ETF Research Center

The iShares S&P SmallCap 600 Value Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of U.S. small-cap value stocks, as represented by the S&P SmallCap 600/Citigroup Value Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Jul 28, 2000
Assets (mns)	$6,490
Currency	USD
Expense ratio	25 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	446
Wgt avg mkt cap (mns)	$1,760
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	35.4%
Small cap (<$2bn)	64.6%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	8.1 %
DARLING INTERNATIONAL INC	1.0 %
TOPBUILD CORP	1.0 %
LITHIA MOTORS INC-CL A	0.9 %
SKYWEST INC	0.8 %
UNIVERSAL FOREST PRODUCTS	0.8 %
SOUTH JERSEY INDUSTRIES	0.7 %
COLUMBIA BANKING SYSTEM INC	0.7 %
ITRON INC	0.7 %
AMERIS BANCORP	0.7 %
MOOG INC-CLASS A	0.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.6 %
	BERMUDA	0.8 %
	PUERTO RICO	0.6 %
	CAYMAN ISLANDS	0.4 %

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.
20.7%	5.8%	8.0%	12.9%	12.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.22	72%
MSCI EAFE	1.11	49%
MSCI Emg. Mkts.	0.66	28%

Technical Indicators
Recent close	$156.57
30d moving avg.	$156.15
Annualized volatility	17.3%
Short interest (ETF)	0.2%
Short interest (Underlying)	6.0%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	136
Turnover	0.3%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$5,347

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares S&P 600 SmallCap Value ETF based on the alternatives' overlap in portfolio holdings with IJS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IJS

Expense:

25 bp

ALTAR Score™:

6.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IJS
Ticker	Fund Name	Overlap¹ vs IJS (%)	Expense ratio (bp)	Savings vs IJS (bp)	ALTAR Score™ (%)	ALTAR vs IJS (%)
SLYV	SPDR S&P600 Small Cap Value	99.1	15	10	6.8	+0.1
VIOV	Vanguard S&P Small-Cap 600 Value	98.0	20	5	6.8	+0.1
IJR	iShares Core S&P Small-Cap	64.7	7	18	5.8	-1.0
SLY	SPDR S&P 600 Small Cap	64.6	15	10	5.7	-1.1
VIOO	Vanguard S&P Small-Cap 600	63.7	15	10	5.8	-1.0
EWSC	Invesco S&P Small Cap 600 Equal Weight	60.2	40	-15	3.0	-3.8
RWJ	Invesco S&P SmallCap 600 Revenue ETF	52.8	39	-14	-5.2	-12.0
EES	WisdomTree SmallCap Earnings	39.6	38	-13	9.1	+2.4
FYX	First Trust Small Cap Core Alphadex	37.2	66	-41	5.5	-1.2
ISMD	Inspire Small/Mid Cap Impact	35.5	61	-36	4.6	-2.1
RZV	Invesco S&P Smallcap 600 Pure Value	34.6	35	-10	6.6	-0.2
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	34.4	29	-4	4.1	-2.6
CSF	Compass EMP US Discovery 500 Enhanced Vol.	34.3	35	-10	7.2	+0.4
CSA	Victory CEMP US Small Cap Volatility Wtd	34.3	35	-10	7.1	+0.4
IWN	iShares Russell 2000 Value	32.6	24	1	6.2	-0.5
VTWV	Vanguard Russell 2000 Value	32.2	20	5	6.3	-0.5
PRFZ	Invesco FTSE-RAFI Small-Mid 1500	31.3	39	-14	4.6	-2.2
FYT	First Trust Small Cap Value AlphaDEX	30.4	76	-51	7.2	+0.5
RNSC	Small Cap US Equity Select	30.1	60	-35	6.0	-0.7
DES	WisdomTree Smallcap Dividend	29.7	38	-13	7.0	+0.2

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 600 SmallCap 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	9.2	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	6.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	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.