ETF Research Center

The iShares MSCI France Index fund seeks investment results that correspond to the price and yield performance of the MSCI French Index. The index consists primarily of large cap stocks traded on the French Stock Exchange.

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Mar 18, 1996
Assets (mns)	$835
Currency	USD
Expense ratio	50 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	77
Wgt avg mkt cap (mns)	$74,768
Large cap (>$10bn)	92.4%
Mid cap ($2-10bn)	6.5%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	48.6 %
LVMH MOET HENNESSY LOUIS VUI	7.3 %
TOTAL SA	6.9 %
SANOFI-AVENTIS	6.8 %
EADS NV	4.9 %
L'OREAL	4.4 %
AIR LIQUIDE SA	4.3 %
BNP PARIBAS	3.9 %
SCHNEIDER ELECTRIC SA	3.6 %
VINCI SA	3.5 %
SAFRAN SA	3.0 %

TOP COUNTRY EXPOSURE
	FRANCE	91.1 %
	NETHERLANDS	6.1 %
	LUXEMBOURG	1.3 %
	SWITZERLAND	1.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-4.0%	14.4%	7.3%	5.6%	6.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.85	54%
MSCI EAFE	1.21	90%
MSCI Emg. Mkts.	0.78	64%

Technical Indicators
Recent close	$29.18
30d moving avg.	$32.05
Annualized volatility	14.0%
Short interest (ETF)	6.7%
Relative strength (RSI)	31

Liquidity measures
Avg. volume (thou.)	610
Turnover	2.1%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$4,135

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EWQ

Expense:

50 bp

ALTAR Score™:

6.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWQ
Ticker	Fund Name	Overlap¹ vs EWQ (%)	Expense ratio (bp)	Savings vs EWQ (bp)	ALTAR Score™ (%)	ALTAR vs EWQ (%)
FLFR	Franklin FTSE France ETF	95.8	9	41	7.1	+0.4
FEZ	SPDR EURO STOXX 50 ETF	38.5	29	21	7.5	+0.8
EZU	iShares MSCI Eurozone ETF	35.1	49	1	7.0	+0.3
EURZ	Xtrackers Eurozone Equity ETF	34.7	9	41	7.3	+0.7
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	30.2	45	5	6.8	+0.1
HEDJ	WisdomTree Europe Hedged Equity Fund	27.9	58	-8	8.1	+1.4
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	18.6	25	25	7.0	+0.3
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	17.3	45	5	7.0	+0.3
IEV	iShares Europe ETF	17.2	59	-9	7.1	+0.5
BBEU	JPMorgan BetaBuilders Europe ETF	17.1	9	41	7.6	+0.9
FLEE	Franklin FTSE Europe ETF	16.8	9	41	7.3	+0.7
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE ETF	16.7	30	20	7.1	+0.4
FLEH	Franklin FTSE Europe Hedged ETF	16.4	9	41	7.3	+0.6
EUDG	WisdomTree Europe Quality Dividend Growth Fund	16.3	58	-8	6.8	+0.1
IEUR	iShares Core MSCI Europe ETF	15.5	9	41	7.6	+0.9
FEU	SPDR Portfolio Europe ETF	15.2	9	41	7.6	+0.9
HDEF	Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF	14.6	20	30	9.3	+2.6
FEUZ	First Trust Eurozone AlphaDEX ETF	14.5	80	-30	7.5	+0.8
SCID	Global X Scientific Beta Europe ETF	14.4	38	12	7.0	+0.4
VGK	Vanguard FTSE Europe ETF	14.4	8	42	7.7	+1.0

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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 France ETF
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	10.9	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	6.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	CATEGORY AVERAGE	1.64

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.