ETF Research Center

iShares Core MSCI EAFE ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the MSCI EAFE Investable Market Index.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Oct 18, 2012
Assets (mns)	$70,159
Currency	USD
Expense ratio	7 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank and Trust Co
Weighting	Market Cap
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	2458
Wgt avg mkt cap (mns)	$55,068
Large cap (>$10bn)	73.6%
Mid cap ($2-10bn)	20.6%
Small cap (<$2bn)	5.6%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	9.9 %
NESTLE SA-REG	1.9 %
ROCHE HOLDING AG-GENUSSCHEIN	1.2 %
NOVARTIS AG-REG	1.1 %
TOYOTA MOTOR CORP	1.0 %
HSBC HOLDINGS PLC	0.9 %
SAP AG	0.8 %
BP PLC	0.8 %
ROYAL DUTCH SHELL PLC-A SHS	0.8 %
TOTAL SA	0.8 %
LVMH MOET HENNESSY LOUIS VUI	0.7 %

TOP COUNTRY EXPOSURE
	JAPAN	25.1 %
	BRITAIN	15.4 %
	FRANCE	9.2 %
	SWITZERLAND	8.8 %
	GERMANY	8.1 %
	AUSTRALIA	6.6 %
	NETHERLANDS	4.2 %
	HONG KONG	2.9 %
	SWEDEN	2.8 %
	SPAIN	2.6 %

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.
17.2%	11.2%	4.7%	--	7.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.75	66%
MSCI EAFE	0.99	98%
MSCI Emg. Mkts.	0.70	79%

Technical Indicators
Recent close	$63.70
30d moving avg.	$63.27
Annualized volatility	11.1%
Short interest (ETF)	0.0%
Relative strength (RSI)	73

Liquidity measures
Avg. volume (thou.)	7,555
Turnover	0.7%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$56,164

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares Core MSCI EAFE ETF based on the alternatives' overlap in portfolio holdings with IEFA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IEFA

Expense:

7 bp

ALTAR Score™:

7.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IEFA
Ticker	Fund Name	Overlap¹ vs IEFA (%)	Expense ratio (bp)	Savings vs IEFA (bp)	ALTAR Score™ (%)	ALTAR vs IEFA (%)
PBDM	Invesco PureBeta FTSE Developed ex-North America	86.8	7	0	7.6	+0.5
IDEV	iShares Core MSCI Int'l Developed Markets	84.7	5	2	7.2	+0.0
EFA	iShares MSCI EAFE	84.3	31	-24	7.0	-0.1
SCHF	Schwab International Equity	84.0	6	1	7.5	+0.3
DBEF	Xtrackers MSCI EAFE Hedged	83.8	35	-28	6.9	-0.2
HFXI	IQ 50 Percent Hedged FTSE Int'l	79.7	20	-13	7.3	+0.2
VEA	Vanguard Europe Pacific	79.6	5	2	7.4	+0.3
EFAX	SPDR MSCI EAFE Fossil Fuel Free	77.8	20	-13	7.2	+0.1
SPDW	SPDR Portfolio World ex-US	76.7	4	3	7.2	+0.1
JHMD	John Hancock Multifactor Developed International	66.3	45	-38	7.3	+0.2
ACWX	iShares MSCI ACWI ex-US	65.4	31	-24	7.5	+0.4
IXUS	iShares Core International Stock	65.2	9	-2	7.5	+0.4
VEU	Vanguard FTSE All-World ex-US	65.0	9	-2	7.6	+0.5
DBAW	Xtrackers MSCI All World ex-US Hedged	64.0	40	-33	7.3	+0.2
PXF	Invesco FTSE-RAFI Developed ex-US	63.0	45	-38	8.2	+1.1
DWM	WisdomTree DEFA Fund	62.7	48	-41	7.7	+0.6
ESGD	iShares MSCI EAFE ESG Optimized	61.8	20	-13	6.9	-0.2
DDWM	WisdomTree Dynamic Currency Hedged Int'l Equity	61.6	35	-28	7.9	+0.8
VXUS	Vanguard Total International Stock	61.5	9	-2	7.6	+0.5
FNDF	Schwab Fundamental Intl Large Cap	61.0	25	-18	7.6	+0.4

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 EAFE
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	10.3	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	7	bp
Equals: ALTAR Score	7.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	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.