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)	$25,948
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	273
Wgt avg mkt cap (mns)	$450,130
Large cap (>$10bn)	99.7%
Mid cap ($2-10bn)	0.3%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	39.2 %
APPLE INC	8.9 %
MICROSOFT CORP	8.6 %
AMAZON.COM INC	5.2 %
FACEBOOK	3.6 %
ALPHABET INC. CLASS A	3.0 %
ALPHABET INC. CLASS C	3.0 %
VISA INC-CLASS A SHARES	2.4 %
MASTERCARD INC-CLASS A	1.9 %
JPMORGAN CHASE & CO	1.4 %
PROCTER & GAMBLE CO/THE	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.6 %
	BRITAIN	1.0 %
	IRELAND	0.9 %
	SWITZERLAND	0.2 %

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.
30.7%	30.7%	13.3%	14.6%	5.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.97	94%
MSCI EAFE	0.88	63%
MSCI Emg. Mkts.	0.59	49%

Technical Indicators
Recent close	$202.88
30d moving avg.	$193.58
Annualized volatility	12.1%
Short interest (ETF)	0.2%
Short interest (Underlying)	2.2%
Relative strength (RSI)	80

Liquidity measures
Avg. volume (thou.)	401
Turnover	0.3%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$100,287

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™:

4.5%

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	99.7	4	14	4.7	+0.1
IUSG	iShares Core U.S. Growth	93.4	4	14	4.7	+0.1
VUG	Vanguard Growth ETF	76.7	4	14	4.5	-0.1
VONG	Vanguard Russell 1000 Growth	76.0	12	6	4.7	+0.2
IWF	iShares Russell 1000 Growth	75.9	19	-1	4.6	+0.0
VOOG	Vanguard S&P 500 Growth	74.7	15	3	4.6	+0.1
IWY	iShares Russell Top 200 Growth	71.4	20	-2	4.6	+0.1
SCHG	Schwab U.S. Large-Cap Growth	70.6	4	14	4.5	-0.1
OMOM	Invesco Russell 1000 Momentum Factor ETF	70.1	19	-1	5.0	+0.4
OQAL	Invesco Russell 1000 Quality Factor ETF	69.1	19	-1	4.9	+0.4
MGK	Vanguard Mega Cap 300 Growth	68.8	7	11	4.6	+0.1
PBP	Invesco S&P 500 Buy/Write	68.7	49	-31	5.2	+0.7
SPXN	ProShares S&P 500 Ex-Financials	68.6	27	-9	5.5	+1.0
SPXE	ProShares S&P 500 Ex-Energy	68.3	27	-9	5.5	+0.9
XOUT	GraniteShares XOUT US Large Cap	68.1	60	-42	4.7	+0.2
SFY	SoFi Select 500	67.9	0	18	5.2	+0.7
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	67.8	20	-2	5.5	+1.0
HSPX	Global X S&P 500 Covered Call	67.4	65	-47	5.0	+0.5
SPY	S&P 500 SPDR	67.0	9	9	5.5	+1.0
IVV	iShares Core S&P 500	66.9	4	14	5.5	+1.0

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	25.9	%
Divided by: Fwd. P/BV	5.5	x
Less: Expense ratio	18	bp
Equals: ALTAR Score	4.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.40	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.