ETF Research Center

The iShares MSCI USA Momentum Index Fund is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of an index that measures the performance of U.S. large- and mid-capitalization stocks exhibiting relatively higher momentum characteristics, before fees and expenses.

FUND BASICS
Category	US Equities
Fund Sponsor	iShares/USA
Website	www.ishares.com
Inception date	Apr 18, 2013
Assets (mns)	$9,125
Currency	USD
Expense ratio	15 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Momentum
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	125
Wgt avg mkt cap (mns)	$192,480
Large cap (>$10bn)	97.9%
Mid cap ($2-10bn)	2.1%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	38.8 %
MICROSOFT CORP	5.5 %
MASTERCARD INC-CLASS A	5.3 %
PROCTER & GAMBLE CO/THE	5.3 %
VISA INC-CLASS A SHARES	5.2 %
WALT DISNEY CO/THE	4.5 %
CISCO SYSTEMS INC	3.0 %
COMCAST CORP-CL A	3.0 %
MERCK & CO. INC.	2.7 %
PAYPAL HOLDINGS INC	2.2 %
BROADCOM INC.	2.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.8 %
	BRITAIN	1.1 %
	IRELAND	0.7 %
	CANADA	0.4 %
	BERMUDA	0.4 %
	SWITZERLAND	0.3 %

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.
25.1%	15.7%	13.9%	--	15.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.89	78%
MSCI EAFE	0.83	56%
MSCI Emg. Mkts.	0.60	46%

Technical Indicators
Recent close	$123.40
30d moving avg.	$121.45
Annualized volatility	12.2%
Short interest (ETF)	0.0%
Short interest (Underlying)	2.5%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	748
Turnover	1.0%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$36,996

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

MTUM

Expense:

15 bp

ALTAR Score™:

4.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH MTUM
Ticker	Fund Name	Overlap¹ vs MTUM (%)	Expense ratio (bp)	Savings vs MTUM (bp)	ALTAR Score™ (%)	ALTAR vs MTUM (%)
SPMO	Invesco S&P 500 Momentum Portfolio	57.6	13	2	4.3	-0.1
JMOM	JPMorgan U.S. Momentum Factor	39.4	12	3	4.3	-0.1
OMOM	Invesco Russell 1000 Momentum Factor ETF	34.0	19	-4	5.3	+0.9
SPYG	SPDR Portfolio S&P 500 Growth	33.6	4	11	5.1	+0.7
FDMO	Fidelity Momentum Factor	33.5	29	-14	4.1	-0.3
VOOG	Vanguard S&P 500 Growth	33.4	15	0	5.0	+0.6
IVW	iShares S&P 500 Growth	33.4	18	-3	4.9	+0.5
SPHQ	Invesco S&P High Quality Portfolio	33.4	15	0	5.7	+1.3
XLK	Technology Select Sector SPDR	32.8	13	2	5.7	+1.3
FTEC	Fidelity MSCI Info Technology	32.3	8	7	5.5	+1.1
IUSG	iShares Core U.S. Growth	32.2	4	11	5.1	+0.7
VGT	Vanguard Info Tech ETF	32.0	10	5	5.5	+1.1
MMTM	SPDR S&P1500 Momentum Tilt	31.6	12	3	5.4	+1.0
PWB	Invesco Dynamic Large Cap Growth	29.9	55	-40	4.3	-0.1
IWF	iShares Russell 1000 Growth	29.0	19	-4	5.0	+0.6
YLDE	ClearBridge Dividend Strategy ESG	28.9	60	-45	4.6	+0.2
VONG	Vanguard Russell 1000 Growth	28.9	12	3	5.1	+0.7
VIG	Vanguard Dividend Appreciation	28.8	6	9	5.5	+1.1
PLC	Principal U.S. Large-Cap Multi-Factor Core Index	28.8	15	0	5.6	+1.2
ULVM	USAA MSCI USA Value Momentum Blend Index	28.7	20	-5	7.5	+3.1

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 MSCI USA Momentum Factor
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	22.3	%
Divided by: Fwd. P/BV	4.9	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	4.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	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.