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Product Updates

October 23, 2018 – iShares Product Update

ETF name changes

The following 4 iShares ESG ETFs will undergo name changes. Also note that these changes will not result in changes to CUSIPs, existing fund methodologies or objectives.

Fund Name	Ticker	New Fund Name	Index Name
iShares MSCI USA ESG Optimized ETF	ESGU	iShares ESG MSCI USA ETF	MSCI USA Extended ESG Focus Index
iShares MSCI USA Small-Cap ESG Optimized ETF	ESML	iShares ESG MSCI USA Small-Cap ETF	MSCI USA Small Cap Extended ESG Focus Index
iShares MSCI EAFE ESG Optimized ETF	ESGD	iShares ESG MSCI EAFE ETF	MSCI EAFE Extended ESG Focus Index
iShares MSCI EM ESG Optimized ETF	ESGE	iShares ESG MSCI EM ETF	MSCI Emerging Markets Extended ESG Focus Index

October 22, 2018 – iShares Product Update

ETF ticker change

On our around, Tuesday, October 23rd, 2018, the ticker for the iShares MSCI Global Impact ETF (current ticker: MPCT) will be changing to ticker, SDG. Please note that this change will not result in changes to CUSIP, existing fund methodologies or objectives.

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

October 15, 2018 – iShares Product Update

Maturing iShares iBonds Dec 2018 Term Corporate ETF (IBDH)

The last day of trading IBDH, the iShares® iBonds® Dec 2018 Term Corporate ETF on NYSE Arca, Inc. will be December 17, 2018. NYSE Arca, Inc. will suspend trading in the Fund before the open of trading on December 18, 2018 and shares of the Fund will no longer be available for new investments as of this date. Proceeds of the liquidation are currently scheduled to be sent to shareholders on December 20^th, 2018. The Fund’s final net asset value (NAV) as calculated on December 17th, 2018, will include any costs associated with the liquidation expected to be borne by the Fund.

Ticker	ETF Name	05/28/2014
IBDH	iShares iBonds Dec 2018 Term Corporate ETF	05/28/2014

October 4, 2018 – iShares Product Update

Benchmark Changes for Two U.S. — listed iShares Technology Focused ETFs

As recently announced, on or around December 24th, 2018, two iShares ETFs will undergo fund and benchmark name changes. Those funds are as follows:

The iShares North American Tech ETF (ticker: IGM)
The iShares North American Tech-Software ETF (ticker: IGV)

Current and Future State of the iShares North American Tech ETF (IGM)

Summary of Changes	Current	New (Effective at the Open December 24)
Fund Name	iShares North American Tech ETF	iShares Expanded Tech Sector ETF
Underlying Index Name	S&P North American Technology Index™	S&P North American Expanded Technology Sector Index
Investment Objective	The iShares North American Tech ETF seeks to track the investment results of an index composed of North American equities in the technology sector.	The iShares Expanded Tech Sector ETF seeks to track the investment results of an index composed of North American equities in the technology sector and select North American equities from communication services and consumer discretionary sectors.

Current and Future State of the iShares North American Tech-Software ETF (IGV)

Summary of Changes	Current	New (Effective at the Open December 24)
Fund Name	iShares North American Tech-Software ETF	iShares Expanded Tech-Software Sector ETF
Underlying Index Name	S&P North American Technology-Software Index™	S&P North American Technology –Software Index
Investment Objective	The iShares North American Tech-Software ETF seek to track the investment results of an index composed of North American equities in the software sector.	The iShares Expanded Tech-Software Sector ETF seeks to track the investment results of an index composed of North American equities in the software industry and select North American equities from interactive home entertainment and interactive media and services industries.

September 28, 2018 – iShares Product Update

Change in the underlying indexes

On Thursday, September 13, 2018 the iShares Trust Board of Trustees approved a change in the underlying indexes for the iShares Edge MSCI USA Size Factor ETF (SIZE) and iShares Edge MSCI Intl Size Factor ETF (ISZE). Beginning on or around Friday, November 30, 2018, the funds will track new underlying indexes. Please note that the CUSIPs will remain unchanged.

SIZE and ISZE’s investment objectives will not change. The ETFs will continue to seek to track the investment results of indexes composed of large- and mid-capitalization stocks with relatively smaller average market capitalization for their designated regions.

The proposed indexes’ key distinction from the current indexes is the utilization of a new approach to weighting index constituents. The new index methodology uses a measure of market capitalization to give larger weights to stocks which are relatively smaller, effectively reducing the influence of each constituent’s market capitalization, or size, on weighting.

Why consider the iShares Edge MSCI USA Factor ETF and iShares Edge MSCI Intl Size Factor ETF?

Access to large and mid-cap stocks that are exposed to the size factor (relatively smaller market capitalization).
Index-based access to the size factor, which has historically driven a significant part of companies' risk and return.*

Fund	Ticker	Prior Index	New Index
iShares Edge MSCI USA Size Factor ETF	SIZE	MSCI USA Risk Weighted Index	SCI USA Low Size Index
iShares Edge MSCI USA Size Factor ETF	ISZE	MSCI World ex USA Risk Weighted Index	MSCI World ex USA Low Size Index

* Source: R. Clarke, H. Silva and S. Thorley, ”Minimum-Variance Portfolios in the U. S. Equity Market,” Journal of Portfolio Management, 2006.

September 26, 2018 – iShares Product Update

Share Split

The Board of Trustees of iShares Trust, has authorized a share split for the iShares Russell Mid-Cap ETF for shareholders as of the close of business on October 23, 2018, and payable after the close of trading on October 25, 2018. The 4-for-1 split will lower the share price and increase the number of outstanding shares. The total value is not affected by the split.

Ticker	Fund Name	Expense Ratio	Index Name	Proposed Forward Split Ratio
IWR	iShares Russell Mid-Cap ETF	0.20%	Russell MidCap Index	4 for 1

August 30, 2018 – iShares Product Update

Expense ratio updates

On 8/31/2018, 12 iShares funds with FYE 4/30/19 will have expense ratio updates. Please refer to the chart below for complete details on these changes.

Ticker	Fund	2017 Total Annual Fund Operating Expenses	2018 Total Annual Fund Operating Expenses	Reason for Difference
IDV	iShares International Select Dividend ETF	0.50%	0.49%	Breakpoints
IYT	iShares Transportation Average ETF	0.44%	0.43%	Breakpoints
IYM	iShares U.S. Basic Materials ETF	0.44%	0.43%	Breakpoints
IYK	iShares U.S. Consumer Goods ETF	0.44%	0.43%	Breakpoints
IYC	iShares U.S. Consumer Services ETF	0.44%	0.43%	Breakpoints
IYE	iShares U.S. Energy ETF	0.44%	0.43%	Breakpoints
IYG	iShares U.S. Financial Services ETF	0.44%	0.43%	Breakpoints
IYF	iShares U.S. Financials ETF	0.44%	0.43%	Breakpoints
IYH	iShares U.S. Healthcare ETF	0.44%	0.43%	Breakpoints
IYJ	iShares U.S. Industrials ETF	0.44%	0.43%	Breakpoints
IYW	iShares U.S. Technology ETF	0.44%	0.43%	Breakpoints
IDU	iShares U.S. Utilities ETF	0.44%	0.43%	Breakpoints

August 30, 2018 – iShares Product Update

Benchmark Changes for iShares Global Telecom ETF (IXP)

In response to the GICS reclassification, during September 2018, the underlying index of the iShares Global Telecom ETF (ticker: IXP) will undergo a name change from S&P Global 1200 Telecommunications Services Sector Index to S&P Global 1200 Communication Services Sector Index.

As a result, on or around September 24, 2018, the fund name and objective will change as follows:

The fund will be renamed iShares Global Comm Services ETF
The fund will seek to track the investment results of an index composed of global equities in the communication services sector

An additional 4 U.S.-listed iShares ETFs follow the GICS methodology and will be directly affected by the reclassification. Those funds include the iShares Global Sector ETFs (IXN, RXI) which will implement the GICS reclassification during the Sept. 21 quarterly rebalance. Lastly, iShares offers two U.S.-listed, technology focused ETFs (IGM, IGV) that seek to track indexes following the GICS methodology. These funds will be affected by the reclassification and will implement changes during the semi-annual reconstitution on Dec 21.

Current and Future State of the iShares Global Telecom ETF (IXP)

Total # of Constituents	Current	New
Telecom (Current)	28	N/A
Comm Services (Post GICS Changes)	N/A	64

Total Index Market Cap	Current	New
Telecom (Current)	1,163,088,213,059	N/A
Comm Services (Post GICS Changes)	N/A	3,694,891,183,141

Top 10 Holdings (%)	Current	New
Facebook Inc A	N/A	13.9%
Alphabet Inc C	N/A	10.3%
Alphabet Inc A	N/A	10.2%
Tencent Holdings Ltd.	N/A	7.1%
AT&T Inc	19.69%	6.2%
Verizon Communications Inc	18.36%	5.8%
Walt Disney Co	N/A	4.5%
NetFlix Inc	N/A	4.2%
Comcast Corp A	N/A	4.1%
SoftBank Group Corp	6.9%	2.0%

Top 5 Countries (%)	Current	New
Top 5 Countries (%)	Current	New
United States	39.98%	69.20%
China	4.20%	8.50%
Japan	18.82%	7.40%
United Kingdom	7.21%	4.10%
Canada	6.50%	2.10%

August 10, 2018 – iShares Product Update

Closing iShares Commodity Optimized Trust (CMDT)

At iShares, we continually review our products to ensure they meet the evolving needs of our clients and, as part of this process, we plan to close the iShares Commodity Optimized Trust (CMDT).

iShares offers broad-based commodities exposure through the iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) which has similar diversified exposure to 20 different commodities, including agriculture, energy, and metals, without K-1 tax reporting.

Trading in the Trust will be suspended prior to market open on October 11th, 2018. Proceeds of the liquidation are currently scheduled to be sent to shareholders on October 15, 2018.

Ticker	ETF name	Inception date
IDV	iShares Commodity Optimized Trust	8/8/2013

July 31, 2018 – iShares Product Update

Underlying indexes and investment objectives

The underlying indexes and investment objectives for four iShares credit funds (CRED, CIU, CSJ, CLY), are expected to be implemented close of market on July 31, 2018 in order to be effective for the market open on August 1, 2018.

The new fund name and investment objective for CLYH (Active) are also expected to be implemented at these times. As previously disclosed, effective August 1, 2018, the tickers for the below five funds will also be changing.

Please refer to the table below, as well as respective prospectuses, for more information regarding these updates.

Former ticker	New ticker	Former fund name	New fund name	New investment objective
CRED	USIG	iShares U.S. Credit Bond ETF	iShares Broad USD Investment Grade Corporate Bond ETF	The iShares Broad USD Investment Grade Corporate Bond ETF seeks to track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds
CIU	IGIB	iShares Intermediate Credit Bond ETF	iShares Intermediate-Term Corporate Bond ETF	The iShares Intermediate-Term Corporate Bond ETF seeks 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
CSJ	IGSB	iShares 1-3 Year Credit Bond ETF	iShares Short-Term Corporate Bond ETF	The iShares Short-Term Corporate Bond ETF seeks to track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities between one and five years.
CLY	IGLB	iShares 10+ Year Credit Bond ETF	iShares Long-Term Corporate Bond ETF	The iShares Long-Term Corporate Bond ETF seeks to track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities greater than ten years.
CLYH	IGBH	iShares Interest Rate Hedged 10+ Year Credit Bond ETF	iShares Interest Rate Hedged Long-Term Corporate Bond ETF	The iShares Interest Rate Hedged Long-Term Broad Corporate Bond ETF seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities greater than ten years.

July 25, 2018 – iShares Product Update

Ticker changes and share splits

Ticker Changes
The tickers for five iShares credit ETFs are changing as of August 1, 2018. As previously reported, the indexes for four of our credit ETFs (tickers: CRED, CSJ, CIU and CLY) will be changing between August 1st – October 4th and we will provide an update as soon as the index migration has been completed.

Former ticker	New ticker	Fund name
CRED	USIG	iShares U.S. Credit Bond ETF
CIU	IGIB	iShares Intermediate Credit Bond ETF
CSJ	IGSB	iShares 1-3 Year Credit Bond ETF
CLY	IGLB	iShares 10+ Year Credit Bond ETF
CLYH	IGBH	iShares Interest Rate Hedged 10+ Year Credit Bond ETF

Share Splits
The Board of Trustees of iShares Trust, has authorized a share split for three US Credit ETFs (tickers: CRED, CIU and CSJ) for shareholders as of the close of business on August 3, 2018 and payable after the close of trading on August 7, 2018. The 2-for-1 split will lower the share price and increase the number of outstanding shares. The total value of shares outstanding is not affected by the split.

Ticker	Fund name	Expense ratio	Index name	Proposed Forward Split Ratio
CRED	Bloomberg Barclays U.S. Credit Bond Index	0.06%	Bloomberg Barclays U.S. Credit Bond Index	2 for 1
CIU	iShares Intermediate Credit Bond ETF	0.06%	Bloomberg Barclays U.S. Intermediate Credit Bond Index	2 for 1
CSJ	iShares 1-3 Year Credit Bond ETF	0.06%	Bloomberg Barclays U.S. 1-3 Year Credit Bond Index	2 for 1

June 15, 2018 – iShares Product Update

Closing 16 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 16 iShares ETFs.

After the close of business on August 15, 2018, the funds will no longer accept creation orders. Trading in the funds will be suspended prior to market open on August 16, 2018. Proceeds of the liquidation are currently scheduled to be sent to shareholders on August 22, 2018.

Which funds are closing?

Ticker	ETF Name	Inception Date
Currency Hedged
HEUS	iShares Currency Hedged MSCI Europe Small-Cap ETF	10/29/2015
HACW	iShares Currency Hedged MSCI ACWI ETF	6/29/2015
Smart Beta
HEUV	iShares Edge MSCI Min Vol Europe Currency Hedged ETF	10/29/2015
HACV	iShares Edge MSCI Min Vol Global Currency Hedged ETF	10/29/2015
HEMV	iShares Edge MSCI Min Vol EM Currency Hedged ETF	10/29/2015
HEFV	iShares Edge MSCI Min Vol EAFE Currency Hedged ETF	10/29/2015
CNSF	iShares Edge MSCI Multifactor Consumer Staples ETF	5/10/2016
UTLF	iShares Edge MSCI Multifactor Utilities ETF	5/10/2016
ERGF	iShares Edge MSCI Multifactor Energy ETF	5/10/2016
CNDF	iShares Edge MSCI Multifactor Consumer Discretionary ETF	5/10/2016
INDF	iShares Edge MSCI Multifactor Industrials ETF	5/10/2016
MATF	iShares Edge MSCI Multifactor Materials ETF	5/10/2016
FNCF	iShares Edge MSCI Multifactor Financials ETF	5/10/2016
TCHF	iShares Edge MSCI Multifactor Technology ETF	5/10/2016
HCRF	iShares Edge MSCI Multifactor Healthcare ETF	5/10/2016
Fixed Income
HHYX	iShares Currency Hedged International High Yield Bond ETF	7/28/2015

March 19, 2018 – iShares Product Update

Weighting methodology change

Effective Monday, March 19, 2018, the weighting methodology for the underlying index tracked by the iShares Select Dividend ETF (DVY) will change from dividend dollar weighted to dividend yield weighted. Additional diversification and liquidity requirements have also been introduced as part of the change. Below is a summary of the changes (changes are in bold):

Ticker: DVY
Fund Name: iShares Select Dividend ETF
Expense Ratio	Investment Objective	Index	Index Change	Previous Methodology	New Methodology
0.39%	The iShares Select Dividend ETF seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities.	Dow Jones US Select Dividend Index	Constituent Weighting Scheme Market Capitalization Requirement	Constituent weightings are assigned annually based on indicated annual dividend. The weight of any individual company is restricted to 10% within the index, as measured at the time of the annual reconstitution. In order to be eligible, a company must have a float-adjusted market capitalization of at least US$ 1 billion (US$ 750 million for current constituents).	Constituent weightings are assigned annually based on indicated annual dividend yield. The weight of any individual company is restricted to the lower of 10% or five times a constituent’s float-adjusted market capitalization divided by the sum of the float-adjusted market capitalizations of all index constituents. Each Global Industry Classification Standard (GICS®) sector is restricted to 30% within the index, as measured at the time of the annual reconstitution. In order to be eligible, a company must have a float-adjusted market capitalization of at least US$ 3 billion (US$ 2 billion for current constituents).

March 15, 2018 – iShares Product Update

Fund closure

Effective March 15th, the iShares® iBonds® Mar 2018 Term Corporate ex-Financials ETF (ticker: IBCC) is closing in accordance with its prospectus and investment objective. The fund will cease trading prior to open on Friday, March 16th.

Fund Name	Ticker	CUSIP	Expense Ratio	Benchmark	Exchange
iShares® iBonds® Mar 2018 Term Corporate ex-Financials ETF	IBCC	-	0.10%	Bloomberg Barclays 2018 Maturity High Quality Corporate Index	NYSE Arca

February 9, 2018 – iShares Product Update

FIBR Merger

On February 5th, 2018, the iShares Edge U.S. Fixed Income Balanced Risk ETF (FIBR) will reorganize from a transparent active ETF to an index ETF.
The Fund will change legal entities, from “iShares U.S. ETF Trust” to “iShares Trust”
The fund will move from single basket to a 3 basket structure with ability to in kind (w/cash option)

Ticker	Name	Expense Ratio	Old Investment Objective	New Investment Objective	Benchmark Name
FIBR	iShares Edge U.S. Fixed Income Balanced Risk ETF	0.25%	The iShares Edge U.S. Fixed Income Balanced Risk ETF seeks total return and preservation of capital	The iShares Edge U.S. Fixed Income Balanced Risk ETF seeks to track the investment results of the Bloomberg Barclays U.S. Fixed Income Balanced Risk Index.	Bloomberg Barclays U.S. Fixed Income Balanced Risk Index

December 29, 2017 – iShares Product Update

Fund Name Changes & Expense Ratio Updates

On 12/29/2017, 55 iShares funds with FYE 8/31/17 will have expense ratio updates.

Additionally, in an effort to simplify the fund names and ensure consistency across the market, we will remove the word “capped” from the fund name across 28 iShares funds. The changes mentioned above are noted in the charts below, respectively.

Fund Name	Ticker	Old Expense Ratio	New Expense Ratio	Reason
iShares Currency Hedged MSCI Emerging Markets ETF	HEEM	0.71%	0.69%	Change in AFFE
iShares Adaptive Currency Hedged MSCI Eurozone ETF	DEZU	0.51%	0.52%	Change in AFFE
iShares Currency Hedged MSCI Australia ETF	HAUD	0.51%	0.52%	Change in AFFE
iShares Currency Hedged MSCI Canada ETF	HEWC	0.51%	0.52%	Change in AFFE
iShares Currency Hedged MSCI Eurozone ETF	HEZU	0.51%	0.52%	Change in AFFE
iShares Currency Hedged MSCI Italy ETF	HEWI	0.48%	0.49%	Change in AFFE
iShares Currency Hedged MSCI Mexico ETF	HEWW	0.51%	0.53%	Change in AFFE
iShares Currency Hedged MSCI South Korea ETF	HEWY	0.64%	0.61%	Change in AFFE
iShares Currency Hedged MSCI Spain ETF	HEWP	0.51%	0.52%	Change in AFFE
iShares Currency Hedged MSCI Switzerland ETF	HEWL	0.51%	0.52%	Change in AFFE
iShares MSCI Australia ETF	EWA	0.48%	0.49%	Change in Breakpoint
iShares MSCI Austria Capped ETF	EWO	0.48%	0.49%	Change in Breakpoint
iShares MSCI Belgium Capped ETF	EWK	0.48%	0.49%	Change in Breakpoint
iShares MSCI Brazil Capped ETF	EWZ	0.63%	0.62%	Change in Breakpoint
iShares MSCI Canada ETF	EWC	0.48%	0.49%	Change in Breakpoint
iShares MSCI Chile Capped ETF	ECH	0.64%	0.62%	Change in Breakpoint
iShares MSCI Emerging Markets Small-Cap ETF	EEMS	0.71%	0.69%	Change in Breakpoint
iShares MSCI Eurozone ETF	EZU	0.48%	0.49%	Change in Breakpoint
iShares MSCI France ETF	EWQ	0.48%	0.49%	Change in Breakpoint
iShares MSCI Germany ETF	EWG	0.48%	0.49%	Change in Breakpoint
iShares MSCI Hong Kong ETF	EWH	0.48%	0.49%	Change in Breakpoint
iShares MSCI Israel Capped ETF	EIS	0.64%	0.62%	Change in Breakpoint
iShares MSCI Italy Capped ETF	EWI	0.48%	0.49%	Change in Breakpoint
iShares MSCI Japan ETF	EWJ	0.48%	0.49%	Change in Breakpoint
iShares MSCI Japan Small-Cap ETF	SCJ	0.48%	0.49%	Change in Breakpoint
iShares MSCI Malaysia ETF	EWM	0.48%	0.49%	Change in Breakpoint
iShares MSCI Mexico Capped ETF	EWW	0.48%	0.49%	Change in Breakpoint
iShares MSCI Netherlands ETF	EWN	0.48%	0.49%	Change in Breakpoint
iShares MSCI Russia Capped ETF	ERUS	0.64%	0.62%	Change in Breakpoint
iShares MSCI Singapore ETF	EWS	0.48%	0.49%	Change in Breakpoint
iShares MSCI South Africa ETF	EZA	0.64%	0.62%	Change in Breakpoint
iShares MSCI South Korea Capped ETF	EWY	0.64%	0.62%	Change in Breakpoint
iShares MSCI Spain Capped ETF	EWP	0.48%	0.49%	Change in Breakpoint
iShares MSCI Sweden ETF	EWD	0.48%	0.49%	Change in Breakpoint
iShares MSCI Switzerland Capped ETF	EWL	0.48%	0.49%	Change in Breakpoint
iShares MSCI Taiwan ETF	EWT	0.64%	0.62%	Change in Breakpoint
iShares MSCI Thailand Capped ETF	THD	0.63%	0.62%	Change in Breakpoint
iShares MSCI Turkey ETF	TUR	0.64%	0.62%	Change in Breakpoint
iShares MSCI All Peru Capped ETF	EPU	0.63%	0.62%	Change in Breakpoint
iShares MSCI Brazil Small-Cap ETF	EWZS	0.63%	0.62%	Change in Breakpoint
iShares MSCI China ETF	MCHI	0.64%	0.62%	Change in Breakpoint
iShares MSCI China Small-Cap ETF	ECNS	0.64%	0.62%	Change in Breakpoint
iShares MSCI Indonesia ETF	EIDO	0.63%	0.62%	Change in Breakpoint
iShares MSCI Ireland Capped ETF	EIRL	0.48%	0.49%	Change in Breakpoint
iShares MSCI New Zealand Capped ETF	ENZL	0.48%	0.49%	Change in Breakpoint
iShares MSCI Philippines ETF	EPHE	0.64%	0.62%	Change in Breakpoint
iShares MSCI Qatar Capped ETF	QAT	0.64%	0.62%	Change in Breakpoint
iShares MSCI UAE Capped ETF	UAE	0.64%	0.62%	Change in Breakpoint
iShares MSCI United Kingdom ETF	EWU	0.48%	0.49%	Change in Breakpoint
iShares MSCI Emerging Markets ETF	EEM	0.72%	0.69%	Change in Breakpoint & foreign taxes
iShares MSCI BRIC ETF	BKF	0.72%	0.70%	Change in Breakpoint & other expenses
iShares MSCI Poland Capped ETF	EPOL	0.64%	0.63%	Change in Breakpoint & other expenses
iShares MSCI India ETF	INDA	0.71%	0.68%	Change in foreign taxes
iShares MSCI India Small-Cap ETF	SMIN	0.80%	0.75%	Change in foreign taxes
iShares MSCI Finland Capped ETF	EFNL	0.53%	0.55%	Change in other expenses

* AFFE: Acquired Fund Fees and Expenses

Ticker	Old Fund Name	New Fund Name
ECH	iShares MSCI Chile Capped ETF	iShares MSCI Chile
EDEN	iShares MSCI Denmark Capped ETF	iShares MSCI Denmark
EFNL	iShares MSCI Finland Capped ETF	iShares MSCI Finland
EIRL	iShares MSCI Ireland Capped ETF	iShares MSCI Ireland
EIS	iShares MSCI Israel Capped ETF	iShares MSCI Israel
ENOR	iShares MSCI Norway Capped ETF	iShares MSCI Norway
ENZL	iShares MSCI New Zealand Capped ETF	iShares MSCI New Zealand
EPOL	iShares MSCI Poland Capped ETF	iShares MSCI Poland
EPU	iShares MSCI All Peru Capped ETF	iShares MSCI Peru
ERUS	iShares MSCI Russia Capped ETF	iShares MSCI Russia
EWD	iShares MSCI Sweden Capped ETF	iShares MSCI Sweden
EWI	iShares MSCI Italy Capped ETF	iShares MSCI Italy
EWK	iShares MSCI Belgium Capped ETF	iShares MSCI Belgium
EWL	iShares MSCI Switzerland Capped ETF	iShares MSCI Switzerland
EWO	iShares MSCI Austria Capped ETF	iShares MSCI Austria
EWP	iShares MSCI Spain Capped ETF	iShares MSCI Spain
EWS	iShares MSCI Singapore Capped ETF	iShares MSCI Singapore
EWT	iShares MSCI Taiwan Capped ETF	iShares MSCI Taiwan
EWW	iShares MSCI Mexico Capped ETF	iShares MSCI Mexico
EWY	iShares MSCI South Korea Capped ETF	iShares MSCI South Korea
EWZ	iShares MSCI Brazil Capped ETF	iShares MSCI Brazil
ICOL	iShares MSCI Colombia Capped ETF	iShares MSCI Colombia
KSA	iShares MSCI Saudi Arabia Capped ETF	iShares MSCI Saudi Arabia
QAT	iShares MSCI Qatar Capped ETF	iShares MSCI Qatar
REM	iShares Mortgage Real Estate Capped ETF	iShares Mortgage Real Estate
REZ	iShares Residential Real Estate Capped ETF	iShares Residential Real Estate
THD	iShares MSCI Thailand Capped ETF	iShares MSCI Thailand
UAE	iShares MSCI UAE Capped ETF	iShares MSCI UAE ETF

December 15, 2017 – iShares Product Update

IBDJ Fund Closure

Effective December 15th, the iShares® iBonds® Dec 2017 Term Corporate ETF (ticker: IBDJ) is closing in accordance with its prospectus and investment objective.

Fund Name	Ticker	Expense Ratio	Benchmark	Exchange
iShares^® iBonds^® Dec 2017 Term Corporate ETF	IBDJ	0.15%	Bloomberg Barclays December 2017 Maturity Corporate Index	NYSE Arca

December 1, 2017 – iShares Product Update

Expense Ratio Update and IBB Split

As of 12/1/2017, the expense ratios for several iShares funds has changed. Please reference the chart below for details regarding these changes.

Additionally, after close of trading on 11/30/2017, the iShares Nasdaq Biotechnology ETF (ticker: IBB) underwent a 3 for 1 forward split.

Fund Name	Ticker	Old Net Expense Ratio	New Net Expense Ratio*	Difference	Reason
iShares Adaptive Currency Hedged MSCI EAFE ETF	DEFA	0.36%	0.35%	-0.01%	Change in AFFE
iShares Currency Hedged MSCI ACWI ETF	HACW	0.36%	0.35%	-0.01%	Change in AFFE
iShares Currency Hedged MSCI ACWI ex U.S. ETF	HAWX	0.36%	0.35%	-0.01%	Change in AFFE
iShares Currency Hedged MSCI EAFE ETF	HEFA	0.36%	0.35%	-0.01%	Change in AFFE
iShares MSCI ACWI ETF	ACWI	0.33%	0.32%	-0.01%	Change in Breakpoint
iShares MSCI ACWI ex U.S. ETF	ACWX	0.33%	0.32%	-0.01%	Change in Breakpoint
iShares MSCI All Country Asia ex Japan ETF	AAXJ	0.72%	0.70%	-0.02%	Change in Breakpoint
iShares MSCI EAFE ETF	EFA	0.33%	0.32%	-0.01%	Change in Breakpoint

* Net expense ratios shown. For certain funds, the expense ratio may reflect fee waivers and/or expense reimbursements without which would have resulted in a higher expense ratio.

November 14, 2017 – iShares Product Update

iShares Releases Capital Gains Estimates

On November 13th, iShares released capital gains distribution estimates for 2017. This year, ~95% of iShares ETFs are not expected to distribute capital gains. iShares is only paying capital gains on 17 ETFs, which represents ~5% of total funds.

Of particular note:

100% of iShares Core ETFs are not paying capital gains, excluding the Core Allocation funds
100% of iShares U.S. equity style-box ETFs are not paying capital gains
Nearly 95% of iShares fixed income ETFs are not paying capital gains

For more details view the 2017 Estimated Capital Gains Distributions

October 18, 2017 – iShares Product Update

Share Split for Two iShares Funds

The Board of Trustees for iShares Trust has authorized a share split for the iShares California Muni Bond ETF (ticker: CMF) and the iShares New York Muni Bond ETF (ticker: NYF) for shareholders of record as of the close of business on October 17th, 2017, payable after the close of trading on October 18th, 2017.

Please refer to the chart below for information regarding these share splits.

Fund Name	Ticker	Expense Ratio	Index Name	Proposed Forward Split Ratio
iShares California Muni Bond ETF	CMF	0.25%	S&P California AMT-Free Municipal Bond Index	2 for 1
iShares New York Muni Bond ETF	NYF	0.25%	S&P New York AMT-Free Municipal Bond Index	2 for 1

September 1, 2017 – iShares Product Update

BlackRock Announces Index Changes on Three iShares ETFs

Effective September 1st, three iShares MSCI funds are undergoing benchmark changes to the capped version for RIC diversification purposes – the iShares MSCI Netherlands ETF (ticker: EWN), the iShares MSCI South Africa ETF (ticker: EZA) and the iShares MSCI Canada ETF (ticker: EWC). For further details on this change, please reference the chart below as well as the press release.

Additionally, the iShares® iBonds® Sep 2017 Term Muni Bond ETF (ticker: IBMF) is closing today in accordance with its prospectus and investment objective.

Fund Name	Ticker	Expense Ratio	Current Underlying Index	New Underlying Index
iShares MSCI Netherlands ETF	EWN	0.48%	MSCI Netherlands Investable Market Index	MSCI Netherlands IMI 25/50 Index
iShares MSCI South Africa ETF	EZA	0.64%	MSCI South Africa Index	MSCI South Africa 25/50 Index
iShares MSCI Canada ETF	EWC	0.48%	MSCI Canada Index	MSCI Canada Custom Capped Index

August 31, 2017 – iShares Product Update

Share Split for the iShares International Treasury Bond ETF

The Board of Trustees for iShares Trust has authorized a share split for the iShares International Treasury Bond ETF (ticker: IGOV) for shareholders of record as of the close of business on August 28th, 2017, payable after the close of trading on August 30th, 2017.

Fund Name	Ticker	Expense Ratio	Index Name	Proposed Forward Split Ratio
iShares International Treasury Bond ETF	IGOV	0.35%	S&P/Citigroup International Treasury Bond Index Ex-US	2 for 1

August 4, 2017 – iShares Product Update

iShares Fee Cuts

iShares has reduced the fees for 12 ETFs as part of the continual review of our lineup to ensure we offer quality exposures at competitive prices to meet the needs of our clients. Please reference the chart below for full details.

Category	Fund Name	Ticker	Current Expense Ratio	New Expense Ratio
U.S. Fixed Income	iShares 0-5 Year TIPS Bonds ETF	STIP	0.10%	0.06%
	iShares 0-5 Year Investment Grade Corp. Bond ETF	SLQD	0.08%	0.06%
	iShares Fallen Angels USD Bond ETF	FALN	0.35%	0.25%
	iShares MBS ETF*	MBB	0.27%	0.09%
Core Fixed Income	iShares Core Total USD Bond Market ETF	IUSB	0.08%	0.06%
	iShares 1-5 Year USD Bond ETF	ISTB	0.08%	0.06%
	iShares Core 5-10 Year USD Bond ETF	IMTB	0.08%	0.06%
	iShares Core 10+ Year USD Bond ETF	ILTB	0.08%	0.06%
	iShares Core International Aggregate Bond ETF	IAGG	0.11%	0.09%
U.S. & International Equities	iShares MSCI EAFE ESG Optimized ETF	ESGD	0.40%	0.20%
	iShares MSCI EM ESG Optimized ETF	ESGE	0.45%	0.25%
	iShares MSCI USA ESG Optimized ETF	ESGU	0.28%	0.15%

* Note: MBB price cut occurred on 7/13/17

August 1, 2017 – iShares Product Update

iShares Transitions Primary Listing Venue for 50 iShares ETFs

As previously reported, iShares has transitioned the primary listing exchange for 50 iShares ETFs effective August 2nd, please reference the press release.

NYSE to Bats

Ticker	Name	Former Exchange	New Exchange
ACWV	iShares Edge MSCI Min Vol Global ETF	NYSE Arca	Bats
ECH	iShares MSCI Chile Capped ETF	NYSE Arca	Bats
EEMV	iShares Edge MSCI Min Vol Emerging Markets ETF	NYSE Arca	Bats
EFAV	iShares Edge MSCI Min Vol EAFE ETF	NYSE Arca	Bats
EFG	iShares MSCI EAFE Growth ETF	NYSE Arca	Bats
EFV	iShares MSCI EAFE Value ETF	NYSE Arca	Bats
FLOT	iShares Floating Rate Bond ETF	NYSE Arca	Bats
GOVT	iShares U.S. Treasury Bond ETF	NYSE Arca	Bats
GVI	iShares Intermediate Government/Credit Bond ETF	NYSE Arca	Bats
HEEM	iShares Currency Hedged MSCI Emerging Markets ETF	NYSE Arca	Bats
HEFA	iShares Currency Hedged MSCI EAFE ETF	NYSE Arca	Bats
ICF	iShares Cohen & Steers REIT ETF	NYSE Arca	Bats
IDV	iShares International Select Dividend ETF	NYSE Arca	Bats
IEFA	iShares Core MSCI EAFE ETF	NYSE Arca	Bats
IEO	iShares U.S. Oil & Gas Exploration & Production ETF	NYSE Arca	Bats
IGE	iShares North American Natural Resources ETF	NYSE Arca	Bats
IGV	iShares North American Tech-Software ETF	NYSE Arca	Bats
IPFF	iShares International Preferred Stock ETF	NYSE Arca	Bats
ITA	iShares U.S. Aerospace & Defense ETF	NYSE Arca	Bats
ITB	iShares U.S. Home Construction ETF	NYSE Arca	Bats
IYJ	iShares U.S. Industrials ETF	NYSE Arca	Bats
IYT	iShares Transportation Average ETF	NYSE Arca	Bats
IYZ	iShares U.S. Telecommunications ETF	NYSE Arca	Bats
MTUM	iShares Edge MSCI USA Momentum Factor ETF	NYSE Arca	Bats
PICK	iShares MSCI Global Metals & Mining Producers ETF	NYSE Arca	Bats
QUAL	iShares Edge MSCI USA Quality Factor ETF	NYSE Arca	Bats
REM	iShares Mortgage Real Estate Capped ETF	NYSE Arca	Bats
SLVP	iShares MSCI Global Silver Miners ETF	NYSE Arca	Bats
USMV	iShares Edge MSCI Min Vol USA ETF	NYSE Arca	Bats
VLUE	iShares Edge MSCI USA Value Factor ETF	NYSE Arca	Bats

NYSE to Nasdaq

Ticker	Name	Former Exchange	New Exchange
CIU	iShares Intermediate Credit Bond ETF	NYSE Arca	Nasdaq
CRED	iShares U.S. Credit Bond ETF	NYSE Arca	Nasdaq
CSJ	iShares 1-3 Year Credit Bond ETF	NYSE Arca	Nasdaq
DVY	iShares Select Dividend ETF	NYSE Arca	Nasdaq
EMB	iShares J.P. Morgan USD Emerging Markets Bond ETF	NYSE Arca	Nasdaq
HEWG	iShares Currency Hedged MSCI Germany ETF	NYSE Arca	Nasdaq
IEF	Shares 7-10 Year Treasury Bond ETF	NYSE Arca	Nasdaq
IEI	iShares 3-7 Year Treasury Bond ETF	NYSE Arca	Nasdaq
IJT	iShares S&P Small-Cap 600 Growth ETF	NYSE Arca	Nasdaq
ISTB	iShares Core 1-5 Year USD Bond ETF	NYSE Arca	Nasdaq
IUSB	iShares Core Total USD Bond Market ETF	NYSE Arca	Nasdaq
IUSG	iShares Core S&P U.S. Growth ETF	NYSE Arca	Nasdaq
IUSV	iShares Core S&P U.S. Value ETF	NYSE Arca	Nasdaq
MBB	iShares MBS ETF	NYSE Arca	Nasdaq
PFF	iShares U.S. Preferred Stock ETF	NYSE Arca	Nasdaq
RING	iShares MSCI Global Gold Miners ETF	NYSE Arca	Nasdaq
SHV	iShares Short Treasury Bond ETF	NYSE Arca	Nasdaq
SHY	iShares 1-3 Year Treasury Bond ETF	NYSE Arca	Nasdaq
TUR	iShares MSCI Turkey ETF	NYSE Arca	Nasdaq
XT	iShares Exponential Technologies ETF	NYSE Arca	Nasdaq

July 13, 2017 – iShares Product Update

iShares Ticker/Fee Changes

Effective July 13th, two of our funds will be undergoing updates.

Fund Name	Ticker	Old Expense Ratio	New Expense Ratio	Index Name	Exchange
iShares MBS ETF	MBB	0.28%	0.09%*	Bloomberg Barclays US Mortgage Backed Securities Index	NYSE Arca

Fund Name	Old Ticker	New Ticker	Expense Ratio	Index Name	Exchange
iShares MSCI USA ESG Select ETF	KLD	SUSA	0.50%	MSCI USA ESG Select Index	NYSE Arca

* Contractual fee waivers are in place until 2/28/2023. Gross expense ratio is 0.12%.

June 1, 2017 – iShares Product Update

Effective June 1st, the iShares Emerging Markets Corporate Bond ETF (CEMB) and the iShares Emerging Markets Local Currency Bond ETF (LEMB) underwent benchmark changes. For full details, please reference the chart below as well as the attached index comparison piece. Please note that there will be no changes to either of the funds expense ratios.

Current Fund Name	Ticker	New Fund Name	Current Index Name	New Index Name
iShares Emerging Markets Corporate Bond ETF	CEMB	iShares J.P. Morgan EM Corporate Bond ETD	Morningstar Emerging Markets Corporate Bond Index	J.P. Morgan CEMBI Broad Diversified Core Index
iShares Emerging Markets Local Bond ETF	LEMB	iShares J.P. Morgan EM Local Currency Bond ETF	Bloomberg Barclays Emerging Markets Broad Local Currency Bond Index	J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index

Due Diligence Team

Dominic Maister
Managing Director
212-810-8557
Email

Grant Einhorn
Director
415-670-4634
Email

Kathryn Bernhardt
Director
212-810-8218
Email

Craig Dehner
Director
415-670-6810
Email

Sara Prager
Vice President
646-231-1984
Email

Avyay Gollabinnie
Associate
415-670-2956
Email

Lauren Miller
Associate
646-231-0304
Email

Alex Dorado
Associate
415-670-2084
Email

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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Barclays, Bloomberg Finance L.P., BlackRock Index Services, LLC, Cohen & Steers Capital Management, Inc., European Public Real Estate Association (“EPRA® ”), FTSE International Limited (“FTSE”), ICE Data Services, LLC, India Index Services & Products Limited, JPMorgan Chase & Co., Japan Exchange Group, MSCI Inc., Markit Indices Limited, Morningstar, Inc., The NASDAQ OMX Group, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), New York Stock Exchange, Inc., Russell or S&P Dow Jones Indices LLC. None of these companies make any representation regarding the advisability of investing in the Funds. With the exception of BlackRock Index Services, LLC, who is an affiliate, BlackRock Investments, LLC is not affiliated with the companies listed above.

Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Equity REITS Index, FTSE NAREIT All Residential Capped Index or FTSE NAREIT All Mortgage Capped Index; all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index, FTSE EPRA/NAREIT Developed Europe Index or FTSE EPRA/NAREIT Global REIT Index; all rights vest in FTSE, NAREIT and EPRA.“FTSE®” is a trademark of London Stock Exchange Group companies and is used by FTSE under license.

© 2019 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, iSHARES CONNECT, FUND FRENZY, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, BUILT FOR THESE TIMES, the iShares Core Graphic, CoRI and the CoRI logo are registered and unregistered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.

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