ETF Research Center

The iShares S&P SmallCap 600 Index Fund seeks investment results that correspond to the price and yield performance of the S&P SmallCap 600 Index. The index consists of the smallest stocks in the S&P U.S. universe.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	May 26, 2000
Assets (mns)	$45,691
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	603
Wgt avg mkt cap (mns)	$1,835
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	41.5%
Small cap (<$2bn)	58.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	5.1 %
CABOT MICROELECTRONICS CORP	0.6 %
ARROWHEAD PHARMACEUTICALS, INC.	0.6 %
RLI CORP	0.5 %
LHC GROUP INC	0.5 %
MEDICINES COMPANY	0.5 %
DARLING INTERNATIONAL INC	0.5 %
GLACIER BANCORP INC	0.5 %
TOPBUILD CORP	0.5 %
VIAVI SOLUTIONS INC.	0.5 %
LITHIA MOTORS INC-CL A	0.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.7 %
	PUERTO RICO	0.7 %
	CAYMAN ISLANDS	0.5 %
	BERMUDA	0.5 %
	BRITAIN	0.2 %
	IRELAND	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.
15.8%	3.3%	8.8%	13.9%	10.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.24	71%
MSCI EAFE	0.93	33%
MSCI Emg. Mkts.	0.50	16%

Technical Indicators
Recent close	$80.92
30d moving avg.	$79.18
Annualized volatility	17.8%
Short interest (ETF)	0.7%
Short interest (Underlying)	6.4%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	2,936
Turnover	0.5%
Bid/Ask (% of price)	0.01%
ADV underlying (mns)	$7,634

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IJR

Expense:

7 bp

ALTAR Score™:

6.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IJR
Ticker	Fund Name	Overlap¹ vs IJR (%)	Expense ratio (bp)	Savings vs IJR (bp)	ALTAR Score™ (%)	ALTAR vs IJR (%)
SLY	SPDR S&P 600 Small Cap	99.2	15	-8	6.1	-0.0
VIOO	Vanguard S&P Small-Cap 600	95.2	15	-8	6.0	-0.2
EWSC	Invesco S&P Small Cap 600 Equal Weight	73.7	40	-33	5.7	-0.4
SLYV	SPDR S&P600 Small Cap Value	64.8	15	-8	7.5	+1.3
IJS	iShares S&P 600 SmallCap Value	64.8	25	-18	7.3	+1.2
VIOV	Vanguard S&P Small-Cap 600 Value	63.1	20	-13	7.3	+1.2
IJT	iShares S&P 600 SmallCap Growth	62.6	25	-18	4.6	-1.6
SLYG	SPDR S&P600 Small Cap Growth	62.6	15	-8	4.7	-1.5
VIOG	Vanguard S&P Small-Cap 600 Growth	61.0	20	-13	4.6	-1.6
RWJ	Invesco S&P SmallCap 600 Revenue ETF	53.4	39	-32	4.9	-1.2
ISMD	Inspire Small/Mid Cap Impact	48.6	61	-54	4.7	-1.4
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	47.2	29	-22	5.0	-1.2
CSF	Compass EMP US Discovery 500 Enhanced Vol.	42.6	35	-28	7.3	+1.1
CSA	Victory CEMP US Small Cap Volatility Wtd	42.6	35	-28	7.2	+1.1
EES	WisdomTree SmallCap Earnings	40.8	38	-31	9.3	+3.1
FYX	First Trust Small Cap Core Alphadex	40.3	66	-59	5.7	-0.5
IWN	iShares Russell 2000 Value	39.4	24	-17	6.5	+0.4
VTWV	Vanguard Russell 2000 Value	38.5	20	-13	6.6	+0.4
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity	38.5	20	-13	5.8	-0.3
PRFZ	Invesco FTSE-RAFI Small-Mid 1500	38.1	39	-32	4.7	-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 Core S&P Small-Cap
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	9.8	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	7	bp
Equals: ALTAR Score	6.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	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.