ETF Research Center

iShares Russell Midcap Growth Index Fund is an exchange traded fund incorporated in the USA. The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses of the Russell Midcap Growth Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Aug 01, 2001
Assets (mns)	$10,881
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	403
Wgt avg mkt cap (mns)	$18,018
Large cap (>$10bn)	72.1%
Mid cap ($2-10bn)	27.6%
Small cap (<$2bn)	0.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	12.3 %
FISERV INC	2.1 %
GLOBAL PAYMENTS INC	1.7 %
DOLLAR GENERAL CORP	1.3 %
ADVANCED MICRO DEVICES	1.2 %
LAM RESEARCH CORP	1.1 %
O'REILLY AUTOMOTIVE INC	1.1 %
AMPHENOL CORP-CL A	1.0 %
INGERSOLL-RAND PLC	1.0 %
AUTOZONE INC	0.9 %
HILTON WORLDWIDE HOLDINGS, INC.	0.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.4 %
	IRELAND	1.5 %
	BRITAIN	1.2 %
	BERMUDA	0.6 %
	LUXEMBOURG	0.6 %
	CHINA	0.4 %
	CANADA	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.
27.2%	18.6%	10.7%	14.5%	9.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.09	89%
MSCI EAFE	0.91	53%
MSCI Emg. Mkts.	0.63	42%

Technical Indicators
Recent close	$145.56
30d moving avg.	$142.50
Annualized volatility	14.0%
Short interest (ETF)	2.2%
Short interest (Underlying)	5.3%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	243
Turnover	0.3%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$41,000

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IWP

Expense:

24 bp

ALTAR Score™:

4.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IWP
Ticker	Fund Name	Overlap¹ vs IWP (%)	Expense ratio (bp)	Savings vs IWP (bp)	ALTAR Score™ (%)	ALTAR vs IWP (%)
JKH	iShares Morningstar Mid Cap Growth	53.2	30	-6	2.8	-1.8
VOT	Vanguard Mid-Cap Growth	48.5	7	17	4.1	-0.5
IWR	iShares Russell Midcap	47.6	19	5	6.0	+1.4
VO	Vanguard Mid-Cap ETF	45.2	4	20	5.8	+1.2
JHMM	John Hancock Multifactor Mid Cap	43.6	44	-20	6.0	+1.4
FLQM	Franklin LibertyQ U.S. Mid Cap Equity	37.1	30	-6	6.9	+2.2
OSIZ	Invesco Russell 1000 Size Factor ETF	36.7	19	5	6.4	+1.7
ONEO	SPDR Russell 1000 Momentum Focus	36.5	20	4	6.5	+1.9
TPLC	Timothy Plan US Large Cap Core	35.2	52	-28	5.6	+1.0
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity	35.0	24	0	6.1	+1.5
FTC	First Trust Large Cap Growth	34.9	61	-37	3.7	-0.9
DEUS	Xtrackers Russell 1000 Comprehensive Factor	34.6	17	7	6.4	+1.8
SCHM	Schwab US Mid Cap	33.0	4	20	6.4	+1.8
CFO	Victory CEMP US 500 Enhanced Volatility Wtd	32.9	35	-11	6.1	+1.5
CFA	Compass EMP US 500 Volatility Weighted	32.8	35	-11	6.1	+1.5
FAD	First Trust Multi Cap Growth	32.6	69	-45	3.5	-1.2
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	30.4	75	-51	4.7	+0.1
SIZE	iShares MSCI USA Size Factor	30.3	15	9	6.4	+1.7
SFYX	SoFi Next 500	29.6	0	24	5.8	+1.2
JMOM	JPMorgan U.S. Momentum Factor	29.3	12	12	4.4	-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 Midcap Growth
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	24.5	%
Divided by: Fwd. P/BV	5.0	x
Less: Expense ratio	24	bp
Equals: ALTAR Score	4.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	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.