Business Wire | Dec 15, 2020 08:03AM EST

PRODUCT UPDATE: iShares Morningstar U.S. Equity Style Box ETFs

Dec. 15, 2020

NEW YORK--(BUSINESS WIRE)--Dec. 15, 2020--BlackRock today announced a series of product enhancements to the iShares Morningstar U.S. Equity Style Box ETFs. The changes to each of the nine funds outlined below are expected to be implemented no earlier than March 19, 2021.

New ShareCurrent New Current New fund Current Current Newticker ticker fund name name investment Split underlying underlying investment objective objective index index Ratio

iShares Morningstar Large-Cap Value ETF The ETF seeks to The ETF seeks to track the track the investment investment results Morningstar iShares results of an index of an index Morningstar USJKF ILCV Inception Morningstar composed of composed of large- 2:1 US Large Large-Mid Date: June Value ETF large-capitalization and Value Index Cap Broad 28, 2004 U.S. equities that mid-capitalization Value Index exhibit value U.S. equities that characteristics. exhibit value characteristics. NAV as of 12/08/20: $113.1

iShares Morningstar Large-Cap ETF

The ETF seeks to The ETF seeks to track the Inception iShares track the investment investment results Morningstar Date: June Morningstar results of an index of an index Morningstar USJKD ILCB 28, 2004 U.S. Equity composed of composed of large- 4:1 US Large Large-Mid ETF large-capitalization and Core Index Cap Index U.S. equities. mid-capitalization U.S. equities. NAV as of 12/08/20:

$211.8



- Continued -

New ShareCurrent New Current New fund Current Current Newticker ticker fund name name investment Split underlying underlying investment objective objective index index Ratio

iShares Morningstar Large-Cap Growth ETF The ETF seeks to The ETF seeks to track the track the investment investment results Morningstar results of an index of an index Morningstar US Inception iShares composed of composed of large- Large Large-MidJKE ILCG Date: June Morningstar large-capitalization and 5:1 Growth Cap Broad 28, 2004 Growth ETF U.S. equities that mid-capitalization Index Growth exhibit growth U.S. equities that Index^1 characteristics. exhibit growth characteristics. NAV as of 12/08/20:

$288.4

iShares Morningstar Mid-Cap Value ETF

The ETF seeks to track the investment Inception results of an index Morningstar Date: June composed of Morningstar US Mid CapJKI IMCV 28, 2004 No change mid-capitalization No change 3:1 US Mid Broad Value U.S. equities that Value Index Index exhibit value characteristics. NAV as of 12/08/20:

$157.8



- Continued -

New ShareCurrent New Current New Current Current Newticker ticker fund name fund investment Split underlying underlying name investment objective objective index index Ratio

iShares Morningstar Mid-Cap ETF

The ETF seeks to Inception track the investment Morningstar MorningstarJKG IMCB Date: June No results of an index No change 4:1 US Mid Core US Mid Cap 28, 2004 change composed of Index Index mid-capitalization U.S. equities.

NAV as of 12/08/20:

$231.4

iShares Morningstar Mid-Cap Growth ETF The ETF seeks to track the investment results of an index Morningstar Morningstar Inception No composed of US Mid US Mid CapJKH IMCG Date: June change mid-capitalization No change 6:1 Growth Broad 28, 2004 U.S. equities that Index Growth exhibit growth Index characteristics.

NAV as of 12/08/20:

$371.5

iShares Morningstar Small-Cap Value ETF

The ETF seeks to track the investment Morningstar Inception results of an index US Small Date: June No composed of Morningstar Cap BroadJKL ISCV 28, 2004 change small-capitalization No change 3:1 US Small Value U.S. equities that Value Index Extended exhibit value Index characteristics. NAV as of 12/08/20:

$139.0



- Continued -

New ShareCurrent New Current New Current Current Newticker ticker fund name fund investment Split underlying underlying name investment objective objective index index Ratio

iShares Morningstar Small-Cap ETF

The ETF seeks to track the investment Morningstar Inception No results of an index Morningstar US SmallJKJ ISCB Date: June change composed of No change 4:1 US Small Cap 28, 2004 small-capitalization Core Index Extended U.S. equities. Index

NAV as of 12/08/20:

$194.4

iShares Morningstar Small-Cap Growth ETF The ETF seeks to track the investment Morningstar results of an index Morningstar US Small Inception No composed of US Small Cap BroadJKK ISCG Date: June change small-capitalization No change 6:1 Growth Growth 28, 2004 U.S. equities that Index Extended exhibit growth Index characteristics.

NAV as of 12/08/20:

$288.3

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, our clients turn to us for the solutions they need when planning for their most important goals. As of September 30, 2020, the firm managed approximately $7.81 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com/corporate

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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 $2.32 trillion in assets under management as of September 30, 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 firm2.

The foregoing is not a solicitation of any proxy. For important information regarding the iShares Morningstar U.S. Equity Style Box ETFs (the "Funds") or to receive a free copy of a proxy statement, when available, or Prospectus or SAI relating to a proposed shareholder vote to change the diversification status of one of the Funds, the iShares Morningstar Large-Cap Growth ETF, from diversified from non-diversified, please call the Funds' toll-free telephone number: 1-800-iShares (1-800-474-2737). The proxy statement, Prospectus, and SAI contain important information about the Fund's objective, strategies, fees, expenses, risks, and the Board's considerations in approving the proposal to be presented for shareholder approval at the Special Meeting of Shareholders. The proxy statement, Prospectus, and SAI will be available for free on the SEC's website (www.sec.gov). Please read the proxy statement, Prospectus, and SAI carefully before voting or when considering whether to vote for the proposal.

Pursuant to SEC proxy rules, the Fund's proxy solicitor, Computershare Fund Services ("Computershare"), is a "participant" in connection with the Special Meeting of Shareholders. Certain regular employees and officers of the Fund's investment manager, administrator, or any of their affiliates may become "participants" if any such persons solicit proxies. Shareholders may obtain information regarding the interests of Computershare and any other participants, if applicable, in the Fund's proxy statement, when available, for the Special Meeting of Shareholders.

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. Small-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid than larger capitalization companies.

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.

(c)2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.

1 The iShares Trust, of which the iShares Morningstar Large-Cap Growth ETF (the "Fund") is a series of, will solicit shareholder approval to change the Fund's diversification status from diversified to non-diversified, as such terms are defined under the Investment Company Act of 1940, at a Special Meeting of Shareholders to be held on or about March 12, 2021. As soon as reasonably practicable following shareholder approval, the Fund will begin tracking the Morningstar(r) US Large-Mid Cap Broad Growth Index. In the event that shareholder approval to change the Fund's diversification status from diversified to non-diversified is ultimately not obtained, the Fund will track the Morningstar US Large-Mid Cap Broad Growth Capped Index (the "Interim Underlying Index"). In addition, if the Fund is unable to obtain shareholder approval in a timely manner, the Fund may track the Interim Underlying Index on an interim basis.

2 Based on $7.81 trillion in AUM as of 9/30/20

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CONTACT: Soogyung Jordan - Soogyung.Jordan@BlackRock.com