ETF Research Center

The iShares MSCI EMU 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 European Monetary Union (EMU) markets, as measured by the MSCI EMU Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Jul 31, 2000
Assets (mns)	$6,025
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	244
Wgt avg mkt cap (mns)	$64,846
Large cap (>$10bn)	92.2%
Mid cap ($2-10bn)	7.2%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	22.8 %
SAP AG	2.8 %
TOTAL SA	2.8 %
LVMH MOET HENNESSY LOUIS VUI	2.7 %
ASML HOLDING NV	2.6 %
SANOFI-AVENTIS	2.4 %
ALLIANZ SE-REG	2.2 %
SIEMENS AG-REG	2.1 %
EADS NV	1.8 %
UNILEVER NV	1.7 %
BAYER AG	1.6 %

TOP COUNTRY EXPOSURE
	FRANCE	32.3 %
	GERMANY	26.6 %
	NETHERLANDS	13.7 %
	SPAIN	8.5 %
	ITALY	6.5 %
	BELGIUM	3.1 %
	FINLAND	2.9 %
	IRELAND	2.0 %
	BRITAIN	0.8 %
	LUXEMBOURG	0.8 %

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.
23.2%	23.2%	5.7%	4.0%	3.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.84	57%
MSCI EAFE	1.18	92%
MSCI Emg. Mkts.	0.78	69%

Technical Indicators
Recent close	$42.17
30d moving avg.	$41.62
Annualized volatility	13.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	3,525
Turnover	2.5%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$12,659

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EZU

Expense:

47 bp

ALTAR Score™:

6.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EZU
Ticker	Fund Name	Overlap¹ vs EZU (%)	Expense ratio (bp)	Savings vs EZU (bp)	ALTAR Score™ (%)	ALTAR vs EZU (%)
EURZ	Xtrackers Eurozone Equity	91.1	9	38	6.8	+0.3
DBEZ	Xtrackers MSCI EMU Hedged	85.7	45	2	6.3	-0.3
FEZ	SPDR DJ Euro Stoxx 50	59.6	29	18	6.7	+0.2
DBEU	Xtrackers Europe Hedged	49.3	45	2	6.2	-0.3
IEV	iShares S&P Europe 350	49.1	59	-12	6.1	-0.4
HEDJ	Wisdomtree International Hedged Equity	48.1	58	-11	7.5	+1.0
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	47.5	30	17	6.4	-0.1
FLEE	Franklin FTSE Europe	47.2	9	38	6.6	+0.1
BBEU	JPMorgan BetaBuilders Europe	47.2	9	38	6.6	+0.1
FLEH	Franklin FTSE Europe Hedged	46.5	9	38	6.6	+0.1
GSEU	Goldman Sachs ActiveBeta Europe Equity	44.7	25	22	6.1	-0.4
IEUR	iShares Core MSCI Europe	44.1	9	38	6.6	+0.1
FEU	SPDR DJ Stoxx 50	42.8	9	38	6.6	+0.1
VGK	Vanguard FTSE Europe	42.8	9	38	6.7	+0.2
EWQ	iShares MSCI France	35.4	47	0	6.1	-0.5
FLFR	Franklin FTSE France	34.7	9	38	6.5	-0.0
JPEU	JPMorgan Diversified Return Europe Equity	34.2	37	10	6.2	-0.3
DOL	WisdomTree Int'l Large Cap Dividend	34.1	48	-1	7.5	+1.0
IMTM	iShares MSCI Int'l Developed Momentum	33.3	30	17	4.5	-2.0
SCID	Global X Scientific Beta Europe	33.1	38	9	6.2	-0.3

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 Euro Monetary Union
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	10.7	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	47	bp
Equals: ALTAR Score	6.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	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.