ETF Research Center

The iShares S&P Europe 350 Index fund seeks investment results that correspond to the price and yield performance of Standard & Poor's Europe 350 Index. The index consists primarily of large cap stocks traded in Europe's developed-country equity markets.

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Jul 28, 2000
Assets (mns)	$1,695
Currency	USD
Expense ratio	59 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	367
Wgt avg mkt cap (mns)	$83,871
Large cap (>$10bn)	92.4%
Mid cap ($2-10bn)	7.1%
Small cap (<$2bn)	0.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	19.2 %
NESTLE SA-REG	3.5 %
NOVARTIS AG-REG	2.6 %
ROCHE HOLDING AG-GENUSSCHEIN	2.4 %
HSBC HOLDINGS PLC	1.7 %
SAP AG	1.7 %
TOTAL SA	1.6 %
BP PLC	1.5 %
ROYAL DUTCH SHELL PLC-A SHS	1.4 %
ASTRAZENECA PLC	1.4 %
LVMH MOET HENNESSY LOUIS VUI	1.3 %

TOP COUNTRY EXPOSURE
	BRITAIN	25.9 %
	FRANCE	16.1 %
	SWITZERLAND	16.0 %
	GERMANY	13.5 %
	NETHERLANDS	6.9 %
	SPAIN	4.3 %
	SWEDEN	3.9 %
	ITALY	3.2 %
	DENMARK	2.8 %
	FINLAND	1.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
19.0%	12.9%	3.1%	4.5%	4.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.77	58%
MSCI EAFE	1.08	95%
MSCI Emg. Mkts.	0.73	68%

Technical Indicators
Recent close	$45.27
30d moving avg.	$45.15
Annualized volatility	12.2%
Short interest (ETF)	0.1%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	239
Turnover	0.6%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$25,169

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares S&P Europe 350 ETF based on the alternatives' overlap in portfolio holdings with IEV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IEV

Expense:

59 bp

ALTAR Score™:

6.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IEV
Ticker	Fund Name	Overlap¹ vs IEV (%)	Expense ratio (bp)	Savings vs IEV (bp)	ALTAR Score™ (%)	ALTAR vs IEV (%)
BBEU	JPMorgan BetaBuilders Europe	91.3	9	50	6.8	+0.5
DBEU	Xtrackers Europe Hedged	90.8	45	14	6.5	+0.1
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	89.7	30	29	6.7	+0.3
FLEE	Franklin FTSE Europe	89.6	9	50	6.8	+0.5
FLEH	Franklin FTSE Europe Hedged	88.4	9	50	6.9	+0.6
IEUR	iShares Core MSCI Europe	82.3	9	50	6.8	+0.4
VGK	Vanguard FTSE Europe	80.9	9	50	6.9	+0.5
FEU	SPDR DJ Stoxx 50	80.3	9	50	6.8	+0.4
GSEU	Goldman Sachs ActiveBeta Europe Equity	69.5	25	34	6.3	-0.1
EFA	iShares MSCI EAFE	58.6	31	28	6.9	+0.5
DOL	WisdomTree Int'l Large Cap Dividend	57.2	48	11	7.7	+1.3
EFAX	SPDR MSCI EAFE Fossil Fuel Free	56.9	20	39	7.0	+0.6
DBEF	Xtrackers MSCI EAFE Hedged	56.7	35	24	6.9	+0.5
HFXI	IQ 50 Percent Hedged FTSE Int'l	55.1	20	39	7.2	+0.9
ESGD	iShares MSCI EAFE ESG Optimized	55.1	20	39	6.8	+0.5
PBDM	Invesco PureBeta FTSE Developed ex-North America	52.4	7	52	7.4	+1.1
JHMD	John Hancock Multifactor Developed International	51.7	45	14	7.1	+0.8
EFG	iShares MSCI EAFE Growth	51.6	40	19	5.0	-1.4
DDWM	WisdomTree Dynamic Currency Hedged Int'l Equity	51.3	35	24	7.8	+1.5
DWM	WisdomTree DEFA Fund	51.2	48	11	7.6	+1.3

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 S&P Europe 350
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	11.3	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	6.4	%

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.