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)	$1,739
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	288
Wgt avg mkt cap (mns)	$459,735
Large cap (>$10bn)	91.9%
Mid cap ($2-10bn)	7.3%
Small cap (<$2bn)	0.9%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	52.8 %
APPLE INC	9.7 %
MICROSOFT CORP	8.9 %
AMAZON.COM INC	7.7 %
FACEBOOK	5.6 %
ALPHABET INC. CLASS C	4.4 %
ALPHABET INC. CLASS A	4.4 %
VISA INC-CLASS A SHARES	3.7 %
INTEL CORP	3.1 %
MASTERCARD INC-CLASS A	3.0 %
CISCO SYSTEMS INC	2.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.7 %
	IRELAND	1.7 %
	CANADA	0.8 %
	SWITZERLAND	0.4 %
	BERMUDA	0.3 %

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.
31.0%	19.8%	18.7%	17.4%	8.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.15	75%
MSCI EAFE	1.06	53%
MSCI Emg. Mkts.	0.79	49%

Technical Indicators
Recent close	$231.86
30d moving avg.	$223.61
Annualized volatility	16.1%
Short interest (ETF)	4.1%
Short interest (Underlying)	2.6%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	24
Turnover	0.3%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$58,763

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares S&P N. American Technology 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™:

4.6%

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	82.1	18	28	4.8	+0.2
VGT	Vanguard Info Tech ETF	71.7	10	36	5.3	+0.8
FTEC	Fidelity MSCI Info Technology	71.7	8	38	5.4	+0.8
QYLD	Global X NASDAQ 100 Covered Call ETF	67.1	60	-14	4.9	+0.3
IYW	iShares US Technology	67.0	42	4	5.1	+0.6
QQQ	Invesco QQQ	65.7	20	26	5.2	+0.7
XLK	Technology Select Sector SPDR	61.5	13	33	5.5	+0.9
IXN	iShares S&P Global Technology	61.5	46	0	5.3	+0.7
MGK	Vanguard Mega Cap 300 Growth	58.6	7	39	5.0	+0.4
IWY	iShares Russell Top 200 Growth	57.5	20	26	5.0	+0.5
TMFC	Motley Fool 100 Index	54.7	50	-4	4.4	-0.2
VUG	Vanguard Growth ETF	54.7	4	42	4.8	+0.3
IWF	iShares Russell 1000 Growth	53.8	19	27	4.9	+0.4
VONG	Vanguard Russell 1000 Growth	53.4	12	34	5.0	+0.5
SCHG	Schwab U.S. Large-Cap Growth	50.8	4	42	4.9	+0.3
ONEQ	Fidelity NASDAQ Composite	48.5	21	25	4.2	-0.4
XLG	Invesco S&P Top 50	47.6	20	26	5.1	+0.6
JHMT	John Hancock Multifactor Technology	47.4	40	6	6.0	+1.4
XOUT	GraniteShares XOUT US Large Cap	45.4	60	-14	5.1	+0.5
OQAL	Invesco Russell 1000 Quality Factor ETF	45.2	19	27	5.2	+0.7

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 S&P N. American Technology
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	25.9	%
Divided by: Fwd. P/BV	5.2	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	4.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.39	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.