ETF Research Center

The iShares S&P MidCap 400 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of U.S. mid-cap stocks, as represented by the Standard & Poor's MidCap 400 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	May 26, 2000
Assets (mns)	$54,567
Currency	USD
Expense ratio	7 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	401
Wgt avg mkt cap (mns)	$5,981
Large cap (>$10bn)	10.0%
Mid cap ($2-10bn)	86.9%
Small cap (<$2bn)	3.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	6.3 %
TELEDYNE TECHNOLOGIES INC	0.7 %
TYLER TECHNOLOGIES INC	0.6 %
TERADYNE INC	0.6 %
ALLEGHANY CORP	0.6 %
FAIR ISAAC CORP	0.6 %
DOMINO'S PIZZA INC	0.6 %
WEST PHARMACEUTICAL SERVICES	0.6 %
MEDICAL PROPERTIES TRUST INC	0.6 %
TRIMBLE NAVIGATION LTD	0.6 %
AQUA AMERICA INC	0.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.0 %
	BERMUDA	0.7 %
	BRITAIN	0.7 %
	SWITZERLAND	0.2 %
	IRELAND	0.1 %
	NETHERLANDS	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.
26.1%	26.1%	9.0%	12.6%	9.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.14	88%
MSCI EAFE	1.03	59%
MSCI Emg. Mkts.	0.66	43%

Technical Indicators
Recent close	$209.15
30d moving avg.	$204.59
Annualized volatility	14.6%
Short interest (ETF)	0.7%
Short interest (Underlying)	5.7%
Relative strength (RSI)	75

Liquidity measures
Avg. volume (thou.)	802
Turnover	0.3%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$15,535

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IJH

Expense:

7 bp

ALTAR Score™:

6.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IJH
Ticker	Fund Name	Overlap¹ vs IJH (%)	Expense ratio (bp)	Savings vs IJH (bp)	ALTAR Score™ (%)	ALTAR vs IJH (%)
MDY	S&P MidCap 400 SPDR	99.8	24	-17	5.9	-0.2
IVOO	Vanguard S&P Mid-Cap 400	95.7	15	-8	5.9	-0.2
EWMC	Invesco S&P Mid Cap 400 Equal Weight	79.9	40	-33	6.3	+0.2
SPMD	SPDR Portfolio Mid Cap	70.0	5	2	6.0	-0.0
IJK	iShares S&P MidCap 400 Growth	65.8	24	-17	4.6	-1.5
MDYG	SPDR S&P400 Mid Cap Growth	65.7	15	-8	4.7	-1.4
IVOV	Vanguard S&P Mid-Cap 400 Value	63.5	20	-13	7.1	+1.0
IVOG	Vanguard S&P Mid-Cap 400 Growth	63.5	20	-13	4.7	-1.3
IJJ	iShares S&P MidCap 400 Value	62.6	25	-18	7.5	+1.4
MDYV	SPDR S&P400 Mid Cap Value	62.5	15	-8	7.6	+1.5
RWK	Invesco S&P MidCap 400 Revenue ETF	57.3	39	-32	7.4	+1.3
VBR	Vanguard Small-Cap Value ETF	49.0	7	0	7.3	+1.3
SFYX	SoFi Next 500	49.0	0	7	5.4	-0.7
EZM	WisdomTree Midcap Earnings	46.4	38	-31	8.2	+2.2
RNMC	First Trust Mid Cap US Equity Select	43.5	60	-53	6.3	+0.3
VB	Vanguard Smallcap ETF	43.2	5	2	5.3	-0.8
JHSC	John Hancock Multifactor Small Cap	43.0	50	-43	5.4	-0.6
FNX	First Trust Mid Cap Core Alpadex	41.0	62	-55	6.3	+0.2
PBSM	Invesco PureBeta MSCI USA Small Cap	40.5	6	1	5.1	-1.0
SCHM	Schwab US Mid Cap	40.5	4	3	6.0	-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 Core S&P MidCap
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.5	%
Divided by: Fwd. P/BV	2.1	x
Less: Expense ratio	7	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	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.