ETF Research Center

The iShares FactorSelect MSCI International ETF tracks an index of international firms in developed markets. Stocks are selected and weighted to increase exposure to 4 factors (quality, value, momentum and small size) while maintaining similar characteristics to the MSCI World ex USA Index.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock
Website	www.ishares.com
Inception date	Apr 28, 2015
Assets (mns)	$1,185
Currency	USD
Expense ratio	30 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian
Weighting	Multi-Factor
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	196
Wgt avg mkt cap (mns)	$33,133
Large cap (>$10bn)	67.6%
Mid cap ($2-10bn)	32.0%
Small cap (<$2bn)	0.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	22.6 %
ROCHE HOLDING AG-GENUSSCHEIN	3.6 %
RIO TINTO PLC	2.6 %
BHP BILLITON PLC	2.4 %
PHILIPS ELECTRONICS NV	2.4 %
HITACHI LTD	2.3 %
WOOLWORTHS LIMITED	2.0 %
NIPPON TELEGRAPH AND TELEPHONE COR	2.0 %
ASTELLAS PHARMA INC	2.0 %
ROYAL AHOLD DELHAIZE N.V.	1.8 %
SOCIETE GENERALE	1.6 %

TOP COUNTRY EXPOSURE
	JAPAN	17.1 %
	BRITAIN	16.5 %
	CANADA	13.2 %
	AUSTRALIA	11.4 %
	SWITZERLAND	10.0 %
	NETHERLANDS	7.8 %
	FRANCE	6.3 %
	HONG KONG	4.2 %
	GERMANY	3.1 %
	BELGIUM	2.2 %

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.
18.4%	18.4%	--	--	4.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.84	70%
MSCI EAFE	1.07	94%
MSCI Emg. Mkts.	0.75	80%

Technical Indicators
Recent close	$27.44
30d moving avg.	$27.00
Annualized volatility	12.1%
Short interest (ETF)	0.1%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	192
Turnover	0.4%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$5,652

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

INTF

Expense:

30 bp

ALTAR Score™:

7.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH INTF
Ticker	Fund Name	Overlap¹ vs INTF (%)	Expense ratio (bp)	Savings vs INTF (bp)	ALTAR Score™ (%)	ALTAR vs INTF (%)
UIVM	USAA MSCI International Value Momentum Blend Index	32.0	35	-5	7.8	+0.2
RODM	Lattice Developed Markets (Ex-US) Strategy	27.2	29	1	7.5	-0.1
ACWF	iShares FactorSelect MSCI Global	25.4	35	-5	7.5	-0.1
DEEF	Xtrackers FTSE Dev ex-US Comprehensive Factor	24.6	24	6	6.8	-0.8
PQIN	PGIM QMA Strategic Alpha International Equity	21.5	29	1	7.0	-0.6
JPIN	JPMorgan Diversified Rtn. Int'l Equity	21.2	38	-8	7.1	-0.5
GSIE	Goldman Sachs ActiveBeta Int'l Equity	21.1	25	5	6.3	-1.3
QINT	American Century Quality Diversified International	20.2	39	-9	5.9	-1.7
LVIN	Hartford Multifactor Low Volatility Int'l Equity	20.2	29	1	8.8	+1.2
FDT	First Trust Developed Markets ex-US AlphaDEX	20.2	80	-50	7.7	+0.1
QLVD	FlexShares Developed Mkts ex-US Quality Low Volatility	19.3	32	-2	6.6	-1.0
ISZE	iShares MSCI Int'l Developed Size Factor	19.2	30	0	6.6	-1.0
IVLU	iShares MSCI Int'l Developed Value Factor	18.6	30	0	10.1	+2.5
TPIF	Timothy Plan International	18.5	62	-32	6.3	-1.3
FIVA	Fidelity International Value Factor	18.4	39	-9	9.0	+1.4
DWMF	WisdomTree International Multifactor Fund	18.3	38	-8	6.0	-1.6
GSEU	Goldman Sachs ActiveBeta Europe Equity	18.2	25	5	6.1	-1.5
DIM	WisdomTree Intl M/C Dividend	17.7	58	-28	7.2	-0.4
JPEU	JPMorgan Diversified Return Europe Equity	17.5	37	-7	6.2	-1.4
JPGE	JPM Diversified Return Global Equity	17.3	29	1	6.6	-1.0

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 FactorSelect MSCI International
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.6	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	30	bp
Equals: ALTAR Score	7.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.74	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.