ETF Research Center

iShares Currency Hedged MSCI EMU ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the investment results of an index composed of equities from countries within the European Monetary Union while mitigating exposure to fluctuations between the value of the component currencies and the US dollar.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Jul 09, 2014
Assets (mns)	$333
Currency	USD
Expense ratio	53 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Bank of New York Mellon
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1
Wgt avg mkt cap (mns)	$100,468
Large cap (>$10bn)	95.4%
Mid cap ($2-10bn)	4.3%
Small cap (<$2bn)	0.0%
Developed mkts	99.9%
Emerging mkts	0.0%

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

TOP COUNTRY EXPOSURE
	FRANCE	30.9 %
	GERMANY	27.4 %
	NETHERLANDS	15.1 %
	SPAIN	8.6 %
	ITALY	7.8 %
	FINLAND	3.1 %
	BELGIUM	2.2 %
	IRELAND	1.3 %
	BRITAIN	0.8 %
	SWITZERLAND	0.7 %

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.
4.4%	17.1%	8.5%	8.4%	8.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.85	74%
MSCI EAFE	0.89	83%
MSCI Emg. Mkts.	0.66	45%

Technical Indicators
Recent close	$35.24
30d moving avg.	$36.38
Annualized volatility	17.2%
Short interest (ETF)	0.1%
Relative strength (RSI)	46

Liquidity measures
Avg. volume (thou.)	48
Turnover	0.5%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$13,218

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

HEZU

Expense:

53 bp

ALTAR Score™:

6.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH HEZU
Ticker	Fund Name	Overlap¹ vs HEZU (%)	Expense ratio (bp)	Savings vs HEZU (bp)	ALTAR Score™ (%)	ALTAR vs HEZU (%)
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	0.1	45	8	6.5	+0.2

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

	2019	2020	2021	2022	2023	2024E	2025E
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

	2023	2024E	2025E
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 Eurozone ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.7	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	53	bp
Equals: ALTAR Score	6.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.60

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.