INVESTING FOR TODAY AND THE FUTURE BIOTECH AND BEYOND

BlackRock

US Head of iShares Megatrend and International ETFJeff Spiegel

ICRMH0920U-1329030-1/43

John Gagliardi, CMT ®Regional Brokerage ConsultantFidelity Investments

Th e m od e rn world is ch a n g in g a t t h e sp e e d o f in n ova t ion

2

1 billion……hours ago

h u m a n ity em erged…seconds ago

IBM relea sed th e firs t PC…Google searches occu rred th is m orn in g 1

1 Sou rce: All 3 “b illion ” s ta ts : (2 0 1 3 ) Ha l Va rian , “Beyon d Big Da ta”. In form a tion on n on -iSh a res Fu n d secu rities is p rovided s trictly for illu s tra tive pu rposes an d sh ou ld n ot be deem ed an offer to sell or a solicita tion of an offer to bu y sh a res of an y secu rity oth er th an th e iSh a res Fu n ds , th a t a re described in th is m a teria l. For top ten h old in gs of iSh a res ETFs m en tion ed in th is p resen ta tion , p lea se see th e en d of th is p resen ta tion .

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For illustrative purposes only.

3

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

St ru ct u ra l > cyclica l

Tim e

Cyclica l t h e m e s

Gro

wth

S t ru ct u ra l t h e m e s

ICRMH0920U-1329030-3/43

St ru ct u ra l t h e m e :

4

h orse svs . ca rs

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From 1905- 1930 , t h e n u m b e r o f h orse - d ra wn ca rria g e s fe ll

5

93 %

Sou rce: In tern a tion a l Mon eta ry Fu n d (IMF) Rid in g th e En ergy Tran s ition , May 2 0 1 7 .

ICRMH0920U-1329030-5/43

Te le vis ion s in U.S. h ou se h o ld s

6

1 "1 9 2 0 s -1 9 6 0 s Televis ion ", Elon Un ivers ity Sch ool of Com m u n ica tion s .

1 9 4 6 1

0.01 %

ICRMH0920U-1329030-6/43

7

1 "Nu m ber of TV Hou seh olds in Am erica", Bu ffa lo His tory Mu seu m .

1 9 5 8 1

Te le vis ion s in U.S. h ou se h o ld s

83 %

ICRMH0920U-1329030-7/43

Years new technology takes to reach 1/4 of American population 1

8

1 Sou rce : Pew Resea rch Ch a rt of th e Week: Th e ever-acce lera tin g ra te of tech n ology adoption ; Yah oo Fin an ce for n u m ber of active u sers a t Facebook over th e yea rs . Referen ces to specific com pan ies a re s trictly for illu s tra tive pu rposes on ly an d sh ou ld n ot be con s tru ed a s in ves tm en t advice or recom m en da tion s rega rd in g th ose com pan ies . For h old in gs in form a tion for th e iSh a res fu n ds , p lea se vis it www.iSh a res .com .

1876Teleph on e

35 ye a rs

1975PC

16 ye a rs

1991Th e Web

7 ye a rs

4 years2004 –

Fa cebook

ICRMH0920U-1329030-8/43

Th e Gold ilocks p rob le m

9ICRMH0920U-1329030-9/43

F

10

Sou rce: Pew Resea rch Ch a rt of th e Week: Th e ever-accelera tin g ra te of tech n ology adoption ; Yah oo Fin an ce for n u m ber of active u sers a t Facebook over th e yea rs . In form a tion on n on -iSh a res Fu n d secu rities is p rovided s trictly for illu s tra tive pu rposes an d sh ou ld n ot be deem ed an offer to sell or a solicita tion of an offer to bu y sh a res of an y secu rity oth er th an th e iSh a res Fu n ds , th a t a re described in th is m a teria l. For top ten h old in gs of iSh a res ETFs m en tion ed in th is p resen ta tion , p lea se see th e en d of th is p resen ta tion .

A- A N G- - -

ICRMH0920U-1329030-10/43

11

Ca n you sp o t t h e FAANG?

5/99 6/99 7/99 8/99 9/99 10/99 11/99

Two “pu re-p la y” e-com m erce n a m es h a d very d ifferen t ch a rts in 1 9 9 9

Company A

up 213%

May 19, 1999 to November 30, 1999

Company B

up 22%

For illu s tra tive pu rposes on ly. Sou rce: Bloom berg , Decem ber 2 0 1 9 .

ICRMH0920U-1329030-11/43

12

Ca n you sp o t t h e FAANG?

Growth from May 19, 1999 to May 30, 2019

For illu s tra tive pu rposes on ly. Sou rce: Bloom berg , May 2 0 2 0 . 1 Am azon tota l retu rn was 3 ,4 0 0 % between 0 5 / 1 9 / 1 9 9 9 an d 0 5 / 3 1 / 2 0 2 0 . In clu des d ividen ds . 2 eToys filed for ban kru p tcy in Febru a ry, 2 0 0 1 . In form a tion on n on - iSh a res Fu n d secu rities is p rovided s trictly for illu s tra tive pu rposes an d sh ou ld n ot be deem ed an offer to sell or a solicita tion of an offer to bu y sh a res of an y secu rity oth er th an th e iSh a res Fu n ds , th a t a re described in th is m a teria l. For top ten h old in gs of iSh a res ETFs m en tion ed in th is p resen ta tion , p lea se see th e en d of th is p resen ta tion .

Th ey’re even m ore d ifferen t 2 0 yea rs la ter

5/99 5/03 5/07 5/11 5/15 5/19

Amazon gave investors a

34x return 1

eToys filed for

bankruptcy 2

ICRMH0920U-1329030-12/43

13

Wh a t a b ou t a t e ch focu se d in d e x?

NASDAQ Composite Index

3x returns 1

For illu s tra tive pu rposes on ly. Sou rce: Bloom berg ., May 2 0 2 0 . 1 Nasdaq retu rn ed 3 0 9 % between 0 5 / 1 9 / 1 9 9 9 an d 0 5 / 3 1 / 2 0 2 0 . 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 dir ectly in an index. Past performance does not guarantee future results.

May-99 May-03 May-07 May-11 May-15 May-19

Nasdaq

Too b roa dBroa d in dexes m a y be too

d ivers ified to offer ta rgeted th em a tic exposu re .

ICRMH0920U-1329030-13/43

Sin g le s t ocksIncreased risk

La ck d ivers ifica tion

Broa d in d e xLa ck ta rgeted exposu re

Th e Gold ilocks sce n a rio

1 4

1 Reflects tota l retu rn s , in clu d in g d ividen ds , from 0 9 / 1 5 / 9 9 th rou gh 0 5 / 3 1 / 2 0 . Da ta from Bloom berg a s of May 2 0 2 0 . Th e MSCI ACWI In tern et & Direct Marketin g Reta il In dex h as retu rn ed 2 ,3 4 2 % an d th e Nasdaq Com pos ite In dex h as retu rn ed 3 2 6 % over th is tim e period . Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transactions costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past perfo rma nce does not guarantee future results.

Me g a t re n d In d e x

Focused Exposu re

MSCI ACWI Internet & Direct Marketing Retail Index

Ta rgeted In dex

23xreturns 1 3x

returns 1

Nasdaq Composite IndexBroa d Tech In dex??

returns 1

ICRMH0920U-1329030-14/43

15

T R-

E N D- - -

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It ’s on t h e t ip o f you r t on g u e

16

Are self d rivin g ca rs cool?

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An d t h e t op o f you r Twit t e r

17

Will th ere be m ore of th em on th e roa d in 1 0 yea rs?

ICRMH0920U-1329030-17/43

Me g a t re n d s a re d rivin g ch a n g eMegatrends are the long -term, transformational forces driving our global economy & society.

Technological breakthrough

Demographics & social change

Rapid urbanization

Climate change & resource scarcity

Emerging global wealth

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Te ch n o log ica l b re a k t h rou g h

19ICRMH0920U-1329030-19/43

Wh ich wou ld you ra t h e r

20

OR

sa crifice fo r on e we e k?

ICRMH0920U-1329030-20/43

49 %willin g t o g ive u p d e sse rt

7 4 %willin g t o g ive u p a lcoh ol

21

Sou rce: Delvv, Dig ita l Habits 2 0 1 6 Su rvey Fin d in gs , Ju n e 2 0 1 6 .

Dru m ro ll p le a se …

ICRMH0920U-1329030-21/43

2015

2017

2019

2021

2023

2025

22

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

In t e rn e t - con n e ct e d d e vice s

15 bn20 bn28 bn35 bn50 bn75 bn

ICRMH0920U-1329030-22/43

23

# of Cyb e rcrim in a ls on t h e FBI’s m os t wa n t e d lis t(in m illion s )

1 in 2 0 1 4

71in 2 020

Sou rce: Norton : 1 0 Cybersecu rity Facts an d Sta ts for 2 0 1 8 , Cyber's Mos t Wan ted - FBI For illu s tra tive pu rposes on ly.

More d a t a m ore p rob le m s

ICRMH0920U-1329030-23/43

Source: Bloomberg, data as of 01/01/2000 and 01/01/2020. Information on non - iSh a res Fu n d secu rities is p rovided s trictly for illu s tra tive pu rposes a n d sh ou ld n ot be deem ed a n offer to se ll or a solicita tion of a n offer to bu y sh a res of a n y secu rity oth er th a n th e iSh a res Fu n ds , th a t a re described in th is m a teria l. For top ten h old in gs of iSh a res ETFs m en tion ed in th is p resen ta tion , p lea se see th e en d of th is p resen ta tion .

2 4

Th e top 5 com pa n ies in th e S&P 5 0 0 h a s ch a n ged over tim e, with on ly Microsoft re ta in in g its spot. Wh a t will th e n ext 2 0 yea rs look like?

2040

?

Me g a Ru le # 1 : We ig h t fo r t om orrow

2000S&P 500 Top 5

2020S&P 500 Top 5

Am a zon

Microsoft

AppleGen era l Electric

Cisco

Microsoft

Fa cebookWa lm a rt

Berksh ire Ha th a wa yIn te l

ICRMH0920U-1329030-24/43

De m og ra p h ics & socia l ch a n g e

25ICRMH0920U-1329030-25/43

26

2BIn 2 0 2 5

Over 6 06TIn 2 0 2 7

Spen t on n a tion a l h ea lth ca re in th e U.S.

Sou rces : Left s ide: Un ited Na tion s World Popu la tion P rospects : th e 2 0 1 7 Revis ion . Righ t s ide: Cen ter for Medica re an d Medica id Services .

U.S. healthcare spending continues to rise The 60+ demographic is rapidly increasing

Lon g e r, h e a lt h ie r live s

1 BIn 2 0 1 5

Over 6 04TIn 2 0 1 7

Spen t on n a tion a l h ea lth ca re in th e U.S.

ICRMH0920U-1329030-26/43

Se e k t o d o we ll & d o g ood

27

GenomicsUsin g a n in d ividua l’s DNA to ta ilor m edica l trea tm en t

Did you know? Th e firs t wh ole h u m a n gen om e sequ en cin g cos t ~2 .7 B in 2 0 0 3 . Toda y it cos ts $6 9 9 .1

Nova rt is Mod e rn a , In c .Sa n g a m o

Th e ra p e u t ics , In c .

ZIOP HARM On colog y, In c .

ImmunologyUsin g th e body’s im m un e sys tem to figh t d is ea se

Did you know? With over 3 2 FDA a pprova ls a n d ris in g , im m u n oth era py is a lrea dy boos tin g lu n g , ren a l, b ra in a n d skin ca n cer su rviva l ra tes .2

Sou rces : 1 Dan te Labs , March 2 0 1 8 , An drea Riposa ti.2 h ttps :/ / www.can cerresea rch .org . In form a tion on n on -iSh a res Fu n d secu rities is p rovided s trictly for illu s tra tive pu rposes an d sh ou ld n ot be deem ed an offer to se ll or a solicita tion of an offer to bu y sh a res of an y secu rity oth er th an th e iSh a res Fu n ds , th a t a re described in th is m a teria l. For top ten h old in gs of iSh a res ETFs m en tion ed in th is p resen ta tion , p lea se see th e en d of th is p resen ta tion .

ICRMH0920U-1329030-27/43

Ra p id u rb a n iza t ion

28ICRMH0920U-1329030-28/43

Rise o f t h e m e g a cit ie s

29

Popu la tion growth of th e world’s m ega cities th rou gh 2 0 3 0

Sou rce: Un ited Na tion s Depa rtm en t of Econ om ic an d Socia l Affa irs , Th e World’s Cities in 2 0 1 8 .

Shanghai+7 m illion (2 8 % )

Sao Paulo+2 m illion (1 0 % )

Cairo+5 m illion (2 7 % )

Dhaka+9 m illion (4 3 % )

Delhi+9 m illion (3 7 % )

New York+1 m illion (6 % )

Los Angeles+1 m illion (6 % )

13M

24M

26M39M

33M

28M

20M

ICRMH0920U-1329030-29/43

Clim a t e ch a n g e & re sou rce sca rcit y

30ICRMH0920U-1329030-30/43

$2T g a p t o m e e t g ov’t re n e wa b le t a rg e t s

31

tota l in ves tm en t n eeded by 2 0 3 0 for th e im plem en ta tion of ren ewa ble en ergy ta rgets .

U.S.

$16B

La tin Am erica $218B

Africa$225B

Asia$1.1T

Middle Ea s t

$30B

Oth ers$151B

2TAlm os t

Sou rce: In tern a tion a l Ren ewable En ergy Agen cy, Un tapped poten tia l for clim a te action : Ren ewable en ergy in Na tion a lly Determ in ed Con tribu tion s , Novem ber 2 0 1 7 .

ICRMH0920U-1329030-31/43

32

For illustrative purposes only.Th e specific com pa n ies iden tified a n d described a bove do n ot represen t a ll of th e com pa n ies pu rch a sed or sold , a n d n o a s su m ption s sh ou ld be m a de th a t th e com pa n ies iden tified a n d d iscu ssed were or will be p rofita b le . In form a tion on n on -iSh a res Fu n d secu rities is p rovided s trictly for illu s tra tive pu rposes a n d sh ou ld n ot be deem ed a n offer to se ll or a solicita tion of a n offer to bu y sh a res of a n y secu rity oth er th a n th e iSh a res Fu n ds , th a t a re described in th is m a teria l. For top ten h old in gs of iSh a res ETFs m en tion ed in th is p resen ta tion , p lea se see th e en d of th is p resen ta tion .

Me g a Ru le # 2 : Con n e ct t h e va lu e ch a in

ICRMH0920U-1329030-32/43

ABB

in fin e on

Alb e m a rie

Te s la Va le o

Em e rg in g g lob a l we a lt h

33ICRMH0920U-1329030-33/43

A b illion p e op le h e re , a b illion p e op le t h e re …

34

Ch in a m in ts billionaires per week. 12

150M p e op le en ter th e g loba l m idd le cla s s every yea r, of wh ich

9 0 %a re from As ia .2

p e op le esca pe extrem e poverty in In d ia e ve ry m in u t e .34 4

Sou rce: 1 Ya h oo Fin a n ce, “Billion a ires In s igh t” report from UBS a n d PWC. 2 Ba n k of Am erica Merrill Lyn ch “1 0 th in gs for th e n ext 1 0 yea rs .” 3 Wa sh in g ton Pos t, “In d ia is n o lon ger h om e to th e la rges t n u m ber of poor people in th e world . Nigeria is .”

ICRMH0920U-1329030-34/43

On lin e P op u la t ion : 292M 772MOfflin e P op u la t ion : 35M 628M

Me g a Ru le # 3 : Th in k b e yon d b ord e rs

China’s vast digital potentialOnline vs. offline population in China compared to the United States in 2018

35

Source: Circle ID, July 2018 .

ICRMH0920U-1329030-35/43

U.S. China

36

Own in g t h e fu t u reEMERGING

GLOBAL WEALTHTECHNOLOGICAL BREAKTHROUGH

DEMOGRAPHICS & SOCIAL CHANGE

RAPID URBANIZATION

CLIMATE CHANGE & RESOURCE SCARCITY

IWFH

iShares Virtua l Work and Life Multisector ETF

IHAK

IRBO

iShares Cybersecu rity and Tech ETF

iShares Robotics and Artificia l In telligence

Multisector ETF

IDNA

iShares Genom ics Im m unology and Hea lthca re ETF

IGF

iShares Globa l In fras tructu re ETF

IFRA

EMIF

iShares U.S. In fras tructu re ETF

iShares Em erging Markets In fras tructu re

ETF

ICLN

iShares Globa l Clean Energy ETF

IDRV

iShares Self-Driving EV and Tech ETF

CNYA

iShares MSCI Ch ina A ETF

MCHI

INDA

iShares MSCI Ch ina ETF

iShares MSCI India ETF

Illustrative purpose only

ICRMH0920U-1329030-36/43

Me g a Ru le s o f t h e roa d

37

1 We ig h t fo r t om orrow

2 Con n e ct t h e va lu e ch a in

3 Th in k b e yon d b ord e rs

ICRMH0920U-1329030-37/43

P u t you r m on e y wh e re you r m in d is…

38ICRMH0920U-1329030-38/43

AP P ENDIX

ICRMH0920U-1329030-39/43

https://www.fidelity.com/trading/regional-brokerage-consultant/John-Gagliardi

Top 10 Con s t it u e n t s

41

ICLN Weight (%) IDNA Weight (%) IDRV Weight (%) IHAK Weight (%) IRBO Weight (%)

Xin yi Sola r Hold in gs Ltd 5 .5 9 Mira ti

Th erapeu tics In c 4 .3 6 Tes la In c 5 .2 2 Docu Sign In c 4 .8 7 Spotify Tech n ology SA 1 .3 7

P lu g Power In c 5 .5 9 Gen m ab A/ S 4 .2 8 Apple In c 4 .5 0 Okta In c A 4 .3 8 Kin gsoft Corp Ltd 1 .3 4

Sola rEdge Tech n olog ies In c 5 .5 3 Sea ttle Gen etics

In c 4 .2 3 NVIDIA Corp 4 .3 8 Zsca ler In c 4 .3 6 Clou dera In c 1 .2 5

En ph ase En ergy In c 4 .8 1 Modern a In c 4 .0 7 Qu a lcom m In c 4 .1 7 Akam ai

Tech n olog ies In c 4 .2 7 iQIYI In c ADR 1 .2 4

Firs t Sola r In c 4 .6 9 Sa rep ta Th erapeu tics In c 4 .0 2 Alph abet In c A 4 .0 6

CrowdStrike Hold in gs In c

Cla ss A4 .2 2

Dou Yu In tern a tion a l

Hold in gs Ltd ADR1 .2 2

En ergy Com pan y of Min as Gera is

ADR4 .4 3

In ovio Ph a rm aceu tica ls

In c3 .9 7 Sch n eider Electric

SE 4 .0 4 Citrix Sys tem s In c 4 .2 0 Mail.ru Grou p Ltd GDR 1 .2 1

Con tact En ergy Ltd 4 .2 3 Exelixis In c 3 .9 2 Toyota Motor

Corp 4 .0 2 VMware In c 4 .0 9 Alteryx In c Cla ss A 1 .1 6

Merid ian En ergy Ltd 4 .2 2

Regen eron Ph a rm aceu tica ls

In c3 .8 9 Sam su n g

Electron ics Co Ltd 3 .9 2 Proofpoin t In c 4 .0 2 Yan dex NV Sh s Cla ss -A- 1 .1 5

Siem en s Gam esa Ren ewable En ergy

SA4 .2 1 San ofi SA 3 .7 6 Siem en s AG 3 .9 2 Pa lo Alto

Networks In c 3 .9 2 JOYY In c ADR 1 .1 4

Ves ta s Win d Sys tem s A/ S 4 .1 7 Gilead Scien ces

In c 3 .7 0 In tel Corp 3 .7 6 Tren d Micro In c 3 .9 2 Ten cen t Hold in gs Ltd 1 .1 4

Sou rce: BlackRock a s of 6 .3 0 .2 0 . Con s titu en ts su b ject to ch an ge.

ICRMH0920U-1329030-40/43

Top 10 Con s t it u e n t s

42

IGF Weight (%) EMIF Weight (%) IFRA Weight (%) TECB Weight (%) XT Weight (%)NextEra En ergy

In c 5 .0 4 Airports Of Th a ilan d PLC DR 1 0 .0 9 Argan In c 0 .9 2 Mira ti

Th erapeu tics In c 4 .3 6 Tes la In c 1 .4 5

En bridge In c 4 .9 4Tran sn eft PJSC

Pa rticipa tin g P referred

7 .0 4 Cen terPoin t En ergy In c 0 .8 5 Gen m ab A/ S 4 .2 8 Adyen NV 0 .9 1

Tran su rban Grou p 4 .7 6 Ten aga Nas ion a l Bh d 6 .2 1 Th e York Water Co 0 .8 4 Sea ttle Gen etics

In c 4 .2 3Ch u ga i

Ph a rm aceu tica l Co Ltd

0 .8 3

Aen a SME SA 4 .6 8Ultrapa r

Pa rticipacoes SA ADR

6 .1 7 Worth in g ton In du s tries In c 0 .8 4 Modern a In c 4 .0 7 NVIDIA Corp 0 .8 3

TC En ergy Corp 3 .7 9 Ch in a Gas Hold in gs Ltd 5 .2 7 El Paso Electric

Co 0 .8 2 Sa rep ta Th erapeu tics In c 4 .0 2 MercadoLibre In c 0 .8 1

Atlan tia SpA 3 .6 1 CCR SA 5 .0 5 Pool Corp 0 .8 2In ovio

Ph a rm aceu tica ls In c

3 .9 7Regen eron

Ph a rm aceu tica ls In c

0 .7 9

Usd Cash 3 .4 7

Gru po Aeroportu a rio del Pacifico SAB de

CV ADR

4 .5 0 Trex Co In c 0 .8 2 Exelixis In c 3 .9 2 PayPa l Hold in gs In c 0 .7 8

Iberdrola SA 3 .2 8 En el Am erica s SA ADR 4 .5 0 CMS En ergy Corp 0 .8 1

Regen eron Ph a rm aceu tica ls

In c3 .8 9 Squ a re In c A 0 .7 6

Dom in ion En ergy In c 3 .1 8 Gu an gdon g

In ves tm en t Ltd 4 .1 0 Con solida ted Edison In c 0 .8 1 San ofi SA 3 .7 6 Am azon .com In c 0 .7 5

En el SpA 3 .1 0

Gru po Aeroportu a rio del

Su res te SAB de CV ADR

3 .7 8 Com m ercia l Meta ls Co 0 .8 0 Gilead Scien ces

In c 3 .7 0Biom arin

Ph a rm aceu tica l In c

0 .7 4

Sou rce: BlackRock a s of 6 .3 0 .2 0 . Con s titu en ts su b ject to ch an ge.

ICRMH0920U-1329030-41/43

Top 10 Con s t it u e n t s

43

CNYA Weight (%) MCHI Weight (%) INDA Weight (%) CNYA Weight (%) MCHI Weight (%)Kweich ow Mou ta i

Co Ltd 5 .7 0 Alibaba Grou p Hold in g Ltd ADR 1 6 .9 5 Relian ce

In du s tries Ltd 1 3 .8 2 Kweich ow Mou ta i Co Ltd 5 .7 0 Alibaba Grou p

Hold in g Ltd ADR 1 6 .9 5

Pin g An In su ran ce (Grou p) Co. of

Ch in a Ltd2 .4 2 Ten cen t Hold in gs

Ltd 1 5 .4 1Hou s in g

Developm en t Fin an ce Corp Ltd

8 .2 1P in g An In su ran ce

(Grou p) Co. of Ch in a Ltd

2 .4 2 Ten cen t Hold in gs Ltd 1 5 .4 1

Ch in a Merch an ts Ban k Co Ltd 2 .1 4 Meitu an Dian p in g 3 .3 1 In fosys Ltd 7 .1 3 Ch in a Merch an ts

Ban k Co Ltd 2 .1 4 Meitu an Dian p in g 3 .3 1

Wu lian gye Yib in Co Ltd 2 .0 5

Ch in a Con s tru ction

Ban k Corp Cla ss H

3 .2 5 Ta ta Con su ltan cy Services Ltd 5 .3 3 Wu lian gye Yib in

Co Ltd 2 .0 5

Ch in a Con s tru ction

Ban k Corp Cla ss H

3 .2 5

J ian gsu Hen gru i Medicin e Co Ltd 1 .5 0

P in g An In su ran ce (Grou p) Co. of

Ch in a Ltd Cla ss H2 .5 1 Hin du s tan

Un ilever Ltd 5 .1 0 J ian gsu Hen gru i Medicin e Co Ltd 1 .5 0

P in g An In su ran ce (Grou p) Co. of

Ch in a Ltd Cla ss H2 .5 1

Ch in a Yan gtze Power Co Ltd 1 .2 9 JD.com In c ADR 2 .1 4 ICICI Ban k Ltd 4 .7 9 Ch in a Yan gtze

Power Co Ltd 1 .2 9 JD.com In c ADR 2 .1 4

Con tem pora ry Am perex

Tech n ology Co Ltd Cla ss A

1 .1 8 Ch in a Mobile Ltd 1 .7 4 Bh arti Airtel Ltd 3 .9 1

Con tem pora ry Am perex

Tech n ology Co Ltd Cla ss A

1 .1 8 Ch in a Mobile Ltd 1 .7 4

Lu xsh a re P recis ion In du s try

Co Ltd1 .1 3

In du s tria l An d Com m ercia l Ban k

Of Ch in a Ltd Cla ss H

1 .5 3 Axis Ban k Ltd 2 .4 1Lu xsh a re

P recis ion In du s try Co Ltd

1 .1 3

In du s tria l An d Com m ercia l Ban k

Of Ch in a Ltd Cla ss H

1 .5 3

Fosh an Ha itian Flavou rin g an d

Food Co Ltd Cla ss A

1 .0 6 NetEase In c ADR 1 .4 6 Maru ti Su zu ki In d ia Ltd 2 .0 1

Fosh an Ha itian Flavou rin g an d

Food Co Ltd Cla ss A

1 .0 6 NetEase In c ADR 1 .4 6

In du s tria l Ban k Co Ltd 1 .0 2 Ba idu In c ADR 1 .3 7 ITC Ltd 1 .9 1 In du s tria l Ban k Co

Ltd 1 .0 2 Ba idu In c ADR 1 .3 7

Sou rce: BlackRock a s of 6 .3 0 .2 0 . Con s titu en ts su b ject to ch an ge.

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Im p ort a n t In fo rm a t ionCarefully 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 visit ingwww.iShares.com or www.blackrock.com. Read the prospectus carefully before investing.Investing involves risk, including possible loss of principal.In tern a tion a l in ves tin g in volves risks , in clu d in g risks re la ted to foreign cu rren cy, lim ited liqu id ity, les s govern m en t regu la tion a n d th e poss ib ility of su bs ta n tia l vola tility du e to a dverse politica l, econ om ic or oth er developm en ts . Th ese risks often a re h eigh ten ed for in ves tm en ts in em erg in g / develop in g m a rkets a n d in con cen tra tion s of s in g le cou n tries .

Fu n ds th a t con cen tra te in ves tm en ts in specific in du s tries , s ectors , m a rkets or a s set cla s ses m a y u n derperform or be m ore vola tile th a n oth er in du s tries , s ectors , m a rkets or a s set cla s ses th a n th e gen era l secu rities m a rket.

Tech n ology com pa n ies m a y be su b ject to severe com petition a n d produ ct obsolescen ce. Tech n olog ies perceived to d isp la ce older tech n olog ies or crea te n ew m a rkets m a y n ot in fa ct do so. Com pa n ies th a t in itia lly develop a n ovel tech n ology m a y n ot be a b le to ca p ita lize on th e tech n ology.

Th is in form a tion sh ou ld n ot be re lied u pon a s resea rch , in ves tm en t a dvice , or a recom m en da tion rega rd in g a n y produ cts , s tra teg ies , or a n y secu rity in pa rticu la r. Th is m a teria l is s trictly for illu s tra tive , edu ca tion a l, or in form a tion a l pu rposes a n d is su b ject to ch a n ge. Th e s tra teg ies d iscu ssed a re s trictly for illu s tra tive a n d edu ca tion a l pu rposes a n d a re n ot a recom m en da tion , offer or solicita tion to bu y or se ll a n y secu rities or to a dopt a n y in ves tm en t s tra tegy. Th ere is n o gu a ra n tee th a t a n y s tra teg ies d iscu ssed will be effective .

Th e in form a tion in clu ded in th is m a teria l h a s been ta ken from tra de a n d oth er sou rces con s idered to be re lia b le . We do n ot represen t th a t th is in form a tion is a ccu ra te a n d com plete , a n d it sh ou ld n ot be re lied u pon a s su ch . An y op in ion s expressed in th is m a teria l reflect ou r a n a lys is a t th is da te a n d a re su b ject to ch a n ge. Th e in form a tion a n d op in ion s con ta in ed in th is m a teria l a re derived from proprie ta ry a n d n on proprie ta ry sou rces deem ed by Bla ckRock to be re lia b le , bu t a re n ot gu a ra n teed a s to a ccu ra cy.

Tra n sa ction s in sh a res of ETFs will resu lt in b rokera ge com m iss ion s a n d will gen era te ta x con sequ en ces . All regu la ted in ves tm en t com pa n ies a re ob liged to d is tribu te portfolio ga in s to sh a reh olders .

Th e iSh a res Fu n ds a re d is tribu ted by Bla ckRock In ves tm en ts , LLC (togeth er with its a ffilia tes , “Bla ckRock”).

Th e iSh a res Fu n ds a re n ot spon sored , en dorsed , is su ed , sold or p rom oted by Morn in gs ta r, In c., n or does th is com pa n y m a ke a n y represen ta tion rega rd in g th e a dvisa b ility of in ves tin g in th e Fu n ds . Bla ckRock is n ot a ffilia ted with Morn in gs ta r, In c.

©2 0 2 0 Bla ckRock. iSHARES a n d BLACKROCK a re reg is tered tra dem a rks of Bla ckRock. All oth er m a rks a re th e p roperty of th eir respective own ers .

Th e in form a tion provided in th is com m u n ica tion is sole ly for edu ca tion a l pu rposes a n d sh ou ld n ot be con s tru ed a s a dvice or a n in ves tm en t recom m en da tion . Fidelity In ves tm en ts is a sepa ra te com pa n y, u n a ffilia ted with Bla ckRock, In c.. Th ere is n o form of pa rtn ersh ip , a gen cy a ffilia tion , or s im ila r re la tion sh ip between Bla ckRock, In c. a n d Fidelity In ves tm en ts , n or is su ch a re la tion sh ip crea ted or im plied by th e in form a tion h erein . Fidelity In ves tm en ts h a s n ot been in volved with th e p repa ra tion of th e con ten t su pplied by Bla ckRock, In c. a n d does n ot gu a ra n tee or a s su m e a n y respon s ib ility for its a ccu ra cy or com pleten ess .

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