ETF Research Center

GARP tracks an index composed of U.S. large- and mid-capitalization growth stocks exhibiting favorable value and quality characteristics.

FUND BASICS
Category	US Equities
Fund Sponsor	Blackrock Inc.
Website	www.ishares.com
Inception date	Jan 14, 2020
Assets (mns)	$1,178
Currency	USD
Expense ratio	15 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	130
Wgt avg mkt cap (mns)	$884,941
Large cap (>$10bn)	99.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.6%
Developed mkts	99.5%
Emerging mkts	0.6%

TOP TEN HOLDINGS
Total	44.9 %
LAM RESEARCH CORP	5.9 %
BROADCOM INC.	5.2 %
APPLE INC	5.2 %
NVIDIA CORP	4.7 %
ADOBE SYSTEMS INC	4.7 %
MICROSOFT CORP	4.6 %
META PLATFORMS INC	4.3 %
ALPHABET INC. CLASS A	4.3 %
VISA INC. CLASS A	3.6 %
ARISTA NETWORKS, INC.	2.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.3 %
	ARGENTINA	1.7 %
	IRELAND	0.3 %
	BERMUDA	0.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 01)
Year-to-date	1 year	5 years	10 years	Since Incep.
--	--	--	--	0.0%

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

Technical Indicators
Recent close	$68.70
30d moving avg.	$66.04
Annualized volatility	0.0%
Short interest (ETF)	0.3%
Short interest (Underlying)	2.4%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	323
Turnover	1.9%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$150,868

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 32 potential alternatives to the iShares MSCI USA Quality GARP ETF ETF based on the alternatives' overlap in portfolio holdings with GARP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

GARP

Expense:

15 bp

ALTAR Score™:

4.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GARP
Ticker	Fund Name	Overlap¹ vs GARP (%)	Expense ratio (bp)	Savings vs GARP (bp)	ALTAR Score™ (%)	ALTAR vs GARP (%)
QYLD	Global X NASDAQ 100 Covered Call ETF	44.6	60	-45	3.8	-0.4
MMLG	First Trust Multi-Manager Large Growth ETF	44.5	85	-70	1.6	-2.5
QRMI	Global X NASDAQ 100 Risk Managed Income ETF	44.5	60	-45	4.0	-0.1
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	44.2	60	-45	3.7	-0.5
QTR	Global X NASDAQ 100 Tail Risk ETF	43.9	26	-11	3.9	-0.3
QCLR	Global X NASDAQ 100 Collar 95-110 ETF	43.9	25	-10	4.0	-0.1
NUSI	Nationwide Nasdaq-100 Risk-Managed Income ETF	42.5	68	-53	3.7	-0.5
XRMI	Global X S&P 500 Risk Managed Income ETF	41.4	60	-45	4.8	+0.7
XYLD	Global X S&P 500 Covered Call ETF	41.3	60	-45	4.7	+0.5
XYLG	Global X S&P 500 Covered Call & Growth ETF	41.0	60	-45	4.5	+0.3
XTR	Global X S&P 500 Tail Risk ETF	40.6	26	-11	4.6	+0.5
XCLR	Global X S&P 500 Collar 95-110 ETF	40.5	25	-10	4.7	+0.6
PBP	Invesco S&P 500 BuyWrite ETF	40.1	49	-34	4.7	+0.6
JEPQ	J.P. Morgan Nasdaq Equity Premium Income ETF	38.5	35	-20	4.0	-0.1
SFLR	Innovator Equity Managed Floor ETF	38.5	89	-74	3.7	-0.5
EFIV	SPDR S&P 500 ESG ETF	37.5	10	5	4.9	+0.8
FTQI	First Trust Nasdaq BuyWrite Income ETF	37.1	75	-60	3.7	-0.4
ACIO	Aptus Collared Investment Opportunity ETF	34.3	79	-64	4.1	-0.1
FTHI	First Trust BuyWrite Income ETF	33.5	75	-60	4.4	+0.3
TYLG	Global X Information Technology Covered Call & Growth ETF	29.3	60	-45	3.9	-0.3
QQQA	ProShares Nasdaq-100 Dorsey Wright Momentum ETF	28.8	58	-43	2.0	-2.1
THNQ	ROBO Global Artificial Intelligence ETF	26.9	68	-53	2.0	-2.1
XVOL	Acruence Active Hedge U.S. Equity ETF	23.0	83	-68	3.0	-1.1
CCOR	Core Alternative ETF	21.6	107	-92	5.8	+1.7
DIVO	Amplify CWP Enhanced Dividend Income ETF	18.7	55	-40	4.8	+0.7
DJIA	Global X Dow 30 Covered Call ETF	17.1	60	-45	5.3	+1.2
DYLG	Global X Dow 30 Covered Call & Growth ETF	17.0	60	-45	5.1	+1.0
SIXH	ETC 6 Meridian Hedged Equity Index Option ETF	15.0	82	-67	7.2	+3.1
QUSA	VistaShares Target 15 USA Quality Income ETF	10.8	95	-80	0.0	-4.1
LCG	Sterling Capital Focus Equity ETF	9.4	59	-44	3.0	-1.1
IDVO	Amplify International Enhanced Dividend Income ETF	0.8	65	-50	4.4	+0.3
KNG	FT Vest S&P 500 Dividend Aristocrats Target Income ETF	0.7	75	-60	6.1	+2.0

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
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 Quality GARP ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	27.2	%
Divided by: Fwd. P/BV	6.4	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	4.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.51	CATEGORY AVERAGE	1.59

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.