ETF Research Center

The iShares MSCI Germany Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the German equity market, as measured by the MSCI Germany Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Mar 18, 1996
Assets (mns)	$2,110
Currency	USD
Expense ratio	47 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	64
Wgt avg mkt cap (mns)	$63,418
Large cap (>$10bn)	91.8%
Mid cap ($2-10bn)	7.6%
Small cap (<$2bn)	0.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	56.2 %
SAP AG	10.4 %
ALLIANZ SE-REG	8.0 %
SIEMENS AG-REG	7.5 %
BAYER AG	5.7 %
BASF SE	5.6 %
DEUTSCHE TELEKOM AG	4.4 %
ADIDAS AG	4.2 %
DAIMLER AG-REGISTERED SHARES	4.2 %
MUENCHENER RUECKVER AG-REG	3.2 %
VOLKSWAGEN AG-PFD	2.9 %

TOP COUNTRY EXPOSURE
	GERMANY	97.1 %
	LUXEMBOURG	0.8 %
	NETHERLANDS	0.6 %

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.
15.6%	7.5%	3.3%	5.4%	5.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.85	47%
MSCI EAFE	1.24	86%
MSCI Emg. Mkts.	0.82	62%

Technical Indicators
Recent close	$28.94
30d moving avg.	$27.94
Annualized volatility	14.9%
Short interest (ETF)	3.0%
Relative strength (RSI)	71

Liquidity measures
Avg. volume (thou.)	3,463
Turnover	4.8%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$3,819

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EWG

Expense:

47 bp

ALTAR Score™:

7.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWG
Ticker	Fund Name	Overlap¹ vs EWG (%)	Expense ratio (bp)	Savings vs EWG (bp)	ALTAR Score™ (%)	ALTAR vs EWG (%)
DBGR	Xtrackers MSCI Germany Hedged	95.1	45	2	7.7	-0.1
FLGR	Franklin FTSE Germany	94.7	9	38	8.1	+0.3
QDEU	SPDR MSCI Germany Quality Mix	92.0	14	33	8.3	+0.5
DAX	Global X DAX Germany	83.4	20	27	8.7	+0.9
DXGE	WisdomTree Germany Hedged Equity	66.6	48	-1	9.4	+1.6
FEZ	SPDR DJ Euro Stoxx 50	28.6	29	18	6.9	-0.9
EZU	iShares MSCI Euro Monetary Union	27.0	47	0	6.8	-1.0
EURZ	Xtrackers Eurozone Equity	26.0	9	38	7.1	-0.8
HEDJ	Wisdomtree International Hedged Equity	25.0	58	-11	7.6	-0.2
DBEZ	Xtrackers MSCI EMU Hedged	23.0	45	2	6.4	-1.4
FGM	First Trust Germany	22.9	80	-33	9.0	+1.2
FEUZ	First Trust Eurozone AlphaDex	15.9	80	-33	7.0	-0.8
IDRV	iShares Self-driving EV & Tech	14.7	47	0	8.9	+1.0
HDEF	Xtrackers MSCI EAFE High Div Yld Hedged	14.6	20	27	8.5	+0.7
IEV	iShares S&P Europe 350	13.5	59	-12	6.4	-1.4
DBEU	Xtrackers Europe Hedged	13.4	45	2	6.4	-1.4
FLEE	Franklin FTSE Europe	13.4	9	38	6.9	-0.9
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	13.3	30	17	6.7	-1.2
FLEH	Franklin FTSE Europe Hedged	13.2	9	38	6.9	-1.0
GSEU	Goldman Sachs ActiveBeta Europe Equity	12.6	25	22	6.5	-1.3

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

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.0	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	47	bp
Equals: ALTAR Score	7.8	%

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.