ETF Research Center

iShares Dow Jones U.S. Energy 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. Energy Sector Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Jun 16, 2000
Assets (mns)	$595
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	49
Wgt avg mkt cap (mns)	$129,957
Large cap (>$10bn)	87.0%
Mid cap ($2-10bn)	11.9%
Small cap (<$2bn)	1.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	73.3 %
EXXON MOBIL CORP	24.4 %
CHEVRON CORP	18.6 %
CONOCOPHILLIPS	5.7 %
SCHLUMBERGER LTD	4.2 %
PHILLIPS 66	4.2 %
EOG RESOURCES INC	3.6 %
MARATHON PETROLEUM	3.3 %
VALERO ENERGY CORP	3.2 %
KINDER MORGAN INC	3.2 %
OCCIDENTAL PETROLEUM CORP	2.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.1 %
	BRITAIN	0.7 %
	SWITZERLAND	0.3 %
	NETHERLANDS	0.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
3.4%	-10.2%	-4.4%	1.6%	6.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.26	55%
MSCI EAFE	1.36	53%
MSCI Emg. Mkts.	0.80	30%

Technical Indicators
Recent close	$31.98
30d moving avg.	$31.84
Annualized volatility	20.5%
Short interest (ETF)	1.5%
Short interest (Underlying)	3.4%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	367
Turnover	2.0%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$7,763

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IYE

Expense:

42 bp

ALTAR Score™:

3.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IYE
Ticker	Fund Name	Overlap¹ vs IYE (%)	Expense ratio (bp)	Savings vs IYE (bp)	ALTAR Score™ (%)	ALTAR vs IYE (%)
FENY	Fidelity MSCI Energy	94.6	8	34	3.9	+0.0
VDE	Vanguard Energy ETF	92.6	10	32	3.9	-0.0
XLE	Energy Select Sector SPDR	90.0	13	29	4.3	+0.4
JHME	John Hancock Multifactor Energy	64.4	40	2	3.3	-0.6
IGE	iShares North American Natural Resources	61.6	46	-4	3.9	+0.0
RYE	Invesco S&P Equal Weight Energy ETF	54.4	40	2	3.4	-0.5
FTXN	First Trust Nasdaq Oil & Gas	54.0	60	-18	2.6	-1.3
IXC	iShares S&P Global Energy Sector	51.1	46	-4	5.1	+1.2
XLEY	Cushing Energy & MLP	47.1	65	-23	3.5	-0.4
FXN	First Trust Energy Alphadex	44.3	63	-21	4.2	+0.3
FILL	iShares MSCI Global Energy Producers	42.6	39	3	5.6	+1.7
NANR	SPDR S&P N. American Nat. Resources	37.5	35	7	4.0	+0.1
PXI	Invesco Dynamic Energy Sector	35.3	60	-18	-0.8	-4.7
IEO	iShares U.S. Oil & Gas Exploration & Production	34.6	42	0	3.2	-0.8
XOP	SPDR S&P Oil & Gas Exploration	33.0	35	7	3.5	-0.5
XLSY	Cushing Energy Supply Chain & MLP	31.2	65	-23	5.4	+1.5
FRAK	VanEck Vectors Unconventional Oil & Gas	23.5	54	-12	2.2	-1.8
HDV	iShares High Dividend	21.3	8	34	6.6	+2.6
FDL	First Trust Morningstar Dividend Leaders	20.9	45	-3	8.5	+4.6
PXE	Invesco Dynamic Energy Exploration & Production	16.2	63	-21	1.2	-2.7

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 Energy Sector
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	5.9	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	42	bp
Equals: ALTAR Score	3.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.48	CATEGORY AVERAGE	1.56

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.