ETF Research Center

The iShares U.S. Oil & Gas Exploration & Production ETF seeks to track the investment results of an index composed of U.S. equities in the oil and gas exploration and production sector.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	May 05, 2006
Assets (mns)	$209
Currency	USD
Expense ratio	42 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	58
Wgt avg mkt cap (mns)	$30,242
Large cap (>$10bn)	66.4%
Mid cap ($2-10bn)	28.6%
Small cap (<$2bn)	5.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	70.2 %
CONOCOPHILLIPS	14.6 %
PHILLIPS 66	12.0 %
EOG RESOURCES INC	9.6 %
MARATHON PETROLEUM	9.6 %
VALERO ENERGY CORP	5.4 %
PIONEER NATURAL RESOURCES CO	4.5 %
HESS CORP	4.3 %
CONCHO RESOURCES INC	3.6 %
CHENIERE ENERGY INC	3.5 %
DIAMONDBACK ENERGY INC	3.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-0.3%	-19.8%	-7.7%	1.3%	1.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.47	48%
MSCI EAFE	1.41	37%
MSCI Emg. Mkts.	0.76	18%

Technical Indicators
Recent close	$50.86
30d moving avg.	$51.46
Annualized volatility	25.6%
Short interest (ETF)	0.0%
Short interest (Underlying)	5.1%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	108
Turnover	2.6%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$4,195

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares U.S. Oil & Gas Exploration & Production ETF based on the alternatives' overlap in portfolio holdings with IEO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IEO

Expense:

42 bp

ALTAR Score™:

3.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IEO
Ticker	Fund Name	Overlap¹ vs IEO (%)	Expense ratio (bp)	Savings vs IEO (bp)	ALTAR Score™ (%)	ALTAR vs IEO (%)
JHME	John Hancock Multifactor Energy	57.6	40	2	3.5	+0.2
FRAK	VanEck Vectors Unconventional Oil & Gas	50.4	54	-12	1.8	-1.6
XOP	SPDR S&P Oil & Gas Exploration	49.0	35	7	3.8	+0.4
RYE	Invesco S&P Equal Weight Energy ETF	48.3	40	2	3.7	+0.3
PXE	Invesco Dynamic Energy Exploration & Production	45.0	63	-21	1.3	-2.1
FXN	First Trust Energy Alphadex	44.0	63	-21	4.7	+1.4
PXI	Invesco Dynamic Energy Sector	41.9	60	-18	-0.7	-4.0
FTXN	First Trust Nasdaq Oil & Gas	39.0	60	-18	2.7	-0.6
VDE	Vanguard Energy ETF	35.9	10	32	4.0	+0.7
FENY	Fidelity MSCI Energy	35.6	8	34	4.1	+0.8
IYE	iShares DJ US Energy Sector	35.0	42	0	4.1	+0.8
XLE	Energy Select Sector SPDR	34.0	13	29	4.5	+1.2
XLEY	Cushing Energy & MLP	32.6	65	-23	3.8	+0.5
IGE	iShares North American Natural Resources	27.5	46	-4	4.1	+0.8
CRAK	VanEck Vectors Oil Refiners	25.0	60	-18	12.8	+9.5
FILL	iShares MSCI Global Energy Producers	17.3	39	3	5.7	+2.3
IXC	iShares S&P Global Energy Sector	16.7	46	-4	5.3	+1.9
FCG	First Trust ISE-Revere Natural Gas	15.7	60	-18	3.7	+0.3
XLSY	Cushing Energy Supply Chain & MLP	15.3	65	-23	5.7	+2.3
NANR	SPDR S&P N. American Nat. Resources	14.8	35	7	4.2	+0.8

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 U.S. Oil & Gas Exploration & Production
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	4.1	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	42	bp
Equals: ALTAR Score	3.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.33	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.