ETF Research Center

The iShares International Dividend Growth ETF tracks an index of international equities that have growing dividends.

FUND BASICS
Category	International Equities
Fund Sponsor	BlackRock
Website	www.ishares.com
Inception date	May 17, 2016
Assets (mns)	$79
Currency	USD
Expense ratio	22 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	412
Wgt avg mkt cap (mns)	$83,021
Large cap (>$10bn)	82.7%
Mid cap ($2-10bn)	15.0%
Small cap (<$2bn)	2.3%
Developed mkts	86.1%
Emerging mkts	13.9%

TOP TEN HOLDINGS
Total	25.1 %
TAIWAN SEMICONDUCTOR MANUFAC	3.1 %
SAMSUNG ELECTRONICS CO LTD	3.0 %
ROCHE HOLDING AG-GENUSSCHEIN	2.9 %
NOVARTIS AG-REG	2.7 %
NESTLE SA-REG	2.7 %
ROYAL BANK OF CANADA	2.3 %
ALLIANZ SE-REG	2.3 %
SANOFI-AVENTIS	2.1 %
TORONTO-DOMINION BANK	2.0 %
BASF SE	1.9 %

TOP COUNTRY EXPOSURE
	CANADA	15.4 %
	JAPAN	15.2 %
	SWITZERLAND	11.1 %
	GERMANY	8.7 %
	FRANCE	8.4 %
	BRITAIN	8.3 %
	SOUTH KOREA	3.8 %
	HONG KONG	3.7 %
	NETHERLANDS	3.4 %
	TAIWAN	3.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
19.3%	14.1%	--	--	7.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.78	59%
MSCI EAFE	1.03	88%
MSCI Emg. Mkts.	0.71	69%

Technical Indicators
Recent close	$58.25
30d moving avg.	$56.85
Annualized volatility	12.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	81

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.2%
Bid/Ask (% of price)	0.39%
ADV underlying (mns)	$17,079

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IGRO

Expense:

22 bp

ALTAR Score™:

8.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IGRO
Ticker	Fund Name	Overlap¹ vs IGRO (%)	Expense ratio (bp)	Savings vs IGRO (bp)	ALTAR Score™ (%)	ALTAR vs IGRO (%)
VIGI	Vanguard Int'l Dividend Appreciation	42.9	25	-3	6.1	-2.0
IQLT	iShares MSCI Int'l Developed Quality	32.2	30	-8	6.2	-1.9
PDEV	Principal International Multi-Factor Core Index	31.3	25	-3	6.9	-1.1
IMTM	iShares MSCI Int'l Developed Momentum	31.1	30	-8	5.3	-2.7
SCHF	Schwab International Equity	31.0	6	16	7.4	-0.6
EFAX	SPDR MSCI EAFE Fossil Fuel Free	30.5	20	2	7.2	-0.9
IEV	iShares S&P Europe 350	30.2	59	-37	6.4	-1.6
EFG	iShares MSCI EAFE Growth	30.1	40	-18	5.1	-3.0
QEFA	SPDR MSCI EAFE Quality Mix	29.8	30	-8	6.6	-1.4
BBEU	JPMorgan BetaBuilders Europe	29.8	9	13	6.9	-1.1
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	29.8	30	-8	6.7	-1.4
FLEE	Franklin FTSE Europe	29.7	9	13	6.9	-1.1
ACSG	Xtrackers MSCI ACWI ex USA ESG Leaders Equity	29.5	16	6	7.1	-0.9
FLEH	Franklin FTSE Europe Hedged	29.5	9	13	6.9	-1.2
HFXI	IQ 50 Percent Hedged FTSE Int'l	29.2	20	2	7.3	-0.8
IDEV	iShares Core MSCI Int'l Developed Markets	29.1	5	17	7.2	-0.9
IEUR	iShares Core MSCI Europe	29.0	9	13	6.9	-1.1
DBEU	Xtrackers Europe Hedged	29.0	45	-23	6.5	-1.6
HDAW	Xtrackers MSCI All World ex US High Div Yield	28.9	20	2	9.9	+1.9
EFA	iShares MSCI EAFE	28.8	31	-9	7.0	-1.1

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 International Dividend Growth
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	13.9	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	22	bp
Equals: ALTAR Score	8.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	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.