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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.
- - - - -
5.84 10.02 8.97 - 6.31
Market Price (%)   (HYGH) - - - - -
Market Price (%)   Underlying Fund (HYG) 6.27 10.34 8.74 - 6.31
Benchmark (%)   (HYGH) - 9.32 6.30 - -
Benchmark (%)   Underlying Fund (HYG) 5.96 10.21 9.20 - 6.70
After Tax Pre-Liq. (%)   (HYGH) - - - - -
After Tax Pre-Liq. (%)   Underlying Fund (HYG) 3.26 7.30 6.11 - 3.37
After Tax Post-Liq. (%)   (HYGH) - - - - -
After Tax Post-Liq. (%)   Underlying Fund (HYG) 3.30 6.61 5.80 - 3.61
as of
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
- -1.61 -2.09 - - - - - -1.25
2.43 -2.37 -2.47 -0.23 5.84 33.18 53.65 - 58.16
Market Price (%)   (HYGH) - -1.70 -2.10 - - - - - -1.20
Market Price (%)   Underlying Fund (HYG) 2.73 -1.99 -2.10 0.04 6.27 34.35 52.04 - 58.13
Benchmark (%)   (HYGH) - -1.96 -2.39 -1.01 - 30.63 35.76 - -1.33
Benchmark (%)   Underlying Fund (HYG) 2.53 -2.33 -2.39 -0.15 5.96 33.86 55.31 - 62.52
After Tax Pre-Liq. (%)   (HYGH) - -1.80 -2.84 - - - - - -2.00
After Tax Pre-Liq. (%)   Underlying Fund (HYG) 0.79 -2.57 -3.04 -1.41 3.26 23.55 34.49 - 28.18
After Tax Post-Liq. (%)   (HYGH) - -0.91 -1.18 - - - - - -0.70
After Tax Post-Liq. (%)   Underlying Fund (HYG) 1.38 -1.34 -1.39 -0.12 3.30 21.16 32.58 - 30.48
as of
  2009 2010 2011 2012 2013
Total Return (%)   Underlying Fund (HYG) 40.68 12.07 5.89 13.83 5.90
Market Price (%)   Underlying Fund (HYG) 28.53 11.95 6.79 11.66 5.77
Benchmark (%)   Underlying Fund (HYG) 44.46 12.58 5.94 14.15 5.93

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.

Ex-Date Payable Date Record Date Total Distribution   Income ST Cap Gains LT Cap Gains Return on Capital
Dec 2, 2014 Dec 8, 2014 Dec 4, 2014 $0.430544 - - - -
Nov 4, 2014 Nov 10, 2014 Nov 6, 2014 $0.410712 - - - -
Oct 2, 2014 Oct 8, 2014 Oct 6, 2014 $0.403322 - - - -
Sep 3, 2014 Sep 9, 2014 Sep 5, 2014 $0.444072 - - - -
Aug 4, 2014 Aug 8, 2014 Aug 6, 2014 $0.449693 - - - -
Jul 2, 2014 Jul 9, 2014 Jul 7, 2014 $0.863757 - - - -

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  

Jul 1, 2014

11.85%
Greatest Discount  

Jul 3, 2014

-0.09%
Days ± 0.5% of NAV 60
Percent ± 0.5% of NAV 93.75%
Select a Quarter   

Number of Days At:

Premium   61
NAV   0
Discount   3

Premium/Discount Range

# of Days

≥ 11.5 up to 12.0

1

≥ 0.5 up to 1.0

4

≥ 0.0 up to 0.5

56

≥ -0.5 up to 0.0

3

Chart Description  

Why is there a difference between NAV and Closing Price?  

Possible Timing Discrepancies  

Holdings

as of 18-Dec-2014

Holding Ticker ISIN SEDOL Weight (%) Market Value Coupon (%) Maturity Barcap Rating Duration Shares Price YTM (%) Yield to Call (%) Yield to Worst (%) Notional Value
holding-image

ISHARES IBOXX USD HIGH YIELD CORPO

Corporates

HYG US4642885135 B1VZ486 98.51 $46,062,281 0.00 - BB- 1.40 515 89.37 6.37 - 6.10 46,062,281.07
holding-image

BLK CSH FND TREASURY SL AGENCY

Cash and/or Derivatives

BLKFDS US0669224778 - 0.76 $355,171 0.17 - - 0.00 355,171 1.00 0.17 - 0.17 355,170.82
holding-image

CASH COLLATERAL USD UBSFT

Cash and/or Derivatives

UBSFT - - 0.57 $265,000 0.17 Dec 31, 2049 - 0.00 265 100.00 0.17 - 0.17 265,000.00
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USD CASH

Cash and/or Derivatives

USD - - 0.16 $75,922 0.17 Dec 19, 2014 - 0.00 76 100.00 0.17 - 0.17 75,921.57
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US 2YR NOTE MAR 15

Cash and/or Derivatives

TUH5 - - 0.00 $0 0.00 Mar 31, 2015 AAA 2.03 -75 109.30 0.62 - 0.62 -16,394,531.25
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US LONG BOND MAR 15

Cash and/or Derivatives

USH5 - - 0.00 $0 0.00 Mar 20, 2015 AAA 11.05 -2 143.75 2.07 - 2.07 -287,500.00
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US 10YR NOTE MAR 15

Cash and/or Derivatives

TYH5 - - 0.00 $0 0.00 Mar 20, 2015 AAA 6.42 -77 126.48 1.67 - 1.67 -9,739,296.88
holding-image

US 5YR NOTE MAR 15

Cash and/or Derivatives

FVH5 - - 0.00 $0 0.00 Mar 31, 2015 AAA 4.30 -152 118.77 1.39 - 1.39 -18,052,375.00
Ticker Name ISIN SEDOL Sector Weight (%) Market Value Coupon (%) Maturity Duration Barcap Rating Shares Price YTM (%) Yield to Call (%) Yield to Worst (%) Notional Value
Holdings are subject to change.

Exposure Breakdowns

as of 18-Dec-2014

% of Market Value

Communications

22.58%

Energy

13.79%

Consumer Cyclical

12.34%

Consumer Non-Cyclical

11.67%

Capital Goods

7.79%

Basic Industry

6.73%

Technology

6.68%

Finance Companies

5.49%

Electric

4.18%

Banking

3.09%

Cash and/or Derivatives

2.25%

Transportation

1.01%

Financial Other

1.00%

Industrial Other

0.66%

Brokerage/Asset Managers/Exchanges

0.30%

Insurance

0.29%

Reits

0.12%

OWNED NO GUARANTEE

0.04%

as of 18-Dec-2014

  • 25
  • 20
  • 15
  • 10
  • 05
  • 0

2.25

7.42

7.54

8.86

24.76

24.64

24.07

0.45

0.00

  • Cash and/or Derivatives

  • 0 - 1 Year

  • 1 - 2 Years

  • 2 - 3 Years

  • 3 - 5 Years

  • 5 - 7 Years

  • 7 - 10 Years

  • 10 - 15 Years

  • 20+ Years

The maturity breakdown above is based on Weighted Average Life (WAL). WAL is the average length of time to the repayment of principal for the securities in the fund. This metric considers the likelihood that bonds will be called or prepaid before the scheduled maturity date.

as of 18-Dec-2014

% of Market Value

Cash and/or Derivatives

2.25%

AAA Rated

-

AA Rated

-

A Rated

-

BBB Rated

0.99%

BB Rated

45.35%

B Rated

40.11%

CCC Rated

11.07%

CC Rated

0.14%

C Rated

0.02%

D Rated

0.07%

Not Rated

-

Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. "R" applies to securities where the issuing company is under regulatory supervision due to its financial situation. "SD" applies to securities where the issuing company has selectively defaulted on some obligations. “NR” applies to securities that are not rated. "Other" includes dividends booked but not yet received and, if applicable, short-term fixed income securities.
Allocations are subject to change.
How to buy iShares ETFs

KEY FACTS

Net Assets

as of 19-Dec-2014

$47,223,155
Inception Date May 27, 2014
Exchange NYSE Arca
Asset Class Fixed Income
Benchmark Index iBoxx USD Liquid High Yield Interest Rate Hedged Index
Index Ticker -

Fund Credit Rating - S&P   B-f

Shares Outstanding 500,000
Number of Holdings

as of 18-Dec-2014

8
CUSIP 46431W606
Closing Price  

as of 19-Dec-2014

93.88
20 Day Avg. Volume   2,114
Premium/Discount  

as of 19-Dec-2014

-0.18%
Options Available No

FEES as of 31-Oct-2013

Expense Ratio  

1.15%

Fee Waiver  

0.60%

Expense Ratio (including waivers)

0.55%

For more information on S&P fund credit ratings, please click here.

PORTFOLIO CHARACTERISTICS OF HYGH AND HYG

HYGH HYG
Equity Beta  

as of -

- 0.35
Standard Deviation (3y)  

as of -

- 5.22%

12m Trailing Yield  

as of -

- 5.81%
Distribution Yield  

as of 18-Dec-2014

5.55% 5.62%
30 Day SEC Yield  

as of 18-Dec-2014

5.71% 5.57%

Weighted Average Life  

as of 18-Dec-2014

4.86 yrs 4.93 yrs
Modified Duration to Worst  

as of 18-Dec-2014

0.15 yrs 3.99 yrs
Effective Duration  

as of 18-Dec-2014

0.36 yrs 4.20 yrs
Weighted Avg YTM  

as of 18-Dec-2014

5.16% 6.10%
Option Adjusted Spread  

as of 18-Dec-2014

430 bps 436 bps

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.

The Fund is actively managed and does not seek to replicate the performance of a specified index. The Fund may have a higher portfolio turnover than funds that seek to replicate the performance of an index.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.

Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities.

There is no guarantee that interest rate risk will be reduced or eliminated within the Fund.

The Fund's use of derivatives may reduce the Fund's returns and/or increase volatility and subject the Fund to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The Fund could suffer losses related to its derivative positions because of a possible lack of liquidity in the secondary market and as a result of unanticipated market movements, which losses are potentially unlimited. There can be no assurance that the Fund's hedging transactions will be effective.

Investing in long/short strategies presents the opportunity for significant losses, including the loss of your total investment. Such strategies have the potential for heightened volatility and in general, are not suitable for all investors.

Investment in the Fund is subject to the risk of the underlying Funds.

Performance shown may reflect fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have been lower without such waivers.

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.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Cohen & Steers Capital Management, Inc., European Public Real Estate Association ("EPRA®"), FTSE International Limited ("FTSE"), India Index Services & Products Limited, JPMorgan Chase & Co., MSCI Inc., Markit Indices Limited, Morningstar, Inc., The NASDAQ OMX Group, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), New York Stock Exchange, Inc., Russell Investment Group or S&P Dow Jones Indices LLC, nor are they sponsored, endorsed or issued by Barclays Capital Inc. None of these companies make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with the companies listed above. Index data related to the underlying indexes is provided by the respective companies above.

Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Real Estate 50 Index, FTSE NAREIT Residential Plus Capped Index, FTSE NAREIT Industrial/Office Capped Index or FTSE NAREIT All Mortgage Capped Index; all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Developed Real Estate ex-US Index, FTSE EPRA/NAREIT Developed Europe Index, FTSE EPRA/NAREIT Global REIT Index or FTSE EPRA/NAREIT Developed Asia Index; all rights vest in FTSE, NAREIT and EPRA. "FTSE®" is a trademark of London Stock Exchange Group companies and is used by FTSE under license.

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