ETF Research Center

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

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Sep 25, 2009
Assets (mns)	$488
Currency	USD
Expense ratio	20 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Multi-Factor
Index replication	n/a
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	133
Wgt avg mkt cap (mns)	$190,839
Large cap (>$10bn)	99.9%
Mid cap ($2-10bn)	0.1%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	32.1 %
BERKSHIRE HATHAWAY INC-CL B	4.7 %
JPMORGAN CHASE & CO	4.4 %
JOHNSON & JOHNSON	3.5 %
PROCTER & GAMBLE CO/THE	3.1 %
AT&T INC	2.9 %
INTEL CORP	2.9 %
BANK OF AMERICA CORP	2.9 %
EXXON MOBIL CORP	2.6 %
WALT DISNEY CO/THE	2.5 %
VERIZON COMMUNICATIONS INC	2.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.3 %
	IRELAND	3.1 %
	BRITAIN	1.5 %
	SWITZERLAND	0.8 %

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.
-2.2%	15.4%	8.8%	11.3%	11.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.92	91%
MSCI EAFE	0.85	64%
MSCI Emg. Mkts.	0.57	50%

Technical Indicators
Recent close	$57.05
30d moving avg.	$58.70
Annualized volatility	11.8%
Short interest (ETF)	0.6%
Short interest (Underlying)	1.7%
Relative strength (RSI)	52

Liquidity measures
Avg. volume (thou.)	56
Turnover	0.7%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$50,258

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IWX

Expense:

20 bp

ALTAR Score™:

7.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IWX
Ticker	Fund Name	Overlap¹ vs IWX (%)	Expense ratio (bp)	Savings vs IWX (bp)	ALTAR Score™ (%)	ALTAR vs IWX (%)
MGV	Vanguard Mega Cap Value ETF	73.5	7	13	7.2	+0.2
VONV	Vanguard Russell 1000 Value Index Fund	67.2	8	12	7.0	-0.0
IWD	iShares Russell 1000 Value ETF	65.9	19	1	6.9	-0.1
VTV	Vanguard Value Index Fund	64.1	4	16	7.3	+0.3
VOOV	Vanguard S&P 500 Value ETF	61.0	15	5	7.2	+0.2
SPYV	SPDR Portfolio S&P 500 Value ETF	60.9	4	16	7.3	+0.3
IVE	iShares S&P 500 Value ETF	60.9	18	2	7.2	+0.1
OYLD	Invesco Russell 1000 Yield Factor ETF	60.9	19	1	7.4	+0.4
JKF	iShares Morningstar Large Cap Value ETF	59.7	25	-5	7.9	+0.8
VYM	Vanguard High Dividend Yield Index ETF	58.7	6	14	7.4	+0.3
IUSV	iShares Core S&P U.S. Value ETF	57.3	4	16	7.3	+0.3
SCHV	Schwab U.S. Large-Cap Value ETF	56.1	4	16	7.1	+0.1
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	54.2	19	1	6.6	-0.5
DLN	WisdomTree U.S. LargeCap Dividend Fund	53.6	28	-8	6.7	-0.4
RAFE	PIMCO RAFI ESG U.S. ETF	50.6	29	-9	8.2	+1.1
IWL	iShares Russell Top 200 ETF	49.4	15	5	5.6	-1.5
SPXT	ProShares S&P 500 Ex-Technology ETF	49.0	27	-7	6.0	-1.1
PRF	Invesco FTSE RAFI US 1000 ETF	48.5	39	-19	6.6	-0.5
DGRO	iShares Core Dividend Growth ETF	48.3	8	12	6.6	-0.5
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	48.1	25	-5	5.8	-1.3

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

	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 Top 200 Value ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	14.1	%
Divided by: Fwd. P/BV	2.0	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	7.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	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.