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.

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

Past distributions are not indicative of future distributions.
Click here, for the most recent 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

Issuer Weight (%)

as of 02-May-2016

ISIN Name Sector SEDOL Market Value Weight (%) Price Maturity Coupon (%) Duration Notional Value YTM (%) Mod. Duration Yield to Call (%) Yield to Worst (%) Par Value
US13067JKZ39 CALIFORNIA ST ECONOMIC RECOVERY Prerefund/Escrow - $2,150,697 2.09 113.33 Jul 1, 2019 5.00 2.92 2,150,697.39 0.73 2.93 - 0.73 1,870,000.00
US70869VAF13 PENNSYLVANIA ECONOMIC DEV FING State Tax-Backed - $1,095,142 1.07 112.99 Jul 1, 2019 5.00 2.92 1,095,142.01 0.83 2.92 - 0.83 955,000.00
US13063BMF66 CALIFORNIA ST State Tax-Backed - $720,929 0.70 113.59 Sep 1, 2019 5.00 3.10 720,929.30 0.85 3.09 - 0.85 630,000.00
US29270CXP57 ENERGY NORTHWEST WASH ELEC REV Utility 2BT08J1 $709,736 0.69 112.79 Jul 1, 2019 5.00 2.92 709,736.04 0.89 2.92 - 0.89 620,000.00
US70914PLB66 PENNSYLVANIA ST State Tax-Backed - $706,425 0.69 112.26 Jul 1, 2019 5.00 2.92 706,425.24 1.05 2.92 - 1.05 620,000.00
US373384PL47 GEORGIA ST State Tax-Backed - $631,634 0.62 113.16 Jul 1, 2019 5.00 2.92 631,634.06 0.78 2.93 - 0.78 550,000.00
US13067JKS95 CALIFORNIA ST ECONOMIC RECOVERY Prerefund/Escrow - $624,949 0.61 112.08 Jul 1, 2019 4.60 2.94 624,949.11 0.73 2.94 - 0.73 550,000.00
US64966JET97 NEW YORK N Y Local Tax-Backed - $611,761 0.60 113.08 Aug 1, 2019 5.00 3.01 611,761.21 0.90 3.01 - 0.90 535,000.00
US977123WG98 WISCONSIN ST TRANSN REV State Tax-Backed - $607,775 0.59 112.99 Jul 1, 2019 5.00 2.92 607,775.14 0.83 2.92 - 0.83 530,000.00
US592112FR21 METROPOLITAN GOVT NASHVILLE & DAVI Local Tax-Backed - $573,135 0.56 109.94 Jul 1, 2019 4.00 2.96 573,135.49 0.81 2.96 - 0.81 515,000.00
Name Asset Class Weight (%) Price Market Value Notional Value Sector SEDOL ISIN Coupon (%) Maturity YTM (%) Yield to Call (%) Yield to Worst (%) Duration Mod. Duration Par Value
Holdings are subject to change.

Exposure Breakdowns

as of 02-May-2016
  California 15.32%
  New York 9.73%
  Texas 8.18%
  Florida 7.31%
  Washington 5.11%
  Maryland 4.96%
  Massachusetts 4.48%
  Arizona 3.93%
  Pennsylvania 3.79%
  Virginia 2.88%
  Hawaii 2.64%
  North Carolina 2.57%
  New Jersey 2.52%
  Ohio 2.47%
  Georgia 2.27%
  Minnesota 1.85%
  Illinois 1.5%
  Nevada 1.33%
  Wisconsin 1.33%
  Alabama 1.32%
  Connecticut 1.21%
  Oregon 1.15%
  Tennessee 1.14%
  Utah 1.11%
  Iowa 0.92%
  Oklahoma 0.92%
  New Mexico 0.75%
  New Hampshire 0.74%
  Michigan 0.7%
  District of Columbia 0.7%
  Colorado 0.67%
  Indiana 0.65%
  Delaware 0.54%
  Maine 0.46%
  Kansas 0.46%
  Alaska 0.45%
  South Carolina 0.41%
  Kentucky 0.38%
  Louisiana 0.3%
  Missouri 0.24%
  Nebraska 0.21%
  Other 0.1%
  Rhode Island 0.08%
  Cash and Derivatives 0.08%
  Idaho 0.06%
  Vermont 0.06%
  Montana 0.05%
Show all 47 states
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 02-May-2016

% of Market Value

State Tax-Backed

37.4%

Local Tax-Backed

22.5%

Utility

13.5%

School Districts

11.5%

Transportation

5.6%

Prerefund/Escrow

5.2%

Education

4.2%

Health

0.2%

Cash and/or Derivatives

0.1%

as of 02-May-2016

  • 100
  • 80
  • 60
  • 40
  • 20
  • 0

0.08

99.92

  • Cash and Derivatives

  • 3 - 6 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 02-May-2016

% of Market Value

Cash and/or Derivatives

0.1%

AAA Rated

30.1%

AA Rated

59.2%

A Rated

9.8%

BBB Rated

0.8%

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 02-May-2016

$102,660,937
Inception Date Feb 4, 2014
Exchange NYSE Arca
Asset Class Fixed Income
Benchmark Index S&P AMT-Free Municipal Series 2019 Index
Index Ticker SPMUS19T

Expense Ratio

as stated in the prospectus

0.30%
Net Expense Ratio  

as stated in the prospectus

0.18%

Shares Outstanding

as of 02-May-2016

4,000,000
Number of Holdings  

as of 02-May-2016

674
Premium/Discount  

as of 02-May-2016

0.17%
CUSIP 46429B564
Closing Price  

as of 02-May-2016

25.72
Mid-Point Price  

as of 02-May-2016

25.71
Options Available No
20 Day Avg. Volume  

as of 02-May-2016

3,096
Daily Volume  

as of 02-May-2016

4,606

PORTFOLIO CHARACTERISTICS

Equity Beta  

as of 31-Mar-2016

-0.02
Standard Deviation (3y)  

as of -

-

Distribution Yield  

as of 29-Apr-2016

0.96%
Weighted Avg YTM  

as of 02-May-2016

0.89%
12m Trailing Yield  

as of 29-Apr-2016

1.04%
30 Day SEC Yield  

as of 29-Apr-2016

0.73%
Unsubsidized 30-Day SEC Yield  

as of 29-Apr-2016

0.63%
Tax Equiv. SEC Yield  

as of 29-Apr-2016

1.29%
Tax Equiv. Dist. Yield  

as of 29-Apr-2016

1.69%

Weighted Avg Coupon  

as of 02-May-2016

4.75%
Effective Duration  

as of 02-May-2016

2.96 yrs
Weighted Avg Maturity  

as of 02-May-2016

3.19 yrs

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

FEES as of current prospectus

Expense Ratio   0.30%
Management Fee 0.30%
Acquired Fund Fees and Expenses   0.00%
Foreign Taxes and Other Expenses 0.00%
- Fee Waivers   0.12%

= Net Expense Ratio 0.18%

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 02-May-2016) used in the calculation is $25.67. The value you enter should correspond to your estimated market purchase price as of 02-May-2016.
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 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 specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and than the general securities market.

The iShares® iBonds® Muni ETFs (“Funds”) will terminate in September or December 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 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”).

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, 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 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 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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