ETF Research Center

iShares Currency Hedged MSCI ACWI ex U.S. ETF

ALTAR
Score™

7.9%

Recommen-
dation

OVERWEIGHT

2025E 2026E
P/E ratio	13.2x	P/Sales ratio	1.5x
P/BV ratio	1.6x	Div. yield	3.1%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The iShares Currency Hedged MSCI ACWI ex US ETF tracks an index of global large- and midcap stocks outside the US, hedged against movements in the underlying currencies for US investors.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock
Website	www.ishares.com
Inception date	Jun 29, 2015
Assets (mns)	$258
Currency	USD
Expense ratio	35 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	Yes
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1
Wgt avg mkt cap (mns)	$101,639
Large cap (>$10bn)	88.2%
Mid cap ($2-10bn)	11.3%
Small cap (<$2bn)	0.1%
Developed mkts	71.6%
Emerging mkts	28.3%

TOP TEN HOLDINGS
Total	100.0 %
ISHARES MSCI ACWI EX U.S. ETF	100.0 %

TOP COUNTRY EXPOSURE
	JAPAN	13.5 %
	BRITAIN	8.8 %
	CANADA	7.1 %
	CHINA	6.9 %
	GERMANY	6.4 %
	FRANCE	6.4 %
	SWITZERLAND	6.2 %
	TAIWAN	5.7 %
	INDIA	4.6 %
	AUSTRALIA	4.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru June 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
9.7%	11.2%	11.8%	--	7.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.61	76%
MSCI EAFE	0.60	78%
MSCI Emg. Mkts.	0.52	62%

Technical Indicators
Recent close	$35.25
30d moving avg.	$34.90
Annualized volatility	11.2%
Short interest (ETF)	0.3%
Relative strength (RSI)	56

Liquidity measures
Avg. volume (thou.)	23
Turnover	0.3%
Bid/Ask (% of price)	0.16%
ADV underlying (mns)	$86,229

Distributions

There were no matches found with other funds under coverage.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	iShares Currency Hedged MSCI ACWI ex U.S. ETF
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	12.9	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	7.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	CATEGORY AVERAGE	1.62

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.