ETF Research Center

The iShares S&P 500 Growth Index Fund seeks investment results that correspond to the price and yield performance of U.S. large-cap growth stocks as represented by the S&P 500/Citigroup Growth Index, based on a multifactor methodology.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	May 26, 2000
Assets (mns)	$24,100
Currency	USD
Expense ratio	18 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	298
Wgt avg mkt cap (mns)	$312,764
Large cap (>$10bn)	98.9%
Mid cap ($2-10bn)	1.1%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	31.8 %
MICROSOFT CORP	8.3 %
AMAZON.COM INC	5.3 %
FACEBOOK	3.4 %
ALPHABET INC. CLASS C	2.9 %
ALPHABET INC. CLASS A	2.9 %
VISA INC-CLASS A SHARES	2.3 %
MASTERCARD INC-CLASS A	1.8 %
VERIZON COMMUNICATIONS INC	1.8 %
MERCK & CO. INC.	1.6 %
JOHNSON & JOHNSON	1.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.5 %
	IRELAND	2.1 %
	BRITAIN	1.0 %
	SWITZERLAND	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.
22.9%	14.1%	12.4%	14.8%	5.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.96	92%
MSCI EAFE	0.85	61%
MSCI Emg. Mkts.	0.59	49%

Technical Indicators
Recent close	$187.11
30d moving avg.	$182.04
Annualized volatility	12.1%
Short interest (ETF)	0.2%
Short interest (Underlying)	2.2%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	434
Turnover	0.3%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$86,653

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IVW

Expense:

18 bp

ALTAR Score™:

4.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IVW
Ticker	Fund Name	Overlap¹ vs IVW (%)	Expense ratio (bp)	Savings vs IVW (bp)	ALTAR Score™ (%)	ALTAR vs IVW (%)
SPYG	SPDR Portfolio S&P 500 Growth	99.6	4	14	5.1	+0.1
VOOG	Vanguard S&P 500 Growth	99.4	15	3	4.9	+0.0
IUSG	iShares Core U.S. Growth	93.5	4	14	5.1	+0.1
PBP	Invesco S&P 500 Buy/Write	68.4	49	-31	5.6	+0.7
IWF	iShares Russell 1000 Growth	67.7	19	-1	5.0	+0.0
SPXN	ProShares S&P 500 Ex-Financials	67.5	27	-9	5.9	+1.0
VONG	Vanguard Russell 1000 Growth	67.3	12	6	5.0	+0.1
HSPX	Global X S&P 500 Covered Call	67.1	65	-47	5.4	+0.5
SPXE	ProShares S&P 500 Ex-Energy	66.5	27	-9	5.9	+1.0
SPY	S&P 500 SPDR	66.2	9	9	5.9	+1.0
IVV	iShares Core S&P 500	66.2	4	14	5.9	+1.0
VOO	Vanguard S&P 500 ETF	66.1	3	15	6.0	+1.0
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	66.0	20	-2	5.9	+1.0
VUG	Vanguard Growth ETF	65.8	4	14	4.8	-0.1
SFY	SoFi Select 500	65.2	0	18	5.6	+0.7
OMOM	Invesco Russell 1000 Momentum Factor ETF	65.1	19	-1	5.3	+0.4
MGC	Vanguard Mega Cap 300 ETF	63.6	7	11	5.8	+0.9
BBUS	JP Morgan Betabuilders U.S. Equity	63.6	2	16	5.9	+0.9
VV	Vanguard Large-Cap ETF	63.5	4	14	5.8	+0.9
IWL	iShares Russell Top 200	63.2	15	3	5.7	+0.8

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 500 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	22.8	%
Divided by: Fwd. P/BV	4.5	x
Less: Expense ratio	18	bp
Equals: ALTAR Score	4.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.42	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.