ETF Research Center

iShares S&P Global Utilities Index Fund seeks investment results that correspond generally to the price and yield performance of the S&P Global Utilities Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Sep 15, 2006
Assets (mns)	$203
Currency	USD
Expense ratio	46 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	68
Wgt avg mkt cap (mns)	$40,607
Large cap (>$10bn)	91.7%
Mid cap ($2-10bn)	8.3%
Small cap (<$2bn)	0.0%
Developed mkts	98.8%
Emerging mkts	1.2%

TOP TEN HOLDINGS
Total	43.2 %
NEXTERA ENERGY GROUP	8.3 %
SOUTHERN CO	4.7 %
DOMINION RESOURCES INC/VA	4.6 %
DUKE ENERGY CORP	4.6 %
ENEL SPA	4.4 %
IBERDROLA SA	4.1 %
AMERICAN ELECTRIC POWER	3.3 %
NATIONAL GRID PLC	3.2 %
EXELON CORP	3.1 %
SEMPRA ENERGY	3.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	61.3 %
	SPAIN	6.2 %
	BRITAIN	6.2 %
	ITALY	5.9 %
	FRANCE	4.0 %
	GERMANY	3.0 %
	HONG KONG	2.6 %
	JAPAN	2.6 %
	CANADA	2.1 %
	AUSTRALIA	1.3 %

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.
23.9%	23.9%	7.5%	6.1%	4.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.25	10%
MSCI EAFE	0.33	14%
MSCI Emg. Mkts.	0.25	13%

Technical Indicators
Recent close	$61.56
30d moving avg.	$58.70
Annualized volatility	9.7%
Short interest (ETF)	0.3%
Relative strength (RSI)	78

Liquidity measures
Avg. volume (thou.)	21
Turnover	0.6%
Bid/Ask (% of price)	0.19%
ADV underlying (mns)	$5,381

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the iShares S&P Global Utilities ETF based on the alternatives' overlap in portfolio holdings with JXI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

JXI

Expense:

46 bp

ALTAR Score™:

4.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH JXI
Ticker	Fund Name	Overlap¹ vs JXI (%)	Expense ratio (bp)	Savings vs JXI (bp)	ALTAR Score™ (%)	ALTAR vs JXI (%)
XLU	Utilities Select Sector SPDR	61.3	13	33	4.8	-0.1
FUTY	Fidelity MSCI Utilities	61.3	8	38	4.8	-0.1
VPU	Vanguard Utilities ETF	61.3	10	36	4.8	-0.2
IDU	iShares DJ US Utilities	61.3	43	3	4.5	-0.4
RYU	Invesco S&P Equal Weight Utilities	53.5	40	6	4.7	-0.2
JHMU	John Hancock Multifactor Utilities	52.6	40	6	4.8	-0.1
INFR	Legg Mason Global Infrastructure	39.9	40	6	5.4	+0.5
GII	SPDR FTSE/Macquarie Global Infrastructure	38.2	40	6	4.6	-0.3
IGF	iShares S&P Global Infrastructure	38.1	46	0	4.5	-0.4
UTES	Reaves Utilities	37.1	49	-3	4.0	-1.0
FXU	First Trust Utilities Alphadex	35.3	63	-17	5.1	+0.1
ECLN	First Trust EIP Carbon Impact	30.5	95	-49	3.1	-1.9
EMLP	First Trust N. American Energy Infrastructure	27.6	95	-49	4.6	-0.4
SPLV	Invesco S&P 500 Low Volatility	27.3	25	21	5.0	+0.1
PUI	Invesco DWA Utilities Momentum	27.1	60	-14	3.8	-1.1
GLIF	AGFiQ Global Infrastructure	25.3	45	1	4.9	-0.1
NFRA	FlexShares STOXX Global Broad Infrastructure	24.2	47	-1	6.2	+1.2
TOLZ	ProShares Global Infrastructure	23.5	46	0	4.9	-0.1
DVOL	First Trust Dorsey Wright Momentum & Low Volatility	23.0	60	-14	4.2	-0.7

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 S&P Global Utilities
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	10.8	%
Divided by: Fwd. P/BV	2.0	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	4.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.65	CATEGORY AVERAGE	1.54

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.