ETF Research Center

The iShares Edge MSCI Min Vol USA Small-Cap ETF tracks an index of US-listed small capitalization stocks selected and weighted to create a low volatility portfolio, subject to constraints including sector exposure.

FUND BASICS
Category	US Equities
Fund Sponsor	BlackRock
Website	www.ishares.com
Inception date	Sep 07, 2016
Assets (mns)	$401
Currency	USD
Expense ratio	20 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Multi-Factor
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	386
Wgt avg mkt cap (mns)	$4,146
Large cap (>$10bn)	3.4%
Mid cap ($2-10bn)	68.3%
Small cap (<$2bn)	28.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	11.9 %
ROYAL GOLD INC	2.0 %
BROWN & BROWN INC	1.3 %
CAPITAL TRUST-CL A	1.2 %
EQUITY COMMONWEALTH	1.1 %
LIFE STORAGE, INC.	1.1 %
CABLE ONE INC	1.1 %
BRIGHT HORIZONS FAMILY SOLUT	1.1 %
STORE CAPITAL CORP	1.0 %
WHITE MOUNTAINS INSURANCE GP	1.0 %
STARWOOD PROPERTY TRUST INC	1.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.4 %
	BERMUDA	1.8 %
	NETHERLANDS	0.4 %
	CAYMAN ISLANDS	0.4 %
	ISRAEL	0.3 %
	BRITAIN	0.2 %
	CANADA	0.2 %
	PUERTO RICO	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.
20.3%	13.6%	--	--	13.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.70	74%
MSCI EAFE	0.51	33%
MSCI Emg. Mkts.	0.26	14%

Technical Indicators
Recent close	$34.85
30d moving avg.	$34.40
Annualized volatility	9.8%
Short interest (ETF)	0.0%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	103
Turnover	0.9%
Bid/Ask (% of price)	0.24%
ADV underlying (mns)	$8,446

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares Edge MSCI Min Vol USA Small-Cap ETF based on the alternatives' overlap in portfolio holdings with SMMV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SMMV

Expense:

20 bp

ALTAR Score™:

5.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SMMV
Ticker	Fund Name	Overlap¹ vs SMMV (%)	Expense ratio (bp)	Savings vs SMMV (bp)	ALTAR Score™ (%)	ALTAR vs SMMV (%)
FSMD	Fidelity Small-Mid Factor ETF	30.5	29	-9	6.5	+1.4
USVM	USAA MSCI USA Small Cap Value Momentum Blend Index	29.8	24	-4	6.6	+1.4
PBSM	Invesco PureBeta MSCI USA Small Cap	27.7	6	14	5.3	+0.1
SMLV	SPDR Russell 2000 Low Volatility	27.2	12	8	6.7	+1.5
ESML	iShares MSCI USA Small-Cap ESG Optimized	25.3	17	3	4.9	-0.3
PSM	Principal U.S. Small-MidCap Multi-Factor Core Index	24.6	20	0	6.3	+1.2
VB	Vanguard Smallcap ETF	23.3	5	15	5.7	+0.5
SPMD	SPDR Portfolio Mid Cap	23.2	5	15	6.3	+1.2
FLQS	Franklin LibertyQ U.S. Small Cap Equity	23.0	35	-15	6.3	+1.1
FNY	First Trust Mid Cap Growth AlphaDEX	22.7	70	-50	3.8	-1.4
NUSC	NuShares ESG Small-Cap	21.9	40	-20	5.1	-0.0
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	21.9	29	-9	5.0	-0.1
VBR	Vanguard Small-Cap Value ETF	21.8	7	13	7.8	+2.7
SCHA	Schwab U.S. Small-Cap	21.5	4	16	5.1	-0.0
IJH	iShares Core S&P MidCap	21.5	7	13	6.4	+1.3
MDY	S&P MidCap 400 SPDR	21.4	24	-4	6.2	+1.1
FNDA	Schwab Fundamental Small Cap	21.3	25	-5	6.2	+1.1
IVOO	Vanguard S&P Mid-Cap 400	21.1	15	5	6.3	+1.2
SPSM	SPDR Portfolio Small Cap	21.1	5	15	4.6	-0.5
XMLV	Invesco S&P MidCap Low Volatility	21.1	25	-5	5.4	+0.2

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

	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 Edge MSCI Min Vol USA Small-Cap
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	10.8	%
Divided by: Fwd. P/BV	2.0	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	5.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.66	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.