ETF Research Center

iShares MSCI Global Select Metals & Mining Producers Fund is an exchange-traded fund incorporated in the USA. Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI ACWI Select Metals & Mining Producers Ex Gold & Silver Investable Market Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	BlackRock Funds/USA
Website	www.ishares.com
Inception date	Feb 02, 2012
Assets (mns)	$212
Currency	USD
Expense ratio	39 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	196
Wgt avg mkt cap (mns)	$41,799
Large cap (>$10bn)	60.1%
Mid cap ($2-10bn)	25.4%
Small cap (<$2bn)	8.5%
Developed mkts	74.7%
Emerging mkts	24.6%

TOP TEN HOLDINGS
Total	51.2 %
BHP BILLITON LTD	10.9 %
RIO TINTO PLC	8.8 %
BHP BILLITON PLC	6.7 %
VALE SA	5.1 %
GLENCORE INTERNATIONAL PLC	5.0 %
ANGLO AMERICAN PLC	4.0 %
RIO TINTO LTD	3.4 %
MMC NORILSK NICKEL OJSC	2.5 %
NUCOR CORP	2.4 %
FREEPORT-MCMORAN COPPER	2.3 %

TOP COUNTRY EXPOSURE
	BRITAIN	21.1 %
	AUSTRALIA	20.3 %
	UNITED STATES	11.1 %
	JAPAN	6.8 %
	BRAZIL	6.4 %
	SWITZERLAND	5.0 %
	RUSSIA	4.0 %
	CANADA	3.1 %
	SOUTH KOREA	3.1 %
	SOUTH AFRICA	2.2 %

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.
4.6%	-1.5%	-0.5%	--	-4.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.98	28%
MSCI EAFE	1.20	35%
MSCI Emg. Mkts.	1.05	44%

Technical Indicators
Recent close	$27.91
30d moving avg.	$27.67
Annualized volatility	22.7%
Short interest (ETF)	0.0%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	83
Turnover	1.1%
Bid/Ask (% of price)	0.25%
ADV underlying (mns)	$3,096

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PICK

Expense:

39 bp

ALTAR Score™:

7.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PICK
Ticker	Fund Name	Overlap¹ vs PICK (%)	Expense ratio (bp)	Savings vs PICK (bp)	ALTAR Score™ (%)	ALTAR vs PICK (%)
MXI	iShares S&P Global Materials	22.1	46	-7	6.9	-0.7
GNR	SPDR S&P Global Nat. Resources	19.7	40	-1	6.6	-1.0
GUNR	Flexshares Global Upstream Natural Resources	19.3	46	-7	5.7	-1.8
GRES	Index IQ Global Resources	16.5	77	-38	6.2	-1.4
COPX	Global X Copper Miners	15.3	65	-26	6.3	-1.2
HAP	VanEck Vectors Hard Asset Producers	12.6	50	-11	5.9	-1.6
EWA	iShares MSCI Australia	12.6	47	-8	5.7	-1.8
FLAU	Franklin FTSE Australia	12.1	9	30	6.1	-1.5
XME	SPDR Metals & Mining ETF	10.6	35	4	2.7	-4.9
IYM	iShares DJ US Basic Material	9.1	42	-3	8.8	+1.2
IVAL	Valueshares Int'l Quantitative Value	8.7	59	-20	8.2	+0.7
URA	Global X Uranium	8.6	69	-30	1.6	-6.0
INTF	iShares FactorSelect MSCI International	8.5	30	9	8.4	+0.8
FYLD	Cambria Foreign Shareholder	8.4	59	-20	8.3	+0.7
FMAT	Fidelity MSCI Materials	8.1	8	31	8.8	+1.2
VAW	Vanguard Materials	8.0	10	29	8.7	+1.2
FAUS	First Trust Australia	8.0	80	-41	5.4	-2.1
JHMA	John Hancock Multifactor Materials	7.8	40	-1	7.6	+0.1
FLLA	Franklin FTSE Latin America	7.6	19	20	6.3	-1.3
FXZ	First Trust Materials Alphadex	7.5	64	-25	8.2	+0.6

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 MSCI Global Select Metals & Mining
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	8.6	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	7.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.69	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.