ETF Research Center

The iShares Goldman Sachs Semiconductor Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of U.S.-traded semiconductor stocks as represented by the Goldman Sachs Technology Industry Semiconductor Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Jul 13, 2001
Assets (mns)	$2,523
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)	$98,551
Large cap (>$10bn)	94.0%
Mid cap ($2-10bn)	6.0%
Small cap (<$2bn)	0.0%
Developed mkts	95.9%
Emerging mkts	4.1%

TOP TEN HOLDINGS
Total	59.8 %
NVIDIA CORP	8.2 %
QUALCOMM INC	8.2 %
TEXAS INSTRUMENTS INC	7.8 %
INTEL CORP	7.3 %
BROADCOM INC.	7.0 %
ADVANCED MICRO DEVICES	4.7 %
MICRON TECHNOLOGY INC	4.3 %
LAM RESEARCH CORP	4.1 %
NXP SEMICONDUCTORS NV	4.1 %
TAIWAN SEMICONDUCTOR-SP ADR	4.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	86.1 %
	NETHERLANDS	7.1 %
	TAIWAN	4.0 %
	BERMUDA	2.6 %

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.
62.4%	62.4%	23.5%	19.2%	7.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.48	63%
MSCI EAFE	1.44	49%
MSCI Emg. Mkts.	1.07	47%

Technical Indicators
Recent close	$260.12
30d moving avg.	$248.03
Annualized volatility	22.5%
Short interest (ETF)	18.5%
Short interest (Underlying)	4.1%
Relative strength (RSI)	75

Liquidity measures
Avg. volume (thou.)	400
Turnover	4.1%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$12,278

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares PHLX SOX Semiconductor 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™:

5.4%

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 Semiconductors	77.2	35	11	5.8	+0.3
FTXL	First Trust Nasdaq Semiconductor	59.0	60	-14	5.3	-0.1
PSI	Invesco Dynamic Semiconductors	54.4	58	-12	5.3	-0.1
XSD	SPDR S&P Semiconductors	45.0	35	11	4.1	-1.4
QTEC	First Trust NASDAQ 100 Tech	41.7	57	-11	5.2	-0.3
XNTK	SPDR NYSE Technology	36.1	35	11	4.8	-0.7
JHMT	John Hancock Multifactor Technology	30.7	40	6	5.5	+0.1
BUL	Pacer US Cash Cows Growth	29.9	60	-14	6.5	+1.1
TDIV	First Trust NASDAQ Technology Dividend	27.7	50	-4	6.2	+0.8
FIVG	Defiance Next Gen Connectivity ETF	25.4	30	16	5.1	-0.3
DRIV	Global X Autonomous & Electric Vehicles	24.5	68	-22	6.8	+1.4
TDV	ProShares S&P Technology Dividend Aristocrats	23.7	45	1	4.9	-0.5
QTUM	Defiance Quantum	23.6	40	6	5.4	0.0
IDRV	iShares Self-driving EV & Tech	23.4	47	-1	8.2	+2.8
RYT	Invesco S&P Equal Weight Technology	23.0	40	6	6.0	+0.6
KARS	KraneShares Electric Vehicles & Future Mobility Index	21.2	70	-24	5.9	+0.5
FXL	First Trust Technology Alphadex	20.4	63	-17	5.2	-0.3
PTF	Invesco DWA Technology Momentum	20.3	60	-14	2.1	-3.3
IYW	iShares US Technology	18.5	42	4	4.7	-0.8
XLK	Technology Select Sector SPDR	17.7	13	33	5.0	-0.4

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 PHLX SOX Semiconductor
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	27.4	%
Divided by: Fwd. P/BV	4.6	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	5.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	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.