ETF Research Center

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

FUND BASICS
Category	Global Equities
Fund Sponsor	BlackRock Funds/USA
Website	www.ishares.com
Inception date	Feb 02, 2012
Assets (mns)	$302
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	36
Wgt avg mkt cap (mns)	$11,552
Large cap (>$10bn)	48.0%
Mid cap ($2-10bn)	34.3%
Small cap (<$2bn)	17.8%
Developed mkts	81.8%
Emerging mkts	18.2%

TOP TEN HOLDINGS
Total	70.5 %
NEWMONT MINING CORP	17.8 %
BARRICK GOLD CORP	17.0 %
NEWCREST MINING LIMITED	8.9 %
KIRKLAND LAKE GOLD LTD.	4.9 %
AGNICO-EAGLE MINES LTD	4.8 %
ANGLOGOLD ASHANTI LTD	4.6 %
KINROSS GOLD CORP	3.7 %
SIBANYE GOLD LTD	3.3 %
GOLD FIELDS LTD	3.2 %
YAMANA GOLD INC	2.4 %

TOP COUNTRY EXPOSURE
	CANADA	49.0 %
	UNITED STATES	19.3 %
	SOUTH AFRICA	12.5 %
	AUSTRALIA	11.4 %
	BRITAIN	2.5 %
	RUSSIA	2.2 %
	PERU	2.2 %
	TURKEY	0.8 %

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.
42.8%	59.6%	10.9%	--	-8.8%

Market Correlations
versus...	Beta	R-squared
S&P500	-0.15	1%
MSCI EAFE	0.44	3%
MSCI Emg. Mkts.	0.59	10%

Technical Indicators
Recent close	$21.47
30d moving avg.	$22.05
Annualized volatility	26.9%
Short interest (ETF)	0.3%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	188
Turnover	1.3%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$999

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

RING

Expense:

39 bp

ALTAR Score™:

3.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH RING
Ticker	Fund Name	Overlap¹ vs RING (%)	Expense ratio (bp)	Savings vs RING (bp)	ALTAR Score™ (%)	ALTAR vs RING (%)
GDX	VanEck Vectors Gold Miners ETF	59.4	52	-13	2.5	-0.5
SGDM	Sprott Gold Miners	50.6	50	-11	2.9	-0.1
GDXJ	VanEck Vectors Jr. Gold Miners	31.5	53	-14	2.5	-0.5
GOEX	Global X Gold Explorers	22.9	65	-26	2.5	-0.5
NANR	SPDR S&P N. American Nat. Resources	18.4	35	4	4.1	+1.2
GOAU	U.S. Global GO GOLD and Precious Metal Miners	10.7	60	-21	3.8	+0.8
SGDJ	ALPS Sprott Junior Gold Miners	9.1	50	-11	2.2	-0.8
SLVP	iShares MSCI Global Silver Miners	7.5	39	0	0.6	-2.3
SIL	Global X Silver Miners ETF	7.4	65	-26	2.0	-1.0
GUNR	Flexshares Global Upstream Natural Resources	7.0	46	-7	5.7	+2.7
FLZA	Franklin FTSE South Africa	6.2	19	20	9.3	+6.3
XME	SPDR Metals & Mining ETF	5.8	35	4	2.6	-0.3
GRES	Index IQ Global Resources	5.7	77	-38	6.1	+3.2
SILJ	ETFMG Prime Junior Silver	5.4	69	-30	-0.7	-3.7
MXI	iShares S&P Global Materials	5.3	46	-7	6.8	+3.9
EZA	iShares MSCI South Africa	5.1	59	-20	9.7	+6.7
URA	Global X Uranium	5.0	69	-30	1.6	-1.4
IYM	iShares DJ US Basic Material	4.7	42	-3	8.5	+5.6
HAP	VanEck Vectors Hard Asset Producers	4.4	50	-11	5.9	+2.9
FCAN	First Trust Canada	4.3	80	-41	5.1	+2.1

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

	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 Gold Miners
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	4.5	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	3.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	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.