ETF Research Center

The iShares Focused Value Factor ETF seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with prominent value characteristics.

FUND BASICS
Category	US Equities
Fund Sponsor	BlackRock
Website	www.ishares.com
Inception date	Mar 19, 2019
Assets (mns)	$30
Currency	USD
Expense ratio	25 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Equal
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	40
Wgt avg mkt cap (mns)	$20,382
Large cap (>$10bn)	42.3%
Mid cap ($2-10bn)	57.8%
Small cap (<$2bn)	0.0%
Developed mkts	97.6%
Emerging mkts	2.4%

TOP TEN HOLDINGS
Total	27.2 %
LEGG MASON INC	2.9 %
CNA FINANCIAL CORP	2.9 %
MERCURY GENERAL CORP	2.7 %
SIGNATURE BANK	2.7 %
UIL HOLDINGS CORP	2.7 %
KINDER MORGAN INC	2.7 %
CIT GROUP INC	2.7 %
LOEWS CORP	2.7 %
AMERICAN FINANCIAL GROUP INC	2.6 %
METLIFE INC	2.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.7 %
	PANAMA	2.6 %
	PUERTO RICO	2.4 %

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.
-5.5%	--	--	--	1.3%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$49.71
30d moving avg.	$49.93
Annualized volatility	0.0%
Short interest (ETF)	0.1%
Relative strength (RSI)	45

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$3,872

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

FOVL

Expense:

25 bp

ALTAR Score™:

8.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FOVL
Ticker	Fund Name	Overlap¹ vs FOVL (%)	Expense ratio (bp)	Savings vs FOVL (bp)	ALTAR Score™ (%)	ALTAR vs FOVL (%)
KBE	KBW Bank ETF	20.0	35	-10	8.5	-0.1
KRE	SPDR KBW Regional Banking	19.9	35	-10	8.4	-0.2
FTXO	First Trust Nasdaq Bank	17.7	60	-35	8.2	-0.4
KBWR	Invesco KBW Regional Bank	16.5	35	-10	8.5	-0.1
SPVU	Invesco S&P 500 Value	16.3	13	12	10.6	+1.9
RPV	Invesco S&P 500 Pure Value ETF	14.3	35	-10	10.6	+2.0
IAT	iShares DJ US Regional Banks	13.6	42	-17	7.8	-0.9
FXO	First Trust Financial Alphadex	13.3	63	-38	7.8	-0.9
FLAG	Forensic Accounting	12.1	152	-127	8.2	-0.4
KIE	SPDR S&P Insurance	11.4	35	-10	6.9	-1.8
STLV	iShares Factors US Value Style	11.1	25	0	7.0	-1.6
FTA	First Trust Large Cap Value	10.4	62	-37	8.2	-0.4
SPVM	Invesco S&P 500 Value with Momentum	10.3	39	-14	8.2	-0.4
RYF	Invesco S&P Equal Weight Financials	10.1	40	-15	7.3	-1.4
CLRG	IQ Chaikin U.S. Large Cap	10.1	25	0	8.0	-0.6
RDIV	Invesco S&P Ultra Dividend Revenue ETF	10.0	39	-14	9.9	+1.3
DVLU	First Trust Dorsey Wright Momentum & Value	9.9	60	-35	8.3	-0.3
KBWB	Invesco KBW Bank Portfolio	9.9	35	-10	8.1	-0.5
VDE	Vanguard Energy	9.8	10	15	4.5	-4.2
JHME	John Hancock Multifactor Energy	9.8	40	-15	4.0	-4.6

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 Focused Value Factor
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	10.0	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	8.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	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.