ETF Research Center

iShares Russell Top 200 Index Fund seeks investment results that correspond generally to the price and yield performance of the Russell Top 200 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Sep 25, 2009
Assets (mns)	$270
Currency	USD
Expense ratio	15 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	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	197
Wgt avg mkt cap (mns)	$335,287
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	27.7 %
APPLE INC	5.6 %
MICROSOFT CORP	5.3 %
AMAZON.COM INC	3.5 %
FACEBOOK	2.2 %
BERKSHIRE HATHAWAY INC-CL B	2.1 %
JPMORGAN CHASE & CO	2.0 %
ALPHABET INC. CLASS C	1.9 %
ALPHABET INC. CLASS A	1.9 %
JOHNSON & JOHNSON	1.7 %
VISA INC-CLASS A SHARES	1.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.6 %
	IRELAND	1.9 %
	BRITAIN	0.9 %
	SWITZERLAND	0.3 %

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.
22.6%	14.0%	11.1%	13.5%	13.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.98	99%
MSCI EAFE	0.85	63%
MSCI Emg. Mkts.	0.59	49%

Technical Indicators
Recent close	$71.91
30d moving avg.	$69.70
Annualized volatility	11.9%
Short interest (ETF)	0.3%
Short interest (Underlying)	1.7%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	24
Turnover	0.6%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$98,336

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares Russell Top 200 ETF based on the alternatives' overlap in portfolio holdings with IWL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IWL

Expense:

15 bp

ALTAR Score™:

5.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IWL
Ticker	Fund Name	Overlap¹ vs IWL (%)	Expense ratio (bp)	Savings vs IWL (bp)	ALTAR Score™ (%)	ALTAR vs IWL (%)
MGC	Vanguard Mega Cap 300 ETF	92.7	7	8	5.9	+0.1
PBP	Invesco S&P 500 Buy/Write	83.1	49	-34	5.6	-0.2
JUST	Goldman Sachs JUST U.S. Large Cap Equity	81.7	20	-5	5.7	-0.1
SPXN	ProShares S&P 500 Ex-Financials	81.1	27	-12	6.0	+0.2
HSPX	Global X S&P 500 Covered Call	81.0	65	-50	5.4	-0.3
SPY	S&P 500 SPDR	80.3	9	6	6.0	+0.2
SPXE	ProShares S&P 500 Ex-Energy	80.3	27	-12	5.9	+0.2
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	80.2	20	-5	6.0	+0.3
IVV	iShares Core S&P 500	80.2	4	11	6.0	+0.3
VOO	Vanguard S&P 500 ETF	79.9	3	12	6.0	+0.3
SPXV	ProShares S&P 500 Ex-Health Care	79.1	27	-12	5.7	-0.0
OEF	iShares S&P 100	78.6	20	-5	5.6	-0.2
PRID	InsightShares LGBT Employment Equality	78.3	65	-50	5.4	-0.3
SNPE	Xtrackers S&P 500 ESG	77.5	11	4	5.8	+0.1
VV	Vanguard Large-Cap ETF	77.2	4	11	5.9	+0.2
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	77.2	19	-4	5.7	-0.0
BBUS	JP Morgan Betabuilders U.S. Equity	77.1	2	13	5.9	+0.2
PBUS	Invesco PureBeta MSCI USA	76.8	4	11	6.1	+0.3
SFY	SoFi Select 500	75.4	0	15	5.7	-0.0
SPXT	ProShares S&P 500 Ex-Technology	75.0	27	-12	6.0	+0.3

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 Russell Top 200
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	18.4	%
Divided by: Fwd. P/BV	3.1	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	5.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	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.