Product Updates

December 16, 2016 – iShares Product Update

iShares Product Enhancement, Index Change, Fee Reduction and Share Split

Index Change:
On or about January 23, 2017 iShares will be changing the underlying indexes for two of our core US equity ETFs. IUSG, which currently seeks to track the Russell 3000^® Growth Index, will change its benchmark to the S&P 900 Growth Index. IUSV, which currently seeks to track the Russell 3000^® Value Index, will change its benchmark to the S&P 900 Value Index.

As a result of the change, both funds will now be focused on the Large- and Mid-cap sections of the market only. The new indexes do not include small cap stocks in their underlying components.

Fee Reductions:
On or about December 16, 2016, the fees on IUSG and IUSV will be reduced from 7bps to 5bps (a 28% reduction).

We are also reducing fees on 6 of our multi-factor smart beta products (LRGF, INTF, SMLF, ACWF, ISCF, EMGF) and our ultra-short duration ETF (ICSH). Details are below.

Share Split:
iShares Core S&P Small Cap ETF (IJR) will undergo a 2:1 share split. The record date and ex-date are January 13 and 19 of 2017, respectively. There will be no change to the fees, index, CUSIP or ISIN.

Ticker	New Name	New Expense Ratio	New Investment Objective	New Index	New Index Objective
IUSG	iShares Core S&P Growth ETF	0.05%	The iShares Core S&P 900 Growth ETF seeks to track the investment results of the S&P 900 Growth.	S&P 900 Growth Index	The S&P 900 Index is a combination of the already widely used S&P 500 and S&P MidCap 400 indices, where the S&P 500 represents approximately 91% of the index and the S&P MidCap 400 represents 9%. The combination of these two indices addresses the needs of those investors who wish to allocate assets to a broader large-cap universe beyond the S&P 500. Style Index Series – This series divides the complete market capitalization of each parent index approximately equally into growth and value indices, while limiting the number of stocks that overlap between them. This series is exhaustive (i.e., covering all stocks in the parent index universe) and uses the conventional, cost-efficient, market capitalization-weighting scheme. Growth Factors Three-year change in EPS per share Three –year sale per share growth rate Momentum (12-month % price change) Value Factors Book value to price ratio Earnings to price ratio Sales to price ratio
IUSV	iShares Core S&P Value ETF	0.05%	The iShares Core S&P 900 Value ETF seeks to track the investment results of the S&P 900 Value.	S&P 900 Value Index

 

Ticker	Current Fund Name	Prior Expense Ratio	New/Current Expense Ratio	Effective Date (on or about)
LRGF	iShares Edge MSCI Multifactor USA ETF	0.35% Voluntary waiver down to 0.25%	0.20%	Dec-16-2016
SMLF	iShares Edge MSCI Multifactor USA Small-Cap ETF	0.50% Voluntary waiver down to 0.40%	0.30%	Dec-16-2016
INTF	iShares Edge MSCI Multifactor Intl ETF	0.45% Voluntary waiver down to 0.35%	0.30%	Dec-16-2016
ACWF	iShares Edge MSCI Multifactor Global ETF	0.50% Voluntary waiver down to 0.40%	0.35%	Dec-16-2016
ISCF	iShares Edge MSCI Multifactor Intl Small-Cap ETF	0.60%	0.40%	Dec-16-2016
EMGF	iShares Edge MSCI Multifactor Emerging Markets ETF	0.65% Voluntary waiver down to 0.50%	0.45%	Dec-16-2016
ICSH	iShares Ultra Short-Term Bond ETF	0.18%	0.08%	Dec-16-2016
IUSV	iShares Core Russell U.S. Value ETF	0.07%	0.05%	Dec-16-2016
IUSG	iShares Core Russell U.S. Growth ETF	0.07%	0.05%	Dec-16-2016

December 14, 2016 – iShares Product Update

The iShares^® iBonds^® Dec 2016 Corporate ETF will, in accordance with its prospectus and investment objective, mature on December 15, 2016. Thereafter, the fund will suspend trading and no longer be available for new investments.

Ticker	Fund Name	Why is the Fund Closing?	When Will Investors Receive Their Proceeds?	When Will Estimated Payment Be Announced?	Effective Date
IBDF	iShares® iBonds® Term Dec 2016 Corporate ETF	The funds are intended to track corporate bonds that mature in 2016. Once the last of the bonds within each fund matures, they will close and cease to trade.	Investors will receive the entire amount of their proceeds in cash on or after December 21, 2016.	Shareholders will receive proceeds based on the net asset value of the fund as calculated on December 15, which will be available after close of trading on iShares.com and other financial websites.	12/15/2016

November 7, 2016 – iShares Product Update

Reverse share splits for 10 iShares ETFs

BlackRock recently announced reverse share splits for 10 iShares ETFs effective on November 7, 2016. The fund tickers and names will not change, but the CUSIP numbers will. Below is the list of those funds undergoing reverse splits with the new CUSIP numbers. This may be a taxable event for some shareholders.

Fund Name	Ticker	Reverse Split Ratio	Current Shares per Unit	Shares per Unit post-split	Current CUSIP	New CUSIP
iShares MSCI Malaysia ETF	EWM	1:4	300,000	75,000	464286830	46434G 814
iShares Mortgage Real Estate Capped ETF	REM	1:4	200,000	50,000	464288539	46435G 342
iShares MSCI Japan ETF	EWJ	1:4	600,000	150,000	464286848	46434G 822
iShares MSCI Italy Capped ETF	EWI	1:2	150,000	75,000	464286855	46434G 830
iShares MSCI Singapore ETF	EWS	1:2	100,000	50,000	464286673	46434G 780
iShares MSCI Global Metals & Mining Producers ETF	PICK	1:2	100,000	50,000	464286368	46434G 848
iShares MSCI Global Gold Miners ETF	RING	1:2	100,000	50,000	464286335	46434G 855
iShares MSCI Russia Capped ETF	ERUS	1:2	100,000	50,000	46434G806	46434G 798
iShares MSCI Taiwan ETF	EWT	1:2	200,000	100,000	464286731	46434G 772
iShares MSCI United Kingdom ETF	EWU	1:2	200,000	100,000	46434V548	46435G 334

November 3, 2016 – iShares Product Update

iShares Product Enhancement

• iShares announces the conversion of FTY (iShares Real Estate 50 ETF) to USRT (iShares Core U.S. REIT ETF)
• iShares has added USRT to the iShares Core ETF line up to give investors low cost access to core US REITs.
• The index the fund will track - The FTSE NAREIT Equity REITs Index - is an expansion from the current index of 50 constituents to over 150 constituents to provide broader core access to US REITs.
• The fund will also reduce its expense ratio from 48bps to 8bps.

New Ticker	New Name	New Expense Ratio	New Investment Objective	New Index	New Index Objective
USRT	iShares Core U.S REIT ETF	0.08%	The iShares Core U.S. REIT ETF seeks to track the investment results of an index composed of U.S. real estate equities.	FTSE NAREIT Equity REITs Index	The FTSE NAREIT Equity REITs Index is a free float-adjusted market capitalization-weighted index designed to measure performance of U.S. listed equity REITs, excluding timber REITs, infrastructure REITs and mortgage REITs.

November 1, 2016 – iShares Product Update

Barclays Index Rebranding to Bloomberg Barclays

Effective today, all Barclays indices have been officially renamed to include the name “Bloomberg” in front of each index. While this does not affect any of the iShares ETFs, it does affect the name of the underlying index the ETF tracks. No changes will occur to the index ticker or subsequent identifiers.

See below for a list of the iShares funds that now track the “Bloomberg Barclays Indices”. Fund prospectuses, marketing materials and iShares.com will be updated to reflect these changes.

Ticker	Name	New Index Name
AGG	iShares Core U.S. Aggregate Bond ETF	Bloomberg Barclays U.S. Aggregate Bond Index
AGZ	iShares Agency Bond ETF	Bloomberg Barclays U.S. Agency Bond Index
CIU	iShares Intermediate Credit Bond ETF	Bloomberg Barclays U.S. Intermediate Credit Bond Index
CLY	iShares 10+ Year Credit Bond ETF	Bloomberg Barclays U.S. Long Credit Index
CMBS	iShares CMBS ETF	Bloomberg Barclays U.S. Agg CMBS (ERISA Only) Index
CRED	iShares U.S. Credit Bond ETF	Bloomberg Barclays U.S. Credit Bond Index
CSJ	iShares 1-3 Year Credit Bond ETF	Bloomberg Barclays 1-3 Year Credit Bond Index
FALN	iShares Fallen Angels USD Bond ETF	Bloomberg Barclays U.S. High Yield Fallen Angel 3% Capped Index
FLOT	iShares Floating Rate Bond ETF	Bloomberg Barclays U.S. Floating Rate Note < 5 yrs Index
GBF	iShares Government/Credit Bond ETF	Bloomberg Barclays U.S. Government/Credit Bond Index
GNMA	iShares GNMA Bond ETF	Bloomberg Barclays GNMA Bond Index
GVI	iShares Intermediate Government/Credit Bond ETF	Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index
IAGG	iShares Core International Aggregate Bond ETF	Bloomberg Barclays Global Aggregate ex USD 10% Issuer Capped (Hedged) Index
IBCC	iBonds® Mar 2018 Term Corporate ex-Financials ETF	Bloomberg Barclays 2018 Maturity High Quality Corporate
IBCD	iBonds® Mar 2020 Term Corporate ex-Financials ETF	Bloomberg Barclays 2020 Maturity High Quality Corporate
IBCE	iBonds® Mar 2023 Term Corporate ex-Financials ETF	Bloomberg Barclays 2023 Maturity High Quality Corporate
IBDB	iBonds® Mar 2018 Term Corporate ETF	Bloomberg Barclays 2018 Maturity Corporate Index
IBDC	iBonds® Mar 2020 Term Corporate ETF	Bloomberg Barclays 2020 Maturity Corporate Index
IBDD	iBonds® Mar 2023 Term Corporate ETF	Bloomberg Barclays 2023 Maturity Corporate Index
IBDF	iBonds® Dec 2016 Term Corporate ETF	Bloomberg Barclays December 2016 Maturity Corporate Index
IBDH	iBonds® Dec 2018 Term Corporate ETF	Bloomberg Barclays December 2018 Maturity Corporate Index
IBDJ	iBonds® Dec 2017 Term Corporate ETF	Bloomberg Barclays December 2017 Maturity Corporate Index
IBDK	iBonds® Dec 2019 Term Corporate ETF	Bloomberg Barclays December 2019 Maturity Corporate Index
IBDL	iBonds® Dec 2020 Term Corporate ETF	Bloomberg Barclays 2020 Maturity Corporate Index
IBDM	iBonds® Dec 2021 Term Corporate ETF	Bloomberg Barclays December 2021 Maturity Corporate Index
IBDN	iBonds® Dec 2022 Term Corporate ETF	Bloomberg Barclays December 2022 Maturity Corporate Index
IBDO	iBonds® Dec 2023 Term Corporate ETF	Bloomberg Barclays December 2023 Maturity Corporate Index
IBDP	iBonds® Dec 2024 Term Corporate ETF	Bloomberg Barclays December 2024 Maturity Corporate Index
IBDQ	iBonds® Dec 2025 Term Corporate ETF	Bloomberg Barclays December 2025 Maturity Corporate Index
IBDR	iBonds® Dec 2026 Term Corporate ETF	Bloomberg Barclays December 2026 Maturity Corporate Index
ICVT	iShares Convertible Bond ETF	Bloomberg Barclays U.S. Convertible Cash Pay Bond >$250MM Index
ILTB	iShares Core 10+ Year USD Bond ETF	Bloomberg Barclays U.S. Universal 10+ Year Index
ISTB	iShares Core 1-5 Year USD Bond ETF	Bloomberg Barclays U.S. Universal 1-5 Year Index
IUSB	iShares Core Total USD Bond Market ETF	Bloomberg Barclays U.S. Universal Index
LEMB	iShares Emerging Markets Local Currency Bond ETF	Bloomberg Barclays Emerging Markets Broad Local Currency Bond Index
MBB	iShares MBS ETF	Bloomberg Barclays U.S. MBS Index
QLTA	iShares Aaa - A Rated Corporate Bond ETF	Bloomberg Barclays U.S. Corporate Aaa - A Capped Index
STIP	iShares 0-5 Year TIPS Bond ETF	Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L)
TFLO	iShares Treasury Floating Rate Bond ETF	Bloomberg Barclays U.S. Treasury Floating Rate Bond Index
TIP	iShares TIPS Bond ETF	Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)

 

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August 22, 2016 – iShares Product Update

iShares Fund Updates – ESGD, ESGE and MPCT

On 8/22/2016, the iShares MSCI EAFE ESG Select ETF (ESGD) and the iShares MSCI EM ESG Select ETF (ESGE) will update fund names, index names and investment objectives. The changes provide additional description of the funds underlying index.

Current Fund Name	New Fund Name	Current Index Name	Proposed New Index Name	Current Investment Objective	Proposed Investment Objective
iShares MSCI EAFE ESG Select ETF	iShares MSCI EAFE ESG Optimized ETF	MSCI EAFE ESG Select Index	MSCI EAFE ESG Focus Index	The iShares MSCI EAFE ESG Select ETF seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada that have positive environmental, social and governance characteristics as identified by the index provider.	The iShares MSCI EAFE ESG Optimized ETF seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada that have positive environmental, social and governance characteristics as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index.
iShares MSCI EM ESG Select ETF	iShares MSCI EM ESG Optimized ETF	MSCI Emerging Markets ESG Select Index	MSCI Emerging Markets ESG Focus Index	The iShares MSCI EM ESG Select ETF seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities that have positive environmental, social and governance characteristics as identified by the index provider.	The iShares MSCI EM ESG Optimized ETF seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities that have positive environmental, social and governance characteristics as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index.

Additionally, the iShares Sustainable MSCI Global Impact ETF (MPCT) will remove the “Sustainable” from the fund name, effective August 22, 2016. The new name will be iShares MSCI Global Impact ETF.

August 1, 2016 – iShares Product Update

Fee Waiver and Expense Ratio Updates

On 8/1/2016, 14 iShares funds with contractual fee waivers (not due to AFFE*) had their fees simplified by converting the fee waivers to permanent price reductions.

Additionally, funds with FYE 3/31/16 had expense ratio updates.

Fund	Ticker	Old Expense Ratio	New Net Expense Ratio
iShares® iBonds® Sep 2016 Term Muni Bond ETF	IBME	0.30%	0.18%
iShares® iBonds® Sep 2017 Term Muni Bond ETF	IBMF	0.30%	0.18%
iShares® iBonds® Sep 2018 Term Muni Bond ETF	IBMG	0.30%	0.18%
iShares® iBonds® Sep 2019 Term Muni Bond ETF	IBMH	0.30%	0.18%
iShares® iBonds® Sep 2020 Term Muni Bond ETF	IBMI	0.30%	0.18%
iShares® iBonds® Dec 2021 Term Muni Bond ETF	IBMJ	0.30%	0.18%
iShares® iBonds® Dec 2022 Term Muni Bond ETF	IBMK	0.30%	0.18%
iShares 0-5 Year High Yield Corporate Bond ETF	SHYG	0.50%	0.30%
iShares 0-5 Year TIPS Bond ETF	STIP	0.20%	0.10%
iShares Emerging Markets Dividend ETF	DVYE	0.68%	0.49%
iShares International High Yield Bond ETF	HYXU	0.55%	0.40%
iShares Global High Yield Corporate Bond ETF	GHYG	0.55%	0.40%
iShares MSCI ACWI Low Carbon Target ETF	CRBN	0.33%	0.20%
iShares MSCI Emerging Markets Asia ETF	EEMA	0.68%	0.49%

*AFFE: Acquired Fund Fees and Expenses

Fund Name	Ticker	Old Net Expense Ratio	New Net Expense Ratio	Reason
iShares India 50 ETF	INDY	0.93%	0.94%	Increase in foreign taxes from 0.04% to 0.05%
iShares Nasdaq Biotechnology ETF	IBB	0.48%	0.47%	Breakpoints
iShares North American Natural Resources ETF	IGE	0.47%	0.48%	Breakpoints
iShares North American Tech ETF	IGM	0.47%	0.48%	Breakpoints
iShares North American Tech-Multimedia Networking ETF	IGN	0.47%	0.48%	Breakpoints
iShares North American Tech-Software ETF	IGV	0.47%	0.48%	Breakpoints
iShares PHLX Semiconductor ETF	SOXX	0.47%	0.48%	Breakpoints
iShares U.S. Aerospace & Defense ETF	ITA	0.43%	0.44%	Breakpoints
iShares U.S. Broker-Dealers & Securities Exchanges ETF	IAI	0.43%	0.44%	Breakpoints
iShares U.S. Healthcare Providers ETF	IHF	0.43%	0.44%	Breakpoints
iShares U.S. Home Construction ETF	ITB	0.43%	0.44%	Breakpoints
iShares U.S. Insurance ETF	IAK	0.43%	0.44%	Breakpoints
iShares U.S. Medical Devices ETF	IHI	0.43%	0.44%	Breakpoints
iShares U.S. Oil & Gas Exploration & Production ETF	IEO	0.43%	0.44%	Breakpoints
iShares U.S. Oil Equipment & Services ETF	IEZ	0.43%	0.44%	Breakpoints
iShares U.S. Pharmaceuticals ETF	IHE	0.43%	0.44%	Breakpoints
iShares U.S. Real Estate ETF	IYR	0.43%	0.44%	Breakpoints
iShares U.S. Regional Banks ETF	IAT	0.43%	0.44%	Breakpoints
iShares U.S. Telecommunications ETF	IYZ	0.43%	0.44%	Breakpoints

 

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July 11, 2016 - iShares Product Update

Share Splits for iShares ETFs & Annual Russell Reconstitution

BlackRock announced on June 27, 2016 that the Board of Trustees for iShares Trust has authorized share splits for a number of iShares ETFs. The Board has approved share splits for 11 iShares ETFs for shareholders of record as of the close of business on July 19, 2016, payable after the close of trading on July 22, 2016.

Please refer to the table below for information regarding the share splits.

Fund Name	Ticker	Expense Ratio	Index Name	Proposed Forward Split Ratio
iShares Core S&P Total U.S. Stock Market ETF	ITOT	0.03%	S&P Total Market Index	2 for 1
iShares Core U.S. Growth ETF	IUSG	0.07%	Russell 3000 Growth Index	2 for 1
iShares Core U.S. Value ETF	IUSV	0.07%	Russell 3000 Value Index	3 for 1
iShares Core Total USD Bond Market ETF	IUSB	0.12%	Barclays U.S. Universal Index	2 for 1
iShares Core 1-5 Year USD Bond ETF	ISTB	0.12%	Barclays U.S. Universal 1-5 Year Index	2 for 1
iBonds® Mar 2018 Term Corporate ex-Financials ETF	IBCC	0.10%	Barclays 2018 Maturity High Quality Corporate	4 for 1
iBonds® Mar 2020 Term Corporate ex-Financials ETF	IBCD	0.10%	Barclays 2020 Maturity High Quality Corporate	4 for 1
iBonds® Mar 2023 Term Corporate ex-Financials ETF	IBCE	0.10%	Barclays 2023 Maturity High Quality Corporate	4 for 1
iBonds® Mar 2018 Term Corporate ETF	IBDB	0.10%	Barclays 2018 Maturity Corporate Index	4 for 1
iBonds® Mar 2020 Term Corporate ETF	IBDC	0.10%	Barclays 2020 Maturity Corporate Index	4 for 1
iBonds® Mar 2023 Term Corporate ETF	IBDD	0.10%	Barclays 2023 Maturity Corporate Index	4 for 1

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2016 Annual Russell Reconstitution

The Russell indexes underwent their annual reconstitution on June 24th. The iShares Russell family of funds (16 in total) performed as expected, effectively navigating the day with a total two-sided trade of $29 billion and an average one-way turnover of 12.7%. Please reference the related document below for further details.

2016 Annual Russell Reconstitution Overview

 

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July 1, 2016 – iShares Product Update

Index Changes for 3 iShares Treasury ETFs

Effective on or around 7/1/2016, iShares will be changing the underlying indexes for three iShares Treasury ETFs – GOVT, SHV and TLH – from Barclays to the ICE U.S. Treasury Index Series, which is administered and operated by Interactive Data (IDC). The composition, methodology, and back-tested returns are very similar to the existing Barclays indexes and, the fund expense ratios will not be affected.

Why the move?

The decision was based on iShares review of the fixed income provider landscape and the need to ensure that we are working with multiple competitive fixed income providers. Diversification encourages continuous innovation and ultimately helps to improve our clients’ experience.

Please reference the data below for further details.

Fund	Ticker	Current Index	New Index
iShares Core U.S. Treasury Bond ETF	GOVT	Barclays U.S. Treasury Bond Index	ICE U.S. Treasury Core Bond Index
iShares Short Treasury Bond ETF	SHV	Barclays U.S. Short Treasury Bond Index	ICE U.S. Treasury Short Bond Index
iShares 10-20 Year Treasury Bond ETF	TLH	Barclays U.S. 10-20 Year Treasury Bond Index	ICE U.S. Treasury 10-20 Year Bond Index

June 24, 2016 – iShares Product Update

Closing 10 iShares ETFs

At iShares, we continually review our products to ensure they meet the evolving needs of our clients. As part of our review process, we have decided to close 10 iShares ETFs. The decision was based on ongoing reviews, client feedback and lack of investor interest.

The funds will continue to trade through August 24^th, 2016. At that time, the funds will seek to liquidate holdings. Shareholders should expect to receive a cash distribution on or about September 2, 2016.

Which funds are closing?

Ticker	ETF Name	AUM ($M) as of 6/15/16	Inception Date
Emerging Markets
EEML	iShares MSCI Emerging Markets Latin America ETF	8.4	1/18/2012
EMHZ	iShares MSCI Emerging Markets Horizon ETF	2.8	10/14/2014
Enhanced
IEIL	iShares Enhanced International Large-Cap ETF	64.9	2/25/2014
IELG	iShares Enhanced U.S. Large-Cap ETF	81.4	4/16/2013
IEIS	iShares Enhanced International Small-Cap ETF	18.8	2/25/2014
IESM	iShares Enhanced U.S. Small-Cap ETF	25	4/16/2013
Fixed Income
ITIP	iShares International Inflation-Linked Bond ETF	25.4	5/18/2011
GTIP	iShares Global Inflation-Linked Bond ETF	14.7	5/18/2011
QLTB	iShares Baa - Ba Rated Corporate Bond ETF	36.2	4/24/2012
QLTC	iShares B - Ca Rated Corporate Bond ETF	11.2	4/24/2012

June 16, 2016 – iShares Product Update

Announcing Fee Reductions

Effective June 16, 2016, we are lowering fees on two iShares fixed income ETFs - the iShares 0-5 Year Investment Grade Corporate Bond ETF (SLQD) and the iShares Convertible Bond ETF (ICVT), making them even more attractive to investors. These reductions can help you keep more of what you earn when using iShares ETFs in your portfolio.

ICVT: brief overview

ICVT offers exposures to convertible bonds, which 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. Use ICVT to seek the upside growth potential of stocks with the income and downside risk management characteristics of traditional bonds.

SLQD: brief overview

SLQD offers exposure to short-term investment grade bonds and is designed to complement one of the most widely-used ETFs in the world¹ – the iShares Corporate Bond ETF (LQD) - allowing investors to maintain exposure to this asset class with the potential for less interest rate risk.

Fund Name	Ticker	Current Expense Ratio	New Expense Ratio
iShares 0-5 Year Investment Grade Corporate Bond ETF	SLQD	0.15%	0.08%
iShares Convertible Bond ETF	ICVT	0.35%	0.20%

¹ Source: LQD is the 14th largest ETF out of the 1,914 ETFs in existence at $29b in AUM per ETF.com as of 6/10/2016

 

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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.

Current iShares Funds joining the iShares Edge suite:

Current Fund Name	New Fund Name	Ticker	Is there a Methodology and/or Ticker Change?	Exchange
iShares Currency Hedged MSCI EM Minimum Volatility ETF	iShares Edge MSCI Min Vol EM Currency Hedged ETF	HEMV	NO	BATS
iShares MSCI Emerging Markets Minimum Volatility ETF	iShares Edge MSCI Min Vol Emerging Markets ETF	EEMV	NO	ARCA
iShares MSCI All Country World Minimum Volatility ETF	iShares Edge MSCI Min Vol Global ETF	ACWV	NO	ARCA
iShares MSCI International Developed Momentum Factor ETF	iShares Edge MSCI Intl Momentum Factor ETF	IMTM	NO	ARCA
iShares MSCI International Developed Quality Factor ETF	iShares Edge MSCI Intl Quality Factor ETF	IQLT	NO	ARCA
iShares MSCI International Developed Size Factor ETF	iShares Edge MSCI Intl Size Factor ETF	ISZE	NO	ARCA
iShares MSCI International Developed Value Factor ETF	iShares Edge MSCI Intl Value Factor ETF	IVLU	NO	ARCA
iShares MSCI Asia ex Japan Minimum Volatility ETF	iShares Edge MSCI Min Vol Asia ex Japan ETF	AXJV	NO	ARCA
iShares Currency Hedged MSCI EAFE Minimum Volatility ETF	iShares Edge MSCI Min Vol EAFE Currency Hedged ETF	HEFV	NO	ARCA
iShares MSCI EAFE Minimum Volatility ETF	iShares Edge MSCI Min Vol EAFE ETF	EFAV	NO	ARCA
iShares Currency Hedged MSCI Europe Minimum Volatility ETF	iShares Edge MSCI Min Vol Europe Currency Hedged ETF	HEUV	NO	ARCA
iShares MSCI Europe Minimum Volatility ETF	iShares Edge MSCI Min Vol Europe ETF	EUMV	NO	ARCA
iShares Currency Hedged MSCI ACWI Minimum Volatility ETF	iShares Edge MSCI Min Vol Global Currency Hedged ETF	HACV	NO	ARCA
iShares MSCI Japan Minimum Volatility ETF	iShares Edge MSCI Min Vol Japan ETF	JPMV	NO	ARCA
iShares MSCI USA Minimum Volatility ETF	iShares Edge MSCI Min Vol USA ETF	USMV	NO	ARCA
iShares FactorSelect MSCI Global ETF	iShares Edge MSCI Multifactor Global ETF	ACWF	NO	ARCA
iShares FactorSelect MSCI International ETF	iShares Edge MSCI Multifactor Intl ETF	INTF	NO	ARCA
iShares FactorSelect MSCI Intl Small-Cap ETF	iShares Edge MSCI Multifactor Intl Small-Cap ETF	ISCF	NO	ARCA
iShares FactorSelect MSCI USA ETF	iShares Edge MSCI Multifactor USA ETF	LRGF	NO	ARCA
iShares FactorSelect MSCI USA Small-Cap ETF	iShares Edge MSCI Multifactor USA Small-Cap ETF	SMLF	NO	ARCA
iShares MSCI USA Momentum Factor ETF	iShares Edge MSCI USA Momentum Factor ETF	MTUM	NO	ARCA
iShares MSCI USA Quality Factor ETF	iShares Edge MSCI USA Quality Factor ETF	QUAL	NO	ARCA
iShares MSCI USA Size Factor ETF	iShares Edge MSCI USA Size Factor ETF	SIZE	NO	ARCA
iShares MSCI USA Value Factor ETF	iShares Edge MSCI USA Value Factor ETF	VLUE	NO	ARCA
iShares FactorSelect MSCI Emerging ETF	iShares Edge MSCI Multifactor Emerging Markets ETF	EMGF	NO	BATS
iShares U.S. Fixed Income Balanced Risk ETF	iShares Edge U.S. Fixed Income Balanced Risk ETF	INC*	No, there is no methodology change. *Yes, the ticker will change from INC to FIBR.	BATS

March 21, 2016 – iShares Product Update

iShares iBonds Funds Maturing

In accordance with their prospectuses and investment objectives, the iShares® iBonds® Mar 2016 Corporate ex-Financials ETF (ticker: IBCB) and the iShares® iBonds® Mar 2016 Corporate ETF (ticker: IBDA), with planned maturity dates of April 4th and April 5th respectively, are closing effective March 29th 2016.

Ticker	Fund Name	Why is the Fund Closing?	When Will Investors Receive Their Proceeds?	When Will Estimated Payment Be Announced?	Effective Date
IBCB	iShares® iBonds® Mar 2016 Corporate ex-Financials ETF	The funds are intended to track corporate bonds that mature in 2016. Once the last of the bonds within each fund matures, they will close and cease to trade.	Investors will receive the entire amount of their proceeds in cash on or after April 4th, 2016.	Shareholders will receive proceeds based on the net asset value of the fund as calculated on March 29th, which will be available after close of trading on iShares.com and other financial websites.	3/29/2016
IBDA	iShares® iBonds® Mar 2016 Corporate ETF	The funds are intended to track corporate bonds that mature in 2016. Once the last of the bonds within each fund matures, they will close and cease to trade.	Investors will receive the entire amount of their proceeds in cash on or after April 5th, 2016.	Shareholders will receive proceeds based on the net asset value of the fund as calculated on March 29th, which will be available after close of trading on iShares.com and other financial websites.	3/29/2016

March 1, 2016 – iShares Product Updates

As of 3/1/2016, the expense ratios for the iShares Treasury Floating Rate Bond ETF (ticker: TFLO) and the iShares Short Maturity Bond ETF (ticker: NEAR) will be changing.

Additionally, effective 3/1/2016, several fund names will be changing. Please note that there will be no change to the investment objective for any of the listed funds.

The changes mentioned above are noted in the charts below, respectively.

Fund	Ticker	Old Net Expense Ratio	New Net Expense Ratio	Difference	Reason
iShares Treasury Floating Rate Bond ETF	TFLO	0.00%	0.15%	0.15%	Termination of contractual fee waiver on 2/29/16
iShares Short Maturity Bond ETF	NEAR	0.25%	0.26%	0.01%	Increase in AFFE *

* AFFE: Acquired Fund Fees and Expenses

Old Fund Name	New Fund Name	Ticker	Net Expense Ratio	Exchange
iShares® iBonds® Dec 2016 Corporate ETF	iShares® iBonds® Dec 2016 Term Corporate ETF	IBDF	0.10%	NYSE Arca
iShares® iBonds® Dec 2017 Corporate ETF	iShares® iBonds® Dec 2017 Term Corporate ETF	IBDJ	0.10%	NYSE Arca
iShares® iBonds® Mar 2018 Corporate ETF	iShares iBonds Mar 2018 Term Corporate ETF	IBDB	0.10%	NYSE Arca
iShares® iBonds® Mar 2018 Corporate ex-Financials ETF	iShares iBonds Mar 2018 Term Corporate ex-Financials ETF	IBCC	0.10%	NYSE Arca
iShares® iBonds® Dec 2018 Corporate ETF	iShares® iBonds® Dec 2018 Term Corporate ETF	IBDH	0.10%	NYSE Arca
iShares® iBonds® Dec 2019 Corporate ETF	iShares® iBonds® Dec 2019 Term Corporate ETF	IBDK	0.10%	NYSE Arca
iShares® iBonds® Mar 2020 Corporate ETF	iShares® iBonds® Mar 2020 Term Corporate ETF	IBDC	0.10%	NYSE Arca
iShares® iBonds® Mar 2020 Corporate ex-Financials ETF	iShares® iBonds® Mar 2020 Term Corporate ex-Financials ETF	IBCD	0.10%	NYSE Arca
iShares® iBonds® Dec 2020 Corporate ETF	iShares® iBonds® Dec 2020 Term Corporate ETF	IBDL	0.10%	NYSE Arca
iShares® iBonds® Dec 2021 Corporate ETF	iShares® iBonds® Dec 2021 Term Corporate ETF	IBDM	0.10%	NYSE Arca
iShares® iBonds® Dec 2022 Corporate ETF	iShares® iBonds® Dec 2022 Term Corporate ETF	IBDN	0.10%	NYSE Arca
iShares® iBonds® Mar 2023 Corporate ETF	iShares® iBonds® Mar 2023 Term Corporate ETF	IBDD	0.10%	NYSE Arca
iShares® iBonds® Mar 2023 Corporate ex-Financials ETF	iShares® iBonds® Mar 2023 Term Corporate ex-Financials ETF	IBCE	0.10%	NYSE Arca
iShares® iBonds® Dec 2023 Corporate ETF	iShares® iBonds® Dec 2023 Term Corporate ETF	IBDO	0.10%	NYSE Arca
iShares® iBonds® Dec 2024 Corporate ETF	iShares® iBonds® Dec 2024 Term Corporate ETF	IBDP	0.10%	NYSE Arca
iShares® iBonds® Dec 2025 Corporate ETF	iShares® iBonds® Dec 2025 Term Corporate ETF	IBDQ	0.10%	NYSE Arca
iShares® iBonds® Sep 2016 AMT-Free Muni Bond ETF	iShares® iBonds® Sep 2016 Term Muni Bond ETF	IBME	0.18%	NYSE Arca
iShares iBonds Sep 2017 AMT-Free Muni Bond ETF	iShares iBonds Sep 2017 Term Muni Bond ETF	IBMF	0.18%	NYSE Arca
iShares® iBonds® Sep 2018 AMT-Free Muni Bond ETF	iShares® iBonds® Sep 2018 Term Muni Bond ETF	IBMG	0.18%	NYSE Arca
iShares® iBonds® Sep 2019 AMT-Free Muni Bond ETF	iShares® iBonds® Sep 2019 Term Muni Bond ETF	IBMH	0.18%	NYSE Arca
iShares® iBonds® Sep 2020 AMT-Free Muni Bond ETF	iShares® iBonds® Sep 2020 Term Muni Bond ETF	IBMI	0.18%	NYSE Arca
iShares® iBonds® Dec 2021 AMT-Free Muni Bond ETF	iShares® iBonds® Dec 2021 Term Muni Bond ETF	IBMJ	0.18%	NYSE Arca
iShares® iBonds® Dec 2022 AMT-Free Muni Bond ETF	iShares® iBonds® Dec 2022 Term Muni Bond ETF	IBMK	0.18%	NYSE Arca
iShares National AMT-Free Muni Bond ETF	iShares National Muni Bond ETF	MUB	0.25%	NYSE Arca
iShares Short-Term National AMT-Free Muni Bond ETF	iShares Short-Term National Muni Bond ETF	SUB	0.25%	NYSE Arca
iShares California AMT-Free Muni Bond ETF	iShares California Muni Bond ETF	CMF	0.25%	NYSE Arca
iShares New York AMT-Free Muni Bond ETF	iShares New York Muni Bond ETF	NYF	0.25%	NYSE Arca
iShares® iBonds® Mar 2016 Corporate ETF	NO CHANGE	IBDA	0.10%	NYSE Arca
iShares® iBonds® Mar 2016 Corporate ex-Financials ETF	NO CHANGE	IBCB	0.10%	NYSE Arca

 

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February 12, 2016 – iShares Product Update

Four iShares Treasury ETFs Changing Indices

Effective on or after 3/31/16, iShares will be changing the underlying indices for four iShares Treasury ETFs – SHY, IEI, IEF and TLT – from Barclays to the ICE U.S. Treasury Index Series, which is administered and operated by Interactive Data (IDC).

Why the move?

• The decision was based on iShares review of the fixed income provider landscape and the need to ensure that we are working with multiple competitive fixed income providers. Diversification encourages continuous innovation and ultimately helps to improve our clients’ experience.

Fund	Ticker	Current Index	New Index
iShares 1-3 Year Treasury Bond ETF	SHY	Barclays U.S. 1-3 Year Treasury Bond Index	ICE U.S. Treasury 1-3 Year Index
iShares 3-7 Year Treasury Bond ETF	IEI	Barclays U.S. 3-7 Year Treasury Bond Index	ICE U.S. Treasury 3-7 Year Index
iShares 7-10 Year Treasury Bond ETF	IEF	Barclays U.S. 7-10 Year Treasury Bond Index	ICE U.S. Treasury 7-10 Year Index
iShares 20+ Year Treasury Bond ETF	TLT	Barclays U.S. 20+ Year Treasury Bond Index	ICE U.S. Treasury 20+ Year Index

February 2 , 2016 – iShares Product Update

Exchange Changes for 11 iShares ETFs

Effective today, February 2nd, iShares is announcing a primary listing venue change for 11 iShares ETFs. Please reference the chart below for complete details on these changes.

Why the move?

• Diversification is an important element of iShares listing strategy.
• It is important to note that exchange procedures influence trading of iShares ETFs and ultimately our clients’ experience, so we take a number of factors into consideration when we decide where to list iShares ETFS.
• Our listing strategy includes a combination of exchange market structure (processes for trading, stability of the exchange platform and redundancy procedures), listing fees and filings with regulators to list new ETFs at NYSE Arca, NASDAQ and BATS.

Fund	Ticker	Current Exchange	New Exchange	Index
iShares MSCI Eurozone ETF	EZU	NYSE	BATS	MSCI EMU Index
iShares 20+ Year Treasury Bond ETF	TLT	NYSE Arca	NASDAQ	Barclays U.S. 20+ Year Treasury Bond Index
iShares MSCI China ETF	MCHI	NYSE Arca	NASDAQ	MSCI China Index
iShares MSCI EAFE Small-Cap ETF	SCZ	NYSE Arca	NASDAQ	MSCI EAFE Small Cap Index
iShares Core MSCI Total International Stock ETF	IXUS	NYSE Arca	NASDAQ	MSCI ACWI ex USA IMI
iShares Global Infrastructure ETF	IGF	NYSE Arca	NASDAQ	S&P Global Infrastructure
iShares Asia 50 ETF	AIA	NYSE Arca	NASDAQ	S&P Asia 50 Index
iShares MSCI Brazil Small-Cap ETF	EWZS	NYSE Arca	NASDAQ	MSCI Brazil Small Cap Index
iShares MSCI New Zealand Capped ETF	ENZL	NYSE Arca	NASDAQ	MSCI New Zealand IMI 25/50
iShares 0-5 Year Investment Grade Corporate Bond ETF	SLQD	NYSE Arca	NASDAQ	Markit iBoxx USF Liquid Investment Grade 0-5 Index
iShares Morningstar Mid-Cap Value ETF	JKI	NYSE Arca	NASDAQ	Morningstar Mid Value Index

January 28, 2016 – iShares Product Update

iShares MSCI Israel Capped ETF Benchmark Methodology Change

Effective today, MSCI will be changing the methodology of the MSCI Israel Capped Index from a MSCI Capped Indexes methodology to the MSCI 25/50 Indexes methodology.

Current MSCI Capped Index Methodology

• No security should have a weight greater than 24%
• No max on summed weights of all issuers

New MSCI 25/50 Index Methodology

• No security should have a weight greater than 25%
• The sum of weights of all issuers with weights above 5% should not exceed 50%

Fund Name	Ticker	Net Expense Ratio	Index Name
iShares MSCI Israel Capped ETF	EIS	0.62%	MSCI Israel Capped Investable Market Index

 

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December 31, 2015 – iShares Product Update

As of 12/31/2015, the expense ratios for several iShares ETFs have changed. Please note the changes to these funds in the chart below.

Fund	Ticker	Old Net Expense Ratio	New Net Expense Ratio	Difference	Reason
iShares Currency Hedged MSCI Emerging Markets ETF	HEEM	0.68%	0.69%	0.01%	Increase in AFFE
iShares Currency Hedged MSCI Eurozone ETF	HEZU	0.50%	0.51%	0.01%	Increase in AFFE
iShares MSCI BRIC ETF	BKF	0.68%	0.69%	0.01%	Breakpoints
iShares MSCI Emerging Markets ETF	EEM	0.68%	0.69%	0.01%	Breakpoints
iShares MSCI Emerging Markets Small-Cap ETF	EEMS	0.67%	0.69%	0.02%	Breakpoints
iShares MSCI Qatar Capped ETF	QAT	0.62%	0.63%	0.01%	Breakpoints
iShares MSCI UAE Capped ETF	UAE	0.62%	0.63%	0.01%	Breakpoints

*AFFE: Acquired Fund Fees and Expenses

The management fee for each of these funds is subject to breakpoints that are tied to aggregate assets under management across certain groups of iShares ETFs. Breakpoints take effect immediately after asset levels change. On any given day the management fee, and thus the Expense Ratio, may vary from what is shown here and from what is shown in the Fund’s prospectus. For additional information on fees and expenses, please see the Fund’s prospectus.

December 18, 2015 – iShares Product Update

Effective today 12/18/2015, the iShares Core S&P Total U.S. Stock Market ETF will undergo a change to its benchmark.

Please refer to the chart below for further details.

Ticker	Fund Name	Will the Benchmark be Changing?	Is the Fund Name, Ticker Name or Investment Objective Changing?	Effective Date
ITOT	iShares Core S&P Total U.S. Stock Market ETF	Yes, the new benchmark will be the S&P Total Market Index (TMI)	No, the fund name will remain the same No, the ticker will remain the same No, ITOT will still seek to track the investment results of a broad-based index composed of U.S. equities.	12/18/2015

December 1, 2015 – iShares Product Update

As of 12/1/2015, the expense ratios for several iShares ETFs have changed. Please note the changes to these funds in the chart below. Additionally, effective today 12/1/2015, the iShares U.S. Broker-Dealers ETF (ticker: IAI) will be changing its fund name to the iShares U.S. Broker-Dealers & Securities Exchanges ETF. Please note that there will be no change to the underlying exposure.

Fund Name	Ticker	Old Net Expense Ratio	New Net Expense Ratio	Difference	Reason
iShares Core MSCI EAFE ETF	IEFA	0.14%	0.12%	-0.02%	Permanent fee reduction
iShares Core MSCI Europe ETF	IEUR	0.14%	0.12%	-0.02%	Permanent fee reduction
iShares Core MSCI Pacific ETF	IPAC	0.14%	0.12%	-0.02%	Permanent fee reduction
iShares Core MSCI Total International Stock ETF	IXUS	0.16%	0.14%	-0.02%	Permanent fee reduction
iShares MSCI All Country Asia ex Japan ETF	AAXJ	0.68%	0.69%	0.01%	Breakpoints
iShares China Large-Cap ETF	FXI	0.74%	0.73%	-0.01%	Breakpoints
iShares Enhanced U.S. Small-Cap ETF	IESM	0.36%	0.35%	-0.01%	Breakpoints
iShares North American Natural Resources ETF	IGE	0.48%	0.47%	-0.01%	Breakpoints
iShares North American Tech ETF	IGM	0.48%	0.47%	-0.01%	Breakpoints
iShares North American Tech-Multimedia Networking ETF	IGN	0.48%	0.47%	-0.01%	Breakpoints
iShares North American Tech-Software ETF	IGV	0.48%	0.47%	-0.01%	Breakpoints
iShares MSCI Qatar Capped ETF	QAT	0.61%	0.62%	0.01%	Breakpoints
iShares Core Aggressive Allocation ETF	AOA	0.30%	0.25%	-0.05%	AFFE reduction
iShares Core Conservative Allocation ETF	AOK	0.28%	0.23%	-0.05%	AFFE reduction
iShares Core Moderate Allocation ETF	AOM	0.29%	0.23%	-0.06%	AFFE reduction
iShares Core Growth Allocation ETF	AOR	0.30%	0.27%	-0.03%	AFFE reduction
iShares Currency Hedged MSCI EAFE ETF	HEFA	0.35%	0.36%	0.01%	Increase in AFFE

*AFFE: Acquired Fund Fees and Expenses

The management fee for each of these funds is subject to breakpoints that are tied to aggregate assets under management across certain groups of iShares ETFs. Breakpoints take effect immediately after asset levels change. On any given day the management fee, and thus the Expense Ratio, may vary from what is shown here and from what is shown in the Fund’s prospectus. For additional information on fees and expenses, please see the Fund’s prospectus.

 

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November 10, 2015 – iShares Product Update

iShares Core ETFs Enhancement

We are pleased to announce that we are making the following enhancements to the iShares Core ETF suite as part of the continued evolution to provide investors with broad, competitively-priced ETF exposures:

• Lower expense ratios on seven iShares Core ETFs, as low as 0.03%
• Launch of the iShares Core International Aggregate Bond ETF (IAGG), offering investors greater diversification through international bonds
• A new, broader benchmark for the iShares Core S&P Total U.S. Stock Market ETF (ITOT), providing broader coverage of the total U.S. stock market

Lower expense ratios on seven iShares Core ETFs, effective 11/10/2015

Category	Fund	Ticker	Previous expense ratio (%)	New expense ratio (%)
U.S. Equity	iShares Core S&P Total U.S. Stock Market	ITOT	0.07	0.03
	iShares Core U.S. Growth	IUSG	0.09	0.07
	iShares Core U.S. Value	IUSV	0.09	0.07
International Equity	iShares Core MSCI Emerging Markets	IEMG	0.18	0.16
	iShares Core MSCI Europe	IEUR	0.14	0.12
	iShares Core MSCI Pacific	IPAC	0.14	0.12
Fixed Income	iShares Core Total USD Bond Market	IUSB	0.15	0.12

Launch of the iShares Core International Aggregate Bond ETF (IAGG)

IAGG is designed to help investors diversify fixed income holdings with low cost access to international investment grade bonds while seeking to protect against currency fluctuations.

Fund Name	Ticker	Expense ratio (%)	Exchange	List Date	Index Name
iShares Core International Aggregate Bond ETF	IAGG	0.15	BATS	11/12/15	Barclays Global Aggregate ex USD 10% Issuer Capped (Hedged) Index

Note: IAGG will replace the iShares Core GNMA Bond ETF (GNMA) in the Core line-up. GNMA’s fund name will change to the iShares GNMA Bond ETF.

A new, broader benchmark for the iShares Core S&P Total U.S. Stock Market (ITOT)

Effective on or around 12/18/15, the iShares Core S&P Total U.S. Stock Market ETF (ITOT) will have a new, broader index that includes over 2,000 additional small-cap and micro-cap stocks relative to the current index:

	Current	New
Index	S&P Composite 1500 Index	S&P Total Market Index (TMI)

November 9, 2015 – iShares Product Update

Effective today 11/9/2015, the iShares India 50 ETF will undergo an index rebranding.

Please refer to the chart below for further details.

Ticker	Fund Name	Will the Benchmark be Rebranded?	Is the Fund Name, Ticker Name or Investment Objective Changing?	Effective Date
INDY	iShares India 50 ETF	Yes, the benchmark index will be changing from CNX Nifty Index to Nifty 50 Index	No, the fund name will remain the same No, the ticker will remain the same No, the investment objective will remain the same	11/9/2015

 

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October 30, 2015 – iShares Product Enhancement

Effective today 10/30/2015, both the iShares Currency Hedged Global ex USD High Yield Bond ETF and the iShares Global ex USD High Yield Corporate Bond ETF will undergo a fund name change. Please refer to the chart below for further details.

Fund Name	Previous Fund Name	Will the Benchmark be Changing?	Is the Fund Name, Ticker Name or Investment Objective Changing?	Effective Date
HHYX	iShares Currency Hedged Global ex USD High Yield Bond ETF	No, the Markit iBoxx Global Developed Markets ex-US High Yield (USD Hedged) Index will remain the benchmark for HHYX.	Yes, the fund name will change. The new fund name is the iShares Currency Hedged International High Yield Bond ETF No, the ticker will remain the same No, the investment objective will remain the same	10/30/2015
HYXU	iShares Global ex USD High Yield Corporate Bond ETF	No, the Markit iBoxx Global Developed Markets ex-US High Yield Index will remain the benchmark for HYXU	Yes, the fund name will change. The new fund name is the iShares International High Yield Bond ETF No, the ticker will remain the same No, the investment objective will remain the same	10/30/2015

 

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September 30, 2015 – Product Enhancement

Effective today 9/30/2015, the iShares Liquidity Income ETF will undergo a fund name change. Please refer to the chart below for further details.

Ticker	Previous Fund Name	Will the Benchmark be Changing?	Is the Fund Name, Ticker Name or Investment Objective Changing?	Effective Date
ICSH	iShares Liquidity Income ETF	No, the Bank of America Merrill Lynch 6-Month U.S. Treasury Bill Index will remain the benchmark for ICSH.	Yes, the fund name will change. The new fund name is the iShares Ultra Short-Term Bond ETF No, the ticker will remain the same No, ICSH will still seek to provide current income while preserving capital by investing in short-term bonds and money market instruments	9/30/2015

September 15, 2015 – Product Enhancement

Effective today, September 15th, 2015, the iShares Interest Rate Hedged Corporate Bond ETF (ticker: LQDH) and the iShares Interest Rate Hedged High Yield Bond ETF (ticker: HYGH) will liquidate its futures holdings and replace it with interest rate swaps. LQDH and HYGH initially used U.S. Treasury futures based on regulatory guidance from the SEC. BlackRock/iShares recently received approval to use interest rate swaps in our interest rate hedged ETFs.

Using interest rate swaps over futures has the following potential benefits for the funds:

• Tax Efficiency – Futures are rolled quarterly, forcing realization of gains in rising rate periods. Swaps gives us more control over the timing of capital gains, as they do not incur gains or losses until they are terminated.
• Securities Lending Opportunities – Using swaps allows us to lend the underlying ETF shares as they are cash settled and do not require the same level of asset segregation as futures. The use of futures prevented the funds from lending out the underlying ETF shares. Income generated through securities lending could provide supplemental income¹.

Please refer to the Swaps vs. Futures: Hedging Interest Rate Risk FAQ pdf for more information on the differences between swaps and futures.

Fund Name	Ticker	Expense Ratio*	Exchange
iShares Interest Rate Hedged Corporate Bond ETF	LQDH	0.25%	NYSE Arca
iShares Interest Rate Hedged High Yield Bond ETF	HYGH	0.55%	NYSE Arca

* BlackRock Fund Advisors (“BFA”), the investment adviser to the Funds and an affiliate of BlackRock Investments, LLC, has contractually agreed to waive a portion of its management fees through February 29, 2016. The gross expense ratios are: LQDH: 0.45% ; HYGH: 1.15%

¹ Distributions paid out of the Fund’s net investment income, including income from securities lending, if any, are taxable to investors as ordinary income.

September 4, 2015 – Product Enhancement

Effective 9/4/2015, the iShares Japan Large-Cap ETF will undergo changes. Please refer to the chart below for further details.

Ticker	Fund Name	How is the Index Changing?	Is the Fund Name or Investment Objective Changing?	Implications?	Effective Date
ITF	iShares Japan Large Cap ETF	ITF will track the JPX-Nikkei Index 400 and no longer track the S&P/TOPIX 150 Index	Yes, the ticker and fund name will change. New ticker is JPXN and new fund name is iShares JPX-Nikkei 400 ETF No, ITF will continue to provide passive exposure to primarily large cap, Japanese equities	More comprehensive exposure, moving from ~70% to ~90% of the free-float Japanese equity market	9/4/2015

September 1, 2015 – iShares Product Enhancements

As of 9/1/2015, index changes were made to the iShares MSCI USA ETF, the iShares MSCI USA Value Factor ETF and the iShares MSCI USA Quality Factor ETF. Additionally, today marks the last day of trading for the iShares iBonds Sep 2015 AMT-Free Muni Bond ETF (ticker: IBMD). Below please find the chart with further details on the index changes that have occurred, as well as, the public press release for the fund closure.

Read the public press release

Ticker	Fund Name	How is the Index Changing?	Is the Fund Name or Investment Objective Changing?	Implications?	Effective Date
EUSA	iShares MSCI USA ETF	EUSA will track the MSCI USA Equal Weighted Index and no longer track the MSCI USA Index	Yes, the Fund's underlying basket will equally weight the same ~640 large and mid cap stocks comprising the MSCI USA Index	More size and value biases relative to a cap weighted approach driven by equal weight methodology	9/1/2015
VLUE	iShares MSCI USA Value Factor ETF	VLUE will track the MSCI USA Enhanced Value Index and no longer track the MSCI USA Value Index	No, VLUE will continue to provide passive exposure to the value factor as defined by MSCI	More concentrated exposure to ~125 vs ~640 large and mid cap, US equities that possess value characteristics and relatively lower valuations	9/1/2015
QUAL	iShares MSCI USA Quality Factor ETF	QUAL will track the MSCI USA Sector Neutral Quality Index and no longer track the MSCI USA Quality Index	No, QUAL will continue to provide passive exposure to the quality factor as defined by MSCI	Minimal sector tilts relative to cap-weighted index while maintaining exposure to ~125 large and mid cap, US equities with low debt/equity, low earnings variability and high ROE	9/1/2015

 

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August 31, 2015 – iShares ETF Expense Ratio Update

As of 8/31/2015, the expense ratios for several iShares ETFs have been reduced due to breakpoints. Please note the changes to these funds in the chart below.

Fund Name	Ticker	Old Net Expense Ratio	New Net Expense Ratio	Difference
iShares Transportation Average ETF	IYT	0.45%	0.43%	-0.02%
iShares U.S. Aerospace & Defense ETF	ITA	0.44%	0.43%	-0.01%
iShares U.S. Basic Materials ETF	IYM	0.45%	0.43%	-0.02%
iShares U.S. Broker-Dealers ETF	IAI	0.45%	0.43%	-0.02%
iShares U.S. Consumer Goods ETF	IYK	0.45%	0.43%	-0.02%
iShares U.S. Consumer Services ETF	IYC	0.45%	0.43%	-0.02%
iShares U.S. Energy ETF	IYE	0.45%	0.43%	-0.02%
iShares U.S. Financial Services ETF	IYG	0.45%	0.43%	-0.02%
iShares U.S. Financials ETF	IYF	0.45%	0.43%	-0.02%
iShares U.S. Healthcare ETF	IYH	0.45%	0.43%	-0.02%
iShares U.S. Healthcare Providers ETF	IHF	0.45%	0.43%	-0.02%
iShares U.S. Home Construction ETF	ITB	0.45%	0.43%	-0.02%
iShares U.S. Industrials ETF	IYJ	0.45%	0.43%	-0.02%
iShares U.S. Insurance ETF	IAK	0.45%	0.43%	-0.02%
iShares U.S. Medical Devices ETF	IHI	0.45%	0.43%	-0.02%
iShares U.S. Oil & Gas Exploration & Production ETF	IEO	0.45%	0.43%	-0.02%
iShares U.S. Oil Equipment & Services ETF	IEZ	0.45%	0.43%	-0.02%
iShares U.S. Pharmaceuticals ETF	IHE	0.45%	0.43%	-0.02%
iShares U.S. Real Estate ETF	IYR	0.45%	0.43%	-0.02%
iShares U.S. Regional Banks ETF	IAT	0.45%	0.43%	-0.02%
iShares U.S. Technology ETF	IYW	0.45%	0.43%	-0.02%
iShares U.S. Telecommunications ETF	IYZ	0.45%	0.43%	-0.02%
iShares U.S. Utilities ETF	IDU	0.45%	0.43%	-0.02%

The management fee for each of these funds is subject to breakpoints that are tied to aggregate assets under management across certain groups of iShares ETFs. Breakpoints take effect immediately after asset levels change. On any given day the management fee, and thus the Expense Ratio, may vary from what is shown here and from what is shown in the Fund’s prospectus. For additional information on fees and expenses, please see the Fund’s prospectus.

August 1, 2015 – iShares Product Enhancement

As of 8/1/2015, the expense ratios for several iShares ETFs have been reduced due to breakpoints. Please note the changes to these funds in the chart below.

Fund Name	Ticker	Old Net Expense Ratio	New Net Expense Ratio	Difference
iShares Core S&P Mid-Cap ETF	IJH	0.14%	0.12%	-0.02%
iShares Core S&P Small-Cap ETF	IJR	0.14%	0.12%	-0.02%
iShares Global Clean Energy ETF	ICLN	0.48%	0.47%	-0.01%
iShares Global Consumer Discretionary ETF	RXI	0.48%	0.47%	-0.01%
iShares Global Consumer Staples ETF	KXI	0.48%	0.47%	-0.01%
iShares Global Energy ETF	IXC	0.48%	0.47%	-0.01%
iShares Global Financials ETF	IXG	0.48%	0.47%	-0.01%
iShares Global Healthcare ETF	IXJ	0.48%	0.47%	-0.01%
iShares Global Industrials ETF	EXI	0.48%	0.47%	-0.01%
iShares Global Infrastructure ETF	IGF	0.48%	0.47%	-0.01%
iShares Global Materials ETF	MXI	0.48%	0.47%	-0.01%
iShares Global Tech ETF	IXN	0.48%	0.47%	-0.01%
iShares Global Telecom ETF	IXP	0.48%	0.47%	-0.01%
iShares Global Timber & Forestry ETF	WOOD	0.48%	0.47%	-0.01%
iShares Global Utilities ETF	JXI	0.48%	0.47%	-0.01%
iShares India 50 ETF	INDY	0.94%	0.93%	-0.01%

The management fee for each of these funds is subject to breakpoints that are tied to aggregate assets under management across certain groups of iShares ETFs. Breakpoints take effect immediately after asset levels change. On any given day the management fee, and thus the Expense Ratio, may vary from what is shown here and from what is shown in the Fund’s prospectus. For additional information on fees and expenses, please see the Fund’s prospectus.

 

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June 25, 2015 – Announcing Changes to the U.S. iShares Fund Lineup

After market close on June 25th, BlackRock announced its plans to close and liquidate 18 U.S. listed iShares ETFs listed in the table below, based upon an ongoing process to review its product lineup and ensure it meets the evolving needs of its clients. These funds had a combined total AUM of approximately $225M as of 6/18/2015.

After the close of business on August 21, 2015, the funds will no longer accept creation orders. Trading in the funds will be suspended prior to market open on August 24, 2015. Proceeds of the liquidation are currently scheduled to be sent to shareholders on or about August 28, 2015.

Ticker	Name	AUM ($M)*	Inception Date
FCHI	iShares FTSE China	37.3	6/24/2008
AXJS	iShares MSCI AC Asia ex Japan Sm Cap	6.4	2/2/2012
EWAS	iShares MSCI Australia Small Cap	2.7	1/25/2012
EWCS	iShares MSCI Canada Small Cap	3	1/25/2012
EWHS	iShares MSCI Hong Kong Small Cap	9.4	1/10/2012
EWSS	iShares MSCI Singapore Small Cap	13	1/10/2012
EEME	iShares MSCI Emerging Markets EMEA	8.8	1/18/2012
EGRW	iShares MSCI Emerging Markets Growth	8.5	2/8/2012
EVAL	iShares MSCI Emerging Markets Value	24.4	2/8/2012
ESR*	iShares MSCI EM Eastern Europe	30.9	9/30/2009
AAIT	iShares MSCI AC Asia Info Technology	7.3	2/8/2012
EMDI	iShares MSCI EM Cons. Discretionary	5.5	2/8/2012
EMEY	iShares MSCI EM Energy Capped	3	2/8/2012
IFAS	iShares Asia Developed Real Estate	19.3	11/12/2007
IFNA	iShares North America Real Estate	22.3	11/12/2007
MONY	iShares Financials Bond	5.3	2/14/2012
FCHI	iShares FTSE China	37.3	6/24/2008
AXJS	iShares MSCI AC Asia ex Japan Sm Cap	6.4	2/2/2012

* AUM as of 3/31/15.

 

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May 22, 2015 – Expense Ratio Update

As of 5/22/15, the expense ratios for the iShares Currency Hedged MSCI EAFE ETF (HEFA) and the iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) have been reduced. Please note the changes to these funds in the chart below.

Fund Name	Ticker	Old Net Expense Ratio	New Net Expense Ratio	Difference
iShares Currency Hedged MSCI EAFE ETF	HEFA	0.39%	0.35%	-0.04%
iShares Currency Hedged MSCI Emerging Markets ETF	HEEM	0.71%	0.68%	-0.03%

May 21, 2015 - BlackRock Announces iShares Splits for iShares iBonds ETFs

The Board of Trustees of iShares Trust has approved a 4-for-1 split for 10 iShares iBonds Corporate ETFs and a 2-for-1 split for two iShares iBonds Muni ETFs for shareholders. The 4-for-1 and 2-for-1 splits will lower the share price and increases the number of outstanding shares. The total value of shares outstanding is not affected by a split. Below is an outline of the funds affected, and please note that all tickers, expense ratios and cusips will all remain the same.

Fund Name	Ticker	Inception Date	NAV/Share (as of 4/15/15)	Proposed Forward Split Ratio
iShares® iBonds® Dec 2016 Corporate ETF	IBDF	5/28/2014	100.1	4 for 1
iShares® iBonds® Dec 2017 Corporate ETF	IBDJ	3/10/2015	99.5	4 for 1
iShares® iBonds® Dec 2018 Corporate ETF	IBDH	5/28/2014	100.79	4 for 1
iShares® iBonds® Dec 2019 Corporate ETF	IBDK	3/10/2015	100.18	4 for 1
iShares® iBonds® Dec 2020 Corporate ETF	IBDL	12/2/2014	102.15	4 for 1
iShares® iBonds® Dec 2021 Corporate ETF	IBDM	3/10/2015	100.58	4 for 1
iShares® iBonds® Dec 2022 Corporate ETF	IBDN	3/10/2015	100.61	4 for 1
iShares® iBonds® Dec 2023 Corporate ETF	IBDO	3/11/2015	100.61	4 for 1
iShares® iBonds® Dec 2024 Corporate ETF	IBDP	3/11/2015	100.67	4 for 1
iShares® iBonds® Dec 2025 Corporate ETF	IBDQ	3/11/2015	100.78	4 for 1
iShares® iBonds® Sep 2016 AMT-Free Muni Bond ETF	IBME	1/7/2010	53.29	2 for 1
iShares® iBonds® Sep 2017 AMT-Free Muni Bond ETF	IBMF	1/7/2010	54.95	2 for 1

 

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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.

Apr 15, 2015 - iShares Core Bond ETFs Fund Name Changes

Effective today, both the iShares Core Short-Term USD Bond ETF (ISTB) and the iShares Core Long-Term USD Bond ETF (ILTB) fund names will change. Please note that only the fund names are changing and therefore, the exposures, expense ratios, tickers symbols, cusips, and all other important details will remain the same. Refer to the chart below for complete details regarding the changes to both funds.

New Fund Name	Old Fund Name	Ticker	Expense Ratio	Exchange	Index Name	Index Ticker Name
iShares Core 1-5 Year USD Bond ETF	iShares Core Short-Term USD Bond ETF	ISTB	0.12%	NYSE ARCA	Barclays U.S. Universal 1-5 Year Index	BUH1TRUU

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New Fund Name	Old Fund Name	Ticker	Expense Ratio	Exchange	Index Name	Index Ticker Name
iShares Core 10+ Year USD Bond ETF	iShares Core Long-Term USD Bond ETF	ILTB	0.12%	NYSE ARCA	Barclays U.S. Universal 10+ Year Index	BUXMTRUU

Mar 2, 2015 - Reduced Expense Ratios on iShares Emerging Markets Bond ETFs

As part of our commitment to continually deliver value to our clients, iShares is lowering the expense ratios by 10-20 basis points of our Emerging Market Bond ETF suite.

iShares JP Morgan USD Emerging Markets Bond ETF (EMB)

OLD Expense Ratio: 0.60%
NEW Expense Ratio: 0.40%*

• Exposure to U.S. dollar-denominated government bonds issued by emerging market countries
• Access the sovereign debt of 30+ emerging market countries in a single fund
• Use to seek higher yield and customize your emerging markets allocation

* Including fee waiver

iShares Emerging Markets Local Currency Bond ETF (LEMB)

OLD Expense Ratio: 0.60%
NEW Expense Ratio: 0.50%

• Provides the ability to diversify away from U.S. dollar-denominated bonds or emerging market stocks
• Exposure to the growing universe of local currency-denominated government bonds issued by emerging market countries
• Use to seek higher yield and customize your emerging markets allocation

iShares Emerging Markets High Yield Bond ETF (EMHY)

OLD Expense Ratio: 0.65%
NEW Expense Ratio: 0.50%

• Exposure to U.S. dollar-denominated high yield bonds issued by governments and corporations in emerging market countries
• Access to 200+ emerging market high yield bonds in a single fund
• Use to customize your emerging markets allocation, seek higher yield, and pursue income

iShares Emerging Markets Corporate Bond ETF (CEMB)

OLD Expense Ratio: 0.60%
NEW Expense Ratio: 0.50%

• Exposure to U.S. dollar-denominated bonds issued by corporations in emerging market countries
• Access to a specific segment of the international corporate bond market
• Use to seek higher yield and customize your emerging markets allocation

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Feb 2, 2015 - Introducing the iShares Core Allocation ETFs

Investors can now get a diversified portfolio of iShares Core funds in a single ticker, as our target risk funds have been rebranded and redesigned as the iShares Core Allocation ETFs. Each iShares Core Allocation ETF holds iShares Core funds as underlying investments at different weights based on specific risk considerations.

What’s Changing with the iShares Allocation ETFs?

• They track the same S&P indexes, but the index methodology is changing. Now the Allocation funds will hold iShares Core funds as the underlying investments. Read the S&P press release, which explains the methodology change in greater detail.
• We’re adding the word “Core” to each fund name
• We’re lowering expense ratios
• Note that tickers are not changing

Old Fund Name	New Fund Name	Ticker	Old Expense Ratio	New Expense Ratio	Equity Allocation %	Fixed Income Allocation %
iShares Conservative Allocation ETF	iShares Core Conservative Allocation ETF	AOK	0.28%	0.25%	30%	70%
iShares Moderate Allocation ETF	iShares Core Moderate Allocation ETF	AOM	0.29%	0.24%	40%	60%
iShares Growth Allocation ETF	iShares Core Growth Allocation ETF	AOR	0.30%	0.24%	60%	40%
iShares Aggressive Allocation ETF	iShares Core Aggressive Allocation ETF	AOA	0.30%	0.23%	80%	20%

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Jan 28, 2015 - iShares MSCI Russia Capped ETF

The iShares MSCI Russia Capped ETF (ERUS) moved from its existing registrant, iShares MSCI Russia Capped ETF, Inc., to iShares, Inc. on January 26, 2015. As a result, the CUSIP and ISIN have changed as shown below. Please note that there will be no change to the fund name, index, ticker or investment strategy.

Item	CURRENT IDENTIFIER	NEW IDENTIFIER
Registrant	iShares MSCI Russia Capped ETF, Inc.	iShares, Inc.
CUSIP	46429B705	46434G806
ISIN	US46429B7055	US46434G8069

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