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)	$504
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	134
Wgt avg mkt cap (mns)	$190,443
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	32.6 %
BERKSHIRE HATHAWAY INC-CL B	4.6 %
JPMORGAN CHASE & CO	4.4 %
JOHNSON & JOHNSON	3.3 %
EXXON MOBIL CORP	3.1 %
PROCTER & GAMBLE CO/THE	3.0 %
BANK OF AMERICA CORP	3.0 %
AT&T INC	2.9 %
WALT DISNEY CO/THE	2.8 %
INTEL CORP	2.7 %
VERIZON COMMUNICATIONS INC	2.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.3 %
	IRELAND	3.0 %
	BRITAIN	1.5 %
	SWITZERLAND	0.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
22.9%	11.6%	8.0%	11.1%	11.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.92	91%
MSCI EAFE	0.83	62%
MSCI Emg. Mkts.	0.57	47%

Technical Indicators
Recent close	$57.30
30d moving avg.	$56.85
Annualized volatility	11.7%
Short interest (ETF)	0.1%
Short interest (Underlying)	1.7%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	19
Turnover	0.2%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$54,512

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares Russell Top 200 Value 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 300 Value	73.5	7	13	7.1	+0.1
VONV	Vanguard Russell 1000 Value	66.2	12	8	7.0	+0.1
IWD	iShares Russell 1000 Value	66.2	19	1	7.0	+0.0
VTV	Vanguard Value ETF	63.8	4	16	7.2	+0.2
VYM	Vanguard High Dividend Yield ETF	59.3	6	14	7.2	+0.3
OYLD	Invesco Russell 1000 Yield Factor ETF	59.1	19	1	7.1	+0.1
JKF	iShares Morningstar Large Value	56.9	25	-5	7.7	+0.8
SCHV	Schwab U.S. Large-Cap Value	56.6	4	16	7.0	+0.0
DLN	WisdomTree Large Cap Dividend	54.2	28	-8	6.5	-0.4
SPYV	SPDR Portfolio S&P 500 Value	54.1	4	16	7.1	+0.2
IVE	iShares S&P 500 Value	54.0	18	2	7.0	+0.0
VOOV	Vanguard S&P 500 Value	54.0	15	5	7.0	+0.1
IWL	iShares Russell Top 200	51.3	15	5	5.7	-1.3
IUSV	iShares Core U.S. Value	50.6	4	16	7.1	+0.2
SPXT	ProShares S&P 500 Ex-Technology	50.1	27	-7	6.0	-1.0
PRF	Invesco FTSE-RAFI U.S. 1000	49.4	39	-19	6.5	-0.4
FNDX	Schwab Fundamental Large Cap	48.9	25	-5	5.9	-1.0
OEF	iShares S&P 100	48.8	20	0	5.5	-1.5
EQWL	Invesco Fundamental Pure Large Core	48.5	25	-5	6.3	-0.6
MGC	Vanguard Mega Cap 300 ETF	48.1	7	13	5.8	-1.1

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 Top 200 Value
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	14.0	%
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	1.54	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.