ETF Research Center

The iShares MSCI EAFE Growth Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI EAFE Growth Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Aug 05, 2005
Assets (mns)	$4,626
Currency	USD
Expense ratio	40 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	518
Wgt avg mkt cap (mns)	$73,346
Large cap (>$10bn)	85.7%
Mid cap ($2-10bn)	13.8%
Small cap (<$2bn)	0.5%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	20.2 %
NESTLE SA-REG	4.3 %
ROCHE HOLDING AG-GENUSSCHEIN	3.1 %
SAP AG	1.8 %
LVMH MOET HENNESSY LOUIS VUI	1.8 %
AIA GROUP LTD	1.8 %
ASTRAZENECA PLC	1.8 %
ASML HOLDING NV	1.7 %
NOVO NORDISK A/S-B	1.4 %
NOVARTIS AG-REG	1.3 %
DIAGEO PLC	1.3 %

TOP COUNTRY EXPOSURE
	JAPAN	23.8 %
	SWITZERLAND	13.4 %
	FRANCE	10.5 %
	BRITAIN	10.5 %
	GERMANY	7.4 %
	NETHERLANDS	6.9 %
	AUSTRALIA	6.7 %
	HONG KONG	3.5 %
	DENMARK	3.4 %
	SWEDEN	3.2 %

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.
27.4%	27.4%	7.5%	6.7%	5.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.77	73%
MSCI EAFE	0.95	91%
MSCI Emg. Mkts.	0.65	72%

Technical Indicators
Recent close	$88.28
30d moving avg.	$86.55
Annualized volatility	11.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	64

Liquidity measures
Avg. volume (thou.)	198
Turnover	0.4%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$21,952

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EFG

Expense:

40 bp

ALTAR Score™:

4.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EFG
Ticker	Fund Name	Overlap¹ vs EFG (%)	Expense ratio (bp)	Savings vs EFG (bp)	ALTAR Score™ (%)	ALTAR vs EFG (%)
EFAX	SPDR MSCI EAFE Fossil Fuel Free	57.2	20	20	6.8	+2.3
IMTM	iShares MSCI Int'l Developed Momentum	56.6	30	10	4.5	+0.0
EFA	iShares MSCI EAFE	53.9	31	9	6.7	+2.2
DBEF	Xtrackers MSCI EAFE Hedged	52.3	35	5	6.6	+2.1
EASG	Xtrackers MSCI EAFE ESG Leaders Equity	51.5	14	26	6.5	+2.0
QEFA	SPDR MSCI EAFE Quality Mix	50.6	30	10	6.4	+1.9
DBEU	Xtrackers Europe Hedged	50.0	45	-5	6.2	+1.7
IEV	iShares S&P Europe 350	49.5	59	-19	6.2	+1.7
HFXI	IQ 50 Percent Hedged FTSE Int'l	49.4	20	20	7.0	+2.5
ESGD	iShares MSCI EAFE ESG Optimized	49.3	20	20	6.7	+2.2
IQLT	iShares MSCI Int'l Developed Quality	48.5	30	10	5.7	+1.3
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	48.1	30	10	6.4	+1.9
FLEE	Franklin FTSE Europe	47.9	9	31	6.6	+2.1
PBDM	Invesco PureBeta FTSE Developed ex-North America	47.8	7	33	7.3	+2.8
BBEU	JPMorgan BetaBuilders Europe	47.7	9	31	6.6	+2.1
FLEH	Franklin FTSE Europe Hedged	47.2	9	31	6.6	+2.2
IEFA	iShares Core MSCI EAFE	46.6	7	33	6.8	+2.4
IEUR	iShares Core MSCI Europe	45.4	9	31	6.7	+2.2
GSIE	Goldman Sachs ActiveBeta Int'l Equity	45.3	25	15	6.3	+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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.3	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	40	bp
Equals: ALTAR Score	4.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	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.