ETF Research Center

The iShares Russell 2000 Index Fund seeks investment results that correspond to the price and yield performance of the small cap stocks which comprise the Russell 2000 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	May 26, 2000
Assets (mns)	$45,817
Currency	USD
Expense ratio	19 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	1985
Wgt avg mkt cap (mns)	$2,140
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	49.5%
Small cap (<$2bn)	50.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	2.8 %
NOVOCURE LIMITED	0.4 %
HAEMONETICS CORP/MASS	0.3 %
TELADOC INC	0.3 %
GENERAC HOLDINGS INC	0.3 %
FIRST INDUSTRIAL REALTY TR	0.3 %
LUMENTUM HOLDINGS, INC.	0.3 %
RADIAN GROUP INC	0.3 %
ESSENT GROUP LTD	0.3 %
MARRIOTT VACATIONS WORLD	0.3 %
REXFORD INDUSTRIAL REALTY IN	0.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.9 %
	BERMUDA	1.2 %
	BRITAIN	0.7 %
	IRELAND	0.3 %
	PUERTO RICO	0.3 %
	CAYMAN ISLANDS	0.3 %
	CANADA	0.2 %
	NETHERLANDS	0.2 %
	MONACO	0.1 %
	LUXEMBOURG	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.
17.2%	5.0%	7.4%	12.3%	7.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.22	75%
MSCI EAFE	0.94	38%
MSCI Emg. Mkts.	0.54	21%

Technical Indicators
Recent close	$158.92
30d moving avg.	$154.69
Annualized volatility	17.0%
Short interest (ETF)	23.1%
Short interest (Underlying)	6.8%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	16,718
Turnover	5.8%
Bid/Ask (% of price)	0.01%
ADV underlying (mns)	$20,644

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares Russell 2000 ETF based on the alternatives' overlap in portfolio holdings with IWM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IWM

Expense:

19 bp

ALTAR Score™:

3.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IWM
Ticker	Fund Name	Overlap¹ vs IWM (%)	Expense ratio (bp)	Savings vs IWM (bp)	ALTAR Score™ (%)	ALTAR vs IWM (%)
VTWO	Vanguard Russell 2000	95.7	15	4	3.8	0.0
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity	72.9	20	-1	5.8	+2.1
SPSM	SPDR Portfolio Small Cap	69.8	5	14	4.6	+0.8
SCHA	Schwab U.S. Small-Cap	68.0	4	15	5.1	+1.3
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	57.8	29	-10	5.0	+1.2
IWO	iShares Russell 2000 Growth	55.9	24	-5	0.9	-2.9
VTWG	Vanguard Russell 2000 Growth	55.6	20	-1	0.9	-2.9
IWN	iShares Russell 2000 Value	55.2	24	-5	6.5	+2.7
VTWV	Vanguard Russell 2000 Value	55.0	20	-1	6.6	+2.8
PBSM	Invesco PureBeta MSCI USA Small Cap	53.3	6	13	5.2	+1.4
PRFZ	Invesco FTSE-RAFI Small-Mid 1500	52.7	39	-20	4.7	+0.9
SPMD	SPDR Portfolio Mid Cap	47.0	5	14	6.3	+2.5
IUSS	Invesco Strategic US Small Company	44.9	23	-4	6.3	+2.5
ISMD	Inspire Small/Mid Cap Impact	43.0	61	-42	4.7	+1.0
ESML	iShares MSCI USA Small-Cap ESG Optimized	42.3	17	2	4.8	+1.1
VBR	Vanguard Small-Cap Value ETF	42.2	7	12	7.8	+4.0
FNDA	Schwab Fundamental Small Cap	41.7	25	-6	6.2	+2.4
VB	Vanguard Smallcap ETF	40.4	5	14	5.6	+1.8
VXF	Vanguard Extended Market	37.6	7	12	3.4	-0.4
PQSG	PGIM QMA Strategic Alpha Small-Cap Growth	37.1	29	-10	1.3	-2.5

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 2000
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	7.0	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	19	bp
Equals: ALTAR Score	3.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	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.