ETF Research Center

The iShares Core MSCI Pacific ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to track the investment results of an index composed of Pacific region developed market large, mid and small capitalization equities.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Jun 12, 2014
Assets (mns)	$1,107
Currency	USD
Expense ratio	9 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Bank of New York Mellon
Weighting	Market Cap
Index replication	Optimized
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	795
Wgt avg mkt cap (mns)	$34,242
Large cap (>$10bn)	66.3%
Mid cap ($2-10bn)	25.4%
Small cap (<$2bn)	8.2%
Developed mkts	99.5%
Emerging mkts	0.5%

TOP TEN HOLDINGS
Total	14.0 %
TOYOTA MOTOR CORP	2.4 %
AIA GROUP LTD	2.1 %
COMMONWEALTH BANK OF AUSTRAL	1.5 %
SONY CORP	1.5 %
CSL LIMITED	1.4 %
BHP BILLITON LTD	1.2 %
SOFTBANK GROUP CORP.	1.1 %
KEYENCE CORP	1.0 %
MITSUBISHI UFJ FINANCIAL GRO	1.0 %
TAKEDA PHARMACEUTICAL CO LTD	0.9 %

TOP COUNTRY EXPOSURE
	JAPAN	65.6 %
	AUSTRALIA	18.4 %
	HONG KONG	8.3 %
	SINGAPORE	3.3 %
	NEW ZEALAND	0.9 %
	MACAU	0.3 %
	BERMUDA	0.2 %
	CHINA	0.2 %
	IRELAND	0.2 %

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.
19.4%	19.4%	7.4%	--	5.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.77	76%
MSCI EAFE	0.89	84%
MSCI Emg. Mkts.	0.65	77%

Technical Indicators
Recent close	$59.18
30d moving avg.	$58.88
Annualized volatility	10.7%
Short interest (ETF)	0.6%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	96
Turnover	0.5%
Bid/Ask (% of price)	0.16%
ADV underlying (mns)	$18,245

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the iShares Core MSCI Pacific ETF based on the alternatives' overlap in portfolio holdings with IPAC. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IPAC

Expense:

9 bp

ALTAR Score™:

7.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IPAC
Ticker	Fund Name	Overlap¹ vs IPAC (%)	Expense ratio (bp)	Savings vs IPAC (bp)	ALTAR Score™ (%)	ALTAR vs IPAC (%)
VPL	Vanguard Pacific ETF	76.2	9	0	7.5	+0.3
HFXJ	IQ 50 Percent Hedged FTSE Japan	59.3	30	-21	7.5	+0.4
FLJP	Franklin FTSE Japan	59.2	9	0	7.8	+0.6
FLJH	Franklin FTSE Japan Hedged	59.2	9	0	7.7	+0.5
BBJP	JPMorgan BetaBuilders Japan	58.3	19	-10	7.7	+0.5
EWJ	iShares MSCI Japan	57.1	47	-38	7.4	+0.3
DBJP	Xtrackers MSCI Japan Hedged	56.8	45	-36	7.3	+0.1
QJPN	SPDR MSCI Japan Quality Mix	56.4	14	-5	7.8	+0.7
GSJY	Goldman Sachs ActiveBeta Japan Equity	54.2	25	-16	7.5	+0.4
JPXN	iShares JPX-Nikkei 400	53.9	48	-39	7.4	+0.3
JPN	Xtrackers Japan JPX-Nikkei 400 Equity	53.7	9	0	7.8	+0.7
RFAP	First Trust Riverfront Dynamic Asia Pacific	48.3	83	-74	7.0	-0.2
EWJE	iShares MSCI Japan Equal Weighted	42.9	15	-6	7.0	-0.2
DXJ	WisdomTree Japan Hedged Equity	38.8	48	-39	8.2	+1.1
EASG	Xtrackers MSCI EAFE ESG Leaders Equity	36.4	14	-5	6.5	-0.7
EFV	iShares MSCI EAFE Value	35.5	38	-29	8.8	+1.7
EFAX	SPDR MSCI EAFE Fossil Fuel Free	35.2	20	-11	6.8	-0.4
EFA	iShares MSCI EAFE	35.2	31	-22	6.7	-0.5
EFG	iShares MSCI EAFE Growth	34.6	40	-31	4.5	-2.7

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 Core MSCI Pacific
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	9.5	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	9	bp
Equals: ALTAR Score	7.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	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.