ETF Research Center

iShares S&P Global Clean Energy Index Fund is an exchange-traded fund incorporat ed in the USA. The Fund seeks investment results that correspond to the price and yield performance of the S&P Global Clean Energy Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Jun 16, 2008
Assets (mns)	$676
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	Optimized
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	29
Wgt avg mkt cap (mns)	$5,430
Large cap (>$10bn)	15.9%
Mid cap ($2-10bn)	54.5%
Small cap (<$2bn)	28.4%
Developed mkts	76.6%
Emerging mkts	23.4%

TOP TEN HOLDINGS
Total	52.7 %
ENPHASE ENERGY INC	8.8 %
SOLAREDGE TECHNOLOGIES, INC.	6.6 %
XINYI SOLAR HOLDINGS LTD	5.4 %
GAMESA CORP TECNOLOGICA SA	5.4 %
VESTAS WIND SYSTEMS A/S	5.4 %
ORMAT TECHNOLOGIES INC	4.6 %
MERIDIAN ENERGY LTD	4.2 %
OEST ELEKTRIZITATSWIRTS-A	4.1 %
PATTERN ENERGY GROUP INC	4.1 %
CEMIG SA -SPONS ADR	4.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	41.1 %
	CANADA	8.9 %
	CHINA	8.7 %
	NEW ZEALAND	7.6 %
	BRAZIL	7.3 %
	SPAIN	5.4 %
	DENMARK	5.4 %
	AUSTRIA	4.1 %
	BRITAIN	3.6 %
	NORWAY	3.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
3.2%	29.6%	6.6%	-1.9%	-9.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.80	35%
MSCI EAFE	0.89	36%
MSCI Emg. Mkts.	0.78	47%

Technical Indicators
Recent close	$13.61
30d moving avg.	$12.73
Annualized volatility	16.4%
Short interest (ETF)	0.3%
Relative strength (RSI)	75

Liquidity measures
Avg. volume (thou.)	778
Turnover	1.6%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$816

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

ICLN

Expense:

46 bp

ALTAR Score™:

3.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ICLN
Ticker	Fund Name	Overlap¹ vs ICLN (%)	Expense ratio (bp)	Savings vs ICLN (bp)	ALTAR Score™ (%)	ALTAR vs ICLN (%)
TAN	Invesco Solar ETF	43.4	71	-25	1.1	-2.0
ACES	ALPS Clean Energy ETF	39.9	65	-19	0.7	-2.5
XKCP	SPDR Kensho Clean Power ETF	33.0	45	1	-7.7	-10.8
PBW	Invesco WilderHill Clean Energy ETF	30.7	70	-24	-0.7	-3.8
PBD	Invesco Global Clean Energy ETF	28.7	75	-29	0.4	-2.7
QCLN	First Trust Nasdaq Clean Edge Green Energy Index Fund	27.1	60	-14	1.3	-1.9
GEX	VanEck Vectors Global Alternative Energy ETF	23.7	63	-17	3.5	+0.4
FAN	First Trust Global Wind Energy ETF	22.7	60	-14	5.2	+2.0
YLCO	Global X YieldCo Index ETF	20.2	65	-19	4.1	+1.0
PZD	Invesco Cleantech ETF	15.9	68	-22	4.3	+1.2
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure Inde	14.8	70	-24	4.4	+1.2
ITEQ	BlueStar Israel Technology ETF	10.6	75	-29	1.9	-1.3
WOMN	Impact Shares YWCA Women's Empowerment ETF	9.2	75	-29	4.9	+1.8
KGRN	KraneShares MSCI China Environment Index ETF	9.2	80	-34	7.4	+4.3
SDGA	Impact Shares Sustainable Development Goals Global ETF	8.9	75	-29	5.2	+2.0
NACP	Impact Shares NAACP Minority Empowerment ETF	7.8	75	-29	5.0	+1.9
ENZL	iShares MSCI New Zealand Capped ETF	7.6	50	-4	2.6	-0.6
GHII	Invesco S&P High Income Infrastructure ETF	6.1	45	1	5.0	+1.8
KOMP	SPDR Kensho New Economies Composite ETF	6.0	20	26	2.0	-1.1
ISRA	VanEck Vectors Israel ETF	5.7	60	-14	7.1	+4.0

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 Clean Energy ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	7.4	%
Divided by: Fwd. P/BV	2.0	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	3.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.65	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.