ETF Research Center

The iShares Russell 1000 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 Russell 1000 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	May 19, 2000
Assets (mns)	$22,359
Currency	USD
Expense ratio	15 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	995
Wgt avg mkt cap (mns)	$299,485
Large cap (>$10bn)	91.7%
Mid cap ($2-10bn)	8.2%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	21.5 %
APPLE INC	4.5 %
MICROSOFT CORP	4.4 %
AMAZON.COM INC	2.8 %
FACEBOOK	1.6 %
BERKSHIRE HATHAWAY INC-CL B	1.5 %
ALPHABET INC. CLASS C	1.4 %
ALPHABET INC. CLASS A	1.4 %
JPMORGAN CHASE & CO	1.4 %
JOHNSON & JOHNSON	1.3 %
VISA INC-CLASS A SHARES	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.1 %
	IRELAND	1.7 %
	BRITAIN	1.0 %
	SWITZERLAND	0.3 %
	BERMUDA	0.3 %
	LUXEMBOURG	0.1 %
	CHINA	0.1 %
	NETHERLANDS	0.0 %
	PUERTO RICO	0.0 %
	PANAMA	0.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.1%	21.2%	12.0%	13.8%	6.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.00	100%
MSCI EAFE	0.91	69%
MSCI Emg. Mkts.	0.60	53%

Technical Indicators
Recent close	$179.30
30d moving avg.	$183.70
Annualized volatility	12.1%
Short interest (ETF)	3.8%
Short interest (Underlying)	2.6%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	1,004
Turnover	0.8%
Bid/Ask (% of price)	0.01%
ADV underlying (mns)	$193,667

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares Russell 1000 ETF ETF based on the alternatives' overlap in portfolio holdings with IWB. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IWB

Expense:

15 bp

ALTAR Score™:

5.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IWB
Ticker	Fund Name	Overlap¹ vs IWB (%)	Expense ratio (bp)	Savings vs IWB (bp)	ALTAR Score™ (%)	ALTAR vs IWB (%)
VONE	Vanguard Russell 1000 ETF	99.4	8	7	5.7	+0.1
SCHK	Schwab 1000 Index ETF	97.3	5	10	5.7	+0.1
IYY	iShares Dow Jones U.S. ETF	96.8	20	-5	5.6	-0.1
SCHX	Schwab U.S. Large-Cap ETF	96.1	3	12	5.7	+0.1
VTHR	Vanguard Russell 3000 Index Fund	94.9	10	5	5.5	-0.1
VTI	Vanguard Total Stock Market Index Fund	93.5	3	12	5.6	-0.1
IWV	iShares Russell 3000 ETF	93.3	20	-5	5.4	-0.2
PBUS	Invesco PureBeta MSCI USA ETF	93.2	4	11	5.8	+0.2
SPTM	SPDR Portfolio Total Stock Market ETF	93.2	3	12	5.9	+0.3
BBUS	JP Morgan Betabuilders U.S. Equity ETF	93.0	2	13	5.8	+0.2
SCHB	Schwab U.S. Broad Market ETF	93.0	3	12	5.6	+0.0
ITOT	iShares Core S&P Total U.S. Stock Market ETF	92.6	3	12	5.6	-0.1
VV	Vanguard Large-Cap Index Fund	92.0	4	11	5.7	+0.1
PBP	Invesco S&P 500 BuyWrite ETF	89.2	49	-34	5.4	-0.2
SPY	SPDR S&P 500 ETF Trust	89.2	9	6	5.8	+0.2
IVV	iShares Core S&P 500 ETF	89.2	4	11	5.9	+0.3
VOO	VANGUARD S&P 500 ETF	89.2	3	12	5.9	+0.3
SPLG	SPDR Portfolio Large Cap ETF	89.2	3	12	5.9	+0.3
HSPX	Global X S&P 500 Covered Call ETF	88.9	65	-50	5.3	-0.3
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	86.2	20	-5	5.8	+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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	iShares Russell 1000 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	16.9	%
Divided by: Fwd. P/BV	2.9	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	5.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	CATEGORY AVERAGE	1.56

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.