ETF Research Center

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

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	May 31, 2000
Assets (mns)	$1,732
Currency	USD
Expense ratio	42 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	286
Wgt avg mkt cap (mns)	$168,756
Large cap (>$10bn)	85.4%
Mid cap ($2-10bn)	14.2%
Small cap (<$2bn)	0.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	40.5 %
BERKSHIRE HATHAWAY INC-CL B	7.4 %
JPMORGAN CHASE & CO	7.3 %
VISA INC-CLASS A SHARES	5.4 %
BANK OF AMERICA CORP	4.7 %
MASTERCARD INC-CLASS A	4.4 %
WELLS FARGO & CO	3.8 %
CITIGROUP INC	2.9 %
AMERICAN TOWER CORP-CL A	1.6 %
US BANCORP	1.5 %
AMERICAN EXPRESS CO	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.0 %
	BRITAIN	1.3 %
	SWITZERLAND	1.2 %
	BERMUDA	1.0 %
	PUERTO RICO	0.1 %

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.
29.3%	16.3%	10.7%	11.8%	5.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.97	83%
MSCI EAFE	0.85	53%
MSCI Emg. Mkts.	0.59	41%

Technical Indicators
Recent close	$134.79
30d moving avg.	$133.32
Annualized volatility	12.8%
Short interest (ETF)	12.3%
Short interest (Underlying)	2.1%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	227
Turnover	1.8%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$28,923

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IYF

Expense:

42 bp

ALTAR Score™:

6.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IYF
Ticker	Fund Name	Overlap¹ vs IYF (%)	Expense ratio (bp)	Savings vs IYF (bp)	ALTAR Score™ (%)	ALTAR vs IYF (%)
VFH	Vanguard Financials	68.1	10	32	7.3	+1.2
FNCL	Fidelity MSCI Financials	68.0	8	34	7.3	+1.2
JHMF	John Hancock Multifactor Financials	63.8	40	2	6.6	+0.5
XLF	Financials Select Sector SPDR	59.2	13	29	7.0	+0.9
IYG	iShares DJ US Financial Services	57.4	42	0	6.4	+0.3
IEFN	iShares Evolved U.S. Financials	57.3	18	24	7.3	+1.2
RWW	Invesco S&P Financials Revenue	55.1	45	-3	7.3	+1.2
IXG	iShares S&P Global Financial Sector	48.9	46	-4	8.3	+2.1
RYF	Invesco S&P Equal Weight Financials	40.7	40	2	7.4	+1.3
FXO	First Trust Financial Alphadex	36.2	63	-21	7.9	+1.7
AMCA	iShares Russell 1000 Pure U.S. Revenue	33.2	15	27	6.5	+0.4
DFNL	Davis Select Financial	32.1	64	-22	6.7	+0.6
IWD	iShares Russell 1000 Value	29.2	19	23	7.0	+0.8
VONV	Vanguard Russell 1000 Value	29.2	12	30	7.0	+0.9
IWS	iShares Russell Midcap Value	28.3	24	18	7.0	+0.8
REVS	Columbia Research Enhanced Value	27.7	19	23	7.2	+1.0
KBWB	Invesco KBW Bank Portfolio	27.7	35	7	7.6	+1.5
IWX	iShares Russell Top 200 Value	27.2	20	22	7.0	+0.8
FTXO	First Trust Nasdaq Bank	25.7	60	-18	7.7	+1.6
IUSV	iShares Core U.S. Value	25.0	4	38	7.1	+1.0

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 Financials
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	11.3	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	42	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	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.