ETF Research Center

The iShares MSCI International Developed Value Factor ETF tracks an index of large- and midcap developed ex-US equities, selected using fundamental metrics, and weighted by these metrics and market cap.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock
Website	www.ishares.com
Inception date	Jun 16, 2015
Assets (mns)	$415
Currency	USD
Expense ratio	30 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	332
Wgt avg mkt cap (mns)	$53,251
Large cap (>$10bn)	84.7%
Mid cap ($2-10bn)	15.4%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	21.0 %
BRITISH AMERICAN TOBACCO PLC	3.8 %
NOVARTIS AG-REG	2.9 %
SANOFI-AVENTIS	2.7 %
TOYOTA MOTOR CORP	2.3 %
BAYER AG	2.2 %
MITSUBISHI UFJ FINANCIAL GRO	1.6 %
HITACHI LTD	1.5 %
MITSUBISHI CORP	1.4 %
BNP PARIBAS	1.3 %
BANCO SANTANDER SA	1.3 %

TOP COUNTRY EXPOSURE
	JAPAN	39.6 %
	BRITAIN	16.8 %
	FRANCE	10.7 %
	GERMANY	7.8 %
	SWITZERLAND	4.1 %
	SPAIN	3.2 %
	ITALY	3.1 %
	NETHERLANDS	3.0 %
	HONG KONG	3.0 %
	CANADA	2.6 %

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.
15.5%	15.5%	--	--	3.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.81	63%
MSCI EAFE	1.07	91%
MSCI Emg. Mkts.	0.75	77%

Technical Indicators
Recent close	$24.42
30d moving avg.	$24.41
Annualized volatility	12.3%
Short interest (ETF)	0.2%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	89
Turnover	0.5%
Bid/Ask (% of price)	0.21%
ADV underlying (mns)	$15,379

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IVLU

Expense:

30 bp

ALTAR Score™:

10.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IVLU
Ticker	Fund Name	Overlap¹ vs IVLU (%)	Expense ratio (bp)	Savings vs IVLU (bp)	ALTAR Score™ (%)	ALTAR vs IVLU (%)
EFV	iShares MSCI EAFE Value	52.6	38	-8	8.8	-1.4
REFA	Invesco International Revenue ETF	49.3	42	-12	8.5	-1.6
IDY	Pacific Global International Equity Income	46.9	39	-9	8.0	-2.2
IQIN	IQ 500 International	44.9	25	5	8.2	-1.9
PXF	Invesco FTSE-RAFI Developed ex-US	44.1	45	-15	7.9	-2.2
FNDF	Schwab Fundamental Intl Large Cap	43.8	25	5	7.4	-2.7
UIVM	USAA MSCI International Value Momentum Blend Index	37.7	35	-5	7.9	-2.3
EWJ	iShares MSCI Japan	36.1	47	-17	7.4	-2.7
DOL	WisdomTree Int'l Large Cap Dividend	36.0	48	-18	7.5	-2.7
BBJP	JPMorgan BetaBuilders Japan	35.6	19	11	7.7	-2.5
QJPN	SPDR MSCI Japan Quality Mix	35.6	14	16	7.8	-2.3
DBJP	Xtrackers MSCI Japan Hedged	35.6	45	-15	7.3	-2.9
JHMD	John Hancock Multifactor Developed International	35.4	45	-15	6.9	-3.2
FIVA	Fidelity International Value Factor	35.4	39	-9	9.0	-1.1
DDWM	WisdomTree Dynamic Currency Hedged Int'l Equity	35.3	35	-5	7.6	-2.5
HFXJ	IQ 50 Percent Hedged FTSE Japan	35.1	30	0	7.5	-2.6
FLJP	Franklin FTSE Japan	35.0	9	21	7.8	-2.3
FLJH	Franklin FTSE Japan Hedged	34.8	9	21	7.7	-2.5
DTH	WisdomTree DEFA Equity Income	34.6	58	-28	8.2	-1.9
EFA	iShares MSCI EAFE	34.0	31	-1	6.7	-3.5

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 MSCI Int'l Developed Value Factor
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	9.0	%
Divided by: Fwd. P/BV	0.9	x
Less: Expense ratio	30	bp
Equals: ALTAR Score	10.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	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.