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)	$5,212
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	341
Wgt avg mkt cap (mns)	$1,994
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	48.5%
Small cap (<$2bn)	51.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	9.9 %
CABOT MICROELECTRONICS CORP	1.2 %
ARROWHEAD PHARMACEUTICALS, INC.	1.1 %
RLI CORP	1.0 %
GLACIER BANCORP INC	1.0 %
VIAVI SOLUTIONS INC.	1.0 %
COMMUNITY BANK SYSTEM INC	1.0 %
BROOKS AUTOMATION INC	0.9 %
NEOGEN CORP	0.9 %
EXPONENT INC	0.9 %
AEROJET ROCKETDYNE HOLDINGS, INC.	0.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.9 %
	PUERTO RICO	0.8 %
	CAYMAN ISLANDS	0.5 %
	BRITAIN	0.3 %
	IRELAND	0.2 %
	BERMUDA	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.
13.7%	2.6%	9.7%	14.5%	9.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.21	71%
MSCI EAFE	0.87	31%
MSCI Emg. Mkts.	0.48	16%

Technical Indicators
Recent close	$183.86
30d moving avg.	$180.84
Annualized volatility	17.3%
Short interest (ETF)	0.2%
Short interest (Underlying)	6.7%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	71
Turnover	0.3%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$5,066

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™:

4.6%

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	99.4	15	10	4.7	+0.1
VIOG	Vanguard S&P Small-Cap 600 Growth	95.0	20	5	4.6	-0.0
SLY	SPDR S&P 600 Small Cap	62.7	15	10	6.1	+1.5
IJR	iShares Core S&P Small-Cap	62.6	7	18	6.2	+1.6
VIOO	Vanguard S&P Small-Cap 600	60.0	15	10	6.0	+1.4
RZG	Invesco S&P Smallcap 600 Pure Growth	51.2	35	-10	4.2	-0.4
EWSC	Invesco S&P Small Cap 600 Equal Weight	49.1	40	-15	5.7	+1.1
PXSG	Invesco Fundamental Pure Small Growth	35.7	39	-14	4.8	+0.2
ISMD	Inspire Small/Mid Cap Impact	34.6	61	-36	4.8	+0.2
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	31.5	29	-4	5.0	+0.4
FLQS	Franklin LibertyQ U.S. Small Cap Equity	30.1	35	-10	6.3	+1.7
IWO	iShares Russell 2000 Growth	29.4	24	1	0.9	-3.7
CSF	Compass EMP US Discovery 500 Enhanced Vol.	29.1	35	-10	7.3	+2.7
RWJ	Invesco S&P SmallCap 600 Revenue ETF	28.5	39	-14	5.0	+0.4
VTWG	Vanguard Russell 2000 Growth	28.3	20	5	0.9	-3.7
SLYV	SPDR S&P600 Small Cap Value	28.0	15	10	7.5	+2.9
IJS	iShares S&P 600 SmallCap Value	27.9	25	0	7.4	+2.8
CSA	Victory CEMP US Small Cap Volatility Wtd	27.3	35	-10	7.2	+2.6
PSC	Principal U.S. Small Cap Index	27.2	38	-13	6.3	+1.7
VIOV	Vanguard S&P Small-Cap 600 Value	26.6	20	5	7.3	+2.7

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	10.0	%
Divided by: Fwd. P/BV	2.1	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	4.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	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.