp)	ALTAR Score™ (%)	ALTAR vs EFAV (%)
QEFA	SPDR MSCI EAFE Quality Mix	51.7	30	-10	6.4	+0.8
EUMV	iShares MSCI Europe Min Volatility	48.7	25	-5	5.1	-0.4
HDMV	First Trust Horizon Managed Volatility Developed Int'l	46.9	80	-60	5.9	+0.4
QLVD	FlexShares Developed Mkts ex-US Quality Low Volatility	43.4	32	-12	6.6	+1.1
RBIN	Nationwide Risk-Based International Equity	42.0	42	-22	7.1	+1.6
IDLV	Invesco S&P Int'l Developed Low Volatility	39.9	25	-5	6.2	+0.6
DWMF	WisdomTree International Multifactor Fund	39.1	38	-18	6.0	+0.5
MVIN	Natixis Seeyond International Minimum Volatility	38.3	55	-35	6.0	+0.5
FDEV	Fidelity Targeted International Factor	35.2	39	-19	6.7	+1.2
EFAX	SPDR MSCI EAFE Fossil Fuel Free	33.8	20	0	6.7	+1.2
RNDM	First Trust Developed International Equity Select	33.7	65	-45	6.1	+0.6
GSIE	Goldman Sachs ActiveBeta Int'l Equity	33.5	25	-5	6.3	+0.8
EFA	iShares MSCI EAFE	33.2	31	-11	6.6	+1.1
DBEF	Xtrackers MSCI EAFE Hedged	32.3	35	-15	6.5	+1.0
ESGD	iShares MSCI EAFE ESG Optimized	32.1	20	0	6.6	+1.1
IMTM	iShares MSCI Int'l Developed Momentum	32.1	30	-10	4.5	-1.0
CIL	Victory CEMP International Volatility Wtd	31.8	45	-25	6.7	+1.2
CIZ	Compass EMP Dev. 500 Enhanced Vol. Wgt.	31.8	45	-25	6.7	+1.1
RODM	Lattice Developed Markets (Ex-US) Strategy	31.8	29	-9	7.5	+1.9

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 EAFE Minimum Volatility
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.2	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	5.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.80	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.