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)	$3,010
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	146
Wgt avg mkt cap (mns)	$1,095,370
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	43.1 %
APPLE INC	5.3 %
MICRON TECHNOLOGY INC	5.1 %
KLA CORPORATION	4.7 %
NVIDIA CORP	4.5 %
MICROSOFT CORP	4.4 %
BROADCOM INC.	4.2 %
VISA INC. CLASS A	4.0 %
ELI LILLY & CO	3.9 %
META PLATFORMS INC	3.7 %
FORTINET INC	3.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.4 %
	ARGENTINA	1.6 %
	IRELAND	0.4 %
	AUSTRALIA	0.2 %
	BERMUDA	0.1 %
	BRITAIN	0.1 %
	CAYMAN ISLANDS	0.1 %

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	$84.30
30d moving avg.	$80.96
Annualized volatility	0.0%
Short interest (ETF)	0.2%
Short interest (Underlying)	2.4%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	352
Turnover	1.0%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$150,868

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 26 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™:

3.1%

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 (%)
QRMI	Global X NASDAQ 100 Risk Managed Income ETF	45.5	60	-45	3.6	+0.5
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	45.4	60	-45	3.0	-0.1
QTR	Global X NASDAQ 100 Tail Risk ETF	44.5	26	-11	3.2	+0.1
QCLR	Global X NASDAQ 100 Collar 95-110 ETF	44.2	25	-10	3.7	+0.6
NUSI	Nationwide Nasdaq-100 Risk-Managed Income ETF	43.3	68	-53	3.4	+0.3
PBP	Invesco S&P 500 BuyWrite ETF	43.2	49	-34	4.2	+1.1
XYLD	Global X S&P 500 Covered Call ETF	41.9	60	-45	4.0	+0.9
XRMI	Global X S&P 500 Risk Managed Income ETF	41.8	60	-45	4.3	+1.2
XYLG	Global X S&P 500 Covered Call & Growth ETF	41.7	60	-45	3.8	+0.7
XTR	Global X S&P 500 Tail Risk ETF	41.5	26	-11	4.0	+0.9
XCLR	Global X S&P 500 Collar 95-110 ETF	41.3	25	-10	4.3	+1.2
SFLR	Innovator Equity Managed Floor ETF	40.0	89	-74	3.3	+0.2
JEPQ	J.P. Morgan Nasdaq Equity Premium Income ETF	37.9	35	-20	3.6	+0.5
ACIO	Aptus Collared Investment Opportunity ETF	37.5	79	-64	3.4	+0.3
EFIV	State Street SPDR S&P 500 ESG ETF	31.2	10	5	4.2	+1.1
FTQI	First Trust Nasdaq BuyWrite Income ETF	30.3	75	-60	3.2	+0.1
TYLG	Global X Information Technology Covered Call & Growth ETF	30.0	60	-45	3.1	-0.0
FTHI	First Trust BuyWrite Income ETF	27.5	75	-60	4.7	+1.6
CCOR	Core Alternative ETF	19.3	107	-92	5.1	+2.0
DJIA	Global X Dow 30 Covered Call ETF	19.1	60	-45	4.5	+1.4
DYLG	Global X Dow 30 Covered Call & Growth ETF	19.1	60	-45	4.3	+1.2
THNQ	ROBO Global Artificial Intelligence ETF	18.5	68	-53	1.0	-2.1
DIVO	Amplify CWP Enhanced Dividend Income ETF	16.2	55	-40	4.2	+1.1
SIXH	ETC 6 Meridian Hedged Equity Index Option ETF	15.7	82	-67	5.6	+2.5
QQQA	ProShares Nasdaq-100 Dorsey Wright Momentum ETF	14.1	58	-43	1.1	-2.0
QUSA	VistaShares Target 15 USA Quality Income ETF	12.8	95	-80	0.0	-3.1

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	25.8	%
Divided by: Fwd. P/BV	7.9	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	3.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	CATEGORY AVERAGE	1.58

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.