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 29-Jan-2015

Issuer Weight (%)

as of 29-Jan-2015

Holding ISIN SEDOL Weight (%) Market Value Coupon (%) Maturity Duration Price YTM (%) Yield to Call (%) Yield to Worst (%) Barcap Rating Notional Value
holding-image

BLK CSH FND TREASURY SL AGENCY

Cash and/or Derivatives

US0669224778 - 2.93 $3,554,265 0.17 - 0.00 1.00 0.17 - 0.17 - 3,554,264.56
holding-image

SPRINT NEXTEL CORPORATION 144A

Corporates

US852061AK63 B4059B6 1.16 $1,410,902 9.00 Nov 15, 2018 1.33 115.72 4.45 - 4.45 BB 1,410,902.50
holding-image

CHRYSLER GROUP LLC

Corporates

US17121EAB39 B7F3NS1 1.10 $1,331,061 8.00 Jun 15, 2019 0.13 105.50 6.53 - 3.78 B 1,331,061.11
holding-image

NUMERICABLE GROUP SA 144A

Corporates

US67054LAA52 BLWP4M9 0.93 $1,124,483 4.88 May 15, 2019 1.25 100.00 4.87 - 4.87 B+ 1,124,483.33
holding-image

SPRINGLEAF FINANCE CORP MTN

Corporates

US85171RAA23 B8Q5K48 0.89 $1,078,491 6.90 Dec 15, 2017 1.03 107.00 4.29 - 4.29 B 1,078,490.83
holding-image

NAVIENT CORP

Corporates

US78442FEK03 B3Y0RF0 0.81 $983,979 6.25 Jan 25, 2016 0.63 103.50 2.64 - 2.64 BB 983,979.16
holding-image

CIT GROUP INC

Corporates

US125581GP72 B8Q8Q16 0.81 $979,722 4.25 Aug 15, 2017 1.18 101.19 3.76 - 3.76 Ba3 979,721.53
holding-image

NAVIENT CORP MTN

Corporates

US78442FEH73 B39XYY2 0.80 $969,302 8.45 Jun 15, 2018 1.27 113.00 4.27 - 4.27 BB 969,302.08
holding-image

REYNOLDS GROUP ISSUER LLC

Corporates

US761735AH26 B849SM6 0.77 $938,231 9.88 Aug 15, 2019 0.00 105.88 8.29 - 7.30 Caa2 938,230.55
holding-image

INTERNATIONAL LEASE FINANCE CORP

Corporates

US459745FW05 B3K6WP7 0.75 $910,207 8.63 Sep 15, 2015 0.42 103.86 2.38 - 2.38 BB+ 910,206.87
Name ISIN SEDOL Sector Weight (%) Market Value Coupon (%) Maturity Duration Price YTM (%) Yield to Call (%) Yield to Worst (%) Barcap Rating Notional Value
Holdings are subject to change.

Exposure Breakdowns

as of 29-Jan-2015

% of Market Value

Communications

14.76%

Consumer Cyclical

14.35%

Finance Companies

11.64%

Consumer Non-Cyclical

10.98%

Basic Industry

10.50%

Capital Goods

9.52%

Energy

8.43%

Technology

5.59%

Banking

3.72%

Electric

3.37%

Transportation

2.19%

Financial Other

1.56%

Cash and/or Derivatives

1.43%

Industrial Other

1.37%

Reits

0.22%

Brokerage/Asset Managers/Exchanges

0.20%

Insurance

0.18%

as of 29-Jan-2015

  • 20
  • 16
  • 12
  • 08
  • 04
  • 0

19.60

  • 0 - 1 Year

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 29-Jan-2015

% of Market Value

Cash and/or Derivatives

1.43%

AAA Rated

-

AA Rated

-

A Rated

-

BBB Rated

0.73%

BB Rated

47.94%

B Rated

35.05%

CCC Rated

14.14%

CC Rated

0.30%

C Rated

-

D Rated

0.41%

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 30-Jan-2015

$121,215,852
Inception Date Oct 15, 2013
Exchange NYSE Arca
Asset Class Fixed Income
Benchmark Index Markit iBoxx USD Liquid High Yield 0-5 Index
Index Ticker IBXXSHY1

Fund Credit Rating - S&P   B-f

Shares Outstanding 2,500,000
Number of Holdings

as of 29-Jan-2015

466
CUSIP 46434V407
Closing Price  

as of 30-Jan-2015

48.68
20 Day Avg. Volume   14,481
Premium/Discount  

as of 30-Jan-2015

0.34%
Options Available No

FEES as of 31-Oct-2013

Expense Ratio  

0.50%

Fee Waiver  

0.20%

Expense Ratio (including waivers)

0.30%

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

NAIC Designated (Schedule D Eligible)

PORTFOLIO CHARACTERISTICS

Equity Beta  

as of 31-Dec-2014

0.23
Standard Deviation (3y)  

as of -

-

12m Trailing Yield  

as of 29-Jan-2015

4.34%
Distribution Yield  

as of 29-Jan-2015

4.57%
30 Day SEC Yield  

as of 29-Jan-2015

5.52%
30 Day SEC Yield Month End  

as of 31-Dec-2014

5.60
Unsubsidized 30-Day SEC Yield  

as of 31-Dec-2014

5.40%

Weighted Avg Coupon  

as of 29-Jan-2015

6.75%
Weighted Average Life  

as of 29-Jan-2015

2.55 yrs
Effective Duration  

as of 29-Jan-2015

2.33 yrs
Weighted Avg YTM  

as of 29-Jan-2015

5.53%
Option Adjusted Spread  

as of 29-Jan-2015

467 bps

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

More Products

No recently viewed funds available

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.

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.

Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Real Estate 50 Index, FTSE NAREIT Residential Plus Capped Index, FTSE NAREIT Industrial/Office 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, FTSE EPRA/NAREIT Global REIT Index or FTSE EPRA/NAREIT Developed Asia 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.

©2015 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, 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.

iS-12604