ETF Research Center

iShares Core MSCI Total International Stock ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the MSCI ACWI ex USA Investable Market Index.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Oct 18, 2012
Assets (mns)	$18,693
Currency	USD
Expense ratio	9 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank and Trust Co
Weighting	Market Cap
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	4362
Wgt avg mkt cap (mns)	$68,076
Large cap (>$10bn)	72.5%
Mid cap ($2-10bn)	21.0%
Small cap (<$2bn)	6.2%
Developed mkts	75.1%
Emerging mkts	24.3%

TOP TEN HOLDINGS
Total	9.1 %
ALIBABA GROUP HOLDING LTD. SPONSOR	1.4 %
NESTLE SA-REG	1.2 %
TENCENT HOLDINGS LTD	1.1 %
TAIWAN SEMICONDUCTOR MANUFAC	1.1 %
SAMSUNG ELECTRONICS CO LTD	0.9 %
ROCHE HOLDING AG-GENUSSCHEIN	0.9 %
NOVARTIS AG-REG	0.8 %
TOYOTA MOTOR CORP	0.6 %
HSBC HOLDINGS PLC	0.6 %
SAP AG	0.5 %

TOP COUNTRY EXPOSURE
	JAPAN	16.3 %
	BRITAIN	10.5 %
	CHINA	7.4 %
	CANADA	6.6 %
	FRANCE	6.1 %
	SWITZERLAND	5.9 %
	GERMANY	5.4 %
	AUSTRALIA	4.5 %
	HONG KONG	3.3 %
	TAIWAN	3.3 %

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.
21.6%	21.6%	5.9%	--	6.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.79	70%
MSCI EAFE	1.02	95%
MSCI Emg. Mkts.	0.75	88%

Technical Indicators
Recent close	$62.77
30d moving avg.	$61.68
Annualized volatility	11.5%
Short interest (ETF)	0.1%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	1,161
Turnover	0.4%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$88,699

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IXUS

Expense:

9 bp

ALTAR Score™:

7.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IXUS
Ticker	Fund Name	Overlap¹ vs IXUS (%)	Expense ratio (bp)	Savings vs IXUS (bp)	ALTAR Score™ (%)	ALTAR vs IXUS (%)
VXUS	Vanguard Total International Stock	89.5	9	0	7.2	+0.1
DBAW	Xtrackers MSCI All World ex-US Hedged	83.6	40	-31	6.9	-0.2
VEU	Vanguard FTSE All-World ex-US	82.6	9	0	7.2	+0.1
ACWX	iShares MSCI ACWI ex-US	81.4	31	-22	7.0	-0.1
VEA	Vanguard Europe Pacific	72.4	5	4	7.0	-0.1
IDEV	iShares Core MSCI Int'l Developed Markets	68.6	5	4	6.9	-0.2
SPDW	SPDR Portfolio World ex-US	66.7	4	5	6.9	-0.2
SCHF	Schwab International Equity	66.7	6	3	7.0	-0.1
IEFA	iShares Core MSCI EAFE	64.3	7	2	6.8	-0.3
VSGX	Vanguard ESG International Stock	63.5	15	-6	7.0	-0.1
CWI	SPDR MSCI ACWI ex-US	62.6	30	-21	7.0	-0.1
PBDM	Invesco PureBeta FTSE Developed ex-North America	61.5	7	2	7.3	+0.2
TLTD	FlexShares Mngstr Developed Mkts ex-US Factor Tilt	58.5	39	-30	8.1	+1.0
EFA	iShares MSCI EAFE	56.1	31	-22	6.7	-0.4
DBEF	Xtrackers MSCI EAFE Hedged	55.8	35	-26	6.6	-0.5
HFXI	IQ 50 Percent Hedged FTSE Int'l	55.8	20	-11	7.0	-0.1
PXF	Invesco FTSE-RAFI Developed ex-US	54.9	45	-36	7.9	+0.8
FNDF	Schwab Fundamental Intl Large Cap	53.0	25	-16	7.4	+0.3
GSIE	Goldman Sachs ActiveBeta Int'l Equity	52.1	25	-16	6.3	-0.8

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

	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 Core International Stock
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	10.8	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	9	bp
Equals: ALTAR Score	7.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	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.