ETF Research Center

iShares MSCI International Developed Momentum Factor ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the investment results of an index that measures the performance of international developed large and mid capitalization stocks exhibiting relatively higher momentum characteristics.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Jan 15, 2015
Assets (mns)	$226
Currency	USD
Expense ratio	30 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	State Street Bank & Trust Co
Weighting	Momentum
Index replication	Not Applicable
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	287
Wgt avg mkt cap (mns)	$83,630
Large cap (>$10bn)	90.6%
Mid cap ($2-10bn)	9.4%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	24.7 %
NESTLE SA-REG	4.9 %
ROCHE HOLDING AG-GENUSSCHEIN	3.6 %
ASML HOLDING NV	2.7 %
ASTRAZENECA PLC	2.3 %
CSL LIMITED	2.1 %
LVMH MOET HENNESSY LOUIS VUI	2.0 %
NOVARTIS AG-REG	1.9 %
ENEL SPA	1.9 %
IBERDROLA SA	1.8 %
NOVO NORDISK A/S-B	1.6 %

TOP COUNTRY EXPOSURE
	JAPAN	15.1 %
	SWITZERLAND	14.9 %
	FRANCE	13.0 %
	BRITAIN	9.4 %
	CANADA	8.8 %
	AUSTRALIA	7.6 %
	GERMANY	6.9 %
	NETHERLANDS	5.9 %
	DENMARK	3.3 %
	ITALY	3.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
1.0%	17.7%	--	--	5.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.75	68%
MSCI EAFE	0.91	84%
MSCI Emg. Mkts.	0.60	64%

Technical Indicators
Recent close	$29.75
30d moving avg.	$31.97
Annualized volatility	11.0%
Short interest (ETF)	0.1%
Relative strength (RSI)	42

Liquidity measures
Avg. volume (thou.)	66
Turnover	0.9%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$17,286

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IMTM

Expense:

30 bp

ALTAR Score™:

5.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IMTM
Ticker	Fund Name	Overlap¹ vs IMTM (%)	Expense ratio (bp)	Savings vs IMTM (bp)	ALTAR Score™ (%)	ALTAR vs IMTM (%)
EFG	iShares MSCI EAFE Growth ETF	57.4	40	-10	5.1	+0.1
IDMO	Invesco S&P International Developed Momentum ETF	55.7	25	5	4.9	-0.1
IQLT	iShares Edge MSCI Intl Quality Factor ETF	46.6	30	0	6.5	+1.5
IEV	iShares Europe ETF	45.5	59	-29	7.1	+2.1
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	45.3	45	-15	7.0	+1.9
IQSI	IQ Candriam ESG International Equity ETF	45.3	15	15	7.6	+2.6
QEFA	SPDR MSCI EAFE Quality Mix ETF	44.9	30	0	7.0	+1.9
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	44.8	20	10	7.5	+2.4
FLEE	Franklin FTSE Europe ETF	43.9	9	21	7.3	+2.3
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE ETF	43.7	30	0	7.1	+2.1
BBEU	JPMorgan BetaBuilders Europe ETF	43.0	9	21	7.6	+2.6
FLEH	Franklin FTSE Europe Hedged ETF	43.0	9	21	7.3	+2.2
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	42.6	14	16	7.3	+2.3
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	42.4	25	5	7.0	+2.0
EFA	iShares MSCI EAFE ETF	42.1	32	-2	7.5	+2.5
ESGD	iShares MSCI EAFE ESG Optimized ETF	41.5	20	10	7.6	+2.6
IEUR	iShares Core MSCI Europe ETF	41.2	9	21	7.6	+2.5
GSIE	Goldman Sachs ActiveBeta International Equity ETF	41.1	25	5	7.2	+2.1
IDHQ	Invesco S&P International Developed High Quality ETF	40.8	29	1	5.7	+0.7
PDEV	Principal International Multi-Factor Core Index ETF	40.0	25	5	6.8	+1.8

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	iShares Edge MSCI Intl Momentum Factor ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	14.7	%
Divided by: Fwd. P/BV	2.8	x
Less: Expense ratio	30	bp
Equals: ALTAR Score	5.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	CATEGORY AVERAGE	1.64

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.