ETF Research Center

The BlackRock U.S. Equity Factor Rotation ETF seeks to outperform the investment results of the large- and mid-capitalization U.S. equity markets by providing diversified and tactical exposure to style factors via a factor rotation model.

FUND BASICS
Category	US Equities
Fund Sponsor	BlackRock
Website	www.blackrock.com
Inception date	Mar 19, 2019
Assets (mns)	$70
Currency	USD
Expense ratio	30 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	633
Wgt avg mkt cap (mns)	$159,865
Large cap (>$10bn)	93.3%
Mid cap ($2-10bn)	6.7%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	18.0 %
AT&T INC	2.9 %
MICROSOFT CORP	2.2 %
INTEL CORP	2.1 %
VISA INC-CLASS A SHARES	2.1 %
MASTERCARD INC-CLASS A	2.0 %
JOHNSON & JOHNSON	1.6 %
PEPSICO INC	1.5 %
APPLE INC	1.3 %
INTL BUSINESS MACHINES CORP	1.2 %
FACEBOOK	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.4 %
	IRELAND	2.7 %
	BRITAIN	1.2 %
	BERMUDA	0.6 %
	CANADA	0.2 %
	SWITZERLAND	0.2 %

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.
14.2%	--	--	--	14.2%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$29.18
30d moving avg.	$28.46
Annualized volatility	0.0%
Short interest (ETF)	1.3%
Relative strength (RSI)	79

Liquidity measures
Avg. volume (thou.)	7
Turnover	0.3%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$158,074

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the BlackRock U.S. Equity Factor Rotation ETF based on the alternatives' overlap in portfolio holdings with DYNF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

DYNF

Expense:

30 bp

ALTAR Score™:

6.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DYNF
Ticker	Fund Name	Overlap¹ vs DYNF (%)	Expense ratio (bp)	Savings vs DYNF (bp)	ALTAR Score™ (%)	ALTAR vs DYNF (%)
QUS	SPDR MSCI USA Quality Mix	69.2	15	15	5.6	-0.6
JHML	John Hancock Multifactor Large Cap	60.0	34	-4	5.6	-0.6
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity	59.5	9	21	5.7	-0.5
PBUS	Invesco PureBeta MSCI USA	59.2	4	26	5.6	-0.6
PBP	Invesco S&P 500 Buy/Write	58.9	49	-19	5.2	-1.0
VV	Vanguard Large-Cap ETF	58.6	4	26	5.5	-0.7
BBUS	JP Morgan Betabuilders U.S. Equity	58.3	2	28	5.5	-0.7
SCHX	Schwab U.S. Large-Cap	58.1	3	27	5.4	-0.8
HSPX	Global X S&P 500 Covered Call	58.1	65	-35	5.0	-1.2
SPY	S&P 500 SPDR	57.7	9	21	5.5	-0.7
IVV	iShares Core S&P 500	57.6	4	26	5.5	-0.6
VOO	Vanguard S&P 500 ETF	57.6	3	27	5.6	-0.6
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	57.2	20	10	5.5	-0.7
VONE	Vanguard Russell 1000	57.0	12	18	5.4	-0.8
SPXE	ProShares S&P 500 Ex-Energy	57.0	27	3	5.5	-0.7
SCHK	Schwab 1000 Index	56.9	5	25	5.5	-0.7
SPLG	SPDR Portfolio Large Cap	56.8	3	27	5.4	-0.8
IWB	iShares Russell 1000	56.7	15	15	5.3	-0.9
IYY	iShares DJ US Total Market	56.3	20	10	5.3	-0.9
EPS	WisdomTree Earnings 500	54.9	8	22	6.5	+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:	BlackRock U.S. Equity Factor Rotation
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	17.6	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	30	bp
Equals: ALTAR Score	6.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	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.