ETF Research Center

iShares MSCI Global Energy Producers Fund is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI ACWI Select Energy Producers Investable Market Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	BlackRock Funds/USA
Website	www.ishares.com
Inception date	Feb 02, 2012
Assets (mns)	$46
Currency	USD
Expense ratio	39 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	208
Wgt avg mkt cap (mns)	$130,305
Large cap (>$10bn)	88.8%
Mid cap ($2-10bn)	8.4%
Small cap (<$2bn)	2.8%
Developed mkts	85.2%
Emerging mkts	14.7%

TOP TEN HOLDINGS
Total	56.4 %
EXXON MOBIL CORP	13.4 %
CHEVRON CORP	10.1 %
BP PLC	6.1 %
TOTAL SA	5.9 %
ROYAL DUTCH SHELL PLC-A SHS	5.8 %
ROYAL DUTCH SHELL PLC-B SHS	5.1 %
CONOCOPHILLIPS	3.3 %
SUNCOR ENERGY INC	2.4 %
EOG RESOURCES INC	2.3 %
LUKOIL OAO	2.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	43.7 %
	BRITAIN	17.1 %
	CANADA	6.7 %
	FRANCE	6.0 %
	RUSSIA	4.6 %
	INDIA	3.8 %
	BRAZIL	2.5 %
	AUSTRALIA	2.2 %
	ITALY	1.9 %
	JAPAN	1.5 %

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.
8.2%	8.2%	1.0%	--	-1.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.98	48%
MSCI EAFE	1.20	59%
MSCI Emg. Mkts.	0.70	34%

Technical Indicators
Recent close	$18.44
30d moving avg.	$18.97
Annualized volatility	17.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	43

Liquidity measures
Avg. volume (thou.)	15
Turnover	0.6%
Bid/Ask (% of price)	0.66%
ADV underlying (mns)	$9,779

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

FILL

Expense:

39 bp

ALTAR Score™:

5.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FILL
Ticker	Fund Name	Overlap¹ vs FILL (%)	Expense ratio (bp)	Savings vs FILL (bp)	ALTAR Score™ (%)	ALTAR vs FILL (%)
IXC	iShares Global Energy	76.2	46	-7	5.1	-0.6
FENY	Fidelity MSCI Energy	43.7	8	31	3.9	-1.7
VDE	Vanguard Energy	43.6	10	29	3.9	-1.8
IYE	iShares DJ US Energy Sector	42.3	42	-3	3.9	-1.7
XLE	Energy Select Sector SPDR	40.9	13	26	4.3	-1.3
IGE	iShares North American Natural Resources	38.1	46	-7	3.9	-1.8
NANR	SPDR S&P N. American Nat. Resources	37.3	35	4	3.9	-1.7
JHME	John Hancock Multifactor Energy	28.9	40	-1	3.2	-2.5
GNR	SPDR S&P Global Nat. Resources	27.3	40	-1	6.2	+0.5
GUNR	Flexshares Global Upstream Natural Resources	26.4	46	-7	5.7	+0.1
FXN	First Trust Energy Alphadex	25.4	63	-24	4.2	-1.5
FTXN	First Trust Nasdaq Oil & Gas	24.3	60	-21	4.2	-1.5
RYE	Invesco S&P Equal Weight Energy ETF	24.1	40	-1	3.3	-2.3
XOP	SPDR S&P Oil & Gas Exploration & Production	23.6	35	4	3.1	-2.5
HAP	VanEck Vectors Hard Asset Producers	20.6	50	-11	5.6	-0.1
FDL	First Trust Morningstar Dividend Leaders	20.4	45	-6	8.4	+2.7
IEO	iShares U.S. Oil & Gas Exploration & Production	17.9	42	-3	2.9	-2.8
RIDV	Invesco International Ultra Dividend Revenue ETF	17.5	42	-3	8.9	+3.3
HDV	iShares High Dividend	17.4	8	31	6.9	+1.3

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 Global Energy Producers
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	7.0	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	5.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	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.