ETF Research Center

The iShares Evolved U.S. Discretionary Spending ETF is an actively managed, market-cap-weighted fund of large-, mid-, and small-cap US stocks in the discretionary spending sector, according to an alternative classification system defined by machine learni

FUND BASICS
Category	US Equities
Fund Sponsor	BlackRock
Website	www.ishares.com
Inception date	Mar 21, 2018
Assets (mns)	$13
Currency	USD
Expense ratio	18 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	223
Wgt avg mkt cap (mns)	$259,695
Large cap (>$10bn)	86.6%
Mid cap ($2-10bn)	12.1%
Small cap (<$2bn)	1.3%
Developed mkts	99.5%
Emerging mkts	0.5%

TOP TEN HOLDINGS
Total	52.0 %
AMAZON.COM INC	10.7 %
HOME DEPOT INC	8.2 %
WAL-MART STORES INC	6.1 %
COSTCO WHOLESALE CORP	5.0 %
APPLE INC	4.3 %
NIKE INC -CL B	4.3 %
PROCTER & GAMBLE CO/THE	4.0 %
MCDONALD'S CORP	3.7 %
TJX COMPANIES INC	3.0 %
LOWE'S COS INC	2.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.8 %
	ARGENTINA	0.6 %
	CHINA	0.5 %
	BRITAIN	0.2 %
	BERMUDA	0.1 %
	CAYMAN ISLANDS	0.1 %

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.
30.4%	30.4%	--	--	15.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.93	86%
MSCI EAFE	0.90	60%
MSCI Emg. Mkts.	0.57	39%

Technical Indicators
Recent close	$31.87
30d moving avg.	$31.31
Annualized volatility	14.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	9
Turnover	2.3%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$42,762

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IEDI

Expense:

18 bp

ALTAR Score™:

4.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IEDI
Ticker	Fund Name	Overlap¹ vs IEDI (%)	Expense ratio (bp)	Savings vs IEDI (bp)	ALTAR Score™ (%)	ALTAR vs IEDI (%)
VCR	Vanguard Consumer Discretionary	63.2	10	8	5.1	+0.4
FDIS	Fidelity MSCI Consumer Discrettionary	62.8	8	10	5.1	+0.3
IYC	iShares DJ US Consumer Services	59.1	42	-24	4.8	+0.0
XLY	Consumer Discretionary Select Sector SPDR	58.4	13	5	5.3	+0.6
JHMC	John Hancock Multifactor Consumer Discretionary	54.4	40	-22	5.6	+0.8
RTH	VanEck Vectors Retail	48.4	35	-17	5.5	+0.8
RXI	iShares S&P Global Consumer Discretionary	47.1	46	-28	6.4	+1.7
RCD	Invesco S&P Equal Weight Consumer Discretionary	34.1	40	-22	8.2	+3.4
FTXD	First Trust Nasdaq Retail	33.4	60	-42	6.7	+2.0
AMOM	Qraft AI-Enhanced U.S. Large Cap Momentum	29.8	75	-57	3.5	-1.2
MILN	Global X Millennials Thematic	29.3	50	-32	2.7	-2.1
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	27.8	75	-57	4.1	-0.7
PMR	Invesco Dynamic Retail	25.2	63	-45	5.4	+0.6
VIG	Vanguard Dividend Appreciation	23.6	6	12	5.2	+0.4
FLQL	Franklin LibertyQ U.S. Equity	23.1	15	3	6.4	+1.6
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity	23.0	29	-11	6.1	+1.3
XRT	SPDR S&P Retail	22.8	35	-17	8.5	+3.7
DIA	SPDR Dow Jones Industrial Average	22.5	17	1	5.8	+1.0
QARP	Xtrackers Russell 1000 US QARP	22.5	19	-1	6.1	+1.3
MGK	Vanguard Mega Cap 300 Growth	22.4	7	11	4.6	-0.1

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

	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 Evolved U.S. Discretionary Spending
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	28.8	%
Divided by: Fwd. P/BV	5.9	x
Less: Expense ratio	18	bp
Equals: ALTAR Score	4.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.47	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.