ETF Research Center

The iShares MSCI International Developed Size Factor ETF tracks an index of large- and midcap equities in developed markets outside the US. Stocks are selected by market cap and weighted inversely to price volatility.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock
Website	www.ishares.com
Inception date	Jun 18, 2015
Assets (mns)	$17
Currency	USD
Expense ratio	30 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	977
Wgt avg mkt cap (mns)	$20,479
Large cap (>$10bn)	53.4%
Mid cap ($2-10bn)	45.9%
Small cap (<$2bn)	0.5%
Developed mkts	99.7%
Emerging mkts	0.4%

TOP TEN HOLDINGS
Total	1.9 %
SHIN-ETSU CHEMICAL CO LTD	0.2 %
TDK CORP	0.2 %
SEGRO PLC	0.2 %
TERNA SPA	0.2 %
CGI GROUP INC - CL A	0.2 %
ASML HOLDING NV	0.2 %
ENEL SPA	0.2 %
NATIONAL BANK OF CANADA	0.2 %
HERMES INTERNATIONAL	0.2 %
HANNOVER RUECKVERSICHERU-REG	0.2 %

TOP COUNTRY EXPOSURE
	JAPAN	31.6 %
	BRITAIN	9.4 %
	CANADA	9.1 %
	FRANCE	7.0 %
	AUSTRALIA	6.9 %
	GERMANY	5.4 %
	SWITZERLAND	4.0 %
	HONG KONG	3.9 %
	SWEDEN	2.8 %
	NETHERLANDS	2.4 %

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.
21.1%	21.1%	--	--	6.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.79	75%
MSCI EAFE	0.97	94%
MSCI Emg. Mkts.	0.66	75%

Technical Indicators
Recent close	$28.22
30d moving avg.	$28.06
Annualized volatility	11.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	58

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.29%
ADV underlying (mns)	$41,061

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

ISZE

Expense:

30 bp

ALTAR Score™:

6.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ISZE
Ticker	Fund Name	Overlap¹ vs ISZE (%)	Expense ratio (bp)	Savings vs ISZE (bp)	ALTAR Score™ (%)	ALTAR vs ISZE (%)
GSIE	Goldman Sachs ActiveBeta Int'l Equity	54.7	25	5	6.3	-0.3
EFA	iShares MSCI EAFE	50.8	31	-1	6.7	+0.0
SPDW	SPDR Portfolio World ex-US	50.1	4	26	6.9	+0.2
DBEF	Xtrackers MSCI EAFE Hedged	49.7	35	-5	6.6	-0.1
IDEV	iShares Core MSCI Int'l Developed Markets	49.6	5	25	6.9	+0.2
SCHF	Schwab International Equity	49.4	6	24	7.1	+0.4
EFAX	SPDR MSCI EAFE Fossil Fuel Free	49.3	20	10	6.8	+0.1
JHMD	John Hancock Multifactor Developed International	48.6	45	-15	7.0	+0.3
HFXI	IQ 50 Percent Hedged FTSE Int'l	48.2	20	10	7.0	+0.4
PQIN	PGIM QMA Strategic Alpha International Equity	48.0	29	1	7.0	+0.4
PBDM	Invesco PureBeta FTSE Developed ex-North America	47.1	7	23	7.3	+0.6
IEFA	iShares Core MSCI EAFE	46.9	7	23	6.8	+0.2
VEA	Vanguard Europe Pacific	46.9	5	25	7.0	+0.4
REFA	Invesco International Revenue ETF	46.3	42	-12	8.6	+2.0
CIL	Victory CEMP International Volatility Wtd	46.2	45	-15	6.7	+0.1
CIZ	Compass EMP Dev. 500 Enhanced Vol. Wgt.	46.2	45	-15	6.7	+0.1
DEEF	Xtrackers FTSE Dev ex-US Comprehensive Factor	46.1	24	6	6.8	+0.2
FNDF	Schwab Fundamental Intl Large Cap	44.8	25	5	7.5	+0.8
ACWX	iShares MSCI ACWI ex-US	44.6	31	-1	7.1	+0.4

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 MSCI Int'l Developed Size Factor
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	9.6	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	30	bp
Equals: ALTAR Score	6.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.70	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.