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USRT

iShares Core U.S. REIT ETF

How To Buy

NAV as of Jul 22, 2019 $51.90
52 WK: 43.08 - 53.99
1 Day NAV Change as of Jul 22, 2019 -0.09 (-0.17%)
NAV Total Return as of Jul 22, 2019 YTD: 17.55% YTD (year to date) is a period, starting from the beginning of the current calendar year, and continuing up to the present day.
Fees as stated in the prospectus Expense Ratio: 0.08%

Overview

Why USRT?

1. Low cost access to diversified U.S. REITs (Real Estate Investment Trusts)
2. Seek income and growth with broad exposure to U.S. real estate across property sectors
3. Use at the core of a portfolio for long term exposure to U.S. real estate

INVESTMENT OBJECTIVE

The iShares Core U.S. REIT ETF seeks to track the investment results of an index composed of U.S. real estate equities.

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Performance

Returns

Average Annual
Cumulative
Calendar Year

	1y	3y	5y	10y	Incept.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	11.19	4.27	7.81	14.64	4.76
Market Price (%) Market price return represents changes to the midpoint price and accounts for distributions from the fund. The midpoint is the average of the bid-ask prices at 4:00 PM ET (when NAV is normally determined for most funds).	11.05	4.26	7.83	14.62	4.72
Benchmark (%) On 11/03/2016 USRT began to track the FTSE NAREIT Equity REITs Index. Historical index data prior 11/03/2016 is for the FTSE NAREIT Real Estate 50 Index; index data on and after 11/03/2016 is for the FTSE NAREIT Equity REITs Index.	11.21	4.31	8.01	15.03	5.09
After Tax Pre-Liq. (%) Return after taxes on distributions. Assumes fund shares have not been sold.	9.17	2.58	6.09	12.97	3.16
After Tax Post-Liq. (%) Return after taxes on distributions and sale of fund shares.	6.68	2.52	5.30	11.43	2.93

Missing average annual returns data

	YTD	1m	3m	6m	1y	3y	5y	10y	Incept.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	17.73	1.26	1.22	17.73	11.19	13.38	45.65	291.90	76.08
Market Price (%) Market price return represents changes to the midpoint price and accounts for distributions from the fund. The midpoint is the average of the bid-ask prices at 4:00 PM ET (when NAV is normally determined for most funds).	17.63	1.22	1.14	17.63	11.05	13.35	45.75	291.46	75.35
Benchmark (%) On 11/03/2016 USRT began to track the FTSE NAREIT Equity REITs Index. Historical index data prior 11/03/2016 is for the FTSE NAREIT Real Estate 50 Index; index data on and after 11/03/2016 is for the FTSE NAREIT Equity REITs Index.	17.78	1.26	1.24	17.78	11.21	13.50	47.03	305.78	82.96
After Tax Pre-Liq. (%) Return after taxes on distributions. Assumes fund shares have not been sold.	16.98	0.96	0.92	16.98	9.17	7.95	34.39	238.43	45.95
After Tax Post-Liq. (%) Return after taxes on distributions and sale of fund shares.	10.50	0.75	0.73	10.50	6.68	7.76	29.44	195.13	42.04

Missing cumulative returns data

	2014	2015	2016	2017	2018
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	28.16	3.87	8.08	5.17	-4.55
Market Price (%) Market price return represents changes to the midpoint price and accounts for distributions from the fund. The midpoint is the average of the bid-ask prices at 4:00 PM ET (when NAV is normally determined for most funds).	28.36	3.80	8.08	5.18	-4.57
Benchmark (%) Index: FTSE Nareit Equity REITS Index. On 11/03/2016 USRT began to track the FTSE NAREIT Equity REITs Index. Historical index data prior 11/03/2016 is for the FTSE NAREIT Real Estate 50 Index; index data on and after 11/03/2016 is for the FTSE NAREIT Equity REITs Index.	28.73	4.40	8.26	5.23	-4.62

Missing calendar year returns data

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

iShares Core U.S. REIT ETF ($)

The Hypothetical Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Historical NAVs

Historical Prices

Distributions

Ex-Date	Total Distribution	Income

Distributions Schedule

Record Date	Ex-Date	Payable Date	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end.	Income	ST Cap Gains	LT Cap Gains	Return of Capital

Premium/Discount

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Key Facts

Net Assets as of Jul 22, 2019 $1,458,441,843

Inception Date May 01, 2007

Exchange NYSE Arca

Asset Class Real Estate

Benchmark Index Index: {0}. On 11/03/2016 USRT began to track the FTSE NAREIT Equity REITs Index. Historical index data prior 11/03/2016 is for the FTSE NAREIT Real Estate 50 Index; index data on and after 11/03/2016 is for the FTSE NAREIT Equity REITs Index. FTSE Nareit Equity REITS Index

Bloomberg Index Ticker FNRETR

Shares Outstanding as of Jul 22, 2019 28,100,000

Number of Holdings The number of holdings in the fund excluding cash positions and derivatives such as futures and currency forwards. as of Jul 19, 2019 157

Premium/Discount The amount the Fund is trading above or below the reported NAV expressed as a percentage of the NAV. When the fund's market price is greater than the fund’s NAV, it is said to be trading at a "Premium" and the percentage is expressed as a positive number. When the fund's market price is less than the fund’s NAV, it is said to be trading at a "Discount" and the percentage is expressed as a negative number. as of Jul 22, 2019 0.00%

CUSIP 464288521

Closing Price as of Jul 22, 2019 51.93

Mid-Point Price The midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 pm eastern time for most funds). as of Jul 22, 2019 51.90

Options Available No

20 Day Avg. Volume The average number of shares traded in a security across all U.S. exchanges over the last 20 trading days. as of Jul 22, 2019 199,037.70

Daily Volume The number of shares traded in a security across all U.S. exchanges on the date indicated. as of Jul 22, 2019 90,261.00

Portfolio Characteristics

P/CF Ratio The price to cash flow ratio (P/CF) is a fundamental measure used to determine if an investment is valued appropriately. Each holding's P/CF is the latest closing price divided by the latest fiscal year's cash flow per share. Negative P/CF ratios are excluded from this calculation. as of Jul 22, 2019 15.92

P/B Ratio The price-to-book value (P/B) ratio is a fundamental measure used to determine if an investment is valued appropriately. The book value of a company is a measure of how much a company's assets are worth assuming the company's debts are paid off. Each holding's P/B is the latest closing price divided by the latest fiscal year's book value per share. Negative book values are excluded from this calculation. as of Jul 22, 2019 2.36

Equity Beta (3y) Beta is a measure of the tendency of securities to move with the market as a whole. A beta of 1 indicates that the security's price will move with the market. A beta less than 1 indicates the security tends to be less volatile than the market, while a beta greater than 1 indicates the security is more volatile than the market.<br/><br/>Calculated vs. S&P 500 as of Jun 30, 2019 0.59

Standard Deviation (3y) Standard deviation measures how dispersed returns are around the average. A higher standard deviation indicates that returns are spread out over a larger range of values and thus, more volatile. as of Jun 30, 2019 13.02%

Distribution Yield The annual yield an investor would receive if the most recent fund distribution and current fund price stayed the same going forward. It’s calculated by annualizing the most recent distribution and dividing by the fund’s net asset value (NAV) from the as-of date. as of Jun 30, 2019 3.09%

12m Trailing Yield The yield an investor would have received if they had held the fund over the last twelve months assuming the most recent NAV. The 12-Month yield is calculated by assuming any income distributions over the past twelve months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past twelve months. as of Jun 30, 2019 4.62%

30 Day SEC Yield A standard calculation of yield introduced by the SEC in order to provide fairer comparison among funds. This yield reflects the interest earned after deducting the fund's expenses during the most recent 30-day period by the average investor in the fund. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. as of Jun 30, 2019 3.22%

This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Sustainability Characteristics

ESG metrics help investors evaluate companies based on environmental, social, and governance risks and opportunities — and the companies’ ability to manage them. They can help investors integrate material, non-financial information into their investment process. Learn more.

MSCI ESG Quality Score The fund's overall MSCI ESG Quality Score measures the ability of underlying holdings to manage key medium- to long-term risks and opportunities arising from environmental, social, and governance factors. The MSCI ESG Quality Score is calculated as the weighted average of the underlying holding's ESG Scores. It is provided on a 0-10 scale, with 0 and 10 being the respective lowest and highest possible fund scores. MSCI rates underlying holdings according to their exposure to 37 industry specific ESG risks and their ability to manage those risks relative to peers. These issuer-level ESG ratings correspond to an issuer-level ESG Score. as of Jul 01, 2019 4.3

MSCI ESG Quality Score - Peer Rank The MSCI ESG Quality Score - Peer Rank is a percentile rank (1-100) that measures how the fund's MSCI ESG Quality Score ranks relative to other funds in the same peer group. as of Jul 01, 2019 41.89%

MSCI ESG % Coverage Percent by weight of a fund's holdings that have ESG Data. as of Jul 01, 2019 98.59%

Fund Lipper Global Classification The fund peer group as defined by the Lipper Global Classification. as of Jul 01, 2019 Equity Sector Real Est US

MSCI Weighted Average Carbon Intensity
(Tons CO2E/$M SALES) The MSCI Weighted Average Carbon Intensity measures a fund's exposure to carbon intensive companies. This figure represents the estimated greenhouse gas emissions per $1 million in sales across the fund’s holdings. The figure is a sum of the normalized security weight multiplied by the security Carbon Intensity. This allows for comparisons between funds of different sizes. as of Jul 01, 2019 111.16

Fund Lipper Global Classification Size The number of funds used to calculate the MSCI ESG Quality Score - Peer Rank. This is based on the Lipper Global Classification and reflects the funds that are in the MSCI ESG Fund Metrics coverage universe. as of Jul 01, 2019 148

All data is from MSCI Fund Metrics as of Jul 01, 2019, based on holdings as of Apr 30, 2019.

For newly launched funds, sustainability characteristics are typically available 6 months after launch.

To be included in MSCI ESG Fund Metrics, 65% of the fund’s underlying holdings (excluding cash positions) must be covered by MSCI ESG Research, the fund’s holdings date must be less than one year old, and the fund must have at least ten securities.

Inclusion of Sustainability Characteristics is not indicative of a fund’s investment objective, nor is it an implication that a fund employs an ESG-related portfolio management strategy.

Fees

as of current prospectus

Management Fee	0.08%
Acquired Fund Fees and Expenses Acquired Fund Fees and Expenses (“AFFE”) reflect the Fund's pro rata share of the indirect fees and expenses incurred by investing in one or more acquired funds, such as mutual funds, business development companies, or other pooled investment vehicles. AFFE are reflected in the prices of the acquired funds and thus included in the total returns of the Fund.	0.00%
Foreign Taxes and Other Expenses	0.00%
Expense Ratio As stated in the Fund’s current prospectus.	0.08%

Ticker	Name	Sector	Shares	Market Value	Weight (%)	Price	Exchange	Notional Value

Ticker	Name	Asset Class	Weight (%)	Price	Shares	Market Value	Notional Value	Sector	SEDOL	ISIN	Exchange

Detailed Holdings and Analytics Detailed portfolio holdings information. Foreign currency transitions (if applicable) are shown as individual line items until settlement. Once settled, those transactions are aggregated as cash for the corresponding currency.

Holdings are subject to change.

Exposure Breakdowns

Sector

as of Jul 22, 2019

% of Market Value

Type	Fund

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Allocations are subject to change.

Literature

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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 ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Free commission offer applies to online purchases of select iShares ETFs in a Fidelity account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain Fidelity Brokerage Services platforms and investment programs. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Additional information about the sources, amounts, and terms of compensation can be found in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice.

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

©2019 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, iTHINKING, 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.

ICRMH0719U-885409

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Important Information

Investing involves risk, including possible loss of principal.

Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and than the general securities market.

Real estate investment trusts ("REITs") are subject to changes in economic conditions, credit risk and interest rate fluctuations.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times.

Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Certain sectors and markets perform exceptionally well based on current market conditions and iShares Funds can benefit from that performance. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such results will be repeated.

Distribution Yield and 12m Trailing Yield results may have period over period volatility due to factors including tax considerations such as treatment of passive foreign investment companies (PFICs), treatment of defaulted bonds or excise tax requirements; exceptional corporate actions; seasonality of dividends from underlying holdings; significant fluctuations in fund shares outstanding; or fund capital gain distributions.

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

Although BlackRock shall obtain data from sources that BlackRock considers reliable, all data contained herein is provided “as is” and BlackRock makes no representation or warranty of any kind, either express or implied, with respect to such data, the timeliness thereof, the results to be obtained by the use thereof or any other matter. BlackRock expressly disclaims any and all implied warranties, including without limitation, warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose.

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.

ICR0918U-612032-1900686

Performance

Performance

Returns

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Distributions

Premium/Discount

Key Facts

Key Facts

Portfolio Characteristics

Portfolio Characteristics

Sustainability Characteristics

Sustainability Characteristics

Fees

Fees

Holdings

Holdings

Exposure Breakdowns

Exposure Breakdowns

Literature

Literature

How to Buy iShares ETFs

How to Buy iShares ETFs

Important Information