ETF Research Center

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)	$344
Currency	USD
Expense ratio	35 bp
Distributions	Semi-annual

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)	$148,320
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	16.6 %
TAIWAN SEMICONDUCTOR MANUFAC	4.9 %
SAMSUNG ELECTRONICS CO LTD	2.6 %
SBERBANK	2.4 %
ASML HOLDING NV	1.7 %
TENCENT HOLDINGS LTD	1.0 %
HYNIX SEMICONDUCTOR INC	0.9 %
HSBC HOLDINGS PLC	0.8 %
ROCHE PS PAR AG	0.8 %
ASTRAZENECA PLC	0.7 %
ROYAL BANK OF CANADA	0.7 %

TOP COUNTRY EXPOSURE
	JAPAN	12.8 %
	TAIWAN	8.4 %
	CANADA	7.1 %
	BRITAIN	6.9 %
	SOUTH KOREA	6.0 %
	FRANCE	5.0 %
	SWITZERLAND	4.9 %
	GERMANY	4.7 %
	CHINA	4.6 %
	NETHERLANDS	3.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
14.9%	35.3%	12.8%	11.9%	10.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.91	68%
MSCI EAFE	0.79	84%
MSCI Emg. Mkts.	0.59	81%

Technical Indicators
Recent close	$45.42
30d moving avg.	$45.36
Annualized volatility	9.9%
Short interest (ETF)	0.5%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	20
Turnover	0.3%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$86,229

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 14 potential alternatives to the iShares Currency Hedged MSCI ACWI ex U.S. ETF ETF based on the alternatives' overlap in portfolio holdings with HAWX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

HAWX

Expense:

35 bp

ALTAR Score™:

6.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH HAWX
Ticker	Fund Name	Overlap¹ vs HAWX (%)	Expense ratio (bp)	Savings vs HAWX (bp)	ALTAR Score™ (%)	ALTAR vs HAWX (%)
IDVO	Amplify International Enhanced Dividend Income ETF	2.7	65	-30	5.9	-0.3
FTHI	First Trust BuyWrite Income ETF	0.5	75	-40	4.6	-1.5
JEPQ	J.P. Morgan Nasdaq Equity Premium Income ETF	0.5	35	0	3.5	-2.6
FTQI	First Trust Nasdaq BuyWrite Income ETF	0.4	75	-40	3.1	-3.0
QRMI	Global X NASDAQ 100 Risk Managed Income ETF	0.3	60	-25	3.4	-2.8
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	0.3	60	-25	2.9	-3.3
QYLD	Global X NASDAQ 100 Covered Call ETF	0.3	60	-25	3.1	-3.0
QTR	Global X NASDAQ 100 Tail Risk ETF	0.3	26	9	3.1	-3.1
QCLR	Global X NASDAQ 100 Collar 95-110 ETF	0.3	25	10	3.5	-2.6
GBLD	Invesco MSCI Green Building ETF	0.3	39	-4	9.4	+3.3
DIVO	Amplify CWP Enhanced Dividend Income ETF	0.2	55	-20	4.3	-1.8
NUSI	Nationwide Nasdaq-100 Risk-Managed Income ETF	0.2	68	-33	3.3	-2.9
KWT	iShares MSCI Kuwait ETF	0.2	74	-39	0.0	-6.1
SFLR	Innovator Equity Managed Floor ETF	0.2	89	-54	3.3	-2.8

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

	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:

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	12.9	%
Divided by: Fwd. P/BV	2.0	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	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.