ETF Research Center

iShares FTSE Developed Small Cap ex-North America Index Fund seeks investment results that correspond to the FTSE Developed Small Cap ex-North America Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Nov 16, 2007
Assets (mns)	$150
Currency	USD
Expense ratio	40 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	982
Wgt avg mkt cap (mns)	$3,031
Large cap (>$10bn)	0.7%
Mid cap ($2-10bn)	73.8%
Small cap (<$2bn)	25.4%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	4.9 %
RIGHTMOVE PLC	0.5 %
LEG IMMOBILIEN AG	0.5 %
LOGITECH INTERNATIONAL-REG	0.5 %
SCOUT24 AG	0.5 %
JUST EAT PLC	0.5 %
INTERXION HOLDING NV	0.5 %
BELLWAY PLC	0.4 %
DS SMITH PLC	0.4 %
INTERMEDIATE CAPITAL GROUP PLC	0.4 %
GN STORE NORD A/S	0.4 %

TOP COUNTRY EXPOSURE
	BRITAIN	25.6 %
	GERMANY	8.9 %
	SWEDEN	8.3 %
	SWITZERLAND	7.3 %
	ITALY	5.5 %
	NETHERLANDS	4.9 %
	FRANCE	4.6 %
	SPAIN	3.1 %
	BELGIUM	3.1 %
	NORWAY	2.8 %

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.
29.6%	29.6%	9.0%	--	8.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.91	60%
MSCI EAFE	1.21	87%
MSCI Emg. Mkts.	0.82	69%

Technical Indicators
Recent close	$55.54
30d moving avg.	$55.01
Annualized volatility	14.2%
Short interest (ETF)	0.3%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	10
Turnover	0.4%
Bid/Ask (% of price)	0.35%
ADV underlying (mns)	$3,937

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IEUS

Expense:

40 bp

ALTAR Score™:

6.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IEUS
Ticker	Fund Name	Overlap¹ vs IEUS (%)	Expense ratio (bp)	Savings vs IEUS (bp)	ALTAR Score™ (%)	ALTAR vs IEUS (%)
SCZ	iShares MSCI EAFE Small Cap	47.8	39	1	6.1	-0.1
SCHC	Schwab Intl Small-Cap Equity	38.3	12	28	6.3	+0.1
VSS	Vanguard FTSE All World ex-US Small Cap	28.5	12	28	6.2	+0.1
PDN	Invesco FTSE RAFI Developed Mkts ex-US Small-Mid Cap	28.1	49	-9	6.4	+0.2
EWUS	iShares MSCI United Kingdom Small Cap	27.1	59	-19	7.4	+1.2
FNDC	Schwab Fundamental Intl Small Cap	26.1	39	1	4.4	-1.8
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	23.2	58	-18	7.5	+1.3
DLS	WisdomTree Int'l SmallCap Dividend	22.7	58	-18	8.0	+1.8
DDLS	WisdomTree Dynamic Currency Hedged Int'l SmallCap	22.5	43	-3	8.0	+1.9
ISDS	Invesco Strategic Developed ex-US Small Company	22.5	35	5	5.0	-1.2
SCID	Global X Scientific Beta Europe	22.0	38	2	6.2	+0.0
DDEZ	WisdomTree Dynamic Currency Hedged Europe Equity	19.1	43	-3	6.1	-0.1
GWX	SPDR International SmallCap	19.0	40	0	4.5	-1.6
DFE	WisdomTree Europe Small Cap Dividend	18.8	58	-18	8.7	+2.5
ISCF	iShares FactorSelect MSCI Intl Small-Cap	16.0	40	0	7.0	+0.8
AVDV	Avantis International Small Cap Value	13.6	36	4	7.1	+0.9
FEP	First Trust Europe AlphaDEX	13.3	80	-40	7.1	+1.0
TLTD	FlexShares Mngstr Developed Mkts ex-US Factor Tilt	12.7	39	1	8.1	+1.9
SMEZ	SPDR Euro Stoxx Small Cap	12.7	46	-6	5.4	-0.7
DIM	WisdomTree Intl M/C Dividend	12.1	58	-18	7.3	+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

	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 MSCI Europe Small Cap
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	9.7	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	40	bp
Equals: ALTAR Score	6.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.65	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.