ETF Research Center

iShares Morningstar Mid-Cap ETF

ALTAR
Score™

5.7%

Recommen-
dation

NEUTRAL

2025E 2026E
P/E ratio	18.9x	P/Sales ratio	1.8x
P/BV ratio	2.8x	Div. yield	1.6%

Description
Performance
Comps
Fundamentals
Valuation
Rating

IMCB tracks a market-cap-weighted index consisting of US midcap stocks with both growth and value characteristics.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Jun 28, 2004
Assets (mns)	$1,398
Currency	USD
Expense ratio	4 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	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	403
Wgt avg mkt cap (mns)	$41,365
Large cap (>$10bn)	97.8%
Mid cap ($2-10bn)	1.6%
Small cap (<$2bn)	0.2%
Developed mkts	99.8%
Emerging mkts	0.3%

TOP TEN HOLDINGS
Total	0.0 %
	0.0 %

TOP COUNTRY EXPOSURE
		0.0 %

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.
10.2%	10.2%	8.8%	10.4%	9.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.86	86%
MSCI EAFE	0.88	64%
MSCI Emg. Mkts.	0.74	52%

Technical Indicators
Recent close	$82.73
30d moving avg.	$82.47
Annualized volatility	15.9%
Short interest (ETF)	0.6%
Short interest (Underlying)	2.8%
Relative strength (RSI)	51

Liquidity measures
Avg. volume (thou.)	42
Turnover	0.3%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$65,762

Distributions

There were no matches found with other funds under coverage.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	iShares Morningstar Mid-Cap ETF
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	15.8	%
Divided by: Fwd. P/BV	2.8	x
Less: Expense ratio	4	bp
Equals: ALTAR Score	5.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	CATEGORY AVERAGE	1.58

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.