ETF Research Center

The iShares Evolved US Technology ETF is an actively managed, market-cap-weighted fund of large-, mid-, and small-cap US stocks in the technology sector, according to an alternative classification system defined by machine learning algorithms.

FUND BASICS
Category	US Equities
Fund Sponsor	BlackRock
Website	www.ishares.com
Inception date	Mar 21, 2018
Assets (mns)	$17
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	221
Wgt avg mkt cap (mns)	$563,383
Large cap (>$10bn)	95.5%
Mid cap ($2-10bn)	4.5%
Small cap (<$2bn)	0.1%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	57.6 %
MICROSOFT CORP	16.2 %
APPLE INC	10.5 %
AMAZON.COM INC	6.3 %
FACEBOOK	5.6 %
ALPHABET INC. CLASS C	4.7 %
ALPHABET INC. CLASS A	4.6 %
VISA INC-CLASS A SHARES	3.0 %
CISCO SYSTEMS INC	2.5 %
MASTERCARD INC-CLASS A	2.3 %
ORACLE CORP	1.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.7 %
	IRELAND	1.5 %
	BRITAIN	0.6 %
	BERMUDA	0.3 %
	ARGENTINA	0.2 %
	SWITZERLAND	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
38.3%	26.6%	--	--	20.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.19	89%
MSCI EAFE	1.14	59%
MSCI Emg. Mkts.	0.82	45%

Technical Indicators
Recent close	$31.56
30d moving avg.	$30.89
Annualized volatility	19.3%
Short interest (ETF)	0.0%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.7%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$68,250

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IETC

Expense:

18 bp

ALTAR Score™:

4.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IETC
Ticker	Fund Name	Overlap¹ vs IETC (%)	Expense ratio (bp)	Savings vs IETC (bp)	ALTAR Score™ (%)	ALTAR vs IETC (%)
IGM	iShares S&P N. American Technology	82.0	46	-28	4.6	-0.2
IYW	iShares US Technology	71.7	42	-24	5.2	+0.4
VGT	Vanguard Info Tech ETF	68.6	10	8	5.4	+0.6
FTEC	Fidelity MSCI Info Technology	68.6	8	10	5.5	+0.6
QYLD	Global X NASDAQ 100 Covered Call ETF	63.5	60	-42	4.8	-0.1
QQQ	Invesco QQQ	63.0	20	-2	5.2	+0.3
XLK	Technology Select Sector SPDR	62.6	13	5	5.6	+0.8
IXN	iShares S&P Global Technology	61.3	46	-28	5.3	+0.5
MGK	Vanguard Mega Cap 300 Growth	60.3	7	11	5.0	+0.2
IWY	iShares Russell Top 200 Growth	59.8	20	-2	5.0	+0.2
VUG	Vanguard Growth ETF	58.0	4	14	4.9	+0.0
IWF	iShares Russell 1000 Growth	56.2	19	-1	5.0	+0.1
VONG	Vanguard Russell 1000 Growth	55.9	12	6	5.1	+0.2
TMFC	Motley Fool 100 Index	54.8	50	-32	4.3	-0.5
SCHG	Schwab U.S. Large-Cap Growth	54.2	4	14	4.9	+0.0
ONEQ	Fidelity NASDAQ Composite	48.2	21	-3	3.9	-0.9
XOUT	GraniteShares XOUT US Large Cap	48.0	60	-42	5.1	+0.2
XLG	Invesco S&P Top 50	47.2	20	-2	5.1	+0.3
OQAL	Invesco Russell 1000 Quality Factor ETF	46.9	19	-1	5.3	+0.4
SPYG	SPDR Portfolio S&P 500 Growth	46.1	4	14	5.0	+0.2

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. Technology
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	5.4	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	1.38	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.