Total Factor Fund

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NAV as of Aug 14, 2020 $8.72
52 WK: 8.32 - 10.65
1 Day NAV Change as of Aug 14, 2020 -0.03 (-0.34%)
NAV Total Return as of Aug 14, 2020 YTD: -14.00% YTD (year to date) is a period, starting from the beginning of the current calendar year, and continuing up to the prior day's close.
Bronze
Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Feb 16, 2020)

Overview

BlackRock Total Factor Fund*

A diversified engine for growth

More factors in more markets

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Factor Investing Commentary

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Performance

Returns

	1y	3y	5y	10y	Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	-11.48	-1.21	0.80	-	1.49
Benchmark (%) Index: ICE BofAML 3 Month Treasury Bill Index (G0O1).<br /><br /> 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.	1.63	1.77	1.19	-	0.81
Morningstar Category Avg. (%) Multialternative	-1.05	1.28	0.97	2.58	-
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	270/291	202/242	-	-	-
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	4	4	-	-	-
Lipper Ranking Rankings are based on total return excluding sales charges.	206/221	182/207	-	-	-
Lipper Quartile Rankings are based on total return excluding sales charges.	4	4	-	-	-

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y	Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	-13.51	0.23	-1.24	-11.48	-3.58	4.08	-	11.77
Benchmark (%) Index: ICE BofAML 3 Month Treasury Bill Index (G0O1).<br /><br /> 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.	0.60	0.01	0.02	1.63	5.40	6.11	-	6.23
Morningstar Category Avg. (%) Multialternative	-2.97	1.80	3.77	-1.05	3.88	4.95	29.05	-

Performance data is not currently available

	2015	2016	2017	2018	2019
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	-	-	10.24	-2.36	7.96
Benchmark (%) Index: ICE BofAML 3 Month Treasury Bill Index (G0O1)<br /><br /> 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.	1.65	6.81	12.67	-3.78	2.28
Morningstar Category Avg. (%) Multialternative	-2.58	1.38	5.14	-4.03	7.58

Performance data is not currently available

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. Effective as of May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Institutional Shares. The performance of this share class would be substantially similar to Institutional Shares because this share class and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Institutional Shares have different expenses. For performance periods prior to May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Institutional Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

Growth of Hypothetical $10,000 The growth of hypothetical $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.

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

Total Factor Fund ($)

Cum. Fund Perf. Since Inception: 12.02

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

Historical NAVs

Distributions

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Recent
Calendar Year

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Table

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Ex-Date	Payable Date	Record Date	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until approximately 60 days following calendar year-end.	Income	ST Cap Gains	LT Cap Gains	Return of Capital

Chart
Table

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Year	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end.	Income	ST Cap Gains	LT Cap Gains

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

Key Facts

Size of Class (Millions) as of Aug 14, 2020 $29.6 M

Size of Fund (Millions) as of Aug 14, 2020 $276.6 M

Share Class launch date Feb 03, 2017

Asset Class MultiAsset

Morningstar Category Multialternative

Lipper Classification Alt Global Macro Funds

Benchmark Index ICE BofAML 3 Month Treasury Bill Index (G0O1)

CUSIP 09258N380

Distribution Frequency How often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly. None

Number of Holdings as of Jul 31, 2020 1,287

Max Offer Price as of Aug 14, 2020 $8.72

Open to New Investors Yes

Turnover Percent in the Annual Report 74%

Fees

as of current prospectus

Gross Expense Ratio	1.30%
Net Expense Ratio The difference between gross and net expense ratios are due to contractual and/or voluntary waivers, if applicable. Any applicable contractual waiver will be terminable upon 90 days’ notice. BlackRock may agree to voluntarily waive certain fees and expenses, which the adviser may discontinue at any time without notice. For this share class, the contractual waiver end date is Nov 30, 2020.	0.51%

Net Expense Ratio excluding Investment Related Expenses is 0.50%

Ratings

Lipper Leader

Lipper Leader Ratings

Expense Total Factor Fund received the following Expense ratings for the 3-, 5-, and 10-year periods, respectively: 5 (111 funds), - ( funds), and - ( funds).<br /><br />Lipper ratings for Expense reflect funds' expense minimization relative to peers with similar load structures.

Preservation Total Factor Fund received the following Preservation ratings for the 3-, 5-, and 10-year periods, respectively: 4 (4,696 funds), - ( funds), and - ( funds).<br /><br />Lipper ratings for Preservation reflect funds' historical loss avoidance relative to other funds within the same asset class. Preservation ratings are relative, rather than absolute, measures, and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be larger for equity and mixed equity funds than for fixed income funds.

Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of Jul 31, 2020 out of 197, 4,696, 197, 111 and 197 Funds, respectively in Lipper's Alt Global Macro Funds classification.

Morningstar Analyst Rating

Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Feb 16, 2020) ‡

Exposure Breakdowns

Sector

as of Jul 31, 2020

% of Market Value

Type	Long	Short	Net

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Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management.

Allocations are subject to change.

Portfolio Managers

Head of Investments for BlackRock’s Factor-Based Strategies Group

Head of Research, Factor-Based Strategies Group

Portfolio Manager

Literature

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Overview

Performance

Performance

Returns

Growth of Hypothetical $10,000 The growth of hypothetical $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.

Distributions

Key Facts

Key Facts

Fees

Fees

Ratings

Ratings

Lipper Leader

Morningstar Analyst Rating

Exposure Breakdowns

Exposure Breakdowns

Portfolio Managers

Portfolio Managers

Literature

Literature

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