ETF Research Center

iShares Dow Jones U.S. Utilities Sector Index Fund is an exchange-traded fund incorporated in the USA. The Fund's objective seeks investment results that correspond to the performance of the Dow Jones U.S. Utilities Sector Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Jun 20, 2000
Assets (mns)	$1,017
Currency	USD
Expense ratio	43 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	48
Wgt avg mkt cap (mns)	$41,520
Large cap (>$10bn)	86.5%
Mid cap ($2-10bn)	13.5%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	55.5 %
NEXTERA ENERGY GROUP	12.3 %
SOUTHERN CO	7.0 %
DUKE ENERGY CORP	6.7 %
DOMINION RESOURCES INC/VA	6.6 %
AMERICAN ELECTRIC POWER	4.8 %
EXELON CORP	4.4 %
SEMPRA ENERGY	4.3 %
XCEL ENERGY INC	3.4 %
WEC ENERGY GROUP INC	3.0 %
PUBLIC SERVICE ENTERPRISE GP	3.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.7 %

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.
24.2%	24.2%	9.9%	11.7%	8.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.24	9%
MSCI EAFE	0.20	5%
MSCI Emg. Mkts.	0.12	3%

Technical Indicators
Recent close	$170.93
30d moving avg.	$161.95
Annualized volatility	9.9%
Short interest (ETF)	0.1%
Short interest (Underlying)	2.5%
Relative strength (RSI)	79

Liquidity measures
Avg. volume (thou.)	38
Turnover	0.6%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$4,491

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IDU

Expense:

43 bp

ALTAR Score™:

4.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IDU
Ticker	Fund Name	Overlap¹ vs IDU (%)	Expense ratio (bp)	Savings vs IDU (bp)	ALTAR Score™ (%)	ALTAR vs IDU (%)
FUTY	Fidelity MSCI Utilities	95.8	8	35	4.8	+0.3
VPU	Vanguard Utilities ETF	95.3	10	33	4.7	+0.2
XLU	Utilities Select Sector SPDR	89.8	13	30	4.8	+0.3
JHMU	John Hancock Multifactor Utilities	74.7	40	3	4.8	+0.3
RYU	Invesco S&P Equal Weight Utilities	68.9	40	3	4.7	+0.2
JXI	iShares S&P Global Utilities	61.5	46	-3	4.9	+0.4
UTES	Reaves Utilities	51.7	49	-6	4.0	-0.6
FXU	First Trust Utilities Alphadex	46.3	63	-20	5.1	+0.6
PUI	Invesco DWA Utilities Momentum	41.8	60	-17	3.8	-0.7
ECLN	First Trust EIP Carbon Impact	37.9	95	-52	3.1	-1.4
GII	SPDR FTSE/Macquarie Global Infrastructure	30.2	40	3	4.6	+0.1
IGF	iShares S&P Global Infrastructure	30.2	46	-3	4.5	+0.0
EMLP	First Trust N. American Energy Infrastructure	29.5	95	-52	4.6	+0.1
SPLV	Invesco S&P 500 Low Volatility	28.9	25	18	5.0	+0.5
IFRA	iShares U.S. Infrastructure	28.4	40	3	5.2	+0.7
DVOL	First Trust Dorsey Wright Momentum & Low Volatility	27.2	60	-17	4.2	-0.3
LVHD	Legg Mason Low Volatility High Dividend ETF	26.0	27	16	6.6	+2.1
DVY	iShares Select Dividend	25.2	39	4	7.7	+3.2
NLR	VanEck Vectors Nuclear Energy	24.9	60	-17	9.3	+4.8

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 DJ US Utilities
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	10.9	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	43	bp
Equals: ALTAR Score	4.5	%

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.