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)	$1,419
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)	$213,743
Large cap (>$10bn)	91.5%
Mid cap ($2-10bn)	8.4%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	59.3 %
JPMORGAN CHASE & CO	12.6 %
VISA INC-CLASS A SHARES	9.8 %
BANK OF AMERICA CORP	8.3 %
MASTERCARD INC-CLASS A	8.2 %
WELLS FARGO & CO	6.0 %
CITIGROUP INC	5.1 %
AMERICAN EXPRESS CO	2.5 %
US BANCORP	2.4 %
GOLDMAN SACHS GROUP INC	2.3 %
BB&T CORP	2.2 %

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

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
37.6%	37.6%	12.3%	12.4%	5.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.19	77%
MSCI EAFE	1.04	49%
MSCI Emg. Mkts.	0.70	38%

Technical Indicators
Recent close	$154.20
30d moving avg.	$151.38
Annualized volatility	16.4%
Short interest (ETF)	0.8%
Short interest (Underlying)	2.0%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	38
Turnover	0.4%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$12,112

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares DJ US Financial Services 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™:

6.1%

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	Financials Select Sector SPDR	69.1	13	29	6.7	+0.6
FNCL	Fidelity MSCI Financials	66.5	8	34	7.1	+1.0
VFH	Vanguard Financials	66.0	10	32	7.1	+1.0
JHMF	John Hancock Multifactor Financials	57.4	40	2	6.4	+0.3
IYF	iShares DJ US Financials	57.3	42	0	5.8	-0.3
IEFN	iShares Evolved U.S. Financials	56.0	18	24	7.1	+1.1
RWW	Invesco S&P Financials Revenue	50.7	45	-3	7.0	+0.9
KBWB	Invesco KBW Bank Portfolio	43.6	35	7	7.5	+1.4
RYF	Invesco S&P Equal Weight Financials	39.1	40	2	7.0	+0.9
FTXO	First Trust Nasdaq Bank	36.3	60	-18	7.6	+1.5
IXG	iShares S&P Global Financial Sector	33.7	46	-4	8.1	+2.0
DFNL	Davis Select Financial	29.9	64	-22	6.6	+0.5
FXO	First Trust Financial Alphadex	27.2	63	-21	7.6	+1.5
SPVU	Invesco S&P 500 Value	26.3	13	29	10.1	+4.0
KBE	KBW Bank ETF	25.3	35	7	8.0	+1.9
KCE	SPDR KBW Capital Markets	24.7	35	7	7.9	+1.8
PWV	Invesco Dynamic Large Cap Value	22.7	55	-13	8.1	+2.0
GFIN	Goldman Sachs Motif Finance Reimagined	19.6	50	-8	4.6	-1.5
PFI	Invesco Dynamic Financial Sector	18.9	60	-18	5.1	-1.0
IWX	iShares Russell Top 200 Value	18.3	20	22	6.6	+0.5

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 Financial Services
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	11.9	%
Divided by: Fwd. P/BV	1.8	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	1.55	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.