ETF Research Center

The iShares S&P500 Index Fund seeks investment results that correspond generally to the price and yield performance of the large capitalization sector of the U.S. equity market, as represented by the Standard& Poor's 500 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	May 19, 2000
Assets (mns)	$188,179
Currency	USD
Expense ratio	4 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	505
Wgt avg mkt cap (mns)	$259,520
Large cap (>$10bn)	97.5%
Mid cap ($2-10bn)	2.5%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	21.8 %
MICROSOFT CORP	4.2 %
APPLE INC	4.0 %
AMAZON.COM INC	2.9 %
FACEBOOK	1.8 %
BERKSHIRE HATHAWAY INC-CL B	1.6 %
JPMORGAN CHASE & CO	1.6 %
ALPHABET INC. CLASS C	1.5 %
ALPHABET INC. CLASS A	1.5 %
JOHNSON & JOHNSON	1.4 %
VISA INC-CLASS A SHARES	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.4 %
	IRELAND	1.9 %
	BRITAIN	1.1 %
	SWITZERLAND	0.5 %
	BERMUDA	0.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru September 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
20.4%	4.2%	10.8%	13.2%	5.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.99	100%
MSCI EAFE	0.88	66%
MSCI Emg. Mkts.	0.59	48%

Technical Indicators
Recent close	$299.60
30d moving avg.	$298.47
Annualized volatility	12.1%
Short interest (ETF)	0.3%
Short interest (Underlying)	2.3%
Relative strength (RSI)	51

Liquidity measures
Avg. volume (thou.)	3,867
Turnover	0.6%
Bid/Ask (% of price)	0.01%
ADV underlying (mns)	$144,561

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares Core S&P 500 ETF based on the alternatives' overlap in portfolio holdings with IVV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IVV

Expense:

4 bp

ALTAR Score™:

6.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IVV
Ticker	Fund Name	Overlap¹ vs IVV (%)	Expense ratio (bp)	Savings vs IVV (bp)	ALTAR Score™ (%)	ALTAR vs IVV (%)
SPY	S&P 500 SPDR	99.8	9	-5	6.1	-0.1
PBP	Invesco S&P 500 Buy/Write	99.4	49	-45	5.6	-0.5
VOO	Vanguard S&P 500 ETF	99.1	3	1	6.1	+0.0
HSPX	Global X S&P 500 Covered Call	98.9	65	-61	5.5	-0.6
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	96.3	20	-16	6.1	-0.0
VV	Vanguard Large-Cap ETF	95.4	4	0	6.0	-0.1
SPXE	ProShares S&P 500 Ex-Energy	95.0	27	-23	6.0	-0.1
BBUS	JP Morgan Betabuilders U.S. Equity	94.7	2	2	6.0	-0.1
PBUS	Invesco PureBeta MSCI USA	94.1	4	0	6.1	+0.0
SCHX	Schwab U.S. Large-Cap	91.9	3	1	6.0	-0.1
SPLG	SPDR Portfolio Large Cap	90.0	3	1	6.0	-0.1
VONE	Vanguard Russell 1000	89.5	12	-8	5.9	-0.2
IWB	iShares Russell 1000	89.4	15	-11	5.9	-0.2
SCHK	Schwab 1000 Index	89.3	5	-1	6.0	-0.1
IYY	iShares DJ US Total Market	87.5	20	-16	5.8	-0.3
SPXV	ProShares S&P 500 Ex-Health Care	85.8	27	-23	5.8	-0.3
MGC	Vanguard Mega Cap 300 ETF	85.5	7	-3	6.0	-0.1
SFY	SoFi Select 500	85.2	0	4	5.8	-0.3
CATH	Global X S&P 500 Catholic Values	84.3	29	-25	6.0	-0.1
SCHB	Schwab U.S. Broad Market	83.6	3	1	5.9	-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 Core S&P 500
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	17.5	%
Divided by: Fwd. P/BV	2.9	x
Less: Expense ratio	4	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.48	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.