ETF Research Center

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

FUND BASICS
Category	Global Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Sep 15, 2006
Assets (mns)	$181
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	n/a
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	106
Wgt avg mkt cap (mns)	$38,413
Large cap (>$10bn)	84.3%
Mid cap ($2-10bn)	12.4%
Small cap (<$2bn)	1.4%
Developed mkts	93.3%
Emerging mkts	6.7%

TOP TEN HOLDINGS
Total	32.4 %
PRAXAIR INC	5.9 %
BHP BILLITON LTD	3.9 %
BASF SE	3.7 %
AIR LIQUIDE SA	3.3 %
RIO TINTO PLC	2.8 %
AIR PRODUCTS & CHEMICALS INC	2.8 %
DOW CHEMICAL	2.6 %
SHERWIN-WILLIAMS CO/THE	2.5 %
ECOLAB INC	2.5 %
BHP BILLITON PLC	2.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	28.5 %
	BRITAIN	17.1 %
	JAPAN	8.1 %
	CANADA	7.1 %
	AUSTRALIA	7.0 %
	GERMANY	6.0 %
	SWITZERLAND	5.7 %
	FRANCE	3.7 %
	IRELAND	2.4 %
	NETHERLANDS	2.4 %

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.
14.6%	8.9%	4.6%	4.0%	3.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.91	60%
MSCI EAFE	1.08	72%
MSCI Emg. Mkts.	0.83	70%

Technical Indicators
Recent close	$65.66
30d moving avg.	$64.17
Annualized volatility	14.1%
Short interest (ETF)	0.2%
Relative strength (RSI)	71

Liquidity measures
Avg. volume (thou.)	9
Turnover	0.3%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$7,238

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares S&P Global Materials ETF based on the alternatives' overlap in portfolio holdings with MXI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

MXI

Expense:

46 bp

ALTAR Score™:

6.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH MXI
Ticker	Fund Name	Overlap¹ vs MXI (%)	Expense ratio (bp)	Savings vs MXI (bp)	ALTAR Score™ (%)	ALTAR vs MXI (%)
XLB	Materials Select Sector SPDR	36.4	13	33	9.3	+2.4
VAW	Vanguard Materials	36.4	10	36	8.6	+1.8
FMAT	Fidelity MSCI Materials	36.4	8	38	8.6	+1.8
JHMA	John Hancock Multifactor Materials	34.6	40	6	7.5	+0.7
RTM	Invesco S&P Equal Weight Materials	33.5	40	6	8.5	+1.6
GNR	SPDR S&P Global Nat. Resources	31.9	40	6	6.5	-0.3
GUNR	Flexshares Global Upstream Natural Resources	27.9	46	0	5.7	-1.1
IYM	iShares DJ US Basic Material	27.2	42	4	8.6	+1.8
GRES	Index IQ Global Resources	25.3	77	-31	6.1	-0.7
PICK	iShares MSCI Global Select Metals & Mining	22.1	39	7	7.5	+0.7
SZNE	Pacer CFRA-Stovall Equal Weight Seasonal Rotation	21.0	60	-14	6.6	-0.2
HAP	VanEck Vectors Hard Asset Producers	19.8	50	-4	5.9	-0.9
XLSY	Cushing Energy Supply Chain & MLP	17.6	65	-19	5.6	-1.2
PYZ	Invesco Dynamic Basic Materials Sector	16.8	60	-14	6.0	-0.9
FXZ	First Trust Materials Alphadex	16.7	64	-18	8.1	+1.2
FTAG	First Trust Indxx Global Agriculture	13.6	70	-24	8.5	+1.6
NANR	SPDR S&P N. American Nat. Resources	11.3	35	11	4.2	-2.7
DAX	Global X DAX Germany	10.6	20	26	8.7	+1.9
BLES	Inspire Global Hope	10.5	61	-15	6.2	-0.6
IDY	Pacific Global International Equity Income	10.5	39	7	8.1	+1.3

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 Materials
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	10.2	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	6.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	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.