iShares Trust iShares Fallen Angels USD Bond ETF

FALN is a US Bonds ETF. The iShares Fallen Angels USD Bond ETF (the Fund ) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds that were previously rated investment grade. Bonds are market value weighted with a 3% cap on each issuer. The bonds eligible for inclusion in the Underlying Index are U.S. dollar-denominated corporate bonds that: (i) are issued by companies domiciled in countries classified as developed markets by the index provider (based primarily on World Bank income classifications); (ii) have an average rating of below-investment grade (as determined by the Index Provider); (iii) previously had an average rating of investment grade; (iv) have at least $150 million of outstanding face value;(v) have a fixed-rate coupon; and (vi) have at least one year to maturity. In determining whether a bond has an average rating of investment grade or below-investment grade, ratings from Moody s Investors Services ( Moody s ), Standard & Poor s Ratings Services and Fitch Ratings, Inc. ( Fitch ) are considered. Securities in the Underlying Index must be rated below-investment grade (lower than BBB- by Standard & Poor s Ratings Services and Fitch, or Baa3 by Moody s) using the middle rating of Moody s, Standard and Poor s Ratings Services, or Fitch after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the lower ( more conservative ) rating is used. When a rating from only one agency is available, that rating is used to determine eligibility in the Underlying Index. If an issue is unrated, the Index Provider may consider expected ratings and/or issuer-level ratings adopted by a ratings agency.

FALN tracks the Bloomberg US High Yield Fallen Angel 3% Capped Index.

No, FALN is not actively managed. It is passively managed. In an actively managed fund, the fund manager makes decisions about how funds are invested. A passively managed fund typically tries to track or follow a market index.

Yes, FALN is passively managed. A passively managed fund typically tries to track or follow a market index. In an actively managed fund, the fund manager makes decisions about how funds are invested.

The 1-month return on FALN is 0.0002%. This is the percent change in the value of FALN over the most recent 1-month period. The 3-month return on FALN is 0.0095%. This is the percent change in the value of FALN over the most recent 3-month period.

The standard deviation of FALN for the past year is 0.0877%. Standard deviation is the typical amount that the daily returns vary from the mean of the returns over the time period, standardized to a period of a year.

ETFs similar to FALN include IGSB, SPIB, and VCIT.

ETFs correlated to FALN include ANGL, USHY, and HYBB.

ETFs that are inversely correlated to FALN include SJB, HIBS, and SPXU.