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Information for certain iShares ETFs

Certain iShares ETFs listed on BATS Exchange, Inc. (“BATS”) and NYSE Arca, Inc. (“NYSE Arca”) participated in a program designed to incent market makers to provide liquidity in less actively traded products to help strengthen their investment appeal. BATS calls their program the BATS Competitive Liquidity Provider ("CLP") Program, and NYSE Arca calls their program the NYSE Arca ETP Incentive Program (together, the "Incentive Programs"). The participation of any iShares ETFs in the program has ended, as detailed in this press release.

BlackRock paid a fee for each of its ETFs that participated in one of the Incentive Programs. The payment of a fee was intended to help generate more quotes and trading than might otherwise exist absent this payment.

Participation in the Incentive Programs may have potential impacts on the price and liquidity of ETFs that were in the program. In particular, there could be a positive or negative impact on a purchaser's subsequent sale of an ETF that has left either Incentive Program.

BATS CLP Program fees and entry/exit dates:

Fund Name Date of Entry Date of Exit Program Fee
iShares MSCI Emerging Markets Horizon ETF (EMHZ) October 16, 2014 July 1, 2016 $30,000
iShares B- Ca Rated Corporate Bond ETF (QLTC) January 2, 2015 July 1, 2016 $30,000
iShares Baa – Ba Rated Corporate Bond ETF (QLTB) January 2, 2015 July 1, 2016 $30,000
iShares Emerging Markets Corporate Bond ETF (CEMB) January 2, 2015 July 1, 2016 $30,000
iShares Emerging Markets High Yield Bond ETF (EMHY) January 2, 2015 July 1, 2016 $30,000
iShares Global ex USD High Yield Corporate Bond ETF (HYXU) January 2, 2015 July 1, 2016 $30,000
iShares Global High Yield Corporate Bond ETF (GHYG) January 2, 2015 July 1, 2016 $30,000
iShares Liquidity Income ETF (ICSH) January 2, 2015 July 1, 2016 $30,000
iShares Morningstar Multi-Asset Income ETF (IYLD) January 2, 2015 July 1, 2016 $30,000
iShares MSCI Denmark Capped ETF (EDEN) January 2, 2015 July 1, 2016 $30,000
iShares MSCI Finland Capped ETF (EFNL) January 2, 2015 July 1, 2016 $30,000
iShares MSCI Germany Small-Cap ETF (EWGS) January 2, 2015 July 1, 2016 $30,000
iShares MSCI India ETF (INDA) January 2, 2015 May 29, 2015 $30,000
iShares MSCI India Small-Cap ETF (SMIN) January 2, 2015 July 1, 2016 $30,000
iShares MSCI Norway Capped ETF (ENOR) January 2, 2015 July 1, 2016 $30,000
iShares MSCI United Kingdom Small-Cap ETF (EWUS) January 2, 2015 July 1, 2016 $30,000
iShares Short Maturity Bond ETF (NEAR) January 2, 2015 July 1, 2016 $30,000
iShares U.S. Fixed Income Balanced Risk ETF (INC) February 26, 2015 July 1, 2016 $30,000
iShares Short Maturity Municipal Bond ETF (MEAR) March 5, 2015 July 1, 2016 $30,000
iShares Convertible Bond ETF (ICVT) June 4, 2015 July 1, 2016 $30,000

Leaving the program may have positive or negative effects on the price and liquidity of the funds, which could affect investors' purchases and sales. iShares works closely with all market participants and partners to ensure products trade in the most efficient way possible.

NYSE ARCA ETP Incentive Program fees and entry dates:

Fund Name Date of Entry Date of Exit Program Fee
iShares MSCI ACWI Low Carbon Target ETF (CRBN) December 9, 2014 July 1, 2016 $40,000
iShares Asia/Pacific Dividend ETF (DVYA) January 2, 2015 July 1, 2016 $40,000
iShares Interest Rate Hedged High Yield Bond ETF (HYGH) January 2, 2015 July 1, 2016 $40,000

Leaving the program may have positive or negative effects on the price and liquidity of the funds, which could affect investors' purchases and sales. iShares works closely with all market participants and partners to ensure products trade in the most efficient way possible.

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.

There can be no assurance that an active trading market for shares of an ETF will develop or be maintained.

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., Cohen & Steers Capital Management, Inc., European Public Real Estate Association (“EPRA® ”), FTSE International Limited (“FTSE”), India Index Services & Products Limited, Interactive Data, 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. BlackRock 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.

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