1Morningstar, as of 12/31/16. Comparison is between the average Prospectus Net Expense Ratio for the iShares ETFs (0.38%) and the oldest share class of active open-end mutual funds (1.22%) with 10-year track records that were available in the U.S. between 1/1/2007 and 12/31/2016.
2 Morningstar, as of 12/31/16. "Tax Cost Ratio" is a Morningstar measure of the impact of taxes on capital gains and income distributions on performance. The average 10-year Tax Cost Ratio of iShares ETFs and the oldest share class of all actively managed open-end mutual funds available in the U.S. between 1/1/2007 and 12/31/2016 (excluding municipal bond and money market funds) included in the comparison is 0.51% and 1.20%, respectively.
3Morningstar, as of 12/31/16. Post-tax pre-liquidation comparison made between the 5-year NAV returns of the oldest share class of active, open-end mutual funds available in the U.S. from 1/1/2012 to 12/31/2016 and their stated benchmarks. Returns are calculated after taxes on distributions, including capital gains and dividends, assuming the highest federal tax rate for each type of distribution in effect at the time of the distribution. Performance may be different for other time periods. Past performance is no guarantee of future results.