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)	$230
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	207
Wgt avg mkt cap (mns)	$46,410
Large cap (>$10bn)	59.9%
Mid cap ($2-10bn)	26.0%
Small cap (<$2bn)	8.3%
Developed mkts	73.3%
Emerging mkts	26.0%

TOP TEN HOLDINGS
Total	51.5 %
BHP BILLITON LTD	10.9 %
RIO TINTO PLC	8.8 %
BHP BILLITON PLC	6.6 %
VALE SA	5.3 %
GLENCORE INTERNATIONAL PLC	4.7 %
ANGLO AMERICAN PLC	4.0 %
RIO TINTO LTD	3.5 %
MMC NORILSK NICKEL OJSC	3.1 %
FREEPORT-MCMORAN COPPER	2.5 %
POSCO	2.1 %

TOP COUNTRY EXPOSURE
	BRITAIN	21.0 %
	AUSTRALIA	20.3 %
	UNITED STATES	10.5 %
	BRAZIL	6.9 %
	JAPAN	6.3 %
	SWITZERLAND	4.7 %
	RUSSIA	4.6 %
	SOUTH KOREA	3.0 %
	CANADA	2.9 %
	SOUTH AFRICA	2.8 %

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.
-9.4%	-5.2%	3.7%	--	-3.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.98	30%
MSCI EAFE	1.36	49%
MSCI Emg. Mkts.	1.14	60%

Technical Indicators
Recent close	$27.82
30d moving avg.	$28.72
Annualized volatility	21.5%
Short interest (ETF)	0.0%
Relative strength (RSI)	41

Liquidity measures
Avg. volume (thou.)	93
Turnover	1.1%
Bid/Ask (% of price)	0.26%
ADV underlying (mns)	$4,522

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™:

8.0%

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	21.8	46	-7	6.5	-1.6
GNR	SPDR S&P Global Nat. Resources	20.0	40	-1	6.9	-1.2
GUNR	Flexshares Global Upstream Natural Resources	19.2	46	-7	6.1	-1.9
COPX	Global X Copper Miners	14.8	65	-26	7.3	-0.8
GRES	Index IQ Global Resources	14.5	77	-38	6.8	-1.2
EWA	iShares MSCI Australia	12.4	47	-8	5.1	-3.0
FLAU	Franklin FTSE Australia	12.1	9	30	5.4	-2.6
HAP	VanEck Vectors Hard Asset Producers	11.8	50	-11	6.0	-2.0
XME	SPDR Metals & Mining ETF	9.9	35	4	3.3	-4.7
IVAL	Valueshares Int'l Quantitative Value	9.2	59	-20	10.0	+2.0
FYLD	Cambria Foreign Shareholder	8.7	59	-20	8.4	+0.3
IYM	iShares DJ US Basic Material	8.4	42	-3	7.6	-0.4
BATT	Amplify Advanced Battery Metals & Materials	8.4	72	-33	0.9	-7.1
URA	Global X Uranium	8.4	69	-30	3.2	-4.9
FAUS	First Trust Australia	8.3	80	-41	6.0	-2.1
INTF	iShares FactorSelect MSCI International	8.0	30	9	7.9	-0.2
FLLA	Franklin FTSE Latin America	7.9	19	20	5.8	-2.3
FMAT	Fidelity MSCI Materials	7.7	8	31	7.8	-0.2
VAW	Vanguard Materials	7.7	10	29	7.8	-0.2
FKU	First Trust United Kingdom	7.4	80	-41	8.8	+0.8

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 MSCI Global Select Metals & Mining
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	9.8	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	8.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.71	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.