ETF Research Center

The iShares Global Comm Services ETF seeks to track the investment results of an index composed of global equities in the communication services sector.

FUND BASICS
Category	Global Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Nov 16, 2001
Assets (mns)	$234
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	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	69
Wgt avg mkt cap (mns)	$340,100
Large cap (>$10bn)	95.8%
Mid cap ($2-10bn)	4.3%
Small cap (<$2bn)	0.0%
Developed mkts	93.3%
Emerging mkts	6.7%

TOP TEN HOLDINGS
Total	65.6 %
FACEBOOK	12.3 %
ALPHABET INC. CLASS C	10.6 %
ALPHABET INC. CLASS A	10.5 %
AT&T INC	7.5 %
TENCENT HOLDINGS LTD	5.3 %
WALT DISNEY CO/THE	4.7 %
VERIZON COMMUNICATIONS INC	4.3 %
COMCAST CORP-CL A	4.2 %
NETFLIX INC	4.0 %
CHARTER COMMUNICATIONS, INC. CLASS	2.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	67.8 %
	JAPAN	8.1 %
	CHINA	5.3 %
	BRITAIN	3.6 %
	CANADA	2.9 %
	FRANCE	2.1 %
	GERMANY	1.8 %
	HONG KONG	1.4 %
	SPAIN	1.1 %
	AUSTRALIA	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.
18.8%	12.4%	2.0%	6.0%	4.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.77	53%
MSCI EAFE	0.94	67%
MSCI Emg. Mkts.	0.63	49%

Technical Indicators
Recent close	$60.00
30d moving avg.	$58.66
Annualized volatility	12.7%
Short interest (ETF)	0.0%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	53
Turnover	1.4%
Bid/Ask (% of price)	0.24%
ADV underlying (mns)	$16,839

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IXP

Expense:

46 bp

ALTAR Score™:

6.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IXP
Ticker	Fund Name	Overlap¹ vs IXP (%)	Expense ratio (bp)	Savings vs IXP (bp)	ALTAR Score™ (%)	ALTAR vs IXP (%)
FCOM	Fidelity MSCI Communication Services	67.7	8	38	5.2	-1.1
VOX	Vanguard Communication Services	67.6	10	36	5.3	-1.0
XLC	Communication Services Select Sector SPDR	64.9	13	33	6.4	+0.1
JHCS	John Hancock Multifactor Media & Communications	46.0	40	6	6.3	-0.0
EWCO	Invesco S&P 500 Equal Weight Comm. Services	41.0	40	6	7.9	+1.6
TTTN	TigerShares China-U.S. Internet Titans	27.2	59	-13	3.9	-2.4
IEME	iShares Evolved U.S. Media and Entertainment	23.4	18	28	6.8	+0.5
NFRA	FlexShares STOXX Global Broad Infrastructure	23.2	47	-1	6.4	+0.1
FDN	First Trust DJ Internet	22.8	52	-6	3.4	-3.0
PNQI	Invesco Nasdaq Internet	22.4	62	-16	2.8	-3.5
ENTR	ERShares Entrepreneur 30	21.6	49	-3	4.0	-2.3
QYLD	Global X NASDAQ 100 Covered Call ETF	21.3	60	-14	4.9	-1.4
SOCL	Global X Social Media	21.3	65	-19	4.7	-1.7
QQQ	Invesco QQQ	20.4	20	26	5.2	-1.1
OGIG	O'Shares Global Internet Giants	20.0	48	-2	1.5	-4.8
IYC	iShares DJ US Consumer Services	18.1	42	4	5.0	-1.3
TMFC	Motley Fool 100 Index	18.1	50	-4	4.4	-1.9
XLG	Invesco S&P Top 50	18.1	20	26	5.1	-1.2
IGM	iShares S&P N. American Technology	17.3	46	0	4.6	-1.7
IYW	iShares US Technology	17.0	42	4	5.1	-1.2

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 Comm. Services
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	15.7	%
Divided by: Fwd. P/BV	2.3	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	6.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.38	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.