ETF Research Center

The iShares Core MSCI International Developed Markets ETF tracks a market-cap-weighted index of large-, mid-, and small-cap stocks from developed countries, excluding the US.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock
Website	www.ishares.com
Inception date	Mar 21, 2017
Assets (mns)	$1,807
Currency	USD
Expense ratio	5 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	2005
Wgt avg mkt cap (mns)	$55,146
Large cap (>$10bn)	74.6%
Mid cap ($2-10bn)	20.9%
Small cap (<$2bn)	4.4%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	8.9 %
NESTLE SA-REG	1.6 %
ROCHE HOLDING AG-GENUSSCHEIN	1.2 %
NOVARTIS AG-REG	1.0 %
TOYOTA MOTOR CORP	0.8 %
HSBC HOLDINGS PLC	0.8 %
AIA GROUP LTD	0.7 %
LVMH MOET HENNESSY LOUIS VUI	0.7 %
ASTRAZENECA PLC	0.7 %
BP PLC	0.7 %
TOTAL SA	0.7 %

TOP COUNTRY EXPOSURE
	JAPAN	22.5 %
	BRITAIN	14.4 %
	CANADA	8.9 %
	FRANCE	8.4 %
	SWITZERLAND	8.1 %
	GERMANY	6.6 %
	AUSTRALIA	6.1 %
	NETHERLANDS	3.8 %
	HONG KONG	2.7 %
	SWEDEN	2.5 %

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.
23.0%	23.0%	--	--	7.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.77	74%
MSCI EAFE	0.98	97%
MSCI Emg. Mkts.	0.68	79%

Technical Indicators
Recent close	$58.76
30d moving avg.	$58.03
Annualized volatility	11.2%
Short interest (ETF)	0.1%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	166
Turnover	0.5%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$49,419

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the iShares Core MSCI Int'l Developed Markets ETF based on the alternatives' overlap in portfolio holdings with IDEV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IDEV

Expense:

5 bp

ALTAR Score™:

6.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IDEV
Ticker	Fund Name	Overlap¹ vs IDEV (%)	Expense ratio (bp)	Savings vs IDEV (bp)	ALTAR Score™ (%)	ALTAR vs IDEV (%)
IEFA	iShares Core MSCI EAFE	85.8	7	-2	6.8	-0.0
VEA	Vanguard Europe Pacific	85.7	5	0	7.0	+0.2
SCHF	Schwab International Equity	85.5	6	-1	7.0	+0.2
SPDW	SPDR Portfolio World ex-US	81.7	4	1	6.9	0.0
PBDM	Invesco PureBeta FTSE Developed ex-North America	79.1	7	-2	7.3	+0.4
EFA	iShares MSCI EAFE	76.6	31	-26	6.7	-0.2
DBEF	Xtrackers MSCI EAFE Hedged	76.1	35	-30	6.6	-0.3
HFXI	IQ 50 Percent Hedged FTSE Int'l	72.4	20	-15	7.0	+0.2
ACWX	iShares MSCI ACWI ex-US	70.4	31	-26	7.0	+0.2
VEU	Vanguard FTSE All-World ex-US	69.9	9	-4	7.2	+0.4
EFAX	SPDR MSCI EAFE Fossil Fuel Free	69.4	20	-15	6.8	-0.1
DBAW	Xtrackers MSCI All World ex-US Hedged	69.1	40	-35	6.9	+0.0
IXUS	iShares Core International Stock	68.6	9	-4	7.1	+0.2
VXUS	Vanguard Total International Stock	67.2	9	-4	7.2	+0.4
PXF	Invesco FTSE-RAFI Developed ex-US	65.6	45	-40	7.9	+1.0
TLTD	FlexShares Mngstr Developed Mkts ex-US Factor Tilt	65.0	39	-34	8.1	+1.3
GSIE	Goldman Sachs ActiveBeta Int'l Equity	62.8	25	-20	6.3	-0.5
FNDF	Schwab Fundamental Intl Large Cap	62.6	25	-20	7.4	+0.5
CWI	SPDR MSCI ACWI ex-US	62.6	30	-25	7.0	+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

	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 Core MSCI Int'l Developed Markets
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	10.4	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	5	bp
Equals: ALTAR Score	6.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	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.