New Product Launches

September 14, 2017 – iShares Product Launch

BlackRock announces the launch of three new ETFs

iShares is pleased to announce the launch of the iShares 5-10 Year Investment Grade Corporate Bond ETF (ticker: MLQD) and the iShares 10+ Year Investment Grade Corporate Bond ETF (ticker: LLQD). Both funds seek to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds with remaining maturities between five and ten years and maturities greater than ten years, respectively. iShares offers low-cost investment grade corporate bond ETFs that help investors manage interest rate risk by targeting one of the three major sections of the yield curve.

Additionally, we are adding to our iBonds^® suite with the launch of the iShares iBonds Dec 2027 Term Corporate ETF (ticker: IBDS). This fund is the 10th in the series and seeks to track the Barclays December 2027 Maturity Corporate Index, which is designed to reflect the performance of the U.S. dollar denominated, taxable, investment grade corporate bonds scheduled to mature after December 31, 2026 and before January 1, 2028.

Why IBDS?

1. Exposure to investment grade corporate bonds that mature between January 1, 2027 and December 15, 2027
2. Combine the defined maturity and regular income distribution characteristics of a bond with the transparency and tradability of a stock
3. Use to seek income, build a bond ladder and manage interest rate risk

For more details regarding all funds listed above, please reference the tables below.

Current Fund Name	Ticker	Expense Ratio	Index Name	Exchange
iShares 5-10 Year Investment Grade Corporate Bond ETF	MLQD	0.06%	Markit iBoxx USD Liquid Investment Grade Intermediate Index	BATS
iShares 10+ Year Investment Grade Corporate Bond ETF	LLQD	0.06%	Markit iBoxx USD Liquid Investment Grade Long Index	BATS
iShares iBonds Dec 2027 Term Corporate ETF	IBDS	0.10%	Bloomberg Barclays December 2027 Maturity Corporate Index	NYSE Arca

August 10, 2017 – iShares Product Launch

iShares Russell 1000 Pure U.S. Revenue ETF

iShares is pleased to announce the launch of the iShares Russell 1000 Pure U.S. Revenue ETF (ticker: AMCA). The fund seeks to track the investment results of the Russell 1000 Pure Domestic Exposure Index, which is composed of U.S. companies exhibiting higher domestic sales as a proportion of the company’s total sales relative to other large- and mid-capitalization U.S. equities.

Why AMCA:

1. Invests in American companies that generate 85% or more of their sales in the U.S.
2. Exposure to companies that could benefit from U.S. growth while remaining more insulated from international political and economic events such as foreign elections, tariffs and currency fluctuations.
3. Use to express a more focused view on U.S. stocks

Current Fund Name	Ticker	Expense Ratio	Index Name	Exchange
iShares Russell 1000 Pure U.S. Revenue ETF	AMCA	0.15%	Russell 1000 Pure Domestic Exposure Index	NASDAQ

July 20, 2017 – iShares Product Launch

iShares MSCI Argentina and Global Exposure ETF

iShares is pleased to announce the launch of the iShares MSCI Emerging Markets ex China ETF (ticker: EMXC). The fund provides broad access to emerging markets while maintaining flexibility for a tailored approach to investing in China. Investors can pair EMXC with iShares’ range of dedicated China ETFs to customize their exposure to China within their emerging markets allocation.

Why EMXC:

1. Invests in stocks from emerging markets countries (excluding those from China)
2. Seek long-term growth and international diversification
3. Used to access emerging markets while maintaining flexibility for a tailored approach to investing in China

Current Fund Name	Ticker	Expense Ratio	Index Name	Exchange
iShares MSCI Emerging Markets ex China ETF	EMXC	0.49%*	MSCI Emerging Markets ex China Index	NASDAQ

* Net expense ratio shown reflects contractual fee waiver in place until 12/31/22. Gross expense ratio is 0.58%.

July 13, 2017 – iShares Product Launches

iShares ESG bond and iShares Smart Beta bond ETFs

Effective July 13th, iShares is pleased to announce the launch of four new funds. Two ESG bond ETFs and two Smart Beta bond ETFs.

ESG:

• iShares ESG USD Corporate Bond ETF (ticker: SUSC)
• iShares ESG 1-5 Year USD Corporate Bond ETF (ticker: SUSB)

Smart Beta:

• iShares Edge High Yield Defensive Bond ETF (ticker: HYDB)
• iShares Edge Investment Grade Enhanced Bond ETF (ticker: IGEB)

Fund Name	Ticker	Expense Ratio	Index Name	Exchange
iShares ESG USD Corporate Bond ETF	SUSC	0.18%	Bloomberg Barclays MSCI US Corporate ESG Focus Index	BATS
iShares ESG 1-5 Year USD Corporate Bond ETF	SUSB	0.12%	Bloomberg Barclays MSCI US Corporate 1-5 Year ESG Focus Index	BATS

 

Fund Name	Ticker	Expense Ratio	Index Name	Exchange
iShares Edge High Yield Defensive Bond ETF	HYDB	0.35%	BlackRock High Yield Defensive Bond Index	BATS
iShares Edge Investment Grad Enhanced Bond ETF	IGEB	0.18%	BlackRock Investment Grade Enhanced Bond Index	BATS

July 7, 2017 – iShares Product Launch

iShares Russell 2500 ETF

We are excited to announce the launch of the iShares Russell 2500 ETF (SMMD). The Russell 2500 Index is a leading index designed to track the small- and mid-cap segment of the US equity market. As such SMMD will represent approximately 19% of the total market capitalization of the Russell 3000^® Index.

At inception, SMMD will seek to achieve its investment objective by investing a substantial portion of its assets in the iShares Russell 2000 ETF (IWM). In addition to investing in the underlying securities and the fund (IWM), SMMD may lend securities representing up to one-third of the fund’s total assets (including the value of received collateral).

Why SMMD:

1. Exposure to the small- and mid-cap segment of the US equity market (19% of the Russell 3000).
2. The Russell 2500 index family is the primary benchmark for most active small- and mid-cap managers in US with an estimated 43% of total exposure.¹
3. Net expense ratio 15bps.
4. Underlying fee on assets invested in IWM will be waived.

Fund	Ticker	Expense Ratio	Index Name	Exchange
iShares Russell 2500 ETF	SMMD*	0.15%	Russell 2500 Index	BATS

¹ Morningstar institutional category classifications
* Net expense ratio reflect contractual fee waiver in place until 7/31/22. Gross expense ratio is 0.24%.

April 27, 2017 – iShares Product Launch

iShares MSCI Argentina and Global Exposure ETF

We are excited to announce the launch of the iShares MSCI Argentina and Global Exposure ETF (ticker: AGT). Argentina is South America’s second largest economy¹, partly due to its robust commodity exports, including energy and agricultural products. Investing outside the U.S. can provide investor’s portfolios with growth and diversification potential. iShares offers the broadest range of country ETFs², allowing investors to go from idea to investment in a single trade.

Why AGT:

1. Currently the second largest economy in South America1, Argentina has recently implemented policies to make its market friendlier to foreign investors
2. Lowest cost ETF which provides broad access to stocks with exposure to Argentina³
3. Express a country view to seek growth

Fund	Ticker	Expense Ratio	Index Name	Exchange
iShares MSCI Argentina and Global Exposure ETF	AGT	0.59%	MSCI All Argentina 25/50 Index	BATS

¹ World Bank. Based on 2015 GDP.
² Morningstar, as of 12/31/16. Based on 64 US-domiciled country ETFs and 41 individual country exposures.
³ Morningstar, as of 3/31/17.

April 13, 2017 – iShares Product Launch

iShares® iBonds® Dec 2023 Term Muni Bond ETF

We’re are pleased to announce the launch of the iShares iBonds Dec 2023 Term Muni Bond ETF (ticker: IBML).

iBonds ETFs offer investors an easier way to build and maintain bond ladders. iBonds are designed to:

• Matures, like a bond. Investment grade bond portfolios with a specified maturity date. Investors are exposed to less interest rate risk over time as iBonds ETFs approach maturity.
• Trades, like a stock. iBonds ETFs trade throughout the day on the exchange, so you are not subject to trading in the over-the-counter (OTC) bond market.
• Diversify, like a fund. Exposure to hundreds of bonds in a single fund

Fund Name	Ticker	Expense Ratio	Exchange	Index Name
iShares iBonds Dec 2023 Term Muni Bond ETF	IBML	0.18%	BATS	S&P AMT-Free Municipal Series Dec 2023 Index

March 21, 2017 – iShares Product Launch

iShares Expands its Core Product Suite

We are excited to announce the launch of the iShares Core MSCI International Developed Markets ETF (ticker: IDEV). The iShares Core MSCI International Developed Markets ETF seeks to track the investment results of an index composed of large-, mid-, and small- capitalization developed market equities, excluding the United States.

Why IDEV:

1. Diversification at the Core of a Portfolio: Investors can add broad international exposure to their portfolio by using an ETF that seeks to track developed markets around the world
2. Long-Term Growth: IDEV has the potential to provide long-term growth at the core of a portfolio

Fund	Ticker	Expense Ratio	Index Name	Exchange
iShares Core MSCI International Developed Markets	IDEV	0.07%	MSCI World ex USA IMI Index	NYSE Arca

December 2, 2016 – iShares Product Launch

iShares announces the launch of the iShares MSCI USA ESG Optimized ETF (ESGU)

Fund Name	Fund Ticker	Index	Expense Ratio	Investment Objective
iShares MSCI USA ESG Optimized ETF	ESGU	MSCI USA ESG Focus Index	0.28%	ESGU seeks to track the investment results of the MSCI USA ESG Focus Index, providing access to large-and-mid-cap stocks in the U.S. that demonstrate positive environmental, social and governance (ESG) characteristics such as low emissions, privacy/data security and ethical business practice. The fund can be used to seek to target risk and returns similar to the MSCI USA Index, while obtaining greater exposure to higher rated ESG companies.

November 3, 2016 – iShares Product Launch

iShares announces the launch of the iShares MSCI USA ESG Optimized ETF (IMTB)

iShares announces the launch of the iShares Core 5-10 Year USD Bond ETF to compliment the current iShares Core USD Bond ETF line-up – ISTB: iShares Core 1-5 Year USD Bond ETF, and ILTB: iShares Core 10+ Year USD Bond ETF. Investors can now allocate capital to the middle of the curve.

Fund Name	Fund Ticker	Index	Expense Ratio*	Investment Objective
iShares Core 5-10 Year USD Bond ETF	IMTB	Bloomberg Barclays U.S. Universal 5-10 Year Index	0.08%	The iShares Core 5-10 Year USD Bond ETF seeks to track the investment results of an index composed of U.S. dollar-denominated bonds that are rated either investment-grade or high yield with remaining effective maturities between five and ten years.

* Net Expense Ratio shown for IMTB Reflects contractual fee waiver in place until 2/28/21. Gross Expense Ratio is 0.13%.

September 15, 2016 – iShares Product Launch

Announcing SMMV and IBDR

iShares announces the launch of the iShares Edge MSCI Min Vol USA Small-Cap ETF (SMMV), launched September 9th, and iShares^® iBonds^® Dec 2026 Term Corporate ETF (IBDR), launched September 15th.

Overview

Fund Name	Fund Ticker	Index	Fees	Investment Objective
iShares Edge MSCI Min Vol USA Small-Cap ETF	SMMV	MSCI USA Small Cap Minimum Volatility (USD) Index	0.20%	The iShares Edge MSCI Min Vol USA Small Cap ETF seeks to track the investment results of an index composed of small-capitalization U.S. equities that, in the aggregate, have lower volatility characteristics relative to the small-capitalization U.S. equity market.
iShares® iBonds® Dec 2026 Term Corporate ETF	IBDR	Barclays December 2026 Maturity Corporate Index	0.10%	iShares® iBonds® Dec 2026 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2026

June 30, 2016 – iShares Product Launch

Announcing Two New ESG ETFs

We are excited to announce the launch of the iShares ESG ETFs – the iShares MSCI EAFE ESG Select ETF (ticker: ESGD) and the iShares MSCI EM ESG Select ETF (ticker: ESGE). The iShares ESG ETFs seek to provide broad equity market exposure while allowing investors to better align their social and environmental objectives like low emissions and worker safety in their investment portfolios.

Why ESGD (Developed Ex US and Canada)?

1. Access to large- and mid-cap stocks in Europe, Australia, Asia, and the Far East with positive environmental, social and governance (ESG) characteristics
   
   
2. Seek risk and return similar to the MSCI EAFE Index while obtaining greater exposure to higher rated ESG companies¹
   
   
3. Better understand the ESG profile of your investment with transparent reporting of the ESG ratings breakdown
   
   

Why ESGE (Emerging Markets)?

1. Access to large- and mid-cap emerging market stocks with positive environmental, social and governance (ESG) characteristics
   
   
2. Seek risk and return similar to the MSCI Emerging Markets Index while obtaining greater exposure to higher rated ESG companies¹
   
   
3. Better understand the ESG profile of your investment with transparent reporting of the ESG ratings breakdown
   
   

Fund	Ticker	Expense Ratio	Index Name	Exchange
iShares MSCI EAFE ESG Select ETF	ESGD	0.40%	MSCI EAFE ESG Select Index	NASDAQ
iShares MSCI EM ESG Select ETF	ESGE	0.45%	MSCI EM ESG Select Index	NASDAQ

¹ ESG ratings provided by MSCI on over 6,000 securities based on 37 industry-specific issues weighted based on the industry’s impact and the time horizon of the risk / opportunity

June 16, 2016 – iShares Product Launches

Announcing Two New High Yield Bond ETFs

We are excited to announce the launch of the iShares Fallen Angels USD Bond ETF (FALN) and the iShares iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF (HYXE). Designed to offer low-cost targeted exposure to subsets of the High Yield Bond Market.

What are Fallen Angels?

Within the fixed income universe, Fallen Angels refer to high yield bonds that were recently downgraded from investment grade. Due to credit rating limits in what they can hold, many bond investors are forced to sell a particular bond following a downgrade. This selling pressure can result in a price discrepancy relative to the bond’s valuation – and can potentially lead to short-term mispricing.¹ For investors trying to capture this anomaly, the iShares Fallen Angels USD Bond ETF (FALN) offers low-cost exposure to this subset of high yield bonds.

Why FALN?

1. Target a portion of the high yield universe that has, on average higher credit ratings than the broad high yield market.
2. Fallen angel bonds have historically demonstrated outperformance relative to the high yield universe, both on a total return and risk-adjusted return basis.
3. Many bond investors are subject to guidelines that limit what they hold by rating, which can result in a tendency for bonds to be oversold when they are initially downgraded - FALN can serve as a way to capture these possibly undervalued bonds.

What is High Yield ex Oil & Gas?

For high yield investors, persistently low oil and gas prices can be cause for concern. Low prices can make it difficult for oil and gas firms to service their debt, potentially resulting in a deterioration of credit quality and possible defaults in a sector that accounts for roughly 10% of high yield issues. By removing oil and gas companies from the broad high yield index, the iShares High Yield ex Oil and Gas ETF (HYXE) can help investors seeking a diversified high yield bond portfolio while limiting some of the risks associated with oil and gas prices.

Why HYXE?

1. Exposure to a portfolio of high yield bonds that excludes the oil and gas sector.
2. Potentially remove some of the credit risk that can impact high yield bonds as a result of volatile oil and gas prices.
3. Use to pursue income.

Fund Name	Ticker	Expense Ratio	Index Name	Exchange
iShares Fallen Angels USD Bond ETF	FALN	0.35%	Barclays US High Yield Fallen Angel 3% Capped Index	NASDAQ
iShares iBoxx $ High Yield ex Oil & Gas Corporate Bond	HYXE	0.50%	Markit iBoxx USD Liquid High Yield ex-Oil and Gas Index	NASDAQ

Product Brief: iShares Fallen Angels USD Bond ETF

¹ Source: Citi US Credit Research. The Citi US Credit Research team published in March 2015 a focused study on falling/fallen angels based on 30 issuers downgraded to high yield since 2010. The study examined investor positioning and returns for the basket of fallen angels before and after their respective downgrades.

² Source: Barclays, iBoxx as of 5/6/16

June 15, 2016 – iShares Product Launch

iShares MSCI China A ETF

We are excited to announce the launch of the iShares MSCI China A ETF (CNYA). Designed to offer low-fee exposure to the Chinese A-share market, this ETF provides a new way to tap into opportunities within one of the world’s largest economies.

What are A-Shares?

A-Shares represent the locally-listed portion of the Chinese stock market, which makes up nearly half of the overall market and have historically been inaccessible to international investors. The more popular way to access China has been through H-Shares which are listed in Hong Kong and tend to represent larger, more mature corporations. On the other hand, A-Shares may represent smaller, less mature companies that are more likely to serve the domestic, Chinese market¹.

Why CNYA?

1. Implement dedicated, low-fee exposure to the Chinese A-Share stock market
2. Seek to participate in the potential growth of China’s historically fast-expanding economy²
3. Diversify your portfolio – China A shares have exhibited relatively low correlation to the broader global equity market³

Fund Name	Ticker	Expense Ratio	Index Name	Exchange
iShares MSCI China A ETF	CNYA	0.65%	MSCI China A International Index	BATS

For additional information, view the Product Brief here.

¹ Source: MSCI, average market cap of the MSCI China Index is $5.6b while the average market cap of the MSCI China A International Index is $1.9b as of 5/31/2016

² Source: World Bank, China GDP 2011-2015 was 7.3

³ Source: Bloomberg, BlackRock as of 5/31/2016

 

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May 19, 2016 – iShares Product Launch

iShares International Dividend Growth ETF

We are pleased to announce the launch of the iShares International Dividend Growth ETF (ticker: IGRO) as part of the iShares Dividend Growth ETF Suite.

In today’s environment of low bond yields and heightened volatility, investors must look for ways in which they can carefully seek to balance stability and growth. The iShares Growth ETFs seek to target steady growth through exposure to quality companies with the potential to sustainably increase dividends over time.

Why IGRO?

• Seek to generate income from international stocks with a sustained history of growing their dividends.
• Diversify an equity portfolio by investing in an ETF with exposure to global companies screened for healthy balance sheets and dividend growth potential.
• Use to widen your dividend income strategy to include international investments.

Fund Name	Ticker	Net Expense Ratio	Exchange	Index Name
iShares International Dividend Growth ETF	IGRO	0.22%	BATS	Morningstar Global ex-US Dividend Growth Index

Product Brief: iShares International Dividend Growth ETF

May 11, 2016 – iShares Product Launch and Updates

iShares Edge

BlackRock announces the launch of the iShares Edge MSCI Multifactor Sector ETFs – a suite of Smart Beta sector funds that target select companies within their U.S. stock sector. The funds offer exposure to style factors which have historically outperformed their broad sectors and focus on four proven drivers of return: financial health (quality), low valuation (value), trending price (momentum), and smaller market cap (size).¹

Why Edge Sector?

• Seek outperformance with similar risk to the broad respective sector market.
• Focus on proven drivers of return: inexpensive stocks, financially healthy firms, trending stocks and relatively smaller companies.¹
• Use as part of a sector rotation strategy or to tilt a portfolio towards specific sectors.

Furthermore, we are excited that all of our factor-based Smart Beta ETFs will join the new iShares Edge suite. iShares Edge will cover 26 existing Smart Beta funds as well as the 9 new Smart Beta sector funds – all of which are listed below. Note that we are not making any changes to our existing funds beyond the fund names.

¹. Source: MSCI.

Introducing the iShares Edge MSCI Multifactor Sector ETFs:

Fund Name	Ticker	Expense Ratio	Index Name	Exchange
iShares Edge MSCI Multifactor Consumer Discretionary ETF	CNDF	0.35%	MSCI USA Consumer Discretionary Diversified Multiple-Factor Capped Index	BATS
iShares Edge MSCI Multifactor Consumer Staples ETF	CNSF	0.35%	MSCI USA Consumer Staples Diversified Multiple-Factor Capped Index	BATS
iShares Edge MSCI Multifactor Energy ETF	ERGF	0.35%	MSCI USA Energy Diversified Multiple-Factor Capped Index	BATS
iShares Edge MSCI Multifactor Financials ETF	FNCF	0.35%	MSCI USA Financials Diversified Multiple-Factor Capped Index	BATS
iShares Edge MSCI Multifactor Healthcare ETF	HCRF	0.35%	MSCI USA Health Care Diversified Multiple-Factor Capped Index	BATS
iShares Edge MSCI Multifactor Industrials ETF	INDF	0.35%	MSCI USA Industrials Diversified Multiple-Factor Capped Index	BATS
iShares Edge MSCI Multifactor Materials ETF	MATF	0.35%	MSCI USA Materials Diversified Multiple-Factor Capped Index	BATS
iShares Edge MSCI Multifactor Technology ETF	TCHF	0.35%	MSCI USA Information Technology Diversified Multiple-Factor Capped Index	BATS
iShares Edge MSCI Multifactor Utilities ETF	UTLF	0.35%	MSCI USA Utilities Diversified Multiple-Factor Capped Index	BATS

 

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April 22, 2016 – iShares Product Launch

iShares Sustainable MSCI Global Impact ETF

BlackRock announces the launch of the iShares Sustainable MSCI Global Impact ETF (ticker: MPCT). There is growing demand – and increasing opportunity – for investment approaches that targets sustainable outcomes while still seeking financial goals. iShares Impact ETFs help investors seeking to drive change and advance social and environment objectives.

Why MPCT?

• Aim to advance sustainable outcomes, such as renewable energy and education initiatives, alongside financial returns.
• Target companies that not only employ strong ESG practices, but also build their business around products and services that may drive transformational change.¹
• Use for international/global exposure while striving to make a measurable impact.

¹ As defined by the United Nations Sustainable Development Goals

Fund Name	Ticker	Expense Ratio	Index Name
iShares Sustainable MSCI Global Impact ETF	MPCT	0.49%	MSCI ACWI Sustainable Impact Index

 

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January 7, 2016 – iShares Product Launch

iShares Adaptive Currency Hedged MSCI ETFs

We are pleased to announce the launch of the iShares Adaptive Currency Hedged MSCI ETFs, dynamically hedged versions of our flagship international funds. Launching today 1/7/2015 are the iShares Adaptive Currency Hedged MSCI Japan ETF (ticker: DEWJ), the iShares Adaptive Currency Hedged MSCI Eurozone ETF (ticker: DEZU) and the iShares Adaptive Currency Hedged MSCI EAFE ETF(ticker: DEFA), which seek to remove the burden of deciding currency indicators to dynamically adjust the level of hedging for the investor.

Why Adaptive Currency Hedged ETFs:

• Takes the guesswork out of currency hedging: Manage hedging for you by dynamically adjusting to currency environments
• Utilizes four commonly used currency indicators: Level of hedging is determined by a foreign currency’s momentum, volatility, difference in interest rates (vs. USD), and relative value (vs. USD)
• Trusted benchmarks and ease of trading: Provide broad diversified international exposure and include more locally-focused companies

Fund Name	Ticker	Net Expense Ratio	Exchange	Index Name	Underlying Fund
iShares Adaptive Currency Hedged MSCI Japan ETF	DEWJ	0.47%	BATS	MSCI Japan Adaptive Hedge to USD Index	EWJ
iShares Adaptive Currency Hedged MSCI Eurozone ETF	DEZU	0.50%	BATS	MSCI EMU Adaptive Hedge to USD Index	EZU
iShares Adaptive Currency Hedged MSCI EAFE ETF	DEFA	0.35%	BATS	MSCI EAFE Adaptive Hedge to USD Index	EFA

Please see the attached Product Brief for more information.

Product Brief: iShares Adaptive Currency Hedged ETFs (DEFA, DEZU, DEWJ)

 

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December 10, 2015 – iShares Product Launch

iShares Expands Its Multi-Factor Suite

We are pleased to announce the launch of the iShares FactorSelect MSCI Emerging ETF (ticker: EMGF). This expands our existing multi-factor suite, providing efficient access to a portfolio of stocks based on an index strategy that combines four well-known investment factors: value, quality, momentum and size. The strategy aims to maximize exposure to these four factors, which have historically outperformed the broad market, while maintaining a similar level of market risk.

Why EMGF:

• Seek out performance: seek above-market returns over the long-term from emerging market large- and mid-cap stocks
• Focus on proven driver of return: Focus on drivers of emerging market equity performance: inexpensive stocks, financially healthy firms, trending stocks and relatively low market cap companies
• Lower cost: Use to diversify through international exposure and to seek long-term growth

Fund Name	Ticker	Expense Ratio	Exchange	Index Name
iShares FactorSelect MSCI Emerging ETF	EMGF	0.65%	NYSE Arca	MSCI Emerging Markets Diversified Multi-Factor Index

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November 12, 2015 – iShares Product Launch

Announcing the iShares Core International Aggregate Bond ETF

We are pleased to announce the launch of the iShares Core International Aggregate Bond ETF (ticker: IAGG), a fund that seeks to diversify fixed income holdings with low cost access to international bonds while seeking to mitigate currency fluctuations.

Key Takeaways:

• Low Cost: Provides low cost, convenient access to international bonds in a single fund
• Diversification: Deepens International fixed income holdings across investment grade bonds
• Protection: Seeks to mitigate exposure to fluctuations between the component currencies and the U.S. dollar

Fund Name	Ticker	Expense Ratio	Exchange	Index
iShares Core International Aggregate Bond ETF	IAGG	0.15%	BATS Exchange	Barclays Global Aggregate ex USD 10% Issuer Capped (Hedged) Index

November 2, 2015 – iShares Product Launch

Expanding the iShares Currency Hedged ETF Suite

We’re are pleased to announce the next five funds to complement the suite of iShares Currency Hedged ETFs that are already in the market.

Today, iShares will launch currency hedged versions of existing global, EAFE, emerging markets, and Europe minimum volatility funds. The launch capitalizes on two major trends in today’s investment landscape: a stronger US dollar and a pick-up in global volatility.

In tandem, we are also launching a currency hedged Europe small-cap fund. Below, please find information on all five funds.

Fund Name	Ticker	Net Expense Ratio	Exchange	Index Name	Underlying Fund
iShares Currency Hedged MSCI EAFE Minimum Volatility ETF	HEFV	0.23%	BATS Exchange	MSCI EAFE Minimum Volatility (USD) 100% Hedged to USD Index	EFAV
iShares Currency Hedged MSCI EM Minimum Volatility ETF	HEMV	0.28%	BATS Exchange	MSCI Emerging Markets Minimum Volatility (USD) 100% Hedged to USD Index	EEMV
iShares Currency hedged MSCI Europe Minimum Volatility ETF	HEUV	0.28%	BATS Exchange	MSCI Europe Minimum Volatility (USD) 100% Hedged to USD Index	EUMV
iShares Currency Hedged MSCI Europe Small-Cap ETF	HEUS	0.43%	BATS Exchange	MSCI Europe Small Cap (USD) 100% Hedged to USD Index	IEUS

 

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October 1, 2015 – iShares Product Launch

We are pleased to announce the launch of the iShares Currency Hedged JPX-Nikkei 400 ETF (ticker: HJPX), a new addition to the already existing Currency Hedged suite. HJPX is the first US iShares currency hedged ETF to track the JPX-Nikkei Index 400. Similar to the already existing hedged funds, this fund will also have a fund of fund structure and will hold the iShares JPX-Nikkei 400 ETF (ticker: JPXN) and currency forwards.

Key Takeaways:

• The fund seeks to reduce the impact of the Yen, relative to the U.S. dollar, on Japanese stocks with perceived shareholder-friendly activities
• Obtain exposure to Japanese companies that have been screened for profitability and return on equity
• Easily combine HJPX with its unhedged version (ticker: JPXN) to tailor currency risk while maintaining consistent equity exposure

Fund Name	Ticker	Expense Ratio	Exchange
iShares Currency Hedged JPX-Nikkei 400 ETF	HJPX	0.48%	NYSE Arca

*BlackRock Fund Advisors (“BFA”), the investment adviser to the Fund and an affiliated of BlackRock Investments, LLC, has contractually agreed to waive a portion of its management fees through 7/31/2020. The gross expense ratio is 1.07%

September 17, 2015 – iShares Product Launch

We are pleased to announce the launch of iShares MSCI Saudi Arabia Capped ETF (ticker: KSA). The fund seeks to track the investment results of a broad-based index composed of Saudi Arabian equities.

With the Saudi Arabian stock market now open to foreign investors, this ETF provides efficient access to a frontier market country with strong growth potential.

Why Saudi Arabia?

• Tap into a recently opened stock market
• Capture positive momentum and strong growth potential
• Diversify outside the U.S.

Fund Name	Ticker	Expense Ratio	Exchange	Index Name
iShares MSCI Saudi Arabia Capped ETF	KSA	0.74%	NYSE	MSCI Saudi Arabia IMI 25/50 Index

September 3, 2015 – iShares Product Launch

We are pleased to announce that BlackRock has expanded its iBonds product line-up with the introduction of two new funds, the iShares^® iBonds^® Dec 2021 AMT-Free Muni Bond ETF (ticker: IBMJ) and the iShares^® iBonds^® Dec 2022 AMT-Free Muni Bond ETF (ticker: IBMK). Each fund seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing in 2021 and 2022, respectively.

Key Takeaways:

iShares iBonds Dec 2021 and 2022 AMT-Free Muni Bond ETFs

• Exposure to investment grade municipal bonds
• Combine the defined maturity and regular income distribution characteristics of a bond with the transparency and tradability of a stock
• Used to seek tax-exempt income, build a bond ladder and manage interest rate risk

Please refer to the below chart for further details.

Fund Name	Ticker	Expense Ratio	Exchange	Index Name
iShares® iBonds® Dec 2021 AMT-Free Muni Bond ETF	IBMJ	0.18%	NYSE Arca	S&P AMT-Free Municipal Series Dec 2021 Index
iShares® iBonds® Dec 2022 AMT-Free Muni Bond ETF	IBMK	0.18%	NYSE Arca	S&P AMT-Free Municipal Series Dec 2022 Index

 

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July 23, 2015 – 2 New iShares Interest Rate Hedged ETFs

We are pleased to announce the launch of two new interest rate hedged ETFs joining the interest rate hedged suite. The iShares Interest Rate Hedged 10+ Year Credit Bond ETF (ticker: CLYH) and the iShares Interest Rate Hedged Emerging Market Bond ETF (ticker: EMBH), are potential solutions for bond investors who believe that rates will rise in the near-term and wish to protect against potential losses, or who want concentrated exposure to credit risk.

Key Takeaways:

• Structured as fund-of-funds with an interest rate hedge (actively managed)
• Used to manage interest rate risk or express a view on credit spreads

NEW FUNDS

Fund Name	Ticker	Expense Ratio	Exchange	Inception Date
iShares Interest Rate Hedged 10+ Year Credit Bond ETF	CLYH	0.30%	NYSE Arca	NEW
iShares Interest Rate Hedged Emerging Market Bond ETF	EMBH	0.50%	NYSE Arca	NEW

EXISTING FUNDS

Fund Name	Ticker	Expense Ratio	Exchange	Inception Date
iShares Interest Rate Hedged High Yield Bond ETF	HYGH	0.55%	NYSE Arca	05/27/2014
iShares Interest Rate Hedged Corporate Bond ETF	LQDH	0.25%	NYSE Arca	05/27/2014

Please see the attached Product Brief for more information.

iShares Interest Rate Hedged ETFs Product Brief (HYGH, EMBH, CLYH, LQDH)

July 1, 2015 – iShares Launches 11 New Currency Hedged Funds

BlackRock has expanded its iShares U.S. Currency Hedged ETF product line-up with the introduction of 11 new funds, including the industry’s first Currency Hedged ETFs for Italy (iShares Currency Hedged MSCI Italy ETF: HEWI) and Spain (iShares Currency Hedged MSCI Spain ETF: HEWP). Now composed of 16 funds, the iShares U.S. Dollar Currency Hedged ETF suite is the most comprehensive offering¹ in the ETF industry across global, regional, and single country exposures.

Ticker	Fund Name	Fund Net Expense Ratio	iShares Fund Held
HACW	iShares Currency Hedged MSCI ACWI	36%	ACWI
HAWX	iShares Currency Hedged MSCI ACWI ex U.S.	36%	ACWX
HSCZ	iShares Currency Hedged MSCI EAFE Small-Cap	43%	SCZ
HAUD	iShares Currency Hedged MSCI Australia	51%	EWA
HEWC	iShares Currency Hedged MSCI Canada	51%	EWC
HEWI	iShares Currency Hedged MSCI Italy	48%	EWI
HEWW	iShares Currency Hedged MSCI Mexico	51%	EWW
HEWY	iShares Currency Hedged MSCI South Korea	62%	EWY
HEWP	iShares Currency Hedged MSCI Spain	51%	EWP
HEWL	iShares Currency Hedged MSCI Switzerland	51%	EWL
HEWU	iShares Currency Hedged MSCI United Kingdom	48%	EWU

 

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June 18, 2015 – Announcing the iShares MSCI International Developed Value and Size Factor ETFS

We are pleased to announce the launch of iShares MSCI International Developed Value Factor ETF, as well as, the iShares MSCI International Developed Size Factor ETF. The iShares international factors ETFs are designed to complement our factor-based investing product set by offering exposure to value and size factors in non-US developed markets.

Fund Name	Ticker	Expense Ratio	Exchange	Index Name	Index Ticker
iShares MSCI International Developed Value Factor ETF	IVLU	0.30%	NYSE Arca	MSCI World ex USA Enhanced Value Index	M1WOUEVR
iShares MSCI International Developed Size Factor ETF	ISZE	0.30%	NYSE Arca	MSCI World ex USA Risk Weighted Index	M1WOURWR

June 4, 2015 – Announcing the iShares Convertible Bond ETF

We are pleased to announce the launch of the iShares Convertible Bond ETF (ICVT). Convertible bonds are fixed income securities with the option to convert to common stock of the issuer. The bonds can be converted to equity if the common stock appreciates above a predetermined conversion price.

Key Takeaways:

• Potential upside participation and downside protection – Convertible bonds are uniquely positioned to offer the growth potential of stocks, but with the income and downside risk management characteristics of traditional bonds.
• Seek to guard against rising rates – In rising rate environments, stocks tend to outperform bonds. Since a convertible bond’s price is influenced by the value of its underlying equities, their prices are generally less influenced by changes in interest rates than other fixed income securities.
• Diversified – Convertible bonds have demonstrated low correlations to traditional bond markets¹ and can potentially provide attractive diversification benefits within a broad portfolio.

¹ Source: Bloomberg as of 5/31/15

Fund Name	Ticker	Expense Ratio	Exchange
iShares Convertible Bond ETF	ICVT	0.35%	BATS

 

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Apr 30, 2015 – Introducing the iShares FactorSelect MSCI ETFs

We are pleased to announce the launch of the iShares FactorSelect MSCI ETFs. The multi-factor suite provides efficient access to a portfolio of stocks based on an index strategy that combines four well-known investment factors: value, quality, momentum and size. The strategy aims to maximize exposure to these four factors, which have historically outperformed the broad market, while maintaining a similar level of market risk.

Highlights:

• Efficient access to a portfolio of stocks based on an index strategy that focuses on four well-known investment factors; value, quality, momentum, and low size.
• Exposure to factors that have historically outperformed the broad market, while maintaining a similar level of market risk.
• Brought to you by BlackRock, with over 40 years of experience managing factor and index strategies including iShares ETFs.

Jan 15, 2015 - Announcing the Launch of the iShares MSCI International Developed Factor ETFs

The iShares MSCI International Developed Quality and Momentum Factor ETFs are a continuation of the Factor suite of funds with International Developed large and mid-cap stocks.

The iShares MSCI International Developed Quality Factor ETF (IQLT) seeks to track the investment results of an index that measures the performance of international developed large- and mid-capitalization stocks exhibiting relatively higher quality characteristics as identified through three fundamental variables: return on equity, earnings variability and debt-to-equity.

The iShares MSCI International Developed Momentum Factor ETF (IMTM) seeks to track the investment results of an index that measures the performance of international developed large- and mid-capitalization stocks exhibiting relatively higher momentum characteristics.

Fund Name	Ticker	Expense Ratio	Exchange	Index Name	Index Ticker
iShares MSCI International Developed Quality Factor ETF	IQLT	0.30%	NYSE Arca	MSCI World ex USA Sector Neutral Quality Index	MXWOUNQR
iShares MSCI International Developed Momentum Factor ETF	IMTM	0.30%	NYSE Arca	MSCI World ex USA Momentum Index	MXWOUMOR

* As of 01/15/2015