ETF Research Center

iShares MSCI World Index Fund is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance results of the MSCI World Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	BlackRock Funds/USA
Website	www.ishares.com
Inception date	Jan 12, 2012
Assets (mns)	$804
Currency	USD
Expense ratio	24 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1209
Wgt avg mkt cap (mns)	$185,360
Large cap (>$10bn)	93.2%
Mid cap ($2-10bn)	6.7%
Small cap (<$2bn)	0.0%
Developed mkts	99.9%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	13.0 %
APPLE INC	2.8 %
MICROSOFT CORP	2.4 %
AMAZON.COM INC	1.7 %
FACEBOOK	1.1 %
JPMORGAN CHASE & CO	1.0 %
ALPHABET INC. CLASS C	0.9 %
ALPHABET INC. CLASS A	0.9 %
JOHNSON & JOHNSON	0.8 %
NESTLE SA-REG	0.7 %
BANK OF AMERICA CORP	0.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	60.1 %
	JAPAN	8.3 %
	BRITAIN	5.9 %
	CANADA	3.5 %
	FRANCE	3.4 %
	SWITZERLAND	3.4 %
	GERMANY	2.9 %
	AUSTRALIA	2.2 %
	IRELAND	1.5 %
	NETHERLANDS	1.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
20.9%	13.0%	7.8%	--	10.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.90	95%
MSCI EAFE	0.91	83%
MSCI Emg. Mkts.	0.63	64%

Technical Indicators
Recent close	$95.67
30d moving avg.	$93.33
Annualized volatility	11.1%
Short interest (ETF)	0.3%
Relative strength (RSI)	76

Liquidity measures
Avg. volume (thou.)	70
Turnover	0.8%
Bid/Ask (% of price)	0.21%
ADV underlying (mns)	$188,242

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

URTH

Expense:

24 bp

ALTAR Score™:

6.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH URTH
Ticker	Fund Name	Overlap¹ vs URTH (%)	Expense ratio (bp)	Savings vs URTH (bp)	ALTAR Score™ (%)	ALTAR vs URTH (%)
TOK	iShares MSCI Kokusai	87.5	25	-1	6.0	-0.1
ACWI	iShares MSCI ACWI	82.0	31	-7	6.3	+0.2
LOWC	SPDR MSCI ACWI Low Carbon Target	74.5	20	4	6.5	+0.4
CRBN	iShares MSCI ACWI Low Carbon	74.5	20	4	6.5	+0.4
VT	Vanguard Total World Stock	71.2	9	15	6.5	+0.4
QWLD	SPDR MSCI World Quality Mix	63.6	30	-6	6.1	-0.0
PBUS	Invesco PureBeta MSCI USA	62.3	4	20	6.0	-0.1
SCHK	Schwab 1000 Index	62.2	5	19	5.9	-0.2
IYY	iShares DJ US Total Market	62.2	20	4	5.7	-0.4
SCHX	Schwab U.S. Large-Cap	62.1	3	21	5.9	-0.2
ITOT	iShares Core S&P Total US	62.1	3	21	5.7	-0.4
SCHB	Schwab U.S. Broad Market	62.1	3	21	5.8	-0.3
VTI	Vanguard Total Market	62.1	3	21	5.7	-0.4
IWB	iShares Russell 1000	62.0	15	9	5.8	-0.3
VONE	Vanguard Russell 1000	62.0	12	12	5.8	-0.3
IWV	iShares Russell 3000	61.9	20	4	5.6	-0.5
VTHR	Vanguard Russell 3000	61.9	15	9	5.6	-0.4
BBUS	JP Morgan Betabuilders U.S. Equity	61.6	2	22	5.9	-0.2
VV	Vanguard Large-Cap ETF	61.4	4	20	5.9	-0.2
ACIM	SPDR MSCI ACWI IMI	60.6	9	15	6.2	+0.1

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 World Index
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	13.7	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	24	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	CATEGORY AVERAGE	1.54

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.