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)	$49
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	337
Wgt avg mkt cap (mns)	$343,947
Large cap (>$10bn)	98.0%
Mid cap ($2-10bn)	2.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	26.2 %
APPLE INC	4.6 %
MICROSOFT CORP	3.9 %
JPMORGAN CHASE & CO	3.3 %
BANK OF AMERICA CORP	2.6 %
WELLS FARGO & CO	2.6 %
INTEL CORP	2.4 %
EXXON MOBIL CORP	1.8 %
CITIGROUP INC	1.8 %
JOHNSON & JOHNSON	1.7 %
ORACLE CORP	1.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.9 %
	IRELAND	1.9 %
	BRITAIN	1.1 %
	SWITZERLAND	0.4 %
	CANADA	0.1 %
	BERMUDA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
5.2%	31.7%	--	--	12.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.09	96%
MSCI EAFE	1.05	88%
MSCI Emg. Mkts.	0.83	67%

Technical Indicators
Recent close	$34.86
30d moving avg.	$34.50
Annualized volatility	20.6%
Short interest (ETF)	0.0%
Short interest (Underlying)	1.5%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	8
Turnover	0.6%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$173,162

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 97 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™:

6.0%

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 (%)
VOOV	Vanguard S&P 500 Value ETF	69.9	10	15	6.3	+0.2
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	66.4	25	0	5.7	-0.3
EPS	WisdomTree U.S. Earnings 500 Fund	65.8	8	17	6.2	+0.2
ESGV	Vanguard ESG U.S. Stock ETF	64.0	12	13	4.7	-1.4
SPYV	SPDR Portfolio S&P 500 Value ETF	63.4	4	21	6.3	+0.3
IVE	iShares S&P 500 Value ETF	63.3	18	7	6.2	+0.2
PRF	Invesco FTSE RAFI US 1000 ETF	63.1	39	-14	5.8	-0.3
PBP	Invesco S&P 500 BuyWrite ETF	63.0	49	-24	4.5	-1.5
XYLG	Global X S&P 500 Covered Call & Growth ETF	62.9	60	-35	4.4	-1.6
SPY	SPDR S&P 500 ETF Trust	62.8	9	16	4.9	-1.2
SPLG	SPDR Portfolio Large Cap ETF	62.7	3	22	5.0	-1.1
IVV	iShares Core S&P 500 ETF	62.7	3	22	4.9	-1.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	62.2	20	5	4.9	-1.1
VOO	VANGUARD S&P 500 ETF	62.2	3	22	4.9	-1.1
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	62.1	25	0	5.6	-0.4
MGC	Vanguard Mega Cap Index Fund	61.6	7	18	4.8	-1.2
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	61.6	7	18	4.7	-1.3
BBUS	JP Morgan Betabuilders U.S. Equity ETF	61.2	2	23	4.8	-1.2
VV	Vanguard Large-Cap Index Fund	61.1	4	21	4.8	-1.3
IUSV	iShares Core S&P U.S. Value ETF	61.0	4	21	6.4	+0.3
PBUS	Invesco PureBeta MSCI USA ETF	60.9	4	21	4.8	-1.2
DLN	WisdomTree U.S. LargeCap Dividend Fund	60.6	28	-3	6.4	+0.4
SPXE	ProShares S&P 500 Ex-Energy ETF	60.5	27	-2	4.8	-1.2
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	60.1	20	5	4.8	-1.2
SCHX	Schwab U.S. Large-Cap ETF	60.0	3	22	4.8	-1.3
SPTM	SPDR Portfolio Total Stock Market ETF	59.7	3	22	5.0	-1.1
QUS	SPDR MSCI USA StrategicFactors ETF	59.7	15	10	5.5	-0.6
IWL	iShares Russell Top 200 ETF	59.5	15	10	4.7	-1.3
IWB	iShares Russell 1000 ETF	59.0	15	10	4.7	-1.4
SCHK	Schwab 1000 Index ETF	58.8	5	20	4.7	-1.4
IYY	iShares Dow Jones U.S. ETF	58.8	20	5	4.6	-1.4
DTD	WisdomTree U.S.Total Dividend Fund	58.8	28	-3	6.5	+0.5
SCHV	Schwab U.S. Large-Cap Value ETF	58.5	4	21	6.2	+0.1
XVV	iShares ESG Screened S&P 500 ETF	58.5	8	17	5.0	-1.1
VTV	Vanguard Value Index Fund	58.3	4	21	6.6	+0.6
BKLC	BNY Mellon US Large Cap Core Equity ETF	58.2	0	25	4.8	-1.3
SPXV	ProShares S&P 500 Ex-Health Care ETF	58.1	27	-2	4.5	-1.6
IUS	Invesco Strategic US ETF	58.1	19	6	5.3	-0.7
VONE	Vanguard Russell 1000 ETF	57.7	8	17	4.7	-1.3
ESGU	iShares MSCI USA ESG Optimized ETF	57.6	15	10	4.7	-1.4
VONV	Vanguard Russell 1000 Value Index Fund	57.5	8	17	6.1	+0.1
DFAU	Dimensional US Core Equity Market ETF	57.4	12	13	4.9	-1.2
DGRO	iShares Core Dividend Growth ETF	57.2	8	17	6.4	+0.4
JHML	John Hancock Multifactor Large Cap ETF	57.0	29	-4	5.0	-1.0
VTHR	Vanguard Russell 3000 Index Fund	56.8	10	15	4.6	-1.5
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	56.7	15	10	5.0	-1.1
VLU	SPDR S&P 1500 Value Tilt ETF	56.6	12	13	6.0	-0.0
IWV	iShares Russell 3000 ETF	56.6	20	5	4.5	-1.6
SCHB	Schwab U.S. Broad Market ETF	56.6	3	22	4.6	-1.4
RAFE	PIMCO RAFI ESG U.S. ETF	56.4	30	-5	6.8	+0.7
ITOT	iShares Core S&P Total U.S. Stock Market ETF	56.3	3	22	4.6	-1.4
EFIV	SPDR S&P 500 ESG ETF	56.0	10	15	4.9	-1.1
SNPE	Xtrackers S&P 500 ESG ETF	56.0	10	15	4.9	-1.1
CATH	Global X S&P 500 Catholic Values Custom ETF	55.7	29	-4	4.7	-1.4
VTI	Vanguard Total Stock Market Index Fund	55.7	3	22	4.6	-1.5
SPXN	ProShares S&P 500 Ex-Financials ETF	55.4	27	-2	4.5	-1.6
SFY	SoFi Select 500 ETF	55.4	0	25	4.8	-1.3
ACVF	American Conservative Values ETF	55.3	75	-50	4.4	-1.7
ESG	FlexShares STOXX US ESG Impact Index Fund	55.1	32	-7	4.8	-1.3
MGV	Vanguard Mega Cap Value ETF	55.0	7	18	6.6	+0.6
IQSU	IQ Candriam ESG US Equity ETF	54.7	9	16	4.7	-1.3
IWD	iShares Russell 1000 Value ETF	54.5	19	6	6.0	-0.0
OEF	iShares S&P 100 ETF	54.4	20	5	4.6	-1.5
RWL	Invesco S&P 500 Revenue ETF	54.3	39	-14	6.1	+0.1
SPXT	ProShares S&P 500 Ex-Technology ETF	54.0	27	-2	5.1	-0.9
IWX	iShares Russell Top 200 Value ETF	53.9	20	5	6.2	+0.2
VYM	Vanguard High Dividend Yield Index ETF	53.8	6	19	6.9	+0.8
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	51.7	9	16	5.1	-0.9
AVUS	Avantis U.S. Equity ETF	51.2	15	10	5.1	-1.0
FDRR	Fidelity Dividend ETF for Rising Rates	50.1	29	-4	6.6	+0.6
EQWL	Invesco Russell Top 200 Equal Weight ETF	49.9	25	0	5.9	-0.2
WOMN	Impact Shares YWCA Women's Empowerment ETF	49.5	75	-50	4.5	-1.6
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	49.4	15	10	0.0	-6.0
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	49.0	19	6	5.3	-0.7
DYNF	BlackRock U.S. Equity Factor Rotation ETF	48.6	30	-5	5.5	-0.5
KOKU	Xtrackers MSCI Kokusai Equity ETF	48.6	9	16	5.2	-0.9
TOK	iShares MSCI Kokusai ETF	48.6	25	0	5.0	-1.0
TILT	Flexshares Morningstar US Market Factors Tilt Index Fund	48.4	25	0	5.0	-1.0
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	47.6	30	-5	5.2	-0.8
FDVV	Fidelity Core Dividend ETF	47.2	29	-4	6.5	+0.5
NACP	Impact Shares NAACP Minority Empowerment ETF	47.1	49	-24	4.6	-1.4
FVAL	Fidelity Value Factor ETF	47.0	29	-4	6.8	+0.8
QLC	FlexShares US Quality Large Cap Index Fund	46.9	32	-7	4.9	-1.2
JKF	iShares Morningstar Large Cap Value ETF	46.1	25	0	6.9	+0.9
SUSL	iShares ESG MSCI USA Leaders ETF	45.2	10	15	5.0	-1.0
URTH	iShares MSCI World ETF	45.2	24	1	5.1	-0.9
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	45.2	10	15	5.0	-1.0
MMTM	SPDR S&P 1500 Momentum Tilt ETF	45.0	12	13	4.2	-1.8
DSI	iShares MSCI KLD 400 Social ETF	44.8	25	0	4.7	-1.3
RECS	Columbia Research Enhanced Core ETF	44.7	15	10	5.5	-0.5
XLG	Invesco S&P 500 Top 50 ETF	44.7	20	5	4.4	-1.7
FQAL	Fidelity Quality Factor ETF	43.8	29	-4	5.1	-1.0
JVAL	JPMorgan U.S. Value Factor ETF	43.6	12	13	7.1	+1.1
AFLG	First Trust Active Factor Large Cap ETF	42.8	55	-30	4.9	-1.2
RNLC	Large Cap US Equity Select ETF	42.7	60	-35	5.3	-0.7
JQUA	JPMorgan U.S. Quality Factor ETF	42.4	12	13	5.3	-0.7
ROUS	Hartford Multifactor US Equity ETF	42.3	19	6	6.3	+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

	2016	2017	2018	2019	2020	2021E	2022E
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

	2020	2021E	2022E
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:

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	15.8	%
Divided by: Fwd. P/BV	2.5	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	6.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	CATEGORY AVERAGE	1.50

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.