ETF Research Center

iShares Russell Midcap Index Fund seeks investment results that correspond to the performance of the Russell Midcap Index. The Index is a capitalization-weighted index consisting of the 800 sm

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Jul 20, 2001
Assets (mns)	$19,863
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	800
Wgt avg mkt cap (mns)	$18,239
Large cap (>$10bn)	72.2%
Mid cap ($2-10bn)	27.5%
Small cap (<$2bn)	0.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	5.9 %
FISERV INC	0.8 %
GLOBAL PAYMENTS INC	0.7 %
ADVANCED MICRO DEVICES	0.7 %
HARRIS CORP	0.6 %
LAM RESEARCH CORP	0.6 %
SEMPRA ENERGY	0.5 %
DOLLAR GENERAL CORP	0.5 %
NEWMONT MINING CORP	0.5 %
CENTENE CORP	0.5 %
XCEL ENERGY INC	0.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.1 %
	BRITAIN	1.4 %
	IRELAND	1.3 %
	BERMUDA	1.0 %
	LUXEMBOURG	0.2 %
	SWITZERLAND	0.2 %
	CHINA	0.2 %
	NETHERLANDS	0.1 %
	PUERTO RICO	0.1 %
	CAYMAN ISLANDS	0.1 %

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.
-0.8%	16.7%	9.3%	13.3%	9.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.04	94%
MSCI EAFE	0.95	65%
MSCI Emg. Mkts.	0.62	48%

Technical Indicators
Recent close	$54.66
30d moving avg.	$60.58
Annualized volatility	13.0%
Short interest (ETF)	0.4%
Short interest (Underlying)	4.7%
Relative strength (RSI)	38

Liquidity measures
Avg. volume (thou.)	1,466
Turnover	0.4%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$75,002

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IWR

Expense:

19 bp

ALTAR Score™:

6.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IWR
Ticker	Fund Name	Overlap¹ vs IWR (%)	Expense ratio (bp)	Savings vs IWR (bp)	ALTAR Score™ (%)	ALTAR vs IWR (%)
JHMM	John Hancock Multifactor Mid Cap ETF	72.0	44	-25	6.2	+0.2
IWS	iShares Russell Mid-Cap Value ETF	65.0	24	-5	7.1	+1.1
SIZE	iShares Edge MSCI USA Size Factor ETF	57.4	15	4	6.5	+0.5
OSIZ	Invesco Russell 1000 Size Factor ETF	57.2	19	0	5.6	-0.4
EUSA	iShares MSCI USA Equal Weighted ETF	57.2	15	4	6.5	+0.5
VO	Vanguard Mid-Cap Index Fund	56.6	4	15	6.0	-0.0
EQAL	Invesco Russell 1000 Equal Weight ETF	56.3	20	-1	6.0	-0.0
ONEO	SPDR Russell 1000 Momentum Focus ETF	54.4	20	-1	7.0	+1.0
DEUS	Xtrackers Russell 1000 Comprehensive Factor ETF	52.9	17	2	7.0	+1.0
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity ETF	52.7	24	-5	6.4	+0.4
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	52.5	9	10	6.4	+0.3
USEQ	Invesco Russell 1000 Enhanced Equal Weight ETF	52.5	29	-10	7.1	+1.0
RSP	Invesco S&P 500 Equal Weight ETF	50.0	20	-1	7.0	+1.0
IWP	iShares Russell Mid-Cap Growth ETF	48.9	24	-5	4.9	-1.1
ONEV	SPDR Russell 1000 Low Volatility Focus ETF	48.7	20	-1	7.4	+1.3
CFO	Victory CEMP US 500 Enhanced Volatility Weighted Index ETF	48.3	35	-16	6.4	+0.4
CFA	Victory CEMP US 500 Volatility Weighted Index ETF	48.2	35	-16	6.5	+0.4
RVRS	Reverse Cap Weighted U.S. Large Cap ETF	44.3	29	-10	7.9	+1.8
AMCA	iShares Russell 1000 Pure U.S. Revenue ETF	44.1	15	4	6.8	+0.8
SCIU	Global X Scientific Beta US ETF	43.0	19	0	6.1	+0.0

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 Midcap ETF
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	14.0	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	19	bp
Equals: ALTAR Score	6.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	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.