ETF Research Center

iShares S&P North American Technology Sector Index Fund is an exchanged-traded fund incorporated in the USA. The Fund's objective is to achieve investment results that correspond to the performance of the S&P North American Technology Sector Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Mar 19, 2001
Assets (mns)	$2,013
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	302
Wgt avg mkt cap (mns)	$539,628
Large cap (>$10bn)	92.6%
Mid cap ($2-10bn)	6.7%
Small cap (<$2bn)	0.8%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	52.6 %
AMAZON.COM INC	9.1 %
MICROSOFT CORP	8.9 %
APPLE INC	8.8 %
FACEBOOK	5.4 %
ALPHABET INC. CLASS A	4.2 %
ALPHABET INC. CLASS C	4.2 %
VISA INC-CLASS A SHARES	3.8 %
MASTERCARD INC-CLASS A	3.2 %
INTEL CORP	3.0 %
CISCO SYSTEMS INC	2.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.6 %
	IRELAND	1.6 %
	CANADA	1.0 %
	SWITZERLAND	0.3 %
	BERMUDA	0.2 %
	CAYMAN ISLANDS	0.0 %
	PUERTO RICO	0.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
3.9%	33.4%	21.6%	18.5%	9.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.17	78%
MSCI EAFE	1.04	52%
MSCI Emg. Mkts.	0.71	41%

Technical Indicators
Recent close	$251.68
30d moving avg.	$258.96
Annualized volatility	16.1%
Short interest (ETF)	3.9%
Short interest (Underlying)	2.6%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	49
Turnover	0.6%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$76,494

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IGM

Expense:

46 bp

ALTAR Score™:

4.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IGM
Ticker	Fund Name	Overlap¹ vs IGM (%)	Expense ratio (bp)	Savings vs IGM (bp)	ALTAR Score™ (%)	ALTAR vs IGM (%)
IETC	iShares Evolved U.S. Technology ETF	80.4	18	28	4.5	+0.2
VGT	Vanguard Information Technology Index Fund	70.4	10	36	5.2	+0.9
FTEC	Fidelity MSCI Information Technology Index ETF	70.4	8	38	5.2	+0.9
QYLD	Global X NASDAQ 100 Covered Call ETF	67.4	60	-14	4.6	+0.2
QQQ	Invesco QQQ Trust	66.3	20	26	4.8	+0.5
IYW	iShares U.S. Technology ETF	65.3	42	4	5.0	+0.6
NUSI	Nationwide Risk-Managed Income ETF	64.7	68	-22	4.5	+0.1
XLK	Technology Select Sector SPDR Fund	60.9	13	33	5.3	+1.0
IXN	iShares Global Tech ETF	60.9	46	0	5.0	+0.7
MGK	Vanguard Mega Cap Growth ETF	59.0	7	39	4.6	+0.3
VUG	Vanguard Growth Index Fund	57.4	4	42	4.5	+0.1
IWY	iShares Russell Top 200 Growth ETF	57.0	20	26	4.9	+0.5
TECB	iShares US Tech Breakthrough Multisector ETF	56.5	40	6	4.5	+0.2
VONG	Vanguard Russell 1000 Growth Index Fund	56.4	8	38	4.9	+0.6
IWF	iShares Russell 1000 Growth ETF	55.5	19	27	4.8	+0.4
OQAL	Invesco Russell 1000 Quality Factor ETF	54.9	19	27	6.0	+1.6
SPYG	SPDR Portfolio S&P 500 Growth ETF	54.8	4	42	5.0	+0.6
IVW	iShares S&P 500 Growth ETF	54.8	18	28	4.8	+0.5
VOOG	Vanguard S&P 500 Growth ETF	54.7	10	36	4.9	+0.6
TMFC	Motley Fool 100 Index ETF	53.2	50	-4	4.1	-0.2

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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 Tech ETF
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	26.3	%
Divided by: Fwd. P/BV	5.5	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	4.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.37	CATEGORY AVERAGE	1.56

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.