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-May-2015

Ticker Name Sector Asset Class Weight (%) Country Market Value Shares Price ISIN SEDOL Exchange Currency Maturity Coupon (%) Duration Mod. Duration YTM (%) Yield to Call (%) Yield to Worst (%) Notional Value
MBB ISHARES MBS ETF MBS Pass-Through FI 30.18 United States $3,418,616 31,169 109.68 US4642885887 B1VKHR1 ARCX USD - 0.00 3.47 - 2.28 - 2.28 3,418,615.92
CIU ISHARES INTERMEDIATE CREDIT BOND E ETFs FI 30.11 United States $3,411,379 31,021 109.97 US4642886380 B1MYR27 ARCX USD - 0.00 4.19 - 2.31 - 2.31 3,411,379.37
HYG ISHARES IBOXX USD HIGH YIELD CORPO ETFs FI 19.92 United States $2,257,072 24,907 90.62 US4642885135 B1VZ486 ARCX USD - 0.00 4.05 - 5.88 - 5.49 2,257,072.34
CSJ ISHARES 1-3 YEAR CREDIT BOND ETF ETFs FI 11.67 United States $1,322,357 12,533 105.51 US4642886463 B1MYR50 ARCX USD - 0.00 1.96 - 1.28 - 1.29 1,322,356.83
CLY ISHARES 10+ YEAR CREDIT BOND ETF ETFs FI 8.11 United States $918,999 15,487 59.34 US4642895118 B4VTBY4 ARCX USD - 0.00 12.74 - 4.69 - 4.66 918,998.58
BLKFDS BLK CSH FND TREASURY SL AGENCY Cash and/or Derivatives MM 0.00 United States $200 200 1.00 US0669224778 - - USD - 0.19 0.00 - 0.19 - 0.19 200.29
Ticker Name Sector Asset Class Country Weight (%) Market Value Shares Price ISIN SEDOL Exchange Currency Maturity Coupon (%) Duration Mod. Duration YTM (%) Yield to Call (%) Yield to Worst (%) Notional Value
Ticker Name Sector Asset Class Country Weight (%) Market Value Shares Price ISIN SEDOL Exchange Currency Maturity Coupon (%) Duration Mod. Duration YTM (%) Yield to Call (%) Yield to Worst (%) Notional Value
Holdings are subject to change.

Exposure Breakdowns

as of 26-May-2015
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-May-2015

% of Market Value

Industrial

38.74%

MBS Pass-Through

29.71%

Financial Institutions

16.42%

Supranational

3.70%

Agency

3.23%

Utility

3.11%

Sovereign

2.15%

Local Authority

1.57%

Cash and/or Derivatives

1.33%

Treasury

0.02%

Allocations are subject to change.

KEY FACTS

Net Assets

as of 27-May-2015

$11,341,353
Inception Date Apr 22, 2014
Exchange NYSE Arca
Asset Class Fixed Income
Benchmark Index Morningstar U.S. Bond Market Yield-Optimized Index
Index Ticker MSAABYOT

Shares Outstanding 450,000
Number of Holdings  

as of 21-May-2015

5
CUSIP 46434V787
Closing Price  

as of 27-May-2015

25.19
20 Day Avg. Volume   959
Premium/Discount  

as of 27-May-2015

0.03%
Options Available No

FEES as of 31-Oct-2014

Expense Ratio  

0.55%

Fee Waiver  

0.27%

Expense Ratio (including waivers)

0.28%

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

NAIC Designated (Schedule D Eligible)

PORTFOLIO CHARACTERISTICS

Equity Beta  

as of 30-Apr-2015

0.10
Standard Deviation (3y)  

as of -

-

12m Trailing Yield  

as of 30-Apr-2015

2.56%
Distribution Yield  

as of 30-Apr-2015

2.82%
30 Day SEC Yield  

as of 30-Apr-2015

2.74%
Unsubsidized 30-Day SEC Yield  

as of 30-Apr-2015

2.48%

Weighted Avg Coupon  

as of 26-May-2015

0.19%
Weighted Avg Maturity  

as of 26-May-2015

6.05 yrs
Effective Duration  

as of 26-May-2015

4.34 yrs
Weighted Avg YTM  

as of 26-May-2015

2.96%
Option Adjusted Spread  

as of 26-May-2015

129 bps

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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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.

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.

Mortgage-backed securities ("MBS") and commercial mortgage-backed securities ("CMBS") are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities.

An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency and its return and yield will fluctuate with market conditions.

Investment in a fund of funds is subject to the risks and expenses of the underlying funds.

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”).

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 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.

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