CORO

The iShares International Country Rotation Active ETF (the "Fund") seeks long- term capital appreciation. The Fund invests in securities to provide dynamic exposure to developed and emerging markets countries. The Fund is managed as a rotation strategy, overweighting allocations to certain countries relative to the MSCI ACWI ex-US Index based on BFA's expectations regarding each country's future prospects. The Fund will dynamically adjust its allocations to different countries nominally on a monthly basis, but may trade at a higher or lower frequency depending on the market environment, liquidity needs, and the discretion of Fund management. The Fund relies on proprietary quantitative models as well as fundamental views that BFA believes may not be captured by the quantitative models. The Fund invests primarily in developed and emerging markets other than the United States, but the Fund may invest up to 20% of its total assets in the securities of issuers located in the United States, either through affiliated equity index ETFs or derivatives that provide investment exposure to U.S. issuers.