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 16, 2013
Assets (mns)	$9,981
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)	$394,106
Large cap (>$10bn)	99.1%
Mid cap ($2-10bn)	0.9%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	39.5 %
AMAZON.COM INC	5.4 %
APPLE INC	5.3 %
MICROSOFT CORP	5.1 %
JOHNSON & JOHNSON	4.1 %
TESLA MOTORS INC	4.0 %
NVIDIA CORP	3.8 %
UNITEDHEALTH GROUP INC	3.3 %
ADOBE SYSTEMS INC	3.1 %
NETFLIX INC	2.7 %
ELI LILLY & CO	2.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.3 %
	BRITAIN	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru June 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
5.1%	12.1%	14.4%	--	15.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.91	87%
MSCI EAFE	0.89	72%
MSCI Emg. Mkts.	0.64	58%

Technical Indicators
Recent close	$133.80
30d moving avg.	$127.45
Annualized volatility	16.5%
Short interest (ETF)	0.0%
Short interest (Underlying)	2.5%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	815
Turnover	1.1%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$137,426

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the iShares Edge MSCI USA Momentum Factor ETF 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™:

4.2%

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 (%)
FDMO	Fidelity Momentum Factor ETF	50.1	29	-14	3.9	-0.3
MMTM	SPDR S&P 1500 Momentum Tilt ETF	48.1	12	3	5.0	+0.8
SCHG	Schwab U.S. Large-Cap Growth ETF	46.1	4	11	4.2	-0.0
QYLD	Global X NASDAQ 100 Covered Call ETF	46.0	60	-45	3.5	-0.7
IWF	iShares Russell 1000 Growth ETF	46.0	19	-4	4.2	-0.0
NUSI	Nationwide Risk-Managed Income ETF	45.9	68	-53	3.5	-0.7
QQQ	Invesco QQQ Trust	45.3	20	-5	3.9	-0.3
TMFC	Motley Fool 100 Index ETF	44.3	50	-35	3.8	-0.4
IWY	iShares Russell Top 200 Growth ETF	44.3	20	-5	4.2	-0.0
VONG	Vanguard Russell 1000 Growth Index Fund	43.6	8	7	4.3	+0.1
XOUT	GraniteShares XOUT U.S. Large Cap ETF	43.1	60	-45	4.4	+0.3
IQSU	IQ Candriam ESG US Equity ETF	42.7	9	6	5.1	+0.9
IWL	iShares Russell Top 200 ETF	41.8	15	0	5.1	+0.9
SPYG	SPDR Portfolio S&P 500 Growth ETF	41.8	4	11	4.4	+0.2
IVW	iShares S&P 500 Growth ETF	41.8	18	-3	4.2	+0.0
VUG	Vanguard Growth Index Fund	41.8	4	11	4.1	-0.1
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	41.7	9	6	5.6	+1.4
VOOG	Vanguard S&P 500 Growth ETF	41.6	10	5	4.3	+0.1
SYG	SPDR MFS Systematic Growth Equity ETF	41.3	60	-45	4.3	+0.1
IUSG	iShares Core S&P US Growth ETF	41.2	4	11	4.4	+0.2
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	40.8	21	-6	3.0	-1.2
ESGU	iShares MSCI USA ESG Optimized ETF	40.5	15	0	5.2	+1.0
BKLC	BNY Mellon US Large Cap Core Equity ETF	40.4	0	15	5.3	+1.1
SPXN	ProShares S&P 500 Ex-Financials ETF	40.2	27	-12	5.0	+0.8
SFY	SoFi Select 500 ETF	40.2	0	15	5.3	+1.1
VEGN	US Vegan Climate ETF	39.9	60	-45	5.2	+1.0
PBUS	Invesco PureBeta MSCI USA ETF	39.8	4	11	5.3	+1.1
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	39.7	20	-5	5.0	+0.8
WOMN	Impact Shares YWCA Women's Empowerment ETF	39.7	75	-60	4.6	+0.4
MGC	Vanguard Mega Cap Index Fund	39.6	7	8	5.3	+1.1
MGK	Vanguard Mega Cap Growth ETF	39.6	7	8	4.2	-0.0
AFLG	First Trust Active Factor Large Cap ETF	39.6	55	-40	5.6	+1.4
SPXE	ProShares S&P 500 Ex-Energy ETF	39.5	27	-12	5.4	+1.2
TECB	iShares US Tech Breakthrough Multisector ETF	39.3	40	-25	4.0	-0.2
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	39.3	7	8	5.3	+1.1
PBP	Invesco S&P 500 BuyWrite ETF	39.2	49	-34	5.0	+0.9
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	39.1	20	-5	5.4	+1.2
OEF	iShares S&P 100 ETF	39.0	20	-5	4.8	+0.6
JKE	iShares Morningstar Large-Cap Growth ETF	39.0	25	-10	2.9	-1.3
IGM	iShares Expanded Tech Sector ETF	39.0	46	-31	3.8	-0.4
SNPE	Xtrackers S&P 500 ESG ETF	39.0	11	4	5.2	+1.0
BBUS	JP Morgan Betabuilders U.S. Equity ETF	39.0	2	13	5.4	+1.2
ESGV	Vanguard ESG U.S. Stock ETF	39.0	12	3	5.2	+1.0
VV	Vanguard Large-Cap Index Fund	38.9	4	11	5.3	+1.1
CATH	Global X S&P 500 Catholic Values Custom ETF	38.9	29	-14	5.3	+1.1
XLG	Invesco S&P 500 Top 50 ETF	38.7	20	-5	4.5	+0.3
SCHX	Schwab U.S. Large-Cap ETF	38.7	3	12	5.3	+1.2
SPY	SPDR S&P 500 ETF Trust	38.7	9	6	5.4	+1.2
HSPX	Global X S&P 500 Covered Call ETF	38.7	65	-50	4.9	+0.7
IVV	iShares Core S&P 500 ETF	38.6	4	11	5.5	+1.3
SPLG	SPDR Portfolio Large Cap ETF	38.6	3	12	5.5	+1.3
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	38.3	75	-60	3.8	-0.4
VOO	VANGUARD S&P 500 ETF	38.3	3	12	5.5	+1.3
ESG	FlexShares STOXX US ESG Impact Index Fund	38.1	32	-17	5.1	+0.9
IWB	iShares Russell 1000 ETF	37.9	15	0	5.2	+1.0
IETC	iShares Evolved U.S. Technology ETF	37.9	18	-3	3.8	-0.4
VONE	Vanguard Russell 1000 ETF	37.8	8	7	5.3	+1.1
SCHK	Schwab 1000 Index ETF	37.8	5	10	5.3	+1.1
PWB	Invesco Dynamic Large Cap Growth ETF	37.7	55	-40	3.4	-0.8
IYY	iShares Dow Jones U.S. ETF	37.5	20	-5	5.2	+1.0
AMOM	Qraft AI-Enhanced U.S. Large Cap Momentum ETF	37.1	75	-60	2.1	-2.1
SPMO	Invesco S&P 500 Momentum ETF	36.7	13	2	4.4	+0.2
SPTM	SPDR Portfolio Total Stock Market ETF	36.7	3	12	5.6	+1.4
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	36.4	12	3	4.9	+0.7
VFMO	Vanguard U.S. Momentum Factor ETF	36.3	13	2	1.2	-3.0
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	36.2	49	-34	4.1	-0.1
SCHB	Schwab U.S. Broad Market ETF	36.1	3	12	5.3	+1.1
IWV	iShares Russell 3000 ETF	36.0	20	-5	5.1	+0.9
ADME	Aptus Drawdown Managed Equity ETF	36.0	81	-66	3.6	-0.6
VTHR	Vanguard Russell 3000 Index Fund	36.0	10	5	5.2	+1.0
ITOT	iShares Core S&P Total U.S. Stock Market ETF	35.8	3	12	5.2	+1.0
VTI	Vanguard Total Stock Market Index Fund	35.7	3	12	5.2	+1.0
FMK	First Trust Mega Cap AlphaDEX Fund	35.3	70	-55	5.2	+1.1
JMOM	JPMorgan U.S. Momentum Factor ETF	35.0	12	3	3.9	-0.3
FTC	First Trust Large Cap Growth AlphaDEX Fund	34.8	61	-46	2.9	-1.3
ECOZ	TrueMark ESG Active Opportunities ETF	34.4	58	-43	4.4	+0.2
NACP	Impact Shares NAACP Minority Empowerment ETF	34.3	75	-60	4.6	+0.4
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	34.3	10	5	5.3	+1.1
LRGE	ClearBridge Large Cap Growth ESG ETF	34.2	59	-44	3.8	-0.4
EXT	WisdomTree U.S. Total Earnings Fund	34.2	28	-13	5.3	+1.1
SUSL	iShares ESG MSCI USA Leaders ETF	34.2	10	5	5.3	+1.1
AUSF	Global X Adaptive U.S. Factor ETF	34.1	27	-12	8.0	+3.9
SPXV	ProShares S&P 500 Ex-Health Care ETF	33.6	27	-12	5.1	+0.9
SPHQ	Invesco S&P 500 Quality ETF	33.5	15	0	4.7	+0.5
IYW	iShares U.S. Technology ETF	33.4	42	-27	4.0	-0.2
ACIO	Aptus Collared Income Opportunity ETF	33.3	79	-64	4.4	+0.2
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	33.0	19	-4	5.7	+1.5
AIEQ	AI Powered Equity ETF	32.6	87	-72	3.7	-0.5
FQAL	Fidelity Quality Factor ETF	32.4	29	-14	5.5	+1.3
RECS	Columbia Research Enhanced Core ETF	32.3	15	0	5.7	+1.5
CACG	ClearBridge All Cap Growth ETF	32.1	54	-39	4.4	+0.2
HIPR	Direxion High Growth ETF	31.9	40	-25	2.9	-1.3
JHML	John Hancock Multifactor Large Cap ETF	31.8	29	-14	5.6	+1.4
XNTK	SPDR NYSE Technology ETF	31.6	35	-20	3.7	-0.5
QLC	FlexShares US Quality Large Cap Index Fund	31.5	32	-17	5.4	+1.2
FHLC	Fidelity MSCI Health Care Index ETF	31.3	8	7	5.5	+1.3
SYE	SPDR MFS Systematic Core Equity ETF	31.3	60	-45	5.7	+1.5
VHT	Vanguard Health Care Index Fund	31.3	10	5	5.4	+1.2
HLAL	Wahed FTSE USA Shariah ETF	31.2	50	-35	4.7	+0.5
SFYF	SoFi 50 ETF	31.0	29	-14	5.4	+1.2

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 Edge MSCI USA Momentum Factor ETF
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	25.4	%
Divided by: Fwd. P/BV	5.9	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	4.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.42	CATEGORY AVERAGE	1.52

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.