ETF Research Center

The iShares Global Energy ETF seeks to track the investment results of an index composed of global equities in the energy sector.

FUND BASICS
Category	Global Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Nov 12, 2001
Assets (mns)	$1,114
Currency	USD
Expense ratio	46 bp
Distributions	Semi-Annually

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	57
Wgt avg mkt cap (mns)	$80,976
Large cap (>$10bn)	94.2%
Mid cap ($2-10bn)	5.8%
Small cap (<$2bn)	0.0%
Developed mkts	95.0%
Emerging mkts	5.0%

TOP TEN HOLDINGS
Total	56.3 %
EXXON MOBIL CORP	12.5 %
CHEVRON CORP	11.0 %
TOTAL SA	6.8 %
BP PLC	5.0 %
ROYAL DUTCH SHELL PLC-A SHS	4.9 %
ENBRIDGE INC	4.3 %
ROYAL DUTCH SHELL PLC-B SHS	4.3 %
CONOCOPHILLIPS	2.9 %
TRANSCANADA CORP	2.5 %
SCHLUMBERGER LTD	2.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	50.1 %
	BRITAIN	14.5 %
	CANADA	12.5 %
	FRANCE	6.8 %
	BRAZIL	2.9 %
	AUSTRALIA	2.6 %
	FINLAND	2.0 %
	ITALY	1.6 %
	NORWAY	1.3 %
	JAPAN	1.2 %

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.
-30.8%	-30.8%	-2.2%	-3.1%	4.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.50	71%
MSCI EAFE	1.64	84%
MSCI Emg. Mkts.	1.22	59%

Technical Indicators
Recent close	$22.43
30d moving avg.	$21.56
Annualized volatility	33.5%
Short interest (ETF)	1.2%
Relative strength (RSI)	54

Liquidity measures
Avg. volume (thou.)	1,003
Turnover	2.0%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$11,872

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the iShares Global Energy ETF ETF based on the alternatives' overlap in portfolio holdings with IXC. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IXC

Expense:

46 bp

ALTAR Score™:

5.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IXC
Ticker	Fund Name	Overlap¹ vs IXC (%)	Expense ratio (bp)	Savings vs IXC (bp)	ALTAR Score™ (%)	ALTAR vs IXC (%)
FILL	iShares MSCI Global Energy Producers ETF	75.0	39	7	5.5	+0.3
XLE	Energy Select Sector SPDR Fund	50.4	13	33	3.9	-1.2
FENY	Fidelity MSCI Energy Index ETF	50.4	8	38	3.6	-1.6
IYE	iShares U.S. Energy ETF	50.4	42	4	3.5	-1.6
VDE	Vanguard Energy Index Fund	50.4	10	36	3.5	-1.7
IGE	iShares North American Natural Resources ETF	47.3	46	0	3.6	-1.5
JHME	John Hancock Multifactor Energy ETF	39.3	40	6	3.4	-1.8
RYE	Invesco S&P 500 Equal Weight Energy ETF	34.8	40	6	3.3	-1.9
FXN	First Trust Energy AlphaDEX Fund	33.6	65	-19	1.8	-3.4
NANR	SPDR S&P North American Natural Resources ETF	33.2	35	11	3.1	-2.1
FTXN	First Trust Nasdaq Oil & Gas ETF	32.7	60	-14	2.5	-2.7
GNR	SPDR S&P Global Natural Resources ETF	29.5	40	6	5.1	-0.1
XOP	SPDR S&P Oil & Gas Exploration & Production ETF	25.3	35	11	3.1	-2.1
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	24.3	46	0	5.0	-0.2
HDV	iShares Core High Dividend ETF	21.8	8	38	6.3	+1.2
HAP	VanEck Vectors Natural Resources ETF	18.7	50	-4	4.8	-0.4
IEO	iShares U.S. Oil & Gas Exploration & Production ETF	16.4	42	4	3.0	-2.1
EQRR	ProShares Equities for Rising Rates ETF	16.1	35	11	6.2	+1.0
FCTR	First Trust Lunt U.S. Factor Rotation ETF	16.0	65	-19	1.2	-4.0
GRES	IQ Global Resources ETF	16.0	78	-32	5.6	+0.4
PXE	Invesco Dynamic Energy Exploration & Production ETF	15.4	63	-17	1.5	-3.7
PXI	Invesco DWA Energy Momentum ETF	15.2	60	-14	0.2	-5.0
DFAI	Dimensional International Core Equity Market ETF	15.0	18	28	6.3	+1.2
ALTL	Pacer Lunt Large Cap Alternator ETF	14.9	60	-14	5.6	+0.4
SPHB	Invesco S&P 500 High Beta ETF	14.6	25	21	5.9	+0.8
VRAI	Virtus Real Asset Income ETF	13.9	55	-9	8.8	+3.6
GII	SPDR S&P Global Infrastructure ETF	12.8	40	6	4.7	-0.5
IGF	iShares Global Infrastructure ETF	12.8	46	0	4.7	-0.5
TPYP	Tortoise North American Pipeline Fund	12.6	40	6	5.5	+0.3
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	12.6	47	-1	5.2	0.0
ENFR	Alerian Energy Infrastructure ETF	12.6	65	-19	3.9	-1.3
USAI	Pacer American Energy Independence ETF	12.6	75	-29	3.4	-1.7
FRAK	VanEck Vectors Unconventional Oil & Gas ETF	12.5	54	-8	1.4	-3.8
MAGA	Point Bridge GOP Stock Tracker ETF	12.5	72	-26	5.3	+0.1
MLPX	Global X MLP & Energy Infrastructure ETF	12.4	45	1	3.2	-1.9
GLIF	AGFiQ Global Infrastructure ETF	12.3	45	1	4.8	-0.4
BBCA	JPMorgan BetaBuilders Canada ETF	12.2	19	27	6.4	+1.3
ZCAN	SPDR Solactive Canada ETF	12.2	14	32	6.4	+1.3
EWC	iShares MSCI Canada ETF	12.1	51	-5	6.2	+1.0
FIDI	Fidelity International High Dividend ETF	12.0	39	7	10.1	+5.0
FLCA	Franklin FTSE Canada ETF	11.9	9	37	6.8	+1.6
WBIY	WBI Power Factor High Dividend ETF	11.8	70	-24	8.4	+3.2
RDIV	Invesco S&P Ultra Dividend Revenue ETF	11.6	39	7	8.7	+3.6
FCG	First Trust Natural Gas ETF	11.3	60	-14	1.2	-3.9
PID	Invesco International Dividend Achievers ETF	11.2	53	-7	10.2	+5.0
JKI	iShares Morningstar Mid-Cap Value ETF	11.0	30	16	7.6	+2.4
HDIV	QRAFT AI-Enhanced U.S. High Dividend ETF	10.5	75	-29	5.3	+0.1
GBDV	Global Beta Smart Income ETF	10.5	29	17	8.3	+3.1
SPYD	SPDR S&P 500 High Dividend ETF	10.4	7	39	9.2	+4.0
EWU	iShares MSCI United Kingdom ETF	10.2	51	-5	6.4	+1.3
EMLP	First Trust North American Energy Infrastructure Fund	9.9	96	-50	5.0	-0.2
ISDX	Invesco RAFI Strategic Developed ex-US ETF	9.8	23	23	6.2	+1.0
ZGBR	SPDR Solactive United Kingdom ETF	9.8	14	32	6.9	+1.8
INFR	Legg Mason Global Infrastructure ETF	9.7	40	6	5.7	+0.5
FLGB	Franklin FTSE United Kingdom ETF	9.4	9	37	6.8	+1.7
SPVU	Invesco S&P 500 Enhanced Value ETF	9.0	13	33	9.4	+4.3
CRAK	VanEck Vectors Oil Refiners ETF	9.0	60	-14	10.5	+5.3
DJD	Invesco Dow Jones Industrial Average Dividend ETF	8.6	7	39	6.3	+1.1
EFAS	Global X MSCI SuperDividend EAFE ETF	8.5	56	-10	8.0	+2.8
ONEY	SPDR Russell 1000 Yield Focus ETF	8.4	20	26	7.2	+2.0
PEY	Invesco High Yield Equity Dividend Achievers ETF	8.4	52	-6	8.2	+3.1
DIVO	Amplify YieldShares CWP Dividend & Option Income ETF	8.3	49	-3	4.1	-1.1
SDOG	ALPS Sector Dividend Dogs ETF	8.3	40	6	8.7	+3.6
VLU	SPDR S&P 1500 Value Tilt ETF	8.0	12	34	6.1	+1.0
FNDF	Schwab Fundamental International Large Co. Index ETF	7.9	25	21	7.6	+2.4
FOVL	iShares Focused Value Factor ETF	7.8	25	21	7.7	+2.6
DVY	iShares Select Dividend ETF	7.8	39	7	8.0	+2.9
ESGS	Columbia Sustainable U.S. Equity Income ETF	7.7	35	11	7.4	+2.3
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	7.4	25	21	5.7	+0.6
FDD	First Trust Stoxx European Select Dividend Index Fund	7.4	58	-12	8.7	+3.5
IUS	Invesco Strategic US ETF	7.4	19	27	5.4	+0.3
RPV	Invesco S&P 500 Pure Value ETF	7.3	35	11	9.9	+4.7
SCHD	Schwab U.S. Dividend Equity ETF	7.1	6	40	7.1	+1.9
FDVV	Fidelity Core Dividend ETF	7.1	29	17	6.1	+0.9
SDY	SPDR S&P Dividend ETF	7.1	35	11	6.4	+1.2
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	6.9	47	-1	5.9	+0.7
SPHD	Invesco S&P 500 High Dividend Low Volatility ETF	6.8	30	16	8.1	+2.9
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	6.8	25	21	5.7	+0.5
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	6.7	45	1	7.5	+2.4
VYMI	Vanguard International High Dividend Yield ETF	6.7	27	19	8.9	+3.7
DIV	Global X SuperDividend US ETF	6.5	46	0	5.3	+0.1
DGT	SPDR Global Dow ETF	6.5	50	-4	6.2	+1.0
VYM	Vanguard High Dividend Yield Index ETF	6.5	6	40	6.6	+1.5
EWQ	iShares MSCI France ETF	6.4	51	-5	5.7	+0.6
FLFR	Franklin FTSE France ETF	6.4	9	37	6.2	+1.0
VOOV	Vanguard S&P 500 Value ETF	6.4	10	36	6.6	+1.4
IQIN	IQ 500 International ETF	6.4	25	21	7.5	+2.4
RWL	Invesco S&P 500 Revenue ETF	6.3	39	7	6.2	+1.1
IDOG	ALPS International Sector Dividend Dogs ETF	6.2	50	-4	8.1	+2.9
EQAL	Invesco Russell 1000 Equal Weight ETF	6.2	20	26	5.0	-0.1
TPHD	Timothy Plan High Dividend Stock ETF	6.1	52	-6	5.6	+0.4
SPDV	AAM S&P 500 High Dividend Value ETF	6.1	29	17	8.5	+3.3
PRF	Invesco FTSE RAFI US 1000 ETF	6.0	39	7	5.8	+0.6
RVRS	Reverse Cap Weighted U.S. Large Cap ETF	6.0	29	17	6.1	+0.9
BLES	Inspire Global Hope Large Cap ETF	5.9	52	-6	5.5	+0.4
IDV	iShares International Select Dividend ETF	5.9	49	-3	8.8	+3.6
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	5.6	19	27	5.3	+0.1
DMDV	AAM S&P Developed Markets High Dividend Value ETF	5.6	39	7	9.8	+4.6

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 Global Energy ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	6.0	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	5.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.47	CATEGORY AVERAGE	1.48

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.