1 Morningstar, as of 1/31/2016. Post-tax comparison between the 1, 3 and 5 year returns at NAV of the iShares Core ETFs and the oldest share class of active open-end mutual funds within the same Morningstar categories as the iShares Core ETFs. Mutual funds are generally more tax inefficient than ETFs and, as a result, are typically more negatively impacted than ETFs when comparing performance based on post-tax returns rather than total returns. The number of ETFs and mutual funds used for each period varies based on the inception date of the iShares Core ETFs. iShares Core ETFs included in this comparison vary based on the time period analyzed: 1 year (19 Core ETFs existed for the full 1-year period ended 1/31/15); 3 year (15 Core ETFs existed for the full 3-year period ended 1/31/13); and 5 year (9 Core ETFs existed for the full 5-year period ended 1/31/11). iShares Core ETFs outperformed 80.6% (1955/2426), 83.6% (1804/2157) and 87.8% (1330/1515) of their active mutual fund peers over the 1, 3 and 5 year periods ended 1/31/16, respectively. Performance was averaged for Morningstar categories containing more than one iShares fund, and may be different for other time periods. 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. Past performance is no guarantee of future results. For more information on the differences between iShares ETFs and mutual funds, click here.
2 Morningstar, as of 12/31/15. Comparison is between the average Prospectus Net Expense Ratio for the iShares ETFs (0.37%) and the oldest share class of active open-end mutual funds (1.08%) with 10-year track records that were available in the U.S. between 1/1/2006 and 12/31/2015. Analysis excludes municipal bond and money market funds.
3 BlackRock, Morningstar as of 11/12/15. There is no guarantee that distributions will not be paid in the future.
4 Based on $4.89T in AUM as of 6/30/16.