ETF Research Center

The iShares Goldman Sachs Software Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of U.S.-traded software-related stocks as represented by the Goldman Sachs Technology Industry Software Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Jul 13, 2001
Assets (mns)	$3,454
Currency	USD
Expense ratio	46 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	102
Wgt avg mkt cap (mns)	$175,242
Large cap (>$10bn)	80.1%
Mid cap ($2-10bn)	17.7%
Small cap (<$2bn)	2.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	56.7 %
ADOBE SYSTEMS INC	9.2 %
SALESFORCE.COM INC	9.0 %
MICROSOFT CORP	8.8 %
ORACLE CORP	7.3 %
INTUIT INC	5.9 %
SERVICENOW INC	4.9 %
ACTIVISION BLIZZARD INC	3.7 %
AUTODESK INC	3.4 %
ELECTRONIC ARTS INC	2.4 %
WORKDAY INC-CLASS A	2.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.2 %
	CANADA	1.5 %

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.
6.7%	29.4%	23.0%	19.2%	9.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.06	63%
MSCI EAFE	0.94	41%
MSCI Emg. Mkts.	0.62	31%

Technical Indicators
Recent close	$250.30
30d moving avg.	$254.05
Annualized volatility	16.2%
Short interest (ETF)	0.0%
Short interest (Underlying)	3.7%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	562
Turnover	4.1%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$14,894

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the iShares North American Tech-Software ETF ETF based on the alternatives' overlap in portfolio holdings with IGV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IGV

Expense:

46 bp

ALTAR Score™:

2.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IGV
Ticker	Fund Name	Overlap¹ vs IGV (%)	Expense ratio (bp)	Savings vs IGV (bp)	ALTAR Score™ (%)	ALTAR vs IGV (%)
XSW	SPDR S&P Software & Services ETF	35.7	35	11	3.8	+0.9
JHMT	John Hancock Multifactor Technology ETF	30.6	40	6	6.0	+3.1
SKYY	First Trust Cloud Computing ETF	30.5	60	-14	2.5	-0.3
FXL	First Trust Technology AlphaDEX Fund	28.3	61	-15	4.5	+1.7
TECB	iShares US Tech Breakthrough Multisector ETF	28.2	40	6	4.5	+1.6
IYW	iShares U.S. Technology ETF	25.4	42	4	5.0	+2.1
AIQ	Global X Future Analytics Tech ETF	24.8	68	-22	4.3	+1.4
VGT	Vanguard Information Technology Index Fund	24.4	10	36	5.2	+2.3
FTEC	Fidelity MSCI Information Technology Index ETF	24.0	8	38	5.2	+2.3
OGIG	O'Shares Global Internet Giants ETF	24.0	48	-2	1.1	-1.8
XNTK	SPDR Morgan Stanley Technology ETF	23.0	35	11	4.7	+1.9
IGM	iShares North American Tech ETF	22.9	46	0	4.4	+1.5
IETC	iShares Evolved U.S. Technology ETF	22.8	18	28	4.5	+1.6
QTEC	First Trust NASDAQ-100 Technology Sector Index Fund	21.2	57	-11	5.5	+2.6
XLK	Technology Select Sector SPDR Fund	20.3	13	33	5.3	+2.4
PSJ	Invesco Dynamic Software ETF	20.1	58	-12	3.3	+0.4
WCLD	WisdomTree Cloud Computing Fund	19.5	45	1	-0.4	-3.3
RYT	Invesco S&P 500 Equal Weight Technology ETF	19.5	40	6	6.5	+3.6
SYG	SPDR MFS Systematic Growth Equity ETF	18.7	60	-14	5.6	+2.7

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

	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-Software ETF
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	22.6	%
Divided by: Fwd. P/BV	6.8	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	2.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.41	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.