ETF Research Center

The iShares S&P North American Natural Resources Sector Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of U.S.-traded natural resource-related stocks as represented by the S&P North American Natural Resources Sector Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Oct 26, 2001
Assets (mns)	$487
Currency	USD
Expense ratio	46 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Market Cap
Index replication	n/a
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	115
Wgt avg mkt cap (mns)	$73,538
Large cap (>$10bn)	83.0%
Mid cap ($2-10bn)	14.8%
Small cap (<$2bn)	2.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	46.3 %
CHEVRON CORP	9.8 %
EXXON MOBIL CORP	9.8 %
ENBRIDGE INC	4.6 %
CONOCOPHILLIPS	4.3 %
SCHLUMBERGER LTD	3.2 %
PHILLIPS 66	3.2 %
SUNCOR ENERGY INC	3.1 %
TRANSCANADA CORP	3.0 %
EOG RESOURCES INC	2.7 %
MARATHON PETROLEUM	2.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	76.2 %
	CANADA	21.6 %
	BRITAIN	0.6 %
	SWITZERLAND	0.2 %
	NETHERLANDS	0.2 %

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.
9.4%	-3.0%	-3.4%	0.4%	6.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.16	57%
MSCI EAFE	1.28	58%
MSCI Emg. Mkts.	0.80	36%

Technical Indicators
Recent close	$29.59
30d moving avg.	$29.32
Annualized volatility	18.6%
Short interest (ETF)	0.0%
Short interest (Underlying)	3.9%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	259
Turnover	1.6%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$11,174

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IGE

Expense:

46 bp

ALTAR Score™:

3.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IGE
Ticker	Fund Name	Overlap¹ vs IGE (%)	Expense ratio (bp)	Savings vs IGE (bp)	ALTAR Score™ (%)	ALTAR vs IGE (%)
VDE	Vanguard Energy ETF	62.7	10	36	3.9	-0.0
FENY	Fidelity MSCI Energy	62.7	8	38	3.9	0.0
IYE	iShares DJ US Energy Sector	61.6	42	4	3.9	-0.0
XLE	Energy Select Sector SPDR	57.5	13	33	4.3	+0.4
JHME	John Hancock Multifactor Energy	51.7	40	6	3.3	-0.7
IXC	iShares S&P Global Energy Sector	47.2	46	0	5.1	+1.2
FTXN	First Trust Nasdaq Oil & Gas	46.5	60	-14	2.6	-1.3
RYE	Invesco S&P Equal Weight Energy ETF	44.6	40	6	3.4	-0.5
XLEY	Cushing Energy & MLP	39.3	65	-19	3.5	-0.4
NANR	SPDR S&P N. American Nat. Resources	38.8	35	11	4.0	+0.1
FILL	iShares MSCI Global Energy Producers	38.3	39	7	5.6	+1.7
FXN	First Trust Energy Alphadex	36.9	63	-17	4.2	+0.3
XLSY	Cushing Energy Supply Chain & MLP	32.2	65	-19	5.4	+1.4
PXI	Invesco Dynamic Energy Sector	30.2	60	-14	-0.8	-4.7
XOP	SPDR S&P Oil & Gas Exploration	30.2	35	11	3.5	-0.5
IEO	iShares U.S. Oil & Gas Exploration & Production	27.1	42	4	3.2	-0.8
HAP	VanEck Vectors Hard Asset Producers	23.4	50	-4	5.8	+1.8
FDL	First Trust Morningstar Dividend Leaders	22.0	45	1	8.5	+4.5
HDV	iShares High Dividend	21.3	8	38	6.6	+2.6
GNR	SPDR S&P Global Nat. Resources	21.2	40	6	6.4	+2.4

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 North American Natural Resources
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	6.1	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	3.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	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.