ETF Research Center

The iShares Cohen & Steers Realty Majors Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of large, actively traded U.S. real estate investment trusts, as represented by the Cohen & Steers Realty Majors Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Feb 02, 2001
Assets (mns)	$2,394
Currency	USD
Expense ratio	34 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	31
Wgt avg mkt cap (mns)	$33,018
Large cap (>$10bn)	90.6%
Mid cap ($2-10bn)	9.4%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	58.9 %
PROLOGIS INC	8.7 %
AMERICAN TOWER CORP-CL A	7.7 %
SIMON PROPERTY GROUP INC	7.6 %
EQUINIX INC	7.1 %
WELLTOWER, INC.	5.4 %
PUBLIC STORAGE	5.1 %
EQUITY RESIDENTIAL	4.7 %
AVALONBAY COMMUNITIES INC	4.7 %
SBA COMMUNICATIONS CORP. CLASS A	4.1 %
DIGITAL REALTY TRUST INC	3.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.8 %

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.
27.5%	24.6%	8.6%	13.6%	11.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.43	19%
MSCI EAFE	0.28	7%
MSCI Emg. Mkts.	0.15	3%

Technical Indicators
Recent close	$115.36
30d moving avg.	$119.34
Annualized volatility	11.8%
Short interest (ETF)	0.0%
Short interest (Underlying)	3.0%
Relative strength (RSI)	38

Liquidity measures
Avg. volume (thou.)	108
Turnover	0.5%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$3,549

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the iShares Cohen & Steers Realty Majors ETF based on the alternatives' overlap in portfolio holdings with ICF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

ICF

Expense:

34 bp

ALTAR Score™:

5.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ICF
Ticker	Fund Name	Overlap¹ vs ICF (%)	Expense ratio (bp)	Savings vs ICF (bp)	ALTAR Score™ (%)	ALTAR vs ICF (%)
XLRE	Real Estate Select Sector SPDR	75.3	13	21	5.4	+0.1
RWR	SPDR Dow Jones REIT ETF	63.9	25	9	6.3	+1.0
SCHH	Schwab US REIT	63.9	7	27	6.5	+1.2
EWRE	Invesco S&P 500 Equal Weight Real Estate	60.0	40	-6	5.6	+0.3
PSR	Invesco Active US Real Estate	59.6	35	-1	5.5	+0.2
GRI	Cohen & Steers Global Realty	57.0	55	-21	5.8	+0.5
FRI	First Trust S&P REIT	56.7	50	-16	6.1	+0.8
USRT	iShares Core. U.S. REIT	56.6	8	26	6.6	+1.2
BBRE	JPMorgan BetaBuilders MSCI U.S. REIT	56.4	11	23	6.4	+1.1
IYR	iShares U.S. Real Estate	54.7	42	-8	5.9	+0.6
FREL	Fidelity MSCI Real Estate	54.5	8	26	6.2	+0.9
VNQ	Vanguard REIT ETF	47.6	12	22	6.1	+0.8
PPTY	PPTY-U.S. Diversified Real Estate	40.0	53	-19	5.4	+0.1
REET	iShares Global REIT	37.0	14	20	6.2	+0.9
RWO	SPDR DJ Global Real Estate	36.5	50	-16	6.0	+0.7
REZ	iShares Residential Real Estate Capped	36.1	48	-14	5.2	-0.1
FFR	First Trust FTSE EPRA/NAREIT Global Real Estate	30.9	60	-26	6.2	+0.9
GQRE	FlexShares Global Quality Real Estate	29.0	45	-11	6.5	+1.1
NURE	NuShares Short-Term REIT	28.4	35	-1	6.7	+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 Cohen & Steers Realty Majors
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	16.7	%
Divided by: Fwd. P/BV	3.0	x
Less: Expense ratio	34	bp
Equals: ALTAR Score	5.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	CATEGORY AVERAGE	1.55

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.