ETF Research Center

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

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Feb 24, 2012
Assets (mns)	$664
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	98
Wgt avg mkt cap (mns)	$10,874
Large cap (>$10bn)	17.9%
Mid cap ($2-10bn)	48.1%
Small cap (<$2bn)	31.4%
Developed mkts	3.7%
Emerging mkts	96.3%

TOP TEN HOLDINGS
Total	18.4 %
ASTRAL FOODS LTD	2.3 %
NANYA TECHNOLOGY CORPORATION	2.1 %
SEVERSTAL	2.1 %
MMC NORILSK NICKEL OJSC	1.9 %
EREGLI DEMIR VE CELIK FABRIK	1.9 %
MAGNITOGORSK IRON&STEEL	1.8 %
AGILE PROPERTY HOLDINGS LTD	1.7 %
TELEFONICA BRASIL SA PFD	1.5 %
HUAKU DEVELOPMENT CO LTD	1.5 %
MOBILE TELESYSTEMS PJSC SPONSORED	1.5 %

TOP COUNTRY EXPOSURE
	TAIWAN	22.4 %
	RUSSIA	14.6 %
	BRAZIL	9.4 %
	CHINA	7.9 %
	SOUTH AFRICA	7.8 %
	THAILAND	7.0 %
	TURKEY	4.4 %
	INDIA	3.6 %
	UAE	3.3 %
	MALAYSIA	3.0 %

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.
8.4%	5.8%	2.3%	--	0.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.68	39%
MSCI EAFE	0.83	48%
MSCI Emg. Mkts.	0.81	75%

Technical Indicators
Recent close	$38.81
30d moving avg.	$38.60
Annualized volatility	13.1%
Short interest (ETF)	0.4%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	116
Turnover	0.7%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$1,474

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DVYE

Expense:

49 bp

ALTAR Score™:

13.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DVYE
Ticker	Fund Name	Overlap¹ vs DVYE (%)	Expense ratio (bp)	Savings vs DVYE (bp)	ALTAR Score™ (%)	ALTAR vs DVYE (%)
REDV	Invesco Emerging Markets Ultra Dividend Revenue ETF	25.7	46	3	17.8	+4.3
CEY	VictoryShares Emg. Mkt. High Dividend Volatility Wtd.	23.4	50	-1	13.3	-0.2
SDEM	Global X SuperDividend Emg Mkts	22.7	67	-18	17.4	+3.8
LVHE	Legg Mason Emerging Markets Low Volatility High Dividend	15.9	51	-2	12.4	-1.2
DEM	WisdomTree Emerg Mkts High Yield Equity	15.3	63	-14	12.3	-1.3
EELV	Invesco S&P Emg Mkts Low Volatility	12.4	29	20	10.1	-3.4
ROAM	Hartford Multifactor Emerging Markets	12.2	44	5	11.1	-2.5
ERUS	iShares MSCI Russia	11.0	59	-10	15.4	+1.8
FNDE	Schwab Fundamental Emg Mkt Large Cap	10.7	39	10	11.0	-2.5
PXH	Invesco FTSE-RAFI Emerging Markets	10.3	50	-1	12.2	-1.3
EEMD	AAM S&P Emerging Markets High Dividend Value	10.3	50	-1	12.2	-1.3
DVEM	WisdomTree Emerging Markets Dividend	10.3	32	17	11.2	-2.3
EYLD	Cambria Emerging Shareholder Yield	10.1	66	-17	10.8	-2.8
FEM	First Trust Emerging Markets AlphaDEX	9.9	80	-31	10.7	-2.8
IQDE	FlexShares Int'l Quality Dividend Defensive	9.8	47	2	9.6	-4.0
IQDF	FlexShares Int'l Quality Dividend	9.6	47	2	9.4	-4.2
FLRU	Franklin FTSE Russia	9.4	19	30	17.2	+3.7
EDOG	ALPS Emerging Sector Dividend Dogs	9.4	60	-11	9.3	-4.3
CEZ	Victory CEMP Emerging Market Volatility Weighted	9.2	50	-1	9.2	-4.4
SDIV	Global X Superdividend	8.8	58	-9	11.0	-2.6

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 Emerging Markets Dividend
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	14.1	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	13.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.65	CATEGORY AVERAGE	1.49

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.