ETF Research Center

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

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Jul 28, 2000
Assets (mns)	$7,405
Currency	USD
Expense ratio	24 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	245
Wgt avg mkt cap (mns)	$6,663
Large cap (>$10bn)	17.8%
Mid cap ($2-10bn)	79.9%
Small cap (<$2bn)	2.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	11.6 %
ZEBRA TECHNOLOGIES CORP-CL A	1.5 %
DOMINO'S PIZZA INC	1.3 %
TYLER TECHNOLOGIES INC	1.2 %
WEST PHARMACEUTICAL SERVICES	1.2 %
FAIR ISAAC CORP	1.1 %
FACTSET RESEARCH SYSTEMS INC	1.1 %
TRIMBLE NAVIGATION LTD	1.1 %
MEDICAL PROPERTIES TRUST INC	1.1 %
NATIONAL RETAIL PROPERTIES	1.0 %
LIVE NATION INC	1.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.3 %
	BRITAIN	0.4 %
	BERMUDA	0.4 %
	SWITZERLAND	0.1 %
	NETHERLANDS	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.
22.9%	9.1%	9.0%	13.3%	7.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.10	89%
MSCI EAFE	0.97	58%
MSCI Emg. Mkts.	0.67	43%

Technical Indicators
Recent close	$232.14
30d moving avg.	$229.84
Annualized volatility	14.1%
Short interest (ETF)	0.0%
Short interest (Underlying)	5.5%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	58
Turnover	0.2%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$11,098

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IJK

Expense:

24 bp

ALTAR Score™:

4.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IJK
Ticker	Fund Name	Overlap¹ vs IJK (%)	Expense ratio (bp)	Savings vs IJK (bp)	ALTAR Score™ (%)	ALTAR vs IJK (%)
MDYG	SPDR S&P400 Mid Cap Growth	98.2	15	9	5.0	+0.1
IVOG	Vanguard S&P Mid-Cap 400 Growth	97.1	20	4	5.0	+0.1
IJH	iShares Core S&P MidCap	64.7	7	17	6.3	+1.3
MDY	S&P MidCap 400 SPDR	64.7	24	0	6.1	+1.1
IVOO	Vanguard S&P Mid-Cap 400	64.0	15	9	6.2	+1.3
EWMC	Invesco S&P Mid Cap 400 Equal Weight	53.7	40	-16	6.6	+1.7
RFG	Invesco S&P Midcap 400 Pure Growth	47.0	35	-11	3.7	-1.2
SPMD	SPDR Portfolio Mid Cap	46.3	5	19	6.1	+1.2
XMMO	Invesco S&P MidCap Momentum	35.2	39	-15	3.8	-1.1
SFYX	SoFi Next 500	33.2	0	24	5.6	+0.7
FNY	First Trust Mid Cap Growth AlphaDEX	31.4	70	-46	3.6	-1.3
VBK	Vanguard Small-Cap Growth ETF	31.3	7	17	2.8	-2.1
RWK	Invesco S&P MidCap 400 Revenue ETF	31.1	39	-15	7.7	+2.8
JHSC	John Hancock Multifactor Small Cap	30.7	50	-26	5.7	+0.7
MDYV	SPDR S&P400 Mid Cap Value	30.1	15	9	7.5	+2.5
IJJ	iShares S&P MidCap 400 Value	30.0	25	-1	7.3	+2.4
IVOV	Vanguard S&P Mid-Cap 400 Value	29.8	20	4	7.4	+2.5
EZM	WisdomTree Midcap Earnings	29.5	38	-14	7.7	+2.8
RNMC	First Trust Mid Cap US Equity Select	29.4	60	-36	6.6	+1.7
SCHM	Schwab US Mid Cap	28.7	4	20	6.3	+1.4

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 Growth
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	15.2	%
Divided by: Fwd. P/BV	2.9	x
Less: Expense ratio	24	bp
Equals: ALTAR Score	4.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	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.