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)	$1,943
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	106
Wgt avg mkt cap (mns)	$128,150
Large cap (>$10bn)	97.4%
Mid cap ($2-10bn)	2.6%
Small cap (<$2bn)	0.0%
Developed mkts	99.7%
Emerging mkts	0.3%

TOP TEN HOLDINGS
Total	38.1 %
JOHNSON & JOHNSON	6.7 %
UNITEDHEALTH GROUP INC	4.6 %
NOVARTIS AG-REG	4.3 %
MERCK & CO. INC.	4.1 %
ROCHE HOLDING AG-GENUSSCHEIN	4.0 %
PFIZER INC	3.9 %
ABBOTT LABORATORIES	2.8 %
MEDTRONIC PLC	2.7 %
AMGEN INC	2.5 %
ABBVIE INC	2.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	63.6 %
	SWITZERLAND	10.0 %
	JAPAN	6.1 %
	BRITAIN	5.0 %
	IRELAND	4.0 %
	GERMANY	2.4 %
	DENMARK	2.3 %
	AUSTRALIA	2.0 %
	FRANCE	2.0 %
	NETHERLANDS	0.9 %

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.
14.1%	10.8%	7.0%	12.6%	7.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.76	63%
MSCI EAFE	0.73	50%
MSCI Emg. Mkts.	0.52	41%

Technical Indicators
Recent close	$64.55
30d moving avg.	$62.33
Annualized volatility	11.5%
Short interest (ETF)	0.3%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	101
Turnover	0.3%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$23,740

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™:

6.6%

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	67.7	13	33	7.5	+0.9
FHLC	Fidelity MSCI Health Care	67.7	8	38	6.1	-0.5
VHT	Vanguard Health Care	67.7	10	36	6.1	-0.5
IYH	iShares US Healthcare	66.6	43	3	6.6	-0.0
JHMH	John Hancock Multifactor Health Care	63.7	40	6	6.9	+0.4
RYH	Invesco S&P Equal Weight Healthcare	50.0	40	6	7.3	+0.7
IEHS	iShares Evolved U.S. Healthcare Staples	40.5	18	28	6.1	-0.5
GDNA	Goldman Sachs Motif Human Evolution	35.5	50	-4	1.0	-5.6
IEIH	iShares Evolved U.S. Innovative Healthcare	34.9	18	28	4.9	-1.7
FXH	First Trust Health Care Alphadex	32.2	63	-17	7.4	+0.8
PJP	Invesco Dynamic Pharmaceuticals	30.7	56	-10	9.9	+3.3
FTXH	First Trust Nasdaq Pharmaceuticals	24.9	60	-14	5.6	-1.0
LNGR	Global X Longevity Thematic	24.9	50	-4	3.7	-2.9
HLAL	Wahed FTSE USA Shariah	22.8	50	-4	5.7	-0.9
PPH	VanEck Vectors Pharmaceuticals	21.1	36	10	9.6	+3.0
IHE	iShares DJ US Pharmaceuticals	20.8	42	4	5.6	-1.0
DURA	VanEck Vectors Morningstar Durable Dividend	20.6	29	17	6.8	+0.2
MGV	Vanguard Mega Cap 300 Value	20.6	7	39	7.1	+0.5
XT	iShares Exponential Technologies	20.1	47	-1	5.4	-1.2
HTEC	Robo Global Healthcare Technology and Innovation	20.0	68	-22	0.0	-6.6

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

	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	21.6	%
Divided by: Fwd. P/BV	3.1	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	6.6	%

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.