ETF Research Center

iShares S&P Global Energy Sector Index Fund is an exchange-traded fund incorporated in the USA. The Fund's objective is to seek investment results that correspond to the performance of the S&P Global Energy Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Nov 16, 2001
Assets (mns)	$896
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	63
Wgt avg mkt cap (mns)	$120,475
Large cap (>$10bn)	91.8%
Mid cap ($2-10bn)	8.2%
Small cap (<$2bn)	0.0%
Developed mkts	96.0%
Emerging mkts	4.0%

TOP TEN HOLDINGS
Total	57.6 %
EXXON MOBIL CORP	13.2 %
CHEVRON CORP	10.3 %
TOTAL SA	6.2 %
BP PLC	6.0 %
ROYAL DUTCH SHELL PLC-A SHS	5.8 %
ROYAL DUTCH SHELL PLC-B SHS	5.0 %
ENBRIDGE INC	3.5 %
CONOCOPHILLIPS	2.9 %
PHILLIPS 66	2.4 %
SUNCOR ENERGY INC	2.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	50.4 %
	BRITAIN	17.1 %
	CANADA	11.8 %
	FRANCE	6.2 %
	BRAZIL	2.6 %
	AUSTRALIA	2.4 %
	ITALY	1.8 %
	JAPAN	1.2 %
	HONG KONG	1.1 %
	SPAIN	1.1 %

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.
5.2%	-8.0%	-3.2%	1.4%	7.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.04	51%
MSCI EAFE	1.15	53%
MSCI Emg. Mkts.	0.63	26%

Technical Indicators
Recent close	$31.28
30d moving avg.	$30.86
Annualized volatility	17.6%
Short interest (ETF)	0.5%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	221
Turnover	0.8%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$8,261

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares S&P Global Energy Sector 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	76.3	39	7	5.6	+0.4
XLE	Energy Select Sector SPDR	50.8	13	33	4.4	-0.8
FENY	Fidelity MSCI Energy	50.8	8	38	4.0	-1.1
IYE	iShares DJ US Energy Sector	50.8	42	4	4.0	-1.2
VDE	Vanguard Energy ETF	50.8	10	36	3.9	-1.3
IGE	iShares North American Natural Resources	47.1	46	0	4.0	-1.1
JHME	John Hancock Multifactor Energy	38.9	40	6	3.4	-1.8
FTXN	First Trust Nasdaq Oil & Gas	36.0	60	-14	2.7	-2.5
NANR	SPDR S&P N. American Nat. Resources	35.9	35	11	4.2	-1.0
RYE	Invesco S&P Equal Weight Energy ETF	34.4	40	6	3.6	-1.6
XLEY	Cushing Energy & MLP	31.2	65	-19	3.7	-1.5
GNR	SPDR S&P Global Nat. Resources	29.7	40	6	6.6	+1.4
FXN	First Trust Energy Alphadex	28.1	63	-17	4.6	-0.6
GUNR	Flexshares Global Upstream Natural Resources	26.1	46	0	5.7	+0.6
HAP	VanEck Vectors Hard Asset Producers	25.8	50	-4	5.9	+0.7
XOP	SPDR S&P Oil & Gas Exploration	22.5	35	11	3.7	-1.5
XLSY	Cushing Energy Supply Chain & MLP	22.3	65	-19	5.6	+0.4
PXI	Invesco Dynamic Energy Sector	21.9	60	-14	-0.7	-5.8
HDV	iShares High Dividend	21.5	8	38	6.7	+1.5
FDL	First Trust Morningstar Dividend Leaders	20.9	45	1	8.6	+3.5

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 Global Energy Sector
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	1.2	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	1.46	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.