ETF Research Center

iShares Dow Jones US Consumer Services Sector Index Fund is an exchange-traded fund incorporated in the USA. The Fund's objective seeks investment results that correspond to the performance of the Dow Jones U.S. Consumer Cyclical Sector Index. The Index measures the performance of the consumer cyclical economic sector of the U.S. equity market.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Jun 28, 2000
Assets (mns)	$987
Currency	USD
Expense ratio	42 bp
Distributions	Quarterly

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	158
Wgt avg mkt cap (mns)	$183,594
Large cap (>$10bn)	89.0%
Mid cap ($2-10bn)	10.7%
Small cap (<$2bn)	0.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	49.7 %
AMAZON.COM INC	9.9 %
HOME DEPOT INC	7.5 %
WALT DISNEY CO/THE	5.2 %
WAL-MART STORES INC	4.7 %
COMCAST CORP-CL A	4.4 %
MCDONALD'S CORP	4.2 %
COSTCO WHOLESALE CORP	4.2 %
NETFLIX INC	4.0 %
STARBUCKS CORP	3.1 %
LOWE'S COS INC	2.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.6 %
	BRITAIN	1.3 %

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.
22.3%	14.0%	12.6%	17.0%	7.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.07	85%
MSCI EAFE	0.91	51%
MSCI Emg. Mkts.	0.61	38%

Technical Indicators
Recent close	$221.74
30d moving avg.	$218.78
Annualized volatility	14.0%
Short interest (ETF)	0.0%
Short interest (Underlying)	3.7%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	50
Turnover	1.1%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$26,181

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IYC

Expense:

42 bp

ALTAR Score™:

5.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IYC
Ticker	Fund Name	Overlap¹ vs IYC (%)	Expense ratio (bp)	Savings vs IYC (bp)	ALTAR Score™ (%)	ALTAR vs IYC (%)
IEDI	iShares Evolved U.S. Discretionary Spending	62.1	18	24	5.0	-0.1
VCR	Vanguard Consumer Discretionary	57.2	10	32	5.5	+0.5
FDIS	Fidelity MSCI Consumer Discrettionary	57.1	8	34	5.4	+0.3
XLY	Consumer Discretionary Select Sector SPDR	50.6	13	29	5.7	+0.6
JHMC	John Hancock Multifactor Consumer Discretionary	46.9	40	2	6.0	+0.9
RTH	VanEck Vectors Retail	43.7	35	7	5.8	+0.7
RXI	iShares S&P Global Consumer Discretionary	43.6	46	-4	6.8	+1.7
FTXD	First Trust Nasdaq Retail	35.6	60	-18	6.5	+1.4
RCD	Invesco S&P Equal Weight Consumer Discretionary	28.9	40	2	8.4	+3.3
MILN	Global X Millennials Thematic	27.2	50	-8	3.0	-2.0
FXD	First Trust Consumer Discretionary	26.2	64	-22	8.1	+3.0
IEME	iShares Evolved U.S. Media and Entertainment	22.8	18	24	6.8	+1.7
AMOM	Qraft AI-Enhanced U.S. Large Cap Momentum	22.2	75	-33	3.7	-1.4
FCOM	Fidelity MSCI Communication Services	22.2	8	34	5.2	+0.2
VOX	Vanguard Communication Services	22.1	10	32	5.4	+0.3
QYLD	Global X NASDAQ 100 Covered Call ETF	22.1	60	-18	4.9	-0.2
JHCS	John Hancock Multifactor Media & Communications	21.7	40	2	6.3	+1.2
QQQ	Invesco QQQ	21.3	20	22	5.3	+0.2
XRT	SPDR S&P Retail	21.1	35	7	8.8	+3.8
PEZ	Invesco DWA Consumer Discretionary Momentum	21.1	60	-18	5.0	-0.1

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 DJ US Consumer Services
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	24.2	%
Divided by: Fwd. P/BV	4.4	x
Less: Expense ratio	42	bp
Equals: ALTAR Score	5.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	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.