ETF Research Center

The iShares Russell 2000 Value 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 2000 Value Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Jul 28, 2000
Assets (mns)	$9,874
Currency	USD
Expense ratio	24 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	1398
Wgt avg mkt cap (mns)	$2,053
Large cap (>$10bn)	0.1%
Mid cap ($2-10bn)	45.2%
Small cap (<$2bn)	54.8%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	4.9 %
LUMENTUM HOLDINGS, INC.	0.6 %
REXFORD INDUSTRIAL REALTY IN	0.5 %
PORTLAND GENERAL ELECTRIC CO	0.5 %
TECH DATA CORP	0.5 %
RADIAN GROUP INC	0.5 %
BLACK HILLS CORP	0.5 %
ONE GAS INC	0.5 %
CIRRUS LOGIC INC	0.5 %
DARLING INTERNATIONAL INC	0.5 %
CAPITAL TRUST-CL A	0.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.8 %
	BERMUDA	1.8 %
	IRELAND	0.4 %
	PUERTO RICO	0.4 %
	MONACO	0.2 %
	CAYMAN ISLANDS	0.2 %
	BRITAIN	0.2 %
	CANADA	0.1 %
	LUXEMBOURG	0.1 %
	PANAMA	0.1 %

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.
22.0%	22.0%	6.8%	10.4%	10.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.11	72%
MSCI EAFE	1.01	49%
MSCI Emg. Mkts.	0.60	30%

Technical Indicators
Recent close	$129.07
30d moving avg.	$127.58
Annualized volatility	15.8%
Short interest (ETF)	3.4%
Short interest (Underlying)	5.5%
Relative strength (RSI)	72

Liquidity measures
Avg. volume (thou.)	858
Turnover	1.1%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$12,928

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IWN

Expense:

24 bp

ALTAR Score™:

6.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IWN
Ticker	Fund Name	Overlap¹ vs IWN (%)	Expense ratio (bp)	Savings vs IWN (bp)	ALTAR Score™ (%)	ALTAR vs IWN (%)
VTWV	Vanguard Russell 2000 Value	98.0	20	4	6.2	+0.1
IWM	iShares Russell 2000	53.8	19	5	3.4	-2.7
VTWO	Vanguard Russell 2000	53.1	15	9	3.5	-2.6
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity	50.0	20	4	5.5	-0.6
PRFZ	Invesco FTSE-RAFI Small-Mid 1500	46.0	39	-15	4.6	-1.5
PQSV	PGIM QMA Strategic Alpha Small-Cap Value	44.8	29	-5	6.0	-0.1
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	42.7	29	-5	4.6	-1.5
IJR	iShares Core S&P Small-Cap	39.6	7	17	6.0	-0.1
SLY	SPDR S&P 600 Small Cap	39.6	15	9	5.9	-0.2
DES	WisdomTree Smallcap Dividend	39.5	38	-14	6.8	+0.7
SPSM	SPDR Portfolio Small Cap	39.0	5	19	4.5	-1.6
VIOO	Vanguard S&P Small-Cap 600	39.0	15	9	5.7	-0.4
ISMD	Inspire Small/Mid Cap Impact	38.4	61	-37	4.7	-1.4
SCHA	Schwab U.S. Small-Cap	37.7	4	20	4.7	-1.4
EES	WisdomTree SmallCap Earnings	36.4	38	-14	8.1	+2.0
EWSC	Invesco S&P Small Cap 600 Equal Weight	35.7	40	-16	5.4	-0.6
FNDA	Schwab Fundamental Small Cap	35.7	25	-1	5.9	-0.1
FYX	First Trust Small Cap Core Alphadex	35.2	66	-42	5.2	-0.9
IUSS	Invesco Strategic US Small Company	35.1	23	1	5.9	-0.2
SLYV	SPDR S&P600 Small Cap Value	33.8	15	9	7.4	+1.4

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 Value
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	7.6	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	24	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	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.