ETF Research Center

iShares S&P SmallCap 600 Growth ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the performance of the S&P SmallCap 600/BARRA Growth Index. The Fund uses a Replication Strategy to track the Index. The Index measures the performance of the small-capitalization growth sector of the U.S. equity market.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Jul 28, 2000
Assets (mns)	$5,655
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	330
Wgt avg mkt cap (mns)	$2,221
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	54.2%
Small cap (<$2bn)	45.8%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	9.0 %
LHC GROUP INC	1.1 %
AEROJET ROCKETDYNE HOLDINGS, INC.	1.0 %
EXPONENT INC	0.9 %
TOPBUILD CORP	0.9 %
JOHN BEAN TECHNOLOGIES CORP	0.9 %
VIAVI SOLUTIONS INC.	0.9 %
BALCHEM CORP	0.9 %
SIMPSON MANUFACTURING CO INC	0.8 %
STEVEN MADDEN LTD	0.8 %
UNIFIRST CORP/MA	0.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.0 %
	PUERTO RICO	0.8 %
	CAYMAN ISLANDS	0.6 %
	BERMUDA	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.
21.0%	21.0%	10.7%	14.1%	9.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.16	75%
MSCI EAFE	0.97	44%
MSCI Emg. Mkts.	0.59	27%

Technical Indicators
Recent close	$199.47
30d moving avg.	$192.49
Annualized volatility	16.1%
Short interest (ETF)	0.3%
Short interest (Underlying)	6.7%
Relative strength (RSI)	78

Liquidity measures
Avg. volume (thou.)	60
Turnover	0.2%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$4,888

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IJT

Expense:

25 bp

ALTAR Score™:

4.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IJT
Ticker	Fund Name	Overlap¹ vs IJT (%)	Expense ratio (bp)	Savings vs IJT (bp)	ALTAR Score™ (%)	ALTAR vs IJT (%)
SLYG	SPDR S&P600 Small Cap Growth	98.3	15	10	4.6	+0.2
IJR	iShares Core S&P Small-Cap	65.2	7	18	5.9	+1.5
SLY	SPDR S&P 600 Small Cap	65.1	15	10	5.9	+1.5
VIOO	Vanguard S&P Small-Cap 600	63.2	15	10	5.7	+1.2
VIOG	Vanguard S&P Small-Cap 600 Growth	62.7	20	5	4.2	-0.2
RZG	Invesco S&P Smallcap 600 Pure Growth	50.6	35	-10	5.7	+1.3
EWSC	Invesco S&P Small Cap 600 Equal Weight	49.1	40	-15	5.4	+1.0
VIOV	Vanguard S&P Small-Cap 600 Value	44.6	20	5	7.0	+2.5
PXSG	Invesco Fundamental Pure Small Growth	39.7	39	-14	4.7	+0.2
ISMD	Inspire Small/Mid Cap Impact	34.9	61	-36	4.7	+0.2
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	33.8	29	-4	4.6	+0.2
RWJ	Invesco S&P SmallCap 600 Revenue ETF	33.0	39	-14	6.1	+1.7
CSA	Victory CEMP US Small Cap Volatility Wtd	32.8	35	-10	6.9	+2.5
CSF	Compass EMP US Discovery 500 Enhanced Vol.	32.8	35	-10	6.9	+2.5
TPSC	Timothy Plan US Small Cap Core	32.7	52	-27	6.5	+2.1
FYC	First Trust Small Cap Growth AlphaDEX	32.2	70	-45	2.5	-1.9
PSC	Principal U.S. Small Cap Index	31.0	38	-13	6.3	+1.9
IWO	iShares Russell 2000 Growth	29.9	24	1	0.7	-3.7
FLQS	Franklin LibertyQ U.S. Small Cap Equity	29.9	35	-10	5.9	+1.5
VTWG	Vanguard Russell 2000 Growth	29.5	20	5	0.8	-3.6

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 600 SmallCap 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	12.1	%
Divided by: Fwd. P/BV	2.6	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	4.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	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.