ETF Research Center

iShares S&P Global Financials Sector Index Fund seeks investment results that correspond to the performance of the S&P Global Financials Index. The Fund uses a Representative Sampling strategy

FUND BASICS
Category	Global Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Nov 16, 2001
Assets (mns)	$517
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	187
Wgt avg mkt cap (mns)	$142,021
Large cap (>$10bn)	97.6%
Mid cap ($2-10bn)	2.4%
Small cap (<$2bn)	0.0%
Developed mkts	93.1%
Emerging mkts	6.9%

TOP TEN HOLDINGS
Total	30.0 %
BERKSHIRE HATHAWAY INC-CL B	6.2 %
JPMORGAN CHASE & CO	6.0 %
BANK OF AMERICA CORP	3.9 %
WELLS FARGO & CO	2.8 %
CITIGROUP INC	2.4 %
HSBC HOLDINGS PLC	2.2 %
AIA GROUP LTD	1.9 %
ROYAL BANK OF CANADA	1.6 %
ALLIANZ SE-REG	1.4 %
TORONTO-DOMINION BANK	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	46.4 %
	BRITAIN	7.7 %
	CANADA	7.4 %
	AUSTRALIA	5.0 %
	JAPAN	4.8 %
	SWITZERLAND	4.3 %
	CHINA	4.1 %
	GERMANY	3.0 %
	HONG KONG	2.7 %
	FRANCE	2.4 %

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.
24.5%	24.5%	6.8%	7.0%	4.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.01	73%
MSCI EAFE	1.12	75%
MSCI Emg. Mkts.	0.80	65%

Technical Indicators
Recent close	$68.89
30d moving avg.	$68.49
Annualized volatility	14.3%
Short interest (ETF)	0.5%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	238
Turnover	3.2%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$19,568

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares S&P Global Financial Sector ETF based on the alternatives' overlap in portfolio holdings with IXG. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IXG

Expense:

46 bp

ALTAR Score™:

8.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IXG
Ticker	Fund Name	Overlap¹ vs IXG (%)	Expense ratio (bp)	Savings vs IXG (bp)	ALTAR Score™ (%)	ALTAR vs IXG (%)
FNCL	Fidelity MSCI Financials	48.6	8	38	7.1	-1.0
XLF	Financials Select Sector SPDR	48.6	13	33	6.7	-1.4
IYF	iShares DJ US Financials	48.6	42	4	5.8	-2.2
VFH	Vanguard Financials	48.6	10	36	7.1	-1.0
RWW	Invesco S&P Financials Revenue	45.9	45	1	7.0	-1.1
JHMF	John Hancock Multifactor Financials	44.0	40	6	6.4	-1.7
IEFN	iShares Evolved U.S. Financials	40.1	18	28	7.1	-0.9
RYF	Invesco S&P Equal Weight Financials	34.8	40	6	7.0	-1.1
IYG	iShares DJ US Financial Services	33.7	42	4	6.1	-2.0
DFNL	Davis Select Financial	28.2	64	-18	6.6	-1.5
VYMI	Vanguard Int'l High Dividend Yield	27.2	32	14	9.0	+0.9
EFV	iShares MSCI EAFE Value	27.0	38	8	8.8	+0.7
IWX	iShares Russell Top 200 Value	26.4	20	26	6.6	-1.5
PXF	Invesco FTSE-RAFI Developed ex-US	23.1	45	1	7.9	-0.2
EUFN	iShares MSCI Europe Financial Sector	22.9	48	-2	8.7	+0.6
KBWB	Invesco KBW Bank Portfolio	22.7	35	11	7.5	-0.6
MGV	Vanguard Mega Cap 300 Value	22.5	7	39	6.8	-1.3
FXO	First Trust Financial Alphadex	22.0	63	-17	7.6	-0.5
JKF	iShares Morningstar Large Value	21.9	25	21	7.4	-0.7
VOOV	Vanguard S&P 500 Value	21.4	15	31	6.7	-1.4

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 Financial Sector
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.0	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	8.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	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.