ETF Research Center

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

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Jul 28, 2000
Assets (mns)	$6,432
Currency	USD
Expense ratio	25 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	298
Wgt avg mkt cap (mns)	$5,097
Large cap (>$10bn)	5.0%
Mid cap ($2-10bn)	89.5%
Small cap (<$2bn)	5.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	9.6 %
ALLEGHANY CORP	1.3 %
REINSURANCE GROUP OF AMERICA	1.2 %
WR BERKLEY CORP	1.1 %
JONES LANG LASALLE INC	0.9 %
AMERICAN FINANCIAL GROUP INC	0.9 %
RENAISSANCERE HOLDINGS LTD	0.9 %
KILROY REALTY CORP	0.9 %
RELIANCE STEEL & ALUMINUM	0.8 %
CAESARS ENTERTAINMENT CORP	0.8 %
FIRST AMERICAN FINANCIAL	0.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.3 %
	BRITAIN	1.0 %
	BERMUDA	0.9 %
	IRELAND	0.2 %
	SWITZERLAND	0.2 %
	NETHERLANDS	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
18.7%	8.3%	7.2%	12.5%	10.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.22	79%
MSCI EAFE	0.97	43%
MSCI Emg. Mkts.	0.60	26%

Technical Indicators
Recent close	$165.13
30d moving avg.	$163.03
Annualized volatility	16.5%
Short interest (ETF)	0.0%
Short interest (Underlying)	5.8%
Relative strength (RSI)	75

Liquidity measures
Avg. volume (thou.)	101
Turnover	0.3%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$10,488

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares S&P MidCap 400 Value ETF based on the alternatives' overlap in portfolio holdings with IJJ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IJJ

Expense:

25 bp

ALTAR Score™:

7.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IJJ
Ticker	Fund Name	Overlap¹ vs IJJ (%)	Expense ratio (bp)	Savings vs IJJ (bp)	ALTAR Score™ (%)	ALTAR vs IJJ (%)
MDYV	SPDR S&P400 Mid Cap Value	99.5	15	10	7.6	+0.1
IVOV	Vanguard S&P Mid-Cap 400 Value	98.0	20	5	7.7	+0.1
EWMC	Invesco S&P Mid Cap 400 Equal Weight	64.7	40	-15	6.8	-0.8
IJH	iShares Core S&P MidCap	64.5	7	18	6.4	-1.2
MDY	S&P MidCap 400 SPDR	64.4	24	1	6.2	-1.3
IVOO	Vanguard S&P Mid-Cap 400	63.0	15	10	6.3	-1.2
RWK	Invesco S&P MidCap 400 Revenue ETF	56.4	39	-14	8.0	+0.5
SPMD	SPDR Portfolio Mid Cap	48.2	5	20	6.3	-1.2
EZM	WisdomTree Midcap Earnings	45.2	38	-13	7.8	+0.3
VBR	Vanguard Small-Cap Value ETF	37.8	7	18	7.8	+0.3
RFV	Invesco S&P Midcap 400 Pure Value	37.5	35	-10	10.0	+2.4
JHSC	John Hancock Multifactor Small Cap	36.2	50	-25	5.8	-1.8
RNMC	First Trust Mid Cap US Equity Select	35.1	60	-35	6.7	-0.8
FNX	First Trust Mid Cap Core Alpadex	34.1	62	-37	6.8	-0.8
SFYX	SoFi Next 500	33.4	0	25	5.7	-1.8
FNK	First Trust Mid Cap Value AlphaDEX	32.8	70	-45	9.2	+1.6
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor	31.7	29	-4	9.7	+2.1
JKL	iShares Morningstar Small Cap Value	31.3	30	-5	9.1	+1.6
MDYG	SPDR S&P400 Mid Cap Growth	30.0	15	10	5.1	-2.5
IJK	iShares S&P MidCap 400 Growth	30.0	24	1	5.0	-2.6

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 S&P MidCap 400 Value
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.1	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	7.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.65	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.