ETF Research Center

iShares FTSE EPRA/NAREIT Developed Real Estate ex-US Index Fund seeks investment results that correspond to the performance of the FTSE EPRA/NAREIT Global Real Estate ex-US Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Nov 16, 2007
Assets (mns)	$389
Currency	USD
Expense ratio	48 bp
Distributions	Quarterly

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	212
Wgt avg mkt cap (mns)	$9,925
Large cap (>$10bn)	36.9%
Mid cap ($2-10bn)	53.1%
Small cap (<$2bn)	8.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	25.2 %
DEUTSCHE ANNINGTON IMMOBILIE	3.8 %
MITSUI FUDOSAN CO LTD	3.2 %
MITSUBISHI ESTATE CO LTD	3.0 %
LINK REIT	2.9 %
SUN HUNG KAI PROPERTIES	2.7 %
CK ASSET HOLDINGS LIMITED	2.4 %
SUMITOMO REALTY & DEVELOPMNT	1.9 %
DEUTSCHE WOHNEN AG	1.9 %
UNIBAIL-RODAMCO-WESTFIELD STAPLED	1.8 %
SEGRO PLC	1.6 %

TOP COUNTRY EXPOSURE
	JAPAN	23.1 %
	HONG KONG	12.0 %
	BRITAIN	7.9 %
	GERMANY	7.6 %
	AUSTRALIA	6.2 %
	SINGAPORE	6.0 %
	CANADA	5.8 %
	FRANCE	3.4 %
	SWEDEN	3.1 %
	SWITZERLAND	2.4 %

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.
17.5%	18.3%	4.5%	6.6%	1.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.46	30%
MSCI EAFE	0.64	48%
MSCI Emg. Mkts.	0.54	56%

Technical Indicators
Recent close	$30.39
30d moving avg.	$30.38
Annualized volatility	10.3%
Short interest (ETF)	0.0%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	43
Turnover	0.3%
Bid/Ask (% of price)	0.19%
ADV underlying (mns)	$2,128

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the iShares FTSE EPRA/NARIET Developed REIT ETF based on the alternatives' overlap in portfolio holdings with IFGL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IFGL

Expense:

48 bp

ALTAR Score™:

6.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IFGL
Ticker	Fund Name	Overlap¹ vs IFGL (%)	Expense ratio (bp)	Savings vs IFGL (bp)	ALTAR Score™ (%)	ALTAR vs IFGL (%)
WPS	iShares S&P Developed ex-US Property	70.7	48	0	6.8	+0.2
DBAP	Xtrackers MSCI Asia Pacific Ex-Japan Hedged	60.2	10	38	7.8	+1.2
RWX	SPDR DJ International REIT	56.2	59	-11	5.8	-0.8
VNQI	Vanguard Global ex-US Real Estate	54.6	12	36	8.8	+2.2
DRW	WisdomTree Global ex-US Real Estate	45.7	58	-10	8.9	+2.3
FFR	First Trust FTSE EPRA/NAREIT Global Real Estate	38.9	60	-12	6.1	-0.4
GRI	Cohen & Steers Global Realty	37.7	55	-7	5.7	-0.8
RWO	SPDR DJ Global Real Estate	33.6	50	-2	6.0	-0.6
IFEU	iShares FTSE EPRA/NAREIT Europe	32.0	48	0	5.7	-0.9
GQRE	FlexShares Global Quality Real Estate	27.3	45	3	6.4	-0.2
REET	iShares Global REIT	26.2	14	34	6.2	-0.4
IDLV	Invesco S&P Int'l Developed Low Volatility	19.3	25	23	6.4	-0.2
DWX	SPDR S&P International Dividend ETF	14.4	45	3	7.0	+0.4
SCIX	Global X Scientific Beta Asia ex-Japan	13.8	38	10	6.2	-0.4
IDHD	Invesco S&P Intl Developed High Div Low Volatility	13.3	30	18	6.5	-0.1
TAO	Invesco China Real Estate	12.8	70	-22	13.3	+6.7
FLHK	Franklin FTSE Hong Kong	12.8	9	39	7.6	+1.1
EWH	iShares MSCI Hong Kong	12.7	48	0	7.2	+0.6
RNDM	First Trust Developed International Equity Select	11.4	65	-17	6.4	-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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 FTSE EPRA/NARIET Developed REIT
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	7.0	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	48	bp
Equals: ALTAR Score	6.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.67	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.