ETF Research Center

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

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Aug 05, 2005
Assets (mns)	$5,991
Currency	USD
Expense ratio	38 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	508
Wgt avg mkt cap (mns)	$62,659
Large cap (>$10bn)	86.4%
Mid cap ($2-10bn)	13.3%
Small cap (<$2bn)	0.0%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	16.8 %
TOYOTA MOTOR CORP	2.1 %
HSBC HOLDINGS PLC	2.1 %
BP PLC	1.8 %
TOTAL SA	1.7 %
ROYAL DUTCH SHELL PLC-A SHS	1.7 %
GLAXOSMITHKLINE PLC	1.6 %
SANOFI-AVENTIS	1.5 %
ROYAL DUTCH SHELL PLC-B SHS	1.5 %
BRITISH AMERICAN TOBACCO PLC	1.4 %
NOVARTIS AG-REG	1.4 %

TOP COUNTRY EXPOSURE
	JAPAN	24.3 %
	BRITAIN	21.3 %
	FRANCE	10.2 %
	GERMANY	9.6 %
	AUSTRALIA	6.9 %
	SWITZERLAND	6.1 %
	SPAIN	3.9 %
	ITALY	3.4 %
	HONG KONG	3.1 %
	NETHERLANDS	1.8 %

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.
15.7%	15.7%	3.5%	3.9%	3.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.75	58%
MSCI EAFE	1.05	94%
MSCI Emg. Mkts.	0.72	76%

Technical Indicators
Recent close	$50.09
30d moving avg.	$49.88
Annualized volatility	12.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	631
Turnover	0.5%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$22,369

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EFV

Expense:

38 bp

ALTAR Score™:

8.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EFV
Ticker	Fund Name	Overlap¹ vs EFV (%)	Expense ratio (bp)	Savings vs EFV (bp)	ALTAR Score™ (%)	ALTAR vs EFV (%)
IDY	Pacific Global International Equity Income	66.3	39	-1	8.0	-0.8
PXF	Invesco FTSE-RAFI Developed ex-US	59.7	45	-7	7.8	-1.0
DTH	WisdomTree DEFA Equity Income	59.5	58	-20	8.2	-0.5
DOL	WisdomTree Int'l Large Cap Dividend	58.9	48	-10	7.5	-1.3
FNDF	Schwab Fundamental Intl Large Cap	57.1	25	13	7.4	-1.4
VYMI	Vanguard Int'l High Dividend Yield	55.4	32	6	8.9	+0.2
DDWM	WisdomTree Dynamic Currency Hedged Int'l Equity	55.3	35	3	7.5	-1.2
REFA	Invesco International Revenue ETF	55.0	42	-4	8.5	-0.2
DWM	WisdomTree DEFA Fund	54.3	48	-10	7.4	-1.4
EFA	iShares MSCI EAFE	52.7	31	7	6.6	-2.1
IVLU	iShares MSCI Int'l Developed Value Factor	52.2	30	8	10.1	+1.4
DBEF	Xtrackers MSCI EAFE Hedged	50.7	35	3	6.5	-2.2
JHMD	John Hancock Multifactor Developed International	49.8	45	-7	6.9	-1.8
IEV	iShares S&P Europe 350	49.8	59	-21	6.1	-2.6
HFXI	IQ 50 Percent Hedged FTSE Int'l	48.6	20	18	7.0	-1.8
BBEU	JPMorgan BetaBuilders Europe	48.4	9	29	6.6	-2.2
DBEU	Xtrackers Europe Hedged	48.3	45	-7	6.1	-2.6
EFAX	SPDR MSCI EAFE Fossil Fuel Free	48.0	20	18	6.7	-2.0
FLEE	Franklin FTSE Europe	47.3	9	29	6.6	-2.2

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

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	9.7	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	38	bp
Equals: ALTAR Score	8.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	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.