ETF Research Center

The iShares US Dividend and Buyback ETF tracks an index of large-, mid-, and small-cap US stocks that have a history of dividend payments and/or share buybacks.

FUND BASICS
Category	US Equities
Fund Sponsor	BlackRock
Website	www.ishares.com
Inception date	Nov 07, 2017
Assets (mns)	$21
Currency	USD
Expense ratio	25 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	360
Wgt avg mkt cap (mns)	$219,175
Large cap (>$10bn)	94.3%
Mid cap ($2-10bn)	5.4%
Small cap (<$2bn)	0.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	25.9 %
APPLE INC	4.9 %
MICROSOFT CORP	3.2 %
JPMORGAN CHASE & CO	2.9 %
CISCO SYSTEMS INC	2.5 %
BANK OF AMERICA CORP	2.4 %
ORACLE CORP	2.3 %
WELLS FARGO & CO	2.3 %
INTEL CORP	1.9 %
PFIZER INC	1.9 %
AMGEN INC	1.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.2 %
	IRELAND	1.8 %
	BRITAIN	0.9 %
	SWITZERLAND	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru March 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-24.5%	-11.6%	--	--	-2.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.08	97%
MSCI EAFE	1.05	85%
MSCI Emg. Mkts.	0.79	69%

Technical Indicators
Recent close	$23.64
30d moving avg.	$24.55
Annualized volatility	18.7%
Short interest (ETF)	0.0%
Relative strength (RSI)	35

Liquidity measures
Avg. volume (thou.)	41
Turnover	4.6%
Bid/Ask (% of price)	0.25%
ADV underlying (mns)	$204,257

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the iShares U.S. Dividend & Buyback ETF ETF based on the alternatives' overlap in portfolio holdings with DIVB. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

DIVB

Expense:

25 bp

ALTAR Score™:

8.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DIVB
Ticker	Fund Name	Overlap¹ vs DIVB (%)	Expense ratio (bp)	Savings vs DIVB (bp)	ALTAR Score™ (%)	ALTAR vs DIVB (%)
EPS	WisdomTree U.S. Earnings 500 Fund	70.0	8	17	8.0	-0.3
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	67.6	25	0	7.9	-0.4
PBP	Invesco S&P 500 BuyWrite ETF	66.0	49	-24	6.3	-2.0
HSPX	Global X S&P 500 Covered Call ETF	65.3	65	-40	6.1	-2.2
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	65.0	25	0	8.0	-0.3
DLN	WisdomTree U.S. LargeCap Dividend Fund	65.0	28	-3	7.6	-0.7
DGRO	iShares Core Dividend Growth ETF	64.2	8	17	8.0	-0.3
PRF	Invesco FTSE RAFI US 1000 ETF	63.3	39	-14	8.7	+0.4
DTD	WisdomTree U.S.Total Dividend Fund	63.1	28	-3	8.1	-0.2
SPY	SPDR S&P 500 ETF Trust	63.0	9	16	6.7	-1.6
VOO	VANGUARD S&P 500 ETF	62.9	3	22	6.7	-1.6
SPLG	SPDR Portfolio Large Cap ETF	62.9	3	22	6.8	-1.5
IVV	iShares Core S&P 500 ETF	62.8	4	21	6.7	-1.6
IUS	Invesco Strategic US ETF	62.5	19	6	7.5	-0.8
MGC	Vanguard Mega Cap Index Fund	62.3	7	18	6.5	-1.8
VV	Vanguard Large-Cap Index Fund	62.1	4	21	6.6	-1.7
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	61.7	20	5	6.7	-1.6
BBUS	JP Morgan Betabuilders U.S. Equity ETF	61.7	2	23	6.7	-1.6
PBUS	Invesco PureBeta MSCI USA ETF	61.4	4	21	6.7	-1.6
SPXE	ProShares S&P 500 Ex-Energy ETF	61.1	27	-2	6.6	-1.7
SCHX	Schwab U.S. Large-Cap ETF	60.8	3	22	6.7	-1.6
IWL	iShares Russell Top 200 ETF	60.7	15	10	6.3	-2.0
VONE	Vanguard Russell 1000 ETF	60.7	8	17	6.7	-1.6
SPTM	SPDR Portfolio Total Stock Market ETF	60.2	3	22	6.9	-1.4
VLU	SPDR S&P 1500 Value Tilt ETF	60.1	12	13	9.1	+0.8
IWB	iShares Russell 1000 ETF	59.7	15	10	6.6	-1.7
SCHK	Schwab 1000 Index ETF	59.6	5	20	6.7	-1.6
IYY	iShares Dow Jones U.S. ETF	59.2	20	5	6.6	-1.7
VTHR	Vanguard Russell 3000 Index Fund	58.2	10	15	6.6	-1.7
SPXV	ProShares S&P 500 Ex-Health Care ETF	58.1	27	-2	6.4	-1.9
SFY	SoFi Select 500 ETF	57.9	0	25	6.3	-2.0
JHML	John Hancock Multifactor Large Cap ETF	57.8	34	-9	7.0	-1.3
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	57.7	20	5	6.3	-2.0
SCHB	Schwab U.S. Broad Market ETF	57.7	3	22	6.7	-1.6
ITOT	iShares Core S&P Total U.S. Stock Market ETF	57.6	3	22	6.6	-1.7
RAFE	PIMCO RAFI ESG U.S. ETF	57.5	29	-4	9.6	+1.3
SPXN	ProShares S&P 500 Ex-Financials ETF	57.5	27	-2	6.3	-2.0
IWV	iShares Russell 3000 ETF	57.4	20	5	6.5	-1.9
VTI	Vanguard Total Stock Market Index Fund	57.4	3	22	6.6	-1.7
SNPE	Xtrackers S&P 500 ESG ETF	57.3	11	14	6.5	-1.8
SCHV	Schwab U.S. Large-Cap Value ETF	57.1	4	21	8.6	+0.3
QUS	SPDR MSCI USA StrategicFactors ETF	57.0	15	10	6.9	-1.4
VOOV	Vanguard S&P 500 Value ETF	57.0	15	10	8.7	+0.4
IVE	iShares S&P 500 Value ETF	56.7	18	7	8.7	+0.3
SPYV	SPDR Portfolio S&P 500 Value ETF	56.7	4	21	8.8	+0.5
OEF	iShares S&P 100 ETF	56.0	20	5	6.0	-2.3
VTV	Vanguard Value Index Fund	56.0	4	21	8.7	+0.4
IUSV	iShares Core S&P U.S. Value ETF	55.4	4	21	8.9	+0.6
AVUS	Avantis U.S. Equity ETF	55.1	15	10	7.5	-0.8
CATH	Global X S&P 500 Catholic Values Custom ETF	54.8	29	-4	6.6	-1.7
RECS	Columbia Research Enhanced Core ETF	54.8	15	10	7.1	-1.2
ESGU	iShares MSCI USA ESG Optimized ETF	54.8	15	10	6.3	-2.0
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	54.5	9	16	6.9	-1.4
USDY	Pacific Global US Equity Income ETF	54.2	29	-4	10.0	+1.7
ESGV	Vanguard ESG U.S. Stock ETF	53.7	12	13	6.6	-1.7
SPXT	ProShares S&P 500 Ex-Technology ETF	53.4	27	-2	7.0	-1.3
TILT	Flexshares Morningstar US Market Factors Tilt Index Fund	53.3	25	0	8.1	-0.2
IQSU	IQ Candriam ESG US Equity ETF	53.2	9	16	6.3	-2.0
MGV	Vanguard Mega Cap Value ETF	53.1	7	18	8.5	+0.2
RWL	Invesco S&P 500 Revenue ETF	53.0	39	-14	8.7	+0.4
MMTM	SPDR S&P 1500 Momentum Tilt ETF	52.8	12	13	6.4	-1.9
FDRR	Fidelity Dividend ETF for Rising Rates	52.7	29	-4	9.2	+0.9
ESG	FlexShares STOXX US ESG Impact Index Fund	51.6	32	-7	6.4	-1.9
EQWL	Invesco Russell Top 200 Equal Weight ETF	50.7	25	0	7.2	-1.1
NACP	Impact Shares NAACP Minority Empowerment ETF	50.3	75	-50	5.8	-2.5
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	50.0	15	10	6.5	-1.8
VONV	Vanguard Russell 1000 Value Index Fund	49.6	8	17	8.8	+0.5
VYM	Vanguard High Dividend Yield Index ETF	49.1	6	19	8.5	+0.2
IWD	iShares Russell 1000 Value ETF	48.8	19	6	8.7	+0.4
TOK	iShares MSCI Kokusai ETF	48.6	25	0	7.0	-1.3
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	48.5	29	-4	7.7	-0.6
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	48.3	19	6	7.1	-1.2
EXT	WisdomTree U.S. Total Earnings Fund	47.8	28	-3	7.3	-1.0
AFLG	First Trust Active Factor Large Cap ETF	47.6	55	-30	7.3	-1.1
XOUT	GraniteShares XOUT U.S. Large Cap ETF	47.2	60	-35	5.6	-2.7
DYNF	BlackRock U.S. Equity Factor Rotation ETF	47.1	30	-5	7.5	-0.8
QLC	FlexShares US Quality Large Cap Index Fund	46.9	32	-7	7.0	-1.3
JQUA	JPMorgan U.S. Quality Factor ETF	46.3	12	13	6.3	-2.0
XLG	Invesco S&P 500 Top 50 ETF	46.2	20	5	5.6	-2.7
IWX	iShares Russell Top 200 Value ETF	46.0	20	5	8.3	+0.0
FDVV	Fidelity Core Dividend ETF	45.9	29	-4	9.3	+1.0
FVAL	Fidelity Value Factor ETF	45.8	29	-4	10.4	+2.1
URTH	iShares MSCI World ETF	45.7	24	1	7.2	-1.1
FQAL	Fidelity Quality Factor ETF	45.5	29	-4	6.7	-1.7
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	45.5	49	-24	5.1	-3.2
DSI	iShares MSCI KLD 400 Social ETF	45.4	25	0	6.4	-1.9
JVAL	JPMorgan U.S. Value Factor ETF	45.3	12	13	11.3	+3.0
OUSA	O'Shares FTSE US Quality Dividend ETF	44.9	48	-23	6.6	-1.7
QDF	FlexShares Quality Dividend Index Fund	44.7	37	-12	8.4	+0.1
VOOG	Vanguard S&P 500 Growth ETF	44.6	10	15	5.4	-2.9
SPYG	SPDR Portfolio S&P 500 Growth ETF	44.6	4	21	5.5	-2.9
IVW	iShares S&P 500 Growth ETF	44.5	18	7	5.3	-3.0
WOMN	Impact Shares YWCA Women's Empowerment ETF	44.5	75	-50	5.9	-2.4
SUSL	iShares ESG MSCI USA Leaders ETF	44.5	10	15	6.6	-1.7
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	44.4	10	15	6.6	-1.7
RNLC	Large Cap US Equity Select ETF	43.8	60	-35	7.6	-0.7
IUSG	iShares Core S&P US Growth ETF	43.6	4	21	5.5	-2.8
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	43.1	12	13	6.0	-2.4
VEGN	US Vegan Climate ETF	42.9	60	-35	6.6	-1.7
QDYN	FlexShares Quality Dividend Dynamic Index Fund	42.9	37	-12	8.6	+0.3

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 U.S. Dividend & Buyback ETF
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	15.6	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	8.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.51	CATEGORY AVERAGE	1.51

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.