ETF Research Center

The iShares PHLX Semiconductor ETF seeks to track the investment results of an index composed of U.S. equities in the semiconductor sector.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Jul 10, 2001
Assets (mns)	$5,218
Currency	USD
Expense ratio	46 bp
Distributions	Quarterly

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	30
Wgt avg mkt cap (mns)	$136,779
Large cap (>$10bn)	96.4%
Mid cap ($2-10bn)	3.6%
Small cap (<$2bn)	0.0%
Developed mkts	95.7%
Emerging mkts	4.3%

TOP TEN HOLDINGS
Total	60.3 %
INTEL CORP	8.5 %
BROADCOM INC.	7.9 %
QUALCOMM INC	7.6 %
TEXAS INSTRUMENTS INC	7.5 %
NVIDIA CORP	6.8 %
TAIWAN SEMICONDUCTOR-SP ADR	4.6 %
MICRON TECHNOLOGY INC	4.5 %
APPLIED MATERIALS INC	4.5 %
LAM RESEARCH CORP	4.3 %
KLA-TENCOR CORPORATION	4.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	84.7 %
	NETHERLANDS	7.4 %
	TAIWAN	4.6 %
	BERMUDA	3.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
52.7%	52.7%	35.0%	22.6%	9.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.23	75%
MSCI EAFE	1.15	65%
MSCI Emg. Mkts.	1.01	64%

Technical Indicators
Recent close	$406.07
30d moving avg.	$382.26
Annualized volatility	26.6%
Short interest (ETF)	10.2%
Short interest (Underlying)	4.1%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	522
Turnover	4.1%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$20,921

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the iShares PHLX Semiconductor ETF ETF based on the alternatives' overlap in portfolio holdings with SOXX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SOXX

Expense:

46 bp

ALTAR Score™:

4.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SOXX
Ticker	Fund Name	Overlap¹ vs SOXX (%)	Expense ratio (bp)	Savings vs SOXX (bp)	ALTAR Score™ (%)	ALTAR vs SOXX (%)
SMH	VanEck Vectors Semiconductor ETF	76.6	35	11	4.2	-0.2
FTXL	First Trust Nasdaq Semiconductor ETF	59.3	60	-14	3.7	-0.7
PSI	Invesco Dynamic Semiconductors ETF	49.8	57	-11	3.8	-0.6
QTEC	First Trust NASDAQ-100 Technology Sector Index Fund	44.2	57	-11	3.6	-0.8
XSD	SPDR S&P Semiconductor ETF	42.8	35	11	3.3	-1.1
TDIV	First Trust NASDAQ Technology Dividend Index Fund	33.0	50	-4	5.9	+1.5
JHMT	John Hancock Multifactor Technology ETF	32.3	40	6	4.1	-0.3
XNTK	SPDR NYSE Technology ETF	29.8	35	11	2.8	-1.6
FIVG	Defiance Next Gen Connectivity ETF	26.6	30	16	4.2	-0.2
QTUM	Defiance Quantum ETF	26.4	40	6	4.4	+0.0
TDV	ProShares S&P Technology Dividend Aristocrats ETF	24.0	46	0	4.3	-0.1
RYT	Invesco S&P 500 Equal Weight Technology ETF	22.6	40	6	5.8	+1.4
FXL	First Trust Technology AlphaDEX Fund	22.3	61	-15	3.5	-0.9
WUGI	Esoterica NextG Economy ETF	22.0	75	-29	1.2	-3.2
KOIN	Innovation Shares NextGen Protocol ETF	21.3	95	-49	3.9	-0.5
IDRV	iShares Self-driving EV & Tech ETF	20.8	47	-1	5.5	+1.1
XLK	Technology Select Sector SPDR Fund	20.0	13	33	4.4	0.0
IYW	iShares U.S. Technology ETF	19.7	43	3	3.6	-0.8
FFTY	Innovator IBD 50 ETF	18.7	80	-34	4.2	-0.2
NXTG	First Trust Indxx NextG ETF	18.3	70	-24	5.2	+0.8
FTEC	Fidelity MSCI Information Technology Index ETF	18.1	8	38	4.1	-0.3
QQQE	Direxion NASDAQ-100 Equal Weighted Index Shares	18.0	35	11	4.4	+0.0
QQEW	First Trust Nasdaq-100 Equal Weighted Index Fund	17.8	59	-13	4.1	-0.3
VGT	Vanguard Information Technology Index Fund	17.8	10	36	4.1	-0.3
VLUE	iShares MSCI USA Value Factor ETF	17.3	15	31	9.8	+5.4
MOTO	SmartETFs Smart Transportation & Technology ETF	17.2	68	-22	5.4	+1.0
KARS	KraneShares Electric Vehicles & Future Mobility Index ETF	16.0	70	-24	2.6	-1.8
AIQ	Global X Future Analytics Tech ETF	15.7	68	-22	3.6	-0.8
IGM	iShares Expanded Tech Sector ETF	15.1	46	0	3.4	-1.0
IXN	iShares Global Tech ETF	15.0	46	0	3.9	-0.5
RNLC	Large Cap US Equity Select ETF	14.9	60	-14	5.3	+0.9
QYLD	Global X NASDAQ 100 Covered Call ETF	14.9	60	-14	3.2	-1.2
QGRO	American Century STOXX U.S. Quality Growth ETF	14.8	29	17	3.7	-0.7
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	14.8	60	-14	3.2	-1.2
LEAD	Reality Shares DIVCON Leaders Dividend ETF	14.8	43	3	4.9	+0.5
QQQM	Invesco NASDAQ 100 ETF	14.7	15	31	3.7	-0.7
QQQ	Invesco QQQ Trust	14.7	20	26	3.6	-0.8
NUSI	Nationwide Risk-Managed Income ETF	14.5	68	-22	3.1	-1.3
IQM	Franklin Intelligent Machines ETF	14.4	50	-4	1.4	-3.0
RPG	Invesco S&P 500 Pure Growth ETF	13.9	35	11	2.8	-1.6
BUL	Pacer US Cash Cows Growth ETF	13.8	60	-14	4.4	+0.0
TECB	iShares US Tech Breakthrough Multisector ETF	13.7	40	6	3.6	-0.8
DRIV	Global X Autonomous & Electric Vehicles ETF	13.7	68	-22	4.1	-0.3
DFND	Reality Shares DIVCON Dividend Defender ETF	13.3	144	-98	4.0	-0.4
SPHQ	Invesco S&P 500 Quality ETF	13.0	15	31	4.5	+0.1
PEXL	Pacer US Export Leaders ETF	12.7	60	-14	4.7	+0.3
SPQQ	Siren Large Cap Blend Index ETF	12.4	20	26	4.3	-0.1
VEGN	US Vegan Climate ETF	11.7	60	-14	4.1	-0.3
EKAR	Innovation Shares NextGen Vehicles & Technology ETF	11.6	95	-49	5.2	+0.8
SPMO	Invesco S&P 500 Momentum ETF	11.4	13	33	4.0	-0.4
SLT	Pacer Salt High TruBeta US Market ETF	11.4	60	-14	4.6	+0.2
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	11.2	75	-29	2.1	-2.3
LEGR	First Trust Indxx Innovative Transaction & Process ETF	10.9	65	-19	8.3	+3.9
BIBL	Inspire ETF	10.8	35	11	4.4	+0.0
DSTL	Distillate US Fundamental Stability & Value ETF	10.8	39	7	5.7	+1.3
BLCN	Reality Shares Nasdaq NextGen Economy ETF	10.6	68	-22	5.0	+0.6
IETC	iShares Evolved U.S. Technology ETF	10.5	18	28	3.6	-0.8
DFNV	TrimTabs Donoghue Forlines Risk Managed Innovation ETF	10.4	69	-23	4.1	-0.3
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	10.3	15	31	5.8	+1.4
RDVY	First Trust Rising Dividend Achievers ETF	10.2	50	-4	6.4	+2.0
ESPO	VanEck Vectors Video Gaming & eSports ETF	10.2	55	-9	3.2	-1.2
ARKQ	Ark Industrial Innovation ETF	10.2	75	-29	0.3	-4.1
CACG	ClearBridge All Cap Growth ETF	10.2	54	-8	3.8	-0.6
JVAL	JPMorgan U.S. Value Factor ETF	10.1	12	34	7.2	+2.8
LRNZ	TrueMark Technology, AI & Deep Learning ETF	10.0	68	-22	-0.3	-4.7
FTC	First Trust Large Cap Growth AlphaDEX Fund	10.0	61	-15	2.3	-2.1
LRGE	ClearBridge Large Cap Growth ESG ETF	9.8	59	-13	3.4	-1.0
VPN	Global X Data Center REITs & Digital Infrastructure ETF	9.7	50	-4	4.6	+0.3
XT	iShares Exponential Technologies ETF	9.7	47	-1	4.6	+0.2
PWB	Invesco Dynamic Large Cap Growth ETF	9.7	56	-10	2.2	-2.2
RNDV	US Equity Dividend Select ETF	9.7	50	-4	7.4	+3.0
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	9.6	21	25	3.0	-1.4
SNSR	Global X Internet of Things Thematic ETF	9.4	68	-22	4.0	-0.4
HIPR	Direxion High Growth ETF	9.3	40	6	4.0	-0.4
MTUM	iShares MSCI USA Momentum Factor ETF	9.3	15	31	2.3	-2.1
BOUT	Innovator IBD Breakout Opportunities ETF	9.2	84	-38	2.7	-1.7
AIEQ	AI Powered Equity ETF	9.1	87	-41	1.9	-2.5
BTEK	BlackRock Future Tech ETF	9.1	88	-42	-0.1	-4.5
THNQ	ROBO Global Artificial Intelligence ETF	8.8	68	-22	1.3	-3.1
DWEQ	AdvisorShares Dorsey Wright Alpha Equal Weight ETF	8.7	103	-57	1.7	-2.7
FLQL	Franklin LibertyQ U.S. Equity ETF	8.6	15	31	6.0	+1.6
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	8.6	19	27	5.4	+1.0
HLAL	Wahed FTSE USA Shariah ETF	8.6	50	-4	3.9	-0.5
JMOM	JPMorgan U.S. Momentum Factor ETF	8.6	12	34	3.0	-1.4
ETHO	Etho Climate Leadership U.S. ETF	8.5	47	-1	3.7	-0.7
HAIL	SPDR S&P Kensho Smart Mobility ETF	8.5	45	1	4.4	+0.1
ACWF	iShares MSCI Global Multifactor ETF	8.5	35	11	6.9	+2.5
AMOM	Qraft AI-Enhanced U.S. Large Cap Momentum ETF	8.5	75	-29	3.0	-1.4
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	8.5	49	-3	3.5	-0.9
JOET	Virtus Terranova US Quality Momentum ETF	8.4	29	17	4.7	+0.3
VOOG	Vanguard S&P 500 Growth ETF	8.4	10	36	4.1	-0.3
SYG	SPDR MFS Systematic Growth Equity ETF	8.2	60	-14	3.6	-0.8
LRGF	iShares Edge MSCI Multifactor USA ETF	8.1	20	26	6.2	+1.8
SCHD	Schwab U.S. Dividend Equity ETF	8.0	6	40	7.1	+2.8
SPMV	Invesco S&P 500 Minimum Variance ETF	8.0	10	36	5.5	+1.1
VNSE	Natixis Vaughan Nelson Select ETF	7.9	85	-39	2.7	-1.7
ESGV	Vanguard ESG U.S. Stock ETF	7.9	12	34	4.6	+0.2
MOAT	VanEck Vectors Morningstar Wide Moat ETF	7.8	48	-2	6.2	+1.9

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 PHLX Semiconductor ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	26.9	%
Divided by: Fwd. P/BV	5.6	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	4.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	CATEGORY AVERAGE	1.49

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.