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)	$491
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	99
Wgt avg mkt cap (mns)	$76,100
Large cap (>$10bn)	86.1%
Mid cap ($2-10bn)	12.9%
Small cap (<$2bn)	1.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	45.6 %
EXXON MOBIL CORP	9.5 %
CHEVRON CORP	9.5 %
ENBRIDGE INC	4.6 %
CONOCOPHILLIPS	4.3 %
SCHLUMBERGER LTD	3.2 %
SUNCOR ENERGY INC	3.1 %
TRANSCANADA CORP	3.1 %
EOG RESOURCES INC	3.0 %
PHILLIPS 66	2.8 %
KINDER MORGAN INC	2.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	75.2 %
	CANADA	21.8 %
	BRITAIN	1.6 %
	SWITZERLAND	0.2 %
	NETHERLANDS	0.1 %

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.
17.0%	17.0%	-1.9%	0.9%	7.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.18	57%
MSCI EAFE	1.33	59%
MSCI Emg. Mkts.	0.82	39%

Technical Indicators
Recent close	$29.75
30d moving avg.	$29.79
Annualized volatility	19.0%
Short interest (ETF)	0.0%
Short interest (Underlying)	3.9%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	218
Turnover	1.3%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$10,750

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 18 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™:

3.8%

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 (%)
FENY	Fidelity MSCI Energy	61.9	8	38	3.8	+0.0
VDE	Vanguard Energy	61.9	10	36	3.8	-0.0
IYE	iShares DJ US Energy Sector	61.3	42	4	3.8	+0.0
XLE	Energy Select Sector SPDR	57.2	13	33	4.2	+0.4
JHME	John Hancock Multifactor Energy	51.4	40	6	3.1	-0.7
IXC	iShares Global Energy	47.4	46	0	4.9	+1.2
RYE	Invesco S&P Equal Weight Energy ETF	44.1	40	6	3.2	-0.6
FTXN	First Trust Nasdaq Oil & Gas	39.8	60	-14	4.0	+0.2
NANR	SPDR S&P N. American Nat. Resources	39.1	35	11	3.8	+0.0
FILL	iShares MSCI Global Energy Producers	38.1	39	7	5.5	+1.7
FXN	First Trust Energy Alphadex	37.9	63	-17	3.9	+0.1
XOP	SPDR S&P Oil & Gas Exploration & Production	29.6	35	11	2.9	-0.9
PXI	Invesco Dynamic Energy Sector	27.9	60	-14	0.4	-3.4
IEO	iShares U.S. Oil & Gas Exploration & Production	26.6	42	4	2.8	-1.0
FDL	First Trust Morningstar Dividend Leaders	23.0	45	1	8.3	+4.5
HDV	iShares High Dividend	22.9	8	38	6.9	+3.1
HAP	VanEck Vectors Hard Asset Producers	22.9	50	-4	5.4	+1.6
GNR	SPDR S&P Global Nat. Resources	21.3	40	6	6.1	+2.3

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	6.4	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	3.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	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.