ETF Research Center

iShares Exponential Technologies ETF holds companies from developed and emerging market countries that create or use exponential technologies as defined by Morningstar.

FUND BASICS
Category	Global Equities
Fund Sponsor	BlackRock
Website	www.ishares.com
Inception date	Mar 23, 2015
Assets (mns)	$2,628
Currency	USD
Expense ratio	47 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian
Weighting	Equal
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	200
Wgt avg mkt cap (mns)	$89,637
Large cap (>$10bn)	83.9%
Mid cap ($2-10bn)	15.8%
Small cap (<$2bn)	0.3%
Developed mkts	92.7%
Emerging mkts	7.3%

TOP TEN HOLDINGS
Total	8.2 %
ASM INTERNATIONAL N.V.	1.1 %
LAM RESEARCH CORP	0.8 %
AMS AG	0.8 %
KLA-TENCOR CORPORATION	0.8 %
MEDIATEK INC	0.8 %
GENERAL ELECTRIC CO	0.8 %
CYPRESS SEMICONDUCTOR CORP	0.8 %
ADVANCED MICRO DEVICES	0.8 %
MARVELL TECHNOLOGY GROUP LTD	0.8 %
SEATTLE GENETICS INC	0.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	53.7 %
	JAPAN	6.1 %
	GERMANY	4.3 %
	SWITZERLAND	4.2 %
	CHINA	3.5 %
	FRANCE	3.2 %
	NETHERLANDS	3.2 %
	BRITAIN	3.0 %
	DENMARK	2.6 %
	IRELAND	2.6 %

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.
21.3%	15.4%	--	--	11.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.06	90%
MSCI EAFE	1.03	72%
MSCI Emg. Mkts.	0.75	63%

Technical Indicators
Recent close	$40.81
30d moving avg.	$39.56
Annualized volatility	13.5%
Short interest (ETF)	0.0%
Relative strength (RSI)	73

Liquidity measures
Avg. volume (thou.)	93
Turnover	0.1%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$69,238

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

XT

Expense:

47 bp

ALTAR Score™:

5.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XT
Ticker	Fund Name	Overlap¹ vs XT (%)	Expense ratio (bp)	Savings vs XT (bp)	ALTAR Score™ (%)	ALTAR vs XT (%)
SPXE	ProShares S&P 500 Ex-Energy	24.6	27	20	5.9	+0.5
SPXN	ProShares S&P 500 Ex-Financials	24.5	27	20	5.9	+0.6
MGC	Vanguard Mega Cap 300 ETF	24.5	7	40	5.9	+0.5
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	24.4	20	27	6.0	+0.6
PBP	Invesco S&P 500 Buy/Write	24.4	49	-2	5.6	+0.2
IWL	iShares Russell Top 200	24.3	15	32	5.7	+0.3
SFY	SoFi Select 500	24.3	0	47	5.7	+0.3
BBUS	JP Morgan Betabuilders U.S. Equity	24.3	2	45	5.9	+0.5
CRBN	iShares MSCI ACWI Low Carbon	24.2	20	27	6.5	+1.1
PBUS	Invesco PureBeta MSCI USA	24.2	4	43	6.0	+0.7
LOWC	SPDR MSCI ACWI Low Carbon Target	24.2	20	27	6.5	+1.1
VV	Vanguard Large-Cap ETF	24.2	4	43	5.9	+0.5
HSPX	Global X S&P 500 Covered Call	24.2	65	-18	5.4	+0.1
ACWI	iShares MSCI ACWI	24.1	31	16	6.3	+0.9
TOK	iShares MSCI Kokusai	24.0	25	22	6.0	+0.6
SPY	S&P 500 SPDR	24.0	9	38	5.9	+0.6
VOO	Vanguard S&P 500 ETF	24.0	3	44	6.0	+0.6
IVV	iShares Core S&P 500	24.0	4	43	6.0	+0.6
ESGU	iShares MSCI USA ESG Optimized	23.9	15	32	5.6	+0.3
SCHX	Schwab U.S. Large-Cap	23.8	3	44	5.9	+0.5

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 Exponential Technologies
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	15.8	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	47	bp
Equals: ALTAR Score	5.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	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.