SECTORS AND MEGATRENDSWhere’s the opportunity?

Gargi Pal Chaudhuri

Head of iShares Markets & Investment Strategy

October 28, 2021

Jeff Spiegel

Head of iShares Megatrend, Sector and International ETFs

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MARKET OUTLOOK

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What happened in 2021

Source: BlackRock, Bloomberg, chart by iShares Investment Strategy. As of September 24, 2021. Index performance is for illustrative purposes only. Index performance does 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.*For a list of the indices used for each asset class see Appendix 1.

Jan-June 2021 & July-Sept 2021 Flow ($bn)

Source: BlackRock, Bloomberg, chart by iShares Investment Strategy. As of September 24, 2021, 2021. Index performance is for illustrative purposes only. Index performance does 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.*For a list of the indices used for each asset class see Appendix 1.

Sector Performance YTD

0 5 10 15 20 25 30 35 40

Energy

Real Estate

Financials

Comm Serv.

Info. Tech.

Health Care

Industrials

Cons. Disc.

Materials

Cons. Staples

Utilities

-5

0

5

10

15

20

25

Flo

w i

n b

illi

on

s (

$)

◼ Jan – June 2021 (first half of the year)◼ July – September 2021 (second half, to date)

The COVID-19 Delta variant delayed but didn’t derail the summer’s scorching economic restart, weighing on activity, consumer confidence, and labor dynamics. This fueled rate volatility and the rotation away from cyclicals & value to defensives & growth.

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Positioning past the peak

Source: BlackRock, Bloomberg, chart by iShares Investment Strategy. As of September 24, 2021.

Investors may see inflation moderate from current levels but could remain higher than the pre-COVID range

Source: BlackRock, Bloomberg, chart by iShares Investment Strategy. Rebased January 01, 2020. As of September 24, 2021. There is no guarantee these forecasts come to pass.

COVID-19 variants such as Delta weigh on activity

U.S. growth appears to have peaked in the middle of the year, as the lifting of lockdowns and sharp springtime increase in vaccinations powered the economic restart.

2

3

4

5

6

7

8

9

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

Re

al

GD

P G

row

th (

Qo

Q S

AA

R %

)

U.S GDP Growth

Declining economic growth may bode well for "quality" stocks - those with strong balance sheets, stable

0%

1%

2%

3%

4%

5%

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Yo

Y I

nfl

ati

on

% C

ha

ng

e

YoY Core Inflation

Inflation at target levels

4

Realized GDP Forecasted GDP

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A rising tide in the sea of U.S. equities

Nearly all sectors* have been buoyed by the restart, but forward-looking estimates point toward a peak of earnings growth and increased dispersion

Sector Return vs Earnings Revision

The broadening economic restart has lifted most boats among U.S. equities, but dispersion between sectors sailing or sinking post the peak of economic & earnings growth is reemerging.

S&P 500

Banks

Div Financials

Insurance

Retailing

Transportation

Autos

Capital Goods

Consumer Durables

Energy

Materials Media

Semiconductors

Tech Hardware

Communication

Commercial ServicesFood Retail

Healthcare EquipReal Estate

Utilities

Consumer Services

Food Bev & Tobacco

Household Products

Pharmaceuticals

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

-60% -40% -20% 0% 20% 40% 60% 80%

3 M

on

th T

ota

l R

etu

rn (

%)

Earnings Revision RatioSource: BlackRock, Bloomberg, chart by iShares Investment Strategy. As of September 24, 2021. Data spanning June 24,2021 to September 24, 2021. Index performance is for illustrative purposes only. Index performance does 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. *For a list of the indices used for each asset class see Appendix.

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Quality timeIn these periods of slowing growth, sectors* with high profit margins, low leverage, and strong pricing have potential to outperform. Companies that can raise prices without negatively affecting demand and maintain profitability become more important as they can offset the losses of inflation while in a slowing growth environment

Industry Profit Margin

Peak growth may be behind us, but it has not derailed the equity market. There could be some benefit in being selective when growth is positive but slowing.

Source: BlackRock, Aladdin, chart by iShares Investment Strategy. 1-year lookback as of September 24, 2021. Net Profit Margin (%) is a weighted average of net profit margins of S&P 500 companies split by subsector. Index performance is for illustrative purposes only. Index performance does 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. *For a list of the indices used for each asset class see Appendix 2.

0

5

10

15

20

25

1-Y

ea

r N

et

Pro

fit

Ma

rgin

(%

)

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Room for value

Since 2017, value indices, such as the MSCI USA Enhanced Value Index, have experienced decreasing price to earnings relative to the S&P 500 benchmark

Price-to-Earnings* Relative to S&P 500

Now could be an attractive entry point for value investors.

* The price-to-earnings (P/E) ratio is a fundamental measure used to determine if an investment is valued appropriately. Each holding's P/E is the latest closing price divided by the latest fiscal year's earnings per share. Negative P/E ratios are excluded from this calculation.

Source: BlackRock, Bloomberg, chart by iShares Investment Strategy. As of September 24, 2021. Index performance is for illustrative purposes only. Index performance does 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.

45%

55%

65%

75%

85%

95%

105%

Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21

% r

ela

tiv

e t

o S

&P

50

0

MSCI USA Enh. Value Index S&P 500 Index (benchmark)

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What is an ETF?ETFs (exchange traded funds) offer a diversified, low cost, and tax efficient way to invest

StockTradable during the day

Mutual fundDiversified

ETFsDiversified funds that

trade like stocks

Like a mutual fund, an ETFis a professionally managed,

diversified portfolio

Like a stock, an ETF can bebought and sold whenever

the market isopen

Transactions in shares of ETFs can result in brokerage commissions and will generate tax consequences. All regulated investment companies are obliged to distribute portfolio gains to shareholders. For more information on the differences between traditional mutual funds and ETFs, see the end of this presentation.

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Why use ETFs?

DIVERSIFICATION

ETFs can hold hundreds of securities within a

single fund to help diversify your portfolio

LOW COST

ETFs can keep fees lower than other diversified strategies because they seek to track

indexes, helping to reduce costs

TAX EFFICIENT

Because of their strategy and structure, ETFs can generally

help reduce tax consequences as compared to mutual funds

9

Transactions in shares of ETFs can result in brokerage commissions and will generate tax consequences. All regulated investment companies are obliged to distribute portfolio gains to shareholders. For more information on the differences between traditional mutual funds and ETFs, see the end of this presentation.

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Themes we covered today

Sector performance

IYR

IYF

iShares Real Estate ETF

iShares Financials ETF

A rising tide

SOXX

ITOT

iShares Semiconductor ETF

iShares Total US Market ETF

Value and quality

VLUE

QUAL

iShares MSCI USA Value Factor ETF

iShares MSCI USA Quality Factor ETF

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

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ACCESS WITH MEGATRENDS

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Cyclical themes

Structural themes

Time

Gro

wth

Structural > CyclicalStructural themes are long-term opportunities driven by powerful transformations in our economy and society

For illustrative purposes only.

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Due to COVID-19…

mRNA vaccine ever commercialized21st

of CFOs tooffer more WFH flexibility372%

committed to green energy in 20201

$501billion

The world has changed

1 Source: Bloomberg. What Does $500 Billion for Clean Energy Mean for Climate Change. Jan 21.2 FDA. Dec 2020. 3 PwC US CFO Pulse Survey. Jun 2020.

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Owning the future

14

Robotics & A.I.CybersecurityFinTech

Technological breakthrough

GenomicsImmunotherapyAgeing

Demographics& social change

InfrastructureMegacitiesSmart cities

Rapidurbanization

Clean energyElectric vehiclesSelf-driving

Climate change & resource scarcity

China & IndiaNew consumersDigital economy

Emergingglobal wealth

For illustrative purposes only.

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1 Weight for tomorrow

2 Connect the value chain

3 Think beyond borders

MegaRules of the road

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2015 15bn

2017 20bn

2019 28bn

2021 35bn

2023 50bn

2025 75bn

Internet-connected devices

Source: Statista, Internet of Things (IoT) Connected Devices Installed Base Worldwide from 2015 to 2025. For illustrative purposes only.

Source: BlackRock, Morningstar as of 9/30/21. Total return shown. The S&P Technology Index is included for informational purposes only. There may be material differences between the index that fund seeks to track and the index shown including without limitation index provider, holdings, methodology and performance. Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Performance data represents past performance and does not guarantee future results. Investment return and principal value will fluctuate with market conditions and may be lower or higher when you sell your shares. Current performance may differ from the performance shown. For most recent month-end performance see www.iShares.com. For standardized performance, please see the end of the presentation.

TECHNOLOGICAL BREAKTHROUGH

16

IHAK

iShares Cybersecurity and Tech ETFExpense ratio: 0.47%

32.7%

29.1%

iSharesCybersecurity and

Tech ETF

S&P TechnologyIndex

1-year Average Annual Return

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Getting healthier

$32T Immunotherapy drugs FDA-approved3

BioNTech rolls out first mRNA vaccine21st

1 Zhong Y, Xu F, Wu J, Schubert J, Li MM. Application of Next Generation Sequencing in Laboratory Medicine. Ann Lab Med, Jan 2021 2 Fierce Pharma, Dec 2020 3 Cancer Research Institute, Jul 2017References to specific companies are strictly for illustrative purposes only and should not be construed as investment advice or recommendations regarding those companies. For holdings information for the iShares funds, please see the end of this presentation.

cheaper to map a human genome today than in 20101

10ktimes

DEMOGRAPHICS & SOCIAL CHANGE

17

IDNA

iShares Genomics Immunology and Healthcare ETFExpense ratio: 0.47%

30.6% 22.6%

iShares GenomicsImmunology andHealthcare ETF

S&P 500 HealthcareSector Index

1-year Annual Average Return

CRISPR Therapeutics

Moderna, Inc.

Regeneron Pharmaceuticals

BioNTech SE

Source: BlackRock, Morningstar as of 9/30/21. Total return shown. The S&P 500 Healthcare Sector Index is included for informational purposes only. There may be material differences between the index that fund seeks to track and the index shown including without limitation index provider, holdings, methodology and performance. Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Performance data represents past performance

and does not guarantee future results. Investment return and principal value will fluctuate with market conditions and may be lower or higher when you sell your shares. Current performance may differ from the performance shown. For most recent month-end performance see www.iShares.com. For standardized performance, please see the end of the presentation.

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Build back better

$1Bin new capital projects alone can create 13,000 jobs1

$1.2T in global fiscal stimulus during 20203

of unmet demand for infrastructure spending in US2$2T

Sources: 1 McKinsey & Co, July 2020 2 McKinsey & Co. June 2020 3 IMF Annual Report 2020

References to specific companies are strictly for illustrative purposes only and should not be construed as investment advice or recommendations regarding those companies. For holdings information for the iShares funds, please see the end of this presentation.

RAPID URBANIZATION

18

IFRA

iShares U.S. Infrastructure ETFExpense ratio: 0.47%

42.8%30.0%

iShares U.S.Infrastructure ETF

S&P 500 Index

1-year Annual Average Return

Source: BlackRock, Morningstar as of 9/30/21. Total return shown. The S&P 500 Index is included for informational purposes only. There may be material differences between the index that fund seeks to track and the index shown including without limitation index provider, holdings, methodology and performance. Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Performance data represents past performance and does

not guarantee future results. Investment return and principal value will fluctuate with market conditions and may be lower or higher when you sell your shares. Current performance may differ from the performance shown. For most recent month-end performance see www.iShares.com. For standardized performance, please see the end of the presentation.

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Build back greener

Sources: 1 Washington Post, "Biden wants an all-electric federal fleet. The question is: How will he achieve it?"Jan. 21 2 ClimateChangeNews.org 3 "China breezes into record territory with 2020 wind power installation" Weather Network, 3.21References to specific companies are strictly for illustrative purposes only and should not be construed as investment advice or recommendations regarding those companies. For holdings information for the iShares funds, please see the end of this presentation.

645kU.S. President aims to convert 645k federal cars to electric1

2xChina’s wind energy generation reached52 GW in 2020, double 2019’s levels3

The EU dedicated 25% of its budget to climate change225%

CLIMATE CHANGE & RESOURCE SCARCITY

19

IDRV

iShares Self-Driving EV and Tech ETFExpense ratio: 0.47%

45.0%27.4%

iShares Self-Driving EVand Tech ETF

MSCI ACWI Index

1-year Average Annual Return

Source: BlackRock, Morningstar as of 9/30/21. Total return shown. The S&P 500 Index is included for informational purposes only. There may be material differences between the index that fund seeks to track and the index shown including without limitation index provider, holdings, methodology and performance. Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Performance data represents past performance and does

not guarantee future results. Investment return and principal value will fluctuate with market conditions and may be lower or higher when you sell your shares. Current performance may differ from the performance shown. For most recent month-end performance see www.iShares.com. For standardized performance, please see the end of the presentation.

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For illustrative purposes only.

Going beneath the hoodBeing unconstrained in geography and sector, helps megatrend ETFs seek to capture the full value chain of an idea

20

For illustrative purposes only.The specific companies identified and described above do not represent all of the companies purchased or sold, and no assumptions should be made that the companies identified and discussed were or will be profitable. For top 10 iShares ETF holdings please see the end of this presentation.

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Owning the future

IHAKiShares Cybersecurity and Tech ETF

Technological breakthrough

IDNAiShares Genomics Immunology and Healthcare ETF

Demographics& social change

IFRAiShares U.S. Infrastructure ETF

Rapidurbanization

IDRViShares Self-Driving EV and Tech ETF

Climate change & resource scarcity

INDAiShares MSCI India ETF

Emergingglobal wealth

21

For illustrative purposes only.

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Five Megatrends, nine themes, one tickerXT gives investors multi-sector exposure to innovative technologies across 9 themes

22

Source: BlackRock, Morningstar as of 9/30/21. Total return shown. The MSCI ACWI Index is included for informational purposes only. There may be material differences between the index that fund seeks to track and the index shown including without limitation index provider, holdings, methodology and performance. Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Performance data represents past performance and does not

guarantee future results. Investment return and principal value will fluctuate with market conditions and may be lower or higher when you sell your shares. Current performance may differ from the performance shown. For most recent month-end performance see www.iShares.com. For standardized performance, please see the end of the presentation.

29.9%

27.4%

iShares ExponentialTechnologies ETF

MSCI ACWI Index

Big Data & Analytics Using AI to interpret data

Nanotechnology Quantum computing

Networks & Computer Systems Digital infrastructure, 5G, cloud

Energy & Environmental SystemsRenewable energy & infrastructure tech

Medicine & Neuroscience Intersection of biology & cutting edge tech

Bioinformatics DNA sequencing, genomics

Financial Services & Innovation Blockchain, digital banking & payments

3D Printing Prosthetics, buildings, machinery parts

Robotics Industrial automation, surgical robots

XT0.47%

1-year Annual Average Return

AUM / Inception: $3.85B/March 19, 2015 No. of Fund Holdings: 195 Weighting Scheme: Equal weighted

iShares Exponential Technologies ETFExpense ratio: 0.47%

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Put your money where your mind is…

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APPENDIX

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Appendix 1Asset Class Reference Index Index Name

Energy DJUSENT Dow Jones US Oil & Gas Total Return IndexHY Credit IBOXHY iBoxx USD Liquid High Yield IndexIG Credit IBOXIG iBoxx USD Liquid Investment Grade Index

U.S. Treasury GA10 ICE BofA Current 10-Year US Treasury IndexSmall- & Mid-Cap RU20INTR Russell 2000 Total Return IndexConsumer Staples MXUS0CS MSCI USA Consumer Staples IndexEmerging Markets MIMUEMRN MSCI EM EMerging Markets IMI USD Net

Developed Markets ex-U.S. M1CXBRU MSCI WORLD ex USA IMI USD NETRValue RU10VATR Russell 1000 Value Index Total Return

Utilities MXUS0UT MSCI USA Utilities IndexHealth Care MXUS0HC MSCI USA Health Care Index

Materials DJUSBMT Dow Jones US Basic Materials Total Return IndexIndustrials DJUSINT Dow Jones US Industrials Total Return Index

Gold IAUNV iShares COMEX Gold Trust Net Asset Value IndexLarge-Cap SPTR S&P 500 Total Return 4 JAN 1988 Index

Information Technology MXUS0IT MSCI USA Information Technology IndexGrowth RU10GRTR Russell 1000 Growth Total Return

Consumer Discretionary MXUS0CD MSCI USA Consumer Discretionary IndexFinancials DJUSFNCT Dow Jones U.S. Financials Capped Index (USD) TR

Communication Services MXUS0TC MSCI USA Communication Services IndexReal Estate FNRETR FTSE Nareit Equity REITs Total Return Index USD

Oil & Gas SPGSCLTR S&P GSCI Crude Oil Total Return CME

25

Source: Bloomberg as of 9/24/2021. Constituents subject to change.

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Appendix 2Asset Class Reference Index Index Name

Banks S5BANKX S&P 500 Banks Industry Group GICS Level 2 IndexDiv. Financials S5DIVF S&P 500 Diversified Financials Industry Group GICS Level 2 Index

Insurance S5INSU S&P 500 Insurance Industry Group GICS Level 2 IndexRetailing S5RETL S&P 500 Retailing Industry Group GICS Level 2 Index

Transportation S5TRAN S&P 500 Transportation Industry Group GICS Level 2 IndexAutos S5AUCO S&P 500 Automobiles & Components Industry Group GICS Level 2 Index

Capital Goods S5CPGS S&P 500 Capital Goods Industry Group GICS Level 2 IndexConsumer Durables S5CODU S&P 500 Consumer Durables & Apparel Industry Group GICS Level 2 Index

Energy S5ENRSX S&P 500 Energy Industry Group GICS Level 2 IndexMaterials S5MATRX S&P 500 Materials Industry Group GICS Level 2 Index

Media S5MEDA S&P 500 Media & Entertainment Industry Group GICS Level 2 IndexSemiconductors S5SSEQX S&P 500 Semiconductors & Semiconductor Equipment Industry Group GICS 2 IndexTech Hardware S5TECH S&P 500 Technology Hardware & Equipment Industry Group GICS Level 2 Index

Communication S5TELSX S&P 500 Telecommunication Services Industry Group GICS Level 2 IndexCommercial Services S5COMS S&P 500 Commercial Professional Services Industry Group GICS Level 2 Index

Food Retail S5FDSR S&P 500 Food & Staples Retailing Industry Group GICS Level 2 IndexHealthcare Equip. S5HCES S&P 500 Health Care Equipment & Services Industry Group GICS Level 2 Index

Real Estate S5REAL S&P 500 Real Estate Industry Group GICS Level 2 IndexUtilities S5UTILX S&P 500 Utilities Industry Group GICS Level 2 Index

Consumer Services S5HOTR S&P 500 Consumer Services Industry Group GICS Level 2 IndexFood Bev. & Tobacco S5FDBT S&P 500 Food Beverage & Tobacco Industry Group GICS Level 2 IndexHousehold Products S5HOUS S&P 500 Household & Personal Products Industry Group GICS Level 2 Index

Pharmaceuticals S5PHRM S&P 500 Pharm. Biotech & Life Sciences Industry Group GICS Level 2 IndexSoftware S5SFTW S&P 500 Software & Services Industry Group GICS Level 2 Index

26

Source: Bloomberg as of 9/24/2021. Constituents subject to change.

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Appendix 3Asset Class Reference Index Index Name

Industrials S5INDU S&P 500 Industrials Sector GICS Level 1 IndexConsumer Discretionary S5COND S&P 500 Consumer Discretionary Sector GICS Level 1 IndexInformation Technology S5INFT S&P 500 Information Technology GICS Level 1 Index

Materials S5MATR S&P 500 Materials Sector GICS Level 1 IndexHealth Care S5HLTH S&P 500 Health Care Sector GICS Level 1 IndexFinancials S5FINL S&P 500 Financials Sector GICS Level 1 Index

Energy S5ENRS S&P 500 Energy Sector GICS Level 1 IndexConsumer Staples S5CONS S&P 500 Consumer Staples Sector GICS Level 1 Index

Utilities S5UTIL S&P 500 Utilities Sector GICS Level 1 IndexTelecommunications S5TELS S&P 500 Communication Services Sector GICS Level 1 Index

Real Estate S5RLST S&P 500 Real Estate Sector GICS Level 1 Index

27

Source: Bloomberg as of 9/24/2021. Constituents subject to change.

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ETFs and traditional mutual funds: know the differences

28

Criteria Mutual funds ETFs

Management Active Passive

Performance goal Outperform a benchmark and/or deliver an outcome Track a benchmark

Buying / selling shares Once per day via fund company Intraday on exchanges

Price to buy / sell End-of-day NAV, less fees Current market price, which may differ from NAV

Fees Expense ratio + any sales loads / redemption fees Expense ratio + transaction / brokerage costs

Tax impact of buyers /sellers

Shareholders may be impacted by all other shareholders’actions

Shareholders only impacted by their own action

Holdings disclosure Typically quarterly Daily

Benefits • Opportunity to outperform the index

• Potential to limiting the downside

• Buy/sell decisions based on research

• Exposure to market index

• Generally lower fees

• Typically more tax-efficient

Trade-offs • Potential to underperform index

• Generally higher fees

• Typically less tax-efficient

• Does not seek to outperform index

• Participate in all of index downside

• Buy/sell decisions based on index, not research

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Standardized performance

29

Ticker Fund NameFund

Inception Date

Gross Expense

Ratio

30-DaySEC Yield

(With / Without Waiver)

ContractualFee Waiver Expiration

(If Applicable)

1-Year Returns 5-Year Returns 10-Year Returns Since Inception

NAVMkt

PriceNAV

Mkt Price

NAVMkt

PriceNAV

Mkt Price

IHAK iShares Cybersecurity and Tech ETFJune 11,

20190.47% 0.04 -- 32.71% 32.64% -- -- -- -- 27.73% 27.77%

IDNAiShares Genomics Immunology and Healthcare ETF

June 11, 2019

0.47% 0.01 -- 30.57% 30.39% -- -- -- -- 37.82% 37.89%

IFRA iShares U.S. Infrastructure ETF April 3, 2018 0.40% 1.77 -- 42.80% 42.59% -- -- -- -- 11.34% 11.36%

IDRV iShares Self-Driving EV and Tech ETFApril 16,

20190.47% 0.54 -- 44.99% 44.75% -- -- -- -- 31.01% 31.17%

XT iShares Exponential Technologies ETFMarch 19,

20150.47% 0.74 -- 29.94% 30.17% 20.34% 20.31% -- -- 16.20% 16.21%

Fees as of current prospectus. All other data as of 09/30/21.

Source. BlackRock as of 9/30/21. 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. Performance data current to the most recent month end may be obtained by visiting www.iShares.com or www.blackrock.com. Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Any applicable brokerage commissions will reduce returns. Beginning August 10, 2020, market price returns for BlackRock and iShares ETFs are calculated using the closing price and account for distributions from the fund. Prior to August 10, 2020, market price returns for BlackRock and iShares ETFs were calculated using the midpoint price and accounted for distributions from the fund. The midpoint is the average of the bid/ask prices at 4:00 PM ET (when NAV is normally determined for most ETFs). The returns shown do not represent the returns you would receive if you traded shares at other times. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns.

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Top 10 Constituents

30

Source: BlackRock as of 9/30/2021. Constituents subject to change.

IYR Weight (%) IYF Weight (%) SOXX Weight (%) ITOT Weight (%) VLUE Weight (%) QUAL Weight (%)

AMERICAN TOWER REIT

CORP8.59

BERKSHIRE HATHAWAY INC

CLASS B8.52

INTEL CORPORATION

CORP8.24 APPLE INC 4.96 AT&T INC 7.09

FACEBOOK CLASS A INC

4.74

PROLOGIS REIT INC

6.59JPMORGAN CHASE & CO

8.33 BROADCOM INC 8.15MICROSOFT

CORP4.72

INTEL CORPORATION

CORP6.28

NIKE INC CLASS B

3.67

CROWN CASTLE INTERNATIONAL

REIT CO5.33

BANK OF AMERICA CORP

6.03 NVIDIA CORP 7.73AMAZON COM

INC3.19

CISCO SYSTEMS INC

3.09MICROSOFT

CORP3.66

EQUINIX REIT INC

4.33 WELLS FARGO 4.38TEXAS

INSTRUMENT INC

6FACEBOOK

CLASS A INC1.81

GENERAL MOTORS

3.06 APPLE INC 3.57

PUBLIC STORAGE REIT

3.25 CITIGROUP INC 3.34 QUALCOMM INC 5.24ALPHABET INC

CLASS A1.79

MICRON TECHNOLOGY

INC2.97 NVIDIA CORP 3

SIMON PROPERTY

GROUP REIT INC3.07

MORGAN STANLEY

3.11ANALOG

DEVICES INC4.29

ALPHABET INC CLASS C

1.68INTERNATIONAL

BUSINESS MACHINES CO

2.81JOHNSON &

JOHNSON2.93

DIGITAL REALTY TRUST REIT INC

2.93GOLDMAN

SACHS GROUP INC

2.93MARVELL

TECHNOLOGY INC

4.12 TESLA INC 1.4 CITIGROUP INC 2.48 BLACKROCK INC 2.9

SBA COMMUNICATIONS REIT CORP

CLASS

2.6 BLACKROCK INC 2.82 KLA CORP 4.11 NVIDIA CORP 1.15FORD MOTOR

CO2.34

ALPHABET INC CLASS A

2.58

WELLTOWER INC

2.5CHARLES

SCHWAB CORP2.57

MICRON TECHNOLOGY

INC4.02

BERKSHIRE HATHAWAY INC

CLASS B1.12 PFIZER INC 2.25 TARGET CORP 2.57

COSTAR GROUP INC

2.44S&P GLOBAL

INC2.4

MICROCHIP TECHNOLOGY

INC4

JPMORGAN CHASE & CO

1.1 TARGET CORP 2.15MASTERCARD INC CLASS A

2.56

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Top 10 Constituents

31

Source: BlackRock as of 9/30/2021. Constituents subject to change.

IHAK Weight (%) IDNA Weight (%) IFRA Weight (%) IDRV Weight (%) INDA Weight (%) XT Weight (%)

ZSCALER INC 5.63 MODERNA INC 6.9

ENLINK MIDSTREAM

COMMON UNITS

0.94 TESLA INC 5.28RELIANCE

INDUSTRIES LTD

10.03GENSCRIPT

BIOTECH CORP1.13

PALO ALTO NETWORKS INC

5.32INTELLIA

THERAPEUTICS INC

5.38BLK CSH FND TREASURY SL

AGENCY0.89

ADVANCED MICRO DEVICES

INC5.13 INFOSYS LTD 7.97

ASM INTERNATIONAL

NV0.89

FORTINET INC 5.25SAREPTA

THERAPEUTICS INC

4.69 ONEOK INC 0.87 NVIDIA CORP 4.8

HOUSING DEVELOPMENT

FINANCE CORPOR

6.59 WIPRO LTD 0.8

CROWDSTRIKE HOLDINGS INC

CLASS A4.92 MERCK 4.52

EQUITRANS MIDSTREAM

CORP0.87

ALPHABET INC CLASS A

4.55 ICICI BANK LTD 5.01CAPITAL ONE

FINANCIAL CORP

0.78

DOCUSIGN INC 4.56REGENERON

PHARMACEUTICALS INC

4.35 PG&E CORP 0.83 APPLE INC 4.54TATA

CONSULTANCY SERVICES LTD

4.87 DEXCOM INC 0.75

OKTA INC CLASS A

4.47BIONTECH SE

ADR4.33 WILLIAMS INC 0.83

TOYOTA MOTOR CORP

4.04BLK CSH FND TREASURY SL

AGENCY3.31 NVIDIA CORP 0.74

JUNIPER NETWORKS INC

3.95 SEAGEN INC 4.22ANTERO

MIDSTREAM CORP

0.82 QUALCOMM INC 3.89HINDUSTAN

UNILEVER LTD3.1

PALO ALTO NETWORKS INC

0.73

TREND MICRO INC

3.87 EVOTEC 4.03KINDER

MORGAN INC0.81

INTEL CORPORATION

CORP3.78

BAJAJ FINANCE LTD

2.91ASML HOLDING

NV0.72

CHECK POINT SOFTWARE

TECHNOLOGIES3.78 GENMAB 3.99

OTTER TAIL CORP

0.81SAMSUNG

ELECTRONICS LTD

3.47 AXIS BANK LTD 2.43WUXI

BIOLOGICS CAYMAN INC

0.72

CACI INTERNATIONAL

INC CLASS A3.57

BLUEPRINT MEDICINES

CORP3.94

DT MIDSTREAM INC

0.8 DAIMLER AG 3.43BHARTI AIRTEL

LTD2.37

MONOLITHIC POWER

SYSTEMS INC0.71

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Important information

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This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, estimates of yields or returns, and proposed or expected portfolio composition. No representation is made that the performance presented will be achieved by any BlackRock Funds, or that every assumption made in achieving, calculating or presenting either the forward-looking information or the historical performance information herein has been considered or stated in preparing this material. Transactions in shares of ETFs will result in brokerage commissions and will generate tax consequences. All regulated investment companies are obliged to distribute portfolio gains to shareholders.

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Important information

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