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)	$375
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	31
Wgt avg mkt cap (mns)	$5,295
Large cap (>$10bn)	17.3%
Mid cap ($2-10bn)	50.8%
Small cap (<$2bn)	30.6%
Developed mkts	77.0%
Emerging mkts	23.1%

TOP TEN HOLDINGS
Total	50.7 %
VESTAS WIND SYSTEMS A/S	6.2 %
GAMESA CORP TECNOLOGICA SA	5.7 %
ORMAT TECHNOLOGIES INC	5.2 %
PATTERN ENERGY GROUP INC	5.2 %
XINYI SOLAR HOLDINGS LTD	5.0 %
FIRST SOLAR INC	4.9 %
OEST ELEKTRIZITATSWIRTS-A	4.9 %
CEMIG SA -SPONS ADR	4.6 %
SOLAREDGE TECHNOLOGIES, INC.	4.5 %
HUANENG RENEWABLES CORP-H	4.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	34.8 %
	CHINA	12.4 %
	NEW ZEALAND	8.5 %
	CANADA	8.4 %
	BRAZIL	7.9 %
	SPAIN	6.2 %
	DENMARK	6.1 %
	AUSTRIA	4.9 %
	BRITAIN	3.5 %
	NORWAY	2.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
34.2%	24.9%	4.3%	-3.9%	-10.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.79	35%
MSCI EAFE	0.87	36%
MSCI Emg. Mkts.	0.82	51%

Technical Indicators
Recent close	$11.12
30d moving avg.	$10.77
Annualized volatility	16.1%
Short interest (ETF)	0.1%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	343
Turnover	1.0%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$760

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares S&P Global Clean Energy 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™:

3.8%

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 (%)
ACES	ALPS Clean Energy	34.9	65	-19	0.6	-3.2
TAN	Invesco Global Solar Energy	34.7	70	-24	-3.3	-7.2
XKCP	SPDR Kensho Clean Power	32.2	45	1	2.9	-0.9
PBW	Invesco WilderHill Clean Energy	26.9	70	-24	-1.9	-5.7
FAN	First Trust Global Wind	25.5	60	-14	5.4	+1.6
YLCO	Global X YieldCo & Renewable Energy Income	25.0	65	-19	4.6	+0.7
PBD	Invesco Gbl Clean Energy	24.6	75	-29	-1.6	-5.4
GEX	VanEck Vectors Global Alternative Energy	24.0	63	-17	4.0	+0.2
QCLN	First Trust NASDAQ Clean Edge Green Energy	23.7	60	-14	1.4	-2.4
BOON	NYSE Pickens Oil Response	17.5	85	-39	3.5	-0.4
KGRN	KraneShares MSCI China Environment Index	13.3	80	-34	10.1	+6.3
PZD	Invesco Cleantech	13.0	68	-22	4.7	+0.9
ITEQ	BlueStar TA-BIGITech Israel Technology	8.0	75	-29	2.2	-1.6
ENZL	iShares MSCI New Zealand	7.7	47	-1	3.1	-0.7
KOMP	SPDR Kensho New Economies Composite	6.4	20	26	3.7	-0.1
GRID	First Trust NASDAQ Clean Edge Smart Grid Infrastructure	5.9	70	-24	5.0	+1.2
SDG	iShares MSCI Global Impact	5.7	49	-3	6.0	+2.2
EDEN	iShares MSCI Denmark Capped	5.1	53	-7	4.5	+0.7
GHII	Invesco S&P High Income Infrastructure	4.9	45	1	4.8	+1.0
DTEC	ALPS Disruptive Technologies	4.7	50	-4	3.5	-0.4

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 S&P Global Clean Energy
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	7.2	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	3.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	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.