ETF Research Center

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

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Jun 21, 2000
Assets (mns)	$1,299
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	120
Wgt avg mkt cap (mns)	$210,330
Large cap (>$10bn)	91.3%
Mid cap ($2-10bn)	8.6%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	59.5 %
JPMORGAN CHASE & CO	12.5 %
VISA INC-CLASS A SHARES	10.5 %
MASTERCARD INC-CLASS A	8.8 %
BANK OF AMERICA CORP	8.1 %
WELLS FARGO & CO	5.4 %
CITIGROUP INC	4.9 %
AMERICAN EXPRESS CO	2.7 %
US BANCORP	2.3 %
CME GROUP INC	2.2 %
BB&T CORP	2.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.3 %
	PUERTO RICO	0.2 %
	BERMUDA	0.1 %
	BRITAIN	0.1 %

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.
-1.7%	22.8%	14.1%	12.3%	5.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.20	77%
MSCI EAFE	1.05	50%
MSCI Emg. Mkts.	0.72	40%

Technical Indicators
Recent close	$142.01
30d moving avg.	$153.01
Annualized volatility	16.5%
Short interest (ETF)	4.0%
Short interest (Underlying)	2.0%
Relative strength (RSI)	38

Liquidity measures
Avg. volume (thou.)	94
Turnover	1.0%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$13,072

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IYG

Expense:

42 bp

ALTAR Score™:

7.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IYG
Ticker	Fund Name	Overlap¹ vs IYG (%)	Expense ratio (bp)	Savings vs IYG (bp)	ALTAR Score™ (%)	ALTAR vs IYG (%)
XLF	Financial Select Sector SPDR Fund	68.3	13	29	7.6	+0.6
VFH	Vanguard Financials Index Fund	66.8	10	32	8.0	+0.9
FNCL	Fidelity MSCI Financials Index ETF	65.7	8	34	8.0	+0.9
JHMF	John Hancock Multifactor Financials ETF	56.9	40	2	7.2	+0.2
IYF	iShares U.S. Financials ETF	56.1	42	0	6.4	-0.6
IEFN	iShares Evolved U.S. Financials ETF	55.0	18	24	8.2	+1.1
RWW	Invesco S&P Financials Revenue ETF	50.8	45	-3	7.9	+0.8
KBWB	Invesco KBW Bank ETF	42.3	35	7	9.0	+1.9
RYF	Invesco S&P 500 Equal Weight Financials ETF	38.5	40	2	7.9	+0.8
FTXO	First Trust Nasdaq Bank ETF	35.4	60	-18	9.0	+1.9
IXG	iShares Global Financials ETF	33.6	46	-4	8.7	+1.6
PKW	Invesco Buyback Achievers ETF	30.6	62	-20	7.1	0.0
DFNL	Davis Select Financial ETF	28.3	64	-22	7.6	+0.5
FXO	First Trust Financials AlphaDEX Fund	26.8	63	-21	8.5	+1.4
SPVU	Invesco S&P 500 Enhanced Value ETF	25.5	13	29	11.6	+4.5
KBE	SPDR S&P Bank ETF	24.8	35	7	9.3	+2.2
KCE	SPDR S&P Capital Markets ETF	24.7	35	7	8.2	+1.1
PWV	Invesco Dynamic Large Cap Value ETF	21.9	55	-13	9.1	+2.0
RAFE	PIMCO RAFI ESG U.S. ETF	20.4	29	13	8.4	+1.4
GFIN	Goldman Sachs Motif Finance Reimagined ETF	20.0	50	-8	4.9	-2.2

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

	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 US Financial Services ETF
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	12.6	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	42	bp
Equals: ALTAR Score	7.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	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.