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)	$200
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	67
Wgt avg mkt cap (mns)	$40,665
Large cap (>$10bn)	92.6%
Mid cap ($2-10bn)	7.4%
Small cap (<$2bn)	0.0%
Developed mkts	98.9%
Emerging mkts	1.1%

TOP TEN HOLDINGS
Total	43.0 %
NEXTERA ENERGY GROUP	8.1 %
DOMINION RESOURCES INC/VA	4.8 %
SOUTHERN CO	4.7 %
DUKE ENERGY CORP	4.6 %
IBERDROLA SA	4.2 %
ENEL SPA	4.2 %
AMERICAN ELECTRIC POWER	3.2 %
EXELON CORP	3.1 %
NATIONAL GRID PLC	3.1 %
SEMPRA ENERGY	2.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	61.6 %
	SPAIN	6.4 %
	BRITAIN	5.9 %
	ITALY	5.7 %
	FRANCE	3.9 %
	JAPAN	2.9 %
	GERMANY	2.8 %
	HONG KONG	2.6 %
	CANADA	2.0 %
	AUSTRALIA	1.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
21.2%	22.6%	7.1%	6.8%	4.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.21	6%
MSCI EAFE	0.39	17%
MSCI Emg. Mkts.	0.28	14%

Technical Indicators
Recent close	$57.21
30d moving avg.	$57.52
Annualized volatility	10.5%
Short interest (ETF)	0.1%
Relative strength (RSI)	46

Liquidity measures
Avg. volume (thou.)	166
Turnover	4.7%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$6,732

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 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™:

5.4%

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	61.6	13	33	5.2	-0.2
FUTY	Fidelity MSCI Utilities	61.6	8	38	5.1	-0.2
VPU	Vanguard Utilities ETF	61.6	10	36	5.1	-0.3
IDU	iShares DJ US Utilities	61.6	43	3	4.9	-0.5
RYU	Invesco S&P Equal Weight Utilities	53.9	40	6	5.1	-0.2
JHMU	John Hancock Multifactor Utilities	52.6	40	6	5.2	-0.2
XLUY	Cushing Utility & MLP	51.1	65	-19	4.9	-0.5
INFR	Legg Mason Global Infrastructure	40.7	40	6	5.7	+0.4
UTES	Reaves Utilities	38.0	49	-3	4.2	-1.1
GII	SPDR FTSE/Macquarie Global Infrastructure	37.4	40	6	4.9	-0.5
IGF	iShares S&P Global Infrastructure	37.3	46	0	4.8	-0.5
FXU	First Trust Utilities Alphadex	32.5	63	-17	5.3	-0.1
ECLN	First Trust EIP Carbon Impact	30.1	95	-49	3.4	-1.9
PUI	Invesco DWA Utilities Momentum	30.1	60	-14	4.3	-1.1
EMLP	First Trust N. American Energy Infrastructure	26.8	95	-49	5.1	-0.2
SPLV	Invesco S&P 500 Low Volatility	26.1	25	21	5.3	-0.1
LVHB	Elkhorn Lunt Low Vol/High Beta Tactical	26.0	52	-6	5.0	-0.4
GLIF	AGFiQ Global Infrastructure	24.7	45	1	5.3	-0.1
NFRA	FlexShares STOXX Global Broad Infrastructure	23.3	47	-1	6.5	+1.1
TOLZ	ProShares Global Infrastructure	23.2	46	0	5.2	-0.1

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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	1.9	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	5.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.67	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.