ETF Research Center

iShares Currency Hedged MSCI EAFE ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to track the investment results of an index composed of large- and mid-capitalization equities in Europe, Australasia, and the Far East while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar.

FUND BASICS
Category	International Equities
Fund Sponsor	iShares/USA
Website	www.ishares.com
Inception date	Jan 31, 2014
Assets (mns)	$7,414
Currency	USD
Expense ratio	35 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	State Street Bank & Trust Co
Weighting	Market Cap
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1
Wgt avg mkt cap (mns)	$91,455
Large cap (>$10bn)	90.9%
Mid cap ($2-10bn)	8.8%
Small cap (<$2bn)	0.1%
Developed mkts	99.6%
Emerging mkts	0.3%

TOP TEN HOLDINGS
Total	100.0 %
ISHARES MSCI EAFE ETF	100.0 %

TOP COUNTRY EXPOSURE
	JAPAN	21.7 %
	BRITAIN	14.7 %
	FRANCE	10.6 %
	SWITZERLAND	10.4 %
	GERMANY	9.9 %
	AUSTRALIA	6.4 %
	NETHERLANDS	5.0 %
	SWEDEN	3.2 %
	SPAIN	3.1 %
	ITALY	2.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
6.9%	12.9%	12.9%	8.4%	9.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.60	76%
MSCI EAFE	0.63	88%
MSCI Emg. Mkts.	0.46	46%

Technical Indicators
Recent close	$34.99
30d moving avg.	$37.00
Annualized volatility	11.7%
Short interest (ETF)	2.1%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	1,685
Turnover	0.8%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$38,047

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 1 potential alternatives to the iShares Currency Hedged MSCI EAFE ETF ETF based on the alternatives' overlap in portfolio holdings with HEFA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

HEFA

Expense:

35 bp

ALTAR Score™:

7.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH HEFA
Ticker	Fund Name	Overlap¹ vs HEFA (%)	Expense ratio (bp)	Savings vs HEFA (bp)	ALTAR Score™ (%)	ALTAR vs HEFA (%)
TAX	Cambria Tax Aware ETF	0.3	49	-14	8.4	+1.1

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 EAFE 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	12.6	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	7.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	CATEGORY AVERAGE	1.61

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.