ETF Research Center

iShares S&P Global Timber & Forestry Index Fund seeks investment results that correspond to the price and yield performance of the S&P Global Timber & Forestry Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Jun 16, 2008
Assets (mns)	$216
Currency	USD
Expense ratio	46 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	25
Wgt avg mkt cap (mns)	$8,743
Large cap (>$10bn)	37.0%
Mid cap ($2-10bn)	52.5%
Small cap (<$2bn)	10.5%
Developed mkts	87.5%
Emerging mkts	12.5%

TOP TEN HOLDINGS
Total	59.7 %
SVENSKA CELLULOSA AB-B SHS	8.6 %
WEYERHAEUSER CO	8.0 %
RAYONIER INC	7.6 %
POTLATCH CORP	7.5 %
WEST FRASER TIMBER CO LTD	6.2 %
KLABIN SA - UNIT	4.8 %
SUZANO PAPEL E CELULOSE SA	4.3 %
SMURFIT KAPPA GROUP PLC	4.3 %
HOLMEN AB-B SHARES	4.3 %
WESTROCK CO.	4.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	35.3 %
	SWEDEN	12.9 %
	JAPAN	11.6 %
	BRAZIL	10.9 %
	CANADA	9.9 %
	FINLAND	9.6 %
	IRELAND	4.3 %
	BRITAIN	4.0 %
	SOUTH AFRICA	1.6 %

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.
-6.8%	-3.3%	4.9%	7.4%	4.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.26	58%
MSCI EAFE	1.45	63%
MSCI Emg. Mkts.	1.05	57%

Technical Indicators
Recent close	$57.96
30d moving avg.	$64.29
Annualized volatility	20.2%
Short interest (ETF)	0.2%
Relative strength (RSI)	36

Liquidity measures
Avg. volume (thou.)	68
Turnover	1.8%
Bid/Ask (% of price)	0.26%
ADV underlying (mns)	$664

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the iShares Global Timber & Forestry ETF ETF based on the alternatives' overlap in portfolio holdings with WOOD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

WOOD

Expense:

46 bp

ALTAR Score™:

10.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH WOOD
Ticker	Fund Name	Overlap¹ vs WOOD (%)	Expense ratio (bp)	Savings vs WOOD (bp)	ALTAR Score™ (%)	ALTAR vs WOOD (%)
CUT	Invesco MSCI Global Timber ETF	49.8	55	-9	9.6	-0.9
GNR	SPDR S&P Global Natural Resources ETF	13.8	40	6	7.5	-3.0
EFNL	iShares MSCI Finland Capped ETF	9.0	53	-7	6.1	-4.4
FTRI	First Trust Indxx Global Natural Resources Income ETF	8.7	70	-24	11.5	+1.0
FXZ	First Trust Materials AlphaDEX Fund	8.0	65	-19	8.4	-2.1
DVP	Deep Value ETF	7.4	59	-13	14.9	+4.4
RDIV	Invesco S&P Ultra Dividend Revenue ETF	7.2	39	7	10.7	+0.2
GRES	IQ Global Resources ETF	7.1	77	-31	7.9	-2.6
RTM	Invesco S&P 500 Equal Weight Materials ETF	6.9	40	6	6.7	-3.8
JHMA	John Hancock Multifactor Materials ETF	5.5	40	6	7.4	-3.1
WBIY	WBI Power Factor High Dividend ETF	5.4	70	-24	12.3	+1.8
GUNR	Flexshares Morningstar Global Upstream Natural Resources	4.8	46	0	6.7	-3.8
QVAL	Alpha Architect U.S. Quantitative Value ETF	4.6	49	-3	12.8	+2.3
IVAL	Alpha Architect International Quantitative Value ETF	4.5	59	-13	11.7	+1.2
PYZ	Invesco DWA Basic Materials Momentum ETF	4.5	60	-14	5.7	-4.8
MXI	iShares Global Materials ETF	4.4	46	0	7.0	-3.5
EIRL	iShares MSCI Ireland Capped ETF	4.3	49	-3	7.2	-3.3
SPHD	Invesco S&P 500 High Dividend Low Volatility ETF	4.2	30	16	8.8	-1.7
GBDV	Global Beta Smart Income ETF	4.0	29	17	11.9	+1.4

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

	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 Global Timber & Forestry ETF
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	9.1	%
Divided by: Fwd. P/BV	0.8	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	10.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	CATEGORY AVERAGE	1.56

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.