ETF Research Center

iShares Asia/ Pacific Dividend 30 Index Fund is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Dow Jones Asia / Pacific Select Dividend 30 Index.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Feb 24, 2012
Assets (mns)	$35
Currency	USD
Expense ratio	49 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Dividend
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	31
Wgt avg mkt cap (mns)	$16,286
Large cap (>$10bn)	35.8%
Mid cap ($2-10bn)	35.2%
Small cap (<$2bn)	29.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	43.1 %
CSR LIMITED	5.7 %
JB HI-FI LTD	5.7 %
HARVEY NORMAN HOLDINGS LTD	5.0 %
SUPER RETAIL GROUP LTD	4.4 %
SPARK NEW ZEALAND LIMITED	4.1 %
NATIONAL AUSTRALIA BANK LTD	3.9 %
VTECH HOLDINGS LTD	3.8 %
BENDIGO AND ADELAIDE BANK	3.7 %
PCCW LIMITED	3.5 %
PERPETUAL LTD	3.4 %

TOP COUNTRY EXPOSURE
	AUSTRALIA	55.6 %
	HONG KONG	18.6 %
	JAPAN	9.3 %
	SINGAPORE	8.6 %
	NEW ZEALAND	7.4 %

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.
14.7%	14.7%	2.6%	--	3.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.59	49%
MSCI EAFE	0.73	62%
MSCI Emg. Mkts.	0.54	60%

Technical Indicators
Recent close	$44.32
30d moving avg.	$44.02
Annualized volatility	10.2%
Short interest (ETF)	0.1%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.5%
Bid/Ask (% of price)	0.29%
ADV underlying (mns)	$1,084

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares Asia/Pacific Dividend 30 ETF based on the alternatives' overlap in portfolio holdings with DVYA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

DVYA

Expense:

49 bp

ALTAR Score™:

8.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DVYA
Ticker	Fund Name	Overlap¹ vs DVYA (%)	Expense ratio (bp)	Savings vs DVYA (bp)	ALTAR Score™ (%)	ALTAR vs DVYA (%)
EFAS	Global X MSCI SuperDividend EAFE	19.3	55	-6	8.5	+0.3
EPP	iShares MSCI Pacific ex-Japan	18.3	48	1	6.1	-2.1
BBAX	JPMorgan BetaBuilders Developed Asia ex-Japan	18.0	19	30	6.3	-1.9
EWA	iShares MSCI Australia	16.9	47	2	5.5	-2.7
FLAU	Franklin FTSE Australia	16.9	9	40	5.8	-2.3
FGD	First Trust DJ Global Select Dividend	15.4	58	-9	9.2	+1.0
IDV	iShares DJ Int'l Select Dividend	15.3	49	0	8.3	+0.1
IDHD	Invesco S&P Intl Developed High Div Low Volatility	10.8	30	19	6.3	-1.9
AXJL	WisdomTree Asia Pacific Ex-Japan	10.0	48	1	8.6	+0.5
RFAP	First Trust Riverfront Dynamic Asia Pacific	9.2	83	-34	7.0	-1.1
FIDI	Fidelity International High Dividend	8.9	39	10	10.0	+1.9
SCIX	Global X Scientific Beta Asia ex-Japan	8.8	38	11	5.9	-2.3
CID	Victory CEMP International High Div Volatility Wtd	8.4	45	4	8.7	+0.5
LVHI	Legg Mason International Low Volatility High Dividend	8.3	40	9	8.9	+0.7
SDIV	Global X Superdividend	8.3	58	-9	10.9	+2.7
DOO	WisdomTree Int'l Dividend Ex-Financials	7.4	58	-9	7.9	-0.3
GHII	Invesco S&P High Income Infrastructure	7.3	45	4	5.2	-3.0
ENZL	iShares MSCI New Zealand	7.2	47	2	3.0	-5.1
FYLD	Cambria Foreign Shareholder	6.9	59	-10	7.9	-0.2
IPAC	iShares Core MSCI Pacific	6.5	9	40	7.2	-0.9

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 Asia/Pacific Dividend 30
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	13.1	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	8.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.98	CATEGORY AVERAGE	1.63

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.