ETF Research Center

iShares Dow Jones US Regional Banks Index Fund seeks investment results that correspond generally to the price and yield performance of the Dow Jones US Select Regional Banks Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	May 05, 2006
Assets (mns)	$397
Currency	USD
Expense ratio	42 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Market Cap
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	58
Wgt avg mkt cap (mns)	$35,977
Large cap (>$10bn)	67.2%
Mid cap ($2-10bn)	32.4%
Small cap (<$2bn)	0.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	61.1 %
US BANCORP	13.7 %
BB&T CORP	13.1 %
PNC FINANCIAL SERVICES GROUP	11.7 %
M & T BANK CORP	3.7 %
FIFTH THIRD BANCORP	3.6 %
FIRST REPUBLIC BANK/CA	3.5 %
KEYCORP	3.4 %
CITIZENS FINANCIAL GROUP, INC.	3.1 %
REGIONS FINANCIAL CORP	2.7 %
HUNTINGTON BANCSHARES INC	2.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.8 %
	PUERTO RICO	1.0 %

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.
31.4%	31.4%	10.1%	11.4%	2.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.38	66%
MSCI EAFE	1.22	42%
MSCI Emg. Mkts.	0.80	32%

Technical Indicators
Recent close	$49.90
30d moving avg.	$50.50
Annualized volatility	20.6%
Short interest (ETF)	1.9%
Short interest (Underlying)	3.4%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	97
Turnover	1.2%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$2,235

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IAT

Expense:

42 bp

ALTAR Score™:

7.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IAT
Ticker	Fund Name	Overlap¹ vs IAT (%)	Expense ratio (bp)	Savings vs IAT (bp)	ALTAR Score™ (%)	ALTAR vs IAT (%)
KRE	SPDR KBW Regional Banking	61.6	35	7	7.9	+0.6
KBE	KBW Bank ETF	54.0	35	7	7.9	+0.6
FTXO	First Trust Nasdaq Bank	52.7	60	-18	7.6	+0.2
KBWB	Invesco KBW Bank Portfolio	46.5	35	7	7.5	+0.1
KBWR	Invesco KBW Regional Bank	28.0	35	7	8.3	+0.9
FXO	First Trust Financial Alphadex	22.8	63	-21	7.5	+0.2
RYF	Invesco S&P Equal Weight Financials	20.2	40	2	6.9	-0.4
UTRN	Vesper U.S. Large Cap Short-Term Reversal Strategy	17.2	75	-33	7.1	-0.3
QABA	First Trust NASDAQ ABA Community Bank	16.9	60	-18	7.8	+0.5
IYG	iShares DJ US Financial Services	16.7	42	0	6.1	-1.3
JHMF	John Hancock Multifactor Financials	16.1	40	2	6.3	-1.0
IEFN	iShares Evolved U.S. Financials	15.9	18	24	7.1	-0.2
MDYV	SPDR S&P400 Mid Cap Value	14.3	15	27	7.6	+0.2
IJJ	iShares S&P MidCap 400 Value	14.3	25	17	7.5	+0.1
FOVL	iShares Focused Value Factor	13.7	25	17	8.4	+1.1
FNCL	Fidelity MSCI Financials	13.5	8	34	7.1	-0.3
VFH	Vanguard Financials	12.8	10	32	7.0	-0.3
FNK	First Trust Mid Cap Value AlphaDEX	12.3	70	-28	8.6	+1.3
IVOV	Vanguard S&P Mid-Cap 400 Value	12.2	20	22	7.1	-0.3
CVY	Invesco Multi-Asset Income	12.1	97	-55	7.8	+0.4

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 DJ US Regional Banks
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	10.2	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	42	bp
Equals: ALTAR Score	7.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.70	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.