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)	$13
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	362
Wgt avg mkt cap (mns)	$263,459
Large cap (>$10bn)	97.2%
Mid cap ($2-10bn)	2.8%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	25.1 %
APPLE INC	5.5 %
MICROSOFT CORP	2.9 %
JPMORGAN CHASE & CO	2.9 %
CISCO SYSTEMS INC	2.4 %
BANK OF AMERICA CORP	2.3 %
WELLS FARGO & CO	2.1 %
CITIGROUP INC	2.0 %
ORACLE CORP	1.8 %
PFIZER INC	1.7 %
JOHNSON & JOHNSON	1.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.3 %
	IRELAND	1.8 %
	BRITAIN	0.9 %
	SWITZERLAND	0.4 %
	BERMUDA	0.1 %
	CAYMAN ISLANDS	0.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
32.7%	32.7%	--	--	11.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.03	96%
MSCI EAFE	1.03	75%
MSCI Emg. Mkts.	0.69	56%

Technical Indicators
Recent close	$31.35
30d moving avg.	$30.59
Annualized volatility	15.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	79

Liquidity measures
Avg. volume (thou.)	4
Turnover	1.0%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$104,063

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares U.S. Dividend & Buyback 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™:

6.4%

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 Earnings 500	71.5	8	17	6.5	+0.1
FNDX	Schwab Fundamental Large Cap	67.7	25	0	6.2	-0.2
DLN	WisdomTree Large Cap Dividend	67.7	28	-3	6.3	-0.1
PBP	Invesco S&P 500 Buy/Write	67.4	49	-24	5.2	-1.2
HSPX	Global X S&P 500 Covered Call	66.3	65	-40	5.0	-1.4
VOO	Vanguard S&P 500 ETF	66.2	3	22	5.6	-0.8
MGC	Vanguard Mega Cap 300 ETF	66.2	7	18	5.5	-0.9
SPY	S&P 500 SPDR	66.0	9	16	5.5	-0.9
IVV	iShares Core S&P 500	65.9	4	21	5.5	-0.8
EXT	WisdomTree Total Earnings	65.7	28	-3	6.6	+0.2
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	65.0	20	5	5.5	-0.8
PRF	Invesco FTSE-RAFI U.S. 1000	65.0	39	-14	6.3	-0.1
VV	Vanguard Large-Cap ETF	64.9	4	21	5.5	-0.9
PBUS	Invesco PureBeta MSCI USA	64.7	4	21	5.6	-0.8
FNDB	Schwab Fundamental Broad Mkt	64.5	25	0	6.2	-0.2
DTD	WisdomTree Total Dividend	64.5	28	-3	6.4	+0.1
BBUS	JP Morgan Betabuilders U.S. Equity	64.3	2	23	5.5	-0.9
SPXE	ProShares S&P 500 Ex-Energy	64.2	27	-2	5.5	-0.9
IWL	iShares Russell Top 200	64.1	15	10	5.3	-1.1
DGRO	iShares Core Dividend Growth	63.6	8	17	6.1	-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

	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 U.S. Dividend & Buyback
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	17.4	%
Divided by: Fwd. P/BV	2.6	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	6.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	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.