ETF Research Center

The iShares Russell 1000 Growth Index Fund seeks investment results that correspond to the price and yield performance of the large cap growth sector of the U.S. stock market, as represented by the Russell 1000 Growth Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	May 26, 2000
Assets (mns)	$48,945
Currency	USD
Expense ratio	19 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Multi-Factor
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	530
Wgt avg mkt cap (mns)	$450,702
Large cap (>$10bn)	95.2%
Mid cap ($2-10bn)	4.8%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	37.5 %
APPLE INC	8.5 %
MICROSOFT CORP	8.3 %
AMAZON.COM INC	5.3 %
FACEBOOK	3.1 %
ALPHABET INC. CLASS C	2.7 %
ALPHABET INC. CLASS A	2.7 %
VISA INC-CLASS A SHARES	2.2 %
MASTERCARD INC-CLASS A	1.8 %
UNITEDHEALTH GROUP INC	1.7 %
MERCK & CO. INC.	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.6 %
	IRELAND	1.1 %
	BRITAIN	0.6 %
	BERMUDA	0.1 %
	LUXEMBOURG	0.1 %
	CHINA	0.1 %
	CANADA	0.0 %
	CAYMAN ISLANDS	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.
2.3%	27.6%	15.3%	15.8%	5.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.03	93%
MSCI EAFE	0.92	61%
MSCI Emg. Mkts.	0.61	46%

Technical Indicators
Recent close	$175.87
30d moving avg.	$185.23
Annualized volatility	13.0%
Short interest (ETF)	0.7%
Short interest (Underlying)	2.8%
Relative strength (RSI)	45

Liquidity measures
Avg. volume (thou.)	1,711
Turnover	0.6%
Bid/Ask (% of price)	0.01%
ADV underlying (mns)	$141,689

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IWF

Expense:

19 bp

ALTAR Score™:

4.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IWF
Ticker	Fund Name	Overlap¹ vs IWF (%)	Expense ratio (bp)	Savings vs IWF (bp)	ALTAR Score™ (%)	ALTAR vs IWF (%)
VONG	Vanguard Russell 1000 Growth Index Fund	99.6	8	11	5.1	+0.1
IWY	iShares Russell Top 200 Growth ETF	79.3	20	-1	5.0	+0.1
VUG	Vanguard Growth Index Fund	76.6	4	15	4.6	-0.3
IUSG	iShares Core S&P US Growth ETF	76.4	4	15	5.1	+0.1
SPYG	SPDR Portfolio S&P 500 Growth ETF	75.9	4	15	5.1	+0.2
IVW	iShares S&P 500 Growth ETF	75.9	18	1	5.0	+0.1
VOOG	Vanguard S&P 500 Growth ETF	75.9	10	9	5.1	+0.1
SCHG	Schwab U.S. Large-Cap Growth ETF	75.7	4	15	4.7	-0.2
OQAL	Invesco Russell 1000 Quality Factor ETF	75.3	19	0	6.0	+1.1
OMOM	Invesco Russell 1000 Momentum Factor ETF	72.6	19	0	5.8	+0.9
XOUT	GraniteShares XOUT U.S. Large Cap ETF	67.8	60	-41	5.3	+0.3
MGK	Vanguard Mega Cap Growth ETF	66.9	7	12	4.8	-0.2
IQSU	IQ Candriam ESG US Equity ETF	64.1	9	10	5.8	+0.9
SPXN	ProShares S&P 500 Ex-Financials ETF	63.6	27	-8	5.9	+1.0
SFY	SoFi Select 500 ETF	61.7	0	19	5.7	+0.8
ESGV	Vanguard ESG U.S. Stock ETF	61.3	12	7	5.8	+0.9
MMTM	SPDR S&P 1500 Momentum Tilt ETF	61.1	12	7	5.5	+0.6
IWL	iShares Russell Top 200 ETF	60.6	15	4	5.8	+0.8
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	60.3	19	0	6.6	+1.6
MGC	Vanguard Mega Cap Index Fund	60.3	7	12	5.9	+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

	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 Growth ETF
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	30.7	%
Divided by: Fwd. P/BV	6.0	x
Less: Expense ratio	19	bp
Equals: ALTAR Score	4.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.41	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.