ETF Research Center

iShares S&P Global Healthcare Sector Index Fund seeks investment results that correspond to the performance of the S&P Global Healthcare 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 21, 2001
Assets (mns)	$2,171
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	105
Wgt avg mkt cap (mns)	$139,856
Large cap (>$10bn)	98.8%
Mid cap ($2-10bn)	1.2%
Small cap (<$2bn)	0.0%
Developed mkts	99.7%
Emerging mkts	0.3%

TOP TEN HOLDINGS
Total	38.8 %
JOHNSON & JOHNSON	6.8 %
UNITEDHEALTH GROUP INC	4.9 %
NOVARTIS AG-REG	4.3 %
ROCHE HOLDING AG-GENUSSCHEIN	4.1 %
MERCK & CO. INC.	4.0 %
PFIZER INC	3.9 %
MEDTRONIC PLC	2.8 %
ABBOTT LABORATORIES	2.7 %
BRISTOL-MYERS SQUIBB CO	2.7 %
AMGEN INC	2.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	63.4 %
	SWITZERLAND	10.1 %
	JAPAN	5.9 %
	BRITAIN	5.0 %
	IRELAND	4.2 %
	GERMANY	2.4 %
	DENMARK	2.3 %
	AUSTRALIA	2.1 %
	FRANCE	2.0 %
	NETHERLANDS	0.9 %

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.
23.2%	23.2%	8.7%	12.4%	7.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.78	66%
MSCI EAFE	0.76	50%
MSCI Emg. Mkts.	0.52	40%

Technical Indicators
Recent close	$70.82
30d moving avg.	$68.91
Annualized volatility	11.7%
Short interest (ETF)	0.3%
Relative strength (RSI)	73

Liquidity measures
Avg. volume (thou.)	92
Turnover	0.3%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$23,984

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IXJ

Expense:

46 bp

ALTAR Score™:

6.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IXJ
Ticker	Fund Name	Overlap¹ vs IXJ (%)	Expense ratio (bp)	Savings vs IXJ (bp)	ALTAR Score™ (%)	ALTAR vs IXJ (%)
XLV	Health Care Select Sector SPDR	67.8	13	33	6.8	+0.8
FHLC	Fidelity MSCI Health Care	67.8	8	38	5.5	-0.5
VHT	Vanguard Health Care	67.8	10	36	5.5	-0.5
IYH	iShares US Healthcare	66.7	43	3	5.9	-0.1
JHMH	John Hancock Multifactor Health Care	63.8	40	6	6.2	+0.3
RYH	Invesco S&P Equal Weight Healthcare	48.5	40	6	6.6	+0.7
IEHS	iShares Evolved U.S. Healthcare Staples	42.6	18	28	5.5	-0.5
IEIH	iShares Evolved U.S. Innovative Healthcare	34.5	18	28	3.8	-2.2
GDNA	Goldman Sachs Motif Human Evolution	34.5	50	-4	1.0	-5.0
FXH	First Trust Health Care Alphadex	31.6	63	-17	6.6	+0.7
PJP	Invesco Dynamic Pharmaceuticals	29.0	56	-10	10.5	+4.5
PBE	Invesco Dynamic Biotechnology & Genome	29.0	57	-11	10.5	+4.5
FTXH	First Trust Nasdaq Pharmaceuticals	26.1	60	-14	4.1	-1.8
LNGR	Global X Longevity Thematic	23.8	50	-4	3.2	-2.8
HLAL	Wahed FTSE USA Shariah	23.4	50	-4	5.3	-0.7
SPHQ	Invesco S&P 500 Quality	22.3	15	31	5.4	-0.6
PPH	VanEck Vectors Pharmaceuticals	22.2	36	10	8.9	+2.9
IHE	iShares DJ US Pharmaceuticals	22.2	42	4	4.9	-1.1
MGV	Vanguard Mega Cap 300 Value	22.0	7	39	6.8	+0.8
DURA	VanEck Vectors Morningstar Durable Dividend	21.9	29	17	6.5	+0.5

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 Healthcare
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	21.4	%
Divided by: Fwd. P/BV	3.3	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	6.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.44	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.