ETF Research Center

iShares S&P Global Industrials Index Fund seeks investment results that correspond generally to the price and yield performance of the S&P Global Industrials Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Sep 12, 2006
Assets (mns)	$424
Currency	USD
Expense ratio	46 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	201
Wgt avg mkt cap (mns)	$55,011
Large cap (>$10bn)	93.6%
Mid cap ($2-10bn)	5.9%
Small cap (<$2bn)	0.1%
Developed mkts	99.7%
Emerging mkts	0.3%

TOP TEN HOLDINGS
Total	21.5 %
UNION PACIFIC CORP	2.8 %
HONEYWELL INTERNATIONAL INC	2.8 %
SIEMENS AG-REG	2.3 %
UNITED PARCEL SERVICE-CL B	2.2 %
BOEING CO	2.1 %
RAYTHEON TECHNOLOGIES CORPORATION	2.0 %
CATERPILLAR INC	2.0 %
GENERAL ELECTRIC CO	1.9 %
3M CO	1.9 %
DEERE & CO	1.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	47.3 %
	JAPAN	15.6 %
	FRANCE	5.8 %
	BRITAIN	5.3 %
	GERMANY	4.2 %
	SWEDEN	4.1 %
	IRELAND	3.8 %
	CANADA	3.2 %
	SWITZERLAND	2.5 %
	DENMARK	1.9 %

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.
11.3%	11.3%	11.5%	9.1%	7.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.11	89%
MSCI EAFE	1.13	91%
MSCI Emg. Mkts.	0.86	68%

Technical Indicators
Recent close	$108.73
30d moving avg.	$107.10
Annualized volatility	22.1%
Short interest (ETF)	0.4%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	29
Turnover	0.7%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$34,626

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 96 potential alternatives to the iShares Global Industrials ETF ETF based on the alternatives' overlap in portfolio holdings with EXI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EXI

Expense:

46 bp

ALTAR Score™:

4.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EXI
Ticker	Fund Name	Overlap¹ vs EXI (%)	Expense ratio (bp)	Savings vs EXI (bp)	ALTAR Score™ (%)	ALTAR vs EXI (%)
XLI	Industrial Select Sector SPDR Fund	50.7	13	33	4.8	-0.0
VIS	Vanguard Industrials Index Fund	50.7	10	36	4.7	-0.2
FIDU	Fidelity MSCI Industrials Index ETF	49.6	8	38	4.8	-0.0
IYJ	iShares U.S. Industrials ETF	47.3	42	4	4.9	+0.1
JHMI	John Hancock Multifactor Industrials ETF	44.4	40	6	5.0	+0.2
RGI	Invesco S&P 500 Equal Weight Industrials ETF	43.1	40	6	4.2	-0.6
DFAI	Dimensional International Core Equity Market ETF	33.7	18	28	6.3	+1.5
SZNE	Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF	21.1	60	-14	4.6	-0.2
IMTM	iShares Edge MSCI Intl Momentum Factor ETF	20.8	30	16	4.1	-0.7
FXR	First Trust Industrials/Producer Durables AlphaDEX Fund	19.8	63	-17	5.1	+0.3
MAGA	Point Bridge GOP Stock Tracker ETF	18.2	72	-26	5.3	+0.5
BIBL	Inspire ETF	17.6	35	11	4.4	-0.5
DMXF	iShares ESG Advanced MSCI EAFE ETF	16.0	12	34	6.2	+1.3
EFG	iShares MSCI EAFE Growth ETF	15.8	40	6	4.1	-0.8
IQIN	IQ 500 International ETF	15.4	25	21	7.5	+2.7
DSTL	Distillate US Fundamental Stability & Value ETF	15.4	39	7	5.6	+0.8
BBJP	JPMorgan BetaBuilders Japan ETF	15.3	19	27	6.4	+1.6
EWJ	iShares MSCI Japan ETF	15.3	51	-5	6.1	+1.3
ZJPN	SPDR Solactive Japan ETF	15.2	14	32	6.5	+1.7
FLJP	Franklin FTSE Japan ETF	15.2	9	37	6.5	+1.7
FLJH	Franklin FTSE Japan Hedged ETF	15.2	9	37	6.5	+1.7
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	15.2	45	1	6.1	+1.3
IEV	iShares Europe ETF	15.0	59	-13	6.2	+1.3
ESGD	iShares MSCI EAFE ESG Optimized ETF	15.0	20	26	6.1	+1.3
JPN	Xtrackers Japan JPX-Nikkei 400 Equity ETF	14.9	9	37	6.6	+1.8
JPXN	iShares JPX-Nikkei 400 ETF	14.9	48	-2	6.2	+1.4
IQSI	IQ Candriam ESG International Equity ETF	14.9	15	31	6.4	+1.5
PQLC	PGIM QMA Strategic Alpha Large-Cap Core ETF	14.7	17	29	6.1	+1.2
FTCS	First Trust Capital Strength ETF	14.5	58	-12	5.0	+0.2
TPIF	Timothy Plan International ETF	14.5	62	-16	6.0	+1.2
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	14.5	28	18	6.0	+1.2
CIL	VictoryShares International Volatility Weighted Index ETF	14.1	45	1	6.3	+1.5
CIZ	VictoryShares Developed Enhanced Volatility Weighted Index E	14.1	45	1	6.3	+1.4
BBEU	JPMorgan BetaBuilders Europe ETF	14.0	9	37	6.6	+1.8
BKIE	BNY Mellon International Equity ETF	14.0	4	42	6.5	+1.7
JHMD	John Hancock Multifactor Developed International ETF	14.0	39	7	6.5	+1.7
PQIN	PGIM QMA Strategic Alpha International Equity ETF	13.9	29	17	7.0	+2.2
VIG	Vanguard Dividend Appreciation Index Fund	13.9	6	40	5.0	+0.1
CEFA	Global X S&P Catholic Values Developed ex-U.S. ETF	13.8	35	11	5.9	+1.1
EZU	iShares MSCI Eurozone ETF	13.8	51	-5	5.9	+1.1
GSID	Goldman Sachs MarketBeta International Equity ETF	13.7	20	26	6.3	+1.5
RSP	Invesco S&P 500 Equal Weight ETF	13.7	20	26	5.6	+0.7
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	13.7	20	26	6.3	+1.5
EFA	iShares MSCI EAFE ETF	13.7	32	14	6.2	+1.4
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	13.6	14	32	6.1	+1.2
XRLV	Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF	13.6	25	21	5.8	+1.0
EURZ	Xtrackers Eurozone Equity ETF	13.6	9	37	6.4	+1.6
FLEE	Franklin FTSE Europe ETF	13.5	9	37	6.4	+1.6
TPLC	Timothy Plan US Large Cap Core ETF	13.5	52	-6	4.4	-0.4
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	13.5	45	1	5.9	+1.1
SHLD	Victoryshares Protect America ETF	13.4	60	-14	6.1	+1.3
OUSA	O'Shares FTSE US Quality Dividend ETF	13.4	48	-2	5.5	+0.7
FLEH	Franklin FTSE Europe Hedged ETF	13.4	9	37	6.4	+1.6
PFM	Invesco Dividend Achievers ETF	13.3	53	-7	5.0	+0.2
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	13.3	35	11	6.1	+1.2
HFXI	IQ 50 Percent Hedged FTSE International ETF	13.3	20	26	6.4	+1.6
DGT	SPDR Global Dow ETF	13.2	50	-4	6.2	+1.4
JKF	iShares Morningstar Large Cap Value ETF	13.2	25	21	6.6	+1.8
PDEV	Principal International Multi-Factor Core Index ETF	13.2	25	21	7.0	+2.2
PWV	Invesco Dynamic Large Cap Value ETF	13.2	56	-10	6.8	+2.0
MGV	Vanguard Mega Cap Value ETF	13.2	7	39	6.4	+1.6
IQLT	iShares Edge MSCI Intl Quality Factor ETF	13.1	30	16	5.2	+0.4
TPHD	Timothy Plan High Dividend Stock ETF	13.0	52	-6	5.6	+0.7
BLES	Inspire Global Hope Large Cap ETF	12.9	52	-6	5.5	+0.7
DEEF	Xtrackers FTSE Developed ex US Comprehensive Factor ETF	12.8	24	22	6.5	+1.7
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	12.6	47	-1	5.9	+1.1
VGK	Vanguard FTSE Europe ETF	12.5	8	38	6.7	+1.9
PPA	Invesco Aerospace & Defense ETF	12.4	59	-13	5.1	+0.3
ROKT	SPDR S&P Kensho Final Frontiers ETF	12.4	45	1	5.5	+0.6
FLQL	Franklin LibertyQ U.S. Equity ETF	12.4	15	31	5.9	+1.1
SPEU	SPDR Portfolio Europe ETF	12.3	9	37	6.7	+1.9
ISDX	Invesco RAFI Strategic Developed ex-US ETF	12.3	23	23	6.2	+1.4
IEUR	iShares Core MSCI Europe ETF	12.3	9	37	6.5	+1.7
PBDM	Invesco PureBeta FTSE Developed ex-North America ETF	12.2	7	39	6.5	+1.7
IWS	iShares Russell Mid-Cap Value ETF	12.2	24	22	5.9	+1.1
SCHF	Schwab International Equity ETF	12.2	6	40	6.5	+1.6
VOOV	Vanguard S&P 500 Value ETF	12.1	10	36	6.6	+1.7
VTV	Vanguard Value Index Fund	12.1	4	42	6.5	+1.7
VONV	Vanguard Russell 1000 Value Index Fund	12.0	8	38	6.1	+1.3
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	12.0	25	21	5.8	+1.0
VTRN	Victory Portfolios II VictoryShares Top Veteran Employers ET	11.9	60	-14	6.2	+1.3
SCHV	Schwab U.S. Large-Cap Value ETF	11.9	4	42	6.0	+1.2
EUDG	WisdomTree Europe Quality Dividend Growth Fund	11.9	58	-12	6.4	+1.6
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	11.9	45	1	6.0	+1.1
PRN	Invesco DWA Industrials Momentum ETF	11.8	60	-14	4.8	+0.0
SPDW	SPDR Portfolio Developed World ex-US ETF	11.8	4	42	6.2	+1.4
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	11.8	25	21	6.2	+1.4
REVS	Columbia Research Enhanced Value ETF	11.8	19	27	6.7	+1.8
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	11.8	39	7	5.5	+0.7
IEFA	iShares Core MSCI EAFE ETF	11.7	7	39	6.4	+1.6
XTN	SPDR S&P Transportation ETF	11.7	35	11	3.3	-1.6
KNG	Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF	11.7	75	-29	5.3	+0.4
NOBL	ProShares S&P 500 Dividend Aristocrats ETF	11.7	35	11	5.7	+0.9
GSIE	Goldman Sachs ActiveBeta International Equity ETF	11.6	25	21	6.0	+1.1
EFV	iShares MSCI EAFE Value ETF	11.6	39	7	8.3	+3.4
RESD	WisdomTree International ESG Fund	11.6	30	16	6.5	+1.6

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	iShares Global Industrials ETF
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	15.6	%
Divided by: Fwd. P/BV	3.0	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	4.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	CATEGORY AVERAGE	1.48

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.