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)	$49,173
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)	$1,917
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	42.1%
Small cap (<$2bn)	57.9%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	4.9 %
DARLING INTERNATIONAL INC	0.6 %
LHC GROUP INC	0.5 %
GLACIER BANCORP INC	0.5 %
AEROJET ROCKETDYNE HOLDINGS, INC.	0.5 %
TOPBUILD CORP	0.5 %
NEOGEN CORP	0.5 %
EXPONENT INC	0.5 %
JOHN BEAN TECHNOLOGIES CORP	0.5 %
COMMUNITY BANK SYSTEM INC	0.5 %
OMNICELL INC	0.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.7 %
	PUERTO RICO	0.7 %
	BERMUDA	0.6 %
	CAYMAN ISLANDS	0.5 %
	BRITAIN	0.2 %
	IRELAND	0.2 %

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.
22.8%	22.8%	9.5%	13.4%	10.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.18	76%
MSCI EAFE	1.04	48%
MSCI Emg. Mkts.	0.61	29%

Technical Indicators
Recent close	$85.37
30d moving avg.	$83.38
Annualized volatility	16.5%
Short interest (ETF)	0.7%
Short interest (Underlying)	6.4%
Relative strength (RSI)	75

Liquidity measures
Avg. volume (thou.)	3,029
Turnover	0.5%
Bid/Ask (% of price)	0.01%
ADV underlying (mns)	$8,083

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™:

6.0%

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	98.9	15	-8	5.9	-0.1
VIOO	Vanguard S&P Small-Cap 600	95.2	15	-8	5.7	-0.3
EWSC	Invesco S&P Small Cap 600 Equal Weight	73.4	40	-33	5.4	-0.5
IJT	iShares S&P 600 SmallCap Growth	65.6	25	-18	4.4	-1.5
SLYG	SPDR S&P600 Small Cap Growth	65.5	15	-8	4.6	-1.4
VIOV	Vanguard S&P Small-Cap 600 Value	64.0	20	-13	7.0	+1.1
SLYV	SPDR S&P600 Small Cap Value	63.5	15	-8	7.4	+1.5
IJS	iShares S&P 600 SmallCap Value	62.5	25	-18	7.3	+1.3
VIOG	Vanguard S&P Small-Cap 600 Growth	60.9	20	-13	4.2	-1.7
RWJ	Invesco S&P SmallCap 600 Revenue ETF	54.7	39	-32	6.1	+0.2
ISMD	Inspire Small/Mid Cap Impact	48.9	61	-54	4.7	-1.3
TPSC	Timothy Plan US Small Cap Core	47.6	52	-45	6.5	+0.6
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	46.6	29	-22	4.6	-1.3
CSF	Compass EMP US Discovery 500 Enhanced Vol.	43.3	35	-28	6.9	+0.9
CSA	Victory CEMP US Small Cap Volatility Wtd	43.2	35	-28	6.9	+0.9
FYX	First Trust Small Cap Core Alphadex	41.2	66	-59	5.2	-0.8
IWN	iShares Russell 2000 Value	39.6	24	-17	6.1	+0.1
VTWV	Vanguard Russell 2000 Value	39.2	20	-13	6.2	+0.2
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity	38.8	20	-13	5.5	-0.5
PRFZ	Invesco FTSE-RAFI Small-Mid 1500	38.0	39	-32	4.6	-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	9.9	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	7	bp
Equals: ALTAR Score	6.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	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.