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PERFORMANCE



The Hypothetical Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.



The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be obtained by clicking the "Returns" tab above.
as of
  1y 3y 5y 10y Incept.
47.54 21.12 28.40 - 11.44
Market Price (%)   27.13 16.72 23.66 - 9.35
Benchmark (%)   48.13 21.54 28.94 - 11.92
After Tax Pre-Liq. (%)   47.05 20.78 28.09 - 11.23
After Tax Post-Liq. (%)   27.13 16.72 23.66 - 9.35
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
3.33 -0.26 3.33 19.18 47.54 77.68 248.95 - 135.77
Market Price (%)   1.88 -0.15 1.88 10.92 - - - - 102.94
Benchmark (%)   3.42 -0.23 3.42 19.37 48.13 79.52 256.45 - 143.87
After Tax Pre-Liq. (%)   3.24 -0.35 3.24 19.00 47.05 76.18 244.78 - 132.24
After Tax Post-Liq. (%)   1.88 -0.15 1.88 10.92 27.13 59.01 189.16 - 102.94
  2009 2010 2011 2012 2013
Total Return (%)   25.34 16.52 5.00 14.07 57.07
Market Price (%)   25.14 16.62 4.97 14.02 57.16
Benchmark (%)   25.93 17.10 5.33 14.53 57.62


The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.
Distributions Schedule
Ex-Date Payable Date Record Date Total Distribution   Income ST Cap Gains LT Cap Gains Return on Capital
Mar 25, 2014 Mar 31, 2014 Mar 27, 2014 $0.209853 - - - -
Dec 23, 2013 Dec 30, 2013 Dec 26, 2013 $0.300083 $0.300083 $0.000000 $0.000000 $0.000000
Sep 24, 2013 Sep 30, 2013 Sep 26, 2013 $0.440527 $0.440527 $0.000000 $0.000000 $0.000000
Jun 26, 2013 Jul 2, 2013 Jun 28, 2013 $0.219905 $0.219905 $0.000000 $0.000000 $0.000000
Mar 25, 2013 Apr 1, 2013 Mar 27, 2013 $0.237219 $0.237219 $0.000000 $0.000000 $0.000000
Dec 19, 2012 Dec 26, 2012 Dec 21, 2012 $0.750767 $0.750767 $0.000000 $0.000000 $0.000000
Sep 25, 2012 Oct 1, 2012 Sep 27, 2012 $0.231165 $0.231165 $0.000000 $0.000000 $0.000000
Jun 19, 2012 Jun 25, 2012 Jun 21, 2012 $0.233587 $0.233587 $0.000000 $0.000000 $0.000000
Mar 26, 2012 Mar 30, 2012 Mar 28, 2012 $0.172286 $0.172286 $0.000000 $0.000000 $0.000000
Dec 22, 2011 Dec 29, 2011 Dec 27, 2011 $0.209886 $0.209886 $0.000000 $0.000000 $0.000000
Sep 23, 2011 Sep 29, 2011 Sep 27, 2011 $0.158822 $0.158822 $0.000000 $0.000000 $0.000000
Jun 24, 2011 Jun 30, 2011 Jun 28, 2011 $0.167580 $0.167580 $0.000000 $0.000000 $0.000000
Mar 25, 2011 Mar 31, 2011 Mar 29, 2011 $0.135372 $0.135372 $0.000000 $0.000000 $0.000000
Dec 22, 2010 Dec 29, 2010 Dec 27, 2010 $0.158478 $0.158478 $0.000000 $0.000000 $0.000000
Sep 23, 2010 Sep 29, 2010 Sep 27, 2010 $0.170790 $0.170790 $0.000000 $0.000000 $0.000000
Jun 24, 2010 Jun 30, 2010 Jun 28, 2010 $0.126525 $0.126525 $0.000000 $0.000000 $0.000000
Mar 25, 2010 Mar 31, 2010 Mar 29, 2010 $0.073367 $0.073367 $0.000000 $0.000000 $0.000000
Dec 23, 2009 Dec 30, 2009 Dec 28, 2009 $0.293193 $0.293193 $0.000000 $0.000000 $0.000000
Sep 22, 2009 Sep 28, 2009 Sep 24, 2009 $0.119888 $0.119888 $0.000000 $0.000000 $0.000000
Jun 24, 2009 Jun 30, 2009 Jun 26, 2009 $0.146277 $0.146277 $0.000000 $0.000000 $0.000000
Mar 25, 2009 Mar 31, 2009 Mar 27, 2009 $0.111601 $0.111601 $0.000000 $0.000000 $0.000000
Dec 23, 2008 Dec 30, 2008 Dec 26, 2008 $0.183867 $0.183867 $0.000000 $0.000000 $0.000000
Sep 24, 2008 Sep 30, 2008 Sep 26, 2008 $0.115489 $0.115489 $0.000000 $0.000000 $0.000000
Jun 25, 2008 Jun 30, 2008 Jun 27, 2008 $0.081434 $0.081434 $0.000000 $0.000000 $0.000000
Mar 25, 2008 Mar 31, 2008 Mar 27, 2008 $0.081549 $0.081549 $0.000000 $0.000000 $0.000000
Dec 27, 2007 Jan 3, 2008 Dec 31, 2007 $0.102004 $0.102004 $0.000000 $0.000000 $0.000000
Sep 25, 2007 Oct 1, 2007 Sep 27, 2007 $0.057210 $0.057210 $0.000000 $0.000000 $0.000000
Jun 28, 2007 Jul 5, 2007 Jul 2, 2007 $0.052984 $0.052984 $0.000000 $0.000000 $0.000000
Mar 23, 2007 Mar 29, 2007 Mar 27, 2007 $0.045625 $0.045625 $0.000000 $0.000000 $0.000000
Dec 20, 2006 Dec 27, 2006 Dec 22, 2006 $0.067910 $0.067910 $0.000000 $0.000000 $0.000000
Sep 26, 2006 Oct 2, 2006 Sep 28, 2006 $0.056750 $0.056750 $0.000000 $0.000000 $0.000000
Jun 22, 2006 Jun 28, 2006 Jun 26, 2006 $0.037167 $0.037167 $0.000000 $0.000000 $0.000000

Past distributions are not indicative of future distributions.



The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be obtained by clicking the "Returns" tab above.
Greatest Premium  

Feb 3, 2014

0.07%
Greatest Discount  

Mar 18, 2014

-0.04%
Days ± 0.5% of NAV 61
Percent ± 0.5% of NAV 100.00%
Select a Quarter   

Number of Days At:

Premium   36
NAV   7
Discount   18

Premium/Discount Range

# of Days

≥ 0.0 up to 0.5

43

≥ -0.5 up to 0.0

18

Chart Description  

Why is there a difference between NAV and Closing Price?  

Possible Timing Discrepancies  

Holdings

as of 22-Apr-2014

Holding Weight (%) Sector Market Value Shares Price Exchange
holding-image

UTX

UNITED TECHNOLOGIES CORP

9.68 Aerospace $38,399,919 322,174 119.19 New York Stock Exchange Inc.
holding-image

BA

BOEING CO.

8.99 Aerospace $35,656,985 279,553 127.55 New York Stock Exchange Inc.
holding-image

LMT

LOCKHEED MARTIN CORP.

6.24 Defense $24,767,675 158,068 156.69 New York Stock Exchange Inc.
holding-image

PCP

PRECISION CASTPARTS CORP

5.96 Aerospace $23,650,273 91,960 257.18 New York Stock Exchange Inc.
holding-image

GD

GENERAL DYNAMICS CORP.

5.76 Defense $22,861,156 211,599 108.04 New York Stock Exchange Inc.
holding-image

RTN

RAYTHEON CO.

5.45 Defense $21,640,454 217,492 99.50 New York Stock Exchange Inc.
holding-image

NOC

NORTHROP GRUMMAN CORP

4.91 Defense $19,485,880 162,667 119.79 New York Stock Exchange Inc.
holding-image

TXT

TEXTRON INC

3.56 Aerospace $14,144,064 353,072 40.06 New York Stock Exchange Inc.
holding-image

COL

ROCKWELL COLLINS INC.

3.35 Aerospace $13,278,447 169,736 78.23 New York Stock Exchange Inc.
holding-image

LLL

L-3 COMMUNICATIONS HOLDINGS INC.

3.31 Defense $13,142,548 112,570 116.75 New York Stock Exchange Inc.

as of 22-Apr-2014

Ticker Name Weight (%) Sector Market Value Shares Price Exchange
Holdings are subject to change.

Exposure Breakdowns

as of 22-Apr-2014

% of Market Value

Aerospace

54.33%

Defense

43.13%

Business Support Services

1.42%

Transportation Services

1.01%

S-T Securities

0.14%

Allocations subject to change.

KEY FACTS

Net Assets $389,474,078
Inception Date May 1, 2006
Exchange NYSE Arca
Asset Class Equities
Benchmark Index Dow Jones U.S. Select Aerospace & Defense Index

Shares Outstanding 3,550,000
Number of Holdings

as of 22-Apr-2014

38
CUSIP 464288760
Price  

as of 22-Apr-2014

108.66
20 Day Avg. Volume 10,535
Premium/Discount  

as of 23-Apr-2014

-
Options Available No

FEES as of 4/30/2013
Management Fee 0.46%
Gross Expense Ratio 0.46%
Net Expense Ratio 0.46%

FEES as of 12/31/2013
Management Fee   0.45%
Gross Expense Ratio 0.45%
Net Expense Ratio 0.45%

PORTFOLIO CHARACTERISTICS

P/E Ratio  

as of 31-Mar-2014

22.55
P/B Ratio  

as of 31-Mar-2014

4.10

Beta  

as of 31-Mar-2014

0.92
Standard Deviation (3y)  

as of 31-Mar-2014

13.69%

12m Trailing Yield  

as of 31-Mar-2014

1.07%
Distribution Yield  

as of 31-Mar-2014

0.71%
30 Day SEC Yield  

as of 31-Mar-2014

0.81%

% Stock 99.89%
% Bond 0.00%
% Cash 0.14%
% Other  

as of 22-Apr-2014

0.00%

This information must be preceded or accompanied by a current prospectus. For standardized performance, please click on the "Returns" tab above.

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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting the iShares ETF and BlackRock Mutual Fund prospectus pages. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal.

Funds that concentrate investments in a single sector will be more susceptible to factors affecting that sector and more volatile than funds that invest in many different sectors.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times.

Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Certain sectors and markets perform exceptionally well based on current market conditions and iShares Funds can benefit from that performance. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such results will be repeated.

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