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IWL Ishares Russell Top 200 ETF Gray Swan Event Factor for IWL

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IWL Ishares Russell Top 200 ETF Gray Swan Event Factor for IWL ETF Risk Report: IWL Buyer beware: Every ETF holds the full risk of its underlying equities Disclosures in the best interest of investors iShares Russell Top 200 ETF Gray Swan Event Risks exist for every equity held by IWL. Gray swan events include accounting fraud, management failures, failed internal controls, M&A problems, restatements, etc. These risks occur infrequently, but Gray Swan Event Factor for IWL 1.09% consistently for all equities. Equities account for 95.94% of IWL’s assets. Most investors ignore these risks until after they are disclosed; whereupon a stock’s price drops precipitously. Just as insurance companies can predict likely costs for a driver’s future car accidents based on the driver’s history, Watchdog Research contacts each ETF asking how they notify investors about we predict the likely cost (price drop) for IWL following accounting governance risks in equities in their fund. We will publish their response gray swan disclosures within its holdings. The expected when received. price decrease across the IWL equity portfolio is 1.09%. However, individual equity risks vary signicantly. This report helps investors know their risk exposure. Inception Date: 09/22/2020 Year-to-Date Return: 5.26% The iShares Russell Top 200 ETF tracks the investment results of the Russell Top 200 Index,a oat-adjusted Net Assets: $866m 1-Year Return: 56.18% capitalization-weighted index of large-capitalization U.S. equities, the 200 largest issuers in the Russell 3000 Index, Price: $94.73 3-Year Return: 18.08% representing 67% of its market capitalization. The Fund Net Asset Value (NAV): $94.64 5-Year Return: 17.19% uses a passive or indexing approach and invests by sampling the Index, holding a collection of securities that Net Expense Ratio: 0.15% Yield: 1.28% approximates the full Index in key investment characteristics (such as market capitalization and As of: 03/31/2021 industry weightings), fundamentals (such as return variability and yield), and liquidity. Company Ticker Held Current GSEF Category Value Top Holdings by Value Apple Inc. AAPL Long 1.20% Low $68m This table shows Gray Swan Event Factors for the top ten equity holdings by dollar-value, as of Sep 17, 2021. Microsoft Corp. MSFT Long 0.97% Low $64.5m Investors should invest in ETFs only when they adequately Amazon.Com Inc. AMZN Long 0.77% Low $47.2m understand an ETF’s risks. Buyer beware. ETF prospectuses generally acknowledge that ETF managers Facebook Inc. FB Long 0.47% Low $26.3m do NO traditional risk analysis on equities in their fund. Alphabet Inc. GOOGL Long 0.46% Low $23.2m Our Gray Swan Event Factors are meant to inform investors of signicant traditional accounting and Alphabet Inc. GOOG Long 0.46% Low $22.5m managerial risks for the equities in each ETF. Tesla, Inc. TSLA Long 0.89% Low $16.7m ETF Risk Reports are published quarterly on dedicated Berkshire Hathaway ... BRKB Long 0.38% Low $16.5m platforms like Factset, Renitiv, Capital IQ etc. Weekly updates are available for a paid subscription. Nvidia Corp. NVDA Long 0.98% Low $15.1m For more details contact: [email protected] Jpmorgan Chase & Co. JPM Long 1.04% Low $14.8m Company Ticker Held Current GSEF Category Value Riskiest Holdings Baxter Internationa... BAX Long 4.92% Mid $1.28m This table shows the individual Gray Swan Event Factors for this ETF’s most at-risk equities as of Sep 17, 2021. Thermo Fisher Scien... TMO Long 3.69% Mid $6.27m The average equity GSEF across 6,500 public equities is Twilio Inc. TWLO Long 3.66% Mid $2.02m 1.25%. Equities with a GSEF between 5% and 10% are considered high risk. Equities with a GSEF above 10% are Merck & Co., Inc. MRK Long 3.34% Mid $6.23m extreme risks. Gray Swan Event Factors are derived from skilled analysts Pzer Inc. PFE Long 3.27% Mid $6.91m charting 15 years of negative gray swan event disclosures Mondelez Internatio... MDLZ Long 3.24% Mid $2.75m against stock price declines following such disclosures. A Gray Swan Event Factor is an assessment of the Zoom Video Communic... ZM Long 3.10% Mid $2.61m likelihood of, and 12-month price risk for, gray swan Biogen Inc. BIIB Long 3.04% Mid $1.64m events for each equity. Eli Lilly And Company LLY Long 2.99% Mid $6.15m Uber Technologies, ... UBER Long 2.93% Mid $2.56m Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 This table lists the equity holdings for iShares Russell Top 200 ETF ranked by highest GSE Factor (riskiest rst). We list all equities (US and foreign) for this ETF. However, some foreign listings only show via a ticker. To further evaluate risks, you can access details for each company by opening its Brief Watchdog Report available for viewing and pdf download. The report is free to readers for their personal consumption and it includes the executive summary data pulled from the full Watchdog Report. To learn more about the full Watchdog and GSEF Reports go to last page or visit watchdogresearch.com. Company Access Details Ticker Held Current GSEF Category Value Baxter International Inc. Watchdogresearch.com/watchdog/$BAX BAX Long 4.92% Mid $1.28m Thermo Fisher Scientic Inc. Watchdogresearch.com/watchdog/$TMO TMO Long 3.69% Mid $6.27m Twilio Inc. Watchdogresearch.com/watchdog/$TWLO TWLO Long 3.66% Mid $2.02m Merck & Co., Inc. Watchdogresearch.com/watchdog/$MRK MRK Long 3.34% Mid $6.23m Pzer Inc. Watchdogresearch.com/watchdog/$PFE PFE Long 3.27% Mid $6.91m Mondelez International, Inc. Watchdogresearch.com/watchdog/$MDLZ MDLZ Long 3.24% Mid $2.75m Zoom Video Communications, Inc. Watchdogresearch.com/watchdog/$ZM ZM Long 3.10% Mid $2.61m Biogen Inc. Watchdogresearch.com/watchdog/$BIIB BIIB Long 3.04% Mid $1.64m Eli Lilly And Company Watchdogresearch.com/watchdog/$LLY LLY Long 2.99% Mid $6.15m Uber Technologies, Inc. Watchdogresearch.com/watchdog/$UBER UBER Long 2.93% Mid $2.56m Allstate Corp. Watchdogresearch.com/watchdog/$ALL ALL Long 2.72% Mid $1.23m Visa Inc. Watchdogresearch.com/watchdog/$V V Long 2.70% Mid $12.5m Abbott Laboratories Watchdogresearch.com/watchdog/$ABT ABT Long 2.54% Mid $6.37m Philip Morris International Inc. Watchdogresearch.com/watchdog/$PM PM Long 2.44% Mid $4.88m Monster Beverage Corp. Watchdogresearch.com/watchdog/$MNST MNST Long 2.42% Mid $1.06m Johnson & Johnson Watchdogresearch.com/watchdog/$JNJ JNJ Long 2.34% Mid $13.7m Zoetis Inc. Watchdogresearch.com/watchdog/$ZTS ZTS Long 2.31% Mid $2.8m Regeneron Pharmaceuticals Inc. Watchdogresearch.com/watchdog/$REGN REGN Long 2.30% Mid $1.77m Bristol Myers Squibb Co. Watchdogresearch.com/watchdog/$BMY BMY Long 2.24% Mid $4.72m Raytheon Technologies Corp Watchdogresearch.com/watchdog/$RTX RTX Long 2.17% Mid $4.09m Gilead Sciences Inc. Watchdogresearch.com/watchdog/$GILD GILD Long 2.15% Mid $2.73m Altria Group, Inc. Watchdogresearch.com/watchdog/$MO MO Long 2.11% Mid $2.79m Amgen Inc. Watchdogresearch.com/watchdog/$AMGN AMGN Long 2.07% Mid $4.43m Lockheed Martin Corp. Watchdogresearch.com/watchdog/$LMT LMT Long 1.99% Low $2.96m Exxon Mobil Corp. Watchdogresearch.com/watchdog/$XOM XOM Long 1.82% Low $8.45m Conocophillips Watchdogresearch.com/watchdog/$COP COP Long 1.81% Low $2.6m Dupont De Nemours, Inc. Watchdogresearch.com/watchdog/$DD DD Long 1.76% Low $1.3m Cisco Systems, Inc. Watchdogresearch.com/watchdog/$CSCO CSCO Long 1.76% Low $7.08m Vertex Pharmaceuticals Inc. Watchdogresearch.com/watchdog/$VRTX VRTX Long 1.75% Low $1.65m Nxp Semiconductors N.V. Watchdogresearch.com/watchdog/$NXPI NXPI Long 1.71% Low $1.79m Intel Corp. Watchdogresearch.com/watchdog/$INTC INTC Long 1.66% Low $7.17m Danaher Corp. Watchdogresearch.com/watchdog/$DHR DHR Long 1.63% Low $5.38m Qualcomm Inc. Watchdogresearch.com/watchdog/$QCOM QCOM Long 1.59% Low $5.1m Align Technology Inc. Watchdogresearch.com/watchdog/$ALGN ALGN Long 1.58% Low $1.52m Estee Lauder Companies Inc. Watchdogresearch.com/watchdog/$EL EL Long 1.57% Low $2.3m Kraft Heinz Co. Watchdogresearch.com/watchdog/$KHC KHC Long 1.57% Low $868k 3m Co. Watchdogresearch.com/watchdog/$MMM MMM Long 1.56% Low $3.63m Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value Eaton Corp. Plc Watchdogresearch.com/watchdog/$ETN ETN Long 1.55% Low $1.86m Boeing Co. Watchdogresearch.com/watchdog/$BA BA Long 1.49% Low $4.06m General Motors Co. Watchdogresearch.com/watchdog/$GM GM Long 1.47% Low $2.57m Nike Inc. Watchdogresearch.com/watchdog/$NKE NKE Long 1.45% Low $6.05m Ford Motor Co. Watchdogresearch.com/watchdog/$F F Long 1.45% Low $1.84m International Business Machines Corp. (Ibm) Watchdogresearch.com/watchdog/$IBM IBM Long 1.43% Low $4.14m Colgate Palmolive Co. Watchdogresearch.com/watchdog/$CL CL Long 1.43% Low $2.15m Stryker Corp. Watchdogresearch.com/watchdog/$SYK SYK Long 1.37% Low $2.86m Sherwin Williams Co. Watchdogresearch.com/watchdog/$SHW SHW Long 1.35% Low $2.1m General Electric Co. Watchdogresearch.com/watchdog/$GE GE Long 1.30% Low $3.72m Las Vegas Sands Corp. Watchdogresearch.com/watchdog/$LVS LVS Long 1.27% Low $550k Moderna, Inc. Watchdogresearch.com/watchdog/$MRNA MRNA Long 1.27% Low $2.51m Chevron Corp. Watchdogresearch.com/watchdog/$CVX CVX Long 1.26% Low $6.41m Morgan Stanley Watchdogresearch.com/watchdog/$MS MS Long 1.24% Low $4.02m Activision Blizzard, Inc. Watchdogresearch.com/watchdog/$ATVI ATVI Long 1.24% Low $2.33m Procter & Gamble Co.
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