ETF Research Center

iShares Morningstar Large Growth Index seeks investment results that correspond to the price and yield performance of the Morningstar Large Growth Index. The Index measures the performace of c

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Jul 02, 2004
Assets (mns)	$1,288
Currency	USD
Expense ratio	25 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	67
Wgt avg mkt cap (mns)	$318,926
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	35.4 %
MICROSOFT CORP	8.3 %
AMAZON.COM INC	5.6 %
FACEBOOK	4.1 %
ALPHABET INC. CLASS A	3.0 %
ALPHABET INC. CLASS C	3.0 %
VISA INC-CLASS A SHARES	2.8 %
UNITEDHEALTH GROUP INC	2.5 %
MASTERCARD INC-CLASS A	2.5 %
SALESFORCE.COM INC	1.8 %
ADOBE SYSTEMS INC	1.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.4 %
	BRITAIN	2.5 %

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.
33.2%	33.2%	14.1%	14.7%	9.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.01	88%
MSCI EAFE	0.95	65%
MSCI Emg. Mkts.	0.66	54%

Technical Indicators
Recent close	$220.23
30d moving avg.	$209.98
Annualized volatility	13.0%
Short interest (ETF)	0.0%
Short interest (Underlying)	2.0%
Relative strength (RSI)	81

Liquidity measures
Avg. volume (thou.)	10
Turnover	0.2%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$50,750

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

JKE

Expense:

25 bp

ALTAR Score™:

3.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH JKE
Ticker	Fund Name	Overlap¹ vs JKE (%)	Expense ratio (bp)	Savings vs JKE (bp)	ALTAR Score™ (%)	ALTAR vs JKE (%)
MGK	Vanguard Mega Cap 300 Growth	56.9	7	18	4.6	+1.2
IWY	iShares Russell Top 200 Growth	54.8	20	5	4.6	+1.2
VUG	Vanguard Growth ETF	52.4	4	21	4.5	+1.1
SCHG	Schwab U.S. Large-Cap Growth	51.1	4	21	4.5	+1.1
SPYG	SPDR Portfolio S&P 500 Growth	49.7	4	21	4.7	+1.3
IVW	iShares S&P 500 Growth	49.6	18	7	4.6	+1.1
VONG	Vanguard Russell 1000 Growth	48.3	12	13	4.7	+1.3
TMFC	Motley Fool 100 Index	48.1	50	-25	4.0	+0.6
IWF	iShares Russell 1000 Growth	48.1	19	6	4.6	+1.1
PWB	Invesco Dynamic Large Cap Growth	47.0	55	-30	3.7	+0.3
VOOG	Vanguard S&P 500 Growth	47.0	15	10	4.6	+1.2
NULG	NuShares ESG Large-Cap Growth	46.7	35	-10	3.8	+0.4
IUSG	iShares Core U.S. Growth	46.4	4	21	4.7	+1.3
QYLD	Global X NASDAQ 100 Covered Call ETF	45.9	60	-35	4.5	+1.0
IGM	iShares S&P N. American Technology	45.6	46	-21	4.1	+0.7
QQQ	Invesco QQQ	45.2	20	5	4.7	+1.3
IETC	iShares Evolved U.S. Technology	44.1	18	7	4.3	+0.9
LRGE	ClearBridge Large Cap Growth ESG	39.6	60	-35	3.9	+0.4
XOUT	GraniteShares XOUT US Large Cap	38.9	60	-35	4.7	+1.3
XLG	Invesco S&P Top 50	37.4	20	5	4.8	+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 Morningstar Large Cap Growth
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	25.5	%
Divided by: Fwd. P/BV	6.9	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	3.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.37	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.