ETF Research Center

iShares S&P Global Technology Sector Index Fund seeks investment results that correspond to the performance of the S&P Global Information Technology Sector Index. These include companies that

FUND BASICS
Category	Global Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Nov 16, 2001
Assets (mns)	$3,469
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	118
Wgt avg mkt cap (mns)	$568,198
Large cap (>$10bn)	98.9%
Mid cap ($2-10bn)	1.1%
Small cap (<$2bn)	0.0%
Developed mkts	92.6%
Emerging mkts	7.4%

TOP TEN HOLDINGS
Total	55.3 %
MICROSOFT CORP	16.4 %
APPLE INC	15.8 %
VISA INC-CLASS A SHARES	4.2 %
MASTERCARD INC-CLASS A	3.5 %
INTEL CORP	3.4 %
SAMSUNG ELECTRONICS CO LTD	3.1 %
TAIWAN SEMICONDUCTOR MANUFAC	2.5 %
CISCO SYSTEMS INC	2.3 %
ADOBE SYSTEMS INC	2.1 %
NVIDIA CORP	2.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	78.0 %
	SOUTH KOREA	4.1 %
	JAPAN	3.9 %
	TAIWAN	3.3 %
	GERMANY	2.3 %
	NETHERLANDS	1.8 %
	IRELAND	1.7 %
	CANADA	1.3 %
	SWITZERLAND	0.8 %
	FRANCE	0.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
2.3%	40.4%	19.8%	16.4%	8.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.10	78%
MSCI EAFE	1.04	58%
MSCI Emg. Mkts.	0.71	46%

Technical Indicators
Recent close	$228.99
30d moving avg.	$222.51
Annualized volatility	15.1%
Short interest (ETF)	0.2%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	114
Turnover	0.8%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$47,939

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IXN

Expense:

46 bp

ALTAR Score™:

4.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IXN
Ticker	Fund Name	Overlap¹ vs IXN (%)	Expense ratio (bp)	Savings vs IXN (bp)	ALTAR Score™ (%)	ALTAR vs IXN (%)
XLK	Technology Select Sector SPDR	80.1	13	33	5.0	+0.3
FTEC	Fidelity MSCI Info Technology	80.1	8	38	4.9	+0.2
VGT	Vanguard Info Tech ETF	79.0	10	36	4.9	+0.2
IYW	iShares US Technology	63.0	42	4	4.6	-0.1
IETC	iShares Evolved U.S. Technology	61.6	18	28	4.2	-0.5
IGM	iShares S&P N. American Technology	61.0	46	0	4.1	-0.6
QYLD	Global X NASDAQ 100 Covered Call ETF	48.7	60	-14	4.3	-0.3
QQQ	Invesco QQQ	46.3	20	26	4.5	-0.2
JHMT	John Hancock Multifactor Technology	45.3	40	6	5.6	+0.9
NUSI	Nationwide Risk-Managed Income ETF	45.2	68	-22	4.3	-0.4
RYT	Invesco S&P Equal Weight Technology	41.5	40	6	6.1	+1.5
IWY	iShares Russell Top 200 Growth	40.9	20	26	4.6	-0.1
MGK	Vanguard Mega Cap 300 Growth	40.6	7	39	4.4	-0.3
TECB	iShares U.S. Tech Breakthrough Multisector ETF	40.0	40	6	4.3	-0.4
OQAL	Invesco Russell 1000 Quality Factor ETF	39.8	19	27	6.0	+1.3
IVW	iShares S&P 500 Growth	38.3	18	28	4.6	-0.1
SPYG	SPDR Portfolio S&P 500 Growth	38.3	4	42	4.7	+0.1
VOOG	Vanguard S&P 500 Growth	38.2	10	36	4.7	0.0
TDIV	First Trust NASDAQ Technology Dividend	37.7	50	-4	6.4	+1.7
VUG	Vanguard Growth ETF	36.9	4	42	4.2	-0.4

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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 Tech ETF
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	24.0	%
Divided by: Fwd. P/BV	4.7	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	4.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.40	CATEGORY AVERAGE	1.55

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.