ETF Research Center

IDNA seeks to track the investment results of an index composed of developed and emerging market companies that could benefit from the long-term growth and innovation in genomics, immunology, and bioengineering.

FUND BASICS
Category	Global Equities
Fund Sponsor	Blackrock
Website	www.ishares.com
Inception date	Jun 11, 2019
Assets (mns)	$27
Currency	USD
Expense ratio	47 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Value
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	49
Wgt avg mkt cap (mns)	$17,823
Large cap (>$10bn)	33.6%
Mid cap ($2-10bn)	35.8%
Small cap (<$2bn)	30.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	43.3 %
BLUEBIRD BIO INC	4.9 %
SAREPTA THERAPEUTICS INC	4.6 %
EXELIXIS INC	4.5 %
MERCK KGAA	4.4 %
SANOFI-AVENTIS	4.4 %
KYOWA HAKKO KIRIN CO LTD	4.3 %
MODERNA, INC.	4.2 %
REGENERON PHARMACEUTICALS	4.1 %
TAKEDA PHARMACEUTICAL CO LTD	4.0 %
MORPHOSYS AG	3.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	64.5 %
	JAPAN	11.0 %
	GERMANY	8.4 %
	FRANCE	4.4 %
	DENMARK	3.8 %
	NETHERLANDS	2.7 %
	SWITZERLAND	2.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 01)
Year-to-date	1 year	5 years	10 years	Since Incep.
--	--	--	--	0.0%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$29.87
30d moving avg.	$29.86
Annualized volatility	0.0%
Short interest (ETF)	0.7%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.4%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$2,482

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IDNA

Expense:

47 bp

ALTAR Score™:

-3.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IDNA
Ticker	Fund Name	Overlap¹ vs IDNA (%)	Expense ratio (bp)	Savings vs IDNA (bp)	ALTAR Score™ (%)	ALTAR vs IDNA (%)
CNCR	Loncar Cancer Immunotherapy	25.7	79	-32	-3.9	-0.8
XBI	SPDR S&P Biotech ETF	24.8	35	12	-5.0	-1.8
FBT	First Trust NYSE-ARCA Biotechnology	23.3	57	-10	-0.7	+2.4
GNOM	Global X Genomics & Biotechnology	23.2	68	-21	-5.4	-2.3
GDNA	Goldman Sachs Motif Human Evolution	20.1	50	-3	1.0	+4.1
SBIO	ALPS Medical Breakthroughs	20.0	50	-3	-5.0	-1.8
IBB	iShares NASDAQ Biotechnology	18.5	47	0	1.0	+4.1
BTEC	Principal Healthcare Innovators Index	17.4	42	5	-4.0	-0.9
BBC	Virtus LifeSci Biotech Clinical Trials	16.7	79	-32	-5.2	-2.1
BBH	VanEck Vectors Biotech	15.7	35	12	4.3	+7.5
BBP	BioShares Biotech Products	13.7	79	-32	-3.7	-0.5
ARKG	ARK Genomic Revolution Multi-Sector	12.8	75	-28	-2.8	+0.3
IEIH	iShares Evolved U.S. Innovative Healthcare	11.4	18	29	3.8	+6.9
PTH	Invesco DWA Healthcare Momentum	8.8	60	-13	-3.5	-0.4
ARKK	ARK Innovation	7.2	75	-28	-4.1	-1.0
FXH	First Trust Health Care Alphadex	6.9	63	-16	6.7	+9.8
PBE	Invesco Dynamic Biotechnology & Genome	6.8	57	-10	10.5	+13.6
PJP	Invesco Dynamic Pharmaceuticals	6.8	56	-9	10.5	+13.6
LNGR	Global X Longevity Thematic	6.3	50	-3	3.2	+6.4
FPXE	First Trust IPOX Europe Equity Opportunities	6.2	70	-23	3.8	+6.9

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 Genomics Immunology and Healthcare
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	-12.2	%
Divided by: Fwd. P/BV	4.6	x
Less: Expense ratio	47	bp
Equals: ALTAR Score	-3.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.34	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.