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)	$350
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	104
Wgt avg mkt cap (mns)	$39,572
Large cap (>$10bn)	83.3%
Mid cap ($2-10bn)	13.2%
Small cap (<$2bn)	1.5%
Developed mkts	93.2%
Emerging mkts	6.8%

TOP TEN HOLDINGS
Total	32.9 %
PRAXAIR INC	6.2 %
BHP BILLITON LTD	3.9 %
AIR LIQUIDE SA	3.7 %
BASF SE	3.2 %
AIR PRODUCTS & CHEMICALS INC	3.0 %
RIO TINTO PLC	2.8 %
ECOLAB INC	2.7 %
SHIN-ETSU CHEMICAL CO LTD	2.5 %
SHERWIN-WILLIAMS CO/THE	2.5 %
BHP BILLITON PLC	2.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	28.7 %
	BRITAIN	17.1 %
	CANADA	7.7 %
	JAPAN	7.5 %
	AUSTRALIA	7.1 %
	SWITZERLAND	6.0 %
	GERMANY	5.3 %
	FRANCE	4.1 %
	IRELAND	2.5 %
	NETHERLANDS	2.2 %

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.
-6.0%	6.4%	5.4%	3.6%	3.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.92	62%
MSCI EAFE	1.15	80%
MSCI Emg. Mkts.	0.85	77%

Technical Indicators
Recent close	$62.52
30d moving avg.	$65.60
Annualized volatility	14.1%
Short interest (ETF)	0.1%
Relative strength (RSI)	45

Liquidity measures
Avg. volume (thou.)	20
Turnover	0.4%
Bid/Ask (% of price)	0.18%
ADV underlying (mns)	$7,560

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the iShares Global Materials ETF 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 Fund	36.7	13	33	8.3	+1.5
VAW	Vanguard Materials Index Fund	36.7	10	36	8.1	+1.3
FMAT	Fidelity MSCI Materials Index ETF	36.7	8	38	8.1	+1.3
JHMA	John Hancock Multifactor Materials ETF	34.9	40	6	7.6	+0.8
RTM	Invesco S&P 500 Equal Weight Materials ETF	33.4	40	6	7.8	+1.0
GNR	SPDR S&P Global Natural Resources ETF	32.3	40	6	7.2	+0.4
GUNR	Flexshares Morningstar Global Upstream Natural Resources	29.7	46	0	6.4	-0.4
IYM	iShares U.S. Basic Materials ETF	27.5	42	4	7.8	+1.0
GRES	IQ Global Resources ETF	22.0	77	-31	7.1	+0.3
PICK	iShares MSCI Global Metals & Mining Producers ETF	21.4	39	7	8.7	+1.9
SZNE	Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF	20.6	60	-14	7.2	+0.4
PYZ	Invesco DWA Basic Materials Momentum ETF	18.4	60	-14	5.6	-1.2
FXZ	First Trust Materials AlphaDEX Fund	18.2	65	-19	8.0	+1.2
HAP	VanEck Vectors Natural Resources ETF	16.5	50	-4	6.3	-0.5
NANR	SPDR S&P North American Natural Resources ETF	13.2	35	11	4.6	-2.2
FTAG	First Trust Indxx Global Agriculture ETF	12.3	70	-24	7.8	+1.0
HDEF	Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF	12.1	20	26	8.8	+2.0
DIET	Defiance Next Gen Food & Agriculture ETF	11.3	30	16	4.9	-1.9
TPIF	Timothy Plan International ETF	10.3	62	-16	6.7	-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%.

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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 Global Materials 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	9.9	%
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	1.65	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.