ETF Research Center

The iShares MSCI USA Equal Weighted ETF seeks to track the investment results of an index composed of equal weighted U.S. equities.

FUND BASICS
Category	US Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	May 07, 2010
Assets (mns)	$374
Currency	USD
Expense ratio	15 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Equal
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	638
Wgt avg mkt cap (mns)	$50,153
Large cap (>$10bn)	80.9%
Mid cap ($2-10bn)	19.1%
Small cap (<$2bn)	0.0%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	2.3 %
CBS CORP-CLASS B NON VOTING	0.3 %
BB&T CORP	0.3 %
BRISTOL-MYERS SQUIBB CO	0.3 %
TESLA MOTORS INC	0.2 %
GRUBHUB INC	0.2 %
APACHE CORP	0.2 %
WESTERN DIGITAL CORP	0.2 %
UBER TECHNOLOGIES, INC.	0.2 %
SPLUNK INC	0.2 %
SNAP, INC. CLASS A	0.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.2 %
	IRELAND	1.9 %
	BRITAIN	1.9 %
	BERMUDA	0.8 %
	SWITZERLAND	0.5 %
	ARGENTINA	0.2 %
	SINGAPORE	0.2 %
	CANADA	0.2 %

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.
30.5%	30.5%	9.5%	--	14.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.07	94%
MSCI EAFE	1.00	68%
MSCI Emg. Mkts.	0.66	51%

Technical Indicators
Recent close	$65.58
30d moving avg.	$63.61
Annualized volatility	13.4%
Short interest (ETF)	0.1%
Short interest (Underlying)	4.3%
Relative strength (RSI)	81

Liquidity measures
Avg. volume (thou.)	19
Turnover	0.3%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$158,909

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EUSA

Expense:

15 bp

ALTAR Score™:

5.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EUSA
Ticker	Fund Name	Overlap¹ vs EUSA (%)	Expense ratio (bp)	Savings vs EUSA (bp)	ALTAR Score™ (%)	ALTAR vs EUSA (%)
SIZE	iShares MSCI USA Size Factor	98.2	15	0	5.8	+0.0
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity	77.8	9	6	5.7	-0.1
RSP	Invesco S&P 500 Equal Weight	77.0	20	-5	6.3	+0.5
USEQ	Invesco Russell 1000 Enhanced Equal Weight	68.4	29	-14	6.3	+0.5
CFA	Compass EMP US 500 Volatility Weighted	64.4	35	-20	5.8	-0.1
CFO	Victory CEMP US 500 Enhanced Volatility Wtd	64.4	35	-20	5.8	-0.1
JHML	John Hancock Multifactor Large Cap	64.3	34	-19	5.6	-0.2
RNLC	Large Cap US Equity Select	58.4	60	-45	5.9	+0.1
IWR	iShares Russell Midcap	57.4	19	-4	5.5	-0.3
RVRS	Reverse Cap Weighted US Large Cap	56.9	29	-14	7.2	+1.4
EQAL	Invesco Russel 1000 Equal Weight	56.4	20	-5	5.5	-0.3
DEUS	Xtrackers Russell 1000 Comprehensive Factor	54.7	17	-2	6.4	+0.6
SCIU	Global X Scientific Beta US	54.7	19	-4	5.5	-0.3
ONEO	SPDR Russell 1000 Momentum Focus	54.6	20	-5	6.6	+0.8
JHMM	John Hancock Multifactor Mid Cap	53.7	44	-29	5.5	-0.3
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity	53.6	9	6	5.7	-0.1
FEX	First Trust Large Cap Core Alphadex	53.3	61	-46	6.0	+0.2
PBUS	Invesco PureBeta MSCI USA	51.2	4	11	5.6	-0.2
SCHX	Schwab U.S. Large-Cap	50.4	3	12	5.4	-0.4
DYNF	BlackRock U.S. Equity Factor Rotation	50.2	30	-15	6.2	+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 MSCI USA Equal Weight
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	14.9	%
Divided by: Fwd. P/BV	2.5	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	5.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	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.