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 16, 2001
Assets (mns)	$842
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	62
Wgt avg mkt cap (mns)	$126,985
Large cap (>$10bn)	95.1%
Mid cap ($2-10bn)	4.9%
Small cap (<$2bn)	0.0%
Developed mkts	96.1%
Emerging mkts	3.9%

TOP TEN HOLDINGS
Total	56.7 %
EXXON MOBIL CORP	13.0 %
CHEVRON CORP	9.8 %
TOTAL SA	6.1 %
BP PLC	5.9 %
ROYAL DUTCH SHELL PLC-A SHS	5.5 %
ROYAL DUTCH SHELL PLC-B SHS	4.9 %
ENBRIDGE INC	3.7 %
CONOCOPHILLIPS	3.2 %
SCHLUMBERGER LTD	2.4 %
SUNCOR ENERGY INC	2.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	50.8 %
	BRITAIN	16.7 %
	CANADA	12.3 %
	FRANCE	6.1 %
	AUSTRALIA	2.6 %
	BRAZIL	2.6 %
	ITALY	1.8 %
	HONG KONG	1.3 %
	JAPAN	1.2 %
	NORWAY	1.0 %

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.
12.4%	12.4%	0.1%	1.7%	7.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.03	51%
MSCI EAFE	1.24	60%
MSCI Emg. Mkts.	0.72	35%

Technical Indicators
Recent close	$29.86
30d moving avg.	$30.78
Annualized volatility	17.5%
Short interest (ETF)	3.4%
Relative strength (RSI)	40

Liquidity measures
Avg. volume (thou.)	628
Turnover	2.2%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$9,221

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 18 potential alternatives to the iShares Global Energy 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™:

5.1%

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	76.2	39	7	5.7	+0.6
XLE	Energy Select Sector SPDR	51.2	13	33	4.3	-0.7
FENY	Fidelity MSCI Energy	51.2	8	38	3.9	-1.1
IYE	iShares DJ US Energy Sector	51.2	42	4	3.9	-1.1
VDE	Vanguard Energy	51.2	10	36	3.9	-1.2
IGE	iShares North American Natural Resources	47.4	46	0	3.9	-1.2
JHME	John Hancock Multifactor Energy	39.2	40	6	3.2	-1.9
NANR	SPDR S&P N. American Nat. Resources	36.4	35	11	3.9	-1.1
RYE	Invesco S&P Equal Weight Energy ETF	35.1	40	6	3.3	-1.7
FTXN	First Trust Nasdaq Oil & Gas	31.6	60	-14	4.2	-0.9
FXN	First Trust Energy Alphadex	29.3	63	-17	4.2	-0.9
GNR	SPDR S&P Global Nat. Resources	29.0	40	6	6.2	+1.1
GUNR	Flexshares Global Upstream Natural Resources	25.2	46	0	5.7	+0.7
XOP	SPDR S&P Oil & Gas Exploration & Production	22.9	35	11	3.1	-1.9
HDV	iShares High Dividend	22.8	8	38	6.9	+1.9
HAP	VanEck Vectors Hard Asset Producers	22.7	50	-4	5.6	+0.5
FDL	First Trust Morningstar Dividend Leaders	21.4	45	1	8.4	+3.3
PXI	Invesco Dynamic Energy Sector	20.5	60	-14	0.4	-4.7

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 Global Energy
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	7.0	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	5.1	%

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.