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.
as of
  1y 3y 5y 10y Incept.
3.11 - - - 2.26
Market Price (%)   2.86 - - - 2.28
Benchmark (%)   3.14 - - - 1.14
After Tax Pre-Liq. (%)   3.11 - - - 2.26
After Tax Post-Liq. (%)   2.17 - - - 1.92
as of
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
2.02 -0.23 0.40 1.37 3.11 - - - 3.49
Market Price (%)   1.62 -0.50 0.20 1.13 2.86 - - - 3.53
Benchmark (%)   2.14 -0.19 0.46 1.50 3.14 - - - 1.75
After Tax Pre-Liq. (%)   2.02 -0.23 0.40 1.37 3.11 - - - 3.49
After Tax Post-Liq. (%)   1.42 -0.10 0.33 0.97 2.17 - - - 2.97
as of
  2009 2010 2011 2012 2013

Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. The price of the investments may go up or down and the investor may not get back the amount invested.

Source: BlackRock.  Performance data is displayed on a Net Asset Value basis, net of fees. Brokerage or transaction fees will apply.

Ex-Date Payable Date Record Date Total Distribution   Income ST Cap Gains LT Cap Gains Return on Capital
Oct 1, 2014 Oct 7, 2014 Oct 3, 2014 $0.020994 - - - -
Sep 2, 2014 Sep 8, 2014 Sep 4, 2014 $0.020508 - - - -
Aug 1, 2014 Aug 7, 2014 Aug 5, 2014 $0.020497 - - - -
Jul 1, 2014 Jul 8, 2014 Jul 3, 2014 $0.019962 - - - -
Jun 2, 2014 Jun 6, 2014 Jun 4, 2014 $0.017637 - - - -
May 1, 2014 May 7, 2014 May 5, 2014 $0.018798 - - - -
Apr 1, 2014 Apr 7, 2014 Apr 3, 2014 $0.017923 - - - -
Mar 3, 2014 Mar 7, 2014 Mar 5, 2014 $0.023934 - - - -
Feb 3, 2014 Feb 7, 2014 Feb 5, 2014 $0.019260 - - - -
Dec 26, 2013 Jan 2, 2014 Dec 30, 2013 $0.018963 $0.018963 $0.000000 $0.000000 $0.000000
Dec 2, 2013 Dec 6, 2013 Dec 4, 2013 $0.020448 $0.020448 $0.000000 $0.000000 $0.000000
Nov 1, 2013 Nov 7, 2013 Nov 5, 2013 $0.017043 $0.017043 $0.000000 $0.000000 $0.000000
Oct 1, 2013 Oct 7, 2013 Oct 3, 2013 $0.020320 $0.020320 $0.000000 $0.000000 $0.000000
Sep 3, 2013 Sep 9, 2013 Sep 5, 2013 $0.017104 $0.017104 $0.000000 $0.000000 $0.000000
Aug 1, 2013 Aug 7, 2013 Aug 5, 2013 $0.018034 $0.018034 $0.000000 $0.000000 $0.000000
Jul 1, 2013 Jul 8, 2013 Jul 3, 2013 $0.020032 $0.020032 $0.000000 $0.000000 $0.000000
Jun 3, 2013 Jun 7, 2013 Jun 5, 2013 $0.014423 $0.014423 $0.000000 $0.000000 $0.000000

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.
Greatest Premium  

Aug 7, 2014

0.45%
Greatest Discount  

-

0.00%
Days ± 0.5% of NAV 63
Percent ± 0.5% of NAV 100.00%
Select a Quarter   

Number of Days At:

Premium   63
NAV   0
Discount   0

Premium/Discount Range

# of Days

≥ 0.0 up to 0.5

63

Chart Description  

Why is there a difference between NAV and Closing Price?  

Possible Timing Discrepancies  

Holdings

as of 17-Oct-2014

Issuer Weight (%)

as of 17-Oct-2014

Name Sector ISIN SEDOL Weight (%) Market Value Price Coupon (%) Maturity Duration Mod. Duration YTM (%) Yield to Call (%) Yield to Worst (%)
CALIFORNIA ST ECONOMIC RECOVERY Tax-Revenue US13067JLA78 B556N08 2.80 $1,939,985 115.82 5.00 Jul 1, 2018 3.40 - 0.67 - 0.67
PENNSYLVANIA ECONOMIC DEV FING Authority US70869VAE48 - 1.09 $755,759 115.38 5.00 Jul 1, 2018 3.40 - 0.78 - 0.78
UTAH ST Various Purpose US917542QQ85 - 1.01 $699,265 115.58 5.00 Jul 1, 2018 3.40 - 0.73 - 0.73
CALIFORNIA ST Various Purpose US13063BG552 - 0.95 $659,746 115.75 5.00 Sep 1, 2018 3.57 - 0.86 - 0.86
MICHIGAN FIN AUTH REV Special Obligation US59447PMP35 - 0.88 $606,176 115.46 5.00 Jul 1, 2018 3.40 - 0.76 - 0.76
PENNSYLVANIA ST Various Purpose US709141V934 - 0.87 $605,025 116.35 5.38 Jul 1, 2018 3.38 - 0.88 - 0.88
NEW YORK N Y General Purpose US64966LDT52 - 0.83 $576,855 115.37 5.00 Aug 1, 2018 3.48 - 0.87 - 0.87
HAWAII ST Improvement US419787EX08 - 0.83 $575,370 115.07 5.00 Jun 1, 2018 3.31 - 0.77 - 0.77
MARYLAND ST Various Purpose US574193EK03 - 0.79 $544,029 112.17 4.00 Aug 15, 2018 3.57 - 0.77 - 0.77
MA ST WTR POLLUTION ABATEMENT TR Utility US57604P4H49 - 0.76 $526,940 115.81 5.00 Aug 1, 2018 3.48 - 0.76 - 0.76
Name ISIN SEDOL Sector Weight (%) Market Value Price Coupon (%) Maturity Duration Mod. Duration YTM (%) Yield to Call (%) Yield to Worst (%)
Holdings are subject to change.

Exposure Breakdowns

as of 17-Oct-2014
  California 14.78%
  New York 9.53%
  Washington 7.03%
  Texas 6.16%
  Massachusetts 4.85%
  Maryland 4.7%
  Florida 4.49%
  Arizona 3.8%
  Pennsylvania 3.78%
  Virginia 3.46%
  New Jersey 3.22%
  Utah 2.9%
  Illinois 2.45%
  North Carolina 2.44%
  Hawaii 2.4%
  Georgia 2.34%
  Connecticut 2.08%
  Ohio 1.91%
  New Mexico 1.72%
  Minnesota 1.58%
  Wisconsin 1.47%
  Delaware 1.18%
  Nevada 1.02%
  Michigan 0.88%
  Alaska 0.85%
  Tennessee 0.75%
  Oregon 0.72%
  Oklahoma 0.62%
  New Hampshire 0.59%
  Iowa 0.58%
  Colorado 0.58%
  Alabama 0.53%
  District of Columbia 0.52%
  Indiana 0.47%
  Kentucky 0.46%
  South Carolina 0.45%
  Louisiana 0.33%
  Montana 0.25%
  Vermont 0.21%
  Missouri 0.21%
  South Dakota 0.16%
  Nebraska 0.16%
  Maine 0.07%
  Kansas 0.03%
Show all 44 states
as of 17-Oct-2014
  United States 98.71%
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 17-Oct-2014

% of Market Value

Various Purpose

24.56%

Tax-Revenue

13.97%

Utility

13.78%

Transportation

9.18%

Improvement

8.56%

School District

7.88%

Education

7.67%

Authority

5.51%

General Purpose

1.80%

Other/Undefined

1.51%

Certificates of Participation

1.20%

Building

1.07%

Special Obligation

0.88%

Sovereign

0.69%

Sanitation District

0.48%

Grant Anticipation Note

0.46%

Municipal Bond Bank

0.28%

Parking Authority

0.25%

Special Assessment

0.16%

Park District

0.12%

as of 17-Oct-2014

  • 91
  • 73
  • 55
  • 36
  • 18
  • 0

91.20

0.51

  • 1 - 5 Years

  • 5 - 10 Years

as of 17-Oct-2014

% of Market Value

AAA/Aaa

29.26%

22.88%

AA+/Aa1

17.64%

20.66%

AA/Aa2

23.54%

23.55%

AA-/Aa3

13.33%

11.91%

A+/A1

2.78%

5.19%

A/A2

3.70%

3.52%

A-/A3

1.68%

1.90%

BBB+/Baa1

0.24%

0.31%

BBB/Baa2

0.07%

-

BBB-/Baa3

-

-

BB+/Ba1

-

-

BB/Ba2

-

-

BB-/Ba3

-

-

B+/B1

-

-

B/B2

-

-

B-/B3

-

-

CCC+/Caa1

-

-

CCC/Caa2

-

-

CCC-/Caa3

-

-

CC/Ca

-

-

C

-

-

CI

-

-

R

-

-

SD

-

-

D

-

-

NR

2.83%

4.41%

Other

4.92%

5.67%

Cash

-

-

Govt/Cash

-

-

  • S&P

  • Moody's

Ratings are measured on a scale that generally ranges from AAA (S&P highest) or Aaa (Moody's highest) to D (S&P lowest) or C (Moody's lowest). "R" applies to securities where the issuing company is under regulatory supervision due to its financial situation. "SD" applies to securities where the issuing company has selectively defaulted on some obligations. “NR” applies to securities that are not rated. "Other" includes dividends booked but not yet received and, if applicable, short-term fixed income securities.
Allocations are subject to change.

KEY FACTS

Net Assets

as of 20-Oct-2014

$69,131,253
Inception Date Mar 19, 2013
Exchange NYSE Arca
Asset Class Fixed Income
Benchmark Index S&P AMT-Free Municipal Series 2018 Index
Index Ticker SPMUS18T

Fund Credit Rating - S&P   A+f

Shares Outstanding 2,700,000
Number of Holdings

as of 17-Oct-2014

455
CUSIP 46429B580
Closing Price  

as of 20-Oct-2014

25.66
20 Day Avg. Volume   4,446
Premium/Discount  

as of 20-Oct-2014

0.06%
Options Available No

FEES
Expense Ratio   0.30%
Fee Waiver   0.12%
Expense Ratio (including waivers) 0.18%

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

PORTFOLIO CHARACTERISTICS

Equity Beta  

as of 30-Sep-2014

0.06
Standard Deviation (3y)  

as of -

-

12m Trailing Yield  

as of 17-Oct-2014

0.92%
Distribution Yield  

as of 17-Oct-2014

1.00%
30 Day SEC Yield  

as of 17-Oct-2014

0.72%
Tax Equiv. SEC Yield

as of 17-Oct-2014

1.27%
Tax Equiv. Dist. Yield  

as of 17-Oct-2014

1.75%

Weighted Avg Coupon  

as of 17-Oct-2014

4.74%
Weighted Average Life  

as of 17-Oct-2014

3.72 yrs
Effective Duration  

as of 17-Oct-2014

3.42 yrs
Weighted Avg YTM  

as of 17-Oct-2014

0.83%

% Stock 0.00%
% Bond 98.71%
% Cash 0.69%
% Other  

as of 17-Oct-2014

0.60%

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

Estimated Net Acquisition Yield Calculator

Calculate the Estimated Net Acquisition Yield (ENA Yield) based on the projected market purchase price that you input. This estimate also reflects the deduction of the expense ratio (18 basis points).
The NAV (as of 20-Oct-2014) used in the calculation is $25.60. The value you enter should correspond to your estimated market purchase price as of 20-Oct-2014.
Please note that the results generated by the Estimated Net Acquisition Yield Calculator are for illustrative purposes only and are not representative of any specific investment outcome.
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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 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.

There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to federal or state income taxes or the Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable.

Funds that concentrate investments in a single sector will be more susceptible to factors affecting that sector and more volatile than funds that invest in many different sectors.

The  iShares® iBonds® ETFs (“Funds”) will terminate on or about September 1 of the year in the Fund’s name. An investment in the Fund(s) is not guaranteed, and an investor may experience losses, including near or at the termination date. In the final months of the Fund’s operation, as the bonds it holds mature, its portfolio will transition to cash and cash-like instruments. Following the Fund’s termination date, the Fund will distribute substantially all of its net assets, after deduction of any liabilities, to then-current investors without further notice and will no longer be listed or traded. The Funds do not seek to return any predetermined amount.

During the final three months prior to the Fund’s planned termination date, its yield will generally tend to move toward prevailing tax-exempt money market rates, and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing yields for bonds in the market. The rate of Fund distribution payments may adversely affect the tax characterization of an investor’s returns from an investment in the Fund relative to a direct investment in municipal bonds. If the amount an investor receives as liquidation proceeds upon the Fund’s termination is higher or lower than the investor’s cost basis, the investor may experience a gain or loss for tax purposes.

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”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Cohen & Steers Capital Management, Inc., European Public Real Estate Association ("EPRA®"), FTSE International Limited ("FTSE"), India Index Services & Products Limited, JPMorgan Chase & Co., 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 Investment Group or S&P Dow Jones Indices LLC, nor are they sponsored, endorsed or issued by Barclays Capital Inc. None of these companies make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with the companies listed above. Index data related to the underlying indexes is provided by the respective companies above.

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