PERFORMANCE



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 obtained by clicking the "Returns" tab above.

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.

Ex-Date Payable Date Record Date Total Distribution   Income ST Cap Gains LT Cap Gains Return on Capital

Past distributions are not indicative of future distributions.



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 obtained by clicking the "Returns" tab above.

Holdings

as of 26-Mar-2015

Issuer Weight (%)

as of 26-Mar-2015

Name Sector ISIN Weight (%) Market Value Country CUSIP SEDOL Asset Class Price Currency Market Currency FX Rate Coupon (%) Maturity Duration Mod. Duration YTM (%) Yield to Call (%) Yield to Worst (%) Notional Value
BLK CSH FND TREASURY SL AGENCY Cash and/or Derivatives US0669224778 1.71 $1,611,363 United States 980SNC002 - MM 1.00 USD USD 1.00 0.18 - 0.00 - 0.18 - 0.18 1,611,363.07
EUR CASH Cash and/or Derivatives - 0.67 $628,682 European Union - - CA 109.18 USD EUR 0.92 0.00 Mar 27, 2015 0.00 - - - - 628,682.19
WIND ACQUISITION FINANCE SA 144A Communications US97314XAK00 0.45 $428,538 Italy 97314XAK0 BLM8075 FI 104.00 USD USD 1.00 7.38 Apr 23, 2021 3.91 - 6.56 - 6.25 428,537.50
TENET HEALTHCARE CORPORATION Consumer Non-Cyclical US88033GCE89 0.36 $343,536 United States 88033GCE8 BGM16M6 FI 110.56 USD USD 1.00 8.13 Apr 1, 2022 5.31 - 6.24 - 6.24 343,536.46
HCA INC Consumer Non-Cyclical US404121AC95 0.36 $339,721 United States 404121AC9 B66GLR7 FI 112.50 USD USD 1.00 6.50 Feb 15, 2020 4.26 - 3.68 - 3.68 339,720.83
SPRINT CORP Communications US85207UAF21 0.32 $305,972 United States 85207UAF2 BSDRYY5 FI 101.75 USD USD 1.00 7.88 Sep 15, 2023 6.25 - 7.59 - 7.59 305,971.88
FIRST DATA CORPORATION Technology US319963BB96 0.32 $302,475 United States 319963BB9 B7323L3 FI 118.50 USD USD 1.00 12.63 Jan 15, 2021 0.78 - 8.51 - 4.50 302,474.83
SPRINT NEXTEL CORPORATION 144A Communications US852061AK63 0.31 $294,750 United States 852061AK6 B4059B6 FI 114.63 USD USD 1.00 9.00 Nov 15, 2018 3.11 - 4.58 - 4.58 294,750.00
CHRYSLER GROUP LLC Consumer Cyclical US17121EAD94 0.30 $282,974 United States 17121EAD9 B6ZFD57 FI 110.88 USD USD 1.00 8.25 Jun 15, 2021 1.21 - 6.12 - 2.49 282,973.96
WIND ACQUISITION FINANCE SA RegS Communications XS1082636876 0.29 $275,116 Italy - BNK0839 FI 109.18 USD EUR 0.92 4.00 Jul 15, 2020 4.16 - 4.04 - 4.04 275,115.87
Name ISIN SEDOL Weight (%) Market Value Country Asset Class Sector Coupon (%) Maturity Duration Price Asset Class Currency Market Currency FX Rate Mod. Duration YTM (%) Yield to Call (%) Yield to Worst (%) Notional Value
Holdings are subject to change.

Exposure Breakdowns

as of 26-Mar-2015
  United States 62.99%
  Italy 6.75%
  United Kingdom 5.93%
  France 4.36%
  Germany 4.08%
  Luxembourg 4.01%
  Canada 3.1%
  Cash and/or Derivatives 1.76%
  Spain 1.5%
  Netherlands 1.23%
  Ireland 1.2%
  Other 3.09%
Show all 12 countries
Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product’s total holdings. However, in some instances it can reflect the country where the issuer of the securities carries out much of their business.
as of 26-Mar-2015

% of Market Value

Communications

22.03%

Consumer Cyclical

13.74%

Consumer Non-Cyclical

11.40%

Energy

10.46%

Capital Goods

9.54%

Banking

7.01%

Basic Industry

6.30%

Technology

4.98%

Finance Companies

3.93%

Electric

3.50%

Cash and/or Derivatives

1.76%

Transportation

1.40%

Industrial Other

1.13%

Financial Other

0.87%

Insurance

0.72%

Owned No Guarantee

0.61%

Reits

0.24%

Brokerage/Asset Managers/Exchanges

0.24%

Local Authority

0.14%

as of 26-Mar-2015

  • 26
  • 21
  • 16
  • 10
  • 05
  • 0

1.76

9.04

9.47

10.01

26.02

23.29

20.23

0.17

  • Cash and/or Derivatives

  • 0 - 1 Year

  • 1 - 2 Years

  • 2 - 3 Years

  • 3 - 5 Years

  • 5 - 7 Years

  • 7 - 10 Years

  • 10 - 15 Years

The maturity breakdown above is based on Weighted Average Life (WAL). WAL is the average length of time to the repayment of principal for the securities in the fund. This metric considers the likelihood that bonds will be called or prepaid before the scheduled maturity date.

as of 26-Mar-2015

% of Market Value

Cash and/or Derivatives

1.76%

AAA Rated

-

AA Rated

-

A Rated

-

BBB Rated

0.44%

BB Rated

50.55%

B Rated

38.39%

CCC Rated

8.47%

CC Rated

0.39%

C Rated

-

D Rated

-

Not Rated

-

Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.
Allocations are subject to change.

KEY FACTS

Net Assets

as of 26-Mar-2015

$94,262,135
Inception Date Apr 3, 2012
Exchange BATS Exchange
Asset Class Fixed Income
Benchmark Index Markit iBoxx Global Developed Markets High Yield Index
Index Ticker IBOAMZDB

Fund Credit Rating - S&P   Bf

Shares Outstanding 1,900,000
Number of Holdings

as of 26-Mar-2015

952
CUSIP 464286178
Closing Price  

as of 26-Mar-2015

49.64
20 Day Avg. Volume   11,284
Premium/Discount  

as of 26-Mar-2015

2.25%
Options Available No

FEES as of 31-Oct-2014

Expense Ratio  

0.55%

Fee Waiver  

0.15%

Expense Ratio (including waivers)

0.40%

For more information on S&P fund credit ratings, please click here.

NAIC Designated (Schedule D Eligible)

PORTFOLIO CHARACTERISTICS

Equity Beta  

as of 30-Jan-2015

0.55
Standard Deviation (3y)  

as of -

-

12m Trailing Yield  

as of 26-Mar-2015

5.47%
Distribution Yield  

as of 26-Mar-2015

5.05%
30 Day SEC Yield  

as of 26-Mar-2015

4.73%
30 Day SEC Yield Month End  

as of 27-Feb-2015

4.77
Unsubsidized 30-Day SEC Yield  

as of 27-Feb-2015

4.63%

Weighted Avg Coupon  

as of 26-Mar-2015

6.25%
Weighted Avg Maturity  

as of 26-Mar-2015

4.53 yrs
Effective Duration  

as of 26-Mar-2015

3.93 yrs
Weighted Avg YTM  

as of 26-Mar-2015

5.17%

This information must be preceded or accompanied by a current prospectus. For standardized performance, please click on the "Returns" tab above.

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This ETF participates in the BATS Competitive Liquidity Provider ("CLP") Program. Participating in the BATS CLP Program may have potential impacts on the price and liquidity of this ETF. Learn more.

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 Mutual Fund prospectus pages. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.

Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities.

International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets or in concentrations of single countries.

Performance shown reflects fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have been lower without such waivers.

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.

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

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