ETF Research Center

The iShares MSCI United Kingdom Index fund seeks investment results that correspond to the price and yield performance of the MSCI UK Index. The index consists primarily of large cap stocks traded in the British market.

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Mar 18, 1996
Assets (mns)	$2,438
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	n/a
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	99
Wgt avg mkt cap (mns)	$82,605
Large cap (>$10bn)	87.6%
Mid cap ($2-10bn)	12.3%
Small cap (<$2bn)	0.1%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	45.6 %
HSBC HOLDINGS PLC	6.6 %
BP PLC	5.6 %
ROYAL DUTCH SHELL PLC-A SHS	5.6 %
ASTRAZENECA PLC	5.2 %
ROYAL DUTCH SHELL PLC-B SHS	4.8 %
GLAXOSMITHKLINE PLC	4.7 %
DIAGEO PLC	4.0 %
BRITISH AMERICAN TOBACCO PLC	3.6 %
UNILEVER PLC	2.8 %
RIO TINTO PLC	2.6 %

TOP COUNTRY EXPOSURE
	BRITAIN	95.0 %
	SWITZERLAND	1.8 %
	IRELAND	1.6 %
	GERMANY	0.3 %

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.
13.6%	7.1%	1.0%	4.5%	5.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.72	52%
MSCI EAFE	1.00	86%
MSCI Emg. Mkts.	0.65	61%

Technical Indicators
Recent close	$32.60
30d moving avg.	$31.86
Annualized volatility	11.9%
Short interest (ETF)	2.7%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	3,973
Turnover	5.3%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$5,566

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EWU

Expense:

47 bp

ALTAR Score™:

7.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWU
Ticker	Fund Name	Overlap¹ vs EWU (%)	Expense ratio (bp)	Savings vs EWU (bp)	ALTAR Score™ (%)	ALTAR vs EWU (%)
QGBR	SPDR MSCI UK Quality Mix	94.0	14	33	7.8	+0.4
FLGB	Franklin FTSE United Kingdom	92.4	9	38	7.8	+0.5
FKU	First Trust United Kingdom	31.3	80	-33	7.7	+0.3
OEUR	O'Shares FTSE Europe Quality Dividend	29.2	48	-1	6.3	-1.0
IEV	iShares S&P Europe 350	25.9	59	-12	6.4	-1.0
BBEU	JPMorgan BetaBuilders Europe	24.8	9	38	6.9	-0.5
DBEU	Xtrackers Europe Hedged	24.7	45	2	6.4	-1.0
FLEE	Franklin FTSE Europe	24.5	9	38	6.8	-0.5
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	24.5	30	17	6.6	-0.8
FLEH	Franklin FTSE Europe Hedged	24.3	9	38	6.8	-0.6
GSEU	Goldman Sachs ActiveBeta Europe Equity	23.6	25	22	6.4	-1.0
HDEF	Xtrackers MSCI EAFE High Div Yld Hedged	23.4	20	27	8.5	+1.1
IEUR	iShares Core MSCI Europe	22.2	9	38	6.8	-0.5
VGK	Vanguard FTSE Europe	21.7	9	38	6.9	-0.5
EFV	iShares MSCI EAFE Value	21.7	38	9	8.9	+1.5
FEU	SPDR DJ Stoxx 50	20.5	9	38	6.8	-0.6
DTH	WisdomTree DEFA Equity Income	20.2	58	-11	8.4	+1.1
RIDV	Invesco International Ultra Dividend Revenue ETF	20.1	42	5	8.9	+1.6
RFEU	First Trust Riverfront Dynamic Europe	19.7	83	-36	6.1	-1.3
EUFN	iShares MSCI Europe Financial Sector	19.6	48	-1	8.8	+1.5

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

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.9	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	47	bp
Equals: ALTAR Score	7.4	%

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.