ETF Research Center

iShares Dow Jones EPAC Select Dividend Index Fund seeks investment results that correspond to the price and yield of the Dow Jones EPAC Select Dividend Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Barclays Global Fund Advisors
Website	www.ishares.com
Inception date	Jun 15, 2007
Assets (mns)	$4,989
Currency	USD
Expense ratio	49 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	97
Wgt avg mkt cap (mns)	$37,158
Large cap (>$10bn)	59.0%
Mid cap ($2-10bn)	32.7%
Small cap (<$2bn)	7.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	28.6 %
BRITISH AMERICAN TOBACCO PLC	4.6 %
AZIMUT HOLDING SPA	3.9 %
COMMONWEALTH BANK OF AUSTRAL	3.7 %
ROYAL DUTCH SHELL PLC-A SHS	2.8 %
BE SEMICONDUCTOR INDUSTRIES	2.4 %
NORDEA BANK ABP	2.3 %
SSE PLC	2.3 %
WESFARMERS LIMITED	2.2 %
PERPETUAL LTD	2.2 %
AAREAL BANK AG	2.2 %

TOP COUNTRY EXPOSURE
	BRITAIN	23.3 %
	AUSTRALIA	15.2 %
	ITALY	9.9 %
	FRANCE	7.1 %
	GERMANY	6.1 %
	SWEDEN	5.8 %
	FINLAND	5.4 %
	CANADA	4.5 %
	SWITZERLAND	3.9 %
	SPAIN	3.8 %

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.
23.5%	23.5%	5.0%	5.9%	2.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.72	58%
MSCI EAFE	0.98	89%
MSCI Emg. Mkts.	0.66	69%

Technical Indicators
Recent close	$33.89
30d moving avg.	$33.28
Annualized volatility	11.5%
Short interest (ETF)	0.0%
Relative strength (RSI)	72

Liquidity measures
Avg. volume (thou.)	750
Turnover	0.5%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$5,362

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IDV

Expense:

49 bp

ALTAR Score™:

8.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IDV
Ticker	Fund Name	Overlap¹ vs IDV (%)	Expense ratio (bp)	Savings vs IDV (bp)	ALTAR Score™ (%)	ALTAR vs IDV (%)
FGD	First Trust DJ Global Select Dividend	49.2	58	-9	9.2	+0.9
RIDV	Invesco International Ultra Dividend Revenue ETF	30.3	42	7	8.8	+0.5
LVHI	Legg Mason International Low Volatility High Dividend	28.3	40	9	8.9	+0.6
DTH	WisdomTree DEFA Equity Income	28.3	58	-9	8.2	-0.1
CID	Victory CEMP International High Div Volatility Wtd	26.1	45	4	8.7	+0.4
EFAS	Global X MSCI SuperDividend EAFE	25.9	55	-6	8.5	+0.2
IDOG	ALPS International Sector Dividend Dogs	24.3	50	-1	7.9	-0.4
DOO	WisdomTree Int'l Dividend Ex-Financials	23.4	58	-9	7.8	-0.5
EFV	iShares MSCI EAFE Value	23.0	38	11	8.8	+0.5
IDHD	Invesco S&P Intl Developed High Div Low Volatility	22.3	30	19	6.4	-1.9
DOL	WisdomTree Int'l Large Cap Dividend	22.1	48	1	7.5	-0.8
FIDI	Fidelity International High Dividend	20.8	39	10	9.9	+1.7
IDY	Pacific Global International Equity Income	20.4	39	10	8.0	-0.3
DWX	SPDR S&P International Dividend ETF	19.7	45	4	6.8	-1.5
OEUR	O'Shares FTSE Europe Quality Dividend	19.5	48	1	6.1	-2.2
HDEF	Xtrackers MSCI EAFE High Div Yld Hedged	19.5	20	29	8.4	+0.1
DDWM	WisdomTree Dynamic Currency Hedged Int'l Equity	19.3	35	14	7.6	-0.7
VYMI	Vanguard Int'l High Dividend Yield	19.2	32	17	9.0	+0.7
FDD	First Trust STOXX European Select Dividend	19.1	57	-8	7.3	-1.0
DWM	WisdomTree DEFA Fund	19.1	48	1	7.4	-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 DJ Int'l Select 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	12.7	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	8.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.84	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.