PRODUCT UPDATE

iShares Morningstar U.S. Equity Style Box ETFs

BlackRock implemented a series of product enhancements to the iShares Morningstar Style Box ETFs today. The style box suite, composed of nine ETFs, underwent benchmark changes, ticker changes, and expense ratio reductions. Three of the funds also had updates to their fund names and investment objectives. The suite is positioned as the lowest cost style box line-up in the industry.

In addition, BlackRock announced forward share splits for the nine ETFs for shareholders of record as of April 14, 2021, payable after the close of trading on April 16, 2021. These splits will lower the share price and increase the number of outstanding shares. The total value of shares outstanding is not affected and the total value of a shareholder’s investment in the fund is not affected by the forward share split.

Current Ticker	New Ticker	Current Fund Name	New Fund Name	Current investment objective	New investment objective	Former Underlying Index	New Underlying Index	Former Expense Ratio	New Expense Ratio	Forward Share Split Ratio for Record Holders as of April 14, 2021
JKF	ILCV	iShares Morningstar Large-Cap Value ETF Inception Date: June 28, 2004; NAV as of 3/17/21: $647.3m	iShares Morningstar Value ETF	The ETF seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit value characteristics.	The ETF seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics.	Morningstar US Large Value Index	Morningstar US Large-Mid Cap Broad Value Index	0.25%	0.04%	2-for-1
JKD	ILCB	iShares Morningstar Large-Cap ETF Inception Date: June 28, 2004; NAV as of 3/17/21: $874.6m	iShares Morningstar U.S. Equity ETF	The ETF seeks to track the investment results of an index composed of large-capitalization U.S. equities.	The ETF seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities.	Morningstar US Large Core Index	Morningstar US Large-Mid Cap Index	0.20%	0.03%	4-for-1
JKE	ILCG	iShares Morningstar Large-Cap Growth ETF Inception Date: June 28, 2004; NAV as of 3/17/21: $1.81b	iShares Morningstar Growth ETF	The ETF seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth characteristics.	The ETF seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit growth characteristics.	Morningstar US Large Growth Index	Morningstar US Large-Mid Cap Broad Growth Index	0.25%	0.04%	5-for-1
JKI	IMCV	iShares Morningstar Mid-Cap Value ETF Inception Date: June 28, 2004; NAV as of 3/17/21: $450.7m	No change	The ETF seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics.	No change	Morningstar US Mid Value Index	Morningstar US Mid Cap Broad Value Index	0.30%	0.06%	3-for-1
JKG	IMCB	iShares Morningstar Mid-Cap ETF Inception Date: June 28, 2004; NAV as of 3/17/21: $878.6m	No change	The ETF seeks to track the investment results of an index composed of mid-capitalization U.S. equities.	No change	Morningstar US Mid Core Index	Morningstar US Mid Cap Index	0.25%	0.04%	4-for-1
JKH	IMCG	iShares Morningstar Mid-Cap Growth ETF Inception Date: June 28, 2004; NAV as of 3/17/21: $1.56b	No change	The ETF seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit growth characteristics.	No change	Morningstar US Mid Growth Index	Morningstar US Mid Cap Broad Growth Index	0.30%	0.06%	6-for-1
JKL	ISCV	iShares Morningstar Small-Cap Value ETF Inception Date: June 28, 2004; NAV as of 3/17/21: $439.4	No change	The ETF seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit value characteristics.	No change	Morningstar US Small Value Index	Morningstar US Small Cap Broad Value Extended Index	0.30%	0.06%	3-for-1
JKJ	ISCB	iShares Morningstar Small-Cap ETF Inception Date: June 28, 2004; NAV as of 3/17/21: $258.9	No change	The ETF seeks to track the investment results of an index composed of small-capitalization U.S. equities.	No change	Morningstar US Small Core Index	Morningstar US Small Cap Extended Index	0.25%	0.04%	4-for-1
JKK	ISCG	iShares Morningstar Small-Cap Growth ETF Inception Date: June 28, 2004; NAV as of 3/17/21: $834.5	No change	The ETF seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit growth characteristics.	No change	Morningstar US Small Growth Index	Morningstar US Small Cap Broad Growth Extended Index	0.30%	0.06%	6-for-1

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @blackrock | LinkedIn: www.linkedin.com/company/blackrock

About iShares

iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 900+ exchange traded funds (ETFs) and $2.67 trillion in assets under management as of December 31, 2020, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock, trusted to manage more money than any other investment firm.¹

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 www.iShares.com or www.blackrock.com. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”). The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Morningstar, Inc., nor does this company make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with Morningstar, Inc.

iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc., or its subsidiaries. All other marks are the property of their respective owners.

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¹ Based on $8.68 trillion in AUM as of 12/31/20

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