ETF Research Center

iShares MSCI USA Risk Weighted 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 with relatively smaller average market capitalization, before fees and expenses.

FUND BASICS
Category	US Equities
Fund Sponsor	iShares/USA
Website	www.ishares.com
Inception date	Apr 18, 2013
Assets (mns)	$432
Currency	USD
Expense ratio	15 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	637
Wgt avg mkt cap (mns)	$44,782
Large cap (>$10bn)	77.8%
Mid cap ($2-10bn)	22.3%
Small cap (<$2bn)	0.0%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	3.0 %
FISERV INC	0.4 %
GLOBAL PAYMENTS INC	0.4 %
SALESFORCE.COM INC	0.4 %
HARRIS CORP	0.3 %
FIDELITY NATIONAL INFORMATIO	0.3 %
DEXCOM INC	0.3 %
SEATTLE GENETICS INC	0.3 %
KLA-TENCOR CORPORATION	0.2 %
QORVO INC	0.2 %
LEGGETT & PLATT INC	0.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.0 %
	IRELAND	2.0 %
	BRITAIN	1.9 %
	BERMUDA	0.9 %
	SWITZERLAND	0.5 %
	SINGAPORE	0.2 %
	CANADA	0.1 %
	ARGENTINA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
21.4%	12.4%	9.7%	--	11.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.00	92%
MSCI EAFE	0.87	59%
MSCI Emg. Mkts.	0.58	43%

Technical Indicators
Recent close	$93.94
30d moving avg.	$91.45
Annualized volatility	12.6%
Short interest (ETF)	0.2%
Short interest (Underlying)	3.6%
Relative strength (RSI)	73

Liquidity measures
Avg. volume (thou.)	41
Turnover	0.9%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$150,527

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

SIZE

Expense:

15 bp

ALTAR Score™:

6.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SIZE
Ticker	Fund Name	Overlap¹ vs SIZE (%)	Expense ratio (bp)	Savings vs SIZE (bp)	ALTAR Score™ (%)	ALTAR vs SIZE (%)
EUSA	iShares MSCI USA Equal Weight	93.9	15	0	6.6	+0.2
RSP	Invesco S&P 500 Equal Weight	77.8	20	-5	6.9	+0.5
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity	76.7	9	6	6.5	+0.1
USEQ	Invesco Russell 1000 Enhanced Equal Weight	67.4	29	-14	6.7	+0.3
JHML	John Hancock Multifactor Large Cap	63.9	34	-19	6.0	-0.4
CFO	Victory CEMP US 500 Enhanced Volatility Wtd	63.2	35	-20	6.1	-0.2
CFA	Compass EMP US 500 Volatility Weighted	63.2	35	-20	6.1	-0.3
RNLC	Large Cap US Equity Select	57.6	60	-45	6.4	+0.0
IWR	iShares Russell Midcap	57.1	19	-4	6.0	-0.4
RVRS	Reverse Cap Weighted US Large Cap	56.0	29	-14	7.9	+1.6
EQAL	Invesco Russel 1000 Equal Weight	55.8	20	-5	6.0	-0.4
ONEO	SPDR Russell 1000 Momentum Focus	55.3	20	-5	6.5	+0.1
SCIU	Global X Scientific Beta US	55.1	19	-4	5.7	-0.6
JHMM	John Hancock Multifactor Mid Cap	54.2	44	-29	6.0	-0.4
DEUS	Xtrackers Russell 1000 Comprehensive Factor	54.0	17	-2	6.4	+0.0
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity	53.4	9	6	6.4	+0.1
FEX	First Trust Large Cap Core Alphadex	52.9	61	-46	6.4	+0.1
DYNF	BlackRock U.S. Equity Factor Rotation	50.7	30	-15	6.6	+0.2
PBUS	Invesco PureBeta MSCI USA	50.6	4	11	6.0	-0.3
SCHX	Schwab U.S. Large-Cap	49.7	3	12	5.9	-0.5

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 Size Factor
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.0	%
Divided by: Fwd. P/BV	2.3	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	6.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	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.