ETF Research Center

The iShares Core Dividend Growth ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to track the investment resutls of an index composed of U.S. equities with a history of consistently growing dividends.

FUND BASICS
Category	US Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Jun 12, 2014
Assets (mns)	$9,818
Currency	USD
Expense ratio	8 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Bank of New York Mellon
Weighting	Dividend
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	479
Wgt avg mkt cap (mns)	$222,290
Large cap (>$10bn)	93.5%
Mid cap ($2-10bn)	6.0%
Small cap (<$2bn)	0.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	27.4 %
APPLE INC	3.4 %
MICROSOFT CORP	3.2 %
JPMORGAN CHASE & CO	3.1 %
JOHNSON & JOHNSON	2.9 %
VERIZON COMMUNICATIONS INC	2.7 %
WELLS FARGO & CO	2.7 %
CHEVRON CORP	2.6 %
PFIZER INC	2.4 %
ABBVIE INC	2.3 %
PROCTER & GAMBLE CO/THE	2.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.5 %
	IRELAND	2.3 %
	BRITAIN	1.1 %
	SWITZERLAND	0.6 %
	BERMUDA	0.2 %

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.
26.6%	16.2%	11.8%	--	12.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.92	95%
MSCI EAFE	0.82	63%
MSCI Emg. Mkts.	0.58	50%

Technical Indicators
Recent close	$41.28
30d moving avg.	$40.73
Annualized volatility	11.4%
Short interest (ETF)	0.1%
Short interest (Underlying)	2.2%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	1,501
Turnover	0.6%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$86,096

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DGRO

Expense:

8 bp

ALTAR Score™:

6.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DGRO
Ticker	Fund Name	Overlap¹ vs DGRO (%)	Expense ratio (bp)	Savings vs DGRO (bp)	ALTAR Score™ (%)	ALTAR vs DGRO (%)
DLN	WisdomTree Large Cap Dividend	65.6	28	-20	6.5	+0.1
DTD	WisdomTree Total Dividend	62.0	28	-20	6.5	+0.1
DIVB	iShares U.S. Dividend & Buyback	60.8	25	-17	6.6	+0.2
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	60.0	19	-11	5.6	-0.8
SCHV	Schwab U.S. Large-Cap Value	59.1	4	4	6.9	+0.5
VYM	Vanguard High Dividend Yield ETF	57.7	6	2	7.2	+0.8
OYLD	Invesco Russell 1000 Yield Factor ETF	57.6	19	-11	7.0	+0.6
JUST	Goldman Sachs JUST U.S. Large Cap Equity	56.3	20	-12	5.6	-0.8
PRID	InsightShares LGBT Employment Equality	55.8	65	-57	5.4	-1.1
VTV	Vanguard Value ETF	55.8	4	4	7.2	+0.7
EPS	WisdomTree Earnings 500	55.5	8	0	6.8	+0.4
PBP	Invesco S&P 500 Buy/Write	55.1	49	-41	5.5	-1.0
SNPE	Xtrackers S&P 500 ESG	55.0	11	-3	5.7	-0.7
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	55.0	20	-12	5.9	-0.5
SPXE	ProShares S&P 500 Ex-Energy	54.7	27	-19	5.8	-0.6
HSPX	Global X S&P 500 Covered Call	54.6	65	-57	5.3	-1.1
IVV	iShares Core S&P 500	54.4	4	4	5.9	-0.5
SPY	S&P 500 SPDR	54.3	9	-1	5.9	-0.6
FNDX	Schwab Fundamental Large Cap	54.3	25	-17	5.9	-0.5
MGC	Vanguard Mega Cap 300 ETF	54.2	7	1	5.8	-0.6

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 Core Dividend Growth
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	18.1	%
Divided by: Fwd. P/BV	2.8	x
Less: Expense ratio	8	bp
Equals: ALTAR Score	6.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	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.