ETF Research Center

iShares Core S&P Total US Stock Market ETF is an exchange-traded fund incorporated in the USA. The Fund is designed to track the S&P 1500 Index, which combines the S&P 500, S&P MidCap 400 and the S&P SmallCap 600 Indices, and represents approximately 90% of the total US equity market capitalization.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Jan 23, 2004
Assets (mns)	$24,364
Currency	USD
Expense ratio	3 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	3555
Wgt avg mkt cap (mns)	$228,746
Large cap (>$10bn)	84.8%
Mid cap ($2-10bn)	11.7%
Small cap (<$2bn)	3.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	18.6 %
MICROSOFT CORP	3.6 %
APPLE INC	3.6 %
AMAZON.COM INC	2.4 %
FACEBOOK	1.5 %
BERKSHIRE HATHAWAY INC-CL B	1.4 %
JPMORGAN CHASE & CO	1.4 %
ALPHABET INC. CLASS C	1.3 %
ALPHABET INC. CLASS A	1.3 %
JOHNSON & JOHNSON	1.1 %
VISA INC-CLASS A SHARES	1.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.1 %
	IRELAND	1.6 %
	BRITAIN	1.0 %
	SWITZERLAND	0.4 %
	BERMUDA	0.3 %

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.
22.4%	13.4%	10.4%	--	13.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.01	99%
MSCI EAFE	0.87	62%
MSCI Emg. Mkts.	0.58	46%

Technical Indicators
Recent close	$69.97
30d moving avg.	$67.99
Annualized volatility	12.2%
Short interest (ETF)	0.1%
Short interest (Underlying)	2.9%
Relative strength (RSI)	74

Liquidity measures
Avg. volume (thou.)	1,307
Turnover	0.4%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$188,057

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

ITOT

Expense:

3 bp

ALTAR Score™:

5.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ITOT
Ticker	Fund Name	Overlap¹ vs ITOT (%)	Expense ratio (bp)	Savings vs ITOT (bp)	ALTAR Score™ (%)	ALTAR vs ITOT (%)
SCHB	Schwab U.S. Broad Market	98.6	3	0	5.8	+0.1
IWV	iShares Russell 3000	97.8	20	-17	5.6	-0.1
VTHR	Vanguard Russell 3000	97.5	15	-12	5.6	-0.1
VTI	Vanguard Total Market	97.1	3	0	5.7	+0.0
IYY	iShares DJ US Total Market	94.7	20	-17	5.7	+0.0
SCHK	Schwab 1000 Index	93.0	5	-2	5.9	+0.2
IWB	iShares Russell 1000	92.4	15	-12	5.8	+0.1
VONE	Vanguard Russell 1000	92.3	12	-9	5.8	+0.1
SPTM	SPDR Portfolio Total Stock Market	90.7	3	0	5.8	+0.1
SCHX	Schwab U.S. Large-Cap	90.3	3	0	5.9	+0.2
PBUS	Invesco PureBeta MSCI USA	86.8	4	-1	6.0	+0.3
BBUS	JP Morgan Betabuilders U.S. Equity	86.6	2	1	5.9	+0.2
VV	Vanguard Large-Cap ETF	86.1	4	-1	5.9	+0.2
IVV	iShares Core S&P 500	83.3	4	-1	6.0	+0.3
SPY	S&P 500 SPDR	83.3	9	-6	5.9	+0.2
PBP	Invesco S&P 500 Buy/Write	83.3	49	-46	5.6	-0.1
VOO	Vanguard S&P 500 ETF	83.3	3	0	6.0	+0.3
HSPX	Global X S&P 500 Covered Call	83.1	65	-62	5.4	-0.3
SPLG	SPDR Portfolio Large Cap	82.9	3	0	5.8	+0.2
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	80.4	20	-17	6.0	+0.3

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 Total US
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	15.6	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	3	bp
Equals: ALTAR Score	5.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	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.