ETF Research Center

IEIH tracks an index that offers US pharmaceutical and biotechnology exposure as defined by the iShares Evolved Sector classification scheme.

FUND BASICS
Category	US Equities
Fund Sponsor	BlackRock
Website	www.ishares.com
Inception date	Mar 21, 2018
Assets (mns)	$6
Currency	USD
Expense ratio	18 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	231
Wgt avg mkt cap (mns)	$115,054
Large cap (>$10bn)	76.0%
Mid cap ($2-10bn)	14.1%
Small cap (<$2bn)	9.9%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	55.7 %
JOHNSON & JOHNSON	9.4 %
MERCK & CO. INC.	7.4 %
PFIZER INC	6.0 %
BRISTOL-MYERS SQUIBB CO	5.6 %
ELI LILLY & CO	5.1 %
VERTEX PHARMACEUTICALS INC	4.9 %
AMGEN INC	4.7 %
ABBVIE INC	4.6 %
GILEAD SCIENCES INC	4.1 %
BIOGEN IDEC INC	3.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	91.5 %
	IRELAND	4.9 %
	BRITAIN	1.0 %
	CANADA	0.5 %
	CAYMAN ISLANDS	0.1 %
	NETHERLANDS	0.1 %
	SINGAPORE	0.0 %

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.
22.6%	22.6%	--	--	13.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.00	69%
MSCI EAFE	1.03	55%
MSCI Emg. Mkts.	0.73	45%

Technical Indicators
Recent close	$28.56
30d moving avg.	$28.01
Annualized volatility	17.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	2
Turnover	1.0%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$14,822

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IEIH

Expense:

18 bp

ALTAR Score™:

3.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IEIH
Ticker	Fund Name	Overlap¹ vs IEIH (%)	Expense ratio (bp)	Savings vs IEIH (bp)	ALTAR Score™ (%)	ALTAR vs IEIH (%)
IYH	iShares US Healthcare	51.7	43	-25	5.9	+2.2
FHLC	Fidelity MSCI Health Care	51.5	8	10	5.5	+1.7
VHT	Vanguard Health Care	50.6	10	8	5.5	+1.8
XLV	Health Care Select Sector SPDR	48.8	13	5	6.8	+3.1
PBE	Invesco Dynamic Biotechnology & Genome	48.1	57	-39	10.5	+6.7
PJP	Invesco Dynamic Pharmaceuticals	48.1	56	-38	10.5	+6.7
IBB	iShares NASDAQ Biotechnology	45.9	47	-29	1.0	-2.8
FTXH	First Trust Nasdaq Pharmaceuticals	44.1	60	-42	4.1	+0.4
JHMH	John Hancock Multifactor Health Care	42.5	40	-22	6.3	+2.5
IHE	iShares DJ US Pharmaceuticals	41.3	42	-24	4.9	+1.2
IXJ	iShares S&P Global Healthcare	34.5	46	-28	6.0	+2.2
PPH	VanEck Vectors Pharmaceuticals	34.3	36	-18	8.9	+5.1
BBH	VanEck Vectors Biotech	33.5	35	-17	4.3	+0.6
XPH	SPDR S&P Pharmaceuticals ETF	32.3	35	-17	4.5	+0.7
XBI	SPDR S&P Biotech ETF	31.7	35	-17	-5.0	-8.7
FBT	First Trust NYSE-ARCA Biotechnology	28.3	57	-39	-0.7	-4.5
FXH	First Trust Health Care Alphadex	27.6	63	-45	6.7	+2.9
RYH	Invesco S&P Equal Weight Healthcare	27.3	40	-22	6.7	+2.9
LNGR	Global X Longevity Thematic	26.7	50	-32	3.2	-0.5
DURA	VanEck Vectors Morningstar Durable Dividend	24.8	29	-11	6.5	+2.7

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 Evolved U.S. Innovative Healthcare
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	16.6	%
Divided by: Fwd. P/BV	4.2	x
Less: Expense ratio	18	bp
Equals: ALTAR Score	3.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.43	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.